Din Energy Limited owns and operates a 50 MW utility-scale wind power project constructed under a Build, Own, and Operate (BOO) concession structure across roughly 325 acres in Deh Kohistan, Sindh. Operating as a Renewable Energy Independent Power Producer (RE IPP), the entity functions under the regulatory and structural provisions of Pakistan’s Renewable Energy Policy 2006.

Din Energy Limited operates under the Cost-Plus Tariff mechanism determined by the National Electric Power Regulatory Authority (NEPRA). Following NEPRA’s Commercial Operation Date (COD) tariff true-up decision, the project’s levelized benchmark tariff was finalized at PKR 7.9073/kWh (US Cents 4.4436/kWh) over its 25-year operational term from COD. Furthermore, the entity executed an Amendment Agreement with the Central Power Purchasing Agency (CPPA-G), effective May 2025, which revised the payment and return frameworks to enhance cash-flow predictability and expedite receivable settlements. For the July-September 2026 quarter, NEPRA notified a revised applicable tariff of PKR 14.1352/kWh, incorporating routine indexation and exchange rate adjustments.

Under the regulatory tariff determination issued by the National Electric Power Regulatory Authority (NEPRA), the project benefits from an approved Internal Rate of Return (IRR) of 14.0% over its concession period.

The ownership of Din Energy Limited resides with Din Group’s corporate vehicles and members of the founding family. Main corporate shareholding is divided equally between Din Corporation (Pvt.) Ltd and Din Ventures (Pvt.) Ltd at 31.67% each, alongside Din Industries Management (Pvt.) Ltd holding 5.00%. Individual sponsor holdings are retained by Shaikh Muhammad Pervez and Ms. Ghazala Pervez at 15.80% each, with nominal qualifying shareholdings held by Mr. Fawad Jawed, Mr. Farhad Shaikh Mohammad, and Mr. Irfan Muneer (0.00005% each).

Din Energy operates under the umbrella of the Din Group, one of Pakistan’s well established and diversified business conglomerates. With a legacy spanning several decades, the Group has successfully expanded into the renewable energy sector with a clear focus on sustainable development. Its ventures in clean energy are backed by extensive business experience and in-depth sector knowledge, lending credibility and operational stability to Din Energy’s initiatives.

The leadership team of Din Energy comprises seasoned entrepreneurs and professionals who bring decades of hands-on experience across diverse industries. Individuals such as Shaikh Mohammad Pervez, Fawad Jawed, Farhad Shaikh Mohammad, and Ghazala Pervez have held key leadership positions across textiles, energy and real estate. Their collective strategic insight, corporate governance capabilities, and track record of successfully running multiple enterprises speak to the Group's strong business acumen.

The financial standing of Din Energy is reinforced by the robust and diversified business portfolio of its sponsors. The Din Group has established successful operations across high-value industries, which enables the company to ensure long-term financial sustainability and resilience. The Group’s proven ability to fund and support large-scale projects underlines its solid financial foundation.

Din Energy Limited is governed by a four-member Board of Directors, inclusive of the Chief Executive Officer. The board composition consists entirely of members associated with the founding family, who concurrently serve in executive capacities across other Din Group companies. This direct sponsorship oversight provides unified strategic direction, streamlined decision-making processes, and institutional continuity.

Din Energy Limited benefits from a highly experienced Board of Directors whose members hold extensive tenure within Din Group. Bringing multidisciplinary expertise spanning energy, textile manufacturing, and real estate development, the directors offer a balanced mix of operational acumen, strategic vision, and formal business qualifications. This depth of industry knowledge ensures sound strategic guidance and institutional stewardship for the company.

Din Energy Limited operates under a structured governance framework, with the Board maintaining periodic oversight through regular meetings to deliberate on core operational performance, financial strategy, regulatory compliance, and enterprise risk management. The directors' active executive involvement across the broader Din Group portfolio ensures informed oversight, strong strategic grounding, and agile decision-making tailored to prevailing market dynamics.

Din Energy Limited’s financial statements for the financial year ended June 30, 2026, were audited by BDO Ebrahim & Co., Chartered Accountants, an audit firm maintaining an ‘A’ category rating on the State Bank of Pakistan’s (SBP) Panel of Auditors. The independent auditors issued an unqualified audit opinion, confirming the accuracy, transparency, and regulatory compliance of the company’s financial disclosures.

