Slides
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1 HEG LIMITED Investor Presentation Update on the Composite Scheme of Arrangement and Greentech Business Overview
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2 Composite Scheme of Arrangement
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3 HEG Limited – Composite Scheme of arrangement Current structure and proposed mechanics Promoter & promoter group HEG Limited (Listed) 55.78% BEL (Unlisted) Malana Power 40.43%35.83% 6.23% RePlus TACC (Unlisted) 100% Public shareholders Others: 26% HEG Graphite Limited 2 Public 44.22% 4 6 100%Investor 17.51% 1 Solar + BESS IPP *Previously operated as a JV with Statkraft (Norway, 49%) for ~20 years; now 100% owned by BEL post stake acquisition RSWM (Listed) AD HydroPower 100% 3 4 4 Graphite (incl CPP) Manufacturing graphite anode for lithium cells 100%* 74%100% Key proposed steps (subject to regulatory approvals): 1. Demerger of the Graphite Business through a NCLT approved Composite Scheme of Arrangement (‘Scheme’) to HEG Graphite Limited 2. Cancellation of original nominal capital and Issue of shares by HEG Graphite to shareholders of HEG Limited in 1:1 ratio - - Mirror shareholding 3. Merger of BEL with HEG 4. HEG to issue shares to the shareholders (Promoter Group, RSWM and Investor) of BEL (other than HEG) basis swap ratio given by the valuers and commented upon by Merchant Bankers • Cancellation of BEL stake held by HEG pursuant to the merger 5. HEG Graphite Limited to be renamed HEG Limited and current HEG Limited to be renamed HEG Greentech Limited
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4 HEG Limited – Scheme of arrangement Resultant structure Promoter & promoter group 61.92% Malana Power AD HydroPower 100% 100% RePlus 74% TACC 100%Others: 26% Graphite Electrode (incl CPP) +10% strategic investment in GrafTech USA HEG Limited (Listed) Public 44.22% Public – 38.08% 55.78% HEG Greentech (Listed) Solar + BESS IPP 100% • Scheme : NCLT Process expected to be completed by June-July 2026 • Shares proposed to be issued in 1:1 ratio to the shareholders of HEG Limited as on the record date, which will be decided by the Board of Directors post the approval of the scheme by NCLT • HEG Graphite Limited to be renamed to HEG Limited pursuant to the Scheme
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5 Holding structure of the Greentech platform Integrated platform of high growth businesses in clean tech domain HEG Greentech Shareholding: Promoters ~61.92%; Public ~38.08% 100% • 1 GWh existing cell to pack capacity • Additional capacity of 5 GWh to be live by Q2 FY27 Battery Energy Solution • 100/200MWh - Secured • 500/1000MWh – Emerged as L1 • Target addition of 1 GWh BESS, 500 MWp Solar per year Storage based RE IPP HEG Energy Transition 100% 100% • 86MW and 192 MW existing hydro power plants • 74 MW – under active consideration Hydro Power • 20 KTPA. greenfield capacity for battery grade anode plant under construction • 4000 TPA Graphene derivative – under active consideration Advanced Battery Materials 74% (26% with founder) Wind Assets & Treasuries
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6 Hands-on experienced team in place to setup and execute each business backed with strength of strong corporate leadership Business Leadership O.P. Ajmera Group CFO & CEO- Hydro & Wind • 15+ yrs leading BEL’s RE portfolio; CA with 30+ yrs in corporate finance Hiren Pravin Shah, CEO Battery Energy Solution • 23+ yrs in BESS, new energy solutions with Panasonic & Delta; Led ESS projects for Jio, TATA, AWS & Indian Oil Ankur Khaitan CEO, Advanced Battery Material • 17+ yrs exp, with 12+ yrs at HEG Ltd in Strategy, Ops & BD, led growth and NPD Basant Jain CEO, Greentech • Ex-MD & CEO, Mahindra Susten, led cleantech portfolio incl. 6+ GW solar projects; 25+ yrs with leading large industrial cos Corporate leadership Puneet Anand Group Chief Strategy Officer • 16+ years of experience leading corporate strategy, M&A/JVs, international tax planning, and corporate restructuring Karunesh Chaturvedi Head, Corp. Affairs • 30+ yrs in corporate affairs & strategy, advocacy, and govt. Affairs; Ex-Head, Corp. Affairs Welspun India; ex-SVP , WareeGroup; Indu Mehta Chief Sustainability Officer • 30+ yrs in sales & mktg across industries; Ex- Director, Bhilwara Infotech; ex-S&M Director, Kingdom of Dreams Ranjan Sarkar CHRO • 25+ yrs HR leadership in large India cos and MNCs across industries; Ex-President HR, Exide Industries Salil Bawa Head, Investor Relations • 25+ yrs leading IR, strategy, capital markets, & corp. planning at Edelweiss, DHFL, Manappuram Finance et. al. • 25+ yrs leading the Group and sustainability-led innovation; Scaled 300+ MW renewable capacity across hydro and wind Riju Jhunjhunwala CMD, Greentech
