IndiGrid Infrastructure Trust · NSE:INDIGRID
IndiGrid Infrastructure Trust — Q2 FY27 Earnings Presentation
28 slides from IndiGrid Infrastructure Trust's earnings presentation, August 2026
Slide 1: Investor Presentation Q2 FY27 Results
I N V E S TOR P R E S E N TA TION Q 2 FY27 R E S U LTS 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 ~ ₹33,667 Crore1 20 STATES & 2 UT ASSETS UNDER MANAGEMENT 94 REVENUE GENERATING ELEMENTS2 ~10,237 ckms 2 ~34,335 MVA2 59 LINES 20 SUBSTATIONS TRANSMISSION: ~26.2 Y EARS ~1.5 GWp S OLAR: ~18.8 Y EARS S OLAR GENERATION BESS: ~11.5 Y EARS AVERAGE RESIDUAL CONTRACT 2.5 GWh2 ~5,48,000
Slide 5: Q2 FY27 Quarterly Update
Q2 FY27 Q UARTERLY UPDATE 5
Slide 6: Q2 FY27 Highlights
Q2 FY27 Highlights IndiGrid & EnerGrid Update ❑ IndiGrid commissioned: o Rajasthan BESS Private Limited (RBPL): 250 MW / 500 MWh BESS project in Rajasthan, taking standalone operational BESS capacity to ~1 GWh, one of the largest in India. o Ishanagar Power Transmission Limited (IPTL*): ISTS project
Slide 7: IndiGrid partnered with ET Energy Leadership Summit for documentary launch
IndiGrid partnered with ET Energy Leadership Summit for the launch of its National Geographic Documentary – The Energy Storage Glimpses from the Event Watch the Promo Scan the QR code to watch the documentary 7
Slide 8: Q2 FY27 Industry Update
Q2 FY27 Industry Update Power Demand and Capacity Trend 270.3 ▪ Peak power demand touched 270.2 GW in July 2026, close to the all-time high of 270.82 GW 230.6 229.7 witnessed in May’26. Demand remained elevated through the quarter, with record peaks for August (258.3 GW) and September (269.6 GW). ▪
Slide 9: Strategic Market Pillars
Strategic Market Pillars ❑ Grid is the binding constraint: India’s energy transition is increasingly limited by the grid rather than generation. Despite accelerating build-out, evacuation constraints and curtailment show that transmission must keep pace with RE additions, sustaining a multi-decade o
Slide 10: High bidding activity in the transmission & BESS sector
High bidding activity in the transmission & BESS sector Transmission Bids Battery Energy Storage Bids Est Cost Estimated Cost Bid Stage Region Number of Active Bids Bid Stage Project Name (₹ Cr) (₹ Crore) RJ: Bikaner Complex A, Pugal, Babai, Kankani, GUVNL Standalone – 4000 MWh ~7,250 Rundh Gidawara
Slide 11: Q2 FY27 Operational Performance
Q2 FY27 Operational Performance Q2 FY27 Availability (%) • HSE Update • Zero Medical Treatment Case, First Aid Case and Loss Time Incident. • GPTL Fire incident: • A fire on August 8, 2026 impaired the ICTs at GPTL’s Sohna substation, affecting availability of the substation and associated lines. •
Slide 12: ESG Update
ESG Update Sustainability Report FY 2025-26 released in Q2 FY27 ▪ IndiGrid published its second annual Sustainability Report, covering ESG performance across its transmission, solar and BESS portfolio for FY 2025-26. ▪ Prepared in reference to GRI Standards 2021 and aligned with IFC Performance Stan
Slide 13: Q2 FY27 Financial Performance
Q2 FY27 Financial Performance Earnings Revenue (₹ crore) EBITDA (₹ crore) ₹ Crore Q2 FY26 Q2 FY27 % change Reported Revenue 827 1,315 59.0% 443 76 EBITDA 725 858 18.3% 22 1 872 733 724 782 NDCF Generated 363 380 4.7% 806 805 DPU (₹ per unit) 4.00 4.12 3.0% Q2 FY25 Q2 FY26 Q2 FY27 Q2 FY25 Q2 FY26 Q2
Slide 14: Q2 FY27 Distribution Update
Q2 FY27 Distribution Update Particulars Q2 FY26 Q2 FY27 Annual Distribution Trend Distribution per unit (DPU) (₹) 4.00 4.12 - Interest 3.0984 3.1878 16.00 16.48 - Dividend 0.0907 - 15.35 14.10 13.35 - Capital Repayment 0.7465 0.9322 - Other income 0.0644 - Outstanding Units (Cr) 83.45 95.26 Gross Di
