VALIANTORGNSE15 November 2025

Valiant Organics Limited has informed the Exchange about Investor Presentation

Valiant Organics Limited

November 15, 2025

To, Listing / Compliance Department BSE LTD Phiroze Jeejeebhoy Towers Dalal Street Mumbai- 400 001 SCRIP CODE – 540145

Dear Sir/Madam,

Sub:

Investors' Presentation.

To, Listing / Compliance Department National Stock Exchange of India Limited Exchange Plaza, Plot No. C/1, G Block Bandra-Kurla Complex, Bandra (E), Mumbai- 400 051. SYMBOL- VALIANTORG

Pursuant to Regulation 30 of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015, please find enclosed herewith Investors’ Presentation for Q2 FY 2025-26 Results of Valiant Organics Limited (the “Company”).

A copy of aforesaid www.valiantorganics.com

Investors' Presentation

is also hosted on

the website of Company

Please take the same on your records.

Thanking you,

Yours faithfully, For Valiant Organics Limited

Kaustubh Kulkarni Company Secretary ICSI Mem No: A52980

Regd. Office:109, Udyog Kshetra, 1st Floor, Mulund Goregaon Link Rd, Mulund West, Mumbai 400080, India. +91 22 6797 6683 • info@valiantorganics.com • www.valiantorganics.com CIN NO.: L24230MH2005PLC151348

E a r n i n g s P r e s e n t a t i o n | Q 2 / H 1 - F Y 2 6

SNAPSHOT

One of the largest chlorophenol derivatives manufacturer globally

One of the leading manufacturer of Benzene derivatives products

One of the largest domestic PNA manufacturer

One of the few commercial players in Ortho Anisidine and Para Anisidine

Amongst 1st few domestic PAP Manufacturers

Diversified client base across Pharmaceuticals, Dyes & Pigments, Agrochemicals and specialty chemicals.

6 Manufacturing units across 5 Locations

5 Zero Liquid Discharge plants

Total Production Capacity of 70,000 TPA

900+ Employees

2

Company Overview

Valiant Organics Limited was incorporated in 1984 by first generation technocrats and is headquartered out of Mumbai, India.

The company is focused on the manufacturing and marketing of specialty chemicals which find usage in a variety of industries, including agrochemicals, pharmaceuticals, dyes, pigments, and veterinary medications.

Key chemistries include Chlorination, Hydrogenation, Ammonolysis, Acetylation, Sulphonation, Methoxylation amongst others.

Over the years the company has primarily focused on manufacturing specialty chemicals that have a high demand but low supply and are primarily dependent on imports.

The company is listed on both the BSE and NSE with a market capitalization of INR ~ 9,134 Mn. as on 30th September 2025.

Operating Revenue (INR Mn) and EBITDA Margin (%)

FY25 Revenue Break-up – Chemistries

FY25 Revenue Break-up – End user Industry

10,518

15.62%

12 000

10 000

80 00

60 00

40 00

20 00

0

7,231

7,188

5.28%

7.47%

3,617 12.69%

FY23

FY24 Revenue

FY25

EBITDA Margin

H1-FY26

50 .0 0%

45 .0 0%

40 .0 0%

35 .0 0%

30 .0 0%

25 .0 0%

20 .0 0%

15 .0 0%

10 .0 0%

5.00 %

0.00 %

Others, 5%

Chlorination, 20%

Ammonolysis, 28%

Hydrogenation, 47%

Dyes & Pigments; 52%

Pharmaceuticals; 13%

Specialty Chemicals; 10%

Agro Chemicals; 25%

*Pursuant to the allotment of further equity shares through IPO by the Company's material step down subsidiary namely, Valiant Laboratories Limited ("VLL"), the stake of Company's subsidiary Dhanvallabh Ventures LLP in VLL has been diluted to 46.83% and accordingly VLL has ceased to be a step down subsidiary of the Company and has became an associate company w.e.f. October 04,2023. Hence, consolidated financial of previous periods and YTD results are not comparable.