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7 Bhilwara group is building India 1st Technology lead integrated Greentech Platform FY30 India market landscape 120-140 KTPA (Anode demand) ~200 GWh (Annual Battery capacity addition across EV, BESS & Hybrid) 50-60 GW (Annual RE capacity addition) Generating robust steady cash Hydro power generation assets RE Power generation Strategic forward integration into EV battery solutions + BESS for Grid scale process + Hybrid application – integration with advanced grid software's Battery Energy Solutions Starting with Anode active material manufacturing Compounding on HEG's graphite expertise and industry leadership, setting up largest domestic anode material capacity, and successfully piloted graphene (“Magic material”) Advanced Battery Materials BESS IPP - Storage led IPP Platform
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8 Advanced Battery Materials
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9 Global Demand Growth (2025–2035) • Global battery graphite demand grows from: • 1.6 Million T (2025) to 4.5 Million T (2035) ~11% CAGR • Energy Storage Systems (ESS) are the fastest-growing segment, ~1 Million T of anode material demand by 2035 • The current anode market is dominated by synthetic graphite, accounting for ~85% of demand, with natural graphite making up the remaining ~15% China-Centric Supply and Emerging Global Deficit • Synthetic graphite supply is heavily concentrated in China • Global supply remains adequate only until ~2028 • A structural supply deficit emerges, particularly outside China India and the Non-China Supply Opportunity • US, Europe, and India drive most incremental non-China graphite demand • Trade restrictions, ESG scrutiny, and localization policies are accelerating the shift to non- Chinese anode supply • India is positioned inside this non-China deficit zone, creating a strategic role for India-based anode producers for Global customers. TACC’s Strategic Fit with India’s PLI-Driven Anode Demand • India’s PLI-ACC scheme with DVA requirements is driving cell makers to source anodes locally, and with India’s current anode demand likely to reach at ~120–140 KTPA by 2030 Anode Materials | Global Demand Growth & TACCs Positioning This widening supply gap underpins the strategic relevance of TACC’s planned anode capacity as a reliable India- based alternative, leveraging 50 years of proven graphitization experience.
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10 0 50 100 150 Capacity (GWh) Up to 2024 2025 2026 2027 2028 2029 2030 & beyond Legend - Company logo ( XX - new capacity added in each year) 8-12 7-8 6 1-2 1 15-20 ~1 1 0.3 2-4 9-11 25-30 0.7-1.2 1-5Others 3-5 ~30 5-10 2-4 2-5 Indian cell manufacturers have announced massive capacity plans of 120-140 GWh by 2030 which will lead to a demand of 130 – 150 kTPA anode 65-70 90-95 50-55 9-10 90-100 120-140 4-9 4-5 Advanced-stage discussions with majority of these cell OEMs Large Global Customer Pool for TACC Key Players 2027 Capacity (GWh) USA Panasonic 67 Ultium Cells 55 Tesla 48 Others 459 Europe CATL 72 LG ES 68 PowerCo 50 Others 235 900-1,100 GWh demand from US & EU
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11 Anode Materials | We are uniquely positioned to establish market leadership in anode manufacturing business 1 Existing synergies with group business (HEG); manufacturing and operations know-how 2 Leverage of longstanding relationships 3 The anode material made through synthetic route is preferred by the cell makers due to better homogeneity - manufactured through our advanced process 4 At an advanced stage of approvals from the global OEMs and cell makers. Demo plant supplying for global customer validation 5 Strong focus on R&D and innovation. Ready with future material dev including Graphene, Silicon based anode. 50+ yrs exp. in graphitization Strong RM sourcing Well Established Manufacturing Process Product readiness Future Ready and Innovation
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12 Anode Materials | In-house R&D and advancements are driving future growth 200 TPA Demo plant already operational for the past 12 months. • Operational pilot facility: A 200 TPA anode pilot plant is operational at Mandideep, Madhya Pradesh, running on the same process flow and technology as the planned commercial plant, thereby validating TACC’s full-scale manufacturing route. • Customer qualification progress: Samples produced from this pilot line have been successfully qualified with global Cell makers, making TACC the only Indian company to reach this stage, with visits from leading global cell suppliers concluded. • Commercial readiness: TACC is at an advanced stage of sample approvals and material qualification, providing a clear and accelerated pathway to customer offtake for the upcoming 20 KTPA anode facility. • Backed by experts with global exp in material science and cell development. • Supported by an in-house battery lab for cell fabrication and testing. • Enabling rapid material optimization and faster customer qualification.
