Investor Presentation

ANNUAL GENERAL MEETING FY 2025–26 CONSISTENCY THAT COMPOUNDS Building long-term value from essential water and sanitation services. 17 September 2026 FY26: Earnings recovered. FY27: Convert the contracted revenues into cash. Megaliter, the platform is in place, the next phase is recurring revenue, cash generation and sustainable profitability. ₹58.4 cr ₹6.49 cr ₹0.39 cr ₹107 cr ₹122 cr Group PAT Order book Total income EBITDA Megaliter LTV FY26 | PBT remains next ₹70 cr identified for next 12 FY26 | +7.1% FY26 | ₹5.20 cr ex. other income Long-duration portfolio indicator milestone months WHAT SHAREHOLDERS SHOULD TAKE AWAY • Core operations recovered • Banka Bio + Megaliter creates an integrated recurring-services model • FY27 proof point: Commission → Bill → Collect → Sustainable PBT AGM FY 2025-26 | CONSISTENCY THAT COMPOUNDS FY26 Our story Megaliter Performance Priorities Banka Bio + Megaliter: an integrated water-services platform Banka Bio builds and operates. Megaliter funds, owns and contracts. Banka Bio: execution capability BANKA BIO OPERATING ARM / OPSCO Engineering and commissioning Operations and maintenance Megaliter Varunaa Long-term service delivery HOLDING ARM / HOCO Funds. Owns. Megaliter: asset and contract platform Contracts. Capital investment and funding Treatment-asset ownership Builds | Operates | Maintains Customer contracts and collections AGM FY 2025-26 | CONSISTENCY THAT COMPOUNDS 03 FY26 Our story Megaliter Performance Priorities The Megaliter model in practice: one asset, three roles, long-term service. Representative project: Representative premium residential project Commissioned: February 2025 Contract tenure: 120 months LTV Contract Income: ₹14.1 crores HOW THE STANDARD MODEL WORKS CUSTOMER MEGALITER VARUNAA BANKA BIO Commits to service Funds and owns Builds and operates Signs the long-term service Funds the treatment asset, Executes engineering and contract and pays a recurring manages the contract and commissioning, then delivers subscription. collects customer fees. operations and maintenance. Pays subscription fees Pays execution and O&M fees Delivers long-term service One treatment asset. A long-term customer relationship. Complementary group roles. AGM FY 2025-26 | CONSISTENCY THAT COMPOUNDS 05 FY26 Our story Megaliter Performance Priorities Megaliter: 16 contracted projects | ₹122+ crs portfolio LTV Contracted activity is an opportunity; delivery, economics and collections determine the outcome. Operational Revenue remaining? 14 projects operating | 2 ~80% revenue remaining to be projects under WIP recognized CRORE ₹ Capital needed? Cash after costs? Portfolio LTV ₹40+ crs total capital raised to Estimated project-level post-tax date (D+E). Capital supports the IRR: 20%+* contracted portfolio. *Based on current project assumptions; subject to operating performance, collections, capex and financing. LTV is the contracted opportunity. Commissioning, operations, billing and collections create realized value. AGM FY 2025-26 | CONSISTENCY THAT COMPOUNDS LTV: Lifetime Value 08 FY26 Our story Megaliter Performance Priorities From service revenue to earnings and cash Project EBITDA, company PAT and cash available to investors are different measures. FROM FEES TO EARNINGS FROM EARNINGS TO CASH Customer service revenue Upfront and replacement capex less operations and maintenance costs Billing and collection timing Project EBITDA margin (~60%) ₹ Funding requirements less depreciation, financing costs and taxes Profit after tax Debt repayments Megaliter FY26: ₹5.86 crore turnover | ₹14.80 lakh PAT AGM FY 2025-26 | CONSISTENCY THAT COMPOUNDS LTV: Lifetime Value 10 FY26 Our story Megaliter Performance Priorities Megaliter conversion: from contracted activity to cash Value is realised as contracts move from signed → funded → commissioned → operating → billed → collected. Signed Funded Commissioned Operating Billed Collected Contract scope Capital available Ready for Recurring revenue Accepted bills Cash received and