Anantam Highways Trust (ANANTAM)
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Anantam Highways' revenue was ₹153 Cr, and net profit ₹59.4 Cr (against a loss a year earlier); the operating margin was 79.5%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹153 | — | -31.2% |
| Operating profit | ₹122 | from loss | -39.3% |
| Net profit | ₹59.4 | from loss | -70.7% |
| EPS (₹) | 2.73 | — | -70.7% |
| Operating margin | 79.5% | — | — |
📢 Recent Corporate Announcements
Alpha Alternatives Fund-Infra Advisors Private Limited, the Investment Manager of Anantam Highways Trust, has scheduled a Board meeting on October 22, 2026. The Board will consider and approve the unaudited financial results for the quarter and half-year ended September 30, 2026. Additionally, the Board will evaluate the declaration of distribution to unitholders for the quarter. If approved, the record date for the payout has been fixed for October 27, 2026.
- Board meeting scheduled for October 22, 2026, to approve Q2 FY27 results
- Declaration of quarterly distribution to unitholders to be considered
- Record date for proposed distribution fixed as Tuesday, October 27, 2026
- Trading window remains closed until 48 hours post board meeting outcome
Anantam Highways Trust released its unitholding pattern for the quarter ended September 30, 2026, pursuant to SEBI InvIT Regulations. Total outstanding units stand at 21,75,00,000. Sponsors and Sponsor Group hold 8,16,49,861 units representing 37.54% of the trust, all of which are mandatorily held with zero encumbrance. The public unitholding stands at 62.46% (13,58,50,139 units), dominated by non-institutional bodies corporate holding 53.13%.
- Total outstanding units stand at 21,75,00,000 as of September 30, 2026
- Sponsor and Sponsor Group retain 8,16,49,861 units or 37.54% stake
- 100% of Sponsor holdings (8,16,49,861 units) are mandatorily held with zero units pledged
- Public institutional unitholding is 5.00%, including Insurance Companies at 3.36% and Mutual Funds at 1.36%
- Non-institutional bodies corporate represent the largest single public block at 53.13% (11,55,55,370 units)
Anantam Highways Trust released the earnings conference call transcript for Q1 FY27. For the quarter, consolidated revenue stood at ₹158.7 crore with an EBITDA of ₹127.2 crore, and Trust-level NDCF was ₹54.4 crore. The Trust declared a distribution of ₹2.50 per unit, taking cumulative distributions since listing to ₹7.50 per unit. Management also discussed a proposed preferential issue of ₹1,893.72 crore (16.48 crore units at ₹104.76/unit) to acquire new assets, which is currently awaiting regulatory clarity from SEBI.
- Q1 FY27 consolidated revenue reported at ₹158.7 crore with EBITDA of ₹127.2 crore
- Trust-level NDCF stood at ₹54.4 crore, supporting a distribution of ₹2.50 per unit (cumulative ₹7.50 per unit since listing)
- SPV-level NDCF reached ₹283.6 crore during the quarter compared to ~₹250 crore in March
- Proposed preferential issue of ₹1,893.72 crore for asset acquisitions awaits regulatory clarity from SEBI
- Average cost of debt stands at ~7.46%, generating an interest spread of ~2.2% on underlying HAM assets
Anantam Highways Trust has informed the exchanges regarding the availability of the audio recording of its earnings conference call held on August 17, 2026. The call discussed financial performance for the quarter ended June 30, 2026 (Q1 FY27), wherein the Trust recorded revenue of ₹153.42 crore and a net profit of ₹59.43 crore. The submission is a standard regulatory compliance filing following the prior intimation dated August 12, 2026.
