Skipper Limited has informed the Exchange about Investor Presentation
Date: 7th November, 2025
The Manager National Stock Exchange of India Limited Exchange Plaza, 5th Floor, Plot No. C-1, Block-G Bandra Kurla Complex, Bandra (E) Mumbai- 400 051 Symbol- SKIPPER
The Manager BSE Limited Phiroze Jeejeebhoy Towers, Dalal Street Mumbai- 400 001 Scrip Code- 538562
Subject: Investor Presentation on Unaudited Standalone and Consolidated Financial Results for the quarter ended 30th September, 2025.
Dear Sir,
In compliance with the provisions of Regulation 30 read with Schedule III of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed herewith the copy of Investor Presentation in connection with Unaudited Standalone and Consolidated Financial Results for the quarter ended 30th September, 2025.
Kindly take the same on record.
Thanking you,
Yours faithfully, For Skipper Limited
Anu Singh Company Secretary & Compliance Officer
Encl: As above
SEIZING THE MULTI DECADAL OPPORTUNITY Positioned to Power Growth in the Global Transmission sector
Q2 & H1’26 - INVESTOR PRESENTATION
November 2025
Table of Contents
1. Q2 & H1 FY ’26 Performance Highlights
2. Company overview
3. Key Strengths
`
4.
Industry Overview
5. Financial Trends
6. ESG, Awards & Recognition
Performance & Financial Highlights – Q2 & H1 ’26
Director Speaks – Strong Momentum & Record Performance
“We are pleased to report a strong first half, achieving our highest-ever second-quarter revenue and record EBITDA, reflecting solid execution and the strength of our growth strategy. Revenue grew 14% year-on-year, led by strong performance in both the Engineering and Polymer businesses. EBITDA increased 16% to ₹1,307 million with margins improving to 10.4%, while finance cost as a percentage of sales reduced to 4.1%, highlighting improved operational and financial efficiency.
Mr Sharan Bansal, Director
Profitability continues to improve, with Operating PBT up 37% and net profit (before exceptional items) rising 32% in the quarter and 37% in the first half. The one-time exceptional item of ₹106 million related to a legacy tax settlement has no recurring impact on financial performance.
On the order front The Company recorded new inflows of ₹12,430 mn, including large wins from PGCIL and key export markets, taking the order book to an all-time high of ₹88,200 mn. With a bidding pipeline exceeding ₹300,000 mn, we are strongly positioned to capitalize on the structural upcycle in Power T&D driven by energy transition and grid expansion in both domestic and international markets.
With a record order book, expanding capacity, strong visibility in Power T&D, and growing international presence, we are confident of delivering another record-breaking year and a significantly stronger second half, as we continue our journey to build a globally dominant and trusted infrastructure solutions company”
Strong Start to FY26
• Achieved highest-ever Q2 revenue and record quarterly EBITDA • 14% YoY revenue growth driven by robust execution in Engineering and Polymer businesses
Profitability at New Highs
• EBITDA up 16% to ₹1,307 Mn; margin 10.4% • Operating PBT up 37%; finance cost ratio improved to 4.2%
Sustained Financial Strength
• Operating Net Profit (pre-exceptional) up 32% QoQ / 37% H1 YoY • One-time ₹10.6 Cr tax settlement; no recurring impact
Robust Order Book & Pipeline
• ₹1,243 Cr new orders (PGCIL + key exports) • Record order book: ₹8,820 Cr; bidding pipeline >₹30,000 Cr
Capacity-led Growth
• 75,000 MTPA new capacity operational; enabling export and short-cycle orders • Additional 75,000 MTPA expansion underway — targeting 600,000 MTPA by FY29
Outlook
• Strong Power T&D tailwinds, record backlog, expanding global footprint • Poised to deliver another record year and a stronger second half
4
Financial Performance Q2 FY’26
Sl
Profit & Loss Summary
1
2
3
4
5
6
7
8
7
8
9
Revenues
Reported EBITDA
EBITDA Margins (%)
(+) Other Income
(-) Depreciation
(-) Finance Cost
Finance cost as % to Revenue Profit Before Tax (2+3-4-5)
PBT Margins (%)
Tax (Other than exceptional)
Operating PAT before Exceptional Item (6-7)
Operating PAT Margins (%)
Exceptional (loss) / Gain Items
Tax (benefit) / Loss on exceptional item
Reported PAT (8+9-10)
10
Cash Profit before exceptional item (8+4)
Q2 FY’26
12,617.9 1,306.9
Q2 FY’25
11,097.4 1,124.4
10.4% 40.7 190.0 535.6 4.2%
621.9
4.9% 173.1 448.8 3.6% (106.8) (26.9)
368.9
638.8
10.1% 33.7 149.2 554.5 5.0%
454.4
4.1% 115.0 339.4 3.1% - -
339.4
488.6
Rs in Mn
YoY Change % 13.7%
16.2%
+30 Bps
-80 Bps
36.9%
+80 Bps
32.3%
+50 Bps
8.7%
30.8%
Q1 FY’26
12,538.6 1,271.7
10.1% 32.8 177.0 529.6 4.2%
597.8
4.8% 151.2 446.6 3.6% - -
446.6
623.6
5
Financial Performance H1 FY’26
Sl
Profit & Loss Summary
1
2
3 4 5
6
7 8
9 10 11
Revenues
Reported EBITDA
EBITDA Margins (%)
(+) Other Income (-) Depreciation (-) Finance Cost Finance cost as % to Revenue Profit Before Tax (2+3-4-5) PBT Margins (%)
Tax (Other than exceptional) Operating PAT before Exceptional Item (6-7) Operating PAT Margins (%) Exceptional (loss) / Gain Items Tax (benefit) / Loss on exceptional item Reported PAT (8+9+10)
PAT Margins (%)
H1 FY’26
25,156.5 2,578.6
10.3 % 73.5 367.1 1,065.2 4.2%
1,219.7
4.8% 324.3 895.4 3.6% (106.8) (26.9) 815.5 3.2%
Rs in Mn
YoY Change % 14.3%
18.8%
+40 Bps
39.1%
+80 Bps
36.7% +60 Bps
24.5%
+20 Bps
6
H1 FY’25
22,014.8 2,171.0
9.9% 67.3 294.3 1,067.0 4.8%
877.1
4.0% 221.8 655.3 3.0% - - 655.3 3.0%
Business Update– Q2 FY’26
Revenue Performance Highlights
Company registered its highest-ever second quarter revenue of Rs 12,618 million on back of strong execution in Engineering & Polymer business segments, achieved growth of 13.7 % over previous year quarter
The engineering business achieved its best-ever second quarter revenue of Rs 9,974 million against Rs 8,456 million in the previous year quarter, registering a growth of 18 % ;
Export Revenue grew 24 % YoY to Rs 1,980 million, reflecting strong international demand momentum ; Export share in overall engineering revenue stood at 20 % in Q2 ’26
Operational & Financial Performance Highlights
EBITDA rose 16 % YoY to Rs Rs 1,307 million, highest ever for any quarter, compared to Rs 1,124 million in previous year period ; Margins improved to 10.4 % vs 10.1 % in previous year quarter
Finance cost as % of sales improved to 4.2 % against 5.0 % in previous year quarter , with ongoing initiatives aimed at bringing it further down in subsequent quarters
Operating PBT(before exceptional) increased to Rs 622 million, registering 37 % growth over corresponding quarter of previous year; PBT Margin improved to 4.9 % of sales against 4.1 % in previous year quarter.