Valiant Organics Limited | Q2-2026

3

Chemistries And Product Basket

Ammonolysis

Key Products: • •

Para Nitro Aniline Ortho Chloro Para Nitro Aniline

Industries Served: • •

Dyes Pigments

H1-FY26 Revenue Share

50%

4

25%

Hydrogenation

Ortho Anisidine Para Anisidine IPPCA

Key Products: • • • • Meta Chloro Aniline • Para Amino Phenol • Ortho Amino Phenol

Industries Served: • • • •

Dyes Pigments Pharmaceutical Agro Chemicals

Others Acetylation Key Products: • • •

6 Acetyl OAPSA OA Acetanilide PA Acetanilide

Industries Served: • Dyes

Sulphonation Key Products: • OT5SA • 4B Acid • 2B Acid

Methoxylation Key Products: • •

Ortho Nitro Anisole Para Nitro Anisole

Industries Served: • Dyes • Pigments

Industries Served: • Dyes • Pigments

20%

Chlorination

5%

Key Products: • • • • •

Para ChloroPhenol (PCP) Ortho ChloroPhenol (OCP) 2,4 Di Chlorophenol (2,4 DCP) 2,6 Di ChloroPhenol (2,6 DCP) 2,4,6 Tri ChloroPhenol (2,4,6 TCP)

Industries Served: • Agro Chemicals • Cosmetics • Veterinary • Pharmaceuticals

Valiant Organics Limited | Q2-2026

4

Manufacturing Footprint

CHLORINATION – SARIGAM • Capacity: 18,000 MTPA • Products: PCP, OCP, 2,4 DCP, 2,6 DCP, 2,4,6 TCP

AMMONOLYSIS - VAPI • •

Capacity: 10,000 MTPA Products: PNA, OCPNA

AMMONOLYSIS - TARAPUR • Capacity: 6,600 MTPA • Products: PNA

HYDROGENATION & METHOXYLATION- JHAGADIA UNIT 1 • •

Capacity: 28,800 MTPA Products: ONA/OA, PNA/PA, IPPCA, CONVERSION PRODUCTS

HYDROGENATION – JHAGADIA UNIT 2 • •

Capacity: 12,000 MTPA Products: PAP, PHARMA INTERMEDIATES

ACETYLATION & SULPHONATION – AHMEDABAD • •

Capacity: 1,800 MTPA Products: 6 ACETYL OAPSA, OA/PA ACETANILIDE, OT5SA

Valiant Organics Limited | Q2-2026

5

Key Strengths

Domain expertise and broad process understanding in a variety of chemistries. The executive team is made up of first-generation technocrats with more than 50 years of collective expertise.

Wide supply chain provides the continuous availability of adequate and high-quality raw materials and manufacturing.

Plant locations are strategically located near ports to provide a competitive advantage, significant logistical cost savings, and faster delivery times.

Robust Business Model

Integrated Operations

Strong Customer Relations

Distinct Product Portfolio

Domain Knowledge

Widespread Supply Chain

Strategic Location of Plants

Diverse product range and client base across numerous industries and countries provides a sustainable business model in multiple chemistries by lowering product, industry, and geographical risk.

Multi-use and backward integrated plants to produce a wide range of products and tailor them to meet the diverse needs, technical qualifications, batch sizes, and delivery schedules of our clients.

Established multi-year relationships with clients in both domestic and international markets due to high-quality standards, innovative production capabilities.

Manufacturing a diverse range of intermediates as well as value-added products for a variety of industries.

Valiant Organics Limited | Q2-2026

6

Q2/H1-FY26 HIGHLIGHTS

Valiant Organics Limited | Q2-2026

7

CONSOLIDATED FINANCIAL HIGHLIGHTS

Q2-FY26 CONSOLIDATED FINANCIAL HIGHLIGHTS

H1-FY26 CONSOLIDATED FINANCIAL HIGHLIGHTS

INR 212Mn Operating EBITDA

INR 57 Mn Profit After Tax

INR 2.02/ Share EPS

INR 1,573 Mn Operational Revenue

13.48% Operating EBITDA Margin

3.62% PAT Margin

INR 459 Mn Operating EBITDA

INR 139 Mn Profit After Tax

INR 4.95/ Share EPS

INR 3,617 Mn Operational Revenue

12.69% Operating EBITDA Margin

3.84% PAT Margin

Valiant Organics Limited | Q2-2026

8

Q2/H1-FY26 Operational Highlights

Revenue remained stable sequentially and registered healthy year-on-year growth, supported by better realizations and steady demand conditions.

Q2-FY26 Revenue Break-up – Chemistries

Others, 6%

• Gross Profit came in at INR 718 million, with gross margin improving sharply to 46% (versus 39% in Q1 FY26 and 36% in Q2 FY25), supported by better raw-material efficiency and an improved product mix.

• Disciplined cost control, improved raw-material management, and a reduction in finance expenses supported healthy margin performance and enabled a clear turnaround compared to the previous year.

