Slides
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Investor Presentation | Oct 2026
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Safe Habor This presentation and the accompanying slides (the “Presentation”), which have been prepared by Himadri Speciality Chemical Ltd (the “Company”), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, and shall not form the basis or be relied on in connection with any contract or binding commitment what so ever. No offering of securities of the Company will be made except by means of a statutory offering document containing detailed information about the Company. This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be 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 consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded. Certain matters discussed in this Presentation may contain statements regarding the Company’s market opportunity and business prospects that are individually and collectively forward-looking statements. Such forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and assumptions that are difficult to predict. These risks and uncertainties include, but are not limited to, the performance of the Indian economy and of the economies of various international markets, the performance of the industry in India and world-wide, competition, the company’s ability to successfully implement its strategy, the Company’s future levels of growth and expansion, technological implementation, changes and advancements, changes in revenue, income or cash flows, the Company’s market preferences and its exposure to market risks, as well as other risks. The Company’s actual results, levels of activity, performance or achievements could differ materially and adversely from results expressed in or implied by this Presentation. The Company assumes no obligation to update any forward-looking information contained in this Presentation. Any forward-looking statements and projections made by third parties included in this Presentation are not adopted by the Company and the Company is not responsible for such third party statements and projections. 2
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Starting with our journey of transformation Himadri operates at the intersection of materials science, energy transition, and high-performance applications. In a world undergoing a structural transformation, Himadri’s portfolio aligns across multiple emerging realities. The Company expects to compress the growth achieved across three decades in just the next few years What we were A coal tar derivative company What we have become A global advanced materials and application-driven solution company 3
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We have charted a New Vision and Mission for our company To build a pioneering institution that transforms dreams into reality and creates happiness through innovation, courage, and sustainability Vision To responsibly create sustainable value for all stakeholders by empowering people to make bold, ethically grounded decisions, developing breakthrough innovations, and delivering excellence in everything we do Mission “The future will belong to the companies that can continuously reload themselves - execute, reinvest, and scale again” ANURAG CHOUDHARY CMD & CEO 4
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Quarterly Highlights
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Q2 FY27 – Result highlights 1,35,513 1,52,968 1,35,634 1,31,844 1,46,806 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 EBITDA (Rs. in Cr) 238 253 280 313 303 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 Revenue (Rs. in Cr) 1,071 1,184 1,288 1,432 1,691 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 PAT (Rs. in Cr) 176 192 208 228 231 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 On Consolidated Basis * Sales volume figures are reported on a standalone basis Moving to high value addition products Sales Volume (MT)* CAGR 6
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Integrating capabilities to build a stronger and more scalable tyre value chain 7 Leverage Capabilities Leverage HSCL’s R&D, manufacturing and network to accelerate tyre business growth Strategic & financial flexibility Greater control on investment, funding, capacity expansion & growth priorities Operational & Commercial synergies Enhance synergy across the value chain KEY RATIONALE & BENEFITS KEY MILESTONES Board Approval 21 Sept 2026 Transaction Structure Demerger by way of transfer and vesting of Tyre Business of DBRL into HSCL Appointed Date 1 Oct 2026 The proposed demerger is subject to statutory, regulatory, creditors and shareholder approvals
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Expanding presence - New energy platform, Advanced materials and Global markets Investment Update Sicona Battery Technologies Pty Ltd Strengthening our presence in advanced battery materials with further investment Secured AUD 45 million in funding from the Australian Renewable Energy Agency (ARENA) Completed 100% acquisition of Advano (USA) Incorporation of WoS in Dubai, UAE ARDENT IMPEX FZCO Access to strategic global markets Incorporated in Dubai Dubai Airport Free Zone (DAFZ) 100% Wholly Owned Subsidiary Focus Area i. Global Sales & Marketing ii. Strategic Trading & Procurement Activity Accelerating participation in the clean energy transition Expanding international market presence 8 Additional Capabilities i. Strengthens silicon anode IP ii. US pilot plant iii. R&D and cell-testing capabilities