Din Energy Limited maintains a lean organizational structure characteristic of utility-scale Independent Power Producers (IPPs). The company retains direct management oversight over core financial, commercial, and regulatory functions, while outsourcing routine plant operations and maintenance (O&M) to specialized third-party contractors. This operational model optimizes overhead costs, enforces strict risk mitigation, and leverages specialized technical expertise without straining internal resource capacity.

The company’s day-to-day operations are overseen by Mr. Farhad Shaikh Mohammad, who has played a central role in directing the company's strategic and operational priorities. He is supported by Mr. Mansoor Khan, an experienced project head with expertise in managing large-scale infrastructure and energy projects. Together, they are backed by a capable management team that brings a strong blend of technical knowledge, project execution skills, and leadership continuity to the organization.

Operating under a disciplined management framework, Din Energy Limited prioritizes streamlined decision-making and efficient process workflows. Backed by strong internal controls and governance policies, the executive team maintains high standards of operational rigor and execution capabilities across key organizational streams.

To support operational excellence and robust governance, Din Energy Limited leverages an advanced IT infrastructure centered on an integrated SAP ERP system. This enterprise solution streamlines cross-functional workflows, enhances real-time performance tracking, and reinforces internal controls by maintaining strict data accuracy across financial, and operational streams.

Din Energy Limited was developed pursuant to the framework of Pakistan’s Renewable Energy Policy 2006. The project’s commercial off-take is secured via a 25-year Energy Purchase Agreement (EPA) executed with the Central Power Purchasing Agency (CPPA-G), establishing a long-term commitment for energy evacuation. In May 2025, the company executed an Amendment Agreement with CPPA-G aimed at restructuring the payment and return framework to provide enhanced certainty regarding receivable settlements. Under the terms of the amendment, the exchange rate indexation applicable to the Return on Equity (ROE) will be capped post-debt servicing, and the Delayed Payment Markup (DPM) rate has been revised to KIBOR + 1.0%.

To ensure optimal operational performance, Din Energy Limited secured a multi-year Operations and Maintenance (O&M) contract commencing March 27, 2024. The agreement is partnered with leading original equipment manufacturer (OEM) Siemens Gamesa Renewable Energy alongside Orient Energy, delivering expert technical management, preventative maintenance, and operational reliability for the wind power facility.

Wind resource risk, as defined under the Renewable Energy Policy 2006, pertains to the variability in wind speed. According to the EPA, the Developer assumes responsibility for wind-related risks and any losses arising from such variations. However, in the event of curtailment by the power purchaser, the plant is entitled to receive NPMVs (Non project missed values) compensation based on estimated power generation.

DIN Energy has secured insurance coverage with Adamjee Insurance for all operational risks, business interruption, third-party liabilities, and property damage, ensuring comprehensive protection throughout the operations.

