Slides
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Investor PresentationLEAP India Limited October 2026 Q2 & H1FY27
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2 SAFE HARBOR & DISCLAIMER010203 This presentation and the following discussion may contain “forward lookingstatements” by LEAP India Limited (“LEAP” or the company) that are not historicalin nature. These forward-looking statements, which may include statementsrelating 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 IndiaLimited about the business, industry and markets in which LEAP operates.These statements are not guarantees of future performance, and are subject toknown and unknown risks, uncertainties, and other factors, some of which arebeyond 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 tofuture performance or achievements of LEAP . It should be noted that the actualperformance or achievements of LEAP may vary significantly from such statements.
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01» 3 TABLE OF CONTENTS02»Quarterly & Half-yearly Financial Performance03»Annual Financial Performance 04»Business OverviewNew Business Development
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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 India4Mr. Sunu MathewChairman, MD & CEO"I'm pleased to share that our profits have continued to grow well ahead of our revenue. In Q2FY27, PAT grew by 62%while income grew 23%, and for the first half, PAT was up 42% on 21% income growth. This performance is a cleardemonstration of the operating leverage we have built, driven by disciplined cost management and scalability of ourbusiness.Looking at the quarter, total income came in at ₹2,159 Mn, EBITDA grew 25% to ₹1,097 Mn at a 50.8% margin, and PATrose to ₹178 Mn, with margins up 200 bps to 8.2%. For the half year, we delivered ₹4,294 Mn of income, ₹2,239 Mn ofEBITDA at a 52.1% margin, and ₹425 Mn of PAT , with PAT margin expanding 149 bps to 9.9%.Much of this growth has been driven by the strength of our underlying business. Our asset base grew by 12% to 15.5million, and income grew almost twice as fast. We now serve over 1,100 customers across 11,000+ touchpoints, andchurn remains below 0.5%. In the quarter, asset-pooling income grew 19% and MHE income 52%.The strategic acquisitions of Vimprotech and TIPS mark a significant step in strengthening LEAP India’s position as anend-to-end returnable packaging solutions provider. These acquisitions enable backward integration into customplastics manufacturing, enhance supply chain control, optimize the crate and container asset pool, and expand thecustomer base by over 200 customers across the supply chain sectors. The acquisitions are expected to unlockoperational efficiencies, support long-term margin improvement and create cross-selling opportunities across LEAPIndia’s nationwide network, while reinforcing its strategy of pursuing inorganic growth and strengthening marketleadership.All of this rests on a much stronger balance sheet. Net debt has come down to ₹ 4,337 Mn from ₹ 8,010 Mn, debt-to-equity has nearly halved to 0.48x, and India Ratings has upgraded us to IND A+ and IND A1+.Strong growth, continued improvements in cost efficiency and rising profitability position us well to sustain thismomentum. With a scalable business model, disciplined execution and a clear focus on operational excellence, weremain confident in our ability to deliver long-term value and strengthen the trust our shareholders have placed inus." EXECUTIVE COMMENTARY
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Section 3: Strategic levers to capture market growth01. Quarter & Half-yearly Financial Performance
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Q2FY27 : Profits Outpaced ~3x Faster than RevenueEBITDA₹1,097 MnQ2FY27 PERFORMANCE ON A YOY BASISTotal Income₹2,159 MnQ2FY26: ₹1,762 Mn 23%Q2FY26: ₹879 Mn 25%Q2FY26: ₹599 Mn 26%Cash PAT₹754 MnPAT₹178MnQ2FY26: ₹110 Mn 62%EBITDA%~50.8%Q2FY26: 49.9% 91bpsQ2FY26: 34.0% 93bpsCash PAT%~34.9%PAT%~8.2%Q2FY26: 6.2% 200bps Total Assets15.5 MnQ2FY26: 13.8 Mn 12%Topline GrowthQ2FY27 Income grew ~23%, driven by 19% growth in asset-pooling income and 52% growth in MHE incomeImproved ProfitabilityQ2FY27 Income grew ~23%, while PAT increased faster at ~62%, reflecting operating leverage, cost savings and improving earnings quality.Improvement in Credit RatingIndia Ratings & Research has upgraded long-term bank loan rating to ''IND A+'' from ''IND A'', with a stable outlook, and a short-term loan rating to ''IND A1+'' from ''IND A1" Reducing DebtQ2FY27 Net Debt stands at ₹ 4,337 Mn vs ₹ 8,010 Mn Q2FY26 resulting in improved Debt to equity of 0.48x vs 0.96x LY . and net debt to EBITDA has come down to about 1.9x from about 4.4x, with around Rs. 1,100 million held as investments.Expanding Asset Base15.5 million assets, grew by 12% while Income grew by 23%Deepening Customer Network1,100+ customers served across 11,000 touchpoints, supported by blue-chip relationships and less than 0.5% churn. 123456 6
