Vertis Infrastructure Trust
Key Fundamentals
SmallcapToll Road AssetsTransportPrice-based figures as of 13 Oct 2026, 15:21 IST · EPS basis: Consolidated · TTM
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Key Insights
Strengths
1- Company is expected to give good quarter
Weaknesses
3- Stock is trading at 2.71 times its book value
- Tax rate seems low
- Company has a low return on equity of 9.99% over last 3 years.
Technical Indicators
Oscillators
Neutral
Overall
Bearish
Moving Averages
Bearish
Growth Rate
change over 1 year
change over 1 year
AI Analysis — Bull vs Bear
As of the 2026-10-09 close, Vertis Infrastructure Trust traded at 114.07, giving a market cap of about 17,289 crore, a trailing P/E of 20.7 on EPS of 5.51 and a price-to-book of 1.67. Sales have grown at 83% a year over 3 years and profit at 182%, and trailing-twelve-month (TTM) growth is 62% and 77%. Returns are modest, with ROE at 9.74% and ROCE at 9.44%, while debt-to-equity stands at 1.8 and the units have traded between 81.05 and 162.6 over the past 52 weeks.
- Revenue has scaled quickly, with 3-year compounded sales growth of 83% and TTM sales growth of 62%. This points to a sharply larger asset and revenue base.
- Profit growth has outpaced revenue, with 3-year compounded profit growth of 182% and TTM profit growth of 77%. That suggests operating leverage, or better margins as the portfolio grows.
- Price-to-book of 1.67 as of 2026-10-09 is moderate for an asset-heavy infrastructure vehicle. Investors are paying a limited premium over book value.
- A trailing P/E of 20.7 on EPS of 5.51 looks less demanding when set against TTM profit growth of 77%, if that growth holds even in part.
- At 114.07, the units are about 29.8% below the 52-week high of 162.6, so the current price is well under recent peak levels.
- A dividend yield of 2.84% gives a cash return to unitholders. Infrastructure trust structures are generally required to distribute most of their cash flows.
- ROE has been steady at about 10% across the last year, 3 years and 5 years. Returns have held stable while the business expanded rapidly.
- Near-term sentiment may be supported because the company is expected to report a good quarter, and the units have returned about 10% over 1 year.
- ROE of 9.74% and ROCE of 9.44% are low in absolute terms and may sit close to the cost of capital, which limits the value created by each rupee invested.
- Debt-to-equity of 1.8 means high leverage. Earnings and distributions are therefore sensitive to interest rates and to refinancing terms.
- Return on equity has averaged only about 9.99% over the last 3 years, even with 182% 3-year profit CAGR. Growth has not lifted returns.
- The 52-week range of 81.05 to 162.6 shows the high end was about double the low. That is high volatility for a vehicle often held for stable yield.
- A dividend yield of 2.84% is modest for an income-oriented infrastructure trust. Yield-focused investors may find it less attractive compared with fixed-income alternatives.
- A trailing P/E of 20.7 already prices in continued growth. Growth rates of 62% to 83% are likely to slow as the base gets larger.
- The tax rate appears low. Any change in the tax treatment of the trust structure or its underlying assets could weigh on reported profit, currently 5.51 EPS.
- The units are about 40.7% above the 52-week low of 81.05, so part of the recovery from the low is already reflected in the 114.07 price.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- FY26 financials unanimously approved Jul 28
Unitholders unanimously approved audited FY26 financial statements and independent asset valuation at the 4th Annual Meeting on July 27, 2026, with 100% affirmative votes on all three agenda items.
