Slides
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Earnings Presentation Q2/H1-FY27
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Praj Industries Limited 2 Dark LightNeutral Company at a Glance * Excluding China 90+ Research scientists 350+ Patents Net Debt Free company 1500+ Employees 40%+ Business from repeat customers ~10% Global ethanol production market share* 5 Manufacturing facilities 43 Years of Legacy Presence across 100+ countries 1000++ References worldwide 400+ Overseas references Dividends Paide consistently for last 23 years
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Praj Industries Limited 3 Dark LightNeutral Order Backlog at Q2-FY27 44,550 Mn Order Intake in Q2-FY27 7,150 Mn Operational Revenue (INR Mn) 35,280 34,663 32,280 31,679 15,648 9.01% 11.19% 10.06% 4.79% 5.27% 0.00% 5.00% 10.00% 15.00% 20.00% 25.00% FY23 FY24 FY25 FY26 H1-FY27 Revenue EBITDA Bioenergy 68%Engineering 21% Hi Purity 11% H1-FY27 Revenue Break Up (%) Company Overview Order Book • Incorporated in 1983 under the visionary leadership of technocrat Dr. Pramod Chaudhari. • Praj Industries Ltd has grown to become one of the most reputed and technologically advanced biotechnology and engineering companies in the world. • Offering a bouquet of sustainable solutions for bioenergy, high purity water, critical process equipment & modularization, breweries and industrial wastewater treatment • Focused on the environment, energy and farm-to-fuel technology solutions, with 1000++ customer references in 100+ countries across all six continents and still counting. • Team of 90+ technologists, 350+ patents filings, and 24 Indian and 60 international patents being granted. • Known for its TEMPO (Technology, Engineering, Manufacturing, Project management, and Operations & Maintenance) capabilities. • The manufacturing capabilities are substantiated by five world class manufacturing facilities located in Maharashtra, Gujarat and Karnataka, which are near ports and supported by a multi-disciplinary engineering team. • Global Offices located in South East Asia (Thailand, Philippines), Africa (Tanzania) and USA (Houston, Texas)
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Praj Industries Limited 4 Dark LightNeutral Who we are INNOVATE1 ENGINEER2 MANUFACTURE3 EXECUTE4 OPERATE5 OPTIMISE6 Future-ready technologies developed by 90+ scientists Process design, licensing and modular engineering for optimal performance State-of-the-art facilities across the globe ensuring quality and scale EPC | EPCM | LSTK execution with strong HSE standards and global delivery O&M, services, spare parts and performance enhancers Plant upgrades, digital solutions and continuous optimisation ENERGY & HYDROCARBONS Biofuels, Renewables, Hydrogen, Oil & Gas, Refineries PHARMA & LIFE SCIENCES Pharma, Biopharma, Nutraceuticals CHEMICALS & PROCESS INDUSTRIES Petro & Specialty Chemicals, Steel, Power, Cement, Fertilisers NEXT GEN TECH MANUFACTURING Semiconductors, Batteries, Electronics, Data Centres FOOD & BEVERAGE Breweries, Distilleries, Beverages, Food Ingredients LOWER CARBON EMISSIONS Solutions that drive decarbonisation ENERGY SECURITY & SELF-RELIANCE Improving reliability, uptime and returns SUSTAINABLE GROWTH FOR STAKEHOLDERS Creating long-term value for all stakeholders RESOURCE EFFICIENCY & CIRCULARITY Maximising resource use and enabling circularity Strengthening energy independence HIGHER ASSET PERFORMANCE Industries We Serve Value We Deliver One partner. End-to-end solutions. Sustainable impact.
