Vertis Infrastructure Trust Units · NSE:VERTIS
Vertis Infrastructure Trust Units — Q3 FY26 Earnings Presentation
37 slides from Vertis Infrastructure Trust Units's earnings presentation, February 2026
Slide 1: Investor Presentation Q3 FY26
Investor Presentation Q3 FY26 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: Table of Contents
Table of Contents 01 Performance Highlights 4 02 Portfolio Snapshot 6 03 Growth Journey 7 04 FY26 Q3 Performance 8 05 Debt Profile 11 06 Distribution and NDCF 12 07 Unitholding Pattern 15 08 Industry & Regulatory Updates 16 09 Annexures 22 3
Slide 4: Highlights For The Quarter (1/2)
Highlights For The Quarter (1/2) Q3 Performance YTD FY26 Performance Resilient 10.3% 14.2% ₹ 10,763 mn 9.9% 13.5% ₹ 29,594 mn Performance YoY Traffic Growth(1) YoY Toll Revenue Growth Operating Revenue(2) YoY Traffic Growth(1) YoY Toll Revenue Growth Operating Revenue(4) (vs Projected 5.5%) (Toll As
Slide 5: Highlights For The Quarter (2/2)
Highlights For The Quarter (2/2) Management • Mr. Jonathan D’Souza appointed as Chief Human Resources Officer, bringing 20+years of experience, including senior roles at Welspun Group Updates • Mr. Pratik Desai appointed as Compliance Officer. He has been associated with Vertis for ~1.8 years and br
Slide 6: Portfolio Snapshot
Portfolio Snapshot Diversified portfolio of 28 assets across 10 states Toll Assets Annuity Assets 10 25 HAM Assets 8,300 6.1%(1) 53.46(2) 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 265 bn(3) 71:29(3) INR 103.35 11 01 02 AUM AUM
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: Traffic Performance – Q3 FY26
Traffic Performance – Q3 FY26 Robust Traffic growth of 10.3%(1) ; Revenue growth of 14.2% YoY AUM Contribution 31.3% 11.4% 6.9% 4.4% 4.2% 3.8% 2.6% 2.6% 2.4% 1.2% 0.6% 0.2% PCU and Revenue 23.3% 15.8% 18.1% 14.9% 19.0% 18.3% 17.0% 14.5% 14.5% 15.7% Growth 13.6% 13.2% 13.2% 14.1% 9.5% 10.6% 8.5% 4.6%
Slide 9: Traffic Performance – YTD FY26
Traffic Performance – YTD FY26 Traffic growth of 9.9%(1) vs Projected 5.5% AUM 31.3% 11.4% 6.9% 4.4% 4.2% 3.8% 2.6% 2.6% 2.4% 1.2% 0.6% 0.2% Contribution 90,000 18% 3.5% 80,000 16% 70,000 15.9% 10.7% 14% PCU Growth 14.3% 60,000 4.1% 12% 50,000 4.6% 10% 40,000 9.8% 12.3% 8.8% 8% 30,000 11.9% 11.4% 0.
Slide 10: HAM/Annuity Projects Revenue
HAM/Annuity Projects Revenue Annuity Income of INR 4,399 mn for Q3 FY26 from HAM assets Annuity Receipt Calendar Annuity Annuity Due Annuity SPV Received (INR Q1 Q2 Q3 Q4 Date Receipt Date mn)(1) RA(4) 30-Nov-25 21-Nov-25 266 GS AN RB 10-Dec-25 05-Dec-25 250 DL AK2(4) 24-Dec-25 12-Dec-25 557 CA JK1
Slide 11: Prudent Debt Profile
Prudent Debt Profile ✓ Low refinancing risk Two quarters’ cash flow sufficient to cover bullet repayments, reducing refinance risk INR 110(1) 7.3% 71% O/s Debt (INR bn) Rate of Interest Floating Rate borrowing ✓ ~60% of outstanding annuities backed by repo-linked borrowings, providing natural hedge
Slide 12: Proven Track Record of Distribution
Proven Track Record of Distribution Cumulative DPU of INR 53.46(1) since listing in Aug 2022 16.2 16.6 12.3 8.4 9.38 6.53 4.84 4.84 4.76 3.66 (1) 3.12 3.25 3.00 3.00 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 Q2FY26 Q3FY26 69% t
Slide 13: Q3 FY26 Distribution
Q3 FY26 Distribution Distribution from SPV To Trust (INR mn)(1) SPV NDCF to Distribution (INR mn)(1) (2) Toll Revenue 6,446 Net Distributable Cashflow at SPV 7,488 (3) Annuity Revenue 4,317 Treasury income 23 Total Revenue 10,763 (7) (4) Trust expenses (310) Operating expenses (1,093) (8) Reserves r
Slide 14: Q3 FY26 Distribution (YTD)
Q3 FY26 Distribution Distribution from SPV To Trust (INR mn)(1) SPV NDCF to Distribution (INR mn)(1) (2) Toll Revenue 18,348 Net Distributable Cashflow at SPV 21,480 (3) Annuity Revenue 11,246 111 Treasury income Total Revenue 29,594 (7) Trust expenses (563) (4) Operating expenses (3,202) (8) Reserv
Slide 15: Unitholding Pattern
Unitholding Pattern Unit Holding Pattern 57.8% Sponsor and Sponsor Group Mutual Funds 1.4% OTPP 21.8% Insurance Cos. 2.0% PF/pension Fund 1.0% L&T Group 4.1% Individuals 4.0% 360 one 1.8% Clean Science Family Office 1.2% Non - Institutional Holding, 12.1% SBI Pension Fund 1.0% WhiteOak 0.9% Sponsor
Slide 16: Authority Updates (1/2)
