1. At a Glance – Blink and You’ll Miss the Cash Flow
Vertis Infrastructure Trust is that boring-looking InvIT which quietly drops ₹3 per unit distributions while equity investors fight over PE multiples like street dogs over Parle-G. Market cap stands at ₹16,580 Cr, CMP around ₹110, trading above its NAV of ~₹103 — which already tells you this isn’t some neglected toll road gathering dust. In the last quarter, revenue jumped 103% YoY, PAT grew 6%, and operating margins are sitting at a ridiculous 70%+, because once roads are built, they just sit there collecting money like an old landlord. Debt is high at ₹11,188 Cr, yes, but credit rating is AAA, lenders are lining up, and cash flows are steady enough to make mutual fund managers sleep peacefully. This isn’t a momentum stock. This is a monthly salary uncle in the market wearing a KKR blazer.
2. Introduction – Roads, Returns, and Relentless Cash Machines
Vertis Infrastructure Trust (VIT) is a road-focused InvIT sponsored by Galaxy, backed by the KKR ecosystem, and professionally run like a global pension fund playground. This is not a jugaad infra story. This is structured, regulated, SEBI-approved, auditor-loved infrastructure investing.
The InvIT owns 28 operational road assets across 10 Indian states, spanning toll, annuity, and HAM models. The idea is simple:
- Toll roads = traffic risk, higher upside
- HAM & annuity = boring but predictable cash
Vertis mixes both so that volatility doesn’t give heart attacks. If equity
markets are Bollywood, InvITs are Doordarshan — slow, stable, and still running.
3. Business Model – WTF Do They Even Do?
Vertis doesn’t “build” roads anymore. That headache is done.
They own, operate, collect, and distribute.
Money flow looks like this:
Cars → Toll booths / NHAI annuities → SPVs → InvIT → Unitholders
No product launches. No marketing spends. No influencer ads.
Just trucks paying toll at 3 AM while you sleep.
- Toll assets (70%): Revenue depends on traffic + toll hikes
- HAM & Annuity (30%): Fixed payments from NHAI
Residual concession life is 14.4 years, which means these roads will still be printing money when your favourite midcap CEO is on CNBC crying about demand slowdown.
4. Financials Overview – Numbers Doing the Talking
EPS Annualisation (Q3):
Average of Q1, Q2, Q3 EPS × 4
- Q1 FY26 EPS: ₹0.71
- Q2 FY26 EPS: ₹1.35
- Q3 FY26 EPS: ₹0.66
Average EPS = ₹0.91
Annualised EPS ≈ ₹3.6–3.7
Quarterly Comparison Table (₹ Crore)
| Metric | Latest Qtr (Dec-25) | YoY Qtr | Prev Qtr | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 1,016 | 501 | 1,002 | 103% | 1.4% |
| EBITDA | 647 | 369 | 752 | 75% | -14% |
| PAT | 111 | 105 | 188 | 6% | -41% |
| EPS (₹) | 0.66 | 1.20 | 1.35 | -45% | -51% |
