ISGEC Heavy Engineering Limited — Investor Presentation 2021

Nov 17, 2021

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HO-425-S Date: 17.11.2021 To, To, Bombay Stock Exchange Ltd. National Stock Exchange of India Limited Registered Office: Floor 25, Exchange Plaza, C-1, Block G, P J Towers, Dalal Street, Bandra Kurla Complex, Bandra (E) Mumbai – 400 001 Mumbai – 400 051 Company Scrip Code: 533033 Company Scrip Code: ISGEC EQ

Dear Sir(s)/Madam(s),

Furnishing of Information as per SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

Sub: Investor Presentation on financial performance for the quarter and half year ended September 30, 2021.

1. This is further to our letter dated November 12, 2021, wherein we had given an advance intimation of the upcoming Investor Conference Call organised by the Company on November 17, 2021 at 15:30 hours (IST) to discuss the financial performance of the Company for the quarter and half year ended September 30, 2021.

2. In terms of Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed herewith a copy of Investor Presentation on the financial performance for the quarter and half year ended September 30, 2021, which would be shared with the Investors.

3. This Investor Presentation is also available on the website of the Company www.isgec.com.

4. The above is for your information and records, please.

Thanking you

Yours faithfully, For Isgec Heavy Engineering Limited SUDERSHAN Digitally signed by SUDERSHAN KUMAR KUMAR KHORANA KHORANA Date: 2021.11.17 11:34:00 +05'30' (S.K. Khorana) Executive Director & Company Secretary Contact Number: 9810188045

Encl: Investor Presentation

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Investor Presentation 17[th] November 2021

This presentation and the accompanying slides (the “Presentation”), which have been prepared by ISGEC Heavy Engineering Limited (the “Company”), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, and shall not form the basis or be relied on in connection with any contract or binding commitment whatsoever. No offering of securities of the Company will be made except by means of a statutory offering document containing detailed information about the Company.

This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from this Presentation is expressly excluded.

This presentation contains certain forward looking statements concerning the Company’s future business prospects and business profitability, which are subject to a number of risks and uncertainties and the actual results could materially differ from those in such forward looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in earnings, our ability to manage growth, competition (both domestic and international), economic growth in India and abroad, ability to attract and retain highly skilled professionals, time and cost over runs on contracts, our ability to manage our international operations, government policies and actions regulations, interest and other fiscal costs generally prevailing in the economy. The Company does not undertake to make any announcement in case any of these forward looking statements become materially incorrect in future or update any forward looking statements made from time to time by or on behalf of the Company.

Investor Presentation 2

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1 Company Overview 2 Business Capabilities 3 Market Leadership 4 COVID 19 Impact 5 Financial Performance 6 Business Highlights 7 Key Investment Highlights

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Investor Presentation 3

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1 Company Overview 2 Business Capabilities 3 Market Leadership 4 COVID 19 Impact 5 Financial Performance 6 Business Highlights 7 Key Investment Highlights

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Investor Presentation 4

Isgec Heavy Engineering Ltd. is a diversified heavy engineering company engaged in manufacturing and project businesses with an extensive global presence. Isgec manufactures Process Equipment, Presses, Iron & Steel Castings, and Boiler Pressure Parts and its EPC portfolio includes turnkey projects for setting up Boilers, Power Plants, Sugar Plants, Distilleries, Air Pollution Control Equipment, Civil Construction & Factories, Industrial Water Treatment Facilities, and Bulk Material Handling Facilities.

