Anantam Highways Trust NAV at ₹115.80, Q4 PAT ₹2,028 Mn
Anantam Highways Trust announced its audited financial results for Q4 and FY26, reporting a consolidated PAT of ₹2,028.74 million and a NAV of ₹115.80 per unit. The Trust declared a distribution of ₹2.50 per unit for the quarter and outlined plans to acquire seven new HAM assets under ROFO agreements, expanding its portfolio to 14 assets.
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Anantam Highways Trust has released its audited financial results for the quarter and year ended March 31, 2026, alongside an investor presentation detailing its performance and strategic updates. The Trust reported a Net Asset Value (NAV) of ₹115.80 per unit as of March 31, 2026, based on the fair value of its assets. The Board has approved a distribution of ₹2.50 per unit for the quarter ended March 31, 2026, with a record date fixed as May 22, 2026.
Distribution Declaration
The Board approved a total distribution of ₹2.5000 per unit, comprising interest of ₹0.4141, dividend of ₹2.0828, and other income of ₹0.0031. The Net Distributable Cash Flow (NDCF) at the InvIT level for Q4 FY26 stood at ₹544 million. The payment is scheduled to be made on or before May 29, 2026. The total distribution for the full year FY26 amounted to ₹5.00 per unit.
Financial Performance
For the quarter ended March 31, 2026, the Trust reported a consolidated Profit After Tax (PAT) of ₹2,028.74 million, a significant turnaround from the loss of ₹41.65 million in the preceding quarter. Total income on a consolidated basis rose to ₹2,245.01 million in Q4 FY26 from ₹1,237.61 million in Q3 FY26. On a standalone basis, PAT for Q4 FY26 was ₹753.54 million on total income of ₹1,183.60 million.
Key consolidated financial metrics for the quarter are summarized below:
| Metric (₹ Mn) | Q4 FY26 (Audited) | Q3 FY26 (Unaudited) |
|---|---|---|
| Total Income | 2,245.01 | 1,237.61 |
| Total Expenses | 618.89 | 691.92 |
| Profit After Tax | 2,028.74 | (41.65) |
| Basic EPS | 19.76 | (0.64) |
Asset Portfolio and Acquisitions
The Trust's portfolio consists of seven Hybrid Annuity Model (HAM) projects with an estimated AUM of ₹43,827 million. The weighted average residual concession life is approximately 12.83 years. The Trust has proposed the acquisition of 100% shareholding in seven additional NHAI HAM assets under Right of First Offer (ROFO) agreements. These acquisitions, valued at ₹47,830 million, are proposed to be undertaken in tranches in June 2026 and December 2026. Post-acquisition, the portfolio will expand to 14 assets across 10 states and 1 UT.
Debt Profile and Ratios
As of March 31, 2026, the Trust's debt outstanding stood at ₹21,047.86 million, with a Net Debt to AUM ratio of 42.44%. The cost of debt is 7.5% per annum. The Trust maintains a credit rating of "IND AAA/Stable" from India Ratings and "ICRA AAA/Stable" from ICRA Limited. Key financial ratios for Q4 FY26 include a Debt Service Coverage Ratio of 2.20 times and an EBITDA Margin of 90.27%.
How will the proposed acquisition of seven additional NHAI HAM assets worth ₹47,830 million impact the Trust's debt-to-AUM ratio and distribution capacity beyond FY27?
Given the significant PAT swing from a loss in Q3 FY26 to a profit of ₹2,028 million in Q4 FY26, what are the key risks that could cause similar volatility in future quarters?
With the portfolio expanding to 14 assets across 10 states post-acquisition, how might geographic diversification affect the Trust's risk profile and ability to sustain its AAA credit ratings?
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