Investor Update from Matrix Gas and Renewables

Document Summary

Matrix Gas and Renewables provides an investor update and reaffirms its commitment to building a strong, sustainable, and scalable business in the green energy sector.

Matrix's Growth and Impact: Matrix Gas and Renewables is identified as a rapidly growing natural gas aggregator and green hydrogen infrastructure developer in India, dedicated to steering a greener energy future. Key achievements in the last financial year include:

• Significant growth at a CAGR of ~30%.
• Topline figure of INR 600cr+ in FY24 and INR 534cr for 9 months till Dec 2024.
• Delivery of 300+ MMSCM of natural gas to large and reputed customers.
• Securing 300MW/year Production Linked Incentive from the Ministry of New and Renewable Energy, Government of India for electrolyser manufacturing.
• Securing an allotment letter from Gujarat Industrial Development Corporation for 95,000 square metres (23.48 acres) of land in Sanand to build the electrolyser manufacturing plant.
• Building a firm and robust order book of INR 1,000cr+ in the green hydrogen segment.

Matrix is also focused on strengthening India's green energy ambitions by:

• Setting up India's first and the world's second Green Steel project.
• Building India's first green hydrogen-based refueling station.
• Developing India's first green hydrogen valley project.
• Building India's first bio-hydrogen project.

Financial Discipline and Strategic Actions: Matrix Gas and Renewables operates as an independent entity, without dependence on Gensol Engineering Ltd. (GEL), however, it has participated in association with GEL(Gensol) in few tenders to meet pre-qualification criteria. For example, an SPV was created with GEL's support in the electrolyser manufacturing business to meet bid/tender qualification criteria relating to net worth. There is no operational or business overlap between Matrix Gas and Renewables and GEL, ensuring Matrix's strategic autonomy.

Matrix has been growing at a significant pace while maintaining good profitability, registering 8.6% EBITDA and 6.1% PAT in FY24, with projections to improve further in FY25.

Currently, Matrix is a zero-debt company and well-capitalized. They plan to maintain a 70:30 debt and equity levels for high capex projects in natural gas and green hydrogen, anticipating the cost of capital to remain below 10% for projects supported by national banks and government-backed PSUs/subsidiaries. This positions Matrix for sustainable expansion while delivering strong returns to stakeholders.

Future Fundraising and Road Ahead: Matrix is on a strong footing backed by a robust balance sheet and profitable business model. The company is committed to transparent communication as it executes its strategic goals for FY26.