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Praj Industries Limited 5 Dark LightNeutral Expanding Beyond Ethanol Innovation Driven Bio-Prism Platform Global Opportunity Sustainable Impact Strengthening leadership in SAF , CBG, biochemicals, renewable chemicals and e-fuels. Investing in R&D and pilot/ demo facilities to commercialize next-gen technologies. Creating a circular bioeconomy through waste-to-value and resource efficiency. Well positioned to capture long-term growth across multiple high-potential markets. Driving decarbonization, energy security and sustainable industrial growth. Water systems Modular Process Systems High-Capacity Fermenters HiPurity® Building the Future Our Business GenX (Critical Equipment Manufacturing & Modular Process Packages) Brewery & Beverage Wastewater treatment solutions (ZLD) Engineering Bio-Energy Bio-Mobillity® Bio-Prism® Liquid Biofuels: Low Carbon & Ultra-Low Carbon Ethanol Gaseous Biofuels: Compressed Bio-gas (CBG/RNG) Sustainable Aviation Fuel (SAF) Carbon Capture, Utilization & Storage Bio-Based Specialty Products Renewable Chemicals & Materials (RCM) Bio-Based Monomers & Polymers (PLA, PHA, etc.) Bio-Refinery Co- Products Life Cycle Solutions Performance Enhancers, Upgradation & Debottlenecking, Value Added Services Value Added services CO2
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Praj Industries Limited 6 Dark LightNeutral 1000+ References in 100+ countries across 6 continents
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Financial Overview Q2/H1-FY27
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Praj Industries Limited 8 Dark LightNeutral Q2/H1-FY27 Financial Highlights INR 6,519 Mn Operating Income (5.0)% YoY INR 526 Mn Operating EBITDA (12.6)% YoY 8.07% EBITDA Margins (71) Bps YoY INR 454 Mn Net Profit 8.9% YoY 6.96% PAT Margins 88 Bps YoY INR 2.47 Share Diluted EPS 8.8% YoY Q2-FY27 Performance (Standalone) INR 11,911 Mn Operating Income (0.4)% YoY INR 729 Mn Operating EBITDA (17.3)% YoY 6.12% EBITDA Margins (125) Bps YoY INR 709 Mn Net Profit 15.1% YoY 5.95% PAT Margins 80 Bps YoY INR 3.86 Share Diluted EPS 14.9% YoY H1-FY27 Performance (Standalone) Q2-FY27 Performance (Consolidated) INR 8,490 Mn Operating Income 0.9% YoY INR 524 Mn Operating EBITDA (6.3)% YoY 6.17% EBITDA Margins (47) Bps YoY INR 232 Mn Net Profit 20.2% YoY 2.73% PAT Margins 44 Bps YoY INR 1.26 Share Diluted EPS 20.0% YoY H1-FY27 Performance (Consolidated) INR 15,648 Mn Operating Income 5.6% YoY INR 824 Mn Operating EBITDA (5.6)% YoY 5.27% EBITDA Margins (62) Bps YoY INR 348 Mn Net Profit 41.5% YoY 2.22% PAT Margins 56 Bps YoY INR 1.89 Share Diluted EPS 41% YoY
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Praj Industries Limited 9 Dark LightNeutral 8,416 8,415 8,446 7,158 8,490 - 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 10,000 Q2-FY26 Q3-FY26 Q4-FY26 Q1-FY27 Q2-FY27 Revenues (INR Mn) 559 413 233 300 524 0 100 200 300 400 500 600 Q2-FY26 Q3-FY26 Q4-FY26 Q1-FY27 Q2-FY27 193 (124) 116 116 232 Q2-FY26 Q3-FY26 Q4-FY26 Q1-FY27 Q2-FY27 Note: Other Income for FY25 has been restated. EBITDA (INR Mn) PAT (INR Mn) Quarterly Financial Performance Trend (Consolidated) Bioenergy, 69% HiPurity, 10% Engineering, 21% Domestic, 62%Export, 38% Q2-FY27 Segmental Revenues Q2-FY27 Geographical Revenues
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Praj Industries Limited 10 Dark LightNeutral Bio Energy (INR Mn) Engineering (INR Mn) HiPurity (INR Mn) Segmental Revenue (Consolidated) Note: • Engineering businesses include critical process equipment & skids, brewery and ZLD segments. 5,410 5,860 Q2-FY26 Q2-FY27 2,160 1,760 Q2-FY26 Q2-FY27 850 870 Q2-FY26 Q2-FY27 Bio Energy (INR Mn) Engineering (INR Mn) HiPurity (INR Mn) 9,236 10,600 H1-FY26 H1-FY27 3,993 3,330 H1-FY26 H1-FY27 1,592 1,720 H1-FY26 H1-FY27
