Hello Paul,
I think we have managed to create proper geoid based on data provided by Aakash to support email.
Assuming that the undulation grid in the shared file has been defined on WGS84 ellipsoid, we have customized the required UTM projection by adding "INAGeoid2020 v2 height" (EPSG::20036) to it via coordinate system editing dialog and then loading the geoid file through Datum Transformation Settings dialog -> Add Geoid button.
The resulting WKT line for the compound coordinate system was the following:
COMPD_CS["WGS 84 / UTM zone 50S + INAGEOID2020 height",
PROJCS["WGS 84 / UTM zone 50S",
GEOGCS["WGS 84",
DATUM["World Geodetic System 1984 ensemble",
SPHEROID["WGS 84",6378137,298.257223563,AUTHORITY["EPSG","7030"]],
TOWGS84[0,0,0,0,0,0,0],AUTHORITY["EPSG","6326"]],
PRIMEM["Greenwich",0,AUTHORITY["EPSG","8901"]],
UNIT["degree",0.01745329251994328,AUTHORITY["EPSG","9102"]],
AUTHORITY["EPSG","4326"]],
PROJECTION["Transverse_Mercator",AUTHORITY["EPSG","9807"]],
PARAMETER["latitude_of_origin",0],
PARAMETER["central_meridian",117],
PARAMETER["scale_factor",0.9996],
PARAMETER["false_easting",500000],
PARAMETER["false_northing",10000000],
UNIT["metre",1,AUTHORITY["EPSG","9001"]],
AUTHORITY["EPSG","32750"]],
VERT_CS["INAGeoid2020 v2 height",
VERT_DATUM["Indonesian Geoid 2020 version 2",2005,AUTHORITY["EPSG","1328"]],
UNIT["metre",1,AUTHORITY["EPSG","9001"]],
AUTHORITY["EPSG","20036"]]]