ANANTAM

Anantam Highways Trust financials

InvIT owning and operating a portfolio of operational toll/highway road assets across India, managed by Alpha Alternatives.

Market cap: ₹2.3k Cr
Sector: Services
Calls analysed: 2

Latest concall · Q4 FY26 · call held 21 May 2026

ANANTAM Q4 FY26

Consolidated Revenue ₹224.5 cr EBITDA ₹202.6 cr

What went well

Consolidated revenue of INR224.5 crores and EBITDA of INR202.6 crores for Q4 FY26.
NDCF at Trust level stood at INR54.38 crores, leading to a DPU of INR2.50 per unit.
Net asset value (NAV) as of March 31, 2026, was INR115.80 per unit on a fair value basis.

What to watch

Current DPU of INR2.50 per unit is entirely taxable, with management indicating it will evolve.
Units are currently illiquid, and the initial ROFO acquisitions are via share swap, not immediately improving liquidity.

Read the full call →

What Anantam Highways Trust does

Anantam Highways Trust is an Infrastructure Investment Trust (InvIT) that owns and operates a portfolio of operational toll-road/highway concession assets (SPVs) in India, earning toll/annuity-based cash flows from these roads. The Trust is managed by Alpha Alternatives Fund-Infra Advisors Private Limited as Investment Manager, with Dilip Buildcon providing operations and maintenance support, including fixed-price contracts for major maintenance. Portfolio growth is pursued through a Right of First Offer (ROFO) framework with its sponsor group, giving the Trust visibility into acquiring further operational road assets from the same pipeline.

Structure: Infrastructure Investment Trust (InvIT) holding operational highway/road concession SPVs
Assets Under Management (AUM): ~INR 4,500 crore
Investment Manager: Alpha Alternatives Fund-Infra Advisors Private Limited
O&M partner: Dilip Buildcon (fixed-price O&M and major-maintenance contracts)
Trustee: Axis Trustee Services Limited
Credit rating: AAA (stable outlook)

Headquarters Mumbai, Maharashtra Company website

Guidance record · Q4 FY26

what the last two calls moved 7 tracked 0 delivered 0 missed 7 open

Assets Under Management (AUM) on track said Q3 FY26 Promised: Scale assets under management to around INR25,000 crores by 2029 (near 5x growth) Q4 FY26: Announced acquisition of seven ROFO assets which will double the InvIT's size to ~INR 9,200 crores. This is a significant step towards the long-term goal.

All 7 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: net profit up 3050.0% against the same quarter last year.

₹ Cr · quarterly

Line item	Q4 FY25	Q1 FY26	Q2 FY26	Q3 FY26	Q4 FY26	Q1 FY27
Revenue	0	0	0	104	223	158
Expenses	0	2	2	18	22	31
EBITDA	0	-2	-2	85	201	127 +6450%
Margin	—	—	—	82%	90%	80%
Other income	0	0	0	20	2	1
Interest	0	0	0	51	40	38
Depreciation	0	0	0	0	0	0
Profit before tax	0	-2	-2	55	163	89 +4550%
Tax rate	0%	0%	0%	108%	-25%	33%
Net profit	0	-2	-2	-4	203	59 +3050%
EPS	—	—	—	-0.19	9.33	2.73

How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance +2.2% 1Y

1Y: ₹105.37 on 16 Oct 2025 → ₹107.69. High ₹110.5 (8 May 2026), low ₹102.09 (17 Nov 2025).

How the price took the results

close before → close after

Q4 FY26: −0.1%; 21 May
Q3 FY26: +1.1%; 13 Feb

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Year ending	FY26
Revenue	₹327 Cr
Operating profit	₹282 Cr
Operating margin	86.2%
Interest	₹91 Cr
Depreciation	₹0 Cr
Net profit	₹195 Cr
Net margin	59.6%
Cash from operations	₹487 Cr
Free cash flow	₹487 Cr
ROCE	14.0%

How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year ending	FY25	FY26
Equity capital	₹0 Cr	₹2.2k Cr
Reserves	₹0 Cr	₹129 Cr
Borrowings	₹0 Cr	₹2.1k Cr
Other liabilities	₹0 Cr	₹259 Cr
Total liabilities	₹0 Cr	₹4.7k Cr
Fixed assets	₹0 Cr	₹2 Cr
Capital work in progress	₹0 Cr	₹0 Cr
Investments	₹0 Cr	₹0 Cr
Other assets	₹0 Cr	₹4.7k Cr
Total assets	₹0 Cr	₹4.7k Cr

How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

All earnings calls (2)

Read the Q4 FY26 call →

Learn to analyse Anantam Highways Trust

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