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H1FY27 : From IPO to Impact – Stronger Financials & Clear Growth TrajectoriesEBITDA₹2,239 MnH1FY27 PERFORMANCE ON A YOY BASISTotal Income₹4,294 MnH1FY26: ₹3,562Mn 21%H1FY26: ₹1,823Mn 23%H1FY26: ₹1,257Mn 25%Cash PAT₹1,566 MnPAT₹425MnH1FY26: ₹300Mn 42%EBITDA%~52.1%H1FY26: 51.2% 97bpsH1FY26: 35.3% 117bpsCash PAT%~36.5%PAT%~9.9%H1FY26: 8.4% 149bps Total Assets15.5 MnH1FY26: 13.8 Mn 12%Landmark Public ListingPublic listing for Rs. 24,800 Mn IPO included a fresh issue of Rs. 4,800 Mn which strengthens visibility, governance and balance-sheet flexibility for future growth.Marquee Investor BackingContinued institutional backing from KKR (retains an approximately 35% post-IPO stake) alongside broader investor participation, continued FII inflow, reinforces confidence in LEAP’s platform. Next Phase of ExpansionGrowth focused on movement hire, product cross-selling, new industries and GCC expansion7 Profitable Financial GrowthH1FY27 Income grew ~21%, while PAT increased faster at ~42%, reflecting operating leverage, cost optimization and improving earnings quality. Repayment of Debt out of IPO proceeds₹3596 Mn of the IPO proceeds were utilized for debt repayment, resulting in an improvement in the Company's debt-to-equity ratioKEY FINANCIAL HIGHLIGHTSKEY EVENTS
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8 Scaling the Asset Base, Sustaining High Utilization 13.8 14.7 15.5 SEP'25 MAR'26 SEP'26Total Assets (Qty Mn) 89.3% 89.3% 89.3%SEP'25 MAR'26 SEP'26Pallet Utilisation Rate%71.7% 71.7%73.7%SEP'25 MAR'26 SEP'26Container Utilisation Rate%82.2%79.8%82.3%SEP'25 MAR'26 SEP'26MHE Utilisation Rate%
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3,403 5.3 mn8.6 mn4,6156.0mn9.5 mnH1FY27H1FY26 9 +1.0 Mn1,000+1,100+H1FY26 H1FY27Customers 1.1x8,800+11,000+H1FY26 H1FY27Touchpoints 1.3x3127H1FY26 H2FY27Fulfilment centers*SynergiesTotal Asset breakup+0.7 Mn+1,212* Proximity to existing FCs enabled to close two CHEP facilities and capture network synergies. Bigger Pool, Wider Reach *Only MHE excl. HOPT 1,450 H1FY27 vs 1,289 H1FY26 2,971 (83%)3,505 (82%)528 (15%)741 (17%)62 (2%)48 (1%)H1FY26 H1FY27 Total Income (INR Mn)₹3,562 Mn₹4,294 Mn +21%
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10 DEBT TO EQUITY (x)1.0x1.0x0.5xH1FY26 FY26 H1FY27RETURN ON EQUITY ^ (%) NET DEBT TO EBITDA* (x)RETURN ON CAPITAL EMPLOYED ^ (%) 17.4%19.1%20.5%H1FY26 FY26 H1FY27CASH RETURN ON EQUITY ^ (%) 25.4%27.7%25.5%H1FY26 FY26 H1FY27 Built for sustainable long-term value creation.Leveraging Growth,Improving Returns LEAP has war chest of ~INR 1,100 mn parked as investment4.4x2.4x1.9xH1FY26 FY26 H1FY276.0%6.5%6.9%H1FY26 FY26 H1FY27* Net Debt as on period year end date & EBITDA is for the period ^ Return ratios have been annualised
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11 Consolidated Profit & Loss StatementHalf-yearly FinancialsQuarterly Financials` Y-o-YH1 FY26H1 FY27Y-o-YQ2 FY26Q2 FY27₹ Mn18.6%3,495 4,146 18.2%1,787 2,112 Revenue from Operations120.1%67 148 292.4%-25 47 Other Income20.6%3,562 4,294 22.5%1,762 2,159 Total Income18.1%1,739 2,055 20.3%883 1,062 Total expenses22.8%1,823 2,239 24.8%879 1,097 EBITDA97 bps51.2%52.1%91 bps49.9%50.8%EBITDA margin%19.1%958 1,141 17.8%489 576 Depreciation, Amortization & Impairment-0.7%465 461 -11.9%244 215 Finance Cost59.0%401 637 109.1%147 307 PBT before exceptional item68 68 Exceptional Item41.9%401 568 62%147 238 PBT 41.9%101 143 64%37 60 Tax expenses41.9%300 425 62%110 178 PATExceptional Items: Prepayment charges on long term borrowings/ Non-Convertible Debentures
