Slides
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Investor Presentation LEAP India Limited August 2026 1Q FY27
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2 SAFE HARBOR & DISCLAIMER 01 02 03 This presentation and the following discussion may contain “forward looking statements” by LEAP India Limited (“LEAP” or the company) that are not historical in nature. These forward-looking statements, which may include statements relating to future results of operations, financial condition, business prospects, plans and objectives, are based on the current beliefs, assumptions, expectations, estimates, and projections of the management of LEAP India Limited about the business, industry and markets in which LEAP operates. These statements are not guarantees of future performance, and are subject to known and unknown risks, uncertainties, and other factors, some of which are beyond LEAP’s control and difficult to predict, that could cause actual results, performance or achievements to differ materially from those in the forward- looking statements. Such statements are not, and should not be construed, as a representation as to future performance or achievements of LEAP. It should be noted that the actual performance or achievements of LEAP may vary significantly from such statements.
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3 01 Business Overview » TABLE OF CONTENTS 02 Quarterly Financial Performance » 03 Annual Financial Performance »
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• Part of CHEP India team since their inception in India • Experience at L’Oreal India across front and back end • Over 26 years of Industry Experience. • Built and guided development of a strong and capable team at LEAP India 4 Mr. Sunu Mathew Chairman, MD & CEO "We have entered FY27 with two significant milestones - a successful public listing and a strong first-quarter performance. Our listing marks the beginning of a new chapter for LEAP , enabling us to welcome a wider investor community and engage with shareholders through greater transparency and accountability. We are pleased to have our investors participate in LEAP’s growth journey as we build a larger, more diversified and capital-efficient asset-pooling platform. Our Rs. 24,800 Mn IPO includes a fresh issue of Rs. 4,800 Mn, of which Rs. 3,600 Mn has been used for repayment of debt and Rs. 1,200 Mn is for general corporate purposes. This will strengthen our balance sheet and provide greater flexibility to support future expansion. Operationally, FY27 has begun on a strong note, with earnings growing ahead of revenue and demonstrating the operating leverage in our model. On a YoY basis, Q1FY27 revenue increased by 19% year-on-year to Rs. 2,134 Mn, supported by 17% growth in asset-pooling income and 29% growth in MHE income. EBITDA grew faster at 21% to Rs. 1,141 Mn, driven by scale benefits, cost optimization and integration synergies, resulting in an EBITDA margin of 53%. PAT increased by 30%, well ahead of revenue growth to Rs. 247 Mn, while PAT margin expanded by approximately 104 basis points to 12%. This performance reflects an improvement in the quality and efficiency of our earnings. International expansion represents our next strategic growth vector, with the GCC emerging as a natural extension of our asset-pooling platform given its higher palletisation, automation and movement-hire adoption. We have established wholly owned subsidiary in the GCC in Saudi Arabia & UAE. Going forward, we will combine deeper customer penetration, movement hire, cross-selling across pallets, containers and MHE, entry into new industries and disciplined GCC expansion to drive sustainable long-term growth." EXECUTIVE COMMENTARY
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Section 3: Strategic levers to capture market growth01. Business Overview
