Vertis Infrastructure Trust (formerly known as Highways Infrastructure Trust), acting through its Investment Manager Vertis Fund Advisors Private Limited (formerly known as Highway Concessions One Private Limited), on May 22, 2026 submitted revised audited standalone and consolidated financial statements for the year ended March 31, 2026, correcting inadvertent errors in the Independent Auditor's Reports that were filed on May 20, 2026. The statutory auditor M/s. S.B. Billimoria & Co. LLP confirmed that the corrections carry no impact on the audit opinion.

Nature of Corrections in Auditor's Reports

The Trust noted that a statement under the section titled "Report on Other Legal and Regulatory Requirements" in the Independent Auditor's Report forming part of both the Standalone and Consolidated Financial Statements was inadvertently reflected. The following table summarises the changes made:

Additionally, two pages on the "Summary of material accounting policy information" were inadvertently missed in the consolidated financial statements during scanning. Pages 67 and 68 of 317, covering the "Summary of material accounting policy information," were added after the section on "Consolidated Statement of Net Borrowing Ratio." The Trust confirmed that all other information in the May 20, 2026 intimation remains unchanged with no other consequential changes in the financial statements.

Financial Performance: FY26 vs FY25

The Trust reported a significant increase in consolidated revenue and profitability for the year ended March 31, 2026. The following table summarises key consolidated financial metrics:

Revenue from toll collections stood at ₹26,709.17 million for FY26, compared to ₹18,636.10 million in FY25. Interest income on annuity receivable from NHAI was ₹7,396.95 million for FY26 against ₹1,140.78 million in FY25.

Distribution Declared for Q4 FY26

The Board declared a distribution to unitholders for the quarter ended March 31, 2026. The details are as follows:

The yield per unit for the financial year ended March 31, 2026 stands at 11.24% (March 31, 2025: 13.12%), calculated as total distribution per unit for FY26 divided by NAV per unit as disclosed in the consolidated financial statement as at March 31, 2026.

Net Assets at Fair Value and Net Borrowing Ratio

As at March 31, 2026, the consolidated fair value of total assets was ₹3,07,828.09 million, with net assets attributable to unitholders at a fair value of ₹1,61,268.03 million, translating to a fair value NAV per unit of ₹106.80 (book value NAV: ₹42.50). The consolidated net borrowing ratio stood at 36.78% as at March 31, 2026, compared to 21.31% as at March 31, 2025, reflecting the expanded portfolio following the acquisition of 12 SPVs during FY26.

Key Corporate Actions and Appointments

The Board also approved the following matters at its meeting held on May 20, 2026:

• Appointment of M/s. Grant Thorton Bharat LLP as Internal Auditor for FY2026-27.
• Appointment of Mr. Manish Gadia (IBBI Registration No. IBBI/RV/06/2019/11646) as Valuer of the Trust for FY2026-27, subject to unitholder approval.
• Appointment of M/s. Makarand M. Joshi & Co, Practicing Company Secretaries, for issuing the Annual Secretarial Compliance Report for FY2026-27.

SPV Acquisitions and Portfolio Expansion

During FY26, the Trust completed the acquisition of 12 special purpose vehicles (SPVs) owned by PNC Infratech Limited and PNC Infra Holdings Limited, with 10 SPVs acquired on May 21, 2025, one (Bareilly Nainital Highways Private Limited) on July 31, 2025, and one (Challakere (Karnataka) Highways Private Limited) on March 27, 2026. The total consideration for these acquisitions was ₹13,327.85 million, including contingent consideration of ₹1,492.12 million, of which ₹944.86 million remained outstanding as at March 31, 2026. The Board meeting on May 20, 2026 commenced at 04:30 p.m. (IST) and concluded at 09:59 p.m. (IST).

Source: https://lodr-files.dhan.co/lodr-inputs/Company/INE0KXY23015/511a071abef94ea8.pdf

Vertis Infrastructure Trust has submitted its valuation report and Net Asset Value (NAV) computation for the quarter ended March 31, 2026. The report, prepared by Registered Valuer Mr. Manish Gadia, confirms the NAV at INR 106.80 per unit based on the full valuation of assets. The total assets of the Trust were valued at INR 2,73,644 million, with net assets amounting to INR 1,61,268 million.

The valuation was conducted in accordance with the Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014. The report details the fair enterprise value of the Trust's 27 Special Purpose Vehicles (SPVs), which comprise a portfolio of operational road assets across India. The valuation methodology primarily utilized the Discounted Cash Flow (DCF) method under the income approach, considering the long-term cash flow visibility of the underlying toll, annuity, and Hybrid Annuity Model (HAM) assets.

Valuation Summary

The computation of the NAV as on March 31, 2026, is derived from the total assets and liabilities of the Trust. The following table outlines the financial position used to arrive at the final NAV figure:

Asset Portfolio

The Trust owns and operates a diversified portfolio of 28 operational road assets held through 26 entities, aggregating approximately 8,428 lane kilometers. The portfolio includes a mix of toll-based, annuity-style, and HAM concessions. Key assets include the North Telangana Expressway Private Limited (NTEPL), Dewas Bhopal Corridor Private Limited (DBCPL), and Godhra Expressways Private Limited (GEPL). The valuation report notes that the Trust acquired 12 SPVs from PNC Infratech Ltd during the year, expanding its asset base.

The valuation report has been uploaded on the Trust's website and submitted to the designated stock exchanges along with the annual financial results.