Chlorination, 19%

Ammonolysis, 28%

Hydrogenation, 47%

EBITDA saw a significant improvement, driven by stronger contribution and tighter overhead control, with margins expanding meaningfully versus both the previous quarter and the same period last year, reflecting firm operating leverage.

PBT margin remained steady, underscoring consistent cost discipline and efficiency across the business.

H1-FY26 Volume Break-up – Chemistries

Others, 2%

PAT stood at INR 56 million, marking a strong recovery from the loss reported in Q2 FY25.

Ammonolysis, 26%

Chlorination, 29%

Hydrogenation, 43%

Valiant Organics Limited | Q2-2026

9

Key Chemistries

Chlorination (INR Mn)

Hydrogenation (INR Mn)

Ammonolysis (INR Mn)

Others (INR Mn)

394

274

286

S E U N E V E R

45 0

40 0

35 0

30 0

25 0

20 0

15 0

10 0

50

0

1,200

1,000

800

600

400

200

-

1,082

730

725

Q2-FY25

Q1-FY26

Q2-FY26

Q2-FY25

Q1-FY26

Q2-FY26

3,301

2,331

1,936

4,227

4,081

4,300

4,200

4,100

4,000

3,900

3,800

3,700

3,600

3,871

3,500

3,000

2,500

2,000

1,500

1,000

500

-

) T M

( S E M U L O V S E L A S

479

475

427

Q2-FY25

Q1-FY26

Q2-FY26

2,670

2,387

2,247

60 0

55 0

50 0

45 0

40 0

35 0

30 0

25 0

20 0

15 0

10 0

50

0

2,800

2,700

2,600

2,500

2,400

2,300

2,200

2,100

2,000

25 0

20 0

15 0

10 0

50

0

40 0

35 0

30 0

25 0

20 0

15 0

10 0

118

94

97

Q2-FY25

Q1-FY26

Q2-FY26

221

221

238

Q2-FY25

Q1-FY26

Q2-FY26

Q2-FY25

Q1-FY26

Q2-FY26

Q2-FY25

Q1-FY26

Q2-FY26

Q2-FY25

Q1-FY26

Q2-FY26

Valiant Organics Limited | Q2-2026

10

Quarterly Consolidated Financial Performance

Particulars (INR Mn)

Revenue from Operations

Total Expenses

EBITDA

EBITDA Margins (%)

Other Income

Depreciation

Finance Cost

PBT (Excl. Exceptional Items)

Exceptional Items

Share of Profit/(Loss) of Associates

PBT

Tax

PAT

PAT Margins (%)

Other Comprehensive Income

Total Comprehensive Income

Basic/Diluted EPS (INR)

Valiant Organics Limited | Q2-2026

Q2-FY26

Q2-FY25

Y-o-Y

Q1-FY26

Q-o-Q

1,573

1,361

212

13.48%

2

98

42

74

-

-

74

17

57

1,602

1,578

24

1.50%

25

88

82

(121)

-

(17)

(138)

(13)

(125)

3.62%

(7.80)%

(5)

52

2.02

(2)

(127)

(4.45)

(1.8)%

(13.8)%

NA

NA

(92.0)%

11.4%

(48.8)%

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

2,044

1,796

248

12.13%

11

94

60

105

-

6

111

29

82

4.01%

3

85

2.93

(23.0)%

(24.2)%

(14.5)%

135 Bps

(81.8)%

4.3%

(30.0)%

(29.5)%

NA

NA

(33.3)%

(41.4)%

(30.5)%

(39) Bps

NA

(38.8)%

(31.1)%

11

YTD Consolidated Financial Performance

Particulars (INR Mn)

Revenue from Operations

Total Expenses

EBITDA

EBITDA Margins (%)

Other Income

Depreciation

Finance Cost

PBT (Excl. Exceptional Items)

Exceptional Items

Share of Profit/(Loss) of Associates

PBT

Tax

PAT

PAT Margins (%)

Other Comprehensive Income

Total Comprehensive Income

Basic/Diluted EPS (INR)

Valiant Organics Limited | Q2-2026

H1-FY26

H1-FY25

Y-o-Y

3,617

3,158

459

12.69%

13

192

102

178

-

7

185

46

139

3.84%

(1)

138

4.95

3,281

3,099

182

5.55%

29

176

132

(97)

-

(18)

(115)

16

(131)

(3.99)%

(1)

(132)

(4.68)