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6 Pay per use, procure as and when it is required, and hire-dehire anywhere 90%+ Market Share Leader in Indian pallet pooling 14.9 Mn Assets pool* ₹16,900 Mn value of Asset Base* Scaled pooling infrastructure Diversified Asset Pool Pallets | Containers | MHE High Asset Utilization* 89.2% pallet utilization 1,000+ Customers* 10,500+ Touchpoints* 28 Fulfillment Centers* Dense pan-India network End to end Asset management, powered by technology MyLEAP in-House Application, Tracking through RFID & IOT, Sorting-Repair-Conditioning System, Asset Audit Application, SAP HANA, Salesforce, Transport Management System Total Income ₹7,474 Mn EBITDA ₹3,788 Mn Cash PAT ₹2,667 Mn ROCE 19%+ EBITDA MARGIN 51% FINANCIAL PERFORMANCE AS OF FY26 (CONSOLIDATED) Fulfillment Centers Corporate offices Gandhidham Guwahati Kheda Kanera Sri City Jamshedpur Bengaluru Indore PuneBhiwandi Nashik Karjat Nagpur Rajpura Chennai Hyderabad Lucknow Siliguri Rudrapur Kolkata Bhubanaeshwar Mumbai NCR Head office *As of Q1FY27 CAGR (FY23-26) 43 % CAGR (FY23-26) 44 % CAGR (FY23-26) 48 % Margin increase 409 bps Margin increase 177 bps #1 ON DEMAND ASSET POOLING PROVIDER IN INDIA CAGR (FY23-26) 91 % PAT ₹623 Mn
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7 1 24 122 370 691 1254 1720 1767 2130 2582 3719 4850 7474 2134 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Q1FY27 CHEP India Acquisition Acquisition 100% Subsidiary 2013 Total Income (₹m) → 2013 Founded LEAP with a vision to build an organized asset-pooling platform in India 2014 Launched Foldable Large Containers with 1st customer 2015 Equity Investment from Mayfield, New York 2016 Reached a pool size of 600k+ pallets and 25k+ FLCs, and 150+ customers 2020 3 Mn+ Pallets, 560+ customers. 2022 Crossed total Income of INR 2.1 bn 2023 KKR acquires 80.63% stake in LEAP 100% acquisition of SKAN Marine by Taron 2025 Acquisition of CHEP India Launch of LEAP in GCC 2026 IPO Listing Mr. PALLET Launch. Accounts for 90% market share in Indian Pallet Pooling market. JOURNEY TO BECOMING A MARKET LEADER 2019 Crossed total Income of INR 1.2 bn 2018 Incorporated TARON as a Wholly Owned Subsidiary 2017 Launched new customized solutions like Crates, Wire Mesh, Tyec sheets 2024 LEAP India shifted office to Westin Goregaon 2021 Investment from Morgan Stanley.
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8 TOTAL INCOME (₹ Mn) FY23 FY24 FY25 FY26 2,582 3,719 4,850 7,474 FY23 FY24 FY25 FY26 Asset Pooling 2,458 2,993 3,842 6,169 MHE Pooling 76 676 887 1,152 Others 48 51 121 153 TOTAL INCOME 2,582 3,719 4,850 7,474 EBITDA (₹ Mn) & Margin % 48.9% 56.4% 56.5% 50.7%** 1,263 2,099 2,738 3,788 FY23 FY24 FY25 FY26 PAT (₹ Mn) & Margin% 3.5% 10.0% 7.7% 8.3% 90 372 376 623 FY23 FY24 FY25 FY26 CASH PAT (₹ Mn) & Margin % 32.2% 40.3% 39.4% 35.7% 830 1,498 1,913 2,667 FY23 FY24 FY25 FY26 **The drop in FY26 EBITDA was on account of CHEP acquisition Income growth 3× since FY23, while reported PAT expanded 7× with EBITDA margins sustaining above 50%. SCALING WITH PROFITABILITY CAGR FY23-FY26 90.5% 43% CAGR FY23-FY26 44.2% 43% CAGR FY23-FY26 42.5% CAGR FY23-FY26 47.5%
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9 6.9 7.9 13.3 14.7 FY23 FY24 FY25 FY26 Total Assets (Qty in Mn) 87.9% 87.8% 87.5% 89.3% FY23 FY24 FY25 FY26 Pallet Utilisation Rate %* 39.7% 66.2% 76.0% 71.7% FY23 FY24 FY25 FY26 Container Utilisation Rate % 82.5% 81.5% 79.8% FY24 FY25 FY26 MHE Utilisation Rate % EXPANDING THE ASSET BASE, SUSTAINING EFFICIENCY FY26 utilization lower due to CHEP acquisition Growing Asset base with high Asset utilization