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12 H1FY26H1FY27Assets (₹ Mn)17,40219,935Non-current assets13,61316,265Property, plant and equipment18212Capital work-in-progress9791,056Right-of-use of asset418418Goodwill1,7131,570Intangible incl. under development6581Financial assets292252Non-current tax assets (net)140282Other non-current assets4,8788,003Current assets282468Inventories1,0521,100Investments2,4252,629Trade receivables781,816Bank, Cash and cash equivalents4333Loans & Other financial assets9971,957Other current assets22,27927,938Total Assets H1FY26H1FY27Liabilities (₹ Mn)9,49315,111Total Equity121 441 Equity share capital 3,155 Instruments entirely equity in nature6,21714,671Other equity9,018 4,961 Non-current liabilities7,683 3,782 Borrowings593 573 Lease liabilities21 31 Provisions720575Deferred tax liabilities (net)3,7697,866Current liabilities1,457 3,471 Borrowings423 529 Lease liabilities1,0401,058Trade payables 6552,544Other current financial liabilities194264Provisions & Other current liabilities0Current tax liability (net)22,27927,938Total Liabilities Consolidated Balance Sheet
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13 H1 FY26H1 FY27₹ Mn401568Profit before tax1,8252,219Operating profit before working capital changes 1,2463,140Net cash generated from operating activities (A)(1,896)(2,242)Purchase of Property plant & equipment net of salesPurchase consideration paid towards business combination166.49Other Investing Activity(1,879)(2,236)Net cash used in investing activities (B)439850Net cash generated from financing activities (C)(194)1,754Net Increase / Decrease in cash and cash equivalents (A+B+C)26461Cash and cash equivalents as at the beginning of the yearAdd: Acquired through business combination 701,815Cash and cash equivalents as at the end of the year Consolidated Cash Flow Statement
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Section 3: Strategic levers to capture market growth02. New Business Developments
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What do these acquisitions bring to LEAP?Vimprotech enhances backward integration through in-house mould design and manufacturing capabilities, while TIPS broadens LEAP India’s customer base and product portfolio, accelerating growth and strengthening its end-to-end returnable packaging solutions platform.Sustained expansion is only achievable through relentless operational excellence and consistent customer satisfaction - anchored in three key performance drivers Faster Turnaround TimeStreamlined operations, shorter lead times. Innovation & Better-Quality ControlConsistent standards, reliable innovative products. Cost ReductionGreater efficiency, lower dependency. Unlocks New Capabilities Design & Mould Manufacturing ExpertiseAdds in-house capability for mould design and tooling Backward IntegrationReduced dependence on external. Greater cost and quality and optimized supply chain. Expanded Product Portfolio & CustomersIncreasing product offering along with complementing LEAP’s existing range of packaging solutions Expanding Existing CapabilitiesIncreasing Pooling Market DominanceSolidifies LEAP’s market leadership while reinforcing undisputed dominance across the core pooling ecosystemIncreased Presence in South IndiaIncreasing presence in South India with multiple warehouses and customer touch pointsIncreasing Operational EfficiencyHigher dominance and efficiency in operations due to our presence in the Auto-hubs (Pune – LEAP & Chennai - TIPS) of India TWO STRENGTHS. ONE BIGGER IMPACT .Strengthening Capabilities Through Acquisitions VT & TIPS 15
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Business FootprintDiversified Customer baseDesign & InnovationTooling MouldingProductionSales Enhancing in-house precision manufacturingVimprotech – Unlocking New Capabilities for LEAPProduct PortfolioValue chain & MOAT: Concept to Pooled asset under one roofKey strengths In-house design Multi-process Polymer depthSolid Works-led Design, CNC Mould Development & PrototypingInjection, Thermoforming, Vacuum-forming, Extrusion, Heavy Gauge, Hydro Compressed PressHIPSPPHDPEPETPVCABSScalable Growth:Enables new product development for existing & expanding customer bases; driving long-term margin expansion Smart Foldable SolutionsExperienced TeamHighly experienced team with mould designing and manufacturing skill & experience 200+Pondicherry & Tamil Nadu2 Manufacturing UnitFlute Board & Inserts Plastic Foldable Crates & Bins Pallets & RPC Products Automotive & Agricultural Trays ~₹470 MnFY26 revenue 23%Revenue CAGR, FY24–26 16 Complete In-House Value Chain:By integrating capabilities from Product Design to Mould Fabrication and Final Plastic Packaging Production, we gain complete control over quality and time-to-marketMulti Industry PresenceElectronics, White Good, Pharmaceuticals, Agriculture, Auto, F&B etc. Acrylic