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13 Anode Materials | Strong Development high-end grade anode Si-doped anode for High-Capacity Anode • Silicon-doped anodes enables higher energy density (>20%) and improved performance, supporting higher capacity and charging rate for premium high end applications. • Successful results validate the technology and create future optionality to transition into next- generation anode products as the market evolves. Graphene based Anode • Multiple high-speed, graphene-based anode products are under development to enable fast- charging and high-power applications, supported by strong in-house material and cell engineering expertise. • These products target premium EV and Electronics segments where charging speed and power performance drive differentiation and value. Product Category Target mix Key Applications Mid-end SG 30% ESS (LFP , C&I & residential); entry EV/2W/3W High-end SG 60% Premium/mainstream EVs, Electronics & higher-duty ESS (high cycle life/power) Silicon- doped Anode (Si-C) 10% Premium/ performance EVs
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14 Anode Materials | Production scale-up targeted to reach 60 KTPA by FY32, to emerge as one of the largest global player Construction underway for Phase I - 20 kTPA 200 20,000 30,000 60,000 FY25 FY28 FY29 FY32 • SOP: 1st April 2027 • Land acquisition complete (100 acre), approvals secured. • 80% Procurement complete and 90% engg complete. Overall progress ~30%. • Facility expandable to 30KTPA at optimal investment Expansion to 60 kTPA by FY32
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15 GTM | Strong momentum seen with major global players and Indian cell manufacturers No Region Key Customers* Total Expected Capacity (GWh) Engagement Status of Key Customers & Highlights 1 APAC Confidential 600+ GWh Strong Momentum with Customer 1 - in the process of finalizing LOI for 25,000 tonnes over period of 3 years. Customer 1 being among top 10 global cell makers. Customer 2 In discussions for 27,000 TPA offtake for ESS materials, positive feedback on material validation. Customer 3 to be part of a JDA with a Global OEM for supply of anode materials for EVs. 2 India 112 – 158 GWh Mixed maturity. Scaled testing is in progress for Customer 1 and Customer 2; Customer 3 has achieved initial product approval; Testing and active discussions with all other major players in the Indian market. 3 Europe 110 GWh Strategic validation. Customer 1 - is undergoing ton-scale sample validation; Customer 2 - discussions for a JDA together with one of their cell suppliers with ongoing sample exchange. Customer 3 - MoU discussions underway. 4 North America 95 GWh Active negotiations. Strategic discussions with Customer 1 for offtake of minimum 8,000 TPA offtake over the next 3 years, with potential to double the volumes by 2030; Customer 2 - Active discussions for supply of ESS materials. Customer 3 – Active discussions on finalizing the product requirements and testing. Advanced offtake discussions underway with key customers for quantities exceeding 30,000 MT *Engagement with key global suppliers are under various stages of material validation. The above list is not exhaustive. Customer A Customer B Customer C Customer D Customer E
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16 Graphene is a Magic Material which works as a one stop solution across various industries Patent Filed Owning the IP for the inhouse developed Process-method For Graphene Manufacturing. Graphene “Wonder Material” | TACC is building 4000 MT+ graphene derivatives facility, enabling scalable applications across multiple industries With our inhouse technology capability, we have prioritized 5 target application areas based on addressable volume and tech readiness… RMC & Cement Now applied across multiple innovative platforms, from innovative constructions to advanced materials for Textiles, paints including semi-conductors and high- end electronics. Product Category Remarks RMC & Cement Proven reduction of 30% Cement in RMC mix with use of our inhouse graphene. Sample for High Performance Concrete under validation at NCCBM (MOU signed). Road Infra Product under advanced stage of validation at CSIR – CRRI (MOA signed) Textiles Commercial scale trial completed with established results as multi-functional advanced textile. (MOU Signed) Paints and Coatings Sample under testing at advanced stage with global paint manufacturers. Graphene Based Anode Multiple products under development for Fast Charging applications with in-house expertise.
