Anantam Highways Trust declared a distribution of ₹2.75 per unit for the quarter ended September 30, 2026. The board of its investment manager, Alpha Alternatives Fund-Infra Advisors Private Limited, approved the unaudited financial results and the payout on October 22, 2026.

The total distribution comprises ₹0.60821 as interest, ₹0.34940 as dividend, ₹1.78940 as capital repayment, and ₹0.00299 as other income. The record date for identifying eligible unitholders is October 27, 2026, with payment scheduled on or before November 3, 2026.

Financial Performance

The Trust reported a consolidated profit after tax of ₹524.27 million for Q2FY27, compared to a loss of ₹15.91 million in Q2FY26. Revenue from operations stood at ₹1,547.86 million for the quarter, driven by annuity payments from its seven Hybrid Annuity Model (HAM) road assets.

On a standalone basis, the Trust recorded an impairment loss of ₹488.64 million on investments in subsidiaries during the quarter. This non-cash charge reduced standalone profit before tax to ₹254.56 million. The impairment was assessed based on value-in-use calculations by an independent valuer.

Distribution Details

The distribution per unit is structured to reflect the cash flow characteristics of the underlying infrastructure assets. A significant portion of the payout is classified as capital repayment, which is common in InvIT structures where depreciation charges reduce accounting profits but not cash flows.

What the Numbers Show

A divergence exists between the consolidated profitability and the standalone results due to the timing of subsidiary dividends and the recognition of impairment losses at the Trust level. While consolidated PAT declined sequentially from ₹594.25 million in Q1FY27 to ₹524.27 million in Q2FY27, the Net Distributable Cash Flows (NDCF) increased to ₹598.13 million from ₹543.75 million in the previous quarter. This suggests that despite lower accounting profits, the actual cash available for distribution improved, supporting the higher per-unit payout of ₹2.75 compared to ₹2.50 in the preceding quarters.

Portfolio and Valuation

The Trust holds seven HAM road projects across Karnataka, Gujarat, Bihar, Telangana, and Tamil Nadu. The independent valuation report dated October 22, 2026, pegged the fair value of total assets at ₹43,019.64 million. Consequently, the Net Asset Value (NAV) per unit stands at ₹112.20, up from ₹102.32 book value per unit.

The investment manager also disclosed the deferral of the proposed preferential allotment and acquisition of Rights of First Offer (ROFO) assets. The decision aims to align the transaction with market-based pricing frameworks, though the strategic rationale for scaling the portfolio remains unchanged.

Anantam Highways Trust reported a sponsor and sponsor group holding of 37.54% for the quarter ended September 30, 2026. The Infrastructure Investment Trust (InvIT) disclosed that public unitholders retained the remaining 62.46% of total outstanding units.

The filing, submitted to NSE and BSE on October 14, 2026, details the distribution of 21.75 crore units. Sponsor holdings comprised 8.16 crore units, all of which were mandatorily held and free from encumbrances. Public holding accounted for 13.58 crore units, split between institutional and non-institutional investors.

Sponsor and Institutional Breakdown

The sponsor group’s stake is entirely domestic, with no foreign institutional or individual participation recorded in this category. Within the public holding segment, institutional investors held 5.00% of the total outstanding units. This included contributions from insurance companies, mutual funds, and alternative investment funds.

Non-institutional public investors held the majority of the public stake at 57.46%. A significant portion of this was held by bodies corporate, which accounted for 53.13% of the total outstanding units. Individual retail investors held 4.18% of the trust’s units.

Unitholding Pattern Details

Key Observations from Data

The data reveals a concentration of public ownership within corporate entities rather than retail individuals. Bodies corporate held 11.55 crore units, representing over half of the entire trust’s outstanding units when combined with other categories. In contrast, direct retail participation through individuals remained modest at 9.08 crore units. Insurance companies emerged as the largest institutional holder with 73.11 lakh units, followed by mutual funds with 29.61 lakh units.

All units held by the sponsor group were marked as mandatorily held, indicating compliance with lock-in requirements. No units in the sponsor category were pledged or encumbered, suggesting a stable promoter position during the quarter.