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Deepening customer relationships, accelerating product validation and advancing innovation-led growth 9 Strategic Customer Engagement Signed NDA with Indian & global customers for Li-ion components, CNT & SSCB Product Validation Approved ENERGEX grades for high-voltage cables & batteries, commercial orders secured Market Development Demonstrated products at American Coatings Show (ACS) 2026 Customer Acquisition Onboarded specialty carbon distributor in Italy R&D Collaboration Showcased Himadri’s speciality solutions and carbon black capabilities to over 50 R&D and technology leaders at New World Summit 2026
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Enhancing Climate Resilience and Disclosure through TCFD Report FY 2025-26 The TCFD Report FY2025-26 marks a significant step forward in Himadri’s climate disclosure journey, with alignment to the IFRS S2 framework and reasonable assurance from TÜV SÜD. The Report assesses resilience across five climate scenarios, quantifies key physical and transition risks, and aligns 41% of organisational objectives with climate-action priorities. The enhanced disclosures provide investors with transparent, decision-useful climate information while reinforcing Himadri’s commitment to achieving Net Zero by 2050. Report - Click Here 10
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Latest triumphs in excellence and innovation Himadri named winner of the Golden Peacock Award for Sustainability 2026 in the chemical sector. Recognition of our consistent efforts to build sustainability into every part of the business. Mr. Anurag Choudhary, CMD & CEO, honoured with the Hurun India Neo Stars of the East 2026. Recognition of his role in turning Himadri into a diversified, innovation-led company with global ambitions Himadri honoured at the National Award of Excellence for sustainability, carbon footprint accounting, CSR and environmental stewardship. Recognition of our commitment to responsible growth that benefits both the environment and communities. Himadri honoured with the Legend (Emerging) Award in Quality Management (Chemical & Fertilizer Sector) at the 21st EXCEED Environment Award 2026, recognising its excellence in quality management and operational performance. 11
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Commodity Speciality Material New Energy Material Enabling tomorrow’s energy and advanced materials ecosystem OUR EVOLUTION We are building the materials backbone for the energy- transition economy—driving sustainable growth for decades to come From Where We Started Where We Are Headed Coal tar processor Global advanced materials & application-driven solution Domestic focus Global opportunity Commodity products Speciality products Cyclical earnings Innovation-led growth Industrial chemicals Battery materials & energy transition Strategic investments in high-growth businesses High-value, differentiated materials Faster earnings growth driven by better mix CAPACITY GROWTH MARGIN POTENTIAL PROFIT ACCELERATION OUR FUTURE IS COMPOUNDED WITH • Carbon Black • Naphthalene Ball • Oil of various grades • Anthraquinone • Carbazole • CNT • Coal Tar Pitch • SSCB • Speciality Carbon Black • SNF/PCE • Speciality Oil • Anode Active Material • LiB Recycling • LFP Cathode Active Material • Lithium Extraction & Refining • SiCx® 12
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Transforming to address the new world Emerging as top-three global Coal Tar Pitch supplier (ex-China) Advancing into higher value speciality solutions Enhancing global leadership in high- performance speciality carbon black The world is rapidly transforming Driven by energy transition, technological innovation and evolving global demand We are investing to capitalise on this Building new capabilities and expanding into high growth opportunities By building future growth platforms Strengthening presence across key end-use segments Expanding a diversified portfolio of advanced speciality materials Establishing a trusted global presence in battery materials 13
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With a strategic roadmap to grow and accelerate towards 2028 Shifting Gears Towards High-Value Growth Diversification to drive Business Resilience Significant sustainable growth in profitability over the next 2 years o Growth : Core Business o Commercial production in Speciality Carbon Black expansion project o Birla Tyres commencement in Q1FY26 and will gradually ramp-up o Launch of branded retail offering of Naphthalene balls - DurofreshTM o Growth : Core Business o Speciality Carbon Black Expansion full year of operations o Birla Tyres capacity ramp-up in OHT & CV segment o Forward integration to produce – Anthraquinone & Carbazole (5,300 MTPA) to be completed by Q4FY27 o Phase 1 commercial plant for LFP Cathode Active Material to be operational in Q3FY27 o Ramp up of Naphthalene balls (DurofreshTM) o Carbon Nano Tube, 200 MTPA in Q4FY27 o Growth : Core Business o Speciality Carbon Black -Full Year Operations o Birla Tyres production scale up with OHT, CV & PCR o Commercial plant for LFP Cathode Active Material o Naphthalene balls (DurofreshTM) – Full operations o Carbon Nano Tube – Full Year Operation o Super Speciality Carbon Black, 6,000 MTPA in Q4FY28 FY26 FY27 FY28 14
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Self funded investments; unlocking new opportunities Capex Capacity Operational Commencement Expansion Rs. 1,125 Cr Rs. 248 Cr 40,000 MTPA 5,300 MTPA 2,000 MTPA Q3FY27 Q4FY27 Greenfield Brownfield LFP Speciality Chemicals Progressing as per scheduled timeline Rs. 70 Cr Rs. 170 Cr 200 MTPA 6,000 MTPA Q4FY27 Q4FY28 Greenfield Brownfield Carbon Nano Tube Super Speciality Carbon Black 15
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Scaling through R&D, integration, innovation & value addition Evolving from carbon chemistry to global speciality solutions powerhouse Carbon Rich Feedstock Access Integrated Processing & Recovery Multiple Intermediate Streams Higher Realisations & Improved Yields Application Led Customisation Downstream Conversion into Speciality products Reinvestment Into New Platforms 16
