Anantam Highways Trust

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Anantam Highways Trust trades at ₹104, losing momentum at the top and 3 weeks into that stage. That is −0.4% against its own 200-day average. It sits at 22% of a 52-week range of ₹103 to ₹111. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (11 weeks and counting).

Today the stock is losing momentum at the top — week 3 of stage 3, confirmed. At ₹104 it trades −0.4% versus its 200-day average and sits at 22% of its 52-week range (₹103–₹111).

Against the market, two honest reads. Cumulative: over the last 10 months the stock moved −2% while the NIFTY 500 moved −2% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (11 weeks and counting; last ahead the week of 2026-06-04) — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/E sits at the 96th percentile of its own range.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Anantam Highways Trust trades at 11.9× P/E, at the pricey end of its own range (96th percentile). Its long-run median P/E is 11.7×, measured across 0.2 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 11.9× is at the pricey end of its own range (96th percentile), against a long-run median of 11.7× measured over 0.2 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

Put together: the multiple is full against its own past, so the story rests on the earnings line underneath it, not the multiple.

→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.

Stage: No read Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read.

Anantam Highways Trust reads as no read on its fundamental arc. Under eight usable quarters on the growth trio — not enough history for an honest trajectory read.

Why it matters: with too little history, an honest page says so instead of guessing a trajectory.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

Fewer than eight usable quarters on the growth curves — this page will not guess a trajectory from a stub of history.

→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.

4-Factor Sector Score

66.6/100 — rank 2 of 9 in Infra/Real Estate Investment Trust · 38% evidence confidence · provisional, ranked below fully-evidenced peers

Anantam Highways Trust scores 66.6 out of 100 against the 9 companies it is compared with in Infra/Real Estate Investment Trust, ranking 2. Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

The four contributions add to the total exactly: 20.8 + 19.1 + 16.7 + 10 = 66.6. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if ROA rolls over or gross NPA rises while sector-relative strength deteriorates.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Anantam Highways Trust reported ₹223 Cr of revenue in the Mar 26 quarter. The last full year, FY26, came in at ₹313 Cr. The last four reported quarters add to ₹327 Cr. A multi-year compound rate is not shown because the annual history behind it is too short to compute one honestly.

Anantam Highways Trust reported ₹223 Cr of revenue in the Mar 26 quarter. The last full year, FY26, came in at ₹313 Cr. The last four reported quarters add to ₹327 Cr. A multi-year compound rate is not shown because the annual history behind it is too short to compute one honestly.

FY26 revenue came in at ₹313 Cr (null on the year). The latest quarter (Mar 26) printed ₹223 Cr, null year on year.

→ Revenue slipped — did margins hold as it scaled? Next: 90.0% this quarter (null pp YoY).

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Anantam Highways Trust's operating margin is 90.0% in the Mar 26 quarter.

Anantam Highways Trust's operating margin is 90.0% in the Mar 26 quarter.

The latest quarter's operating margin is 90.0%, null pp against the same quarter a year ago. Across 1 fiscal years the operating margin has ranged 86.0%–86.0%.

Why: the numbers show the operating margin move clearly, but the cost lines behind it sit below what we hold — so we state the move without inventing its driver.

→ Margins slipped — did that reach the bottom line? Next: profit null in the latest quarter.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Anantam Highways Trust earned ₹203 Cr of net profit in the Mar 26 quarter. Full-year FY26 profit was ₹196 Cr. That is 91.0% of the quarter's revenue.

Anantam Highways Trust earned ₹203 Cr of net profit in the Mar 26 quarter. Full-year FY26 profit was ₹196 Cr. That is 91.0% of the quarter's revenue.

Mar 26 profit was ₹203 Cr, null year on year. On the full year, FY26 printed ₹196 Cr (null).

→ Profit rose — but did the cash follow?

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Anantam Highways Trust's cash-flow history is too thin to judge how much reported profit converts into cash. In FY26 that was ₹487 Cr of operating cash against ₹196 Cr of profit. After ₹2.0 Cr of capital spending, ₹485 Cr was left as free cash. Cash resolution here is annual, because quarterly cash statements are not published.

FY26: operating cash of ₹487 Cr against reported profit of ₹196 Cr, leaving free cash of ₹485 Cr after ₹2.0 Cr of capital spending.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

Router verdict: the visible cash user is investment — the next section checks what the spending is buying.

→ So follow the cash to where it goes. Next: ₹2.0 Cr of building over 1 years.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Anantam Highways Trust does not report the debtor, inventory and payable day-counts a cash cycle is built from, so this section reads the investment side instead. Capital spending ran ₹2.0 Cr over the last 1 years. Averaged over those years that is 0.6% of FY26 revenue a year.

Working-capital day-counts are not in our numbers for this stock, so this section reads the investment side — where the cash is being put to work.

On the investment side: capital spending of ₹2.0 Cr over the last 1 fiscal years. Capital work-in-progress stands at ₹0.0 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.

→ Does all this activity actually earn its cost of capital? Next: ROCE is 14% and the ROIC − WACC spread is −0.4 pp.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.⚠ unverified

Anantam Highways Trust earns a ROCE of 14% in FY26. Return on invested capital clears the cost of that capital by −0.4 percentage points, so growth here is not yet paying for the capital it uses. The wiring behind it is 62.6% net margin on 0.07× asset turns.

FY26 ROCE is 14%.

🚨 Why the return is what it is — the wiring (FY26): 62.6% net margin × 0.07× asset turns × 2.02× balance-sheet leverage ≈ 8.9% on equity. Margin is doing the heavy lifting; leverage is a meaningful part of the equation.

The capstone test — ROIC − WACC: 11.6% − 12.0% = a −0.4 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. Negative — growth at these returns destroys value until the returns recover.

→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 0.91.

Debt Debt-to-equity says how much of the business is funded by borrowings; interest cover says how many times operating profit pays the interest bill. Low and high, respectively, is the safe corner.

Anantam Highways Trust carries ₹2,101 Cr of borrowings against ₹2,304 Cr of equity in FY26, a debt-to-equity of 0.91. Operating profit covers the interest bill 3×. Over 1 years borrowings went from ₹0.0 Cr to ₹2,101 Cr. Capital spending ran ₹2.0 Cr across the last 1 of those years.

FY26: borrowings of ₹2,101 Cr against equity of ₹2,304 Cr — a debt-to-equity of 0.91. Operating profit covers the interest bill 3×. Over 1 years borrowings went from ₹0.0 Cr to ₹2,101 Cr while capital spending ran ₹2.0 Cr in just the last 1 — part of the build-out is riding on borrowed money.

→ Who owns this, and are they adding or leaving? Next: the register is quiet.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

No holder of Anantam Highways Trust moved a full percentage point over the last two years — the register is quiet. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — .

→ One last check: does the safety math agree? Next: the balance-sheet safety line.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Anantam Highways Trust: the Z-score reads 0.93. A Z-score above roughly 3 reads as safe and below roughly 1.8 as the distress zone, so this sits inside the distress zone. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure.

🚨 Why it matters: a Z-score of 0.93 is inside the distress zone — the balance sheet is a real risk, not a detail.

The safety line in one sentence: the Z-score reads 0.93.

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