Slide 1: Investor Presentation Q4 FY26 Results
I NV EST O R P RE SEN T AT I O N Q 4 F Y 2 6 R ES UL 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 ~ ₹33,815 Crore1 20 STATES & 2 UT ASSETS UNDER MANAGEMENT 94 REVENUE GENERATING ELEMENTS2 ~9,698 ckms2 ~32,550 MVA2 55 LINES 18 SUBSTATIONS T RANSMISSION : ~25.3 YEARS ~1.5 GWp S OLAR: ~19.1 YEARS S OLAR G ENERATION BESS: ~11.5 YEARS AVERAGE RESIDUAL CONTRACT 2.5 GWh2 ~5,48,000 MT
Slide 5: Q4 FY26 Quarterly Update
ll Q4 FY26 QUARTERLY UPDATE
Slide 6: Q4 FY26 Highlights
Q4 FY26 Highlights IndiGrid Update IndiGrid welcomed Mr. Gautam Mehra as an Independent Director on the board of Investment Manager. Mr. Mehra comes with over four decades of invaluable experience across taxation, regulatory, and asset management. Commissioned Gujarat BESS Private Limited (GBPL)
Slide 7: Q4 FY26 Industry Update
Q4 FY26 Industry Update Power Demand and Capacity Trend 238.0 245.4 The peak demand experienced during Q4 FY26 was in Jan 2026 of 245.4 GW. Furthermore, India 223.5 experienced and successfully met all-time peak demand of 256.1 GW on April 25, 2026, surpassing the previous life-time high of 250 GW
Slide 8: Strategic Market Pillars
Strategic Market Pillars Scale of Opportunity: India’s energy transition continues to drive a multi-decade transmission opportunity, specifically driven by rising renewable integration, grid expansion requirements and increasing need for evacuation infrastructure across both RE and storage ecosyst
Slide 9: 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) HP: Luhri RJ: Barmer HVDC, Kankani, Dholpur, CSPGCL Standalone – 1000 MWh ~1,500 North
Slide 10: Q4 FY26 Operational Performance
Q4 FY26 Operational Performance Q4 FY26 Availability(%) • HSE Update 99.65 99.40 99.87 99.86 99.83 99.52 100 97.74 97.50 99.97 100 99.80 99.63 98.61 99.47 99.69 100 • Zero Medical Treatment Case, First Aid Case and One Loss Time Incident. • Performance • Power Transmission – Weighted average availab
Slide 11: Q4 & FY26 Financial Performance
Q4 & FY26 Financial Performance Reported Financial Performance Operational Financial Performance Q4 Q4 % % Q4 Q4 % % ₹ Crore FY26 FY25 ₹ Crore FY26 FY25 FY26 FY25 change change FY26 FY25 change change Reported Operational 2,240 874 156.1% 4,768 3,288 45.0% 874 798 9.5% 3,311 3,212 3.1% Revenue Reven
Slide 12: Q4 & FY26 Collection and Receivable Profile
Q4 & FY26 Collection and Receivable Profile Collections and Receivable Days Transmission Assets Solar Assets DSO % Collection DSO % Collection 111% 70 80 150% 115% 108% 98% 97% 102% 89% 89% 93% 90% 60 70 100% 100% 60 50 50% 50 50% 40 40 30 0% 30 0% 48 47 51 37 20 38 41 38 37 32 35 20 -50% -50% 10 10
Slide 13: Q4 FY26 Distribution Update
Q4 FY26 Distribution Update Particulars Q4 FY26 Q4 FY25 Annual Distribution Trend Distribution per unit (DPU) (₹) 4.00 4.10 - Interest 2.5218 2.6287 16.00 16.48 - Dividend 0.0964 0.1419 15.35 14.10 13.35 - Capital Repayment 1.2376 1.2711 - Other income 0.1442 0.0583 Outstanding Units (Mn) 952.6 834.
