Vertis Infrastructure Trust Units · NSE:VERTIS
Vertis Infrastructure Trust Units — Q1 FY26 Earnings Presentation
33 slides from Vertis Infrastructure Trust Units's earnings presentation, August 2025
Slide 1: Investor Presentation FY26Q1
Investor Presentation FY26Q1 www.vertis.co.in
Slide 2: Disclaimer
Disclaimer This presentation has been prepared and issued by Vertis Fund Advisors Private Limited previously known as Highway Concessions One Private Limited (the “Investment Manager”), in its capacity as the investment manager of Vertis Infrastructure Trust (previously known as Highways Infrastruct
Slide 3: Highways Infrastructure Trust to Vertis Infrastructure Trust
Highways Infrastructure Trust to Vertis Infrastructure Trust A new name. A bold direction. A shared momentum. Investment Manager - Highway Concessions One Private Limited to Vertis Fund Advisors Private Limited Project Manager – HC One Project Manager Private Limited to Vertis Project Manager Privat
Slide 4: Table of Contents
Table of Contents 01 Performance Highlights 5 02 Portfolio Overview 6 03 Growth Journey 7 04 New Asset Additions 8 05 FY26Q1 Performance 10 06 Key Updates for the Quarter 16 07 Industry Updates 18 08 Annexure 20 4
Slide 5: Strategic Highlights for the Quarter
Strategic Highlights for the Quarter • Strong financial performance with INR 7,995(1) mn consolidated revenue and 88%(2) EBITDA margin Resilient • Portfolio PCU growth of 9.5%(3) YoY vis-à-vis projected growth of 5.5%(3) resulting in toll revenue growth of 12.7%(4) YoY Performance • All annuities fo
Slide 6: Portfolio Overview
Portfolio Overview Diversified portfolio of 28(1) assets (26 SPVs) across 10 states Toll Assets Annuity Assets 10 25 HAM Assets 8,300(1) 6.2%(1&2) 47.5(3) 09 08 17 19 23 Lane km Traffic CAGR (FY19-25) Distribution Till Date 28 20 24 (INR per unit) 27 18 06 03 21 22 INR 260 bn(4) 69:31(4) 87:13(4) 11
Slide 7: Growth Journey
Growth Journey Aug 2022 Jan 2024 Jan - Feb 2025 Jul 2025 • Formation of InvIT and listing • Completed acquisition of • Appointed date for TOT16 • Completed acquisition of BN of units STPL and GRICL from • Completed acquisition of RB from from PNC Infratech • 6 Project SPVs out of initial Macquarie A
Slide 8: Added 10 HAM Assets to Portfolio
Added 10 HAM Assets to Portfolio Key Highlights (10 assets added in May 25) 100% operational INR 92 bn Concluded the largest NHAI backed assets Residual Annuities HAM deal in India FCOD received for all projects Avg. 5 annuities recd / asset • In May 2025, Vertis successfully acquired 10 operational
Slide 9: Bareilly Nainital (BN) – Toll Asset Addition
Bareilly Nainital (BN) – Toll Asset Addition Uttar Pradesh State Highway Authority Nainital Authority Meerut Project Highway SH-37 Length / Lanes 53.6 km / 4 lanes Agra Lucknow No. of Toll Plaza(s) 2 Kanpur Gorakhpur UP Border Project COD Oct 19, 2015 Varanasi Mundiya TP Details Concession Period 25
Slide 10: PCU and Revenue
Traffic Performance Robust traffic growth of 9.5%(1) and revenue growth of 12.7%(2) YoY AUM Contribution(1) 29.0% 11.0% 6.8% 4.5% 4.3% 3.7% 2.6% 2.4% 2.3% 1.3% 0.9% 0.7% PCU and Revenue 17.0% 17.2% 14.2% 15.5% 13.5% 13.5% Growth 12.1% 12.3% 11.2% 10.8% 9.6% 9.0% 10.1% 7.7% 7.8% 7.6% 7.9% 7.2% 5.7% 6
Slide 11: HAM Projects Revenue
HAM Projects Revenue Annuity Income of INR 3,130 mn for FY26Q1 from HAM assets Annuity Receipt Calendar Annuity Received SPV Q1 Q2 Q3 Q4 during FY26Q1 (INR mn) RA 276 GS AN RB 268 DL AK2 583 CA JK1 JK2 AK5 JF 723 MN(1) 695 CD UL(1) 586 Total 3,130 (1) Annuity received during pre-acquisition period 1