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Tailor-made Automotive business added to LEAPTIPS: A High Margin Pooling Engine for LEAPWhat TIPS does PoolingReusable crates, lids & inserts for Auto customers; ~0.25 Mn asset capacity ~₹180 MnFY26 revenue 25%Revenue CAGR, FY24–26CleaningCleaning of pooled assets between cyclesSupport ServicesValue-added services like repairing & maintenanceExpanding our Auto-pooling network transitions more automotive supply chain logistics from single-use packaging to reusable, closed-loop returnable assets - significantly reducing carbon emissionsExpanding our Auto-pooling network transitions more automotive supply chain logistics from single-use packaging to reusable, closed-loop returnable assets - significantly reducing carbon emissions Bangalore (2), Nashik & Tirunelveli4 Warehouses Business ModelWhy it fits LEAP15.5 Mn+Increasing automotive vertical to LEAP’s pooled asset base27 | 11,000+Wider reach via LEAP’s touchpointsUtilisationShared infrastructure and services Pune + ChennaiConnects LEAP’s and TIPS’ auto hubs 17
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Bigger Reach. Stronger Together. The Value Creation Roadmap The ValueCreation Outcome Larger & diversifiedrevenue base Higher profitability& cash flows Operationalefficiencies Stronger marketposition Enhanced shareholdervalue 1. Expanded Business ReachBroader customer base. Wider geography. More industries.Operational, commercial and financial synergies to unlock value. Revenue SynergiesCross-sell pallets, crates,containers & MHEExpand into new industries (FMCG, Electronics, Agri)Deeper customer penetration (existing + new geographies)Deep relations and long-term contracts Cost SynergiesIntegrated manufacturing & pooling operationsReduced external dependency (moulds, vacuum forming)Optimised sourcing & better logistics planning at scale2. Synergies RoadmapLEAPExisting platformVimprotech + TIPSTarget (pre-deal)Metric1,100+200+Customers15.5 Mn(₹18,200 Mn asset base)~0.25 Mn(crates & trays)Asset pool (pooled assets)Outsourced vendor network2 (Puducherry, Tamil Nadu)Manufacturing units274Warehouses / fulfilment centres₹7,474 Mn (total income)₹650 MnRevenue FY26Highly experienced professionals in designing & manufacturing18 3. StructureMANUFACTURING ARMDesign, moulds & production Acquisition via Slump sale for ₹ 1,020 MnPOOLING ARMAutomotive crate & tray poolingVimprotech Pvt. Ltd.Newly incorporated, 100% subsidiaryTotal Integrated Packaging Solutions Pvt. Ltd.Newly incorporated, 100% subsidiary Acquisition via Slump sale for ₹ 400 Mn
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Section 3: Strategic levers to capture market growth03. Annual Financial Performance
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20 CAGRFY26FY25FY24FY23₹ Mn42.3%7,2954,6653,650 2,534 Revenue from Operations17818670 48 Other Income42.5%7,4744,8503,7192,582 Total Income3,6852,112 1,6201,319 Total expenses44.2%3,7882,7382,0991,263EBITDA+1.8%50.7%56.5%56.4%48.9%EBITDA margin%2,0431,5371,126740Depreciation, Amortisation & Impairment936680506424Finance Cost101.9%80952146798PBT185145958Tax expenses90.5%62337637290PAT Annual Consolidated Profit & Loss Statement
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21 FY26FY25FY24FY23Assets (₹ Mn)18,69916,05411,1159,407Non-current assets14,80712,293 9,7508,058Property, plant and equipment81215 1Capital work-in-progress13221,157 559 514Right-of-use of asset418418418418Goodwill1,6491,733114122Intangible incl. under development7565102 242Financial assets2972685139Non-current tax assets (net)49117106 14Other non-current assets5,3114,3702,888 1,747Current assets332233148183Inventories1,0691,015 52129Investments2,6231,992 1,436853Trade receivables6927189 116Bank, Cash and cash equivalents1645579Loans & Other financial assets1,202814636557Other current assets24,01020,425 14,003 11,154Total Assets FY26FY25FY24FY23Liabilities (₹ Mn)10,0639,1737,1425,694Total Equity121302721 Equity share capital 3,1553,0821,896415Instruments entirely equity in nature6,7886,061 5,2185,258Other equity9,3237,990 4,7303,220 Non-current liabilities8,0946,5604,185 2,825 Borrowings781761379 327 Lease liabilities152213 10 Provisions433646154 58Deferred tax liabilities (net)4,6253,262 2,131 2,240Current liabilities2,0831,457 946 721 Borrowings555423 205204Lease liabilities862776474478Trade payables 1,090593398 785Other current financial liabilities3513 10749Provisions & Other current liabilities3Current tax liability (net)24,01020,425 14,00311,154Total Liabilities Annual Consolidated Balance Sheet