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Praj Industries Limited 11 Dark LightNeutral Order backlog (At the end of each quarter, Values in INR. Mn) 44,190 44,910 43,050 45,890 44,550 35000 37000 39000 41000 43000 45000 47000 Q2-FY26 Q3-FY26 Q4-FY26 Q1-FY27 Q2-FY27 Bioenergy, 75% HiPurity, 6% Engineering , 19% Domestic, 63% Export, 37% Q2-FY27 Segmental Order Backlog – INR 44,550 Mn Q2-FY27 Geographical Order Backlog Q2-FY27 Segmental Order Intake – INR 7,150 Mn 8,130 9,140 6,580 10,000 7,150 0 2000 4000 6000 8000 10000 12000 Q2-FY26 Q3-FY26 Q4-FY26 Q1-FY27 Q2-FY27 Domestic, 67% Export, 33% Q2-FY27 Geographical Order IntakeOrder Intake (At the end of each quarter, Values in INR. Mn) Order Intake & Order Backlog Bioenergy, 57%HiPurity, 17% Engineering, 26%
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Praj Industries Limited 12 Dark LightNeutral Particulars (INR Mn) Q2-FY27 Q2-FY26 Y-o-Y Q1-FY27 Q-o-Q Operational Income 6,519 6,859 (5.0)% 5,392 20.9% Expenses 5,993 6,257 (4.2)% 5,188 15.5% EBITDA 526 602 (12.6)% 204 NA EBITDA Margins (%) 8.07% 8.78% (71) Bps 3.78% 429 Bps Other Income 222 108 NA 292 (24.0)% Depreciation 114 137 (16.8)% 121 (5.8)% Interest 7 14 (50.0)% 8 (12.5)% Profit Before Exceptional Items and Tax 627 559 12.2% 367 70.8% Exceptional Items - - NA - NA PBT 627 559 12.2% 367 70.8% Tax 173 142 21.8% 113 53.1% Profit After tax 454 417 8.9% 254 78.7% PAT Margins (%) 6.96% 6.08% 88 Bps 4.71% 225 Bps Other Comprehensive Income (18) 8 NA (2) NA Total Comprehensive Income 436 425 2.6% 252 73.0% Diluted EPS (INR) 2.47 2.27 8.8% 1.38 79.0% Quarterly Financial Performance - Standalone
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Praj Industries Limited 13 Dark LightNeutral Particulars (INR Mn) H1-FY27 H1-FY26 Y-o-Y Operational Income 11,911 11,962 (0.4)% Expenses 11,182 11,080 0.9% EBITDA 729 882 (17.3)% EBITDA Margins (%) 6.12% 7.37% (125) Bps Other Income 515 240 NA Depreciation 235 268 (12.3)% Interest 15 29 (48.3)% Profit Before Exceptional Items and Tax 994 825 20.5% Exceptional Items - - NA PBT 994 825 20.5% Tax 285 209 36.4% Profit After tax 709 616 15.1% PAT Margins (%) 5.95% 5.15% 80 Bps Other Comprehensive Income (21) 17 NA Total Comprehensive Income 688 633 8.7% Diluted EPS (INR) 3.86 3.36 14.9% Half Yearly Financial Performance - Standalone
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Praj Industries Limited 14 Dark LightNeutral Particulars (INR Mn) Q2-FY27 Q2-FY26 Y-o-Y Q1-FY27 Q-o-Q Operational Income 8,490 8,416 0.9% 7,158 18.6% Expenses 7,966 7,857 1.4% 6,858 16.2% EBITDA 524 559 (6.3)% 300 74.7% EBITDA Margins (%) 6.17% 6.64% (47) Bps 4.19% 198 Bps Other Income 121 54 NA 200 (39.5)% Depreciation 250 267 (6.4)% 253 (1.2)% Interest 34 50 (32.0)% 37 (8.1)% Profit Before Exceptional Items and Tax 361 296 22.0% 210 71.9% Exceptional Items - - NA - NA PBT 361 296 22.0% 210 71.9% Tax 129 103 25.2% 94 37.2% Profit After tax 232 193 20.2% 116 NA PAT Margins (%) 2.73% 2.29% 44 Bps 1.62% 111 Bps Other Comprehensive Income (17) 15 NA 7 NA Total Comprehensive Income 215 208 3.4% 123 74.8% Diluted EPS (INR) 1.26 1.05 20.0% 0.63 NA Quarterly Financial Performance - Consolidated