- Earnings conference call conducted on Monday, August 17, 2026, at 03:00 P.M. (IST)
- Audio recording covers discussion on financial results for the quarter ended June 30, 2026
- Link to mp3 recording published on the official Trust website per regulatory norms
- Follows initial investor intimation dated August 12, 2026
Anantam Highways Trust (InvIT) reported a revenue of ₹153.415 cr and a net profit of ₹59.425 cr for the quarter ended June 30, 2026. The Trust currently manages a portfolio of 7 operational Hybrid Annuity Model (HAM) assets with a total debt of ₹2,315 cr. Unitholding is concentrated, with Corporates holding 53% and the Sponsor Group holding 38%, while retail participation remains low at 3%. The Trust maintains a leverage headroom of approximately 8% before reaching the SEBI-mandated 49% LTV cap.
- Quarterly revenue for Q1 FY27 stood at ₹153.415 cr with an operating profit of ₹121.94 cr
- Net profit for the period reached ₹59.425 cr, translating to an EPS of ₹2.73
- Current portfolio consists of 7 operational HAM assets with a total debt of ₹2,315 cr
- Corporate unitholders dominate the capital structure with a 53% stake across 54 clients
- The Trust has identified a pipeline to expand to 9 assets, which would increase total debt to approximately ₹3,300 cr
Anantam Highways Trust has scheduled its earnings conference call for the quarter ended June 30, 2026, on August 17, 2026, at 3:00 PM IST. The call will be led by CEO Jignesh Shah and will likely cover the performance of the Trust's 7 operational HAM assets. Investors should focus on updates regarding the INR 2,315 Cr debt position and the progress toward acquiring the 2 additional assets originally planned for the portfolio. The Trust maintains a 100% revenue concentration with NHAI and operates under a 49% LTV regulatory cap.
- Earnings conference call scheduled for August 17, 2026, to discuss Q1 FY27 results
- Trust currently manages 7 operational HAM assets with a total debt of INR 2,315 Cr
- Management maintains a regulatory LTV cap of 49% with approximately 8% headroom for future acquisitions
- Revenue is 100% concentrated with NHAI under 15-year concession agreements
- CEO Jignesh Shah will represent the Investment Manager during the investor interaction
Anantam Highways Trust has submitted its quarterly statement of deviation for the period ending June 30, 2026, as required by SEBI InvIT Regulations. The Trust confirmed that the Rs 400 crore (Rs 4,000 million) raised through its Initial Public Offer (IPO) has been utilized exactly as per the objects stated in the Final Offer Document dated October 13, 2025. There were no deviations or variations between projected and actual fund utilization during the quarter. This filing is a standard procedural requirement to ensure transparency in the use of investor capital.
- Total IPO proceeds aggregated to Rs 400 crore (Rs 4,000 million) as per the October 2025 offer document.
- Reported zero deviation in the use of proceeds for the quarter ended June 30, 2026.
- Confirmed nil category-wise variation between projected and actual utilization of funds.
- The filing complies with SEBI Master Circular No. SEBI/HO/DDHS-PoD-2/P/CIR/2025/102.
Anantam Highways Trust has declared a quarterly distribution of ₹2.50 per unit for the period ended June 30, 2026. The total payout is spread across 21.75 crore units and consists of ₹1.1508 as interest, ₹1.3464 as dividend, and ₹0.0028 as other income. The record date for identifying eligible unitholders is August 14, 2026, with the payment scheduled to be completed by August 21, 2026. This distribution is supported by the cash flows from the Trust's 7 operational Hybrid Annuity Model (HAM) road assets.
- Total distribution of ₹2.5000 per unit declared for the quarter ended June 30, 2026
- Distribution split into ₹1.3464 dividend, ₹1.1508 interest, and ₹0.0028 other income per unit
- Total units eligible for the payout stand at 21,75,00,000
- Record date for the distribution is August 14, 2026, with payment by August 21, 2026
Anantam Highways Trust has declared a distribution of ₹2.50 per unit for the quarter ended June 30, 2026, totaling approximately ₹54.38 crore. The Trust reported a standalone total income of ₹323.80 crore and a Profit After Tax (PAT) of ₹282.19 crore, significantly supported by ₹229.73 crore in dividend income from its subsidiaries. The Board also appointed Mr. Shubhanan Giri as the new Chief Financial Officer effective August 11, 2026. The record date for the distribution is fixed for August 14, 2026, with payment expected by August 21, 2026.
