Vertis Infrastructure Trust has announced its financial results for the quarter and financial year ended March 31, 2026. The Trust reported an operating revenue of ₹10,350 mn for Q4 FY26, reflecting a 12.4% year-on-year growth in toll revenue. Traffic growth for the quarter stood at 9.0%, surpassing the projected 5.5%.

For the full fiscal year FY26, the Trust recorded an operating revenue of ₹40,045 mn, with toll revenue growing by 13.1% and traffic increasing by 9.9%. The Net Asset Value (NAV) per unit increased to ₹106.8 as of March 31, 2026, up from ₹103.55 in the previous quarter.

Distribution Summary

The Trust has declared a distribution of ₹3.63 per unit for Q4 FY26, amounting to a total of ₹5,480 mn. For the full year FY26, the total distribution to unitholders was ₹18,120 mn, translating to a distribution per unit of ₹12.0. The cumulative distribution since the InvIT's formation in August 2022 reached ₹57.09 per unit, totaling ₹49,171 mn.

Operational and Strategic Updates

During the quarter, Vertis Infrastructure Trust completed the acquisition of the CH project, adding an AUM of INR 5.5 bn. The Trust also signed a supplementary agreement fixing the GRICL concession period to March 31, 2038. Additionally, the Trust commenced its public listing process.

Operational highlights included the receipt of the International Safety award from the British Safety Council for several projects and the National Feather Award for Workplace Safety Excellence. The Trust also received the ASSOCHAM Achiever’s Award for the adoption of sustainable practices.

Financial Performance

The following table summarizes the key financial metrics for Q4 and FY26:

The Trust maintained a prudent debt profile with a diversified borrowing mix. The Enterprise Value as of March 31, 2026, stood at ₹2,63,514 mn, with Net Assets Value totaling ₹1,61,268 mn.

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