TL;DR: Vertis Infrastructure Trust conducted a routine annual meeting with full unitholder approval of financials and asset valuations, signaling stable governance. No material positive catalysts or risks emerged. The trust appears in steady-state mode with strong institutional alignment, though no growth triggers are visible.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 235 | 170 | 294 | 1,302 | 524 | 512 | 501 | 701 | 830 | 1,002 | 1,016 | 1,055 | 1,053 |
| Expenses | 70 | 47 | 88 | 959 | 149 | 118 | 132 | 245 | 187 | 250 | 369 | 298 | 197 |
| Operating Profit | 166 | 123 | 207 | 343 | 374 | 393 | 369 | 456 | 644 | 752 | 647 | 757 | 856 |
| OPM % | 70% | 72% | 70% | 26% | 71% | 77% | 74% | 65% | 78% | 75% | 64% | 72% | 81% |
| Other Income | 1 | 1 | 1 | -359 | 14 | 12 | 26 | 20 | 17 | -15 | -5 | 70 | 11 |
| Interest | 53 | 44 | 77 | 142 | 107 | 82 | 92 | 104 | 223 | 272 | 223 | 213 | 229 |
| Depreciation | 51 | 34 | 67 | 149 | 155 | 150 | 158 | 196 | 292 | 293 | 294 | 317 | 278 |
| PBT | 63 | 45 | 63 | -307 | 126 | 173 | 145 | 176 | 146 | 172 | 125 | 297 | 361 |
| Tax % | 8% | 2% | 36% | -1% | 21% | 10% | 20% | 2% | 11% | -10% | 11% | 22% | 5% |
| Net Profit | 58 | 44 | 41 | -303 | 99 | 155 | 117 | 173 | 130 | 188 | 111 | 230 | 342 |
| EPS (₹) | 1.33 | 0.91 | 0.84 | -4.16 | 1 | 1.71 | 1.2 | 1.01 | 0.71 | 1.35 | 0.66 | 1.47 | 2.03 |
Profit & Loss
| Particulars | Mar 2022 4m | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|
| Sales | 190 | 627 | 2,035 | 2,127 | 3,819 | 4,126 |
| Expenses | 41 | 211 | 1,184 | 615 | 1,041 | 1,114 |
| Operating Profit | 149 | 416 | 851 | 1,512 | 2,778 | 3,012 |
| OPM % | 78% | 66% | 42% | 71% | 73% | 73% |
| Other Income | 7 | 16 | -332 | 153 | 89 | 62 |
| Interest | 78 | 219 | 324 | 385 | 932 | 938 |
| Depreciation | 29 | 117 | 322 | 661 | 1,196 | 1,182 |
| PBT | 49 | 96 | -127 | 620 | 739 | 954 |
| Tax % | 8% | 65% | 21% | 12% | 11% | — |
| Net Profit | 45 | 34 | -153 | 545 | 660 | 872 |
| EPS (₹) | — | 0.82 | -2.15 | 3.1 | 4.18 | 5.51 |
| Div. Payout % | 0% | 1969% | -707% | 338% | 244% | — |
Balance Sheet
| Particulars | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Equity Capital | 0 | 4,155 | 6,859 | 12,861 | 12,861 |
| Reserves | 39 | -3,717 | -4,262 | -5,322 | -6,444 |
| Borrowings | 2,327 | 1,477 | 4,126 | 4,933 | 11,574 |
| Other Liabilities | 374 | 417 | 2,299 | 1,815 | 1,957 |
| Total Liabilities | 2,739 | 2,332 | 9,023 | 14,286 | 19,948 |
| Fixed Assets | 2,038 | 1,945 | 5,833 | 11,992 | 11,446 |
| CWIP | 0 | 0 | 5 | 0 | 0 |
| Investments | 215 | 65 | 918 | 102 | 186 |
| Other Assets | 486 | 321 | 2,266 | 2,192 | 8,315 |
| Total Assets | 2,739 | 2,332 | 9,023 | 14,286 | 19,948 |
Cash Flow
| Particulars | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Operating | 170 | 503 | 1,247 | 1,237 | 3,302 |
| Investing | -48 | -119 | -3,519 | -5,384 | -279 |
| Financing | -86 | -386 | 2,364 | 4,471 | -2,707 |
| Net Cash Flow | 37 | -2 | 92 | 324 | 315 |
| Free Cash Flow | 165 | 503 | 1,231 | -5,525 | 3,265 |
| CFO/OP | 120 | 127 | 156 | 91 | 129 |
Ratios
| Particulars | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Debtor Days | 7 | 0 | 6 | 3 | 8 |
| Cash Conversion Cycle | 7 | 0 | 6 | 3 | 8 |
| Working Capital Days | -431 | -36 | -164 | -137 | -32 |
| ROCE % | — | 14% | 12% | 10% | 11% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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37 extracted metrics + investor summaries across FY22–FY27.
Documents
Frequently Asked Questions about Vertis Infrastructure Trust
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What is the Return on Equity (ROE) of Vertis Infrastructure Trust?
Company Information
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]
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