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 23.8
- Book Value ₹ 42.5
- Dividend Yield 8.90 %
- ROCE 11.2 %
- ROE 9.86 %
- Face Value ₹ 100
Pros
- Stock is providing a good dividend yield of 8.90%.
- Company is expected to give good quarter
Cons
- Stock is trading at 2.55 times its book value
- Company has low interest coverage ratio.
- Promoter holding has decreased over last quarter: -13.9%
- Tax rate seems low
- Company has a low return on equity of 10.1% 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
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 | Mar 2026 | |
|---|---|---|---|---|---|
| 190 | 627 | 2,035 | 2,174 | 3,903 | |
| 41 | 211 | 1,184 | 634 | 1,041 | |
| Operating Profit | 149 | 416 | 851 | 1,541 | 2,862 |
| OPM % | 78% | 66% | 42% | 71% | 73% |
| 7 | 16 | -332 | 125 | 5 | |
| Interest | 78 | 219 | 324 | 385 | 932 |
| Depreciation | 29 | 117 | 322 | 661 | 1,196 |
| Profit before tax | 49 | 96 | -127 | 620 | 739 |
| Tax % | 8% | 65% | 21% | 12% | 11% |
| 45 | 34 | -153 | 545 | 660 | |
| EPS in Rs | 0.82 | -2.15 | 3.10 | 4.18 | |
| Dividend Payout % | 0% | 1,969% | -707% | 338% | 244% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 84% |
| TTM: | 80% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 185% |
| TTM: | 57% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | % |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 10% |
| 3 Years: | 10% |
| Last Year: | 10% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
| Equity Capital | 0.00 | 4,155 | 6,859 | 12,861 | 12,861 |
| Reserves | 39 | -3,717 | -4,262 | -5,322 | -6,444 |
| 2,327 | 1,477 | 4,126 | 4,933 | 11,574 | |
| 374 | 417 | 2,299 | 1,815 | 2,058 | |
| Total Liabilities | 2,739 | 2,332 | 9,023 | 14,286 | 20,049 |
| 2,038 | 1,945 | 5,833 | 11,992 | 11,446 | |
| CWIP | 0 | 0 | 5 | 0 | 0 |
| Investments | 215 | 65 | 918 | 102 | 186 |
| 486 | 321 | 2,266 | 2,192 | 8,416 | |
| Total Assets | 2,739 | 2,332 | 9,023 | 14,286 | 20,049 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
| 170 | 503 | 1,247 | 1,237 | 3,302 | |
| -48 | -119 | -3,519 | -5,384 | -362 | |
| -86 | -386 | 2,364 | 4,471 | -2,707 | |
| Net Cash Flow | 37 | -2 | 92 | 324 | 233 |
| Free Cash Flow | 165 | 503 | 1,231 | -5,525 | 3,265 |
| CFO/OP | 120% | 127% | 156% | 90% | 125% |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
| Debtor Days | 7 | 0 | 6 | 3 | 8 |
| Inventory Days | |||||
| Days Payable | |||||
| Cash Conversion Cycle | 7 | 0 | 6 | 3 | 8 |
| Working Capital Days | -431 | -36 | -164 | -134 | -14 |
| ROCE % | 14% | 12% | 10% | 11% |
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.