Indigrid Infrastructure Trust · NSE:INDIGRID
Indigrid Infrastructure Trust — Q2 FY26 Earnings Presentation
26 slides from Indigrid Infrastructure Trust's earnings presentation, July 2025
Slide 1: Investor Presentation Q2 FY26 Results
I NVE ST OR P RES ENT ATI O N Q 2 FY 2 6 R E SUL 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 ~ ₹ 325 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 T RANSMISSION: ~25.7 Y EARS ~1.5 GWp SOLAR: ~19.6 Y EARS SOLAR GENERATION AVERAGE RESIDUAL CONTRACT3,4 900 MWh6 ~5,42,600 MT5 BESS PROJECT
Slide 5: Q2 FY26 Quarterly Update
il Q2 FY26 QUARTERLY UPDATE
Slide 6: Q2 FY26 Highlights
Q2 FY26 Highlights IndiGrid Update Signed definitive documents to acquire interstate transmission project NERES XVI from Techno Electric, at an EV of ~₹ 460 crore; to be acquired on its COD, expected by Dec-26 IndiGrid was included in the FTSE EM/APAC All Cap Index and FTSE INDIA All Cap Index,
Slide 7: Q2 FY26 Industry Update
Q2 FY26 Industry Update Power Demand and Capacity Trend India witnessed peak power demand of 229 GW during Q2 FY26. While the peak demand 243.3 230.6 229.0 saw a 0.7% decline compared to same period last year, primarily due to prolonged monsoon rains which curbed both demand and plant load factors
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) OD: Angul West Bengal – 500 MW / 1000 MWh ~1,750 Eastern ~3,210 UP: Mirzapur HP: Shong
Slide 9: Q2 FY26 Operational Performance
Q2 FY26 Operational Performance Q2 FY26 Availability(%) • HSE Update 99.97 99.75 100.00100.00 100.00100.00 99.74 99.98 99.98 100.00 100.00 99.92 98.69 99.90 99.93 98.81 93.36 • Zero - Medical Treatment Case, One - First Aid Case and One - Loss Time Incident. • Performance • Power Transmission: Weigh
Slide 10: Q2 FY26 Financial Performance
Q2 FY26 Financial Performance Earnings Revenue (₹ Mn) EBITDA (₹ Mn) ₹ Mn Q2 FY26 Q2 FY25 % change Reported Revenue 8,267 8,060 2.6% EBITDA 7,249 7,332 -1.1% NDCF Generated 3,629 3,197 13.5% 8,060 8,267 7,332 7,249 6,950 DPU (₹ per unit) 4.00 3.75 6.7% 5,584 Q2 FY24 Q2 FY25 Q2 FY26 Q2 FY24 Q2 FY25 Q2
Slide 11: Q2 FY26 Distribution Update
Q2 FY26 Distribution Update Particulars Q2 FY26 Q2 FY25 Annual Distribution Trend Distribution per unit (DPU) (₹) 4.00 3.75 - Interest 3.0984 3.61763 - Dividend 0.0907 0.11357 16.00 15.35 14.10 - Capital Repayment 0.7465 - 12.76 13.35 - Other income 0.0644 0.01880 Outstanding Units (Mn) 834.5 783.7
Slide 12: Q2 FY26 Consolidated EBITDA to NDCF Waterfall
Q2 FY26 Consolidated EBITDA to NDCF Waterfall (In ₹ Mn) 119 158 148 -56 -49 ₹ 187 Mn added to the reserves -4,066 during the quarter; reserve balance at ~₹ 5,731 Mn 7,667 87 7,298 -10 3,629 -3,442 187 EBITDA at Finance WC Capex related Tax at SPV NDCF at SPV Expenses at Finance cost WC Tax at IGT ND
Slide 13: Robust Balance Sheet
Robust Balance Sheet Gross Borrowing ~ ₹ 217 Bn (71% NCDs, 29% Bank Loans & ECB) AAA Rated ~7.44% ₹ 19.97 Bn All numbers in INR Bn By CRISIL, ICRA & Average Cost of Cash 6 4 India Ratings Debt Balance1 14 38 ~88% ~61.4% 1.71x 63 Fixed Rate Net Debt/AUM EBITDA/Interest Borrowings 92 Raised borrowin
Slide 14: Superior Risk-Adjusted Total Returns to Investors
Superior Risk-Adjusted Total Returns to Investors Annualised Return 6% 6% 13% 13% 14% 14% 14% 9%2 17%2 Total Returns1 57% 65% 174% 187% 200% 206% 202% 45% 28% 65% 0% 3% 145% 174% 169% 179% 11% 57% 62% 109% 18% 21% 32% 57% 50% 17% -5% GSEC Bond GSEC Bond IndiGrid NSE 500 NSE INFRA BSE Utilities PGCIL
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 Post Preferential Allotment Supported by marquee long term investor base Corporates & Trusts, 18% Retail, 30% Insurance, 12% ~24% owned by DIIs including insurance companies, mutual ~34% funds, pension fund and corporates KKR (Sponsor), 1% Other FIIs, 18% Others, 5% Retail
Slide 18: Operational Asset Portfolio – Transmission Assets
Operational Asset Portfolio – Transmission 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 Metric Ton)
Slide 19: Operational Asset Portfolio – BESS
Operational Asset Portfolio – BESS AUM1 Asset States Elements Contract (₹ Million) KBPL Delhi 20 MW / 40 MWh Fixed Tariff / State 786 19 (1) As per independent valuation report Sep 30, 2025
Slide 20: 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 3,400 Solar - II 70 50 Andhra Pradesh Jan-19 SECI 25 3,463 SolarEdge 169 130 Maharashtra Apr-18 SECI 25 9,108 TL Patla
Slide 21: Under Construction Asset Portfolio
Under Construction Asset Portfolio AUM1 Asset States Elements Contract (₹ Million) 1 Line – 18 ckms IPTL Maharashtra Fixed Tariff/ Centre 1,370 1 Substation – 3000 MVA 1 Line – 70 ckms DPTL Madhya Pradesh Fixed Tariff/ Centre 1,033 1 Substation – 2000 MVA KTCO Maharashtra 1 Line – 60 ckms Fixed Tari
Slide 22: Corporate Structure (1/2)
Corporate Structure (1/2) Hold Cos Sponsor Project Manager Other Unitholders Transmission Assets Solar Assets ~1% ~83% ~16% 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 23: 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 24: 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 25: 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 26: Thank You
AndiGrid THANK YOu
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