- Declared a total distribution of ₹2.50 per unit, comprising ₹1.1508 interest and ₹1.3464 dividend.
- Standalone Profit After Tax (PAT) reached ₹282.19 crore for the quarter ended June 30, 2026.
- Standalone total income of ₹323.80 crore was driven by ₹229.73 crore in dividend income from SPVs.
- Total units outstanding for the distribution calculation stand at 21,75,00,000 units.
- Appointed Mr. Shubhanan Giri as Chief Financial Officer (CFO) effective August 11, 2026.
Anantam Highways Trust has scheduled a board meeting on August 11, 2026, to approve its standalone and consolidated financial results for the quarter ended June 30, 2026. The board will also consider the declaration of a distribution to unitholders for the same period. If approved, the record date for the distribution is fixed for August 14, 2026. This is a routine but essential meeting for the InvIT to determine its quarterly payout to investors.
- Board meeting scheduled for August 11, 2026, to approve Q1 FY27 results
- Record date for potential unitholder distribution set for August 14, 2026
- Trading window remains closed until 48 hours post-announcement
- Trust currently manages 7 operational HAM assets with a total debt of ₹2,315 Cr
Unitholders of Anantam Highways Trust have approved the acquisition of seven new road assets across two separate resolutions, effectively doubling the Trust's current portfolio of seven assets. The approved acquisitions include Bethamangala, DAK Package I, Katra, Poondiyankuppam, Bangarupalem Gudipala, Raipur-Visakhapatnam-CG-2, and Mehgama Hansdiha highways. Additionally, unitholders approved the issuance of units on a preferential basis for non-cash consideration with a 99.99% majority. These moves are part of the Trust's strategy to expand its NHAI-awarded road asset base while maintaining a regulatory LTV cap below 49%.
- Approval to acquire 7 new road assets (BEPL, DEPL, KEPL, PHL, BGHL, RVHL, and MHHL) from the current 7-asset base
- Preferential issuance of units for non-cash consideration approved with 99.99% of votes in favor
- Sponsors holding 8,16,49,861 units abstained from voting as interested parties
- The Trust currently manages 7 operational HAM assets with a total debt of ₹2,315 Cr
- Acquisitions aim to utilize the remaining ~8% debt headroom before hitting the 49% LTV cap
Financial Performance
Revenue Growth by Segment
Revenue is derived from annuity payments from NHAI. The top three assets (NPHL, MBHL, and BMHL) are estimated to account for 50% of total inflows in FY2026P, while RHL contributes approximately 13% of total revenue.
Geographic Revenue Split
100% of revenue is generated within India, specifically from road projects located in states including Karnataka (DHHL, BMHL, MBHL), Telangana (RHL), Bihar (NPHL), Gujarat (DBHL), and Tamil Nadu (VHL).
Profitability Margins
The Trust maintains a robust cash flow cover with a projected average Debt Service Coverage Ratio (DSCR) of more than 1.7 times in base case assumptions. RHL witnessed a 17% deduction from its first annuity due to construction-related damages, though subsequent annuities (2nd and 3rd) had 0% deductions.
EBITDA Margin
While specific EBITDA % is not disclosed, the Trust maintains a cumulative DSCR of >1.7x. Cash flows are supported by fixed-price O&M contracts which protect against margin volatility in maintenance activities.
Capital Expenditure
The Trust finalized a term loan of INR 2,157.09 Cr for refinancing and deleveraging. Major maintenance (MM) is funded through a reserve equivalent to 25% (one quarter) of budgeted MM expenses.
Credit Rating & Borrowing
The Trust holds an [ICRA]AAA (Stable) rating. Borrowing costs are linked to floating interest rates, making cash flows sensitive to interest rate fluctuations on the INR 2,157.09 Cr term loan.