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10 DEBT TO EQUITY (x) 0.6x 0.7x 0.9x 1.0x 0.4x FY23 FY24 FY25 FY26 Post-IPO RETURN ON EQUITY (%) 1.7% 5.8% 4.6% 6.5% FY23 FY24 FY25 FY26 FY 25 nos. includes impact of CHEP acquisition NET DEBT TO EBITDA (x) RETURN ON CAPITAL EMPLOYED (%) 15.0% 20.3% 18.0% 19.1% FY23 FY24 FY25 FY26 CASH RETURN ON EQUITY (%) 15.4% 23.3% 23.5% 27.7% FY23 FY24 FY25 FY26 Built for sustainable long-term value creation. LEVERAGING GROWTH. IMPROVING RETURNS. LEAP has war chest of ~INR 1,100 mn parked as investment 2.7x 2.2x 2.5x 2.4x 1.4x FY23 FY24 FY25 FY26 Post IPO *Post-IPO calculated basis adjustment of ₹3,600 mn in FY26 Debt and ₹ 4,800 mn in Equity * *
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11 Grade A warehousing and Vertical Stacking Rising urban land costs are driving vertical and Grade A warehousing, increasing demand for standardized, high-quality pallets suitable for efficient racking, stacking and goods movement. 03 Automation of Supply Chain Rapid adoption of robotics, conveyor systems, automated guided vehicles (AGVs), and automated storage and retrieval systems (ASRS) raises the demand for automation-compatible pallets 02 Higher Volume and Scale Faster truck turnaround and lower movement costs enable customers to handle more volumes in less time. Also, Pallets reduce loading & unloading time by up to 80–90%. 01 Vertical Warehousing Smaller Trucks with Manual Loading Traditional Production Line Horizontal Warehousing Palletized Production LineLarge Trucks with Pallets Palletization turns individual pieces into a single, standardized unit - unlocking efficiency, safety and savings acrossoperations. WHY PALLETIZATION?
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12 Globally, the pallet industry is either a monopoly or a duopoly*1 LEAP is the market leader in India. It has effectively established and led pallet pooling industry in India, being only company to operate pallet pooling at this scale with pan-India network* Source: *As per Frost & Sullivan report ; Notes: Figures as of CY2025, India numbers refer to FY2026 ; 1. Within individual countries Palletization and pallet pooling are underpenetrated in India* Pallet pooling penetration (%) 55.0%45.0%95.1% 9.5%50% 9.4% 94% 91% 89% 73% 60% 17% Level of palletization (%) ANZ EU NA GCC China India Pallet usage in developed markets like North America and European Union is near-universal, while India remains underpenetrated. Pallet pooling market globally is highly consolidated in developed countries, with only a few dominant players* 17% palletization & 9.4% pooling penetration implies India’s structural runway, LEAP’s ~90% market share positions it at the forefront of organized adoption. INDIA'S UNDERPENETRATED. BUT HUGE HEADROOM TO GROW. Market share 90% CHEP PECO pallet LPR CHEP CHEP CHEP LOSCAM LOSCAM
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13Source: *As per Frost & Sullivan report ; Notes: Figures as of CY2025, India numbers refer to FY2026 ; 1. Within individual countries FY26-FY31E CAGR for pooling pallet 14.9% From 10 Million units to 20Million 106 164 10 20 9.4% 12.2% FY26 FY31E Pooling Penetration (%) Volume (Million Units) Pallet Pooling Market (Mn Units) Indian Pallet Volume (Mn Units) Pallet Pooling Penetration (%) Industries like Dairy, paint, and textiles have started pallet pooling. Due to unorganized players in market, availability of cheap labor, underdeveloped warehousing and infrastructure , palletization is at a nascent stage India’s growth 106 Mn Units Total Industry Pallets In India as of FY26 82 Mn One way / Low quality (82%) Typically used once and not suitable for pooling ~18 Mn Good quality (18%) ~10 Mn Pooled pallets (50%) ~8 Mn Non pooled pallets (50%) 9 Mn LEAP pallets (90% market share) ~1 Mn Other pooling players (10%) High quality & durable pallets suitable for pooling Indian pallet pooling market is at nascent stage & expected to grow ~15% CAGR FY26-31, LEAP’s current market share ~90%+ WHILE INDIA HAS THE HEADROOM. LEAP HAS THE LEAD.
