Indigrid Infrastructure Trust · NSE:INDIGRID
Indigrid Infrastructure Trust — Q3 FY26 Earnings Presentation
25 slides from Indigrid Infrastructure Trust's earnings presentation, February 2026
Slide 1: Investor Presentation Q3 FY26 Results
I N V E S T OR P R E S E N T A T ION Q 3 FY26 R E S U L T S 1
Slide 2: Safe Harbor
Safe Harbor This presentation is prepared and issued by IndiGrid Investment Managers Limited (the “Investment Manager”) on behalf of and in its capacity as the investment manager of IndiGrid Infrastructure Trust (“IndiGrid” / “IGT”) for general information purposes only without regards to specific o
Slide 3: Vision
Vision Focused Business Value Accretive Predictable Optimal Capital Model Growth Distribution Structure • Long term contracts • DPU accretive • Quarterly distribution • Cap on leverage at • Low operating risks acquisitions Y-o-Y • Minimum 90% of Net 70% • Stable cash flows • Creating growth cash flo
Slide 4: Portfolio Overview
Portfolio Overview ~ ₹ 328 Bn1,2 20 STATES & 2 UT ASSETS UNDER MANAGEMENT 90 REVENUE GENERATING ELEMENTS1,2 ~9,336 ckms1,2 ~25,050 MVA1,2 53 LINES 16 SUBSTATIONS TRANSMISSION: ~25.7 YEARS ~1.5 GWp S OLAR: ~19.6 YEARS S OLAR GENERATION AVERAGE RESIDUAL CONTRACT3,4 900 MWh6 ~5,42,600 MT5 BESS PROJECTS
Slide 5: Q3 FY26 Quarterly Update
Q3 FY26 Q UARTERLY UPDATE 5
Slide 6: Q3 FY26 Highlights
Q3 FY26 Highlights IndiGrid Update Signed SPA to acquire Gadag Transmission Limited from ReNew Power, a ~187 ckms and 1,000 MVA capacity ISTS project in Karnataka, from ReNew Power for ~INR 372 crore. Deal closure expected by Q4 FY26. Successfully raised INR 1,500 Cr equity through Institutional
Slide 7: Q3 FY26 Industry Update
Q3 FY26 Industry Update Power Demand and Capacity Trend 241.2 India recorded peak power demand of 241 GW during Q3 FY26, the highest level in 9MFY26. This 222.2 224.2 represented a 7.6% y-o-y increase, driven by higher industrial activity, year-end commercial operations, and increased residential
Slide 8: High bidding activity in the transmission & BESS sector
High bidding activity in the transmission & BESS sector Transmission Bids Battery Energy Storage Bids Estimated Cost Estimated Cost Bid Stage Region Number of Active Bids Bid Stage Project Name (₹ Crore) (₹ Crore) JH: WR/ER A, WR/ER C Eastern ~7,857 NVVN Chhattisgarh – 125MW/500 MWh ~750 UP: Mirzapu
Slide 9: Q3 FY26 Operational Performance
Q3 FY26 Operational Performance Q3 FY26 Availability(%) • HSE Update 99.91 100 100 100 100 100 99.41 99.79 99.99 99.87 100 96.17 100 100 99.99 99.81 100 • Zero - Medical Treatment Case, First Aid Case and Loss Time Incident. • Performance • Power Transmission: Weighted average availability based on
Slide 10: Q3 FY26 Financial Performance
Q3 FY26 Financial Performance Earnings Revenue (₹ Mn) EBITDA (₹ Mn) ₹ Mn Q3 FY26 Q3 FY25 % change Reported Revenue 8,622 7,722 11.7% EBITDA 7,843 6,944 13.0% 8,622 7,843 NDCF Generated 3,283 3,331 -1.4% 7,722 6,807 6,944 7,542 DPU (₹ per unit) 4.00 3.75 6.7% Q3 FY24 Q3 FY25 Q3 FY26 Q3 FY24 Q3 FY25 Q
Slide 11: Q3 FY26 Distribution Update
Q3 FY26 Distribution Update Particulars Q3 FY26 Q3 FY25 Annual Distribution Trend Distribution per unit (DPU) (₹) 4.00 3.75 - Interest 2.9465 2.7533 16.00 - Dividend 0.0074 0.1284 15.35 14.10 13.35 - Capital Repayment 1.0143 0.8188 12.76 - Other income 0.0318 0.0495 Outstanding Units (Mn) 952.6 834.