During the quarter, the company settled a long pending entry tax matter relating to previous years under the WBST (Settlement of Dispute) Act, 1999 by paying 75% of the disputed amount with waiver of interest, late fee and penalties. The payment of Rs 106 million has been recognized as a one time exceptional item in Q2 FY26, with no recurring impact on financial performance.
Operating PAT (before exceptional items) grew by 32 % to Rs 449 million ; PAT margin to sales improved to 3.6% against 3.1% in previous year qtr
7
Business Update– H1 FY’26
Revenue Performance Highlights
Achieved its best ever half year revenue performance; Revenue of H1 Fy’26 increased to Rs 25,156 million against Rs 22,015 million in H1 FY’25, registering a growth of 14 %
Engineering business segment achieved its best ever first half Revenue of Rs 20,222 million against Rs 16,743 million in the previous year, registering a growth of 21 %
Half year export revenue grew 27 %, to Rs 5,234 million from Rs 4,107 million last year.
The polymer segment posted a strong rebound, with revenues rising to Rs 2,425 million, registering 22% YoY growth
Operational & Financial Performance Highlights
Achieved strong profitability and margin growth, driven by superior project execution and efficient working capital management
Stand Alone EBITDA margins improved to 10.3% (v 9.9% YoY) driven by operating leverage and execution of higher quality T&D contracts
Finance cost as % of sales improved to 4.2% against 4.8% in previous year first half, with ongoing initiatives aimed at bringing it further down in later half of the year
Operating PBT (before exceptional) increased to Rs.1,220 million against Rs 877 Million in previous year first half, registering a growth of 39 %; The PBT margin improved to 4.8 % of sales against 4.0 % in previous year period
Operating PAT before exceptional items grew by 37 % to Rs 895 million ; PAT margin to sales improved to 3.6% against 3.0%
8
Other Major Update
Capacity Expansion & New Facilities
❑ New capacity of 75,000 MTPA is now fully operational, with commercial production commenced. An additional 75,000 capacity MTPA capacity addition
already underway , Company aims to attain capacity of 6 lac MTPA by Fy'28 end
❑ Commissioned the second (2nd) Test bed facility and successfully completed the first series of tower tests, marking a key milestone in our pursuit of
engineering excellence. This state-of-the-art facility strengthens our testing capabilities and reinforces our position among the leading globally competent manufacturers
❑ Successfully commissioned Waste Heat recovery system & Bag filters for better fuel consumption & ESG Goals
Order Book & Inflows
❑ Secured two (2) prestigious 765 kV transmission line projects from PGCIL in the states of Rajasthan and Madhya Pradesh, Strengthening our position in the
EHV & HVDC segment and contributing to Rs 12,430 million of order inflow this quarter ; YTD (H1’26) order inflows at ₹ 32,205 mn, up 33 % YoY
❑ This has propelled our order book to an all time high level of Rs 88,204 million plus (Up 34% YoY) , reinforcing strong execution visibility
❑ Skipper EPC Division is currently executing 5,000 approx circuit kilometers of EHV & HVDC transmission line work as of September 2025.
❑ Completed successful plant audits by new potential customers from Middle East & North America.
Other Updates
❑ Strategic expansion underway with board approval for setting up subsidiaries across three (3) key international regions to accelerate export growth and
deepen global market penetration
❑ SAP S4 HANA RISE UAT Phase started; with Go-Live planned for Dec’25 . This implementation will empower the business to streamline operations, enhance efficiency, and gain real time insights for informed decision making, marking a significant milestone in our digital transformation journey
❑ Our R&D division has signed a MOU with IIT Kharagpur for research on galvanizing processes and predictive modelling development.
