IndiGrid Infrastructure Trust has filed its security cover compliance certificate with stock exchanges for the period ended March 31, 2026, pursuant to Regulation 54 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with SEBI Circular No. SEBI/HO/MIRSD/MIRSD_CRADT/CIR/P/2022/67 dated May 19, 2022. The submission was made by IndiGrid Investment Managers Limited, acting as Investment Manager of the Trust, and was signed by Urmil Shah, Company Secretary and Compliance Officer, on May 14, 2026.

Auditor's Confirmation of Security Cover Compliance

Statutory auditors S R B C & CO LLP, Chartered Accountants (ICAI Firm Registration Number: 324982E/E300003), issued an Independent Auditor's Report on Security Cover, Compliance with all Covenants, and book value of assets as at March 31, 2026, pursuant to Regulation 56(1)(d) of the SEBI (LODR) Regulations, 2015. The report was signed by Partner Huzefa Ginwala (Membership Number: 111757, UDIN: 26111757TXDGIE1473) at Pune on May 14, 2026. Based on the procedures performed, the auditors concluded that nothing came to their attention to suggest that the Trust had failed to maintain 100% security cover, was non-compliant with covenants under the Debenture Trust Deeds, or that the book values of assets were not in agreement with the underlying audited financial statements as at March 31, 2026.

Security Cover Ratios as at March 31, 2026

The accompanying Annexure A presents the security cover computation for secured redeemable listed non-convertible debenture securities. All amounts are in INR Million.

The pari-passu security cover on book value was computed as INR 3,12,010.31 million (value of assets having pari-passu charge) divided by INR 2,08,858.96 million (total outstanding secured debt and interest accrued), yielding a ratio of 1.49. The security cover on market value was computed as INR 3,33,330.18 million (total value of assets per Column O) divided by INR 2,08,858.96 million, yielding a ratio of 1.60.

Asset and Liability Summary

The key asset and liability figures from Annexure A are presented below (Amounts in INR Million):

The total market value of assets available for secured debt securities (Column O) stood at INR 3,33,330.18 million, comprising exclusive charge assets of INR 2,739.17 million, pari-passu charge assets at market value of INR 3,30,237.96 million, and pari-passu charge assets at book value of INR 353.05 million.

Non-Convertible Debentures Portfolio

The Trust's secured redeemable listed non-convertible debentures portfolio as at March 31, 2026 comprised 30 instruments, all carrying pari-passu charge and each requiring an asset cover of 1.00 time. The aggregate sanctioned amount across all 30 NCDs was INR 1,52,898.17 million, with total outstanding amount as on March 31, 2026 at INR 1,48,770.67 million (amount as per books: INR 1,48,770.32 million, after Ind AS adjustment of INR 0.35 million). The total face value of debentures aggregated to INR 1,52,89,81,69,000.

Enterprise Valuation of Subsidiary SPVs

For the purpose of computing market value security cover, the Trust obtained a valuation report dated May 14, 2026 from independent registered valuer Mr. S Sundararaman (IBBI Registration No. IBBI/RV/06/2018/10238), appointed in accordance with SEBI (Infrastructure Investment Trusts) Regulations, 2014. The enterprise values of 40 subsidiary Special Purpose Vehicles (SPVs), comprising transmission and solar assets, were used for this computation. The aggregate enterprise value of all SPVs stood at INR 3,19,282.06 million, with surplus cash, bank balances, mutual funds, and fixed deposits totalling INR 9,581.50 million, bringing the combined total to INR 3,28,863.56 million. After applying the respective pledge percentages, the value considered for Column M of Annexure A was INR 3,26,419.83 million.

Covenant Compliance

With respect to financial covenants, compliance testing for the ratio of Consolidated Net Debt/EBIDTA and the debt service coverage ratio was performed and certified by CA Pankaj Somani, P. Somani & Co. Chartered Accountants (FRN no. 130819W). Quarterly debt service coverage ratio certificates were issued for the June 2025, September 2025, December 2025, and March 2026 quarters. The management confirmed that there were no breaches of covenants communicated by the Debenture Trustee during the year ended March 31, 2026, and that the Trust complied with all affirmative, informative, negative, and general covenants as prescribed in the Debenture Trust Deeds.

IndiGrid Infrastructure Trust has declared a distribution of ₹4.00 per unit for Q4 FY26, delivering on its full-year DPU guidance of ₹16.00. The Board of IndiGrid Investment Managers Limited approved the distribution on May 14, 2026, with the record date set as May 19, 2026, and payment due on or before May 26, 2026. The trust also announced a FY27 DPU guidance of ₹16.48, representing a 3% YoY growth, continuing its track record of annual distribution increases since listing. Since listing, IndiGrid has distributed ~₹117.32 per unit, amounting to ~₹76.48 billion to investors, including the Q4 FY26 distribution.

