Anantam Highways Trust
Anantam Highways Trust is an Indian infrastructure investment trust which
proposes to invest in road infrastructure
assets. The Trust is sponsored by
Alpha Alternatives Fund Advisors
LLP[1]
- Market Cap ₹ 2,215 Cr.
- Current Price ₹ 102
- High / Low ₹ 117 / 99.0
- Stock P/E 5.17
- Book Value ₹ 102
- Dividend Yield 5.13 %
- ROCE 8.94 %
- ROE 10.5 %
- Face Value ₹ 100
Pros
- Stock is trading at 1.00 times its book value
- Stock is providing a good dividend yield of 5.13%.
Cons
- Company has a low return on equity of -3.49% over last 3 years.
- Working capital days have increased from 157 days to 307 days
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|
| 2,189 | 2,769 | 2,526 | 0 | 202 | 639 | |
| Sales growth | +26% | -9% | -100% | |||
| 2,195 | 2,753 | 2,419 | 0 | 9 | 61 | |
| Operating Profit | -6 | 16 | 106 | -0 | 193 | 577 |
| OPM % | -0.3% | 0.6% | 4.2% | 96% | 90% | |
| 4 | 2 | 1 | 0 | 0 | 0 | |
| Interest | 66 | 166 | 227 | 0 | 76 | 150 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before tax | -68 | -148 | -120 | -0 | 117 | 428 |
| Tax % | -5% | 11% | 34% | 0% | 0% | |
| -64 | -164 | -160 | -0 | 117 | 428 | |
| EPS in Rs | 5.39 | 19.67 | ||||
| Dividend Payout % | 0% | 0% | 0% | 0% | 46% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | -58% |
| TTM: | % |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 39% |
| TTM: | 233820% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | -3% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | -17% |
| 3 Years: | -3% |
| Last Year: | 11% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
| Equity Capital | 74 | 74 | 4 | 0.00 | 2,175 |
| Reserves | 91 | 81 | 46 | -0 | 51 |
| 1,221 | 2,375 | 3,345 | 0 | 2,101 | |
| 701 | 339 | 134 | 0 | 19 | |
| Total Liabilities | 2,086 | 2,870 | 3,530 | 0 | 4,345 |
| 0 | 0 | 1 | 0 | 0 | |
| CWIP | 1,200 | 2,256 | 1,129 | 0 | 0 |
| Investments | -3 | -7 | 0 | 0 | 1,775 |
| 889 | 620 | 2,401 | 0 | 2,570 | |
| Total Assets | 2,086 | 2,870 | 3,530 | 0 | 4,345 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
| -891 | -730 | -1,889 | 0 | -0 | |
| -341 | -419 | 722 | 0 | -2,352 | |
| 1,293 | 1,152 | 1,194 | 0 | 2,368 | |
| Net Cash Flow | 61 | 3 | 27 | 0 | 16 |
| Free Cash Flow | -891 | -730 | -1,890 | 0 | -0 |
| CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit | 15,931% | -4,655% | -1,772% | 0% | -0% |
Ratios
Standalone / View Consolidated
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
| Debtor Days | 0 | 12 | 18 | 0 | |
| Inventory Days | |||||
| Days Payable | |||||
| Cash Conversion Cycle | 0 | 12 | 18 | 0 | |
| Working Capital Days | -23 | -14 | 7 | 307 | |
| ROCE % | 1% | 4% | -0% | 9% |
Insights
In beta| Dec 2024 | Mar 2026 | |
|---|---|---|
| AUM (Enterprise Value) INR million |
|
|
| Cumulative Annuities Received from NHAI count |
||
| Number of Operational HAM Assets/SPVs count |
||
| Total Project Length km |
||
| Weighted Average Residual Concession Life years |
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Extracted by Screener AI
Documents
Announcements
-
Reg 23(5)(i): Disclosure of material issue
- KFin Technologies changes corporate office address effective December 1, 2026.
-
Reg 23(5)(i): Disclosure of material issue
- Q2 FY27 transcript: INR158.2 crore revenue, INR2.75/unit distribution, debt down to INR1,852 crore; ROFO acquisition deferred.
-
Reg 23(5)(i): Disclosure of material issue
- Audio recording of Q2 FY26 earnings conference call dated October 26, 2026 available online.
-
Reg 23(5)(i): Disclosure of material issue
- Investor presentation for Q2 FY27; total distribution ₹2.75/unit and cumulative DPU ₹10.25.
-
Reg 23(5)(i): Disclosure of material issue
- Submitted half-yearly report for September 30, 2026, including governance updates, investor complaints, and NDCF disclosure.
Concalls
-
Oct 2026REC
-
Aug 2026PPT REC
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May 2026Transcript PPT
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Feb 2026Transcript PPT REC
About Trust[1]
Anantam Highways Trust (AHT) is registered as an irrevocable trust under the Indian Trust Act, 1882, and as an InvIT under the SEBI. Alpha Alternatives Fund-Infra Advisors Private Limited is the investment manager of the InvIT and Alpha Alternatives Fund Advisors LLP is the sponsor.The InvIT listed its units on the NSE and the BSE on October 16, 2025.