Vertis Infrastructure Trust
Vertis Infrastructure Trust (VIT) is an InvIT of road sector assets sponsored by Galaxy, which is invested in by funds, vehicles and/or entities managed and/or advised by KKR, with VFA as its investment manager, VPM, a 100% subsidiary of VFA, acting as project manager and Axis Trustee Services Ltd acting as trustee.[1]
- Market Cap ₹ 16,338 Cr.
- Current Price ₹ 108
- High / Low ₹ 111 / 98.2
- Stock P/E 11.0
- Book Value ₹ 70.0
- Dividend Yield 8.90 %
- ROCE 12.0 %
- ROE 13.8 %
- Face Value ₹ 100
Pros
- Company is expected to give good quarter
Cons
- Promoter holding has decreased over last quarter: -13.9%
- Tax rate seems low
- Company has a low return on equity of 13.4% over last 3 years.
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|
| 322 | 506 | 1,700 | 2,316 | |
| 18 | 51 | 26 | 92 | |
| Operating Profit | 305 | 456 | 1,674 | 2,224 |
| OPM % | 94% | 90% | 98% | 96% |
| -202 | -481 | -463 | -108 | |
| Interest | 58 | 173 | 309 | 762 |
| Depreciation | 0 | 0 | 0 | 0 |
| Profit before tax | 44 | -198 | 902 | 1,354 |
| Tax % | 4% | 3% | 0% | -0% |
| 43 | -205 | 898 | 1,356 | |
| EPS in Rs | 1.03 | -2.75 | 5.95 | 8.98 |
| Dividend Payout % | 1,579% | -554% | 176% | 114% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 93% |
| TTM: | 36% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 84% |
| TTM: | 8% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | % |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 13% |
| Last Year: | 14% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|
| Equity Capital | 4,155 | 6,859 | 12,861 | 12,861 |
| Reserves | -572 | -1,277 | -1,896 | -2,294 |
| 1,425 | 3,564 | 4,786 | 11,133 | |
| 7 | 76 | 13 | 104 | |
| Total Liabilities | 5,016 | 9,222 | 15,765 | 21,804 |
| 0 | 0 | 0 | 0 | |
| CWIP | 0 | 0 | 0 | 0 |
| Investments | 3,645 | 5,284 | 4,193 | 5,352 |
| 1,370 | 3,938 | 11,572 | 16,452 | |
| Total Assets | 5,016 | 9,222 | 15,765 | 21,804 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|
| -13 | -53 | -46 | -81 | |
| -1,129 | -4,098 | -4,979 | -3,772 | |
| 1,168 | 4,170 | 5,000 | 3,831 | |
| Net Cash Flow | 27 | 20 | -24 | -22 |
| Free Cash Flow | -13 | -53 | -46 | -81 |
| CFO/OP | -4% | -10% | -2% | -4% |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|
| Debtor Days | 0 | 0 | 0 | 0 |
| Inventory Days | ||||
| Days Payable | ||||
| Cash Conversion Cycle | 0 | 0 | 0 | 0 |
| Working Capital Days | 81 | -124 | -3 | -28 |
| ROCE % | 7% | 14% | 12% |
Insights
In beta| Mar 2025 | |
|---|---|
| Assets Under Management (AUM) INR Million |
|
| Lane Kilometers Managed Lane km |
|
| Net Debt to AUM % |
|
| Number of Project SPVs Count |
|
| Number of States with Presence Count |
|
| Residual Concession Life (AUM Weighted) Years |
|
| Year-on-Year Traffic Growth (AUM Weighted) % |
Extracted by Screener AI
Documents
Announcements
-
Updates
29 May 2026 - FY26 earnings call transcript uploaded; AUM rose 43% to ₹27,000 crore, distribution was ₹12 per unit.
-
Updates
29 May 2026 - Vertis Infrastructure Trust allotted 14,500 CPs worth ₹725 crore, maturing August 27-28, 2026.
-
Disclosure of details of any credit rating obtained by the InvIT and any change in such rating
22 May 2026 - CRISIL reaffirmed AAA/Stable ratings for term loans/NCDs; A1+ commercial paper; one INR 400 crore NCD withdrawn.
-
Updates
22 May 2026 - Earnings conference call on May 27, 2026 for Q4 and FY26 results, with investor presentation.
-
Updates
22 May 2026 - Vertis Infrastructure Trust refiled FY26 audited standalone and consolidated financials on May 22, 2026.
Annual reports
No data available.
Concalls
-
May 2026Transcript PPT
-
Feb 2026Transcript PPT
-
Nov 2025Transcript PPT
-
Aug 2025TranscriptAI SummaryPPT
-
May 2025TranscriptAI SummaryPPT
-
Nov 2022TranscriptPPT
Structure of InvIT[1]
Sponsors: KKR is the sponsor of the InvIT, a leading global investment firm with $684 billion of AUM as on September 30, 2025.[2]
Investment Manager: Vertis Fund Advisor Private Limited is the Investment Manager responsible for managing investments / portfolio and regulatory compliance.
Project Manager: Vertis Project Manager Private Limited is the Project Manager responsible for overseeing the operations and maintenance of Project SPVs while ensuring compliance with laws.