Slide 14: Q4 FY26 Consolidated EBITDA to NDCF Waterfall
Q4 FY26 Consolidated EBITDA to NDCF Waterfall (In ₹ Crore) -95 -25 -11 -12 ₹24 crore added to the reserves during the quarter; NDCF reserve balance at ~₹544 crore -424 985 854 1 -9 -5 405 -381 24 EBITDA at WC Capex related Tax at SPV NDCF at SPV Expenses at Finance cost DSRA WC Tax at IGT NDCF Distr
Slide 15: Robust Balance Sheet
Robust Balance Sheet Gross Borrowing ~ ₹210 Bn (71% NCDs, 29% Bank Loans & ECB) AAA Rated ~7.4% ₹18.14 Bn 5 All numbers in ₹Bn By CRISIL, ICRA & Average Cost of Cash 4 India Ratings Debt Balance1 17 31 60 ~90% ~57.6% 2.08x Fixed Rate Net Debt/AUM EBITDA/Interest Borrowings 93 NCD - MFs Loan - Banks(
Slide 16: Superior Risk-Adjusted Total Returns to Investors
Superior Risk-Adjusted Total Returns to Investors Annualised Return 5% 6% 13% 12% 13% 14% 14% 8%2 19%2 Total Returns1 57% 60% 183% 168% 192% 207% 222% 46% 43% 65% 159% 172% 149% 169% 20% 57% 0% 62% -1% 117% 19% 22% 36% 63% 56% 23% -10% GSEC Bond GSEC Bond IndiGrid NSE 500 NSE INFRA BSE Utilities PGC
Slide 17: 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 18: Annexures
A NNEXURES 18 18
Slide 19: DPU Accretive Acquisitions
DPU Accretive Acquisitions 20.0 IPA assets Phase I (MTL +RTCL +PKTCL +PTCL) 19.0 Phase II (ENICL +OGPTL +NRSS) Phase III (JKTPL +GPTL +PrKTCL +NER +FRV) 18.0 Phase IV (RSTCPL +KhTL +KTL) Phase V (Acquisitions +Greenfield +Augmentation²) 17.0 Future Growth Opportunities 16.48 16.0 16.00 15.35 15.0 14
Slide 20: Diversified Investor Base
Diversified Investor Base 31st March 2026 Corporates & Trusts, 14% Supported by marquee long term investor base Retail, 30% Insurance + Pension ~24% owned by DIIs including insurance companies, mutual ~42% Fund, 18% funds, pension fund and corporates KKR (Sponsor), 1% Other FIIs, 19% Retail Holding
Slide 21: Operational Asset Portfolio – Transmission and BESS Assets
Operational Asset Portfolio – Transmission and BESS Assets Availability AUM2 Metal Asset States Elements Contract COD (%)1 (₹Million) (‘000 Metric Ton) 6 Lines – 945 ckms BDTCL Madhya Pradesh, Maharashtra, Gujarat Fixed Tariff/ Centre Jun-2015 99.65% 20,622 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 3,175 Solar - II 70 50 Andhra Pradesh Jan-19 SECI 25 3,361 SolarEdge 169 130 Maharashtra Apr-18 SECI 25 7,971 TL Patlas
Slide 23: EnerGrid Under Construction Portfolio
EnerGrid Under Construction Portfolio Proposed Acquisition EV4 Asset States Elements Contract (₹Million) Transmission Assets 1 Line – 18 ckms IPTL Maharashtra Fixed Tariff/ Centre 1 Substation – 3000 MVA 1 Line – 70 ckms DPTL Madhya Pradesh Fixed Tariff/ Centre 1 Substation – 2000 MVA KTCO Maharasht
Slide 24: 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 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 Globus Cohort 2 7 transmission assets 10 solar assets 2 BESS assets SolarEdge TSEC GGEL TLNangla TKSPL TNSEPL TLGa
Slide 26: 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 27: 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 28: Thank You
AndiGrid THANK YOU