9
Segment Report
Segment
Profit & Loşs Summary
Q2 FY’26
Q2 FY’25
Change %
H1 FY26
H1 FY’25
Change %
Net Sales
9,973.7
8,456.4
17.9%
20,221.5
16,742.6
Engg Products
EBITDA
% of Sales
Net şales
PVC Products
EBITDA
%of şales
Net şales
1,171.3
11.7%
967.2
11.4%
21.1%
2,333.8
1,877.2
11.5%
11.2%
1,153.5
1,041.4
10.8%
2,425.4
1,993.7
46.1
4.0%
46.8
4.5%
-1.5%
98.3
4.1%
89.3
4.5%
1,490.7
1,599.6
-6.8 %
2,509.6
3,278.5
-23.5%
20.8%
24.3%
21.7%
10.0%
Polymer 10%
Infra 10%
Infra Projects
EBITDA
% of şales
89.4
6.0%
110.4
-19.0%
6.9%
146.5
5.8%
204.5
-28.3%
6.2%
Net şales Total
12,617.9
11,097.4
13.7%
25,156.5
22,014.8
Total
EBITDA Total
1,306.9
1,124.4
16.2%
2,578.6
2,171.0
14.3%
18.8%
Engg 80%
% of Sales
10.4%
10.1%
10.3%
9.9%
Revenue Mix – H1 FY’26
Note: Segment EBITDA includes allocation of un-allocable expenditure in pro-rata share of Sales and Capital Employed in their respective segment
10
Key Performance highlights
Rs in Million
Stand Alone - Revenue
EBITDA & Margin
Rs in Mn
+ 14 %
11,097
12,539
12,618
+ 16 % + 53 %
1,272
10.1%
1,307 10.4%
1,124
10.1%
PBT before exceptional & Margin
+ 37 %
598
4.8%
622
4.9%
454
4.1%
Q2 FY'25
Q1 Fy'26
Q2 FY '26
Q2 FY'25
Q1 Fy'26
Q2 FY '26
Q2 FY'25
Q1 Fy'26
Q2 FY '26
H1’26 Vs H1’25
+ 14 %
+ 19 %
22,015
25,156
2,171
9.9%
2,579
10.3%
+ 39%
1,220
4.8%
877
4.0%
H1 FY'25
H1 FY'26
Note : PBT for Q2 & H1 Fy’26 is before considering exceptional items
H1 FY'25
H1 FY'26
H1 FY'25
H1 FY'26
11
Order Book Highlights
₹ 88,204 Mn Highest ever closing Orderbook as of Sep 2025 Up 34% YoY
₹ 12,430 Mn New Orders in Q2 FY26
₹ 32,205 Mn H1’ 26 New Order Inflows Up 33% YoY
✓
✓
Share of non-T&D products, including Railways and Telecom, in the overall order book stood at 13 %
Domestic contracts from PGCIL and several Private TSO and SEB’s, reinforced leadership in power T&D Sector
✓
International contracts across Middle East, North and South America helping us to become global industry leader
Orderbook has shown consistent growth
62,146
74,584
88,204
n m
s R
21,151
45,506
Mar'22
Mar'23
Mar'24
Mar'25
Sep'25
Investor Presentation | Nov 2025
Geographical Breakup
Export 11%
Domestic 89%
Segmental Breakup
13%
11%
76%
T&D Domestic
Export
Non T&D Domestic
Note: Non T&D products includes - Telecom, Railways, Solar, Water EPC & other Steel Structural items
12
Order Inflow Trend
H1 Fy’26 Total Inflow – Rs 32,205 Mn, up 33% YoY
Trail 12M Total Inflow – Rs 61,307 Mn
28,639
n m
s R
Secured highest ever H1 order inflow of Rs 32,205 mn
19,774
16,599
15,920
13,182
12,430
15,286
12,148
11,405
7,652
4,534
5,010
4,225
2,710
4,027
4,605
4,097
4,016
Q1 FY'22
Q2 FY'22
Q3 FY'22
Q4 FY'22
Q1 FY'23
Q2 FY'23
Q3 FY'23
Q4 FY'23
Q1 FY'24
Q2 FY'24
Q3 FY'24
Q4 FY'24
Q1 FY'25
Q2 FY'25
Q3 FY'25
Q4 FY'25
Q1 FY'26
Q2 FY'26
Investor Presentation | Nov 2025
13
Efficient Debt Management
Stand Alone - Debt Details
30.09.25
30.09.2024
Inc / (Dec) YOY
31.03.2025
Long Term Debt
3,044
2,943
Current Maturities of Long Term Debt
Total Long Term Debt
Short Term Debt
Gross Debt Level
Net Debt Level ( Adj of Cash & Bank)
Interest Bearing Acceptances
Net Debt + Acceptances
764
3,808
3,894
7,702
7,140
5,543
12,683
751
3,694
3,662
7,356
5,992
7,137
13,129
101
13
114
232
346
1,148
(1,594)
(446)
2,317
754
3,071
3,944
7,015
5,809
4,360
10,169
• Net debt (including interest bearing acceptances) reduced by Rs 446 million YoY to Rs 12,683 million, despite higher revenue and continued capex.
• Focus remains on sustaining cash flow strength and further balance sheet consolidation
Investor Presentation | April 2025
14
Stand Alone - Performance & Leverage Ratios
30.09.25
30.09.24
31.03.25
Particulars
Working Capital Ratios
(+) Inventory Days
(+) Debtor Days
(-) Trade Payable Days (Excluding acceptances)
82
95
68
Net Working Capital Days (Excl. Bills Payable)
109
Leverage Ratios
Debt Equity (X)
Debt to EBITDA (X)
Performance Ratios
ROCE (%)
ROE (%)
0.61
1.49
22.4
12.9
118
64
61
121
0.64
1.81
23.0
13.7
95
62
62
95
0.59
1.55
21.7
12.3
• Net working capital days (Excluding Creditor Acceptances) has been bought down by 12 days to 109 days vs
121 days in Sep’24 on back of efficient working capital management
Investor Presentation | April 2025
•
Focus remains on further strengthening performance and leverage ratio, Cash flows and working capital efficiency are expected to improve supported by a robust order and quality of new order intake
15
Performance Guidance – FY’26 Revenue & Margins
▪ Revenue Growth : Targeting 25% YoY growth , driven by strong execution momentum across ongoing projects and delivery efficiencies..
▪ Operating Margin Expansion : Expected to improve from current levels ; driven by higher-quality power T&D contract execution,
operational efficiencies, and cost optimization initiatives at both plant and site level.
▪ Execution Edge : Superior capability in executing high-voltage T&D projects continue to provide a competitive advantage and margin
uplift.
▪ Finance Cost reduction : Targeting finance cost to reduce to around 4% of sales by year end through continued focus on debt
optimization and cash flow efficiency
▪ Profitability Focus : Sustained emphasis on improving bottom-line performance and capital return ratios
Capacity Expansion ▪ Enhanced Engineering Capacity : Adding another 75,000 MT to reach a total capacity of 450,000 MTPA by end of this financial year,
strengthening ability to meet growing demand
▪ Targeted CAPEX : Planned investment of approx. Rs 2,500 million towards this expansion, funded through a balanced mix of internal
accruals and debt to drive sustainable growth.
Investor Presentation | Nov 2025
16
Inflection Point with Growth Ahead
Skipper is well positioned to seize the multi - decadal opportunities for exponential growth!