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14 We offer flexible pooling solutions tailored to how our customers operate. Both models leverage the same network, infrastructure and asset quality. Assets remain at the customer site for a defined period Billing Allotment fee + PDR Typical use cases Warehousing, in-house operations, seasonal buffer, in-plant storage Key benefit Predictable availability at one location Next Level Phase I STATIC HIRE For customers Pay-per-Use model. For LEAP Annuity Income. OUR SHARE & REUSE BUSINESS MODEL (1/2)
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15 Phase II MOVEMENT HIRE Next Level One pallet. Multiple movements. Recurring revenue. THE NEXT LEG OF GROWTH..(2/2) Assets circulate across multiple supply chain partners Billing Typical use cases Key benefit Charging Movement and transportation fee at each leg of the Supply Chain End-to-end supply chains, FMCG, e-commerce, automotive, CPG, exports, cross-docking Multiple revenue events per asset across the supply chain Next Move - Expanding across e-com/Supermarkets to further many dark stores and large retailers 2 3 4 5 6 1
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16 WHY CUSTOMERS CHOOSE US? Companies with high ROCE prefer to be asset light & don't own pallets Companies with high ROCE Companies keep lean pallets inventory in stock and lease additional pallets Seasonality Lower Dot (pick & drop) turnaround, Pallets are constantly in motion, subjected to render wear & tear High Turnaround High pallet pick & no-pick, pallets move within the warehouse more often, causing wear & tear High Pallet Pick % Companies perceive that TCO in pooling model is lower than capex model High TCO Perception FMCG Food & Beverages 3PL E-Com & Q-Com Industrials & Others Frequent pallet picks, high wear and tear High seasonal surge Volatile demands, flexible pallet leasing High throughput, high TCO Frequent pallet picks with asset-heavy companies One pallet catering different needs and Multiple Segments.
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17 LEAP manages the asset lifecycle after delivery — with visibility, control and accountability. Asset retrieval and proper maintenance Visibility and efficient inventory management Real-time asset tracking Ensuring asset reliability Regular equipment hire stock audits Minimizing downtime and maximizing asset utilization User-friendly interface Higher asset utilization and improved service reliability Better navigation, safety, and operational insights Tracking forklifts at customer locations Advanced analytics and demand forecasting Monitoring transportation of units Automated invoicing and efficient data exchange with clients Electronic data interchange with customers Input Tracking Asset Tracking via RFID & IOT Platform Tracking Inhouse app customer portal for pallet tracking Integration Layer Connected Enterprise systems Value Layer Driving operational excellence Every asset. Every movement. Every day. TECH ENABLED. PROFESSIONALLY MANAGED. FULLY ACCOUNTABLE
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Penetration across the supply chain Penetration in new industries Expansion within existing industries Replicating success stories Industries adopting palletization in India Expand product offerings with existing customers New Market Expansion Middle East High palletization & movement hireStrategic innovative products Integrating across customers value chain Driving Value & Inorganic growth Strategic Integration & Partnerships Strategic Partnerships Similar Business Acquisition Backward Integration Overall, To Achieve Profitable Growth OUR STRATEGIC PRIORITIES 18