Slide 12: Proven Track Record of Distribution
Proven Track Record of Distribution Cumulative distributions of INR 47.5(1) / unit since listing in Aug 2022 16.2 16.6 12.3 9.38 6.53 4.84 4.84 4.76 3.66 3.25 3.12 (1) 2.65 2.37 0.87 1.19 Q2 FY23 Q3 FY23 Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1FY26 72% tax exempt di
Slide 13: FY26Q1 Distributions
FY26Q1 Distributions Distribution from SPV To Trust (INR mn)(1) SPV NDCF to Distribution (INR mn)(1) (2) Toll Revenue 5,908 Net Distributable Cashflow at SPV 6,016 Annuity Revenue 2,087 Treasury income 40 (6) Total Revenue 7,995 Trust expenses (91) (3) (7) Operating expenses (946) Reserves created (
Slide 14: Setting New Benchmark in Fund Raising
Setting New Benchmark in Fund Raising Pioneering Sustainability SLF Bond Issuance Raised the largest Sustainability Linked Financing (SLF) bond issuance by any InvIT in India with the deal anchored by IFC (World Bank Group), reinforcing ESG alignment and global investor confidence 1 Maturity Profile
Slide 15: Prudent Debt Profile
Prudent Debt Profile ✓ Low refinancing risk Two quarters’ cash flow sufficient to cover bullet repayments, reducing refinance risk INR 108,558(1) 7.58%(2) 71% O/s Debt (INR mn) Rate of Interest Floating Rate borrowing ✓ ~62% of outstanding annuities backed by repo-linked borrowings, providing natura
Slide 16: Governance Updates for the Quarter
Governance Updates for the Quarter • Effective Jul 1, 2025, Vertis has changed the IM/PM fee from a cost-plus construct to revenue and AUM linked construct • Combined IM/PM fee - lower of 2.45% of SPV revenue or 0.5% of AUM, whichever is lower • The Investment Manager Fee: lower of 1.103% of SPV rev
Slide 17: Litigation Updates in the Quarter
Litigation Updates in the Quarter • In May 2025, DBCPL has filed a writ petition before the High Court of Madhya Pradesh (“MP HC”) challenging directions by MPRDC requiring DBCPL to DBCPL refund alleged ‘excess’ toll fees collected on account of charging 3 axle buses as multi axle vehicles rather th
Slide 18: Industry Updates (1/2)
Industry Updates (1/2) Description Impact Annual Pass - • Annual toll passes for private vehicles on national highways, to simplify toll collection • Annual pass is likely to be attractive primarily for frequent inter-city Private Light Motor and reduce congestion at toll plazas w.e.f. Aug 15, 2025
Slide 19: Industry Updates (2/2)
Industry Updates (2/2) Description Impact Wholesale Price • WPI has declined to (0.13%) in Jun 2025 on account of high base effect, cooling food and • We expect WPI to increase to 2.5% levels by end of the year Index (WPI) energy prices • Long term WPI expected to track last 5 year trend • WPI has i
Slide 20: Annexure
aN NS vertis aN 4 Annexure
Slide 21: InvIT Structure
InvIT Structure Others Funds managed / Existing portfolio of Signed pipeline of 1 Sponsor 71.7% 24.99% 3.3% advised by KKR and its 12 Toll and 16 HAM asset under affiliates (Sponsor) Annuity/HAM assets acquisition Vertis Fund Advisors Private Limited Vertis Fund Advisor Private Limited Vertis Projec
Slide 22: Portfolio Summary - Toll
Portfolio Summary - Toll Project Name NTEPL GEPL DBCPL GRICL-VH GRICL-AM STPL-NI STPL-TN UTPL JPEPL BN(1) UEPL BETPL State Telangana Gujarat MP Gujarat Gujarat AP AP Karnataka Rajasthan UP Tamil Nadu Karnataka Authority NHAI NHAI MPRDC GoG GoG NHAI NHAI NHAI MoRTH UPSHA NHAI NHAI Lanes 4 4 4 4 4 4 4
Slide 23: Portfolio Summary - HAM