Well-positioned to capture long-term industry tailwinds and to be a proxy play on China +1 theme for export markets
Focus on strengthening EHV Market share through capacity expansion and focus on R&D initiatives
Scale up exports by increasing penetration into developed markets for key segments – Power Transmission and Telecom
Enhance retail distribution network of polymer business
Improvement in operational efficiency through economies of scale and cost reduction initiatives
Investor Presentation | Nov 2025
17
Company Overview
Key Management
Whole Time Directors
Sajan Kumar Bansal Chairman and Managing Director
Sharan Bansal Director
Devesh Bansal Director
Siddharth Bansal Director
Yash Pall Jain Director
Independent Directors
Mr. Ashok Bhandari Independent Director
Mrs. Richa M Goyal Independent Director
Mr. Raj Kumar Patodi Independent Director
Mr. Pramod Shah Independent Director
Mr. Desh Raj Dogra Independent Director
Investor Presentation | Nov 2025
19
Our Journey – a legacy of 4+ decades
- Commissioned one of India’s largest
Tower & Monopole Load Testing Station Set up DSIR approved R&D Centre
-
2020
- Commissioned our first Transmission line EPC project 400 KV Panchkula Patiala for PGCIL - Diversified into Transmission EPC segment by way of forward integration
2016
Backward integration through setting up of rolling Mill
2010
2018 - Diversified into Railway Electrification
Received PGCIL approval for tower unit and our first order for 400KV towers
2006
2014 Won supply contracts for South America’s Transmission market
2009 Got India’s first order for 800KV transmission towers from PGCIL
2024
- Secured 9 projects from PGCIL, including 8 key 765KV transmission line projects
- Awarded Emerging Power EPC Player by PGCIL
2023 Appointed MS Dhoni as Brand Ambassador for promoting Polymer Pipes
1981
Incorporated for manufacturing of Hamilton Poles
Investor Presentation | Nov 2025
Note: PGCIL refers to Power Grid Corporation of India Limited
20
Key Strengths
Key USP & Highlights
Market Leadership
Diverse product portfolio with a legacy of innovation
Integrated low-cost manufacturing capabilities backed by strong R&D
• India’s largest (top 10 globally) integrated T&D tower structures manufacturer • Experienced Promoter with 4 decades of expertise in the manufacturing business • One of the largest manufacturers of T&D structures with tower testing facilities to serve their global customers • Most preferred EPC contractor and supplier of Transmission tower of HVDC / High Voltage Transmission line Projects
• Offers a comprehensive range of products across Engineering, Infrastructure and Polymers • First Indian company to design and supply transmission monopoles to North America • Certifications from sovereign and international clients, including PGCIL approval and ISO 14001: 2015 & ISO 9000
accreditation showcasing quality excellence.
• Due to cost optimization, integrated plant benefits and strategic plant location with proximity to ports, the company is
well positioned to take benefits of a Multi Decadal Transmission Opportunity • Qualified engineering team coupled with in house design and R&D capabilities • Low-cost T&D player in India with the highest EBIDTA margin amongst peers
Strong global presence
• Strong international presence in over 50+ countries • Establishment of an R&D Centre and Tower Testing Station improving brand positioning in export markets
Healthy financial performance and robust order book
• Strong industry tailwinds coupled with company’s market leadership leading to Revenue CAGR of 39.40 % between
FY22-FY25
• Order book to revenue ratio of 2.1 x on FY25 Revenue , showcasing long term revenue visibility
Investor Presentation | Nov 2025
22
Diverse Product Portfolio (1/2)
We manufacture a range of Power Transmission structures, Telecom Towers, and Railway Electrification Infrastructure
Engineering
Infrastructure
Power Transmission Tower
Railway Structures
Power Distribution Poles
MS & High Tensile Angles
Tower & Substation EPC
Telecom EPC
Monopoles
Test Station
Telecom Tower
Fasteners & Tower Accessories
Coatings
Infrastructure Segment
Engineering Segment
12.2%
11.3% 11.6% 11.2% 11.5%
22,310
35,185
20222
13,218
15,239
FY22
FY23 Net Sales (Rs. Mn)
FY24
H1'26 FY25 EBITDA Margin
Investor Presentation | Nov 2025
11 kV – 1200 kV Range of voltage
26.0% H1 FY25 Export revenue (Engg segment)
3,75,000 MTPA Engg products capacity as of Sep 2025
3.1%
6.1%
5.9%
5.8%
-5.8%
5,984
6,743
652
505
FY23
FY22 Net Sales (Rs. Mn)
FY24
2,510
FY25
H1'26 EBITDA Margin
Water EPC
•
•
Forward integration activity Focus on high- margin HVDC Transmission projects
23
Diverse Product Portfolio (2/2)
Leading manufacturer of Polymer pipes and fittings, catering to both plumbing and agricultural sectors with expanding reach and strengthening market share.
UPVC Pipes
CPVC Pipes
HDPE Pipes
Fittings
Storage Tanks
Bath Accessories
Agriculture Pipes
Borewell Pipes and Fittings
Investor Presentation | Nov 2025
Polymer
One of the largest manufacturer of polymer pipes and fittings products in West Bengal and in East India
✓
✓
✓
✓
Growing National Presence with 30,000+ retail units across India(1)
Leveraging Economies of Scale in Procurement of PVC & CPVC Resin locally and internationally
End use industries: Plumbing, Sewage, Borewell & Agriculture Focusing on Plumbing products
✓
Skipper Pipes have been certified with highest standard of NSF 14 in 2016
Polymer Segment
4.7%
5.2%
62,000 MTPA Polymer Capacity as of FY25
3.4%
3,200
4.3%
4.1%
4,059
4,526
4,317
2,425
FY22
FY23 Net Sales (Rs. Mn)
FY24
FY25 H1'26 EBITDA Margin
24
Core Competencies in Manufacturing
Integrate manufacturing facilities with advanced technology
Manufacturing footprint largely concentrated in Kolkata
1
Uluberia - Kolkata, (WB)
262K MTPA
(including poles) 55K MTPA
2
3
4
Unit 1 - Kolkata, (WB) 75K MTPA
BCTL - Kolkata (WB) 38K MTPA
Guwahati – Assam 7K MTPA
Engineering products capacity
Polymer Pipes & Fittings products capacity
✓
✓
✓
✓
✓
✓
Automated State-of-the-Art Equipment
Value Optimization through Engineering and Design Excellence
75% Production is through Automated CNC line
✓
✓
✓
In-House Availability of Products, Accessories, and Technical Services
Single location plant leading to Cost Efficiencies
7 Galvanizing plants in- house with a Galvanizing capacity of 375k MT p.a.
Strategically located plants in the East, ensuring raw material access, proximity to Haldia & Kolkata port, and cost-effective labour
Awarded as “Largest Tower Supplier” by PGCIL (1) & "Best Industry in Water Resources sector" by Central Board Of Irrigation And Power (2)
PGCIL Approved and ISO Certified Large Manufacturing Capacities enabling participation in large scale project orders; NABL certification for its in-house test labs
Investor Presentation | Nov 2025
25
Manufacturing Value Chain
Our Value Chain
Steel Billets & blooms as input
Wire Rod as Input
Scale & Size
Strategic location
Manufacture MS & HT Angles
Manufacture Bolts & Nuts
Manufacture D-shackles & Hangars
Backward integration
Fabricate & Galvanize Complete Towers
EPC Line Construction
Competitive Advantage for Skipper!