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H1 FY22
Revenue EBITDA Net Worth EPS
₹ 25,127 [mn] ₹ 1,029 [mn] ₹ 21,105 [mn] ₹ 3.28
s
Q2 FY22
Revenue EBITDA PAT Order Book
₹ 13,792 [mn] ₹ 495 [mn] ₹ 101 [mn] ₹ 75,180 [mn]
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Figures as per consolidated financials * Order Book as on 30[th] September 2021

Investor Presentation 5

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Diversified Heavy Engineering Company

Mix of Manufacturing and Project Businesses Mix of Domestic & Export Revenues Wide Spectrum of User Industries

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Robust Balance Sheet

Net Worth of INR 21,105 Mn (30 September 2021) Strong Credit Rating

Strong Human Capital

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4000+ Employees across locations in India, Canada, USA and Philippines 900+ qualified engineers

Trusted Partner

Technology tie-ups and JVs with leading global Companies

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Highly Experienced Management

88 years of providing engineering solutions to . customers globally

Global reach

Presence across 91 countries across 6 continents

Investor Presentation 6

What started off in 1933 as a Sugar Manufacturing Company has been transformed into a Diversified Heavy Engineering Company with 90% of our Consolidated Revenues coming from Engineering Products and Projects

1933-1990

1991-2010

2011-2015

2016-2021

1933 Company (erstwhile named as Saraswati Sugar Syndicate Ltd) was Established.

1946 Indian Sugar & General Engineering Corporation (Isgec Heavy Engineering Limited) established to address the need for Indian Capital Goods Industry.

1963 The Saraswati Sugar amalgamated with Isgec. 1965 Isgec John Thompson Ltd. (IJT) is formed for designing, supplying, erecting and providing after sales service of boilers. Presses Division formed. 1967

2007 Design office starts at Chennai. Company turnover crosses INR 10,000 mn.

2008 Company is listed in Group B of the Bombay Stock Exchange.

New plant at Dahej, Gujarat set up to manufacture heavier and bigger process plant equipment for the overseas market.

2009 New factory for Standard Presses is set up at Bawal, near Gurgaon (Haryana) India. Company Turnover crosses INR 20,000 mn. 2010 Design office starts at Pune.

2012 JV with Hitachi Zosen 2018 Corporation, Japan for manufacturing specialized and critical process equipment (51% share with Isgec). Company turnover crosses 2020 INR 30,000 mn.

2015 JVs with Sumitomo SHI FW 2021 Energia, Oy , USA; TITAN Metal Fabricators, USA and Redecam, Italy .

Company acquired 100% stake in Eagle Press & Equipment Co. Ltd., a Press manufacturing company in Canada.

Company turnover crosses INR 58,000 mn.

Company shares got listed on National Stock Exchange

1973 Isgec John Thompson Ltd (IJT) amalgamated with Isgec. 1981 Company acquires a Castings

Company acquires a Castings Unit.

Investor Presentation 7

Sales from outside India contributed ~18% of Total Revenue in FY21

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69% 75% 77% 77% 82% India
94%
Global
31% 25% 23% 23% 18% 6%
FY17 FY18 FY19 FY20 FY21 HY22
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Investor Presentation 8

Shareholding structure – 30[th ] September 2021

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28.9%
62.4%
6.7%
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Promoter Mutual Funds FIIs Others

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Shareholder Information as on 30th September 2021	Shareholder Information as on 30th September 2021
BSE Ticker	533033
NSE Symbol	ISGEC
Market Cap (INR Mn)	52,882
% Free- float	38%
Free Float Market Cap (INR Mn)	19,868
Shares Outstanding (Mn)	73.5
3M ADTV (Shares)	2,05,961
3M ADTV (INR Mn)	161.5
Industry	Industrial Machinery

Promoter shares are unencumbered

Investor Presentation 9

Board of Directors Mr. Ranjit Puri Chairman & Promoter Mr. Aditya Puri Managing Director & Promoter Whole-time Director & Head - Mr. Sanjay Gulati Manufacturing Units Mr. Kishore Chatnani Whole-time Director & CFO Mr. Sidharth Prasad Independent Director Mr. Vishal Kirti Keshav Independent Director Marwaha Mrs. Shivani Hazari Independent Director Mr. Arvind Sagar Independent Director