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17 Battery Energy Solutions
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18 Market Scenario Battery Energy Solutions | With BESS Container & Cabinet Product portfolio, we are well positioned to capture India's growing BESS market ≥200 GWh Utility-scale batteries demand till 2030 Market Enabling Factors: • Viability Gap Funding (VGF) Schemes for 40GWh BESS Projects • Manufacturing and Local Industry Support - Min. 20% Domestic Value-addition requirement as Local Content Requirement • Energy Storage Obligation (ESO) • Similar to Renewable Purchase Obligation (RPO), ESO mandates obligated entities to procure a minimum percentage of energy with storage - scaling over time. • At least 10 % storage capacity (2-hour duration) for new solar tenders fosters hybrid systems. ESS Liquid-cooled technology to maintain consistent internal temp in harsh Indian environment Dual stage fire suppression system combines oxygen arresting agents & a sprinkler mechanism Compliance with international standards like UL 9540, IEC 62619, NFPA 855, UN 38.3, UL 1642, UL 1973 Long-Life battery design with 20-year service life, 10,000-cycle design Outdoor Cabinet Solution 100KWh to 1000KWh …set to become key differentiator for us: RE5K - Battery Container 5 MWh In house AI/MI enabled EMS – Strategic Partnership with IIT Gandhinagar & Green Power Monitor (DNV Co.)
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19 ESSMarket Scenario ≥285 GWh BESS demand till 2030 Market Enabling Factors: • BESS market in the Middle East & Africa is expected to expand rapidly as well, estimated to grow from about USD 2.39 billion in 2025 to ~USD 5.82 billion by 2030. • Europe’s BESS Market is forecast to grow steadily with CAGR around ~14–15% through 2030, with market value roughly doubling from ~€9.2 billion (2025) to ~€18 billion (2030). • Policy & Regulation: EU climate policies and Middle Eastern renewable targets (e.g., Saudi 50 % renewables by 2030) are accelerating BESS deployment as part of broader decarbonization strategies. • Positioned in Market as an Emerging System Integrator & EPC Solution Provider for BESS from India (Preferred Choice by EMEA Clients overs Chinese Counterparts) • Commissioned 36MWh+ BESS Projects in KSA & Congo, Africa for Micro-grid & DG Mitigation Applications • Registered Vendor for Key Developers like ENGIE, MASDAR, ACWA, ALFANAR and AL GIHAZ …set to become key differentiator for us: Battery Energy Solutions | Expanding Business Operations in EMEA (Europe, Middle East & Africa)
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20 Our Battery energy solutions are gaining strong traction across India and beyond 100 MWh commissioned, ~2000 MWh under execution Khirsara 1.3MWh Gujarat 100MW/ 220MWh Airoli 3MW/3.5MWh Mumbai 2x15MW/25MWh Goa 100KW/150KWh Bangalore 1MW/0.93MWh Karnataka 250MW/250MWh Mumbai 0.5MW/1.84MWh Chennai 800KW/1200KWh Kallam 150KW/250KWh Telangana 3MW/0.81MWh Ahmedabad 120KW/640KWh Gurugram 100KW/145KWh Gurugram 500KW/250KWh Noida 2MW/2.5MWh Haryana 500KW/368KWh Modhera 6MW/19MWh Atara xxMW/0.50MWh 100MWH Commissioned 2000MWH Under execution India Saudi Arabia 5 x 1MW/3.7MWh D.R. Congo 4MW/18MWh Maharashtra 500MW/ 1000MWh
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21 Battery Energy Solutions | With Certified EV Battery Products, we are well positioned to capture the EV Battery Demand EV Battery Packs for LCV , E-Bus, 2/3Wheelers and E-trucks 32KWh, 2KWh, 5KWh, 10KWh, 16KWh, 35KWh Market Scenario ≥127 GWh Electric Vehicle batteries demand till 2030 Market Enabling Factors: • PLI Schemes for EV & Battery Manufacturing for EV component manufacturing, including battery packs and related modules. • Direct EV Incentive Programs (Which Boost Battery Demand) • PM E-DRIVE Scheme provides direct purchase incentives for EVs - including e2-W, e3-W, e-buses, e-trucks, and