10.2%

1.9%

NA

714 Bps

(55.2)%

9.1%

(22.7)%

NA

NA

NA

NA

NA

NA

783 bps

NA

NA

NA

12

Quarterly Standalone Financial Performance

Particulars (INR Mn)

Revenue from Operations

Total Expenses

EBITDA

EBITDA Margins (%)

Other Income

Depreciation

Finance Cost

PBT (Excl. Exceptional Items)

Exceptional Items

PBT

Tax

PAT

PAT Margins (%)

Other Comprehensive Income

Total Comprehensive Income

Basic/Diluted EPS (INR)

Valiant Organics Limited | Q2-2026

Q2-FY26

Q2-FY25

Y-o-Y

Q1-FY26

Q-o-Q

1,572

1,360

212

13.49%

2

98

42

74

-

74

18

56

1,602

1,579

23

1.44%

20

88

82

(127)

-

(127)

(15)

(112)

3.56%

(6.99)%

(4)

52

2.00

(2)

(114)

(4.30)

(1.9)%

(13.9)%

NA

NA

(90.0)%

11.4%

(48.8)%

NA

NA

NA

NA

NA

NA

NA

NA

NA

2,044

1,796

248

12.13%

11

94

60

105

-

105

29

76

3.72%

3

79

2.71

(23.1)%

(24.3)%

(14.5)%

136 Bps

(81.8)%

4.3%

(30.0)%

(29.5)%

NA

(29.5)%

(37.9)%

(26.3)%

(16) Bps

NA

(34.2)%

(26.2)%

13

YTD Standalone Financial Performance

Particulars (INR Mn)

Revenue from Operations

Total Expenses

EBITDA

EBITDA Margins (%)

Other Income

Depreciation

Finance Cost

PBT (Excl. Exceptional Items)

Exceptional Items

PBT

Tax

PAT

PAT Margins (%)

Other Comprehensive Income

Total Comprehensive Income

Basic/Diluted EPS (INR)

Valiant Organics Limited | Q2-2026

H1-FY26

H1-FY25

Y-o-Y

3,616

3,157

459

12.69%

13

192

102

178

-

178

46

132

3.65%

(1)

131

4.70

3,281

3,099

182

5.55%

24

176

132

(102)

-

(102)

14

(116)

(3.54)%

(1)

(117)

(4.14)

10.2%

1.9%

NA

714 Bps

(45.8)%

9.1%

(22.7)%

NA

-

NA

NA

NA

719 Bps

NA

NA

NA

14

HISTORICAL FINANCIAL OVERVIEW

Valiant Organics Limited | Q2-2026

15

Historical Consolidated Income Statement

Particulars (INR Mn)

Revenue from Operations

Total Expenses

EBITDA

EBITDA Margins (%)

Other Income

Depreciation

Finance Cost

PBT (Excl. Exceptional Items)

Exceptional Items

Share of Profit/(Loss) of Associates

PBT

Tax

PAT

PAT Margins (%)

Other Comprehensive Income

Total Comprehensive Income

Basic/Diluted EPS (INR)

Valiant Organics Limited | Q2-2026

FY23

FY24

FY25

H1-FY26

10,518

8,875

1,643

15.62%

80

292

108

1,323

49

-

1,372

346

1,026

9.75%

1

1,027

31.50

7,231

6,849

382

5.28%

93

349

163

(37)

(34)

(16)

(87)

(3)

(84)

(1.16)%

7

(77)

(3.00)

7,188

6,651

537

7.47%

86

358

236

29

-

(7)

22

56

(34)

(0.47)%

(10)

(44)

(1.24)

3,617

3,158

459

12.69%

13

192

102

178

-

7

185

46

139

3.84%

(1)

138

4.95

16

Historical Consolidated Balance Sheet

Particulars (INR Mn)

FY24

FY25

H1-FY26

Particulars (INR Mn)

FY24

FY25

H1-FY26

EQUITY a) Equity Share Capital b) Other Equity c) Optionally Convertible Preference Shares d) Non Controlling Interest

LIABILITIES Non-Current Liabilities

Financial Liabilities a) Borrowings b) Lease Liabilities c) Other Financial Liabilities d) Provisions e) Deferred Tax Liabilities (Net) Current Liabilities

a) Financial Liabilities (i) Borrowings (ii) Trade Payables (iii) Other Financial Liabilities (iv) Lease Liabilities b) Other Current Liabilities c) Provisions

