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 ₹ 16,474 Cr.
- Current Price ₹ 109
- High / Low ₹ 110 / 98.2
- Stock P/E 27.4
- Book Value ₹ 46.4
- Dividend Yield 0.00 %
- ROCE 9.51 %
- ROE 8.64 %
- Face Value ₹ 100
Pros
- Company is expected to give good quarter
- Company has been maintaining a healthy dividend payout of 534%
Cons
- Promoter holding has decreased over last quarter: -13.9%
- Tax rate seems low
- Company has a low return on equity of 10.4% over last 3 years.
- Company might be capitalizing the interest cost
* 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
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2022 4m | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|
| 190 | 627 | 2,035 | 2,174 | 3,034 | |
| 41 | 211 | 1,184 | 634 | 813 | |
| Operating Profit | 149 | 416 | 851 | 1,541 | 2,221 |
| OPM % | 78% | 66% | 42% | 71% | 73% |
| 7 | 16 | -332 | 125 | 49 | |
| Interest | 78 | 219 | 324 | 385 | 691 |
| Depreciation | 29 | 117 | 322 | 661 | 940 |
| Profit before tax | 49 | 96 | -127 | 620 | 639 |
| Tax % | 8% | 65% | 21% | 12% | |
| 45 | 34 | -153 | 545 | 608 | |
| EPS in Rs | 0.82 | -2.15 | 3.10 | 4.27 | |
| Dividend Payout % | 0% | 1,969% | -707% | 338% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 125% |
| TTM: | 15% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 117% |
| TTM: | 102% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | % |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 10% |
| Last Year: | 9% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|
| Equity Capital | 0.00 | 4,155 | 6,859 | 12,861 | 12,861 |
| Reserves | 39 | -3,717 | -4,262 | -5,322 | -5,859 |
| 2,327 | 1,477 | 4,126 | 4,933 | 11,188 | |
| 374 | 417 | 2,299 | 1,815 | 2,302 | |
| Total Liabilities | 2,739 | 2,332 | 9,023 | 14,286 | 20,492 |
| 2,038 | 1,945 | 5,833 | 11,992 | 12,104 | |
| CWIP | 0 | 0 | 5 | 0 | 0 |
| Investments | 215 | 65 | 918 | 102 | 175 |
| 486 | 321 | 2,266 | 2,192 | 8,214 | |
| Total Assets | 2,739 | 2,332 | 9,023 | 14,286 | 20,492 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|
| 170 | 503 | 1,247 | 1,237 | |
| -48 | -119 | -3,519 | -5,384 | |
| -86 | -386 | 2,364 | 4,471 | |
| Net Cash Flow | 37 | -2 | 92 | 324 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|
| Debtor Days | 7 | 0 | 6 | 3 |
| Inventory Days | ||||
| Days Payable | ||||
| Cash Conversion Cycle | 7 | 0 | 6 | 3 |
| Working Capital Days | -431 | -36 | -164 | -134 |
| ROCE % | 14% | 12% | 10% |
Documents
Announcements
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Updates
23 December 2025 - Vertis Infrastructure Trust has informed regarding the redemption of Non-Convertible Debt securities.
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Updates
16 December 2025 - Vertis Infrastructure Trust redeemed ₹275 crore CP (5,500 units, ISIN INE0KXY14030) on December 16, 2025.
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Updates
15 December 2025 - Allotment of 14,000 CPs aggregating INR 700,00,00,000; tenor 172 days; maturity June 05, 2026; CRISIL A1+.
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Updates
5 December 2025 - Approved issuance of up to 14,000 commercial papers totaling INR 700 crore on December 05, 2025.
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Disclosure of details of any credit rating obtained by the InvIT and any change in such rating
5 December 2025 - CRISIL reaffirmed VIT ratings: AAA/Stable on loans/NCDs, A1+ CP; bank facilities Rs9,697 crore; CP Rs975 crore
Annual reports
No data available.
Concalls
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Nov 2025Transcript PPT
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Aug 2025TranscriptAI SummaryPPT
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May 2025TranscriptAI SummaryPPT
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.