Slide 15: Q2 FY27 Consolidated EBITDA to NDCF Waterfall
Q2 FY27 Consolidated EBITDA to NDCF Waterfall (In ₹ Crore) -55 -9 -5 -5 -423 ₹12 crore consumed from the reserves during the quarter; NDCF reserve balance at ~₹510 crore 880 810 2 -4 380 -392 -392 -12 EBITDA at SPV WC Movement Capex related Tax at SPV NDCF at SPV Expenses at Finance cost at WC Movem
Slide 16: Robust Balance Sheet
Robust Balance Sheet Gross Borrowing ~ ₹215 Bn (69% NCDs, 31% Term Loans & ECB) AAA Rated ~7.46% ₹15.68 Bn 5 All numbers in ₹Bn By CRISIL, ICRA & Average Cost of Cash 3 16 17 67 India Ratings Debt Balance1 ~86% ~60.4% 1.99x Fixed Rate Net Debt/AUM EBITDA/Interest Borrowings 107 NCD - MFs Loan - Bank
Slide 17: Superior Risk-Adjusted Total Returns to Investors
Superior Risk-Adjusted Total Returns to Investors Annualised Return 5% 3% 13% 12% 13% 13% 12% 12%2 19%2 Total Returns1 60% 62% 203% 189% 201% 216% 192% 64% 56% Other Public InvITs 72% 128% 2% 179% 26% 167% 177% 60% 65% 126% 21% 25% 37% 65% 62% 30% -1% -3% GSEC Bond GSEC Bond IndiGrid NSE 500 NSE INF
Slide 18: 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 assets as well as all the greenfield under-construction proje
Slide 19: Annexures
A NNEXURES 19 19
Slide 20: Diversified Investor Base
Diversified Investor Base 30th September 2026 Corporates & Trusts, 19% Supported by marquee long term investor base Retail, 32% ~24% owned by DIIs including insurance companies, mutual ~40% Insurance + Pension funds, pension fund and corporates Fund, 17% KKR (Sponsor),… Other FIIs, 20% GIC, 4%* Othe
Slide 21: Operational Asset Portfolio – Transmission and BESS Assets
Operational Asset Portfolio – Transmission and BESS Assets AUM2 Metal Asset States Elements Contract COD Availability (%)1 (₹Million) (‘000 Metric Ton) 6 Lines – 945 ckms BDTCL Madhya Pradesh, Maharashtra, Gujarat Fixed Tariff/ Centre Jun-2015 99.90% 20,260 Steel – 51.3;Al – 22.3 2 Substations – 6,0
Slide 22: 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 Solar - II 70 50 Andhra Pradesh Jan-19 SECI 25 14,206 GGEL 50 50 Rajasthan Jun-13 NVVN 25 Globus 24 20 Madhya Pradesh
Slide 23: EnerGrid Under Construction Portfolio
EnerGrid Under Construction Portfolio Proposed Acquisition EV4 Asset States Elements Contract (₹Million) Transmission Assets 1 Line – 70 ckms DPTL Madhya Pradesh Fixed Tariff/ Centre 1 Substation – 2000 MVA KTCO Maharashtra 1 Line – 60 ckms Fixed Tariff/ Centre RKPTL Punjab, Jammu & Kashmir 3 Line –
Slide 24: Corporate Structure (1/2)
Corporate Structure (1/2) Hold Cos Sponsor Project Manager Other Unitholders Transmission Assets Solar Assets ~1% ~95% ~4% BESS Group of Assets % Represents Economic Ownership 100% Investment Manager (IIML) 100% 100% 74% 100% 2.6% 66.06% TLNangla IGL IGL 1 IGL 2 97.4% 51% Cohort 3 PrKTCL1 USUPL PLG
Slide 25: 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 GTL UMD JUPL Cohort 2 7 transmission assets 8 solar assets 2 BESS assets SolarEdge TSEC TKSPL TNSEPL TLGadna TRSPL GBPL RB
Slide 26: Experienced Board of Directors
Experienced Board of Directors • Over 3 decades of experience in power sector with significant knowledge in • Member of the Asia-Pacific Infrastructure team of KKR since 2018 project execution, operations, commercial, regulatory, advocacy & responsible for Infrastructure investments in India policym
Slide 27: Glossary
Glossary AC Alternate Current KKR KKR & Co. Inc. (including its affiliates and subsidiaries) AUM Assets Under Management Mn Million Availability Percentage amount of time for which the asset is available for power flow MT Metric Tonne MVA Mega Volt Ampere Bn Billion MW Megawatt CAGR Compounded Annua
Slide 28: Thank You
T H A N K Y OU 28
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