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Investments structured to value driven offerings 200 MTPA facility operational in Mahistikry First Milestone capacity of 2,000 MTPA to commence Phase 1 Capacity of 40,000 MTPA Global leader in advanced battery material Ramp up to Cathode: 200,000 MTPA New Energy Material Investments Other Businesses Investments Details Stage Timeline Speciality Chemicals: Anthraquinone + Carbazole Commissioning Q4FY27 PCR Tyres for EV and SUVs OHT / OTR tyres Ramping up FY29 Nanoscience technology solutions: Agriculture & Animal health & beyond Different stages of maturity across products FY28 Carbon Nano Tube Commissioning Q4FY27 Super Speciality Carbon Black Commissioning Q4FY28 (Silicon Gen 4) (By Sicona Battery Technologies) LFP Cathode MaterialAnode Material Silicon Carbon Anode Scale Up Capacity Future Outlook 17
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Building a strong investment proposition We are creating a resilient foundation for transformational growth, underpinned by financial strength, discipline, and transparency. World’s Largest Fully Integrated Carbon Complex Market Leader in High Value Speciality Carbon Transitioning Towards Advanced Materials Capital allocation on Value accretion, Technology and strong ROCE Strong Cash Generation Funding Future Growth Well Positioned for the Global Energy Transition 18
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Plants Products Partnerships
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Fully operating world’s largest fully integrated carbon complex 8 zero discharge plants across India & China Reflecting its scale, integration strength and leadership in value-added materials Mahistikry Hooghly (W.B.) Liluah I Liluah, Howrah (W.B.) Liluah II Liluah, Howrah (W.B.) Korba Korba (C.G.) Vizag Ancillary Industrial Estate, Visakhapatnam (A.P.) Sambalpur Plant Sambalpur (O.D.) Falta SEZ Unit Falta Special Economic Zone (W.B.) China Longkou, Shandong, China 20
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R&D led innovative product portfolio driving growth ~130,000 MTPA Speciality Carbon Black Capacity Revitalizing Birla Tyres Leverage investments in Sicona, Invati and IBC Explore additional growth areas in Value Chain Globally 1st Commercial plant for LFP Cathode Active Material ex-China Coal Tar Pitch Carbon Black Speciality Carbon black Speciality Oils Super Speciality Carbon Black Resource Extraction LFP Cathode Active Material Natural synthetic, hybrid & silicon Anode Material OHT, PCR, EV, CV & other Speciality Tyres Speciality Agrochemical Solutions Recycling for Circular Economy Products Diversified Products Basket SNF/PCE Naphthalene balls High Purity Naphthalene Clean Power Carbazole Carbon Nano Tube Anthraquinone 21
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Unlocking value across industries Lithium – Ion Batteries EVs and ESS Renewable/Green FuelsInfrastructure Semiconductors Automotive & Aviation Materials DefenceRenewable Energy TyrePaints, Plastic & Fibre Aluminium Speciality Chemicals 22
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Reliability and distinction are catalysts for client retention Strong client relationships, with long-term agreements Scale, efficiency and quality represent a competitive advantage that is difficult to replicate The brand names/logos mentioned are the property of their respective owners and are used here for identification purpose only 23
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Catering to global customers seeking reliable, diversified supply alternatives 24
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Core Business
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Speciality Carbon Black - from commodity scale to technology-led value OVERVIEW Fully integrated value chain from feedstock to customized speciality grades - full control over chemistry, purity, and quality Scaled operations: ~250,000 MTPA carbon black capacity; ~130,000 MTPA speciality carbon black Diversified portfolio of 70+ speciality grades across tyres, rubber, plastics, coatings, inks, and advanced materials GROWTH LEVERS Lab-first, plant-later strategy - R&D-led innovation ahead of capacity investment Integrated feedstock manufacturing - cost efficiency, consistent quality, and customisation at scale Shift from commodity to speciality - expanding margins, deepening customer relationships, and raising competitive entry barriers 26
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ENERGEX Building brands in the Speciality Carbon Black business (1/2) Application Batteries, conductive polymers, conductive coatings, rubber, and cement composites ENERGEX plays a crucial role by creating a conductive path for electrons, significantly enhancing the battery’s efficiency and lifespan Role ONYX Ideal for applications where strength and consistency are critical. A premium high-performance Carbon Black range engineered for superior reinforcement, durability and abrasion resistance JETEX Power and data cables, EV wiring harnesses, anti-static rubber, industrial plastics, packaging A specialised conductive Carbon Black portfolio delivering reliable electrical and electrostatic performance across demanding industrial applications KLAREX Plastics, polymer compounds, masterbatches, packaging, consumer goods and automotive A high-purity Carbon Black range designed for optimal clarity, dispersion and uniform performance in polymer systems. 9 Speciality Black Series ELECTRA Lithium-ion batteries, EV components, electronics, EMI shielding, energy storage systems An advanced portfolio of electrically conductive and semi- conductive Carbon Blacks for precision-driven energy and electronics applications 27