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Praj Industries Limited 15 Dark LightNeutral Half Yearly Financial Performance - Consolidated Particulars (INR Mn) H1-FY27 H1-FY26 Y-o-Y Operational Income 15,648 14,818 5.6% Expenses 14,824 13,945 6.3% EBITDA 824 873 (5.6)% EBITDA Margins (%) 5.27% 5.89% (62) Bps Other Income 322 140 NA Depreciation 503 519 (3.1)% Interest 71 102 (30.4)% Profit Before Exceptional Items and Tax 572 392 45.9% Exceptional Items - - NA PBT 572 392 45.9% Tax 224 146 53.4% Profit After tax 348 246 41.5% PAT Margins (%) 2.22% 1.66% 56 Bps Other Comprehensive Income (10) 26 NA Total Comprehensive Income 338 272 24.3% Diluted EPS (INR) 1.89 1.34 41.0%
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Historical Financial Overview
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Praj Industries Limited 17 Dark LightNeutral Particulars (INR Mn) FY23 FY24 FY25 FY26 H1-FY27 Operational Income 31,526 29,896 27,447 25,859 11,911 Expenses 28,629 26,534 24,464 24,113 11,182 EBITDA 2,897 3,362 2,983 1,746 729 EBITDA Margins (%) 9.19% 11.25% 10.87% 6.75% 6.12% Other Income 506 685 723 720 515 Depreciation 269 360 452 544 235 Interest 42 40 39 62 15 Profit Before Exceptional Items and Tax 3,092 3,647 3,215 1,860 994 Exceptional items - - 282 (238) - PBT 3,092 3,647 3,497 1,622 994 Tax 716 843 853 417 285 Profit After tax 2,376 2,804 2,644 1,205 709 PAT Margins (%) 7.54% 9.38% 9.63% 4.66% 5.95% Other Comprehensive Income (20) (36) (21) 37 (21) Total Comprehensive Income 2,356 2,768 2,623 1,242 688 Diluted EPS (INR) 12.93 15.26 14.39 6.55 3.86 Note: Other Income for FY25 has been restated. Historical Standalone Financial Performance
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Praj Industries Limited 18 Dark LightNeutral Particulars (INR Mn) FY25 FY26 H1-FY27 ASSETS Non-Current Assets Property, Plant & Equipment 1,950 2,117 1,950 Capital Work in progress 134 14 9 Right-of-use assets 410 425 273 Investment Property - - - Intangible assets (Incl under development) 578 491 448 Financial Assets (i)Investments 2,168 1,600 1,570 (ii)Long-term Loans and Advances 1,568 2,911 3,523 (iii)Other 253 384 450 Deferred tax assets (net) - 22 1 Other Assets 28 94 130 Sub Total Non Current Assets 7,090 8,058 8,354 Current Assets Inventories 2,206 2,261 2,447 Financial Assets (i)Investments 3,464 4,070 3,141 (ii)Trade Receivables 4,299 4,363 5,008 (iii)Cash and Cash Equivalents 651 886 1,077 (iv)Other Bank Balances 473 343 343 (v)Loans 221 - - (vi)Others 153 122 143 Current tax assets (net) 98 - 2 Other Assets 9,185 7,819 6,405 Asset classified as held for sale - 30 - Sub Total Current Assets 20,750 19,894 18,566 TOTAL ASSETS 27,840 27,952 26,920 Particulars (INR Mn) FY25 FY26 H1-FY27 EQUITY AND LIABILITIES Equity Share Capital 368 368 368 Other Equity 13,771 13,960 14,000 Total Equity 14,139 14,328 14,368 Non Current Liabilities (i)Lease Liability 291 279 159 (ii)Other Financial Liabilities 14 8 5 Provisions 171 89 30 Deferred Tax Liabilities 30 - - Sub Total Non Current Liabilities 506 376 194 Current Liabilities (i)Trade Payables 3,736 4,927 4,242 (ii)Other Financial Liabilities 394 323 349 (iii)Lease Liabilities 135 155 127 Other current Liabilities 8,605 7,563 7,334 Provisions 190 258 306 Current Tax Liabilities (Net) 135 22 - Sub Total Current Liabilities 13,195 13,248 12,358 Sub Total Liabilities 13,701 13,624 12,552 TOTAL EQUITY AND LIABILITIES 27,840 27,952 26,920 Historical Standalone Balance Sheet
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Praj Industries Limited 19 Dark LightNeutral Particulars (INR Mn) FY23 FY24 FY25 FY26 H1-FY27 Operational Income 35,280 34,663 32,280 31,679 15,648 Expenses 32,101 30,784 29,135 30,161 14,824 EBITDA 3,179 3,879 3,145 1,518 824 EBITDA Margins (%) 9.01% 11.19% 9.74% 4.79% 5.27% Other Income 356 435 608 504 322 Depreciation 302 441 864 1,056 503 Interest 46 98 185 203 71 Profit Before Exceptional Items and Tax 3,187 3,775 2,704 763 572 Exceptional items - - 282 (264) - PBT 3,187 3,775 2,986 499 572 Tax 789 941 797 261 224 Profit After tax 2,398 2,834 2,189 238 348 PAT Margins (%) 6.80% 8.18% 6.78% 0.75% 2.22% Other Comprehensive Income (16) (50) (21) 34 (10) Total Comprehensive Income 2,382 2,784 2,168 272 338 Diluted EPS (INR) 13.05 15.42 11.91 1.30 1.89 Note: Other Income for FY25 has been restated. Historical Consolidated Financial Performance
