Anantam Highways Trust releases Q1FY27 earnings call transcript
Anantam Highways Trust released the transcript of its Q1FY27 earnings call held on August 17, 2026. The Trust reported consolidated revenue of ₹158.7 crore and EBITDA of ₹127.2 crore for the quarter ended June 30, 2026. Management highlighted strong cash generation with SPV level NDCF of ₹283.6 crore and approved a quarterly distribution of ₹2.50 per unit. The Trust is awaiting SEBI clarity to complete a preferential allotment of ₹1,893.72 crore for asset acquisitions, which management expects to be accretive to NAV and EPS.
*this image is generated using AI for illustrative purposes only.
Anantam Highways Trust has released the full transcript of its earnings conference call for the quarter ended June 30, 2026. The session was conducted on Monday, August 17, 2026, at 3:00 pm. The transcript is now accessible to investors and stakeholders through the Trust's official website.
The disclosure follows an earlier intimation issued by the Trust on August 12, 2026. Alpha Alternatives Fund-Infra Advisors Private Limited, acting as the investment manager to Anantam Highways Trust , confirmed the availability of the document in a filing submitted to the National Stock Exchange of India Limited and BSE Limited on August 19, 2026.
Chandra Kant Sharma, Company Secretary and Compliance Officer, signed the communication. The Trust is managed by Axis Trustee Services Limited, which serves as the trustee.
Key Financial Highlights
During the call, Jignesh Shah, Whole-Time Director and Chief Executive Officer of the investment manager, outlined the financial performance for Q1FY27.
| Metric | Value |
|---|---|
| Consolidated Revenue | ₹158.7 crore |
| EBITDA | ₹127.2 crore |
| SPV Level NDCF | ₹283.6 crore |
| Trust Level NDCF Available for Distribution | ₹54.4 crore |
| Quarterly Distribution per Unit | ₹2.50 |
Shah noted that the underlying portfolio continues to perform in line with expectations, with seven HAM assets providing stable, government-backed annuity cash flows. The board approved a further ₹2.50 per unit as distribution for the quarter, taking cumulative distribution since listing to ₹7.5 per unit.
Preferential Allotment and Growth Strategy
Management addressed the ongoing preferential issue aimed at raising approximately ₹1,893.72 crore through the issuance of 16.48 crore units at ₹104.76 each. Shah stated that the Trust is awaiting regulatory clarity from SEBI before completing the formalities for the allotment. The allottees include Build India Infrastructure Fund managed by Alpha Alternatives and Dilip Buildcon.
Regarding the valuation, Shah confirmed that the proposed discount to the equity value determined by an independent valuer is in the range of 17.5% to 18%. He emphasized that the acquisitions are expected to be accretive to both NAV and EPS for existing unit holders. The average life of the InvIT is expected to increase by around six and a half months on a blended basis following the addition of these assets.
Distribution Philosophy and Tax Impact
In response to queries about distribution levels, management reiterated a total return approach, balancing consistent distributions with financial flexibility for accretive acquisitions. Shah clarified that while the current quarterly distribution is ₹2.50, the philosophy may evolve based on growth opportunities.
On taxation, Shah noted that the effective tax rate for SPVs under the new regime has risen slightly above 28%, but dividends have been made tax-free. Due to depreciation at the SPV level and the capital structure, Anantam is not paying any taxes for the next few years. Consequently, the impact of the higher surcharge will only materialize after this period.
Historical Stock Returns for Anantam Highways Trust
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -0.17% | -1.58% | -0.22% | +1.75% | -0.58% | -0.58% |
How might the pending SEBI regulatory clarity impact the timeline for closing the ₹1,893.72 crore preferential allotment and subsequent asset acquisitions?
Given the 17.5% to 18% discount on the preferential issue, what is management's strategy to mitigate potential dilution concerns for existing unit holders in the short term?
With tax liabilities deferred for a few years due to depreciation, how will Anantam Highways Trust plan its capital allocation once the effective tax rate impact materializes?
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