Vertis Infrastructure Trust (VERTIS) Q4 25/26 earnings summary

Executive summary

• Achieved 43% AUM growth to INR 272 billion in FY26, driven by the acquisition of 12 PNC assets and portfolio optimization, expanding operational assets to 28 across nine states.

• Toll revenue outperformed projections by 4.3%, with 9.9% YoY traffic growth and 13.1% YoY toll revenue growth; portfolio mix is 70% toll and 30% annuity.

• Distributed INR 18,120 million in FY26 (DPU of INR 12.0/unit); cumulative distributions since formation at INR 57.09/unit.

• Recognized for operational excellence, safety, and sustainability by multiple authorities and industry bodies.

• Standalone and consolidated financial statements for FY26 audited and approved with unmodified opinions.

Financial highlights

• FY26 operating revenue reached INR 40,045 million, up 13.1% YoY, with an 88% EBITDA margin; consolidated revenue from operations was INR 38,192.56 million.

• Cost of debt reduced to 7.32% at year-end, among the lowest for scaled InvITs.

• Outstanding debt stands at INR 115 billion with an average maturity of 11.6 years; net debt to AUM is 41.3%.

• Consolidated net profit attributable to unitholders was INR 6,317.29 million; standalone net profit was INR 13,564.67 million.

• NAV per unit increased to INR 106.8; total assets (consolidated) at INR 200,494.05 million.

Outlook and guidance

• Management remains vigilant of macroeconomic headwinds, including Middle East conflict, WPI inflation, and input cost pressures.

• Major maintenance cycles are being rephased due to a spike in bitumen prices; user fee revisions implemented for several projects from April 2026, with some delays due to elections.

• NMP 2.0 and regulatory changes expected to create long-term growth opportunities; focus on asset base expansion and capital structure optimization.