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Praj Industries Limited 20 Dark LightNeutral Particulars (INR Mn) FY25 FY26 H1-FY27 ASSETS Non-Current Assets Property, Plant & Equipment 2,265 2,943 2,826 62 Capital Work in progress 173 56 1,200 Right-of-use assets 1,800 1540 - Investment Property - 626 Goodwill 626 626 450 Intangible assets 584 496 2 Financial Assets (i)Investments 698 112 95 (ii)Other 406 422 461 Deferred tax assets (net) 262 545 604 Other Assets 88 143 159 Sub-TotalNon-CurrentAssets 7,302 6,883 6,485 Current Assets Inventories 2,533 2,661 2,880 Financial Assets (i)Investments 3,584 4,069 3,141 (ii)Trade Receivables 5,560 5,587 5,895 (iii)Cash and Cash Equivalents 1,259 1,424 1,525 (iv)Other Bank Balances 553 614 618 (v) Others 152 149 201 Current tax assets (net) 113 - 60 Other Assets 10,548 9,172 8,929 Asset classified as held for sale - - - Sub-Total Current Assets 24,302 23,676 23,249 TOTAL ASSETS 31,604 30,559 29,734 Particulars (INR Mn) FY25 FY26 H1-FY27 EQUITY AND LIABILITIES Equity Share Capital 368 368 368 Other Equity 13,450 12,724 12,414 Non Controlling Interest 1 1 1 Total Equity 13,819 13,093 12,783 Non-Current Liabilities (i)Lease Liability 1,503 1,161 817 (ii)Other Financial Liabilities 6 7 8 Provisions 196 109 48 Deferred Tax Liabilities (Net) 30 - - Sub-TotalNon-CurrentLiabilities 1,735 1,277 873 Current Liabilities (i)Trade Payables 4,823 5,861 5,281 (ii)Other Financial Liabilities 492 403 589 (iii)Lease Liabilities 446 570 562 Other current Liabilities 9,903 8,988 9,221 Provisions 234 336 422 Current Tax Liabilities (Net) 152 31 3 Sub-Total Current Liabilities 16,050 16,189 16,078 Sub-Total Liabilities 17,785 17,466 16,951 TOTAL EQUITY AND LIABILITIES 31,604 30,559 29,734 Historical Consolidated Balance Sheet
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Praj Industries Limited 21 Dark LightNeutral 3,179 3,879 3,145 1,518 824 9.01% 11.19% 9.74% 4.79% 5.27% 0.00% 2.00% 4.00% 6.00% 8.00% 10.00% 12.00% 14.00% - 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 FY23 FY24 FY25 FY26 H1-FY27 EBITDA EBITDA Margins Revenue (INR Mn) Operating EBITDA (INR Mn) 2,398 2,834 2,189 238 3486.80% 8.18% 6.78% 0.75% 2.22% 0 500 1000 1500 2000 2500 3000 FY23 FY24 FY25 FY26 H1-FY27 PAT PAT Margins PAT (INR Mn) 24% 24% 16% 2% 30% 31% 23% 7% 0% 5% 10% 15% 20% 25% 30% 35% FY23 FY24 FY25 FY26 ROE ROCE ROE and ROCE (%) ROE = Net Profit/Net worth, ROCE = EBIT/Capital Employed 35,280 34,663 32,280 31,679 15,648 0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 FY23 FY24 FY25 FY26 H1-FY27 65 76 90 91 0 10 20 30 40 50 60 70 80 90 100 FY23 FY24 FY25 FY26 Working Capital Days (0.10) (0.03) (0.13) (0.16) (0.17) (0.18) (0.16) (0.14) (0.12) (0.10) (0.08) (0.06) (0.04) (0.02) 0.00 FY23 FY24 FY25 FY26 H1-FY27 Net Debt to Equity (x) Working Capital Days = Working Capital*365/ Revenue Note: Other Income for FY25 has been restated. Consolidated Historical Financial Trend