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22 FY26FY25FY24FY23₹ Mn80952146798Profit before tax3,7602,5772,0801,297Operating profit before working capital changes 2,6832,5501,4911,530Net cash generated from operating activities (A)(3.619)(2,535)(3,026)(1,000)Purchase of Property plant & equipment net of sales(10,041)(21)(952)Purchase consideration paid towards business combination18(373)(340)(62)Other Investing Activity(3,601)(12,949)(3,387)(2,014)Net cash used in investing activities (B)71610,2141,889342Net cash generated from financing activities (C)(203)(185)(7)(142) Net decrease in cash and cash equivalents (A+B+C)2648592234 Cash and cash equivalents as at the beginning of the year364Add: Acquired through business combination 612648592Cash and cash equivalents as at the end of the year Annual Consolidated Cash Flow Statement
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Section 3: Strategic levers to capture market growth04. Business Overview
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24 Pay per use, procure as and when it is required, and hire-dehire anywhere90%+ Market ShareLeader in Indian pallet pooling15.5 Mn Assets pool*₹18,200 Mn + value of Asset Base*Scaled pooling infrastructureDiversified Asset PoolPallets | Containers | MHEHigh Asset Utilization*89.3%pallet utilization1,100+Customers*11,000+ Touchpoints*27 Fulfillment Centers*Dense pan-India networkEnd 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 MnEBITDA₹3,788 MnCash PAT₹2,667 MnROCE19%+EBITDA MARGIN51%FINANCIAL PERFORMANCE AS OF FY26 (CONSOLIDATED) Fulfillment CentersCorporate officesGandhidhamGuwahatiKaneraSri CityJamshedpurBengaluruIndorePuneBhiwandiNashikKarjatNagpurRajpuraChennaiHyderabadLucknowSiliguriRudrapurKolkataBhubanaeshwar MumbaiNCR Head office *As of Q1FY27 CAGR (FY23-26) 43%CAGR (FY23-26) 44%CAGR (FY23-26) 48% Margin increase 409bpsMargin increase 177bps#1 On DemandAsset Pooling Provider in IndiaCAGR (FY23-26) 91%PAT₹623 Mn
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25 1 24 122 370 691 1254 1720 1767 2130 2582 3719 4850 747442942014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 H1FY27CHEP IndiaAcquisitionAcquisition 100% Subsidiary2013Total Income (₹m) 20132013 Founded LEAP with a vision to build an organized asset-pooling platform in India Founded LEAP with a vision to build an organized asset-pooling platform in India 2013 Founded LEAP with a vision to build an organized asset-pooling platform in India 20142014 Launched Foldable Large Containers with 1st customer Launched Foldable Large Containers with 1st customer 2014 Launched Foldable Large Containers with 1st customer 20152015 Equity Investment from Mayfield, New York Equity Investment from Mayfield, New York 2015 Equity Investment from Mayfield, New York 20162016 Reached a pool size of 600k+ pallets and 25k+ FLCs, and 150+ customers Reached a pool size of 600k+ pallets and 25k+ FLCs, and 150+ customers 2016 Reached a pool size of 600k+ pallets and 25k+ FLCs, and 150+ customers 202020203 Mn+ Pallets, 560+ customers. 3 Mn+ Pallets, 560+ customers. 20203 Mn+ Pallets, 560+ customers. 20222022Crossed total Income of INR 2.1 bnCrossed total Income of INR 2.1 bn 2022Crossed total Income of INR 2.1 bn 20232023KKR acquires 80.63% stake in LEAP100% acquisition of SKAN Marine by TaronKKR acquires 80.63% stake in LEAP100% acquisition of SKAN Marine by Taron 2023KKR acquires 80.63% stake in LEAP100% acquisition of SKAN Marine by Taron 20252025Acquisition of CHEP IndiaLaunch of LEAP in GCCAcquisition of CHEP IndiaLaunch of LEAP in GCC 2025Acquisition of CHEP IndiaLaunch of LEAP in GCC 20262026IPO ListingMr. PALLET Launch. IPO ListingMr. PALLET Launch. 2026IPO ListingMr. PALLET Launch. Accounts for 90% market share in Indian Pallet Pooling market. Journey to Becoming aMarket Leader 20192019Crossed total Income of INR 1.2 bnCrossed total Income of INR 1.2 bn 2019Crossed total Income of INR 1.2 bn 2018Incorporated TARON as a Wholly Owned Subsidiary 20172017 Launched new customized solutions like Crates, Wire Mesh, Tyec sheets Launched new customized solutions like Crates, Wire Mesh, Tyec sheets 2017 Launched new customized solutions like Crates, Wire Mesh, Tyec sheets 20242024LEAP India shifted office to Westin GoregaonLEAP India shifted office to Westin Goregaon 2024LEAP India shifted office to Westin Goregaon 20212021Investment from Morgan Stanley.Investment from Morgan Stanley. 2021Investment from Morgan Stanley.