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COLORX Building brands in the Speciality Carbon Black business (2/2) Application Coatings, printing inks, paints, packaging, automotive coatings, decorative and industrial finishes A pigment-grade Carbon Black brand delivering deep blackness, high tinting strength and consistent visual performance Role BARONX Rubber, seals, gaskets, automotive components, vibration control & engineered elastomers A Speciality Carbon Black range offering enhanced surface activity, strength and processing benefits for engineered rubber and elastomer applications. VIRTEX OTR tyre where it adds value by improving cut resistance and low rolling resistance of the tyres. High-performance speciality tyres application which provides large range of surface area, structure and ASD optimizing grip, rolling resistance & mechanical performance. 9 Speciality Black Series TERVION Concrete- Reduces permeability, protecting structures from water, salt intrusion, and chemical corrosion Speciality additive engineered to transforms traditional concrete into a high-performance composite. By reinforcing the cementitious matrix at the molecular level 28
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Driving sustainable growth through core business of Coal Tar Pitch OVERVIEW GROWTH LEVERS World’s largest single location fully integrated carbon complex 65% domestic market share 600,000 MTPA of coal tar distillation capacity 8 zero liquid discharge system facilities + 292 heated-tanker fleet High reliability, and superior customer recall Haldia & Mangalore port terminals - commissioned to meet rising international demand Anthraquinone & Carbazole - high-value molecules commissioning FY27 Zero-QI pitch & application-specific grades - driving pricing power and customer stickiness CTP distillation debottlenecking — higher asset utilisation, stronger operating efficiency 29
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Advancing the value chain with value added products Naphthalene • ~67% domestic market share; used in phthalic anhydride, dyes, resins, and agrochemical intermediates • Durofresh TM (99.5% purity) extends this into a branded B2C franchise Anthraquinone • High-value speciality chemical for dyes, pigments, pulping catalyst, hydrogen peroxide production, pharma & agrochemical intermediate • Import-substitution play with export potential - margin-accretive shift up the value chain Carbazole • Used in pharma intermediate, electronics, dye intermediate, functional polymers and advanced materials; high-value & high-margin end markets • India's first commercial carbazole plant — first- mover advantage, reduced import dependence SNF & PCE • High-performance concrete admixtures — SNF for workability, PCE for water reduction and flow • Positions Himadri across both traditional industrial and modern construction chemical demand Each product line is a forward-integration step from the same coal tar pitch - converting a commodity input into higher-margin, import- substituting and export-ready speciality chemicals 30
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New Energy Material
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Lithium-ion Batteries: Evolved. Proven. Essential. LiBs are the cornerstone of the global energy transition, set to dominate the market over the coming decade Powers electric vehicles, renewable energy storage, and applications across the medical, aerospace and defence sectors Global battery consumption is projected to rise from about 1.6 TWh in 2025 to nearly 6.8 TWh by 2035 Higher energy density, better cost performance and global scale vs. alternatives Ongoing innovation in LFP & NMC, BMS & recycling reinforce long term relevance Market relevance Product Application Industry landscape Competitive Edge Strong Future LiB Chemicals → Battery cells → EVs and grid storage → Clean power → Lower carbon footprint LiB Materials → Energy storage → Renewable integration → Decarbonised daily living 32
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Anode Material: Powering the future of energy storage Overview • Established a 200 MTPA anode material facility at Mahistikry, West Bengal • Backed by 10+ years of in-house R&D across the full anode technology stack • Covers the entire value chain - raw material processing to finished products, ensure superior quality, consistency, and process control Growth Drivers • Operations commissioned in April 2026, with customer approvals at various stages • Facility designed with feedstock flexibility to use inhouse developed materials and feed • Enhances scalability, cost optimization, and operational resilience through a backward- integrated, self-reliant value chain Future Focus • Strengthens Himadri’s position in advanced battery materials • Enables participation in the fast-growing EV and energy storage market • Builds differentiated capabilities aligned with global technology shifts High Purity & Consistency Backward Integration Feedstock Flexibility Built For The Future 33
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LFP Cathode Materials: Powering safer and sustainable tomorrow EVs Buses Two wheelers Grid-Scale storage • Entering advanced battery materials with high-quality LFP cathode active materials • Building capabilities across the full scale-up chain — lab, pilot, demo, commercial • Strengthening Himadri's presence in the next-gen battery materials value chain Overview • 2,000 MTPA demo capacity expected to commission in Q3FY27 • Offers high thermal stability, safety, long cycle life, and cost efficiency • Emerging as preferred chemistry for mass-market EVs; also relevant for buses, two-wheelers, grid-scale storage Growth Drivers • Positioning to be a credible supplier to India's factory ecosystem and global battery markets • Setting up the first commercial LFP CAM facility globally, ex-China • Targeted capacity: 200,000 MTPA Future Focus High Thermal Stability Superior Safety Long Cycle Life Cost Efficient IDEAL FOR 34
