ISGEC Heavy Engineering Limited — Investor Presentation 2021

Jun 30, 2021

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Ho-425-S

Dated: 30.06.2021

To, To, The BSE Ltd. The 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 of the quarter and year ended March 31, 2021

1. This is further to our letter bearing Ref no.Ho-425-S dated June 28, 2021, wherein we had given an advance intimation of the upcoming Investor Conference Call organised by the Company on June 30, 2021 at 16:00 hours (IST) to discuss the financial performance of the Company of the quarter and year ended March 31, 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 of the quarter and year ended March 31, 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 KHORANA KUMAR KHORANA Date: 2021.06.30 13:40:20 +05'30' (S.K. Khorana) Executive Director & Company Secretary Contact Number: 9810188045

Encl: as above

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Investor Presentation 30[th] June 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

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

A Diversified Heavy Engineering Company engaged in Manufacturing and EPC Projects Business. Manufacturing of Presses, Process Plant Equipment, Liquified Gas Containers, Tubing & Piping, Iron & Steel Castings, and Industrial Machinery. Setting up of EPC Projects for Boilers, Air Pollution Control Equipment including Flue Gas Desulfurization (FGD) Systems, Sugar Plants & Machinery, Distilleries for Ethanol, Power Plants, Construction of Factories, Material Handling Systems, Industrial Wastewater Treatment & Recycling, and Civil Infrastructure.

Revenue EBITDA ₹ 54,773[mn] ₹

₹ 5,069[mn]

EPS

₹ 33.7

PAT ₹ 2,531[mn]

Net Worth ₹ 20,993[mn]

Order Book ₹ 67,650[mn]

Figures as per FY21consolidated financials

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 20,993 Mn (31 March 2021) Strong Credit Rating

Strong Human Capital

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4,000+ 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 All 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

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. 1967 Presses Division formed.

1991-2010 Design office starts at Chennai. Company turnover crosses INR 10,000 mn.

2007

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.

2011-2015

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.

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

2015

2016-2021

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 Unit.

Investor Presentation 7

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

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India
69% 69% 75% 77% 77% 82%
Global
31% 31% 25% 23% 23% 18%
FY16 FY17 FY18 FY19 FY20 FY21
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03 February 2020 Investor Presentation 8 8
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Shareholding structure – 31[st] March 2021

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28.9%
62.4%
6.8%
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Promoter Mutual Funds FIIs Others

Shareholder Information as on 28th June 2021	Shareholder Information as on 28th June 2021
BSE Ticker	533033
NSE Symbol	ISGEC
Market Cap (INR Mn)	52,930
% Free- float	38%
Free Float Market Cap (INR Mn)	20,113
Shares Outstanding (Mn)	73.5
1M ADTV (Shares)	1,91,297
1M ADTV (INR Mn)	113.2
Industry	Industrial Machinery

Promoter shares are unencumbered

Investor Presentation 9

Board of Directors

Mr. Ranjit Puri Chairman & Promoter Mr. Aditya Puri Managing Director & Promoter Mr. Sanjay Gulati Whole-time Director (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	BMP
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 IT

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 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

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Saraswati Sugar Mills Ltd.

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With cane crushing capacity of ~ 10000 TCD, having highest sugar recovery in Punjab and Haryana for the past 10 years

~~100% 51%~~

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ISGEC Hitachi Zosen Ltd.

ISGEC Titan Metal Fabricators Pvt. Ltd.

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ISGEC SFW Boilers Pvt. Ltd.

Eagle Press & Equipment Co. Ltd. Press manufacturing company in Windsor (Ontario) Canada

Cavite Biofuel Producers Inc.

Bioethanol Plant under construction in . Philippine

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ISGEC Redecam Enviro Solutions Pvt. Ltd.

JV with Hitachi Zosen Corp., Japan to manufacture specialized & critical Process

Equipment

JV with Titan Metal Fabricators, USA for manufacture of corrosionresistant metals & alloys process equipment

JV with Amec Foster Wheeler (now Sumitomo SHI FW Energia, Oy) for engineering their Global Boiler Projects

JV with Redecam, Italy for manufacture, testing, commissioning of Bag Filters

Investor Presentation 13

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 14

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

Manufacturing

Process Equipment Iron & Steel Castings Boiler Tubes & Panels Presses Contract Manufacturing Liquefiable Gas Containers

Engineering & Projects Sugar Plants & Distilleries Air Pollution Control Equipment Industrial Boilers Power Projects Bulk Material Handling Buildings & Factories Industrial Waste Water Treatment

Investor Presentation 15

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Power
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Railways

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Fertilizer
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Ports Oil & Gas

Steel

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Defence

Sugar Distillery

Automobiles

Cement

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Chemical
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Paper

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Mines

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Space

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Water Treatment

Investor Presentation 16

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Investor Presentation 17

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1964 1985 1998 2006 2009 2010 2012 2016 2017 2020 2021
Babcock
John Thompson, UK Power USA
Boilers Wet FGDs
Envirotherm, Germany
ESPs Riley Power
HITZ USA
Critical Process Process BHI FW Corporation USA,
Rovetta Presse, Italy Equipment Fired Combustion modification
Mechanical Presses of Tangentially Fired
ABB Lummus AP&T Heaters
Boilers
Heat Transfer
Hot Stamping
Helixchangers
presses
Fuel Tech, USA
NOx solutions
Foster Wheeler, USA,
(Now Sumitomo SHI
SIEMENS Heat Sumitomo SHI FW Energia
FW Energia, Oy)
CFB Boilers Foster Wheeler North America Transfer OY, Finland
Corporation (Now BHI FW Technology, The Semi-Dry FGD
Corporation,USA) Netherlands
Pulverised coal fired Boilers HRSGs
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Tei USA Waste Heat Boilers, HP Heat Exchangers Investor Presentation 18