Slide 12: Q3 FY26 Consolidated EBITDA to NDCF Waterfall
Q3 FY26 Consolidated EBITDA to NDCF Waterfall (In ₹ Mn) 180 -931 -5 -24 -73 ₹ 527 Mn consumed from the reserves during the quarter; -3,939 reserve balance at ~₹ 5,207 Mn 7,560 6,780 176 -18 357 -3,810 3,283 -3,810 -527 EBITDA at Finance WC Capex Tax at SPV NDCF at Expenses at Finance cost DSRA WC Ta
Slide 13: Robust Balance Sheet
Robust Balance Sheet Gross Borrowing ~ ₹ 214 Bn (72% NCDs, 28% Bank Loans & ECB) AAA Rated ~7.41% ₹ 16.59 Bn 5 4 All numbers in INR Bn By CRISIL, ICRA & Average Cost of Cash India Ratings Debt Balance1 15 40 ~88% ~61.0% 1.92x Fixed Rate Net Debt/AUM EBITDA/Interest 59 Borrowings 90 Post the Instit
Slide 14: Superior Risk-Adjusted Total Returns to Investors
Superior Risk-Adjusted Total Returns to Investors Annualised Return 5% 6% 13% 14% 14% 13% 13% 8%2 17%2 Total Returns1 57% 64% 181% 200% 217% 196% 192% 42% 33% 68% 2% 131% 0% 162% 181% 196% 13% 57% 62% 113% 18% 22% 34% 61% 53% 20% -11% GSEC Bond GSEC Bond IndiGrid NSE 500 NSE INFRA BSE Utilities PGCI
Slide 15: Business Outlook
Business Outlook Portfolio Strategy Focus on maintaining stable operations for predictable and sustainable distribution while looking for value accretive acquisitions Greenfield Development Execution of augmentation work in existing transmission projects as well as the 4 transmission projects
Slide 16: Annexures
A NNEXURES 16 16
Slide 17: Diversified Investor Base
Diversified Investor Base 6th Feb 2026 (Post Institutional Placement) Supported by marquee long term investor base Corporates & Trusts, 19% Retail, 29% ~24% owned by DIIs including insurance companies, mutual ~34% Insurance, 14% funds, pension fund and corporates KKR (Sponsor), Other FIIs, 19%1% Ret
Slide 18: Operational Asset Portfolio – Transmission and BESS Assets
Operational Asset Portfolio – Transmission and BESS Assets 16 Inter State TBCB 1 Intra State TBCB 1 Project for Captive 6 Regulated Tariff Transmission Projects Transmission Project Consumption Transmission Project5 Availability AUM2 Metal Asset States Elements Contract COD (%)1 (₹ Million) (‘000 Me
Slide 19: Operational Asset Portfolio – Solar Assets
Operational Asset Portfolio – Solar Assets PPA Tenure at CoD AUM1 Asset DC Capacity AC Capacity States COD Offtaker (years) (₹ Million) Solar - I 68 50 Andhra Pradesh Jul-18 SECI 25 3,361 Solar - II 70 50 Andhra Pradesh Jan-19 SECI 25 3,444 SolarEdge 169 130 Maharashtra Apr-18 SECI 25 9,116 TL Patla
Slide 20: Under Construction Asset Portfolio
Under Construction Asset Portfolio AUM1 Asset States Elements Contract (₹ Million) 1 Line – 18 ckms IPTL Maharashtra Fixed Tariff/ Centre 1,747 1 Substation – 3000 MVA 1 Line – 70 ckms DPTL Madhya Pradesh Fixed Tariff/ Centre 1,323 1 Substation – 2000 MVA KTCO Maharashtra 1 Line – 60 ckms Fixed Tari
Slide 21: Corporate Structure (1/2)
Corporate Structure (1/2) Hold Cos Sponsor Project Manager Other Unitholders Transmission Assets Solar Assets ~1% ~92% ~7% BESS Group of Assets % Represents Economic Ownership 100% Investment Manager (IIML) 100% 74% 100% 2.6% 66.06% IGL IGL 1 IGL 2 Cohort 3 PrKTCL# USUPL 97.4% PLG TSESPL+ 100% EIPL
Slide 22: Corporate Structure (2/2)
Corporate Structure (2/2) Initial Portfolio Assets Transmission Assets Solar Assets BESS Cohort 1 BDTCL JTCL RTCL PKTCL MTL 5 transmission assets IPTL DPTL KTCO OGPTL RKPTL KNTL UMD Globus SolarEdge Cohort 2 6 transmission assets 10 solar assets 2 BESS assets TSEC GGEL TLNangla TKSPL TNSEPL TLGadna
Slide 23: Experienced Board of Directors
Experienced Board of Directors • Over 30 years of rich experience, currently independent non-executive director of Mapletree Logistics Trust Ltd. He is an independent director of • Member of the Asia-Pacific Infrastructure team of KKR since 2018 Westlife Development Ltd., Jubilant Pharma Ltd. and Gl
Slide 24: Glossary
Glossary AC Alternate Current NAV Net Asset Value per unit AUM Assets Under Management NCD Non-Convertible Debentures Availability Percentage amount of time for which the asset is available for power flow Net cash flow at trust’s disposal for distribution to IndiGrid in a particular year in accordan
Slide 25: Thank You
T H A N K Y OU 25
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