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Strategic advantages in New Energy Business FIRST-MOVER ADVANTAGE Early entry into both LFP Cathode and Anode active materials strengthen Himadri’s brand visibility and position it as a trusted supplier to domestic and global cell manufacturers INTEGRATED MANUFACTURING CAPABILITY Have accelerated time-to-market through concurrent planning of demonstration and commercial plants, while strengthening supply chain resilience through backward integration DEEP TECHNICAL EXPERTISE Decades of experience and scaling complex chemical processes support consistent quality, product uniformity, and adherence to global standards STRONG DEMAND OUTLOOK LFP cathodes offer high safety, thermal stability, cost efficiency, and mass-market suitability. Global LFP adoption is expected to continue rising over the next few years SIGNIFICANT GROWTH HEADROOM Himadri's 40,000 MTPA Phase 1 LFP cathode capacity provides strong headroom to scale with growing market demand. The company plans to commence its first 2,000 MTPA milestone by Q3FY27, with further ramp-up linked to customer approvals SUSTAINABILITY-LED GROWTH A meaningful reliance on renewable energy is expected to reduce environmental impact while helping the company align with increasingly stringent global regulatory requirements 35
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Carbon Nano Tube (CNT) • First commercial CNT production in India • Graphene rolled into a seamless cylinder, forms CNT • 100 times stronger than steel with conductivity of copper • Breakthrough enabled by Himdari’s relentless in-house innovation and R&D • New generation material - application in every walk of life Key Highlights India’s 1st CNT Plant Capex Rs. 70 Cr Target Q4FY27 Capacity 200 MTPA Lithium-ion Batteries- conductive additives Electronics- Semiconductors Conductive Films Sensors Industrial Coating and plastics Energy- batteries, supercapacitors, fuel cells Lightweight high strength Material for Aerospace and Automotive Application For 36
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Super Speciality Carbon Black (SSCB) • Superior and different morphology with high purity • Niche application & premium pricing Key Characteristic Engineering plastics & conductive applications Coatings, inks & speciality applications • Entry into high-value SSCB segment • Premium realisation & higher margins • Position Himadri’s leadership in the highly specialized market • Expand portfolio for niche applications & global markets Benefits EV & energy storage ecosystem expansion Fiber industry growth & premiumisation Infrastructure & industrial applications Current Capacity 2.5 lacs MTPA Total Carbon Black SSCB Production Project Capex 6,000 MTPA From Existing Capacity Rs.170 Cr Investment Existing carbon black will be converted to produce high value SSCB 37
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Strategic Investments
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Invati Creations Creating long term value through all strategic investments Holds multiple patents; continues advancing patentable novel molecule synthesis Committed to accelerating innovation and building advanced material capabilities for long-term value Sicona Growth backed by rising EV adoption, demand for high-energy- density/fast-charging batteries, supply chain localisation, and expanding customer qualification Positioned to become a leading global supplier of silicon-carbon anode materials, enabling next-gen lithium-ion batteries IBC Technical credibility established via yield validation, field deployment, and structured integration with Himadri Revenue traction since 2025; India capacity expansion underway, with 2026 set for accelerated commercialization and deeper India-US partnerships Birla Tyres The brand is nearing double-digit market share in select geographies and gaining traction internationally Upsides are clearly visible as the brand commands above-market realisations and is scaling plant utilisation 39
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International Battery Company (IBC) Prabal 2000 LFP-graphite prismatic cells for mobility and energy storage Prabal 3000 High-Ni NMC, silicon-anode prismatic cells — higher energy density, high C-rate performance for electric aviation, AI data centers, power tools, ATVs & defense Advanced 2170 High-Ni NMC cells with proprietary cathode chemistry and quick charge graphite as well as silicon-enhanced anode technology Headquartered in Silicon Valley 50 MWh lithium-ion cell manufacturing facility, operational since 2023 Gigafactory in India through an asset- light technology partnership model with large blue-chip companies in India USA INDIA SOUTH KOREA Product roadmap: 2026 and beyond OVERVIEW • Himadri made a strategic investment in IBC to strengthen its participation in the global battery value chain (19.44% stake) • As a part of this partnership, Himadri holds a Nominee Director’s position on IBC’s Board, enabling active governance participation and alignment of long term strategy KEY DEVELOPMENTS • FY 2024-25 marked IBC’s transition from a pre-revenue to a revenue generating enterprise, with multiple operational milestones • Ongoing trials to develop cells using Himadri’s LFP cathode materials , Anode Materials and Sicona’s SiCx® anode technology • Commercial operations for India Gigafactory on track for Q1FY28 • Multiple gigafactory opportunities globally around prismatic, pouch and cylindrical cells backed by IBC IP under discussions MARKET FOCUS • IBC’s near-term commercial focus includes: Customer segments supported by power architecture solution such as B2B fleet operators Two- and three-wheeler OEMs. Global battery exports for golf carts, ATVs, power tools and new energy markets such as e-aviation, defense and AI data centers 40