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Palletization Journey by LEAP Movement Hire from Plants to Depots Onboarding customer with pallets static hire Expansion to multiple plants Product Expansion into Stillages & MHEs Backward integration in customers ecosystem with other dairy players Replicating to other dairy players Nov’16 Dec'23 May’23 Oct’24 Aug’25 ONE OF OUR SUCCESS STORIES OF A LEADING DAIRY CO-OPERATIVE How LEAP helped them scale: 8x Pool Growth. 12x Revenue Growth. Remarkable Growth in Action. 19 PRE-PALLETISATION THE CHALLENGES BEFORE EFFICIENCY HIGHER COSTS. LOW EFFICIENCY. MORE RISKS. The Limitations of Pre-Palletisation. PALLETISED LOADING THE SMARTER, FASTER & SAFER WAY LOWER COSTS, HIGHER EFFICIENCY, SAFER OPERATIONS. The Advantages of Palletised Loading. High time at dock & Safety Leading to delays and lower truck turnaround and unsafe practice Manual Hand Balling; High dependency on labor Time consuming process for loading and unloading operations. Damages to product due to manual handling and rough operations. Difficulty in meeting growing demand efficiently and consistently. Challenges to scale Faster turnaround, Lower dwell time Automated Palletization; Faster Loading and Unloading Enables seamless, mechanized goods handling; MHEs accelerate goods movement Reduction in damages Automation minimizes handling damage Highly Scalable Enables efficient volume expansion Improved time at Dock
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ANOTHER SUCCESS STORY – POINEER IN TEXTILES MOVEMENT HIRE 3x Pool Growth. Sustainable packaging. Strongly adopted by other textile players 20 PRE-PALLETISATION THE CHALLENGES BEFORE EFFICIENCY HIGHER COSTS. LOW EFFICIENCY. MORE RISKS PALLETISED LOADING THE SMARTER, FASTER & SAFER WAY LOWER COSTS, HIGHER EFFICIENCY, SAFER OPERATIONS Improved time at Dock, faster turn-around, Lower dwell time Automated Palletization Enables seamless, mechanized goods handling; MHEs accelerate goods movement Reduction in damages Automation minimizes handling damage Highly Scalable Enables efficient volume expansion Faster Loading & Unloading Labour-Intensive Handling Manual packing slows loading and increases turnaround time. Unsustainable Packaging Single-use corrugated boxes generate recurring waste. Product Damage Box collapse, moisture and weak stacking can damage yarn in transit. Non-Core Operational Burden Asset tracking, reverse logistics, repairs and maintenance consume management bandwidth. High Capital & Asset-Loss Risk Ownership requires upfront investment while exposing businesses to damage and asset loss. Palletization Journey by LEAP Onboarding customer with static hire May’25 Installed Movement Hire Oct’25 Deeper penetration in movement hire Nov’25 Replicating to other textile players Jul’26 Replicating to many more Textile players Proper handling ensures workplace Safety Safety
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75.72 Mn (FY23) 1,156 Mn (FY26) ~90% market share captured and made LEAP #1 market leader after acquisition*1 Expanded network reach across various industries, enhanced our ability to serve a broader customer base and increased product portfolio 7.92 Mn (FY24) 14.7 Mn (FY26) 3,719 Mn (FY24) 7,474 Mn (FY26) #Assets Revenue (INR) Revenue (INR) Expanding product offering and including diverse range of assetsConsolidated position in the asset pooling industry by acquiring CHEP (FY25) (FY23) CHEP LEAP is committed to selectively pursuing further investments and acquisitions that are value-accretive to the business, both within and outside India Notes: 1. Market leader based on the number of pooled Assets and the breadth of customer touchpoints Source: *As per Frost & Sullivan report 21 STRATEGIC AQUISITIONS Inorganic opportunities to build capabilities, diversify portfolio and growth
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Having built a dominant position in wooden pallet pooling in India, LEAP is evaluating the GCC as its next growth market GCC GCC = Gulf Cooperation Council INDIA MHE’s flow-based model drives high asset turnover, supporting further geographic expansion. THE NEXT GROWTH FRONTIER – EXPANSION TO GCC Movement-hire model already prevalent Attractive government incentives Business-friendly labor policies Automation-led supply chains Rising ASRS adoption High labor costs Future-ready infrastructure Why GCC? 22
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23 2.13 Mn+ Trees saved 1.20 Mn m3 Wood saved 21.50 Mn tCo2 CO2 consumption saved 2,872 Mega Ltr. Water saved 262k tonnes Waste saved 204 Solar Panels Installed 03 02 ONE WAY PALLETS RESUSABLE PALLETS 01 Environmental Measurements CORRUGATED BOXES RESUSABLE CONTAINERS NON-RENEWABLE FUEL LITHION-ION FORKLIFTS Every pallet pooled, repaired, and reissued reduces the demand for virgin timber Every container that replaces a corrugated box eliminates single-use packaging waste Every lithium-ion forklift that replaces a diesel unit removes diesel particulates from India supply chain. More efficiently LEAP circulates assets, the lower its resource consumption and carbon output SUSTAINABILITY EMBEDDED. ESG-LED GROWTH. Note: From inception to Jun-26