Investor Presentation | Nov 2025
26
Powering growth through R&D
Leading through innovation
• We have strengthened our innovation capabilities backed by our
talented designing and R&D teams.
• In-house research & development Centre - Howrah, West Bengal
• DSIR approved facility
• We are assuring our clients by conducting prototype tests in our
state-of-art test centers.
Tested towers & monopoles
765 kV D/C Tower
500 kV D/C Tower
220 kV D/C Tower
765 kV S/C Monopole
400 kV D/C Monopole
Our USP in R&D
✓ Capability to test highest tower of 120m height with
1200kV in India
✓ Optimum efficiency designs ✓ Dedicated in-house R&D center ✓ Automated central loading and supervision system ✓ Dual-speed VFD Driven Electrical Winches
Investor Presentation | Nov 2025
27 27
A New Milestone – Second Tower Test Bed Commissioned
Skipper Limited Unveiled Dual Transmission Tower Test Beds
Skipper Limited recently launched two fully independent Transmission Tower Test Beds at a single location — a first-of- its-kind setup engineered for full-scale testing of Lattice Towers and Monopoles.
This facility enables simultaneous testing, ensuring faster project turnaround and unmatched reliability assurance.
28
Strong Global presence
Exporting to
50+
countries
26 % H1’26 Export contribution to Engineering Segment Revenue
24.5% FY22-FY25 Export Revenue CAGR
9,321 mn Share of Exports in Sep FY26 Orderbook (Rs mn)
We are focused on scaling our exports
Africa 18
South America 9
Middle East 7
South and SE Asia 9
North America 3
Oceania 2
Europe 6
▪ China+1 strategy presents a significant opportunity for India as the preferred
▪ In-house design capabilities and skilled professionals to deliver value-added
sourcing location
and cost effective design solutions, enhancing project bids.
▪ One of the suppliers to South America transmission market, exclusive
▪ Strong working relationship with major Global EPC players
agreement with a major TSO(1) signed in 2014
▪ Enhanced credibility through certification of prominent international
▪ Improved brand positioning in the export market due to our establishment
organizations and Countries
of an R&D centre and Tower Testing Station
Investor Presentation | Nov 2025
Note: 1. TSO – Transmission service operator
29
Oceania
Industry Overview
Power T&D Lines a Multi Decadal Opportunity
Addition of 7.4 mn of transmission lines globally till CY50
Global grid investment to nearly double in next 5 years
Asia pacific and North America continue to hold lion’s share with 70% of total investments
12.7
3,053
Region wise split of CY24-29 investment (USD 3,053 bn)
h t g n e
l
d e
l l
a t s n
I
)
m k n m
(
7.2
5.3
n b D S U
1,644
2021
2030
2050
CY19-23
CY24-29
4% 2%
4%
5%
30%
39%
16%
India North America Europe Asia Pacific Latin America Middle East Africa
Growth Drivers
Global
India
✓ Integration of Renewable Energy Sources ✓ Grid Modernization and Upgrades ✓ Electrification Initiatives in Emerging Economies ✓ Cross-Border and Regional Interconnections ✓ Sustainability and Decarbonization Goals
✓ Demand for advanced technologies like HVDC and
smart grids
✓ Renewables energy resources integration ✓ Increasing electricity demand and rural electrification ✓ Key Government regulations in India such as NEP, The National Grid Plan, GEC, NIP, PLI Scheme, Gati Shakti
Investor Presentation | Nov 2025
Source – CareEdge report
31
Power T&D super-cycle underway in India
Rs 9.2 tn
NEP Capex outlay during FY22–32 on High Voltage
(> 220kV)
➢ The GOI (combined NEP + State) to add 1.15 lakh ckm of lines in the period FY22-27 and 0.77 lakh ckm of
lines during FY27-32
➢ Additionally, 33 GW of HVDC Bipole links are in the process of planning ➢ The interregional transmission capacity to increase to 168 GW by 2032 from present 119 GW ➢ Transmission network to increase by 33% to 6.48 lakh ckm in FY32 from 4.85 lakh ckm in 2024; 87% increase in
transformation capacity to 2,342GVA from 1,251GVA.
RE addition spurring new cycle of T&D capex
PGCIL continues to dominate transmission capex
Majority of New line additions in 765 kV & HVDC Segments
1,000
)
800 W 600 G ( y t 400 i c a p a 200 C
-
400
7 157
236
442
8
191
243
900
20
596
284
610
13
337
260
2,075
n B s R
Capex to double in the next 2 years
250
94
112
FY22
FY24
FY27E
FY32E
Nuclear Capacity
Renew Capacity
Thermal Capacity
FY22
FY24
FY26E
FY25-32E
0.09
4.56
0.10 0.51
1.94
1.92
0.09
4.85
0.10
0.55
2.04
2.07
0.09
5.71
0.10
0.88
2.29
6.48
0.35
1.15
2.50
2.36
2.49
m k c h k a L
0
FY22
FY24
FY27E
FY32E
800 KV HVDC
500 KV HVDC
765 KV
400 KV
220 KV
Transmission opportunity of INR 9.2 trillion to further increase with additional capex in <220 kV lines by STUs/ SERC.