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Sicona Battery Technologies Sicona secures up to AUD 45 million ARENA funding to accelerate next-generation technology Sicona is developing a next-generation silicon-carbon (SiCx®) anode platform for lithium-ion batteries Progressing commercially with strong market engagement with 39 global OEMs and cell manufacturers under NDA and 14 active qualification programs Pilot plant achieved key production milestones for Gen3 and Gen4 SiCx® materials Material is dispatched for testing at major OEMs around the globe Strategic investment and technology licensing partnership with Himadri Speciality Chemical Ltd, enabled localisation and commercialisation of SiCx® in India Sicona battery technologies SiCx® Silicon-carbon Anode Platform 20%+ Higher energy density 0 Zero manufacturing changes needed with drop in solution 40%+ Faster charging Sicona is positioned to become a leading global supplier of Silicon Carbon Anode Materials and a key enabler of next-generation lithium-ion batteries Our strategic investment in a next-generation battery materials platform Completed 100% acquisition of Advano (USA), strengthening silicon anode IP and adding US pilot plant, R&D and cell-testing capabilities 41
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Invati Creations About Invati Creations Aligns with Himadri’s vision of producing high-quality Lithium-ion (Li-ion) battery materials and reinforces its commitment in exploring innovative technologies in the battery material segment Why Invati Creations? Shared vision to develop high-performance electrode materials via nanotech-enabled formulation platforms, advancing patented novel molecules for higher energy density, efficiency, and longer battery life R&D extends beyond batteries into energy storage, life sciences, and other high-value applications — reinforcing Himadri's commitment to advanced materials and long-term value creation 40% stake in Invati Himadri has two nominee directors on the Board of Invati Share of Himadri Directors 42
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Birla Tyres - Driving Growth. Expanding Horizons. Note: Map representation is indicative and not to scale • Strategic partnership: Himadri, along with Resolution Applicant DBRL, acquired Birla Tyres Limited (Oct 2023) • Plant recommissioned; integration on track - asset revival, aligned operations, team structuring • Building a robust network and brand to widen reach and visibility • Currently we have total 49 Distributors (40 Domestic + 9 Global) & 1300+ Dealers. Overview • ~400 new SKUs targeted across agriculture, CIM, truck & bus, and emerging segments • Targeting increased market share via deeper distribution and product range Growth Drivers • Entering the PCR segment with primary focus on EVs and SUVs, backed by strengthened R&D • PCR facility commissioning targeted by FY28 • Export-led growth in Agri and OTR segments Future Focus 43
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TRUCK BUS BIASOFF THE ROAD 60+ Product portfolio continues to expanded with the successful launch of new tyre sizes across strategic segments AGRICULTURESEGMENT COUNT of SKU 30+ 70+ 160+ SKUs 44
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Strengthening brand visibility, customer engagement and market reach across key touch points Title Sponsor of Women's Andhra Premier League 2026 Enhanced brand visibility through on-ground, tournament and digital activations Strengthened regional brand presence while supporting women's cricket Showcased OTR and industrial tyre portfolio at a leading Asia-Pacific mining exhibition Engaged with mining, construction and heavy- equipment stakeholders to strengthen market reach and partnerships Showcased tyre solutions and technological capabilities Engaged OEMs, dealers, fleet operators and industry professionals strengthening brand and customer relationships WAPL 2026: Title Sponsor Mining Indonesia 2026 Bauma CONEXPO India 2026 45
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ESG
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Roadmap to Net Zero Achieve (2023 to 2030) Accelerate (2030 to 2040) Scale (2040 to 2050) Our ambition +3.3°C to +2.8°C +2.8°C to +2.4°C +2.4°C to +1.5°C Path to Net Zero 2023 0 -20 2030 -30 0 -60 2040 -60 0 -90 2050 -90 0 Reduction in packaging emissions Reduction of upstream and downstream emissions Reduction in the customer’s carbon footprint through novel products Science-based or pilot at-plant projects Focus on adding renewable energy source Deployment of sustainable procurement framework Introduction of fuel diversification/green technologies Capture and convert carbon emissions Recycling initiatives Adapt circular economy products Deployment of sustainable procurement framework Consumption of renewable energy Reduced waste generated Elimination of virgin plastics in packaging by 100% Reduction of freight emissions by 50% Attaining board and staff backing/ integration of successful pilot projects Procurement framework to make in-house more efficient Consumption of new generations of carbon-neutral fuel 100% electrification of our operations Consumption of recycled packaging by 50% Carbon removal projects Consumption of renewable thermal energy Deployment of sustainable procurement framework Deployment of sustainable procurement framework Deployment of sustainable procurement framework Deployment of sustainable procurement framework Deployment of sustainable procurement framework Deployment of sustainable procurement framework Deployment of sustainable procurement framework Reduction of Scope 3 by 40% Assumption: India will be a regulated carbon market with high tax imposed on conventional fuel & PLI for clean fuel and technologies Reduction of Scope 3 by 30% Reduction of Scope 1 by 30% Reduction of Scope 1 by 30% Reduction of Scope 1 by 30% Scope 3: Baseline Year 2023 (FY 2023-24) Scope 1: Baseline Year 2021 (FY 2021-22) Scope 2 = 0, Baseline Year 2021 (FY 2021-22) Path to Net ZeroPath to Net ZeroPath to Net Zero Reduction of Scope 3 by 20% 47