e- ambulances. • Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles (FAME) initiative offered subsidies on EVs and charging infrastructure • Tax & Regulatory Incentives Reducing Battery Costs - GST on electric vehicles is reduced to 5 % • 30% EV Penetration in New EV Sales by 2030 - Official national target set by NITI Aayog and government policy plans. • Best in Class Energy Density (160Wh/Kg) across EV Industry • India’s 1st AIS-048 Certification for Light Commercial Vehicles (LCV) • Modular & Scalable Design Approach: Common Battery Model (32KWh & 35KWh) for 9mt., 12mt. & 13.5 mt E-Bus Platforms and 25Ton & 55Ton E-Truck & E-Tractor Platforms …set to become key differentiator for us:
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22 Battery Energy Solutions | With a comprehensive product portfolio, we are well positioned to capture India's growing telecom & data-center market Hybrid, Aerospace & DefenseMarket Scenario Battery Modules, Packs, and Rack Systems For Drones, Data Centers & other hybrid applications ≥30 GWh Telecom, Home Residential & Date-Centre Battery demand till 2030 Market Enabling Factors: 1. PM Surya Ghar Policy shall boost rooftop installations from 1 Crore homes (1GW) to 30 Crore homes (30GW) by 2030 and combining them with batteries increases self-consumption and storage demand. 2. India’s Data Centre Capacity is projected to grow to 8GW by 2030 (about 5x) due to digital services, cloud and AI demand. 3. 16.7 Lakhs Tower Count by 2030 (2.2X) based on industry forecasts. 4. India’s overall Drone industry shall reach ~$23 billion by 2030 across sectors including defense and agriculture, driven by strong domestic manufacturing and government support. 5. A significant portion (3-5GWh+) is plausibly attributable to replacement of lead-acid battery applications - particularly in automotive starter, UPS/telecom backups, and small off-grid solar storage • Technical Specification Evaluation Centre (TSEC) Certified Battery Pack for BSNL Telecom Towers • 12V & 24V Li-ion Battery for Lead Acid Replacement with Improved Design Life & Performance • High C-rate Battery for Mission Critical Date Centre Applications …set to become key differentiator for us:
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23 RE Power generation – Solar & BESS
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24 During solar hours, the Real-Time Market (RTM) price often drops to near- zero levels Market Shift I From Vanilla RE to Firm Power In contrast, the average RTM price during non-solar hours ranges from Rs. 4 to Rs. 8 per unit, highlighting a clear price differential between peak and off-peak periods. Rs/kWh Power Procurement Paradigm – 2020–22 vs 2026 onwards Real-Time Market (RTM) Source: MERC Tariff order, IEX Note: New paradigm reflects procurement evolution seen in SECI/state bids and CEA Resource Adequacy guidance. Policy Shifts Driving Firm Power Market dynamics supporting firm power RTM Clearing volumes are about 20-25% of sell bids placed during solar hours RPO Trajectory Total RPO ≈ 29.9% (FY25) → ~49.5% (FY34). Source: CEA RAPs. BESS VGF Viability Gap Funding ~₹5,400 cr for ~30 GWh BESS. Source: MNRE announcements (2023–25) ISTS Waiver Taper Standalone solar/wind waiver reduces towards 0% by 2028; RE+BESS waiver extended to 2028 & exp. to continue. Source: MNRE/SECI State OA Incentives e.g. Rajasthan: oversizing up to 200% with BESS; T&W waivers for OA+BESS. Source: State OA/banking regulations. Falling Li ion pack Prices $475/kWh(2015) → $65/kWh (2025) Source: BNEF Grid curtailmentt of Utility RE Grid saturation during excessive supply leading to curtailment during solar hours Higher RE penetration feasibility Higher peak-hour substitution: ~63% Solar+BESS vs ~12% pure solar (illustrative data center load in MH) Future use cases- Grid stability Frequency, ramping, congestion management to further increase demand for battery storage Parameter 2020–22 (Old) 2026 onwards (New) Primary focus Lowest solar/wind tariff discovery Firm/peak power, grid reliability Curtailment tolerance Higher tolerance Lower tolerance; assured availability SLAs DSM / Scheduling Broader deviation bands; weak ToD signals Stricter DSM; ToD tariffs and peak windows Banking provisions Liberal monthly/annual banking Restrictive slot-wise/monthly limits; higher charges Storage adoption Nascent; limited pilots Essential component; RTC/peak/FDRE tenders Tender types Standalone solar/wind dominate Hybrid, RTC, FDRE, standalone BESS rise 0 4 8 12 Min of MCP(RS/KWh)* Average of MCP(Rs/KWh)* Max of MCP(Rs/KWh)*2
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25 C&I storage demand I poised to grow led by market economics and policy push Tightening regulatory landscape and superior economics driving BESS adoption Tightening DSM Mechanism & Grid Costs Superior Economics: Solar + BESS Firm Power C&I Grid Tariffs (Select States) ₹7 - 10 /kWh High base creates arbitrage opportunity DSM Penalty Exposure ₹0.5 - 1.0 /kWh Based on deviation bands (CERC 2024) Restrictive Banking Provisions (Key States) State Banking Charges Settlement ToD / Drawal Restrictions Gujarat 8% (in kind) Monthly Off-peak banked energy drawal only in off-peak slots Maharashtra 8% Monthly Strict slot-wise credit adjustment; no carry forward Karnataka 8% Monthly Peak injection credit not applicable for off-peak drawal Rajasthan 8% Annual Limited to off-peak / normal hours only Uttar Pradesh 6% Q+2 Quarter Off-peak banking credit invalid for peak drawal Implication: Monthly settlement and ToD restrictions eliminate "virtual storage" benefits of grid banking, forcing C&I consumers toward physical BESS for firm power compliance. 1 CYCLE / DAY ₹4.5 – 5.0 LCOS / kWh 2 CYCLES / DAY ₹3.0 – 4.0 LCOS / kWh Cycling Impact on Viability Source: Internal Analysis Insight: Higher cycling (2 CPD) reduces LCOS by ~30-40%, making Solar+BESS competitive against peak grid tariffs of ₹9+ /kWh. Other Market dynamics for C&I Adoption • RE100 / Net Zero mandates accelerating voluntary adoption • CBAM exposure: EU carbon cost adds ~20–35% to embedded emissions on key exports • Open Access momentum: 6.1 GW solar OA added in 9M 2025 – record pace 9.0 3.3 8.5 0 5 10 Grid Power (peak) Solar only Solar+BESS(firm Solar=3.25 BESS LCOS=4 OA charges=1.25 ₹/KWH
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26 RE IPP Business is uniquely positioned to become top-3 storage led RE Platform in India Utility Storage Market Opportunity Target RE IPP portfolio|Portfolio of 2.3 GWp solar + 5.9 GWh BESS by FY30 Right to Win: Competitive Advantages IPP Key Focus Areas & Market Approach 1,200* 1,000 1,000 1,200 1,500 1,000 1,000 1,200 300 500 300 500 500 500 FY-26 FY-27 FY-28 FY-29 FY-30 0 0 500 500 500 500 BESS Cumulative (MHh) BESS Executed (MWh) Solar cumulative (MWp) Solar executed (MWp) 5,900 3,700 2,300 1,800 Cumulative (by FY-30) *BEL emerged as L1 bidder in MSEDCL standalone BESS tender which is 1000 MWh out of 1200 MWh shown above in F26 #Graphical representation - not to scale Cumulative Tendered 83 GWh 2022 - May '25 MARKET SIZE (FY30E) 208 GWh ANNUAL ADDITION 40-50 GWh Cumulative Deployed 507 MWh Till end of 2025 MARKET SIZE (FY30E) 40-50 GWh ANNUAL ADDITION 8-10 GWh Strong IPP Execution team • Dedicated in-house team for end-to-end project delivery with storage integration. Competency: Faster Time-to-Market Deep Storage-tech know-how • In-house expertise from Replus & TACC enables right battery tech selection, optimized system design & lifecycle management. Secured Supply Chain • Established relationships mitigate delay risks common in the battery component ecosystem. Competency: On-time Delivery Risk Mitigation • Selective participation in B2G standalone storage • C&I solar only and Solar+BESS market to be pursued diligently with target Equity IRR** of 16%- 18% • Greentech will follow build and flip model to improve capital efficiency and returns **Illustrative and based on management assumptions. Actual results may differ materially. This is not investment advice. C&I Storage Market Opportunity