Investor Presentation | Nov 2025
Source – CareEdge report Note: STU- State Transmission Utilities, SERC – State Electricity Regulatory Commission, GVA - Gigavolt-amperes
32
Importance of New Transmission lines for Renewables
New transmission lines are a crucial part of our renewable energy future – They ensure reliable, efficient and widespread renewable power supply
Resource Location
Energy Reliability
Grid Integration
Capacity Expansion
✓ Many renewable sources are in
✓ Renewables can be intermittent
✓ Existing grid infrastructure
✓ Transitioning to renewables
remote areas
✓ Transmission lines bridge the
gaps to where energy is needed
due to weather
✓ New line help balance supply
and demand
needs upgrading
✓ Transmission lines aid
strains existing lines
✓ New lines are vital for increased
renewable energy distribution
energy flow
Energy Loss Reduction
Decentralization
Grid Resilience
✓ Modern lines are more
efficient
✓ Reducing losses makes
renewables cost effective
✓ Lines enables bidirectional
power flows
✓ Rooftop solar and local sources need support
✓ Transmission upgrades enhances grid resilience
✓ Make utilities better
prepared for extreme events
Investor Presentation | Nov 2025
33
Strong tailwinds in Telecom and Railway sector
Telecom sector in India - 2nd largest Telecom market in the world
Growth Drivers for Telecom sector
➢ 2nd largest Telecom market in the world with a subscriber base of ~1.18 bn ➢ Internet penetration up 75% as of CY24 (CY20 -54%) , to reach 86% by CY28 ➢ India’s 5G subscriber base to rise to 25% of overall users as against ~20% at present
Rollout of 5G to dominate demand for telecom towers
Telecom Towers investments leading to higher EPC opportunities
s t i n u 0 0 0
‘
837
582
1,218
n b s R
864
327
537
1,479
544
935
CY19
CY24E
CY29E
India Telecom Towers Volume
CY19-23
CY24-29
Tubular Telecom Tower Angular Telecom Tower
Railway sector trends and drivers
✓ Rapid 5G Expansion
✓ Surge in data consumption
✓ Digital transformation across sectors
✓ Rise of IoT and Industrial Applications
✓ Increasing Rural connectivity
✓ Currently, over 85% of the broad-gauge network has been electrified, totaling over 69,000 kms, with a goal to achieve 100% electrification by 2025 ✓ GOI plans to invest over Rs 10 tn from FY25 to FY30, focusing on further electrification, digitalization, and high-speed rail expansions ✓ With a Capex of Rs. 2,622 bn and a Gross Budgetary Support of Rs. 2,522 bn, the GOI is transforming Indian Railways into a world-class network ✓ GOI schemes such as PM Gati Shakti, Dedicated Freight Corridor, Amrit Bharat, High Speed Rail Corridors are transforming the Indian railway sector
Investor Presentation | Nov 2025
Source – CareEdge report
34
Polymer sector outlook
In India’ CPVC pipes market grow > 2x by CY29rivers
Key Growth Drivers Drivers
799
251
548
480
118
362
✓ Government Infrastructure Initiatives
•
•
•
Jal Jeevan Mission to provide tap water connections to all rural households by 2024
AMRUT for sustainable urban development
Housing for All
• Nal se Jal
•
Swachh Bharat Mission
✓ Urbanisation project -smart cities and urban renewal projects
✓ Shift from Metal to Polymer Pipes across sectors
i.e agriculture, residential plumbing, sewage systems, and industrial applications.
✓ Increasing focus on micro irrigation efficiency and improving
CY24E
CY29E
agricultural productivity
UPVC Pipes
CPVC Pipes
✓ Rising awareness and adoption of water conservation
practices
) n B s R (
348
74
274
CY19
The polymer pipes experienced significant growth in last decade lead by shift from Metal to Polymer Pipes
Investor Presentation | Nov 2025
Source – CareEdge report
35
Consolidated -Financial Trends
Key Performance highlights
Rs in Mn
Revenue
CAGR 39.40%
EBITDA & Margin
CAGR 39.10%
46,244.80
9.83%
32,820.43
9.72%
9.73%
9.77%
4,516.58
1.47%
Rs in mn
PAT & Margin
CAGR 81.11%
1.80%
2.49%
3.23%
1,493.46
17,070.80
19,803.00
1,678.30
1,925.48
3,194.34
816.65
251.47
355.66
FY22
FY23
FY24
FY25
FY22
FY23
FY24
FY25
FY22
FY23
FY24
FY25
Net Working Capital Days (excl. creditor acceptances)
231
211
163
95
Leverage Ratios
Performance Ratios
Debt to Equity
Debt to EBITDA
3.38x
0.77x
2.51x
0.63x
1.81x
1.55x
0.64x
0.59x
3.43%
ROCE (%)
ROE (%)
9.23%
19.15%
9.10%
21.71%
12.52%
12.30%
4.63%
FY22
FY23
FY24
FY25
Investor Presentation | Nov 2025
FY22
FY23
FY24
FY25
FY22
FY23
FY24
FY25
37
Profit & Loss - Trend
Sl
Particulars
1
2
3
4
5
6
7
8
9
Revenues
Reported EBITDA
EBITDA Margins (%)
(+) Other Income
(-) Depreciation
(-) Finance Cost
Finance cost as % to Revenue
(+) Share of Profit / (Loss) of JV
Profit Before Tax (2+3-4-5+6)
PBT Margins (%)
Tax
Profit / Loss After Tax (7-8)
PAT Margins (%)
FY22
17,070.80
1,678.30
9.83%
40.12
484.92
930.03
5.45%
-34.64
268.83
1.57%
17.36
251.47
1.47%
FY23
19,803.00
1,925.48
9.72%
53.17
467.80
1,040.09
5.25%
28.58
499.34
2.52%
143.68
355.66
1.80%
Rs in mn
FY24
32,820.43
3,194.34
9.73%
85.95
525.30
1,539.87
4.69%
69.83
1,284.95
3.92%
468.30
816.65
2.49%
FY25
46,244.80
4,516.58
9.77%
195.19
632.96
2,127.49
4.60%
35.18
1,986.50
4.30%
493.04
1,493.46
3.23%
Investor Presentation | Nov 2025
38
Segment Report
Rs in mn
Segment
Profit & Loss Summary
FY22
FY23
FY24
FY25
Net Sales
13,218.48
15,238.54
22,310.42
35,184.94
Engineering Products
EBITDA
EBITDA margin (%)
Net şales
Polymer Products
EBITDA
Infra Projects
Total
EBITDA margin (%)
Net şales
EBITDA
EBITDA margin (%)
Net şales Total
EBITDA Total
EBITDA margin (%)
1,607.92
12.16%
3,200.21
108.28
3.38%
652.11
-37.90
-5.81%
1,718.34
11.28%
4,059.49
191.75
4.72%
504.97
15.39
3.05%
2,595.44
11.63%
4,526.38
236.80
5.23%
3,929.81
11.17%
4,317.41
186.37
4.32%
5,983.63
6,742.45
362.10
6.05%
400.40
5.94%
17,070.80
19,803.00
32,820.43
46,244.80
1,678.30
9.83%
1,925.48
9.72%
3,194.34
9.73%
4,516.58
9.77%
Note: Segment EBITDA includes allocation of un-allocable expenditure in pro-rata share of Sales and Capital Employed in their respective segment
Investor Presentation | Nov 2025
39
Balance Sheet Trend
Rs in mn
Assets
FY22
FY23
FY24
FY25
Equity and Liabilities
FY22
FY23
FY24
FY25
Non-Current Assets
Equity
Fixed Assets (Incl. CWIP)
6,709.31 7,041.05 7,653.99 10,343.62
Other Non-Current Assets
278.84
636.53
567.36
740.79
Equity Share Capital
102.67
