Anantam Highways Trust declares INR2.50 distribution for Q4FY26

Anantam Highways Trust has reported its financial results for the quarter ended March 31, 2026, declaring a distribution of INR2.50 per unit. The Trust recorded consolidated revenue of approximately INR224.5 crores and EBITDA of approximately INR202.6 crores for Q4FY26. Net Debt Cash Flow (NDCF) at the SPV level stood at approximately INR220 crores, while NDCF at the Trust level was approximately INR54.38 crores.

Financial Performance

The net asset value as of March 31, 2026, based on an independent valuation report, stood at INR115.80 per unit on a fair value basis. The Trust maintains a debt-to-EV ratio of approximately 42% and holds AAA stable credit ratings. The distribution of INR2.50 per unit comprises INR0.4141 per unit as interest, INR2.08 per unit as dividend, and INR0.003 per unit as other income.

Strategic Developments

The Board has approved the proposed acquisition of seven additional Right of First Offer (ROFO) assets to drive growth. These acquisitions are aligned with the strategy of pursuing disciplined accretive acquisitions to strengthen Distribution Per Unit (DPU) sustainability and long-term Net Asset Value (NAV) growth. The acquisition consideration involves a mix of unit swaps with Alpha Alternatives Group and Dilip Buildcon Group, along with debt funding.

Operational Outlook

Management emphasized a total return framework combining consistency in distribution with NAV growth through accretive acquisitions. The Trust aims to build a long-duration institutional infrastructure platform with a focus on predictability, governance, and sustainable cash flow generation. The ROFO pipeline provides strong visibility for future growth, with assets expected to be accretive to both DPU and NAV.

Conference Call Details

The earnings conference call was held on May 21, 2026, at 03:00 PM IST. The transcript of the call has been filed with the National Stock Exchange of India Limited and BSE Limited in compliance with Regulation 30. The call was represented by Mr. Jignesh Shah, Whole-time Director and Chief Executive Officer.

Parameter	Details
Period Covered	Quarter ended March 31, 2026
Revenue	INR224.5 crores
EBITDA	INR202.6 crores
NDCF (Trust Level)	INR54.38 crores
Distribution	INR2.50 per unit
Net Asset Value	INR115.80 per unit

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%.