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Sustainability Objective Objectives Measures Target FY27 Target FY26 Result FY26 Main Domain UNGC–SDGs Vision Zero Accident By 2026, Lost Time Injury Frequency Rate below 1 (vs 2021) <1 <1 0 People Energy consumption By 2026, Reduce energy intensity per metric tonne of product sold (vs 2021) -20% -20% -19.31% Planet CO₂ emission intensity Scope 1 & 2 By 2026, Reduce Scope 1 and scope 2 CO2e emission intensity per metric tonne of product sold (vs 2021) -30% -30% -38.18% Planet CO₂ emission intensity Scope 3 By 2026, Reduce scope 3 CO2e emission intensity per metric tonne of product sold (vs 2024) -10% -8% -17.17% Planet Zero Liquid Discharge (ZLD) All plants must operate with ZLD status (vs 2021) 100% 100% 100% Planet Solid waste Reduce solid hazardous waste (Hazardous and sent to landfill) per metric tonne of product sold (vs 2021) <1% <1% 0.01% Planet Recycle materials Maintain the proportion of Non-virgin raw material from external sources used in production to avoid depletion of natural resource (vs 2021) >95% >95% >95% Planet Gender diversity Increase female representation in management teams (vs 2021) 7% 6.5% 6.14% People Compliance training Increase percentage of targeted staff, who completed anti bribery and corruption training (vs 2021) >95% >95% 99% Governance Upstream Value Chain Partner By 2026, conduct sustainability assessment of our upstream value chain partners covering at least 75% of group sent in FY25-26 100% (against 80% spend) 100% 100% (against 75% spend) Communities Downstream Value Chain Partner By 2026, conduct sustainability assessment of our downstream value chain partners covering at least 75% of group sent in FY25-26 100% (against 80% sales) 100% 100% (against 75% sales) Communities Carbon neutral product By 2026, Scaling of carbon neutral product to customers - % variants/ % FG in MT 0.3% 0.2% 0.2% Communities Customer decarbonisation Scaling of customer-side carbon footprint reduction collaboration projects 2 1 1 Communities 48
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Recognized ESG leadership EcoVadis Platinum Medal (Consecutive years) Top 1% of companies globally CDP Supplier Engagement Rating: A CDP Climate Change Rating B (Leadership Level) ICRA ESG Combined Rating of 82 International safety and sustainability recognitions from reputed institutions Sustainability Report of FY2025-2026 ESG Practices Award Year 2026 TRUSTED BY GLOBAL ESG INSTITUTIONS 49
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Environment Protection Award 2026 Mahistikry Unit, Singur; received at the 25th Environment & Sustainability Awards Latest triumphs in excellence and innovation 50 Industrial Review 2026 Excellence in Specialty Chemicals & Advanced Energy Materials in India. Golden Globe Tiger Awards 2026, Kuala Lumpur Best Overall Sustainable Performance International Safety Award (ISA) 2026 Merit, conferred by the British Safety Council LACP Spotlight Awards 2025/26 Platinum for the sustainability Report, second consecutive year win ISCC PLUS Certification Mahistikry Plant certified Great Place to Work® Certified in India, December 2025-December 2026 Chemconnect 2026 International Supply Chain Excellence, in Specialty Chemicals
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Financial Highlights
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Standalone Statement Particulars (Rs. in Cr) Q2FY27 Q2FY26 Y-o-Y Q1FY27 Q-o-Q H1FY27 H1FY26 Y-o-Y Net Revenue From Operations 1,542.67 1,070.41 44.12% 1,274.26 21.06% 2,816.93 2,170.83 29.76% Cost of Materials Consumed 1,048.83 675.60 804.17 1,853.00 1,379.65 Gross Profit 493.84 394.81 25.08% 470.09 5.05% 963.93 791.18 21.83% Employee Benefits Expense 42.94 40.14 42.09 85.03 73.87 Other Expenses 142.71 111.96 126.64 269.35 240.63 EBITDA 308.19 242.71 26.98% 301.36 2.27% 609.55 476.68 27.87% Other Income 44.33 38.29 58.45 102.78 65.89 Foreign Exchange Fluctuation Gain/(Loss) 11.59 (5.10) (25.27) (13.68) 4.70 Depreciation and Amortization Expense 19.69 15.59 19.25 38.94 28.49 EBIT 344.42 260.31 32.31% 315.29 9.24% 659.71 518.78 27.17% Finance Costs 26.55 13.17 21.22 47.77 27.54 Exceptional Items 0.00 0.00 0.00 0.00 0.00 Profit / (Loss) Before Tax 317.87 247.14 28.62% 294.07 8.09% 611.94 491.24 24.57% Tax Expenses 78.10 60.29 70.65 148.75 121.82 Profit / (Loss) for the year 239.77 186.85 28.32% 223.42 7.32% 463.19 369.42 25.38% Other Comprehensive Income 0.04 (0.90) 3.18 3.22 0.66 Total Comprehensive Income for the year 239.81 185.95 28.96% 226.60 5.83% 466.41 370.08 26.03% 52
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Consolidated Statement Particulars (Rs. in Cr) Q2FY27 Q2FY26 Y-o-Y Q1FY27 Q-o-Q H1FY27 H1FY26 Y-o-Y Net Revenue From Operations 1,691.43 1,071.03 57.93% 1,431.88 18.13% 3,123.31 2,189.32 42.66% Cost of Materials Consumed 1,171.01 661.95 912.11 2,083.12 1,371.40 Gross Profit 520.42 409.08 27.22% 519.77 0.13% 1,040.19 817.92 27.18% Employee Benefits Expense 60.68 51.38 58.27 118.95 92.50 Other Expenses 156.52 119.85 148.39 304.91 252.32 EBITDA 303.22 237.85 27.48% 313.11 (3.16%) 616.33 473.10 30.27% Other Income 41.79 35.93 56.31 98.10 62.61 Foreign Exchange Fluctuation (Loss)/Gain 11.74 (5.07) (25.20) (13.46) 4.69 Depreciation and Amortization Expense 21.69 17.39 21.30 42.99 32.03 EBIT 335.06 251.32 33.32% 322.92 3.76% 657.98 508.37 29.43% Finance Costs 27.72 14.78 22.41 50.13 30.61 Exceptional Items 0.00 0.00 0.00 0.00 0.00 Profit / (Loss) Before Tax 307.34 236.54 29.93% 300.51 2.27% 607.85 477.76 27.23% Tax Expenses 76.02 60.40 72.08 148.10 122.26 Profit / (Loss) for the year 231.32 176.14 31.33% 228.43 1.27% 459.75 355.50 29.32% Other Comprehensive Income 0.88 2.80 5.58 6.46 4.53 Total Comprehensive Income for the year 232.20 178.94 29.76% 234.01 (0.77%) 466.21 360.03 29.49% 53