Operational Drivers
Raw Materials
Road maintenance materials including bitumen, stone aggregates, and steel for repairs, representing the primary cost components within the O&M budget.
Import Sources
Sourced domestically within India, primarily from the states where the seven road projects are located (Gujarat, Karnataka, Tamil Nadu, Telangana, and Bihar).
Key Suppliers
Dilip Buildcon Limited (DBL) is the sole provider for operations and maintenance (O&M) and major maintenance (MM) under a fixed-price contract for the entire concession period.
Capacity Expansion
Current portfolio consists of 7 operational HAM assets (Tranche I) with a total debt of INR 2,315 Cr. The Trust initially planned for 9 assets with INR 3,300 Cr debt, indicating a potential future expansion of 2 additional assets.
Raw Material Costs
O&M and MM costs are fixed via contract with DBL, mitigating the risk of price escalation. The Trust maintains a liquidity cushion of INR 105 Cr to manage operational shortfalls.
Manufacturing Efficiency
Operational efficiency is measured by the track record of receiving annuities with an average delay of less than 30 days from NHAI.
Logistics & Distribution
Not applicable as the final product is road availability for NHAI.
Strategic Growth
Growth Strategy
The Trust intends to acquire additional road projects in the future. Growth will be funded through a mix of debt and equity, ensuring the consolidated leverage (LTV) remains below the 49% regulatory cap prescribed by SEBI.
Products & Services
Provision of operational road infrastructure under the Hybrid Annuity Model (HAM) to the National Highways Authority of India (NHAI).
Brand Portfolio
Anantam Highways Trust (AHT).
New Products/Services
Future acquisition of new HAM or BOT road assets to diversify the portfolio and improve cash flow granularity.
Market Expansion
Targeting additional NHAI-awarded road stretches across India to expand the current 7-asset portfolio.
Strategic Alliances
Strategic partnership with Alpha Alternatives Fund and Dilip Buildcon Limited (DBL) for asset sourcing and operational management.
External Factors
Industry Trends
The industry is shifting toward InvIT structures for capital recycling. Current trends show a preference for HAM projects due to lower traffic risk, with the sector evolving toward tighter regulatory oversight on leverage (49% LTV cap).
Competitive Landscape
Competes with other infrastructure investment trusts like IRB InvIT and IndInfravit for asset acquisitions.
Competitive Moat
The moat is built on long-term (15-year) concession agreements with NHAI, a [ICRA]AAA rated counterparty, and fixed-price O&M contracts that provide high cash flow visibility.
Macro Economic Sensitivity
Highly sensitive to interest rate cycles due to the floating nature of the project loans and inflation-linked O&M annuities.
Consumer Behavior
Not applicable as revenue is based on availability payments from NHAI rather than direct toll collection from consumers.
Geopolitical Risks
Low, as assets are domestic infrastructure projects with sovereign-linked counterparties.
Regulatory & Governance
Industry Regulations
Operations must comply with NHAI's maintenance standards and punch-list requirements. Failure to meet these standards results in annuity deductions, such as the 17% deduction seen in the RHL project.
Taxation Policy Impact
Subject to InvIT tax pass-through status where distributions are generally tax-exempt in the hands of the trust, provided 90% of net cash flows are distributed.
Legal Contingencies
RHL has filed a claim with the authority for the recovery of a 17% deduction (approximately INR 15-20 Cr estimated) from its first annuity related to construction damages.
Risk Analysis
Key Uncertainties
Potential for 10-15% deductions in annuity payments if O&M standards are not met or if there are delays in receiving final COD for the remaining 4 assets.
Geographic Concentration Risk
Concentrated in India, with approximately 43% of assets (3 out of 7) located in the state of Karnataka.
Third Party Dependencies
100% dependency on Dilip Buildcon Limited for O&M and MM activities.
Technology Obsolescence Risk
Low risk; road infrastructure has long-term utility with minimal digital disruption risk.
Credit & Counterparty Risk
Counterparty risk is low as NHAI is a government-backed entity with an [ICRA]AAA rating.