Management Team	Management Team	Management Team
Mr. S.K. Khorana	Executive Director & Company Secretary
Mr. PVN Sanjay	Business Head	Power Plants, Material Handling, Factories & Civil Construction Division
Mr. V.K. Luthra	Business Head	Boiler Division
Mr. Suman Jain	Business Head	FGD and Air Pollution Control Division
Mr. Sanjay Awasthi	Business Head	Sugar Machinery and Distilleries Division
Mr. Vivek Nigam	Business Head	Machine Building Division
Mr. Sanjay Choudhary	Business Head	Process Equipment Division
Mr. Satish Bhatia	Business Head	Boiler Manufacturing and Piping
Mr. K. Vishwanathan	Head	Engineering Service Centre
Mr. Yogesh Marwaha	Head	International Marketing
Mr. Shalabh Singh	Head	Corporate Business Development
Mr. Lazar Pilli	Head	Corporate Human Resources
Mr. Mahesh Gupta	Head	Materials
Mr. Sanjay Gharde	Head	Corporate Information Technology

Investor Presentation 10

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1

1 Company Overview 2 Business Capabilities 3 Market Leadership 4 COVID 19 Impact 5 Financial Performance 6 Business Highlights 7 Key Investment Highlights

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Investor Presentation 11

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Yamunanagar, Haryana

Pressure Vessels & Heat Exchangers, Presses, Boilers, Containers, Castings, Sugar and other Industrial Machinery

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Rattangarh, Haryana

Boiler Components, Headers, Reactors, Piping

Bawal, Haryana

Mechanical Presses and other Industrial Machinery

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Muzaffarnagar, UP Steel Castings

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ISGEC Hitachi Zosen Dahej, Gujarat

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Pressure Vessels, Columns, Heat Exchangers, Reactors

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Saraswati Sugar Mills Yamunanagar, Haryana Sugar Mill

EPC Offices

• Noida, UP

• Chennai, Tamil Nadu

• Pune, Maharashtra

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Overseas facility

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Cavite Biofuel Producers Inc. (CBPI), Philippines

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Eagle Press & Equipment Co. Ltd. Windsor, Canada

Presses

Investor Presentation 12

Amec Foster Wheeler, USA

• for Feedwater Heaters and Surface Condensers (now with Wood Group, UK)

AP&T, Sweden

• for Press Hardening Lines used for forming of High Strength Steel Automobile Body Parts

Fuel Tech Inc., USA

• for reduction of Particulate Matter emissions by use of Electrostatic Precipitators performance improvement technologies (especially Flue Gas Conditioning)

• for NOx reduction processes by use of Urea or Ammonia (SNCR)

Siemens Heat Transfer Technology b.v. Netherlands

• for Heat Recovery Steam Generators

Babcock Power Environmental Inc, USA

• for SOx reduction process by use of Wet Flue Gas Desulfurization (FGD) Units

BHI FW Corporation, South Korea

• for Pulverized Coal Fired Sub-Critical Boilers and Super-Critical Boilers (60 to 1000 Mwe)

Sumitomo SHI FW Energia Oy, Finland

• for Circulating Fluidized Bed Combustion (CFBC) Boilers up to 99.9 Mwe

• for Oil & Gas, Shop Assembled Water Tube Packaged Boilers up to 260 Tonnes per hour

Thermal Engineering International (TEi), USA

Bosch Projects, South Africa

• for Chainless Cane Diffusers and other Sugar Machinery equipment

• for Screw Plug (Breech Lock) Heat Exchangers

• for Waste Heat Recovery through Process Waste Heat Boilers

• for Sulphur Condensers

CB&I Technology Inc., USA

• for Solar Thermal Heat Exchangers

• for Helix Heat Exchangers

BHI FW Corporation USA

Envirotherm GmbH, Germany

• for Combustion Modification of Tangentially Fired Boilers

• for Electrostatic Precipitators (ESP) up to 1000 Mwe

Investor Presentation 13

ISGEC is a significant global player across business areas in Manufacturing and EPC

Manufacturing

Manufacturing Engineering & Projects Process Equipment Sugar Plants & Distilleries Air Pollution Control Equipment Iron & Steel Castings Industrial Boilers Boiler Tubes & Panels Power Projects Presses Bulk Material Handling Contract Manufacturing Buildings & Factories Liquefiable Gas Containers Industrial Waste Water Treatment