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24 Strong Management Committee Sunu Mathew Chairman, MD & CEO Over 26 Years Experience LEAP | CHEP | Loreal Hrishi Gandhi Chief Growth Officer 24+ Years Experience Yes | NewSpace | I&LFS | ICICI Rajesham Alle Chief Financial Officer 22+ Years Experience Jet Airways | Times Global | D&S Harish Rane Chief Business Officer 21+ Years Experience Signode | CPG | Wipro Pari Umesh Madhyan Chief Operating Officer 24+ Years Experience Coca-Cola | L’Oréal | Heinz India Durgesh Sthalekar Chief Business Officer, TARON 20+ Years Experience L’Oréal | Fareast Mercantile Experienced Board of Directors Vaibhav Vaidya Non-Executive Director 13+ Years Experience KKR | Motilal Oswal | JM Financial Hardik Bhadrik Shah Non-Executive Director 20+ Years Experience KKR | Macquarie | Brookfield Sanjiv Gupta Independent Director 40+ Years Experience Coca-Cola | Spice Xpress Maithilee Jamsandekar Independent Director 18+ Years Experience PWC | M&M | Thoughts Works Technology Harinarayanan Nair S Independent Director 28+ Years Experience Signode | CPG | Wipro Pari Srinivasan R Chief Technology Officer 27+ Years Experience JIO Founder Led Company with Experienced Board & Strong Management Committee EXPERIENCED MANAGEMENT
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25 STATUTORY AUDITOR INTERNAL AUDITOR BANKING PARTNERS MAINTAINING HIGHEST LEVEL OF CORPORATE GOVERNANCE Engaging with top professionals and industry leaders Rated as A (Stable) CREDIT RATING AGENCY
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26 Influential Leaders of IndiaThe Game Changer - SAP ACE Award by PwC Times Now Impactful CEO Award ISO 27001:2022 Certification Best innovation in material handling solutions SCM Pro Award Best Innovation in Services HCCBPL Sustainable Business of the Year 2025 2022 Brand of the Year AWARDS AND RECOGNITION Recognized for excellence and leadership in the industry
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27 EMPLOYEE ENGAGEMENT Building a connected, inclusive and engaged workplace
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28 Supporting Our Communities Building a Safer & Brighter Future Empowering Women through Transport Donation of Pink Auto to female entrepreneurs Cleaning Drive Beach Cleaning activity at Manori Beach Spreading Joy during Festivals Donated traditional dresses to children to celebrate cultural festivals Support for Children Actively supported learning centers like Dhanak School for underprivileged and POSCO affected Children Enhancing Public Cyber Security Collaborated with cyber cells to strengthen community safety online Aiding Environmental & Civic Partnership Contributed to tree plantation drives partnership with Indian Army CORPORATE SOCIAL RESPONSIBILITIES Creating a positive impact across communities and society
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Section 3: Strategic levers to capture market growth02. Quarterly Financial Performance
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Q1FY27 : KEY HIGHLIGHTS EBITDA ₹1,141 Mn Q1FY27 PERFORMANCE ON A YOY BASIS Total Income ₹2,134 Mn YoY growth 19% YoY growth 21% YoY growth 23% Cash PAT ₹812 Mn PAT ₹247 Mn YoY Growth 30% EBITDA% ~53% YoY Increase 108 bps YoY increase 146 bps Cash PAT% ~38% PAT% ~12% YoY increase 104 bps Total Assets 14.9 Mn YoY growth 9% Landmark Public Listing Public listing strengthens visibility, governance and balance-sheet flexibility for future growth. Marquee Investor Backing Continued institutional backing from KKR (retains an approximately 35% post-IPO stake) alongside broader investor participation, reinforces confidence in LEAP’s platform. Expanding Asset Base 14.9 million assets, grew by 9% while Income grew by 19% Deepening Customer Network 1,000+ customers served across 10,500 touchpoints, supported by blue- chip relationships and less than 1% churn. Profitable Financial Growth Q1FY27 Income grew ~19%, while PAT increased faster at ~30%, reflecting operating leverage and improving earnings quality. Next Phase of Expansion Growth focused on movement hire, product cross-selling, new industries and GCC expansion 1 2 3 4 5 6 30
