Vertis Infrastructure Trust
Vertis Infrastructure Trust
ServicesKey Fundamentals
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Key Insights
Strengths
1- Company is expected to give good quarter
Weaknesses
3- Stock is trading at 2.73 times its book value
- Tax rate seems low
- Company has a low return on equity of 9.99% over last 3 years.
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 2d agoVertis Infrastructure Trust is a Services sector entity with a market cap of ₹17,516 Cr, trading at a P/E of 20.1x and P/B of 1.7x. The company has delivered exceptional top-line growth of 62% TTM and profit growth of 77% TTM, but carries a modest 3-year ROE of approximately 10% and trades at 2.74x book value.
- TTM revenue growth of 62% signals strong demand momentum and rapid business expansion in the infrastructure services space
- TTM profit growth of 77% outpaces revenue growth, suggesting improving operating leverage and margin expansion
- 3-year compounded profit CAGR of 182% reflects a dramatic earnings inflection over the medium term
- 3-year compounded sales CAGR of 83% demonstrates sustained top-line acceleration, not just a one-off quarter
- Dividend yield of 2.8% provides a reasonable income component, relatively attractive for a growth-oriented services company
- P/E of 20.1x is not excessive for a company delivering 62% revenue growth and 77% profit growth on a TTM basis
- Market expectation of a good upcoming quarter suggests near-term earnings visibility remains intact
- 1-year stock CAGR of 14% indicates the market has begun recognizing the company's improved fundamentals
- 3-year return on equity of just 9.99% is below the 15% threshold typically expected for quality compounders, raising capital efficiency concerns
- Stock is trading at 2.74x book value, a premium that demands sustained high growth to justify the valuation
- Apparently low tax rate raises questions about the sustainability of reported net profit margins and whether normalized earnings would be lower
- Limited long-term track record with 5-year and 10-year growth data unavailable, making it difficult to assess durability of the business model
- 52-week high and low data are both reported as 0, indicating potential data gaps that limit technical and volatility assessment
- Debt-to-equity ratio is unavailable, leaving the company's leverage and financial risk profile unclear
- ROE has remained flat at approximately 10% across 1-year, 3-year, and 5-year periods despite massive profit growth, suggesting equity dilution or capital-intensive reinvestment
- P/B of 1.7x combined with sub-10% ROE implies the market is pricing in future improvement that has not yet materialized in return ratios
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 17d ago- 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 in Rs | 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 in Rs | — | 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–FY26.
Documents
Frequently Asked Questions about Vertis Infrastructure Trust
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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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