Financial Performance Update

Anantam Highways Trust Posts Strong Q4 FY26 Performance; Announces ₹2.50 Per Unit Distribution

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BSE

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Anantam Highways Trust reported strong Q4 FY26 financial performance with consolidated revenue of ₹2,245 million and EBITDA of ₹2,025.93 million. The InvIT also announced a distribution of ₹2.50 per unit and outlined plans to acquire seven additional HAM road assets under ROFO arrangements.

PRICE-SENSITIVE TRIGGER

Event: Q4 FY26 investor presentation and business update.

Type: Financial Performance Update

Impact: Positive

Immediate Effect: The update highlights strong operational cash flows, healthy distributions, stable AAA-rated debt profile, and expansion through acquisition of additional road assets.

Key Metrics:

Q4 FY26 Consolidated Revenue: ₹2,245 million
Q4 FY26 EBITDA: ₹2,025.93 million
Q4 FY26 Profit Before Tax: ₹1,626.11 million
AUM (Enterprise Value): ₹43,827 million
NAV: ₹115.80 per unit
NDCF at SPV Level: ₹2,200 million
Total Distribution: ₹544 million
DPU: ₹2.50 per unit
Debt to EV Ratio: 42.44%
Credit Rating: AAA / Stable
Debt Outstanding: ₹21,047.86 million
Cost of Debt: 7.5% per annum
Market Capitalisation: ₹22,535 million

Highlight Metric:

The InvIT proposed a distribution of ₹2.50 per unit for Q4 FY26 while maintaining a AAA/Stable credit rating.

What Happened ?

Anantam Highways Trust released its investor presentation for the period ended March 31, 2026, highlighting strong operational performance, stable cash flows, and expansion plans.

The InvIT currently operates a portfolio of seven NHAI HAM (Hybrid Annuity Model) road projects with a residual concession life of approximately 12.83 years. The trust also announced plans to acquire seven additional HAM assets from Dilip Buildcon Limited and Alpha group entities under existing ROFO agreements.

Key Details

Financial Performance:

Q4 FY26 consolidated revenue stood at ₹2,245 million.
EBITDA for the quarter came at ₹2,025.93 million.
Profit before tax was ₹1,626.11 million.
Total distribution proposed was ₹544 million or ₹2.50 per unit.

Distribution Details:

Interest component: ₹0.4141 per unit.
Dividend component: ₹2.0828 per unit.
Other income component: ₹0.0031 per unit.

Debt & Balance Sheet:

Debt outstanding stood at ₹21,047.86 million as of March 31, 2026.
Net Debt / AUM ratio remained at 42.44%.
Credit rating maintained at AAA/Stable.
Debt maturity profile extends till December 2037.

Expansion & Asset Acquisition:

Trust plans to acquire seven additional NHAI HAM assets.
Proposed acquisitions to occur in phases during June 2026 and December 2026.
Post acquisition, total portfolio assets will increase from 7 to 14 projects.
Estimated AUM after acquisition may rise to ₹91,657 million.

Portfolio Strength:

Existing portfolio spans 5 states and 1 union territory.
Post-acquisition portfolio will cover 10 states and 1 union territory.
Portfolio lane kilometers expected to increase significantly after acquisitions.

Note:

The InvIT was successfully listed on NSE and BSE on October 16, 2025.

Risk Analysis

Key Risks:

Planned acquisitions are subject to completion timelines.
Debt obligations remain significant despite stable ratings.
Infrastructure projects may face execution and operational risks.
Future returns depend on successful integration of acquired assets.

Worst Case Scenario:

Delays in proposed acquisitions or deterioration in project cash flows could impact future distributions and growth expectations.

Risk Level: Medium

Company Commentary

The InvIT aims to maximize unitholder returns through disciplined acquisitions and consistent distributions.
Strong ROFO arrangements provide visibility for long-term growth.
Operating cash flows are sufficient to fully cover debt repayments.
The portfolio delivers predictable government-backed cash flows with no traffic risk.
The trust continues to maintain robust governance standards.

Official Exchange Filing: Anantam Highways Trust