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31 13.7 14.9 1QFY26 1QFY27 Total Assets (Qty in Mn) 88.6% 89.2% 1QFY26 1QFY27 Pallet Utilisation Rate % 73.2% 72.9% 1QFY26 1QFY27 Container Utilisation Rate % 82.9% 80.9% 1QFY26 1QFY27 MHE value Utilisation Rate % Maintaining Asset utilization levels with a variation of ~1%, despite total assets growing by ~10%, demonstrating quick deployment of the new assets. SCALING THE ASSET BASE, SUSTAINING HIGH UTILIZATION
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190 247 659 812 1QFY26 1QFY27 PAT Cash PAT (INR Mn) 943 1,141 1QFY26 1QFY27 83% 82% 15% 16% 2% 2% 1QFY26 1QFY27 Others MHE Pooling Asset Pooling 32 Q1FY27 : DELIVERED STRONG FINANCIAL PERFORMANCE Total Income EBITDA & Margins PAT & Cash PAT PAT up 30% & Cash PAT up 23%Total Income up by 19% 52.3% 53.7% EBITDA up 21% with Margin of 53% 52.4% 53.5% All amounts in ₹ Mn
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33 +1.0 Mn 3,065 5.5 mn 8.2 mn 4,532 5.7 mn 9.2 mn 1QFY27 1QFY26 900+ 1,000+ 1QFY26 1QFY27 Customers 1.1x 7,000+ 10,500+ 1QFY26 1QFY27 Touchpoints 1.5x 30 28 1QFY26 1QFY27 Fulfilment centers* Synergies Total Asset breakup +0.2 Mn +1,467 * Proximity to existing FCs enabled to close two CHEP facilities and capture network synergies. BIGGER POOL, WIDER REACH 13.7 1.0 0.2 14.9 1QFY26 Pallet Others 1QFY27 Total Assets (Qty Mn)
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92 269 364 1,075 100 348 413 1,273 1QFY27 1QFY26 34 1,800 2,134 1QFY26 1QFY27 Income (₹ Mn) Pallets Container MHE Others +18% +13% +29% +9% 20% 15% 60% 5% 1QFY26 19% 16% 60% 5% 1QFY27 Product wise Income (₹ Mn) YoY Income Contribution SEGMENT WISE REVENUE SPLIT Others
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35 QUARTERLY PROFIT AND LOSS STATEMENT ₹ Mn 1Q FY27 1Q FY26 Y-o-Y Revenue from Operations 2,034 1,708 19.1% Other Income 100 92 9.4% Total Income 2,134 1,800 18.6% Total expenses 993 857 15.9% EBITDA 1,141 943 21.0% EBITDA margin% 53.5% 52.4% +108 bps Depreciation, Amortisation & Impairment 565 469 20.5% Finance Cost 247 221 11.8% PBT 330 254 30.1% Tax expenses 83 64 29.5% PAT 247 190 30.3%
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Section 3: Strategic levers to capture market growth03. Annual Financial Performance
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37 ANNUAL CONSOLIDATED INCOME STATEMENT ₹ Mn FY23 FY24 FY25 FY26 CAGR Revenue from Operations 2,534 3,650 4,665 7,295 42.3% Other Income 48 70 186 178 Total Income 2,582 3,719 4,850 7,474 42.5% Total expenses 1,319 1,620 2,112 3,685 EBITDA 1,263 2,099 2,738 3,788 44.2% EBITDA margin% 48.9% 56.4% 56.5% 50.7% +1.8% Depreciation, Amortisation & Impairment 740 1,126 1,537 2,043 Finance Cost 424 506 680 936 PBT 98 467 521 809 101.9% Tax expenses 8 95 145 185 PAT 90 372 376 623 90.5%
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38 ANNUAL CONSOLIDATED BALANCE SHEET Assets (₹ Mn) FY23 FY24 FY25 FY26 Non-current assets 9,407 11,115 16,054 18,699 Property, plant and equipment 8,058 9,750 12,293 14,807 Capital work-in-progress 1 15 2 81 Right-of-use of asset 514 559 1,157 1322 Goodwill 418 418 418 418 Intangible incl. under development 122 114 1,733 1,649 Financial assets 242 102 65 75 Non-current tax assets (net) 39 51 268 297 Other non-current assets 14 106 117 49 Current assets 1,747 2,888 4,370 5,311 Inventories 183 148 233 332 Investments 29 521 1,015 1,069 Trade receivables 853 1,436 1,992 2,623 Bank, Cash and cash equivalents 116 89 271 69 Loans & Other financial assets 9 57 45 16 Other current assets 557 636 814 1,202 Total Assets 11,154 14,003 20,425 24,010 Liabilities (₹ Mn) FY23 FY24 FY25 FY26 Total Equity 5,694 7,142 9,173 10,063 Equity share capital 21 27 30 121 Instruments entirely equity in nature 415 1,896 3,082 3,155 Other equity 5,258 5,218 6,061 6,788 Non-current liabilities 3,220 4,730 7,990 9,323 Borrowings 2,825 4,185 6,560 8,094 Lease liabilities 327 379 761 781 Provisions 10 13 22 15 Deferred tax liabilities (net) 58 154 646 433 Current liabilities 2,240 2,131 3,262 4,625 Borrowings 721 946 1,457 2,083 Lease liabilities 204 205 423 555 Trade payables 478 474 776 862 Other current financial liabilities 785 398 593 1,090 Provisions & Other current liabilities 49 107 13 35 Current tax liability (net) 3 Total Liabilities 11,154 14,003 20,425 24,010