remaining and committed service delivery and uptime and receivable after delivery tenure ageing Long-term measure FY26 result ₹5.86 crore Revenue reflects services LTV spans multiple years. FY26 recognised Megaliter turnover earned in that year. AGM FY 2025-26 | CONSISTENCY THAT COMPOUNDS LTV: Lifetime Value 11 FY26 Our story Megaliter Performance Priorities FY26: earnings recovered; FY27 focus is cash conversion and sustainable profitability. Consolidated financial performance | EBITDA is before exceptional items and includes other income. Total income | +7.1% EBITDA Group PAT ₹ crore ₹ crore ₹ crore 58.39 6.49 0.39 54.50 (2.55) (8.91) FY25 FY26 FY25 FY26 FY25 FY26 Net operating revenue Profit / (loss) before tax Earnings per share ₹54.17 → ₹57.09 cr (₹9.12) → (₹0.26) cr (₹8.21) → ₹0.32 +5.4% year on year Pre-tax profitability: next milestone Profit attributable to shareholders AGM FY 2025-26 | CONSISTENCY THAT COMPOUNDS 12 FY26 Our story Megaliter Performance Priorities FY26 EBITDA recovered to ₹6.49 cr; ₹5.20 cr excluding other income Recovery was supported by execution discipline, procurement and selective growth. FY27 focus: make the underlying improvement repeatable. ₹ crore +₹9.04 cr +4.78 6.49 Year-on-year EBITDA change +0.97 +3.29 ₹5.20 cr FY26 EBITDA (2.55) excluding other income FY25 FY25 bad-debt Higher Other operating FY26 EBITDA expense absent other income movements, net EBITDA FY26 other income includes ₹0.84 crore of award income; it is not customer subscription revenue. AGM FY 2025-26 | CONSISTENCY THAT COMPOUNDS 14 FY26 Our story Megaliter Performance Priorities FY27: Convert operating recovery into cash Billing, collections and working-capital discipline are the key execution priorities. ₹6.25 crore ₹1.05 cr Operating profit before working-capital changes Net operating cash flow ₹6.10 crore absorbed by working capital ₹6.00 cr ₹0.15 cr +₹0.90 cr Net income-tax refunds before tax movements Purchases of property, plant and equipment ₹29.15 cr ₹9.42 cr Trade receivables Contract assets Trade receivables and contract assets are balances at 31 March 2026. AGM FY 2025-26 | CONSISTENCY THAT COMPOUNDS 16 FY26 Our story Megaliter Performance Priorities Funding strengthened liquidity; capital discipline remains critical. Consolidated position on 31 March | Gross borrowings rose while adjusted net debt declined. Total borrowings (consolidated) Cash and cash equivalents ₹39.35 cr ₹10.21 cr ₹10 crore FY25: ₹34.25 cr FY25: ₹0.25 cr FY26 Megaliter Varunaa equity proceeds from outside shareholders Adjusted net debt Adjusted net debt / equity ₹28.88 cr 0.73x Financing cash ≠ revenue FY25: ₹30.18 cr FY25: 0.96x Liquidity improved; we will continue to match Megaliter investment and debt to project economics. Adjusted net debt and the equity ratio follow the company-disclosed calculation basis. AGM FY 2025-26 | CONSISTENCY THAT COMPOUNDS 17 FY26 Our story Megaliter Performance Priorities ₹107 crore order book: the next conversion opportunity Order-book position on 31 March 2026 | Convert work-in-progress into commissioned services, billing and cash. ₹107 crore ₹70 crore ₹56 crore Total unexecuted order book Identified for next 12 months Banka WaSH order book Across Banka RAIL and Banka WaSH Execution estimate, not guaranteed revenue As of 31 March 2026 CURRENT WORK IN PROGRESS IN THE COMPANY PROJECT SCHEDULE Commercial Asset – Mumbai & BLR | Commercial Asset – Hyd | Execution QWS, Kerala - Commissioning Commissioning 1 Complete 2 Commission 3 Start service 4 Bill 5 Collect Order book and LTV are distinct measures and should not be added together. AGM FY 2025-26 | CONSISTENCY THAT COMPOUNDS 18 FY26 Our story Megaliter Performance Priorities FY27: Commission. Collect. Deliver sustainable PBT. The FY27 scorecard: convert the platform into recurring earnings and cash. PRIORITY EXECUTION FOCUS PROGRESS INDICATORS Commission Commissioning; projects billing; recurring Move work-in-progress projects into serv [Showing first 8,000 characters — download PDF for full document]