Anantam Highways Trust reported a consolidated net profit of ₹594.25 million for the quarter ended June 30, 2026, marking a significant turnaround from the loss of ₹16.09 million recorded in the corresponding period of FY25. The Infrastructure Investment Trust (InvIT) also declared a distribution of ₹2.50 per unit for the quarter, reflecting robust cash flows from its portfolio of toll road assets. The record date for identifying unitholders eligible for the payout is August 14, 2026, with payments scheduled by August 21, 2026. This declaration applies to all 21,75,00,000 units outstanding, ensuring broad shareholder participation in the Trust’s improved operational performance.

The Board of Directors of Alpha Alternatives Fund-Infra Advisors Private Limited, acting as the Investment Manager, approved the unaudited standalone and consolidated financial results on August 11, 2026. The financial statements were reviewed in accordance with Standard on Review Engagements (SRE) 2410 by Mukund M. Chitale & Co., the independent auditor. Additionally, the Board appointed Shubhanan Giri as Chief Financial Officer and Key Managerial Personnel effective August 11, 2026. The distribution was approved pursuant to the Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014.

Financial Performance Highlights

The Trust’s consolidated total income stood at ₹1,586.81 million for Q1FY26, up from nil in the prior year due to the commencement of commercial operations following its listing in October 2025. Revenue from operations contributed ₹1,534.15 million, while other income included ₹28.99 million from profit on sale of investments and ₹17.38 million from interest income on bank deposits.

Standalone net profit after tax was significantly higher at ₹2,821.91 million, primarily driven by dividend income of ₹2,297.26 million received from subsidiaries. This contrasts with the consolidated view where inter-company dividends are eliminated. Finance costs remained stable at ₹381.35 million on a consolidated basis.

Distribution Details

The Board approved a total distribution of ₹2.50 per unit for the quarter ended June 30, 2026. The distribution comprises multiple components as detailed below:

The Net Distributable Cash Flows (NDCF) at the Trust level amounted to ₹543.75 million for the quarter. This figure includes amounts received from Special Purpose Vehicles (SPVs) subsequent to June 30, 2026, up to the date of finalization of accounts. The Trust maintains a high distribution yield, consistent with its regulatory requirement to distribute at least 90% of NDCF to unitholders.

What the Numbers Show

The divergence between standalone and consolidated profits highlights the Trust’s operational structure. While the Trust itself generated substantial standalone profits largely through dividend receipts from SPVs, the consolidated bottom line reflects the actual operating performance of the underlying toll road assets after eliminating inter-entity transactions. The consolidated EBITDA margin improved to 80.16% in Q1FY26, compared to 87.59% for the full year ended March 31, 2026. The Debt Service Coverage Ratio stood at 1.51 times, indicating adequate coverage of debt obligations from operating cash flows. The Net Borrowing Ratio decreased to 39.30% as of June 30, 2026, from 42.44% at the end of FY26, signaling a gradual deleveraging trend.

Unitholders of Anantam Highways Trust have approved the acquisition of seven expressway assets and the issuance of units on a preferential basis for consideration other than cash. The approvals were secured through a postal ballot process that concluded on July 25, 2026, enabling the trust to expand its infrastructure portfolio significantly. The voting results reflect strong support from public institutional holders, who cast the majority of votes in favor, while the sponsor group abstained from participating in the poll.

The postal ballot notice, dated July 03, 2026, was issued by Alpha Alternatives Fund-Infra Advisors Private Limited, acting as the Investment Manager. The process complied with Regulation 22(2) of the Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014, and SEBI Master Circular No. SEBI/HO/DDHS-PoD-2/P/CIR/2025/102 dated July 11, 2025. M/s. KDA & Associates, represented by partner Nikunj R. Makwana, served as the scrutinizer for the remote e-voting process conducted via National Securities Depository Limited (NSDL).

The first resolution sought approval for the acquisition of Bethamangala Expressway Private Limited (BEPL), DAK Package I Expressway Private Limited (DEPL), and Katra Expressway Private Limited (KEPL). This resolution required a simple majority and received overwhelming support. A total of 10,64,95,855 votes were polled out of 21,75,00,000 outstanding units, representing a 48.96% turnout. Of these, 10,64,95,843 votes (100.00%) were cast in favor, with only 12 votes against. Public institutional holders accounted for 75.12% of their held units in the vote, while public non-institutional holders showed a 78.77% participation rate.

The second resolution approved the acquisition of Poondiyankuppam Highways Limited (PHL), Bangarupalem Gudipala Highways Limited (BGHL), Raipur-Visakhapatnam-CG-2 Highways Limited (RVHL), and Mehgama Hansdiha Highways Limited (MHHL). This resolution also required a simple majority. Voting participation was lower, with 1,06,45,716 votes polled (4.89% turnout). However, the resolution passed with 1,06,45,704 votes in favor (100.00%) and 12 against. Institutional holders again drove the support, casting 75.12% of their units, while non-institutional participation remained minimal at 0.02%.

The third resolution authorized the issuance of units on a preferential basis for an aggregate consideration other than cash, requiring a special majority. This resolution saw a 2.63% turnout, with 57,12,494 votes polled. It passed with 57,11,946 votes in favor (99.99%) and 548 against (0.01%). Notably, public non-institutional holders showed slightly higher dissent in this item, with 3.00% of their polled votes cast against the resolution, compared to zero dissent from institutional holders.

What the Numbers Show

The voting pattern highlights a distinct divergence between institutional and non-institutional unitholder engagement. While institutional holders demonstrated high conviction by participating heavily in the asset acquisition votes (75.12% and 78.77% participation respectively), their engagement dropped to 40.25% for the preferential issuance resolution. Conversely, non-institutional participation was negligible across all items, ranging from 0.02% to 78.77%, suggesting that retail or smaller investors may be less active in remote e-voting processes or are represented primarily through institutional channels. The complete absence of sponsor voting indicates a strategic decision to let independent unitholders determine the outcome of these material transactions.