7,293 276 7,017 - -

7,253 280 6,973 - -

7,395 280 7,115 - -

1,071

888

963

742 2 16 19 292 4,116

1,823 2,075 157 2 22 37

507 1 14 22 344 3,688

1,978 1,487 158 2 16 47

389 1 154 29 390 3,267

1,969 999 228 1 9 61

Non-Current Assets a) Property, Plant and Equipment c) Right-Of-Use Assets b) Capital Work In Progress d) Other Intangible Assets e) Goodwill on Consolidation f) Financial Assets (i) Investments (ii) Other Financial Assets g) Other Non-Current assets Current Assets a) Inventories b) Financial Assets (i) Investments (ii) Trade Receivables (iii) Cash and Cash Equivalents (iv) Other Bank balances (v) Loans (vi) Other financial assets

c) Other Current Assets

d) Current Tax Assets (Net)

8,352 6,297 5 861 2 123

953 54 57 4,128 1,142

33 2,094 35 3 492 29 173

127

8,269 6,437 3 657 5 123

936 57 51 3,560 890

- 1,769 71 5 492 55 157

121

8,786 6,940 1 86 4 123

1,524 57 51 2,839 974

- 1,550 60 4 5 44 99

103

GRAND TOTAL - EQUITIES & LIABILITES

12,480

11,829

11,625

GRAND TOTAL – ASSETS

12,480

11,829

11,625

Valiant Organics Limited | Q2-2026

17

Historical Standalone Income Statement

Particulars (INR Mn)

Revenue from Operations

Total Expenses

EBITDA

EBITDA Margins (%)

Other Income

Depreciation

Finance Cost

PBT (Excl. Exceptional Items)

Exceptional Items

PBT

Tax

Profit After Tax

PAT Margins (%)

Other Comprehensive Income

Total Comprehensive Income

Diluted EPS (INR per share)

Valiant Organics Limited | Q2-2026

FY23

FY24

FY25

H1-FY26

9,116

7,817

1,299

14.25%

29

276

105

947

49

996

240

756

8.29%

(11)

745

27.02

6,772

6,376

396

5.85%

29

340

194

(109)

58

(51)

(21)

(30)

(0.44)%

7

(23)

(1.09)

7,188

6,651

537

7.47%

81

358

236

24

-

24

54

(30)

(0.42)%

(9)

(39)

(1.09)

3,616

3,157

459

12.69%

13

192

102

178

-

178

46

132

3.65%

(1)

131

4.70

18

Historical Standalone Balance Sheet

FY24

FY25

H1-FY26

Particulars (INR Mn) EQUITY

a) Equity Share Capital

b) Other Equity

c) Optionally Convertible Preference Shares

LIABILITIES

Non-Current Liabilities

Financial Liabilities

a) Borrowings

b) Lease Liabilities

c) Other Financial Liabilities

d) Provisions

e) Deferred Tax Liabilities (Net)

Current Liabilities

a) Financial Liabilities

(i) Borrowings

(ii) Trade Payables

(iii) Other Financial Liabilities

(iv) Lease Liabilities

b) Other Current Liabilities

c) Provisions

d) Current Tax Liabilities (Net)

6,649

276

6,373

-

1,071

742

2

16

19

292

3,703

1,410

2,075

157

2

22

37

-

6,616

280

6,336

888

507

1

14

22

344

3,289

1,607

1,460

156

2

17

47

-

6,752

280

6,472

Particulars (INR Mn) Non-Current Assets

a) Property, Plant and Equipment

b) Right-Of-Use Assets

c) Capital Work In Progress

d) Other Intangible Assets

963

e) Financial Assets

(i) Investments in Subsidiaries

(ii) Other Investments

(iii) Loans

f) Other Non-Current assets

Current Assets

a) Inventories

389

1

154

29

390

2,893

b) Financial Assets

1,598

998

226

1

9

61

-

(i) Investments

(ii) Trade Receivables

(iii) Cash and Cash Equivalents

(iv) Other Bank balances

(v) Loans

(vi) Other financial assets

c) Other Current Assets

d) Current Tax Assets (Net)

FY24

FY25

H1-FY26

7,818

6,297

7,750

6,437

5

861

2

489

53

54

57

3,605

1,142

-

2,094

33

3

6

29

171

127

3

657

5

498

43

57

50

3,043

890

1,742

71

4

6

55

156

119

7,775

6,940

1

86

4

592

44

57

51

2,833

974

-

1,549

58

4

5

44

99

100

GRAND TOTAL - EQUITIES & LIABILITES

11,423

10,793

10,608

GRAND TOTAL – ASSETS

11,423

10,793

10,608

Valiant Organics Limited | Q2-2026

Consolidated Financial Highlights

Operational Revenue (INR Mn)

