Anantam Highways Trust has submitted its quarterly corporate governance compliance report for the quarter ended December 31, 2025, to the National Stock Exchange of India Limited and BSE Limited. The report was filed on January 20, 2026, in accordance with Regulation 26K of SEBI (Infrastructure Investment Trust) Regulations, 2014.

Board Composition and Leadership Structure

The Investment Manager, Alpha Alternatives Fund-Infra Advisors Private Limited, maintains a six-member board of directors with a balanced composition of executive and independent directors.

The board currently operates without a regular chairperson, and the chairperson position is not related to the managing director or CEO.

Committee Structure and Governance

The trust has established five statutory committees, each with designated chairpersons and proper composition as per regulatory requirements.

Key Committees Overview

All committee appointments were effective from March 08, 2025, ensuring proper governance oversight across critical areas of operations.

Meeting Activity and Compliance

During the quarter ended December 31, 2025, the board conducted one meeting on November 11, 2025, with five directors present including three independent directors. The meeting maintained proper quorum requirements with a 76-day gap from the previous board meeting held on August 26, 2025.

Committee Meeting Summary

• Audit Committee: Conducted one meeting on November 11, 2025, with three directors present including two independent directors
• Risk Management Committee: Held one meeting on November 11, 2025, with two directors present including one independent director
• InvIT Committee: Conducted one meeting on October 06, 2025, with two directors present
• Nomination & Remuneration Committee: No meetings held during the quarter
• Stakeholders Relationship Committee: No meetings held during the quarter

Regulatory Compliance Affirmations

The trust confirmed full compliance with SEBI InvIT Regulations across all governance parameters. The board composition aligns with regulatory requirements, and all committees operate within their designated powers and responsibilities. The report noted that as the trust was listed on October 16, 2025, the placement of the previous quarter's report before the board was not applicable.

The compliance report has been made available on the trust's website at www.anantamhighways.com and will be presented to the board at the upcoming meeting. Company Secretary & Compliance Officer Chandra Kant Sharma signed the report, ensuring proper documentation and regulatory adherence.

Anantam Highways Trust , a newly established infrastructure investment trust (InvIT), has achieved another significant milestone with ICRA Limited finalizing its provisional credit rating to [ICRA]AAA (Stable) for its term loan facility. This development follows the Trust's earlier achievement of IND AAA/Stable rating from India Ratings and Research, reinforcing its strong credit profile in the highway infrastructure sector.

ICRA Rating Finalization

ICRA Limited has finalized the provisional rating for Anantam Highways Trust's term loan facility following the successful completion of asset transfers and debt arrangements. The rating action reflects the Trust's operational asset portfolio and robust financial structure.

The finalization takes into consideration that key borrowing terms align with terms indicated during provisional rating assignment, with no fundamental change in the Trust's credit profile. The withdrawal of the provisional rating for the residual debt follows ICRA's withdrawal policy as no amount was raised against the rated instrument.

Asset Portfolio Performance

The Trust operates seven highway Special Purpose Vehicles (SPVs) under the hybrid annuity model (HAM) framework with National Highways Authority of India (NHAI) as counterparty. The asset portfolio demonstrates strong operational performance with established annuity receipt track records.

The projects include Dodaballapur Hoskote Highways Limited, Repallewada Highways Limited, Narenpur Purnea Highways Limited, Dhrol Bhadra Highways Limited, Bangalore Malur Highways Limited, Malur Bangarpet Highways Limited, and Villupuram Highways Limited. No single asset contributes more than 21% of total inflows, ensuring portfolio diversification.

Credit Strengths and Risk Assessment

ICRA's rating favorably factors the steady revenue profile supported by HAM projects' inherent benefits with strong counterparty NHAI. The rating considers robust debt coverage metrics with estimated cumulative debt servicing coverage ratio (DSCR) above 1.7 times under base case assumptions.

The Trust benefits from cash flow pooling across SPVs, ensuring pooled cash flows are available for meeting regular maintenance expenses and debt servicing obligations. SEBI InvIT regulations restrict leverage at Trust level, with net debt to enterprise value expected to remain below 49%.

Risk Factors and Mitigation

The rating acknowledges risks inherent in HAM projects related to potential delayed receipt and deductions of annuities. However, structural features provide mitigation including fixed-price operation and maintenance contracts with Dilip Buildcon Limited for the entire concession period.

ICRA notes that any material delay or deduction in annuities, higher outflows on account of operations and maintenance activities could adversely impact cash flows and debt coverage indicators. The Trust remains exposed to risks associated with future asset acquisitions which could materially impact operational and financial risk profile.

Regulatory Compliance and Outlook

The rating finalization was communicated to stock exchanges under Regulation 23 of SEBI (Infrastructure Investment Trusts) Regulations, 2014. The Stable outlook reflects ICRA's expectations that the Trust will continue benefiting from regular annuity receipts without material delays or deductions, maintaining robust debt coverage metrics and moderate leverage profile.

With dual AAA ratings from both India Ratings and ICRA, Anantam Highways Trust demonstrates strong creditworthiness and operational capabilities in the highway infrastructure sector, positioning it well for stable cash flow generation and potential value-accretive acquisitions.