Investor Presentation 14

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Railways

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Ports

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Automobiles

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Power
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Fertilizer

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Oil & Gas

Steel

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Defence

Distillery

Sugar

Cement

Chemical

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Paper

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Mines

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Space

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Water Treatment

Investor Presentation 15

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Investor Presentation 16

1964 1985 1998 200 200 2010 2012 2016 2017 2020 2021 6 9 Babcock John Thompson, Power USA UK Wet FGDs Boilers Envirotherm, Germany ESPs Riley HITZ Power USA Critical Process Process BHI FW Corporation USA, Rovetta Presse, Italy Equipment Fired Combustion modification Mechanical Presses ABB Lummus AP&T Heaters of Tangentially Fired Boilers Heat Transfer Hot Stamping Helixchangers presses Fuel Tech, USA NOx solutions Foster Wheeler, USA, (Now SIEMENS Heat Sumitomo SHI FW Sumitomo SHI FW Energia, Oy) Foster Wheeler North Transfer Energia OY, Finland CFB Boilers America Corporation (Now Technology, The Semi-Dry FGD BHI FW Corporation,USA) Netherlands Pulverised coal fired Boilers HRSGs Tei USA Waste Heat Boilers, HP Heat 03 February 2020 Investor Presentation 17 Exchangers

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Conformitè Europëenne

Environment Management System-Approved by DNV GL Business Assurance

'S' 'U' 'U-2' & 'U-3' Stamps

Class I fabricator of Fusion Welded Pressure

Approved Foundry from Lloyd’s Register of Shipping

Approved fabricator for fusion welding– Approved by Lloyd’s Register

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Quality Management System–Approved by Lloyds Register of Quality Assurance

Occupational Health & Safety Management System

National Board, USA, 'R’ Symbol, ‘NB’ Mark

Approval for Liquefiable Gas Containers

China Safety and Quality License

Investor Presentation 18

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1

1 Company Overview 2 Business Capabilities 3 Market Leadership

4

4 COVID 19 Impact 5 Financial Performance 6 Business Highlights 7 Key Investment Highlights

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Investor Presentation 19

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Market Leadership
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Rankings

Hydraulic & Mechanical Presses Process Equipment Sugar Plants Slop Fired Boilers CFB Boilers Oil & Gas Boilers Traveling Grate Boilers Bubbling Bed Boilers Liquefiable Gas Containers Made to order large steel castings EPC Projects

ET 500 236 (2020) Fortune India 500 220 (2020)

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03 February 2020
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Investor Presentation 20

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1

Company Overview

2

2 Business Capabilities 3 Market Leadership

4

4 COVID 19 Impact 5 Financial Performance 6 Business Highlights 7 Key Investment Highlights

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Investor Presentation 21

• All factories are now working at full capacity. Project Sites are largely working at full capacity, though there continue to be some shortages of skilled manpower

• Supplies from Vendors are available normally

• All safety precautions are being taken at sites and factories

• Vaccination initiative has been taken by the company at all locations. 99.55% of our eligible employees as well as contractor employees have received second dose of vaccination. This is 95.20% out of total persons.

• COVID tests hare being conducted at all our factory and office locations regularly

Investor Presentation 22

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1

1 Company Overview 2 Business Capabilities 3 Market Leadership 4 COVID 19 Impact 5 Financial Performance 6 Business Highlights 7 Key Investment Highlights

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Investor Presentation 23

Q2FY22 –Profitability impacted due to commodity price increases and time and cost ~~overruns in projects~~

In INR Mn

Revenue

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13,516 13,792
11,335
YoY QoQ
2% 22%
Q2FY21 Q1FY22 Q2FY22
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EBITDA

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1,475
YoY QoQ
534 495
66% 7%
Q2FY21 Q1FY22 Q2FY22
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PAT
778
YoY QoQ
87% 27%
138
101
Q2FY21 Q1FY22 Q2FY22
In INR Mn
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Revenue