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26 TOTAL INCOME (₹ Mn) FY23 FY24 FY25 FY262,5823,7194,8507,474FY23FY24FY25FY26Asset Pooling2,4582,9933,8426,169MHE Pooling766768871,152Others4851121153TOTAL INCOME2,5823,7194,8507,474 EBITDA (₹ Mn) & Margin % 48.9%56.4%56.5%50.7%**1,2632,0992,7383,788FY23 FY24 FY25 FY26PAT (₹ Mn) & Margin% 3.5%10.0%7.7%8.3%90372376623FY23 FY24 FY25 FY26CASH PAT (₹ Mn) & Margin % 32.2%40.3%39.4%35.7%8301,4981,9132,667FY23 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-FY2690.5%43% CAGR FY23-FY2644.2%43% CAGR FY23-FY2642.5%CAGR FY23-FY2647.5%
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27 6.97.913.314.7FY23 FY24 FY25 FY26Total Assets (Qty in Mn)87.9%87.8%87.5%89.3%FY23 FY24 FY25 FY26Pallet Utilisation Rate % 39.7%66.2%76.0%71.7%FY23 FY24 FY25 FY26Container Utilisation Rate %*82.5%81.5%79.8%FY24 FY25 FY26MHE Utilisation Rate %Robust Asset Base, Over the Years FY26 utilization lower due to CHEP acquisition Growing Asset base with high Asset utilization
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28 DEBT TO EQUITY (x)0.6x0.7x0.9x1.0x0.4xFY23 FY24 FY25 FY26 Post-IPORETURN ON EQUITY (%) 1.7%5.8%4.6%6.5%FY23 FY24 FY25 FY26FY 25 nos. includes impact of CHEP acquisitionNET DEBT TO EBITDA (x)RETURN ON CAPITAL EMPLOYED (%) 15.0%20.3%18.0%19.1%FY23 FY24 FY25 FY26CASH 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 investment2.7x2.2x2.5x2.4x1.4xFY23 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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29 Grade A warehousing and Vertical StackingRising urban land costs are drivingvertical and Grade A warehousing,increasing demand forstandardized,high-quality palletssuitable for efficientracking, stacking and goods movement.03 Automation of Supply ChainRapid adoption of robotics,conveyor systems, automatedguided vehicles (AGVs), andautomated storage and retrievalsystems (ASRS) raises the demandfor automation-compatible pallets02 Higher Volume and ScaleFaster truck turnaround and lowermovement costs enable customers to handlemore volumes in less time. Also, Palletsreduce loading & unloading time by up to80–90%.01 Vertical WarehousingSmaller Trucks with Manual LoadingTraditional Production LineHorizontal WarehousingPalletized Production LineLarge Trucks with Pallets Palletization turns individual pieces into a single, standardized unit - unlocking efficiency, safety and savings across operations.WhyPalletization?
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30 Globally, the pallet industry is either a monopoly or a duopoly*1LEAP 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 (%)ANZEU NA GCC ChinaIndiaPallet 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 share90%CHEPPECO pallet LPRCHEPCHEPCHEPLOSCAMLOSCAM
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31Source: *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 20Million10616410209.4%12.2% FY26 FY31EPooling 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 UnitsTotal Industry Pallets In India as of FY2682 MnOne way / Low quality(82%)Typically used once and not suitable for pooling~18 MnGood quality(18%)~10 MnPooled pallets(50%)~8 MnNon pooled pallets(50%)9 MnLEAP pallets(90% market share)~1 MnOther pooling players(10%)High quality & durable pallets suitable for poolingIndian 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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32 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 periodBillingAllotment fee + PDRTypical use casesWarehousing, in-house operations, seasonal buffer, in-plant storageKey benefitPredictable availability at one locationNext LevelPhase I STATIC HIREFor customers Pay-per-Use model. For LEAP Annuity Income.Our Share-and-ReuseBusiness Model (1/2)
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33 Phase IIMOVEMENT HIRENext LevelOne pallet. Multiple movements. Recurring revenue.The Next Leg of Growth (2/2) Assets circulate across multiple supply chain partnersBillingTypical use casesKey benefitCharging Movement and transportation fee at each leg of the Supply ChainEnd-to-end supply chains, FMCG, e-commerce, automotive, CPG, exports, cross-dockingMultiple revenue events per asset across the supply chain Next Move - Expanding across e-com/Supermarkets to further many dark stores and large retailers 234561
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34 Why Cusomers Choose Us? Companies with high ROCE prefer to beasset light & don't own palletsCompanies withhigh ROCE Companies keep lean palletsinventory in stock and leaseadditional palletsSeasonality Lower Dot (pick & drop) turnaround,Pallets are constantly in motion,subjected to render wear & tearHigh Turnaround High pallet pick & no-pick, pallets movewithin the warehouse more often,causing wear & tearHigh Pallet Pick % Companies perceive that TCO in poolingmodel is lower than capex modelHigh TCOPerception FMCGFood & Beverages3PLE-Com & Q-ComIndustrials & Others Frequent pallet picks,high wear and tearHigh seasonalsurgeVolatile demands,flexible pallet leasingHigh throughput,high TCOFrequent pallet pickswith asset-heavycompanies One pallet catering different needs and Multiple Segments.