Q4 FY26 Distribution Breakdown

The total distribution of ₹4.00 per unit comprises interest, dividend, capital repayment, and other income components, in accordance with Section 223 of the Income Tax Act, 2025.

Q4 FY26 & FY26 Financial Performance

IndiGrid reported strong operational performance for the quarter and full year. Q4 FY26 operational revenue grew 9.5% YoY to ₹874 crore, driven by new project additions, with operational EBITDA rising 8.5% YoY to ₹782 crore at an 89% margin. For the full year FY26, operational revenue stood at ₹3,311 crore, up 3.1% YoY, and operational EBITDA was ₹2,982 crore at a 90% margin. Reported revenue and EBITDA were higher than operational figures as they include service concession revenue from Build-Own-Operate-Transfer (BOOT) under-construction assets per applicable accounting standards. Net Distributable Cash Flow (NDCF) for the quarter was ₹405 crore, reflecting a YoY dip of 6.8%, on account of working capital movement and investment in under-construction projects. The NDCF reserve balance stood at ~₹544 crore at the end of the quarter, with ₹24 crore added to reserves during the period. Assets under management (AUM) at fiscal year-end stood at ₹33,815 crore, with Net Debt/AUM at 57.6%.

Q4 FY26 collections stood at 102% with 37 receivable days for transmission assets and 97% with 37 receivable days for solar assets.

Q4 FY26 Operational Highlights

IndiGrid's operational portfolio delivered robust performance during the quarter. Weighted average transmission availability based on asset revenue was ~99.54%, while solar generation reached 603.1 MU at a Capacity Utilization Factor (CUF) of 24.2%. The Battery Energy Storage System (BESS) project at Kilokari (KBPL) recorded a weighted average availability of 98.55%. The trust maintained a strong safety record with zero Medical Treatment Cases and zero First Aid Cases during the quarter.

Key Business Developments

During Q4 FY26, IndiGrid executed several strategic milestones that strengthen its portfolio and growth pipeline. In early May 2026, the trust fully commissioned Gujarat BESS Private Limited (GBPL) with a capacity of 180 MW / 360 MWh in Gujarat, one of India's largest standalone utility-scale BESS projects at a single location. IndiGrid also commissioned the NRSS RTM Project and was awarded three additional RTM projects under the OPGW scheme with a cumulative value of ~₹165 crore. The trust completed the acquisition of Gadag Transmission Limited (GTL) from ReNew Power, a ~187 ckms and 1,500 MVA capacity Inter-State Transmission System (ISTS) project in Karnataka, for an enterprise value of ~₹372 crore. Additionally, Mr. Gautam Mehra was welcomed as an Independent Director, bringing over four decades of experience in taxation, regulatory affairs, and asset management.

Portfolio Overview & Balance Sheet

As of the latest data, IndiGrid's portfolio spans ₹33,815 crore in AUM across 20 states and 2 Union Territories, comprising 55 transmission lines (9,700 ckms), 18 substations (~32,550 MVA), ~1.5 GWp of solar generation, and 2.5 GWh of BESS projects. The trust maintains an AAA credit rating from CRISIL, ICRA, and India Ratings, with an average cost of debt of ~7.4%, ~90% fixed-rate borrowings, and a cash balance of ₹18.14 billion. The EBITDA/Interest coverage ratio stands at 2.08x. The trust's annual DPU has grown at a 5.4% CAGR since FY23, with FY27 guidance of ₹16.48 per unit.

Management Commentary

Commenting on the quarter, Harsh Shah, Managing Director of IndiGrid, said, "The last 12-15 months have been defining for IndiGrid. We continued our strong operational performance and expansion of our portfolio pipeline. Earlier this month, we successfully commissioned GBPL – our landmark 180 MW / 360 MWh Battery Energy Storage System project in Gujarat – reinforcing IndiGrid's position at the forefront of India's evolving energy transition landscape. Alongside steady revenue growth and healthy operating performance, we have consistently provided 3-5% growth in our DPU year-on-year, reflecting the strategic discipline and resilience of our underlying cash flows. With a robust pipeline of operational and under-construction assets across our chosen sectors, we remain well positioned to deliver sustainable long-term value to our unitholders. As India's energy transition gathers pace, IndiGrid continues to focus on operational excellence, innovation, and building next-generation infrastructure platforms that support the country's growing and increasingly dynamic power needs."

Conference Call & Results Discussion

To discuss the Q4 FY26 financial results, the trust scheduled a conference call on May 18, 2026, at 04:00 PM IST. The call was led by Harshit Sarawagi of Axis Capital and featured key management personnel including Managing Director Harsh Shah and CFO Meghana Pandit.