In Mar'26, Pakistan's total power generation rose to 8,939 GWh, reflecting a strong YoY increase of 6.3% from 8,409 GWh in Mar'25, and a MoM increase of 16.2% from 7,696 GWh in Feb'26 (largely seasonal). For 9MFY26, cumulative generation reached 93,131 GWh, up 3.3% YoY. Generation exceeded the NEPRA reference level during the month attributed to lower industrial tariffs, a shift of industrial consumers back onto the national grid, incremental consumption packages for industrial and agricultural users, and improved economic activity (LSM up 5.9% YoY in 8MFY26) and in fact marked the third-highest March output on record. The generation mix shifted notably: hydel generation surged 62.3% YoY to 2,105 GWh (24% share, up from 15% in Mar'25), driven by higher demand and reduced RLNG/nuclear output; imported coal jumped 126% YoY to 1,234 GWh (14% share, up from 6%); local coal rose 8% YoY to 1,498 GWh (17% share); wind generation increased 34% YoY to 309 GWh (3% share); while RLNG-based generation fell sharply by 67% YoY to just 504 GWh (6% share, down from 18%) amid supply disruptions linked to the US-Iran conflict, with only 2 of 8 scheduled cargoes imported. Nuclear generation declined 11.7% YoY to 1,962 GWh (22% share, down from 26%), likely due to annual technical outages at Chashma-III and KANUPP (K-3). Solar output edged down 12% YoY to 106 GWh (1% share), while RFO output rose sharply (up 23x YoY, from a very low base) and gas rose modestly (+4% YoY to 1,014 GWh). On the cost side, the adjusted fuel cost in Mar'26 stood at PKR 8.26/kWh, slightly above the NEPRA reference cost of PKR 8.00/kWh, resulting in a modest positive Fuel Charges Adjustment (FCA) of PKR 0.27/kWh, kept low by a comparatively favourable energy mix despite elevated oil prices. Notably, the March power generation cost itself was down 14.6% YoY, from PKR 9.46/kWh in Mar'25 to PKR 8.08/kWh in Mar'26. Generation trends from Dec'25-Mar'26 point to improving grid stability and a better outlook for future quarterly tariff adjustments, aided by lower industrial tariffs and higher levies on captive gas, though risks remain from prolonged RLNG disruptions tied to the US-Iran conflict, which could push FCAs and tariffs higher or trigger load shedding. NEPRA projects overall power demand to grow by 1.0% YoY in CY26.

In FY26, Din Energy Limited’s net delivered energy increased to 142.81 GWh, reflecting a 25.1% YoY recovery from 114.14 GWh recorded in FY25. The operational surge was driven by favorable wind resource availability and higher plant capacity utilization across key operational months. Concurrently, top-line revenue expanded to PKR 2,504 million, representing a 37.2% YoY growth compared to PKR 1,825 million in the preceding year.

The Power Purchase Agreement specifies performance benchmarks for the Company, including an annual generation target of 166.440 GWh and a capacity factor of 38%.

Din Energy’s financing structure remains predominantly debt-funded, although leverage has improved during FY26. Total borrowings stood at PKR 7.62 billion (FY25: PKR 8.85 billion), reflecting scheduled repayment of project-related debt, while shareholders’ equity increased to PKR 4.21 billion (FY25: PKR 3.38 billion). The financing structure continues to reflect the capital-intensive nature of the wind IPP, with debt comprising the majority of the funding base; however, the reduction in borrowings alongside strengthening equity indicates gradual improvement in the overall financial structure.

Din Energy’s liquidity profile strengthened during FY26, with the current ratio improving to 3.4 (FY25: 2.7), supported by an increase in current assets to PKR 957 million (PKR 658 million) against current liabilities of PKR 281 million (FY25: PKR 242 million). Trade receivables increased to PKR 824 million (PKR 571 million), making timely recovery from the power purchaser an important liquidity monitorable. Nevertheless, the company’s strong operating cash generation and improved current asset coverage provide adequate support for its near-term obligations.

As a renewable IPP, Din Energy has relatively limited working-capital requirements as it does not incur fuel costs, with funding needs primarily associated with O&M expenses and the timing of receivable collections. Net working capital stood at 72 days in FY26 (FY25: 84 days), indicating an improvement in the working-capital cycle. The company continues to meet its operational working-capital requirements through internal cash generation, with the improvement in working-capital days providing some relief to liquidity requirements.

Din Energy’s cash flow generation improved significantly during FY26, with FCFO rising to PKR 2.01 billion (PKR 1.35 billion), supported by stronger operating cash generation. Despite the higher FCFO, the company continues to face sizeable finance and debt-servicing requirements, with FCFO coverage of finance cost and current maturities improving to 1.3x (FY25: 0.8x). Overall, stronger cash generation and continued debt repayments are positive for the company’s financial flexibility.

Din Energy Limited’s capitalization profile strengthened during FY26, evidenced by a notable decline in leveraging to 64.4% from 72.3% in FY25. Total borrowings contracted to PKR 7.62 billion (FY25: PKR 8.85 billion), while shareholders’ equity expanded to PKR 4.21 billion (FY25: PKR 3.38 billion). Although the capital structure remains leveraged inherent to the capital-intensive nature of project-financed IPPs, ongoing debt servicing and equity accumulation are projected to drive progressive balance-sheet strengthening.