Vertis Infrastructure Trust (VERTIS) Q3 25/26 earnings summary

Executive summary

• Vertis operates a diversified road infrastructure platform with 28 assets across 10 states, totaling 8,300 km and an AUM of INR 265 billion, with a balanced toll/annuity mix and robust Q3 FY26 performance marked by 10.3% YoY traffic growth and 14.2% YoY toll revenue growth.

• Q3 FY26 saw a distribution of INR 3.00 per unit (INR 4,530 million), with cumulative distributions since listing reaching INR 53.46 per unit.

• Approved unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025, with an unmodified review report from statutory auditors.

• Board approved evaluation of fund-raising options, including a potential public IPO and offer for sale of units.

• Appointment of new CHRO, Compliance Officer, and Company Secretary to strengthen governance and HR.

Financial highlights

• Q3 FY26 operating revenue was INR 10,763 million, with EBITDA margin at 90%; YTD FY26 operating revenue was INR 29,594 million, EBITDA margin at 89%.

• Standalone profit after tax for the quarter ended December 31, 2025, was INR 3,756.76 million, up from INR 2,127.56 million year-over-year; consolidated profit after tax was INR 996.79 million.

• Annuity income for Q3 was INR 4,399 million, with improved collection efficiency.

• Earnings per unit (standalone, basic and diluted): INR 2.49 for the quarter, INR 7.03 for the nine months.

• Distribution yield per unit for the period ended December 31, 2025: 8.10%.

Outlook and guidance

• Priorities include disciplined cost management, life cycle planning, optimizing capital structure, and pursuing value-accretive acquisitions, with continued focus on operational excellence, safety, and sustainability initiatives.

• The Trust is evaluating fund-raising opportunities, including a potential public listing, subject to market conditions and further approvals.

• Monitoring regulatory and tax reforms for potential portfolio impact.