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25,127
24,265
YoY
3.6%
H1 FY21 H1 FY22
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EBITDA
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2,439
YoY
1,029
58%
H1 FY21 H1 FY22
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PAT
1,197
YoY
80%
238
H1 FY21 H1 FY22
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Figures as per consolidated financials 03 February 2020

Investor Presentation 24

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Financial Performance Trend
In INR Mn
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Revenue

EBITDA

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PAT
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59,142
54,773
50,507
40,559
38,259
25,127
FY17 FY18 FY19 FY20 FY21 H1 FY22
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5,069
4,853
3,540 3,567
3,350
1,029
FY17 FY18 FY19 FY20 FY21 H1 FY22
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2,483 2,531
1,684 1,440 1,491
238
FY17 FY18 FY19 FY20 FY21 H1 FY22
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Segment Revenue

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H1 FY22 27% 61% 12%
FY21 27% 60% 13%
FY20 26% 64% 10%
FY19 29% 61% 10%
FY18 37% 43% 20%
Manufacturing EPC Sugar
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Figures as per consolidated financials

Reduction in profits is due to increase in steel and commodity prices for fixed price contracts impacting both Manufacturing and EPC segments.

Time and cost overruns in EPC projects due to impact of Covid related disruptions coupled with shortage of skilled manpower.

Delayed lifting of certain orders by customers as they could not arrange shipping leading to loss of revenue and profit in the quarter Investor Presentation 25

Total Debt/ Equity

Interest Coverage Ratio

Turnover ratio

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7.8
0.5 0.5 13.6 6.9
6.4
0.4 10.9
10.0 4.9 5.04.9 4.9
0.3 7.1 4.1 4.0 4.1
0.2 6.3 3.2 3.3
0.1 2.4
FY17 FY18 FY19 FY20 FY21 H1 FY17 FY18 FY19 FY20 FY21 H1 FY17 FY18 FY19 FY20 FY21 H1 FY22
FY22 FY22
Fixed Assets Inventory
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*** Total Debt includes all interest bearing liabilities. Interest coverage ratio= EBIT/Interest Fixed asset turnover= Operating Revenue/Average fixed assets, Inventory turnover= Operating Revenue/Average Inventory**

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Investor Presentation 26

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1

Company Overview

2

2 Business Capabilities 3 Market Leadership

4 COVID 19 Impact 5 Financial Performance 6 Business Highlights 7 Key Investment Highlights

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Investor Presentation 27

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Others
13%
Private
60%
PSU &
Power
Government
28%
40% Sector wise
Steel, Cement &
Aluminum
14%
Industry wise
composition
Export Chemicals,
12% Petrochemicals &
Fertilizers
Sugar
7%
10%
Geography
wise
Refineries Railways
8%
20%
Domestic
88%
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Order Book Rs. 75,180 mn

Investor Presentation 28

• 175 KLPD Molasses Based Distillery Plant with Incineration Boiler, Power House, Fire Safety System & Balance of Plant from a large sugar company

• Order for one 300 TPH Gas Fired Boiler from an engineering and Infrastructure company for an Oil Refinery

• Order for one 140 TPH CFBC boiler from a Steel company

• Order for one 75 TPH Slop Fired boiler with Erection and Commissioning from a large

• sugar company

Investor Presentation 29

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Ethanol Distillery at Saraswati Sugar Mills Ltd
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The ethanol plant is complete and the commercial production is expected to start in end November 2021.

Investor Presentation 30

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1 Company Overview 2 Business Capabilities 3 Market Leadership 4 COVID 19 Impact 5 Financial Performance 6 Business Highlights 7 Key Investment Highlights

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Investor Presentation 31

Presence in Comfortably Leadership Multiple Core placed to position in SectorsSurvive Down most Spreading cycles businesses Market Risk

Continued Geographically Constant focus on niche diversified Forays into technologies portfolio Futuristic mitigating Business concentration Lines risk

Investor Presentation 32

THANK YOU

ISGEC HEAVY ENGINEERING LIMITED, INDIA skkhorana@Isgec.com | www.isgec.com

Registered Office

Radaur Road, Yamunanagar - 135001, Haryana, India CIN No.: L23423HR1933PLC000097