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27 RE Power generation - Hydro
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28 HEG’s Hydropower Journey Building Stable Green Cash Flows 1995 1997 2001 2003- 2004 2007- 2008 2010 Diversification Commissioned 192 MW Allain Duhangan HEP Manali, H.P. Malana HP commisioning 86 MW Malana HEP commissioned and Implementation Agreement signed for 192 MW Allain Duhangan HEP Global Partnership Joint Venture with RSW Canada, leveraging expertise from 55,000 MW of global hydropower projects International collaborations Secured IFC Washington investment and formed JV with Statkraft Norfund Power Invest AS Norway First Success 13.5 MW Tawa HEP commissioned in record 23 months, marking our private sector entry 2025 Acquisition Acquired 49% stake of Statkraft in Malan & AD hydro to establish sole ownership
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29 Hydro | Two hydropower projects operational in Himanchal Pradesh deliver stable, high-margin cash flows that de-risk growth capex Malana (86 MW) Commissioned in record time of 30 months in 2001. Operational for over 25 years with ~80% EBITDA margins. First IPP (Independent Power Producer) in Himachal Pradesh. 100% power sold through merchant route – India’s first such power project. First hydropower project in India with inter-state wheeling capabilities. Steady Free Cash flows ~₹ 300+ Crs annually Malana serves as a role model for private sector participation in India’s hydropower development. AD Hydro Power Ltd.(192 MW) First merchant power-based hydroelectric project financed by IFC Operational for over 15 years with ~80% EBITDA margins. Underground power-house High head: • Gross: 880 m • Net: 858 m Water integration • Water from two rivers combined through two 4.5 km Head Race Tunnels (HRT) Total tunnelling length: 15.0 km Built a strategic transmission backbone — a 175-km, 220-kV double-circuit line — ensuring reliable power evacuation and long- term returns First hydropower project in India with inter-state wheeling capabilities. Both projects are debt-free, eligible for renewable energy certificates, and operate as run-of-river plants with a 3.5 - 4-hour reservoir enabling peaking generation, generating steady free cash flows of ~₹300+ crore annually
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30 FY 27 FY30 Immediate Capex (₹ Cr) Commercial SOP Scale in FY272 Expansion capex FY28-30 (₹ Cr) Cumulative Capex (₹ Cr) till FY302 Cumulative scale in FY302 Anode Materials 2,250 Apr'27 20 KTPA ~850 ~3,100 30 KTPA Battery Energy Solutions 250 Q2 FY27 6 GWh - ~250 6 GWh BP RE Power generation – Solar & BESS ~1,700 Starting from Q2 FY27 0.8 GWp solar 2.2 GWh BESS ~2,0001 ~3,700 2.3 GWp solar 5.9 GWh BESS RE Power generation – Hydro 1003 ~278 MW operatio nal ~278 MW 5503 ~6503 ~354 MW Total 4,300 3,400 7,700 We have a strong growth and expansion roadmap for the HEG Greentech platform, supported by a well- capitalized balance sheet post scheme completion, a ₹500 crore strategic investment from Singularity(led by renowned investor Madhusudan Kela), and robust annual free cash flows from the hydropower portfolio. 1. Total capital requirement of ~₹9,000 crore - balance funding to be met through capital recycling. 2. Includes under-development projects; 3. Final numbers to be firmed up post detailed feasibility studies The capital structure assumes a 30:70 equity-to-debt ratio, with total equity requirement of ~₹2,310 crore. The company is well capitalized to deliver the above plan.
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31 Thank You For any queries, please contact: HEG Limited Contact No.: +91 9911123411 /+91 9978644008 Email: Puneet.anand@Lnjbhilwara.com / Salil.bawa@Lnjbhilwara.com