Vertis Infrastructure Trust has released the audio recording and transcript of its earnings conference call concluded on May 27, 2026. The Trust reported significant growth in scale and operational efficiency for FY26, with Assets Under Management (AUM) rising 43% to INR 27,000 crores following the acquisition of 12 Public-Private Partnership (PNC) assets. The total operating revenue for FY26 stood at INR 4,004 crores, reflecting a 13.1% growth, supported by a 9.9% increase in traffic against a projection of 5.5%.

The Trust's portfolio now comprises 28 assets across 9 states, covering over 8,400 lane kilometers, with a mix of 70% toll and 30% annuity assets. Operational discipline resulted in an EBITDA margin of 88% for the year. Vertis Infrastructure Trust reduced its cost of debt by 91 basis points from 8.23% to 7.32% at the year end, positioning it as one of the lowest cost borrowers among scaled InvITs. The outstanding debt stands at INR 115 billion with a residual maturity of 11.6 years.

Financial Distribution and Debt Profile

Unit holders received a distribution of INR 12 per unit for FY26, totaling INR 18,120 million. For Q4 FY26, the distribution was INR 3.63 per unit. Since its formation in August 2022, the cumulative distribution stands at INR 57.09 per unit. The net debt to AUM ratio is maintained at 41.3%, providing significant headroom for future growth.

Operational and Regulatory Updates

During the quarter, the Trust signed a supplementary agreement fixing the GRICL concession period to March 2038 and concluded the transition of SEPL, Shillong Expressway Pvt. Ltd., following its concession expiry in February 2026. On the regulatory front, the Trust noted that SEBI amendments effective April 2026 are broadly positive, permitting SPV contribution post-concession expiry and expanding the surplus fund investment universe.

The Trust also highlighted the implementation of single-lane free-flow (SLFF) at GEPL and DBCPL, resulting in a 100% increase in throughput. Management acknowledged potential headwinds from macroeconomic factors, including a rise in bitumen prices to INR 80,000 per tonne compared to an average of INR 48,000 in Q4, necessitating a re-phasing of the major maintenance cycle.

Vertis Infrastructure Trust has successfully raised INR 725 crore through the allotment of 14,500 unsecured, listed, and rated commercial papers on May 29, 2026. The issuance was approved by the Finance Standing Committee of Vertis Fund Advisors Private Limited, acting as the Investment Manager to the Trust. The funds raised will be utilized for purposes outlined in the offer documents, providing the Trust with necessary liquidity for its operations.

Allotment Details

The commercial papers were issued in two distinct tranches, with a face value of INR 5,00,000 each. Crisil Ratings Limited has assigned a 'CRISIL A1+' rating to these instruments, as per its letter dated May 21, 2026. The allotment was conducted under the Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014 and the Securities and Exchange Board of India (Issue and Listing of Non-Convertible Securities) Regulations, 2021.

Key Participants

Axis Trustee Services Limited acted as the Unit Trustee, while Catalyst Trusteeship Limited served as the Debenture Trustee for the issuance. ICICI Bank Limited was appointed as the Issuing and Paying Agent. The Trust, formerly known as Highways Infrastructure Trust, is managed by Vertis Fund Advisors Private Limited, which was previously called Highway Concessions One Private Limited.