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Standalone Balance Sheet Particulars (Rs. in Cr) Sep'26 Mar' 26 ASSETS Non-Current Assets 3,960.90 3,488.50 Property, Plant and Equipment 1,808.36 1,726.79 Capital work-in-progress 230.41 234.16 Right of use Assets 34.64 40.98 Intangible Assets 0.40 0.47 Financial Assets (i) Investments 1,425.03 1,133.93 (ii) Trade Receivables 161.11 141.30 (iii) Loans 10.18 10.18 (iv) Other Financial Assets 148.59 126.91 Non-Current Tax Assets (net) 9.00 9.00 Other Non-Current Assets 133.18 64.78 Current Assets 2,774.69 2,598.76 Inventories 699.01 695.21 Financial Assets (i) Investments 15.35 113.12 (ii) Trade Receivables 1,089.04 751.76 (iii) Cash and Cash Equivalents 76.62 143.97 (iv) Bank Balances other than (iii) above 516.65 566.67 (v) Loans 1.14 1.97 (vi) Other Financial Assets 35.36 24.01 Other Current Assets 341.52 302.05 Total Assets 6,735.59 6,087.26 Particulars (Rs. in Cr) Sep'26 Mar' 26 EQUITY AND LIABILITIES Equity 5,049.26 4,622.76 Equity Share Capital 50.46 50.45 Other Equity 4,998.80 4,572.31 Non-Current liabilities 322.16 302.26 Financial Liabilities (i) Borrowings 2.76 2.51 (ii) Lease Liabilities 0.65 0.72 (iii) Other Financial Liabilities 0.26 0.26 Provisions 12.96 12.92 Deferred Tax Liabilities (net) 305.53 285.85 Current Liabilities 1,364.17 1,162.24 Financial liabilities (i) Borrowings 1,082.93 719.24 (ii) Trade Payables 150.29 360.82 (iii) Lease Liabilities 0.51 0.84 (iv) Derivatives 0.00 0.00 (v) Other Financial Liabilities 39.32 67.93 Other Current Liabilities 10.30 7.10 Provisions 3.76 2.51 Current tax liabilities (net) 77.06 3.80 Total Equity & Liability 6,735.59 6,087.26 54
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Consolidated Balance Sheet Particulars (Rs. in Cr) Sep'26 Mar' 26 ASSETS Non-Current Assets 3,947.58 3,482.87 Property, Plant and Equipment 1,892.83 1,811.51 Capital work-in-progress 370.06 372.18 Right of use Assets 40.74 45.85 Goodwill 24.43 24.43 Intangible Assets 58.01 59.73 Financial Assets (i) Investments 1,226.23 935.14 (ii) Trade Receivables 10.18 10.18 (iii) Other Financial Assets 168.70 144.24 Non-Current Tax Assets (net) 16.16 13.41 Other Non-Current Assets 140.24 66.20 Current Assets 3,029.24 2,823.52 Inventories 805.68 762.96 Financial Assets (i) Investments 23.42 124.77 (ii) Trade Receivables 1,026.18 696.42 (iii) Cash and Cash Equivalents 95.93 164.76 (iv) Bank Balances other than (iii) above 516.72 570.71 (v) Loans 14.21 14.37 (vi) Other Financial Assets 31.74 27.04 Other Current Assets 515.36 462.49 Total Assets 6,976.82 6,306.39 Particulars (Rs. in Cr) Sep'26 Mar' 26 EQUITY AND LIABILITIES Equity 5,188.39 4,762.08 Equity Share Capital 50.46 50.45 Other Equity 5,084.76 4,656.23 Total equity attributable to equity shareholder of the company 5,135.22 4,706.68 Non-Controlling Interest 53.17 55.40 Non-Current liabilities 326.83 308.16 Financial Liabilities (i) Borrowings 3.58 4.45 (ii) Lease Liabilities 2.30 1.50 (iii) Other Financial Liabilities 0.26 0.26 Provisions 15.52 14.06 Deferred Tax Liabilities (net) 305.17 287.89 Current Liabilities 1,461.60 1,236.15 Financial liabilities (i) Borrowings 1,152.26 762.11 (ii) Lease Liabilities 1.97 1.91 (iii) Trade Payable 160.47 375.42 (iv) Other Financial Liabilities 48.85 74.69 Other Current Liabilities 16.08 12.38 Provisions 3.93 2.94 Current tax liabilities (net) 78.04 6.70 Total Equity & Liability 6,976.82 6,306.39 55
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Cash Flow Statement Standalone Consolidated Particulars (Rs. in Cr) Sep-26 Sep-25 Sep-26 Sep-25 Profit Before Tax 611.94 491.24 607.85 477.76 Adjustments for: Non-Cash Items / Other Investment or Financial Items (25.14) 5.18 (13.20) 5.27 Operating profit before working capital changes 586.80 496.42 594.65 483.03 Changes in working capital (626.60) (342.93) (686.25) (474.16) Cash generated from/ (used in) Operations (39.80) 153.49 (91.60) 8.87 Direct taxes paid (net of refund) (56.33) (99.69) (62.75) (103.73) Net Cash generated from/ (used in) operating activities (A) (96.13) 53.80 (154.35) (94.86) Net Cash generated from/ (used in) Investing Activities (B) (247.80) (580.03) (214.98) (463.93) Net Cash generated from/ (used in) financing activities (C) 276.58 436.76 300.50 471.65 Net increase/ (decrease) in Cash and Cash equivalents (67.35) (89.47) (68.83) (87.14) 56
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Sustainable growth in performance On Consolidated Basis Revenue from Operations (Rs. in Cr) EBITDA (Rs. in Cr)* PAT (Rs. in Cr) CAGR 2,791 4,172 4,185 4,613 4,661 FY22 FY23 FY24 FY25 FY26 +14% 163 419 635 847 1,006 FY22 FY23 FY24 FY25 FY26 +58% 39 216 411 555 755 FY22 FY23 FY24 FY25 FY26 +110% *Earnings before interest, tax, depreciation, amortisation, foreign exchange fluctuation gain/ (loss) and other income 57
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Progressive returns on capital 3,71,974 4,03,826 4,75,582 5,52,206 5,64,206 FY22 FY23 FY24 FY25 FY26 +11% FY22 FY23 FY24 FY25 FY26 6% 17% 27% 33% 32% -313 -198 148 392 121 FY22 FY23 FY24 FY25 FY26 On Consolidated Basis **Excludes Investment & CWIP Sales Volume (MT)* ROCE (%)** Cash Rich Company (Rs. in Cr) * Sales volume figures are reported on a standalone basis CAGR 58
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monika@himadri.com Company : CIN: L27106WB1987PLC042756 Ms. Monika Saraswat Company Secretary Email: monika@himadri.com www.himadri.com Email: corporatestrategy@himadri.com