EBITDA (INR Mn) & EBITDA Margins (%)

PAT (INR Mn) & PAT Margins (%)

10,00 0

7,500

5,000

2,500

-

10,518

7,231

7,188

1,643

3,617

15.62%

382 5.28%

537

7.47%

459 12.69%

FY23

FY24

FY25

H1-FY26

FY23

FY24

FY25

H1-FY26

Net Debt to Equity (x)

Net Worth (INR Mn)

1,400

1,100

800

500

200

-10 0

-40 0

1,026

9.75%

17 .0 0%

12 .0 0%

7.00 %

3.84%

139

FY23

-84

FY24

-34

-1.16%

FY25 -0.47%

H1-FY26

2.00 %

-3.00 %

Return on Capital Employed & Return on Equity (%)

5,850

5,830

5,698

5,665

20.00%

17.56%

0.32

0.32

0.33

0.31

6,000

5,800

5,600

5,400

5,200

5,000

4,800

4,600

FY23

FY24

FY25

H1-FY26

FY23

FY24

FY25

H1-FY26

Valiant Organics Limited | Q2-2026

15.00%

10.00%

5.00%

0.00%

-5.00%

14.77%

ROCE

ROE (%)

FY23

1.26%

FY24 -1.14%

2.72%

-0.47%

FY25

20

Capital Market Information

Share Price up to 30th September, 2025

30%

10%

-10%

-30%

-50%

-70%

Oct-24

Nov-24

Dec-24

Jan-25

Feb-25

Mar-25

Apr-25

May-25

Jun-25

Jul-25

Aug-25

Sep-25

Price Data (As of 30th September, 2025)

Face Value

Market Price

52 Week H/L

Market Cap (Mn)

Equity Shares Outstanding (Mn)

1 Year Avg Trading Volume (‘000)

INR

10.0

326.2

508.3/225.0

9,133.7

28.0

72.3

Valiant Organics

Sensex

Shareholding pattern (As of 30th September, 2025)

FII; 0.21%

Promoters; 37.91%

Public; 61.88%

Valiant Organics Limited | Q2-2026

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Disclaimer

Valiant Organics Limited No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy , completeness or correctness of the information or opinions contained in this presentation. Such information and opinions are in all events not current after the date of this presentation. Certain statem ents made in this presentation may not be based on historical information or facts and may be "forward looking statements" based on the currently held beliefs and assumptions of the management of Valiant Organics Limite d (“Company”), which are expressed in good faith and in their opinion reasonable, including those relating to the Company’s general business plans and strategy, its future financial condition and growth prospects and future developments in its industry and its competitive and regulatory environment.

Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, financial condition, performance or achievements of the Company or industry results to differ materially from the results, financial condition, performance or achievements expressed or implied by such forward -looking statements, including future changes or developments in the Company’s business, its competitive environment and political, economic, legal and social conditions. Further, past performance is not necessarily in dicative of future results. Given these risks, uncertainties and other factors, viewers of this presentation are cautioned not to place undue reliance on these forward-looking statements. The Company disclaims any obligation to update these forward-looking statements to reflect future events or developments.

This presentation is for general information purposes only, without regard to any specific objectives, financial situations o r informational needs of any particular person. This presentation does not constitute an offer or invitation to purchase or subscribe for any securities in any jurisdiction, including the United States. No part of it should form the basis of or be relied upon in connection with any investment decision or any contract or commitment to purchase or subscribe for any securities. None of our securities may be offered or sold in the United States, w ithout registration under the U.S. Securities Act of 1933, as amended, or pursuant to an exemption from registration there from.

This presentation is confidential and may not be copied or disseminated, in whole or in part, and in any manner.

Valorem Advisors Disclaimer: Valorem Advisors is an Independent Investor Relations Management Service company. This Presentation has been prepared by Valo rem Advisors based on information and data which the Company considers reliable, but Valorem Advisors and the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall b e placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the information that you may conside r material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded.

Valorem Advisors also hereby certifies that the directors or employees of Valorem Advisors do not own any stock in personal or company capacity of the Company under review.

For further details please contact our Investor Relations Representatives: VALOREM ADVISORS Mr. Anuj Sonpal Tel: +91-22-49039500 Email: valiant@valoremadvisors.com Kitlink: https://www.valoremadvisors.com/valiant

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THANK YOU

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