Vertis Infrastructure Trust

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Vertis Infrastructure Trust trades at ₹107, in a confirmed uptrend and 45 weeks into that stage. That is +0.3% against its own 200-day average. It sits at 41% of a 52-week range of ₹102 to ₹113. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (1 week and counting).

Today the stock is in a confirmed uptrend — week 45 of stage 2, confirmed. At ₹107 it trades +0.3% versus its 200-day average and sits at 41% of its 52-week range (₹102–₹113).

Against the market, two honest reads. Cumulative: over the last 11 months the stock moved +4% while the NIFTY 500 moved +2% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (1 week and counting; last ahead the week of 2026-07-23) — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Vertis Infrastructure Trust trades at 18.4× P/E, about the cheapest it has ever traded. Its long-run median P/E is 24.2×, measured across 0.9 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 18.4× is about the cheapest it has ever traded, against a long-run median of 24.2× measured over 0.9 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

Why the multiple sits where it does: over the past year annual EPS moved +34.8% against a +4.4% price move — earnings outran the price, pushing the multiple DOWN its own range.

Put together: the multiple is low against its own past, so the story rests on the earnings line underneath it, not the multiple.

Stage: Mixed Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Vertis Infrastructure Trust reads as mixed on its fundamental arc. Mixed — the growth curves are steadily positive, but ROCE at 11.0% is below the 15% bar this page requires to call it Consistent. The read is built from 10 quarters across 3 curves, on partial evidence.

Why it matters: when the curves disagree, the per-curve reads above matter more than any single verdict.

One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

A partial read: at least one curve is short, or the returns curve is not the computed quarterly series — hold the stage word a little more loosely.

4-Factor Sector Score

57.5/100 — rank 3 of 9 in Infra/Real Estate Investment Trust · 41% evidence confidence · provisional, ranked below fully-evidenced peers

Vertis Infrastructure Trust scores 57.5 out of 100 against the 9 companies it is compared with in Infra/Real Estate Investment Trust, ranking 3. Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

The four contributions add to the total exactly: 26.5 + 14.3 + 6.7 + 10 = 57.5. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if ROA rolls over or gross NPA rises while sector-relative strength deteriorates.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Vertis Infrastructure Trust reported ₹1,053 Cr of revenue in the Jun 26 quarter, +26.9% year on year. That is the 5th straight quarter of year-on-year growth. Over 4 years it has compounded at 111.7% a year. The last full year, FY26, came in at ₹3,819 Cr. The last four reported quarters add to ₹4,126 Cr.

FY26 revenue came in at ₹3,819 Cr (+79.5% on the year), capping 4 years at 111.7% compound. The latest quarter (Jun 26) printed ₹1,053 Cr, +26.9% year on year — the 5th consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +69.0% growth against the decade's 111.7% — the current year is running slower than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +62.2% over the last 4 quarters against +34.2%/yr over the last 8 — accelerating.

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Vertis Infrastructure Trust's operating margin is 81.0% in the Jun 26 quarter, +3.0 percentage points against the same quarter a year ago. Across 5 fiscal years the operating margin has ranged 42.0% to 78.0%. The current quarter is running above every full year in that window.

The latest quarter's operating margin is 81.0%, +3.0 pp against the same quarter a year ago. Across 5 fiscal years the operating margin has ranged 42.0%–78.0%.

Why the margin moved: operating margin went +3.8 pp year on year while gross margin went +0.0 pp — the gain came mostly below the gross line: operating leverage, with costs spread over a bigger revenue base.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Vertis Infrastructure Trust earned ₹342 Cr of net profit in the Jun 26 quarter, +163.1% year on year. It is the 2nd consecutive quarter of growth. Full-year FY26 profit was ₹660 Cr. The 4-year compound rate is 95.7%. That is 32.5% of the quarter's revenue. The same quarter a year earlier earned ₹130 Cr.

Jun 26 profit was ₹342 Cr, +163.1% year on year — the 2nd consecutive quarter of growth. On the full year, FY26 printed ₹660 Cr (+21.1%), and the 4-year compound rate is 95.7%.

Why profit moved: revenue contributed +26.9% and the margin +3.0 pp — the quarter was margin-led: most of the profit growth came from keeping more of each sale.

Pace comparison, last four quarters: profit +53.0% vs revenue +69.0%. Profit is growing slower than sales — costs are eating the growth before it reaches the bottom line.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 407% of Vertis Infrastructure Trust's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹3,302 Cr of operating cash against ₹660 Cr of profit. After ₹650 Cr of capital spending, ₹2,652 Cr was left as free cash.

FY26: operating cash of ₹3,302 Cr against reported profit of ₹660 Cr, leaving free cash of ₹2,652 Cr after ₹650 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 407% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

Why conversion sits at 407%: the cash cycle held roughly steady between FY22 and FY26 — so conversion tracks profitability rather than the cycle.

Router verdict: the bigger cash user is investment — capital spending ran 5.4× depreciation over three years, so the next section's job is to check what that build-out is buying.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Vertis Infrastructure Trust's cash conversion cycle runs 8 days in FY26, up from 7 days in FY22. Capital spending ran ₹11,680 Cr over the last 3 years. At FY26 sales of ₹3,819 Cr each day of that cycle holds about ₹10.5 Cr, so roughly ₹84.0 Cr sits inside the business at any moment.

FY26: debtors at 8 days (an asset-light business — no inventory to speak of) — for a full cycle of 8 days, looser than FY22's 7.

In money terms: at FY26 sales of ₹3,819 Cr, each day of the cycle holds about ₹10.5 Cr — so the 8-day loop keeps roughly ₹84.0 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹11,680 Cr over the last 3 fiscal years against ₹2,179 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹0.0 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

Vertis Infrastructure Trust earns a ROCE of 11% in FY26. That is up from a trough of 10% in FY25. A return-on-invested-capital spread against the cost of capital is not computable from what is held here. The wiring behind it is 17.3% net margin on 0.19× asset turns.

FY26 ROCE is 11%, recovered from a FY25 trough of 10% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY26): 17.3% net margin × 0.19× asset turns × 3.11× balance-sheet leverage ≈ 10.2% on equity. Margin is doing the heavy lifting; leverage is a meaningful part of the equation.

Debt Debt-to-equity says how much of the business is funded by borrowings; interest cover says how many times operating profit pays the interest bill. Low and high, respectively, is the safe corner.

Vertis Infrastructure Trust carries ₹11,574 Cr of borrowings against ₹6,417 Cr of equity in FY26, a debt-to-equity of 1.80. Operating profit covers the interest bill 3×. Over 4 years borrowings went from ₹2,327 Cr to ₹11,574 Cr. Capital spending ran ₹11,680 Cr across the last 3 of those years.

FY26: borrowings of ₹11,574 Cr against equity of ₹6,417 Cr — a debt-to-equity of 1.80. Operating profit covers the interest bill 3×. Over 4 years borrowings went from ₹2,327 Cr to ₹11,574 Cr while capital spending ran ₹11,680 Cr in just the last 3 — part of the build-out is riding on borrowed money.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

No holder of Vertis Infrastructure Trust moved a full percentage point over the last two years — the register is quiet. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — .

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Vertis Infrastructure Trust: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

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