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35 LEAP manages the asset lifecycle after delivery —with visibility, control and accountability.Asset retrieval and proper maintenance Visibility and efficient inventory managementReal-time asset trackingEnsuring asset reliabilityRegular equipment hire stock auditsMinimizing downtime and maximizing asset utilizationUser-friendly interface Higher asset utilization and improved service reliabilityBetter navigation, safety, and operational insightsTracking forklifts at customer locationsAdvanced analytics and demand forecasting Monitoring transportation of units Automated invoicing and efficient data exchange with clientsElectronic data interchange with customers Input TrackingAsset Tracking via RFID & IOTPlatform TrackingInhouse app customer portal for pallet trackingIntegration LayerConnected Enterprise systemsValue LayerDriving operational excellence Every asset. Every movement. Every day.Tech-Enabled,Professionally Managed. Fully Accountable
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Penetration across the supply chainPenetration in new industries Expansion within existing industriesReplicating success storiesIndustries adopting palletization in India Expand product offerings with existing customersNew Market ExpansionMiddle East High palletization & movement hireStrategic innovative products Integrating across customers value chain Driving Value & Inorganic growthStrategic Integration & Partnerships Strategic PartnershipsSimilar Business AcquisitionBackward Integration Overall, To Achieve Profitable GrowthOur Strategic Priorities 36
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Palletization Journey by LEAPMovement Hire from Plants to Depots Onboarding customer with pallets static hireExpansion to multiple plantsProduct Expansion into Stillages & MHEsBackward integration in customers ecosystem with other dairy playersReplicating to other dairy players Nov’16Dec'23May’23Oct’24Aug’25 One of Our Success Stories with a Leading Dairy Co-operativeHow LEAP helped them scale: 8x Pool Growth. 12x Revenue Growth. Remarkable Growth in Action. 37 PRE-PALLETISATIONTHE CHALLENGES BEFORE EFFICIENCY HIGHER COSTS. LOW EFFICIENCY. MORE RISKS. The Limitations of Pre-Palletisation. PALLETISED LOADINGTHE SMARTER, FASTER & SAFER WAY LOWER COSTS, HIGHER EFFICIENCY, SAFER OPERATIONS. The Advantages of Palletised Loading.High time at dock & SafetyLeading to delays and lower truck turnaround and unsafe practiceManual Hand Balling; High dependency on laborTime consuming process for loading and unloading operations.Damages to productdue to manual handling and rough operations.Difficulty in meeting growing demandefficiently and consistently.Challenges to scaleFaster turnaround, Lower dwell timeAutomated Palletization; Faster Loading and UnloadingEnables seamless, mechanized goods handling; MHEs accelerate goods movementReduction in damagesAutomation minimizes handling damageHighly ScalableEnables efficient volume expansionImproved time at Dock
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Another Success Story –Poineer in Textiles Movement Hire3x Pool Growth. Sustainable packaging. Strongly adopted by other textile players 38 PRE-PALLETISATIONTHE CHALLENGES BEFORE EFFICIENCYHIGHER COSTS. LOW EFFICIENCY. MORE RISKSPALLETISED LOADINGTHE SMARTER, FASTER & SAFER WAYLOWER COSTS, HIGHER EFFICIENCY, SAFER OPERATIONSImproved time at Dock, faster turn-around, Lower dwell timeAutomated PalletizationEnables seamless, mechanized goods handling; MHEs accelerate goods movementReduction in damagesAutomation minimizes handling damageHighly ScalableEnables efficient volume expansionFaster Loading & Unloading Labour-Intensive HandlingManual packing slows loading and increases turnaround time.Unsustainable PackagingSingle-use corrugated boxes generate recurring waste.Product DamageBox collapse, moisture and weakstacking can damage yarn in transit.Non-Core Operational BurdenAsset tracking, reverse logistics, repairsand maintenance consume managementbandwidth.High Capital & Asset-Loss RiskOwnership requires upfront investmentwhile exposing businesses to damage andasset loss. Palletization Journey by LEAPOnboarding customer withstatic hireMay’25Installed Movement HireOct’25Deeper penetration inmovement hireNov’25Replicating to othertextile playersJul’26Replicating 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 sharecaptured and made LEAP #1 market leader after acquisition*1Expanded network reachacross various industries, enhanced our ability to serve a broader customer base and increased product portfolio7.92 Mn(FY24)14.7 Mn(FY26)3,719 Mn(FY24)7,474 Mn(FY26)#AssetsRevenue (INR)Revenue (INR) Expanding product offering and including diverse range of assetsConsolidated position in the asset pooling industry by acquiring CHEP(FY25) (FY23)CHEPLEAP 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 39 Strategic AcquisitionsInorganic 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 marketGCC GCC = Gulf Cooperation Council INDIA MHE’s flow-based model drives high asset turnover, supporting further geographic expansion.The Next Growth Frontier – Expansion to GCCMovement-hire model already prevalentAttractive government incentivesBusiness-friendly labor policiesAutomation-led supply chainsRising ASRS adoptionHigh labor costsFuture-ready infrastructure Why GCC? 40