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39 ANNUAL CONSOLIDATED CASH FLOWS ₹ Mn FY23 FY24 FY25 FY26 Profit before tax 98 467 521 809 Operating profit before working capital changes 1,297 2,080 2,577 3,760 Net cash generated from operating activities (A) 1,530 1,491 2,550 2,683 Purchase of Property plant & equipment net of sales (1,000) (3,026) (2,535) (3.619) Purchase consideration paid towards business combination (952) (21) (10,041) Other Investing Activity (62) (340) (373) 18 Net cash used in investing activities (B) (2,014) (3,387) (12,949) (3,601) Net cash generated from financing activities (C) 342 1,889 10,214 716 Net decrease in cash and cash equivalents (A+B+C) (142) (7) (185) (203) Cash and cash equivalents as at the beginning of the year 234 92 85 264 Add: Acquired through business combination 364 Cash and cash equivalents as at the end of the year 92 85 264 61
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Term Description Pallet Utilization Pallet utilization rate denotes the rolling 12-months average of month-end pallet stock deployed at customer locations, benchmarked against the total number of pooling pallets owned by the company over the same period. Container Utilization Container utilization rate denotes the rolling 12-months average of month-end standard container stock deployed at customer locations, benchmarked against the total number of standard pooling containers owned by the company over the same period. Standard container includes FLC, crates and utility boxes MHE Utilization Material Handling Equipment (MHE) utilization rate denotes the rolling 12-months average of the month-end book value of Material Handling Equipment (MHE) assets deployed at customer locations, expressed as a percentage of the total MHE stock value owned by the company over the same period. MHE includes forklifts, Battery Operated Pallet Trucks (“BOPTs”), Hand Operated Pallet Trucks (“HOPTs”), and other similar handling equipment EBITDA EBITDA as per the Consolidated Financial Information is calculated as profit before tax plus finance costs plus depreciation, amortisation and impairment expenses as per the Consolidated Financial Information EBITDA margin EBITDA Margin as per the Consolidated Financial Information is calculated as EBITDA as per the Consolidated Financial Information as a percentage of total income as per the Consolidated Financial Information Cash PAT Cash PAT as per the Consolidated Financial Information is the net profit for the year plus depreciation, amortisation and impairment expenses as per the Consolidated Financial Information Cash PAT margin Cash PAT Margin as per the Consolidated Financial Information is calculated as Cash PAT as per the Pro Forma Consolidated Financial Information as a percentage of total income as per the Consolidated Financial Information Cash Return on Equity Cash Return on Equity as per the Consolidated Financial Information is defined as Cash PAT as per the Consolidated Financial Information divided by Average Total Equity. In this context, average total equity is the average of opening and closing Total Equity as disclosed in the Restated Consolidated Financial Information Net Debt to EBITDA Net borrowing after reducing Cash & Cash Equivalent from Consolidated borrowing and divided with EBITDA ROCE Return on Capital Employed (by EBITDA) as per the Consolidated Financial Information is calculated as EBITDA as per the Consolidated Financial Information divided by average capital employed. Average Capital Employed is the average of opening and closing Capital Employed. Capital Employed is calculated as tangible net worth plus total debt plus deferred tax liabilities. In this context, tangible net worth, total debt and deferred tax liabilities are as per the Restated Consolidated Financial Information GLOSSARY 40