Portfolio Summary - HAM Project Name AK5 CA JF UL MN JK1 JK2 AK2 CD AN RB GS DL RA NBPL SEPL Authority NHAI NHAI NHAI NHAI NHAI NHAI NHAI NHAI NHAI NHAI NHAI NHAI NHAI NHAI NHAI NHAI Type of HAM HAM HAM HAM HAM HAM HAM HAM HAM HAM HAM HAM HAM HAM Annuity Annuity Concession State UP UP UP UP UP MP MP
Slide 24: Distribution History
Distribution History FY23Q2 FY23Q3 FY23Q3 FY23Q4 FY24Q1 FY24Q2 FY24Q3 FY24Q4 FY25Q1 FY25Q2 FY25Q3 FY25Q4 FY26Q1 Nov 19, Feb 15, Mar 19, May 27, Aug 19, Nov 18, Feb 14, May 24, Aug 17, Nov 13, Feb 7, May 21, Aug 19, Record Date 2022 2023 2023 2023 2023 2023 2024 2024 2024 2024 2025 2025 2025 No. of U
Slide 25: Key Strategic Differentiators for Vertis
Key Strategic Differentiators for Vertis 1 Balanced InvIT portfolio of scale with demonstrated AUM growth Diversified toll portfolio with exposure to key traffic corridors. Balanced geographical and commodity mix 2 reduces traffic risk 3 Toll portfolio also benefits from multiple favorable macro-eco
Slide 26: Strategic Platform for Sustained Competitive Advantages
Strategic Platform for Sustained Competitive Advantages Fully Independent Platform with End-to-End Capabilities 1 Superior Asset Acquisition and Integration Capability 2 Efficient Tolling and Revenue Assurance Framework 3 Operational Excellence while Ensuring Cost Efficiencies 4 Best in Class Financ
Slide 27: Road Sector Benefits from Positive Industry Tailwinds
Road Sector Benefits from Positive Industry Tailwinds India: Fastest Growing Major Economy Strong Growth in GST Collections Healthy Growth in Automobile Sales Real GDP growth (%) Gross GST Collections (INR tn) Passenger Vehicle Sales (‘000s) (1) 6.3 India 6.2 22.1 4,302 4.0 China 4.0 12.2 2,774 2.1
Slide 28: Road Sector Benefits from Positive Industry Tailwinds
Road Sector Benefits from Positive Industry Tailwinds Operational HAM and BOT Toll assets market opportunity of c.INR 3.1 tn over the next 5 years NHAI Awarding Mix (Road Length in km) • Future pace of NHAI awards is expected to be maintained at c.4,500 km / annum HAM BOT EPC 7,808 • Recent relaunch
Slide 29: Roads as Preferred Asset Class for InvITs
Roads as Preferred Asset Class for InvITs Cashflow Predictability with Growth Upside Large Market Opportunity Road concessions provide upside of traffic growth and stability of NHAI’s large road capex program and focus on asset recycling / annuities monetisation by both government and private develo
Slide 30: Management Team
Management Team Investment Manager Team Project Manager Team Mr. Gaurav Chandna Dr. Zafar Khan Mr. Abhishek Chhajer Ms. Meghana Singh Mr. GVM Kiran Babu (Joint CEO and Executive Director – IM ) (Joint CEO and Executive Director – IM ) (CFO - IM) (General Counsel - IM) (COO - PM) • As a CEO, all crit
Slide 31: Highly Distinguished Independent Board of Directors
Highly Distinguished Independent Board of Directors • Diverse board providing strong focus on governance and functional expertise c.40 c.38 c.30 Years of Experience Years of Experience Years of Experience Previous Organizations Previous Organizations Previous Organizations Area of Expertise: Public
Slide 32: Glossary of Terms
Glossary of Terms AKIC Amritsar Kolkata Industrial Corridor GS Gurgaon Sohna Highway Pvt Ltd O&M Operations and Maintenance AK2 Aligarh Highways Private Limited GST Goods and Service Tax OTPP Ontario Teachers' Pension Plan AK5 Bithur Kanpur Highways Private Limited HAM Hybrid Annuity Model PCOD Part
Slide 33: Thank You
Thank You Contact: Komal.d@vertis.co.in Unit No. 601-602, 6th Floor, Windsor House, Off CST Road, Kalina, Santacruz East, Mumbai 400 098, Maharashtra
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