Authority Updates (1/2) Description Impact NHAI Circular on WPI • NHAI issued a circular in September 2025 proposing revision of the WPI linking factor from 1.641 to 1.561 for • If the final decision is adverse, the change could Linking Factor annual toll revisions impact 8 toll assets, which togeth
Slide 17: Authority Updates (2/2)
Authority Updates (2/2) Description Impact Contractor Rating • To improve construction quality, NHAI has recently tightened RFP/bid qualification norms, EPC contractor • Pushes the sector towards quality-led execution, Framework eligibility standards, introduced DPR consultant rating frameworks not
Slide 18: Macro-economic Updates
Macro-economic Updates Description Impact Wholesale Price • WPI inflation turned positive at +0.83%, supported by stabilization in food prices and sustained momentum in • Long term WPI expected to track last 5 year trend Index (WPI) manufactured products, signaling a return to a more normalized whol
Slide 19: SEBI & Market Updates
SEBI & Market Updates Description Impact Classifying REIT • w.e.f. January 01, 2026, investment made by MFs and SIFs in REITs will be treated as equity • the existing investment limit applicable (10% of a as equity MF’s Scheme NAV) for both REITs and InvITs is • InvITs will continue to be classified
Slide 20: Finance Bill 2026-27 (Proposed)
Finance Bill 2026-27 (Proposed) Description Impact Minimum • MAT rationalisation: MAT rate (excluding surcharge and cess) reduced from 15% to 14% • Currently all toll projects except BN and DL HAM Alternate Tax project is under old regime • MAT credit discontinued: No new MAT credits will be generat
Slide 21: Other Updates
Other Updates Description Impact Wage Code • The govt. w.e.f. November 21, 2025, notified labour code consolidating existing 29 central labour laws into four • Management expects a phased and staggered uniform labour codes to simplify compliance and improve clarity rollout and is geared up to comply
Slide 22: Annexures
Annexures 22
Slide 23: InvIT Structure
InvIT Structure Others Funds managed / Existing portfolio of Signed pipeline of 1 Sponsor 57.8% 21.8% 20.5% 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 24: Portfolio Summary - Toll
Portfolio Summary - Toll Project Name NTEPL GEPL DBCPL GRICL-VH GRICL-AM STPL-NI STPL-TN UTPL JPEPL BN 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 4
Slide 25: Portfolio Summary – HAM & Annuity
Portfolio Summary – HAM & Annuity 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 U
Slide 26: Distribution History
Distribution History FY23Q2 FY23Q3 FY23Q3 FY23Q4 FY24Q1 FY24Q2 FY24Q3 FY24Q4 FY25Q1 FY25Q2 FY25Q3 FY25Q4 FY26Q1 FY26Q2 FY26Q3 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, Nov 12, Feb 4, Record Date 2022 2023 2023 2023 2023 2023 2024 2024 2024
Slide 27: Annual Pass User Adoption Trend
Annual Pass User Adoption Trend Compensation Revenue as % of Car Revenue 50% 45% 40% 35% 30% 25% 20% 15% 10% 5% 0% 31-08-2025 30-09-2025 31-10-2025 30-11-2025 31-12-2025 GEPL BETPL JPEPL UTPL STPL-TN STPL-NI UEPL NTEPL 27
Slide 28: 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 29: 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 30: 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) 7.2 India 6.5 22.1 4,302 4.0 China 4.0 12.2 2,774 2.1
Slide 31: 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 32: 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 33: Management Team
Management Team Investment Manager Project Manager Mr. Gaurav Chandna Dr. Zafar Khan Mr. Abhishek Chhajer Ms. Meghana Singh Mr. GVM Kiran Babu Mr. Jonathan D’Souza (Joint CEO & Executive Director) (Joint CEO & Executive Director) (CFO) (General Counsel) (COO) (CHRO) • As a CEO, all critical IM posit
Slide 34: 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: Area of E
Slide 35: Board of Directors (Non-Executive & Nominees)
Board of Directors (Non-Executive & Nominees) Mr. Hardik Shah Mr. Vaibhav Vaidya Mr. Michael Nachaty (Non-Executive Director) (Non-Executive Director) (Unitholder Nominee Director) • c.15 years of experience in advisory role and • c.19 years of experience managing investments • c.12 years of experie
Slide 36: Glossary of Terms
Glossary of Terms 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 Partial Commercial Operation Date AN Ateli Narnaul Highway Pvt Ltd HG Infra HG Infra Engineering Limited PCU P
Slide 37: 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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