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Praj Industries Limited 22 Dark LightNeutral Face Value (INR) 2.0 Market Price 306.2 52 Week H/L (INR) 427.8/273.1 Market Cap. (INR Mn) 56,283.6 Equity Shares Outstanding (Mn) 183.8 1 Year Avg. trading volume (‘000) 2,044.9 Promoter 32.81% Others 34.79% FPI 16.75% Mutual Funds 15.05% Alternative Investment Fund , 0.60% Shareholding Pattern (As on 30th September 2026) 35% 39% 50% 277% FY23 FY24 FY25 FY26 1-Year Stock Performance up to 30th September 2026 -20.00% -10.00% 0.00% 10.00% 20.00% 30.00% Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 Jul-26 Aug-26 Sep-26 Praj Industries Sensex Capital Market Data Dividend Pay Out Ratio (%) Price Data (As on 30th September 2026)
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Praj Industries Limited 23 Dark LightNeutral For further details please contact our Investor Relations Representatives: VALOREM ADVISORS Mr. Anuj Sonpal Tel: +91-22-3507 5100 Email:praj@valoremadvisors.com To Access the Investor Kit Link and / or Request A Meeting Click Here: www.valoremadvisors.com/praj Praj Industries Limited No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained in this presentation. Such information and opinions are in all events not current after the date of this presentation. Certain statements made in this presentation may not be based on historical information or facts and may be "forward looking statements" based on the currently held beliefs and assumptions of the management of Praj Industries Limited (“Company”), which are expressed in good faith and in their opinion reasonable, including those relating to the Company’s general business plans and strategy, its future financial condition and growth prospects and future developments in its industry and its competitive and regulatory environment. Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, financial condition, performance or achievements of the Company or industry results to differ materially from the results, financial condition, performance or achievements expressed or implied by such forward-looking statements, including future changes or developments in the Company’s business, its competitive environment and political, economic, legal and social conditions. Further, past performance is not necessarily indicative of future results. Given these risks, uncertainties and other factors, viewers of this presentation are cautioned not to place undue reliance on these forward-looking statements. The Company disclaims any obligation to update these forward-looking statements to reflect future events or developments. This presentation is for general information purposes only, without regard to any specific objectives, financial situations or informational needs of any particular person. This presentation does not constitute an offer or invitation to purchase or subscribe for any securities in any jurisdiction, including the United States. No part of it should form the basis of or be relied upon in connection with any investment decision or any contract or commitment to purchase or subscribe for any securities. None of our securities may be offered or sold in the United States, without registration under the U.S. Securities Act of 1933, as amended, or pursuant to an exemption from registration there from. This presentation is confidential and may not be copied or disseminated, in whole or in part, and in any manner. Valorem Advisors Disclaimer: Valorem Advisors is an Independent Investor Relations Management Service company. This Presentation has been prepared by Valorem Advisors based on information and data which the Company considers reliable, but Valorem Advisors and the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded. Valorem Advisors also hereby certifies that the directors or employees of Valorem Advisors do not own any stock in personal or company capacity of the Company under review. Disclaimer