102.67
105.24
112.85
Other Equity
Total Equity
7,218.64 7,571.46 8,870.96 11,818.18
7,321.31 7,674.13 8,976.20 11,931.03
Total Non-Current Assets
6,988.15 7,677.58 8,221.35 11,084.41
Non-Current Liabilities
Current Assets
Inventories
7,860.64 9,132.01 12,031.45 11,974.06
Borrowings
2,119.84 1,918.85 3,008.15 2,317.50
Other Non Current Liability
560.13
1,585.05 1,898.70 1,577.17
Total Non Current Liability 2,679.97 3,503.90 4,906.85 3,894.67
Trade Receivables
4,343.97 3,602.22 7,661.46 7,012.79
Current Liabilities
Cash and Bank Balances
392.03
310.81
1,348.90 1,205.95
Borrowings
3,546.67 2,921.34 2,764.45 4,697.29
Other Current Assets
1,254.66 1,503.79 2,183.98 2,694.69
Total Current Assets
13,851.30 14,548.83 23,225.79 22,887.49
Trade Payables
6,264.26 5,881.15 12,205.81 12,217.77
Other Current Liabilities
1,027.24 2,245.89 2,593.83 1,231.14
Total Current Liabilities
10,838.17 11,048.38 17,564.09 18,146.20
Total Assets
20,839.45 22,226.41 31,447.14 33,971.90
Total Equity and Liabilities 20,839.45 22,226.41 31,447.14 33,971.90
Investor Presentation | Nov 2025
40
Shareholding Pattern
Shareholding pattern As on 30th Sep 25
Major Shareholders List
Name
The Prudential Assurance Company Ltd
Chartered Finance & Leasing
India Capital Growth Fund (ICGF) / ICG Q
Ajay Upadhyaya
William Blair Fund
Aakarshan Tracom Private Limited
Alquity Fund
M&G Fund
%
2.07%
1.76%
1.68%
1.51%
1.11 %
0.61%
0.40%
0.33%
Investor Presentation | Nov 2025
41
Promoters66.48%[Foreign Portfolio Investors]]6.55%[Others]26.97% ESG, Awards & Recognition
Environmental, Social and Governance (ESG/1)
Strategic ESG Roadmap & Vision Commitment to Occupational Safety, Health & Wellbeing, and creating a “Zero Harm Culture.” Compliance with stringent domestic and international regulations, alongside internal ESG policies.
Environmental Initiatives & Impact • Significant investment in renewable energy:
✓ Rooftop solar capacity installed: 2.655 MW across facilities (Uluberia, Guwahati, others). ✓ FY24-25 solar energy generation: 2.54 million kWh. ✓ Over three years (FY22-25), solar energy generation totals ~5.15 million kWh. ✓ Estimated GHG emission reduction due to solar: ~3000 MT CO2 equivalent.
• GHG Emissions Data for Uluberia Unit:
✓ Total GHG emissions (FY24-25): ~78,816 MT CO2e. ✓ Specific GHG emission intensity improved to 0.86853 t CO2 eq./MT production compared to 0.8953 t CO2 eq./MT last year (FY24)
• Energy Consumption:
✓ Use of both renewable and non-renewable energy, with ongoing efforts to increase renewable share. ✓ FY24-25 total energy consumption: 761,567 GJ. [FY23-24 energy consumption-836,478 GJ] -Reduction by 9.7 % ✓ Rainwater harvesting capacity of 5,000 CUM supports water conservation goals. ✓ Replacement of CO2 gas with Argon/CO2 mix in welding processes to reduce carbon footprint (~200-250 MT CO2 savings per year).
Product Sustainability & Green Certification
• Implementation of Life Cycle Assessment (LCA) and obtaining Environmental Product Declarations (EPDs) (Type III eco-labeling) for HDG
poles.
• Green product portfolio endorsed by certifications like IS 14025 (Eco-labeling), GreenPro (Polymer) • Installation of advanced Air Pollution Control Devices (APCD) with Bag filters and opacity meters, reducing particulate matter drastically.
Social and HR Initiatives
• Emphasis on creating a "Great Place to Work" (Certification received for last 3 years) with a healthy, safe, and inclusive environment. • Building pipeline for future- 250 GETs onboarded for EPC from various recognized institutes.
Investor Presentation | Nov 2025
43
Environmental, Social and Governance (ESG/2)
New Initiatives Steady Progress Toward Net-Zero: Tangible CO₂ reduction achieved through Argon–CO₂ mix in MIG welding and automation- led energy efficiency, saving up to 250 MT of CO₂ annually.
Digital Transformation of ESG Monitoring: Real-time digital dashboards for energy, gas, water, and safety management deployed— enabling data-driven governance and predictive analytics.
Strengthened ESG Governance: ISO 50001 Energy Management System initiated at Uluberia; Energy Committee and ESG Policy institutionalized for structured oversight and accountability. LCA & EPD Certificate : Obtained certificate of LCA and EPD for our Towers and Pole products. This is required for export of products to Europe as well as USA.
Sustainability Beyond Operations: Project Hariyali launched — planting over 30,000 green belts including 20,000 mangroves in the Sundarbans Delta, integrating ESG with CSR.
Investor Presentation | Nov 2025
44
Exhibitions / Trade Fairs – ASCE
Skipper at Substation Structures (ETS) Conference 2025
the ASCE Electrical Transmission and
The ASCE Electrical Transmission and Substation Structures (ETS) Conference was held in Dallas, Texas, from September 14–18, 2025. Sponsored by the Structural Engineering (SEI) of ASCE, the the design, analysis, and conference construction of electrical transmission and substation structures.
focused on
Institute
the
into advanced
Skipper Limited was proud to participate in this prestigious event, showcasing advanced solutions that are transmission and future of power shaping infrastructure. ETS 2025 was an inspiring three-day journey of innovation, collaboration, and learning. From thought-provoking keynotes and insightful panels to deep dives substation technologies, the event buzzed with energy and ideas. Skipper gained valuable perspectives on the latest trends shaping the power infrastructure industry while engaging in meaningful conversations and forging strategic partnerships. The experience reinforced our commitment to building a smarter, stronger, and more resilient energy ecosystem, together with our global peers.
transmission and
45
CSR – Beti Padhao Abhiyaan
Skipper Limited Hosts 7th Edition of Beti Padhao Abhiyaan
As part of its continued commitment to education and girl child empowerment, Skipper Limited successfully hosted the 7th edition of its flagship CSR initiative, Beti Padhao Abhiyaan, on 25th July 2025 at the National Library, Kolkata.
This year’s event was graced by Dr. S. Somanath, Former and Chairman of visionary behind inspiring address captivated Chandrayaan-3, whose students and educators alike.