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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 19

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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 20

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Market Leadership
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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

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03 February 2020
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Rankings

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

Investor Presentation 21

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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 22

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Business
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People
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• Work in factories had got impacted in April 2021- mainly due to acute shortage of oxygen. The situation is improved now • Pace of work in project sites got adversely impacted due to huge migration of labour • The company faced delays in supplies of materials as in many states factories of vendors were shut due to lockdowns and non-availability of Oxygen • Employee productivity impacted due to working from home and COVID impacting many of them or their families • Vendors and Subcontractors are facing shortage of labour and wage increases. • All safety precautions are being taken at sites and factories • Vaccination initiative taken by the company at all of their locations • COVID tests have been conducted at all our factory and office locations and at regular intervals • Group Term Life insurance Policy was introduced for employees • Total deaths due to COVID till date : 10 persons

Investor Presentation 23

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1

1 Company Overview 2 Business Capabilities 3 Market Leadership 4 COVID 19 Impact

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

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Investor Presentation 24

Q4FY21 – Good Growth despite the challenging environment

In INR Mn

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Total Revenue
16,275
15,602
14,234
YoY QoQ
4% 14%
Q4FY20 Q3FY21 Q4FY21
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EBITDA PAT
1,316 1,314 685
649
707
YoY 126 YoY QoQ
86% 447% 6%
Q4FY20 Q3FY21 Q4FY21 Q4FY20 Q3FY21 Q4FY21
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FY21 - Strong Operating Performance despite headwinds
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In INR Mn
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59,142
54,773
YoY
7%
FY20 FY21
03 February 2020
Figures as per consolidated financials
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5,069
3,567
YoY
42%
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FY20 FY21
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2,531
1,491
YoY
70%
FY20 FY21
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Investor Presentation 25

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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
46,296
40,559
38,259
FY16 FY17 FY18 FY19 FY20 FY21
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5,069
4,853
4,130
3,540 3,350 3,567
FY16 FY17 FY18 FY19 FY20 FY21
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2,483 2,531
1,905
1,684 1,440 1,491
FY16 FY17 FY18 FY19 FY20 FY21
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Segment Revenue

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FY21 27% 60% 13%
FY20 26% 64% 10%
FY19 29% 61% 10%
FY18 37% 43% 20%
Manufacturing EPC Sugar
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Improvement in profitability due to cost reduction initiatives and improvement in productivity

Strong order book, supported by best-in-class capabilities, provide healthy growth visibility

Figures as per consolidated financials

Investor Presentation 26

Total Debt/Equity

Interest Coverage Ratio

Turnover Ratio

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0.6 13.6
0.5
10.9
10.0
0.4 8.1
0.3 6.3 6.2
0.2
0.1
FY16 FY17 FY18 FY19 FY20 FY21 FY16 FY17 FY18 FY19 FY20 FY21
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• Total Debt includes all interest bearing liabilities. Interest coverage ratio= EBIT/Interest

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8.3
7.8
6.9
6.4
5.2 4.9 5.0 4.9
4.6
4.1 4.0
3.5
FY16 FY17 FY18 FY19 FY20 FY21
Fixed assets Inventory
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Fixed asset turnover= Operating Revenue/Average fixed assets, Inventory turnover= Operating Revenue/Average Inventory

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03 February 2020Figures as per consolidated financials

Investor Presentation 27

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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 28

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EPC Manufacturing Sugar
5.2%
4.7%
4.2% 9.7%
23.3% 5.6%
10,998 5,593 2,239
9,825 10,000
3,513 3,540 13.5%
1,678
1,560
6.5%
YoY QoQ YoY QoQ YoY QoQ
9% 2% 59% 58% 33% 44%
-3.0%
Q4FY20 Q3FY21 Q4FY21 Q4FY20 Q3FY21 Q4FY21 Q4FY20 Q3FY21 Q4FY21
13.1%
5.0%
3.9% 10.5% 8.3%
5.2%
39,290 16,126 15,628 7,856
34,577
5,844
YoY YoY YoY
12% 3% 34%
FY20 FY21 FY20 FY21 FY20 FY21
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PBIT Margins

Revenue (Rs in mn)

03 February 2020 Figures as per consolidated financials

Investor Presentation 29

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Others
Private 12%
52%
PSU and
Government Sector wise Steel, Cement &
Aluminum Power
48%
8% 38%
Chemicals,
Petrochemicals &
Industry wise
Fertilizers
Export 7% composition
12%
Refineries
Geography
9%
wise
Domestic
Railways
88% Sugar
13%
13%
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Order Book Rs. 67,650 mn

Investor Presentation 30

• Major order for Piping Spools in hydrocarbon sector

• Setting up of world’s largest cement Waste Heat Recovery Boilers

• Cooling Stacks and Superheaters

• Process Plant order on EPC basis for a 200 TPD Formaldehyde Plant

• Order for a Raw Water Treatment project

• Wet FGD for 2 x 660 MW at Jharsuguda, Odisha from OPGC Ltd.

• Operation and Maintenance from a reputed industrial house for their Boiler

• Slop Fired Boiler for distillery plants of major sugar companies

• 10000 TCD Sugar Plant, with 40 MW Power Plant and Distillery on EPC basis

• Remnant Life Assessment Study (RLA) for Boilers

Investor Presentation 31

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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 32

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

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

Investor Presentation 33

THANK YOU

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

Registered Office

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