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1.26 Mn m3Wood saved2.25 Mn+Trees saved3,016 Mega Ltr.Water saved23.32 Mn tCo2CO2consumption saved204Solar Panels Installed277k tonnesWaste saved41 03 02 ONE WAY PALLETS RESUSABLE PALLETS01Environmental Measurements CORRUGATED BOXES RESUSABLE CONTAINERSNON-RENEWABLE FUEL LITHION-ION FORKLIFTSEvery pallet pooled, repaired, and reissued reducesthe demand for virgin timberEvery container that replaces a corrugated boxeliminates single-use packaging wasteEvery lithium-ion forklift that replaces a diesel unitremoves diesel particulates from India supply chain.More efficiently LEAP circulates assets, the lower its resource consumption and carbon outputSustainability Embedded, ESG-Led Growth Note: From inception to Sep-26
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42Strong Management CommitteeSunu MathewChairman, MD & CEOOver 26 Years ExperienceLEAP | CHEP | LorealSunu MathewChairman, MD & CEOOver 26 Years ExperienceLEAP | CHEP | Loreal Hrishi GandhiChief Growth Officer24+ Years ExperienceYes | NewSpace | I&LFS | ICICI Rajesham Alle Chief Financial Officer22+ Years ExperienceJet Airways | Times Global | D&SHarish RaneChief Business Officer21+ Years ExperienceKellogg| Ferrero| L’OréalUmesh MadhyanChief Operating Officer24+ Years ExperienceCoca-Cola | L’Oréal | Heinz IndiaDurgesh SthalekarChief Business Officer, TARON20+ Years ExperienceL’Oréal | Fareast Mercantile Experienced Board of DirectorsVaibhav VaidyaNon-Executive Director13+ Years Experience KKR | Motilal Oswal | JM Financial Hardik Bhadrik ShahNon-Executive Director20+ Years Experience KKR | Macquarie | Brookfield Sanjiv GuptaIndependent Director40+ Years Experience Coca-Cola | Spice Xpress Maithilee JamsandekarIndependent Director18+ Years Experience PWC | M&M | Thoughts Works TechnologyHarinarayanan Nair SIndependent Director28+ Years Experience Signode | CPG | Wipro Pari Srinivasan R Chief Technology Officer27+ Years ExperienceJIO Founder Led Company with Experienced Board & Strong Management CommitteeExperienced Management
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43 STATUTORY AUDITORINTERNAL AUDITOR BANKING PARTNERS Maintaining Highest Level of Corporate GovernanceEngaging with top professionals and industry leadersRated as A+CREDIT RATING AGENCY
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44 Influential Leaders of IndiaThe Game Changer - SAP ACE Award by PwC Times Now Impactful CEO Award ISO 27001:2022 CertificationBest innovation in material handling solutions SCM Pro Award Best Innovationin Services HCCBPLSustainable Business of the Year 20252022 Brand of the Year Awards & RecognitionRecognized for excellence and leadership in the industry
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45 Employee EngagementBuilding a connected, inclusive and engaged workplace
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46 Supporting Our CommunitiesBuilding a Safer & Brighter FutureEmpowering Women through TransportDonation of Pink Auto to female entrepreneurs Cleaning DriveBeach Cleaning activity at Manori Beach Spreading Joy during FestivalsDonated traditional dresses to children to celebrate cultural festivals Support for ChildrenActively supported learning centers like Dhanak School for underprivileged and POSCO affected Children Enhancing Public Cyber SecurityCollaborated with cyber cells to strengthen community safety onlineAiding Environmental & Civic PartnershipContributed to tree plantation drives partnership with Indian Army Corporate Social ResponsibilitiesCreating a positive impact across communities and society
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DescriptionTermPallet 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.Pallet UtilizationContainer 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 boxesContainer UtilizationMaterial 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 equipmentMHE UtilizationEBITDA 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 InformationEBITDAEBITDA 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 InformationEBITDA marginCash 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 InformationCash PATCash 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 InformationCash PAT marginCash 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 InformationCash Return on EquityNet borrowing after reducing Cash & Cash Equivalent from Consolidated borrowing and divided with EBITDANet Debt to EBITDAReturn 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 InformationROCE Financial Glossary 47