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 ₹ 2,281 Cr.
- Current Price ₹ 105
- High / Low ₹ 117 / 100
- Stock P/E 19.5
- Book Value ₹ 102
- Dividend Yield 2.38 %
- ROCE 6.21 %
- ROE 8.88 %
- Face Value ₹ 100
Pros
- Company has reduced debt.
- Company is almost debt free.
- Stock is trading at 1.03 times its book value
Cons
- Tax rate seems low
- Working capital days have increased from 152 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 | |
|---|---|---|---|---|---|
| 2,189 | 2,769 | 2,526 | 927 | 202 | |
| 2,195 | 2,753 | 2,419 | 240 | 9 | |
| Operating Profit | -6 | 16 | 106 | 687 | 193 |
| OPM % | -0% | 1% | 4% | 74% | 96% |
| 4 | 2 | 1 | 16 | 0 | |
| Interest | 66 | 166 | 227 | 307 | 76 |
| Depreciation | 0 | 0 | 0 | 0 | 0 |
| Profit before tax | -68 | -148 | -120 | 395 | 117 |
| Tax % | -5% | 11% | 34% | -4% | 0% |
| -64 | -164 | -160 | 411 | 117 | |
| EPS in Rs | 5.39 | ||||
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | -58% |
| TTM: | -78% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 40% |
| TTM: | -71% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | % |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 7% |
| 3 Years: | 22% |
| Last Year: | 9% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
| Equity Capital | 74 | 74 | 4 | 4 | 2,144 |
| Reserves | 91 | 81 | 46 | 410 | 81 |
| 1,221 | 2,375 | 3,345 | 3,598 | 0 | |
| 701 | 339 | 134 | 140 | 2,120 | |
| Total Liabilities | 2,086 | 2,870 | 3,530 | 4,152 | 4,345 |
| 0 | 0 | 1 | 2 | 1,775 | |
| CWIP | 1,200 | 2,256 | 1,129 | 0 | 0 |
| Investments | -3 | -7 | 0 | 0 | 0 |
| 889 | 620 | 2,401 | 4,150 | 2,570 | |
| Total Assets | 2,086 | 2,870 | 3,530 | 4,152 | 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 | -959 | -0 | |
| -341 | -419 | 722 | 1,143 | -2,352 | |
| 1,293 | 1,152 | 1,194 | -108 | 2,368 | |
| Net Cash Flow | 61 | 3 | 27 | 76 | 16 |
| Free Cash Flow | -891 | -730 | -1,890 | -959 | -0 |
| CFO/OP | 15,931% | -4,655% | -1,772% | -143% | -0% |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
| Debtor Days | 0 | 12 | 18 | 92 | 0 |
| Inventory Days | |||||
| Days Payable | |||||
| Cash Conversion Cycle | 0 | 12 | 18 | 92 | 0 |
| Working Capital Days | -23 | -14 | 7 | 142 | 307 |
| ROCE % | 1% | 4% | 19% | 6% |
Insights
In beta| Jan 2026 | |
|---|---|
| Average delay in annuity payments from NHAI Months |
|
| Minimum Annuities Received Per Asset Number |
|
| Net Debt to Enterprise Value (LTV) at listing % |
|
| Number of SPVs in Portfolio Number |
|
| Project Completion Status - Final COD achieved Number of Projects |
|
| Project Completion Status - Provisional COD achieved Number of Projects |
Extracted by Screener AI
Documents
Announcements
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Reg 23(5)(d): Disclosure of details of any credit rating obtained by the InvIT and any change in such rating
22h - Ind-Ra and ICRA reaffirm AHT’s AAA/Stable ratings; assign provisional AAA/Stable on proposed ₹24,000 million loan.
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Reg 23(5)(i): Disclosure of material issue
1d - Submitted annual SDD compliance certificate for FY ended March 31, 2026.
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Reg 23(5)(i): Disclosure of material issue
25 May - Q4 FY26 call transcript: Board approved acquisition of seven ROFO assets for about Rs4,700 crore.
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Reg 23(5)(i): Disclosure of material issue
21 May - Audio recording of Anantam Highways Trust’s May 21, 2026 earnings conference call is available online.
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Reg 23(5)(i): Disclosure of material issue
20 May - Q4 FY26 investor presentation shows ₹544 Mn distribution and planned acquisition of 7 ROFO assets in Jun-Dec 2026.
Concalls
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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.