ISRO
the
He spoke passionately about the power of curiosity, perseverance, and education in shaping the nation’s future, encouraging every girl to dream big and pursue excellence fearlessly. His words left a lasting impact, motivating young minds to reach for the stars—both literally and figuratively.
46
Skipper Pipes – 100% Lead Free Campaign
Awarded the Green Pro Certification by CII-IGBC (Indian Green Building Council).
Skipper Pipes have been certified with highest standard of NSF 14.
Investor Presentation | Nov 2025
47
Social and Environment Initiatives (1/2)
Skipper cares Our company's journey towards contributing to society began long ago, and we have always believed that it's an integral part of our ecosystem. To ensure that our efforts are focused and effective, we have developed a CSR Framework in line with Schedule VII of the Companies Act, 2013. A dedicated CSR committee oversees the implementation of these initiatives and monitors their progress.
Beti Padhao abhiyaan – Flagship Project In 2017, we launched the Beti Padhao Abhiyan, inspired by the government's Beti Bachao, Beti Padhao Yojana. It has now become a flagship project. We annually select underprivileged girls from schools in Kolkata & Howrah and provide them scholarships based on their individual needs.
Investor Presentation | Nov 2025
Infrastructure support to schools We annually assist in school infrastructure development, including building maintenance, providing furniture for students and teachers, supporting electricity bill payments, hiring guest teachers, ensuring clean drinking water, and providing food for hostel children.
Environment sustainability The project includes supporting the maintenance of two cremation ghats in Kolkata to prevent water and air pollution. Additionally, the Company has adopted a Traffic Theme Park in Nibra, Howrah, covering an area of 1,224 sqmt., and is responsible for its overall maintenance.
Animal welfare The Company has partnered with the Calcutta Pinjrapole Society to provide care, maintenance, and food for old, sick, and abandoned cows. This includes the construction and upkeep of cow shelters and clinics.
Integrated village development One Teacher School (OTS) Ekal on Wheel Arogyam Homeopathy clinic Training centres
48
Social and Environment Initiatives (2/2)
Investor Presentation | Nov 2025
49
Recognition
Recognized Great place to work 3 years consecutively
BRITISH SAFETY COUNCIL PREMIUM MEMBER 2025
RECOGNIZED GREAT PLACE TO WORK
INTERNATIONAL SAFETY AWARD 2025
Investor Presentation | Nov 2025
50
ASSOCHAM AWARD 2025
ET ENTREPRENEUR AWARD 2025
EMERGING EPC PLAYER AWARD BY POWERGRID 2024
D I S C L A I M E R
This presentation (“Presentation”) does not constitute a prospectus, a statement in lieu of a prospectus, an offering circular, an advertisement, an offer document or an offering memorandum, under the Companies Act, 2013, the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, each as amended, or any other applicable law. This presentation is for informational purposes only and is not a solicitation of any bid from any investor. Nothing in this presentation, or any oral information provided in connection with it, shall constitute or deem to constitute an offer or invitation to purchase or subscribe for any securities in any jurisdiction. This presentation has not been and will not be reviewed or approved by any statutory or regulatory authority in India or by any stock exchange in India.
This presentation should not be considered as a recommendation that any investor should subscribe for or purchase any securities of Skipper Limited (the “Company”) and should not be used as a basis for any investment decision. The Company will not update you in the event the information in the presentation becomes stale. Moreover, no express or implied representation or warranty is made as to, and no reliance should be placed on the accuracy, fairness or completeness of the information presented or contained in this presentation.
None of the Company or any of its affiliates, advisers or representatives accept any liability whatsoever for any loss howsoever arising from any information presented or contained in this presentation. Furthermore, no person is authorized to give any information or make any representation which is not contained in, or is inconsistent with, this presentation. Any such extraneous or inconsistent information or representation, if given or made, should not be relied upon as having been authorized by or on behalf of the Company.
This presentation is highly confidential, being given solely for your information and for your use, and may not be copied, reproduced, or redistributed to any other person in any manner. The distribution of this presentation in certain jurisdictions may be restricted by law. Accordingly, any persons in possession of this presentation should inform themselves about and observe any such restrictions.
This presentation contains certain statements of future expectations and other forward-looking statements, including those relating to the Company's general business plans and strategy, its future financial condition and growth prospects, and future developments in its sectors and its competitive and regulatory environment. In addition to statements which are forward looking by reason of context, the words ‘may’, ‘will’, ‘should’, ‘expects’, ‘plans’, ‘intends’, ‘anticipates’, ‘believes’, ‘estimates’, ‘predicts’, ‘potential’ or ‘continue’ and similar expressions identify forward looking statements. All forward-looking statements are subject to risks, uncertainties and assumptions that could cause actual results, performances or events to differ materially from the results contemplated by the relevant forward-looking statement. The factors which may affect the results contemplated by the forward-looking statements could include, among others, future changes or developments in (i) the Company’s business, (ii) the Company’s regulatory and competitive environment, and (iii) political, economic, legal and social conditions in India or the jurisdictions in which our Company operates. Neither the Company nor its affiliates or advisors or representatives nor any of its or their parent or subsidiary undertakings or any such person's officers or employees guarantees that the assumptions underlying such forward-looking statements are free from errors nor does either accept any responsibility for the future accuracy of the forward-looking statements contained in this presentation or the actual occurrence of the forecasted developments. Forward-looking statements speak only as of the date of this presentation and are not guarantees of future performance. As a result, the Company expressly disclaims any obligation or undertaking to release any update or revisions to any forward-looking statements in this presentation as a result of any change in expectations or any change in events, conditions, assumptions or circumstances on which these forward-looking statements are based. This presentation includes certain industry data and projections that have been obtained from industry publications and surveys. Further, certain numbers in these presentations and materials have been subject to routine rounding off and accordingly figures shown as total in tables and diagrams may not be an arithmetic aggregation of the figures that precede them.
By attending this presentation and/ or accepting a copy of this document, you agree to be bound by the foregoing limitations and conditions and, in particular, will be taken to have represented, warranted and undertaken that: (i) you have read and agree to comply with the contents of this notice including, without limitation, the obligation to keep this document and its contents confidential; (ii) you will not at any time have any discussion, correspondence or contact concerning the information in this document with any of the directors or employees of the Company nor with any of their customers or suppliers, or any governmental or regulatory body without the prior written consent of the Company; and (iii) you agree not to remove or copy this document, or any materials provided in connection herewith.
Investor Presentation | Nov 2025
51