In , Anantam Highways Trust (Infra/Real Estate Investment Trust) is outperforming Nifty 500 with +8.7% relative strength. Fundamentals: Very Weak.
Weekly presence in the outperformers list. Green = beating Nifty 500 by 10%+ that week.
Based on Q3 FY26 earnings • Updated Apr 18, 2026
What: ROFO Pipeline: 15 identified assets
Impact: ₹11,000 - ₹13,000 Cr AUM
“So, the ROFO assets basically should the ROFO assets that we have right now should translate into roughly an AUM of around between INR11,000 crores and INR13,000 crores.”
What: Cost of Debt: 7.5%
“Absolutely, we are as I mentioned, I mean in the coming quarters you will see us basically trending this debt cost down.”
Earnings deceleration risks from management commentary
Trigger: SEBI regulations restrict higher leverage until a track record of six distributions is established.
Management view: Management plans to use unit swaps for acquisitions to bypass immediate cash capital needs.
Monitor: regulatory
Trigger: The entire debt portfolio is on floating rates linked to T-bills or MCLR.
Management view: Annuity receipts are also linked to interest rates (Bank Rate/MCLR), providing a natural hedge.
Monitor: commodity
Key quotes from recent conference calls
“Our ambition is to scale our assets under management to around INR25,000 crores by 2029, which implies a near 5x growth plan over the next three years. [Initiative: AUM Scaling via ROFO]”
“So as we go along, we do intend to pursue a combination of bond market debt raise, bringing the cost of debt down on bank debt as well. [Initiative: Debt Refinancing]”
“No, no, there is a cap. So, the cap basically is up to 49% for the first six distributions. If you maintain your AAA rating... you can in fact expand the leverage to 70%. [Risk (regulatory): MEDIUM]”
“Entire debt is floating rate. Nothing is fixed rate... because our annuity is also linked with MCLR as well as the Bank Rate, so it is better that we maintain the floating rate debt. [Risk (commodity): LOW]”
Headline numbers from the latest earnings call
Revenue
₹123.8 Cr
Why: The revenue reflects the first period of meaningful consolidation following the acquisition of SPVs on 10th October 2025.
This is the Trust's first quarter of operations as a listed entity.
EBITDA
₹105.6 Cr
Why: The EBITDA reflects the inherent strength and stability of the annuity-based HAM portfolio with fixed-price O&M contracts.
High margins are typical for HAM assets due to low operating expenses.
PAT
₹54.6 Cr
Why: Profit before tax was impacted by finance costs and depreciation totaling INR51 crores for the quarter.
The figure provided is Profit Before Tax (PBT) as PAT was not explicitly stated after tax adjustments.
Other Highlights
• Declared first quarterly distribution of ₹2.50 per unit totaling ₹54.4 crores.
• Maintained AAA Stable credit rating for the Trust's cash flows.
• Debt-to-EV ratio stood at 42.11%, well within regulatory norms.
Sub-sector-specific signals from the latest concall — each with management's stated reason for the change
Assets Under Management
₹5,000 Cr
Why: Initial portfolio size at listing.
NDCF at SPV Level
₹248.5 Cr
Why: Reflects strong underlying cash generation from the seven HAM assets.
Distribution Per Unit
₹2.50
Why: First quarterly distribution announced by the board.
Debt-to-Enterprise Value
42.11%
Why: Maintained within regulatory norms to provide flexibility for acquisitions.
Average Residual Concession Life
13 years
Why: Based on the current portfolio of seven HAM assets.
Average Cost of Borrowing
7.5%
Why: Current bank debt rates; management aims to reduce this via bond markets.
Net Asset Value per Unit
₹120
Why: Management estimate as of December, up from ₹114 in June due to debt prepayment and time unwinding.
Identified ROFO Assets
15
Why: Pipeline from Dilip Buildcon (11) and Alpha Alternatives (4).
Forward-looking targets from management
Capex Plan
₹25000 Cr
₹25,000 Cr
Targeting to scale Assets Under Management (AUM) through acquisitions.
REAFFIRMED
Revenue, profit and margin growth rates
| Metric | YoY | 3Y CAGR | Trend |
|---|---|---|---|
| OPM | 82.5% | — | Insufficient Data |
The above analysis is parsed from publicly available earnings call transcripts. This is educational research only — not investment advice. Last updated Apr 18, 2026.
Based on publicly available financial data. This is educational research, not investment advice.
Anantam Highways Trust's latest quarterly results (Dec 2025) show
Anantam Highways Trust's profit is declining with an insufficient_data trend.
Anantam Highways Trust's revenue growth trend is insufficient_data.
Anantam Highways Trust's operating margin is insufficient_data.
Anantam Highways Trust's earnings growth is insufficient_data with insufficient_data on a sequential basis.
Anantam Highways Trust appears slightly undervalued based on our fair value analysis.
Anantam Highways Trust is rated Very Weak with a fundamental score of 17/100. This score is calculated from objective financial metrics
Anantam Highways Trust has a debt-to-equity ratio of N/A.
Anantam Highways Trust's current dividend yield is 2.26%.
Anantam Highways Trust has been outperforming Nifty 500 for 1 consecutive week, indicating early-stage outperformance.
Anantam Highways Trust is a re-entry — it briefly dropped off the outperformance list but has now returned. Re-entries can signal renewed strength.
Anantam Highways Trust has 2 key growth catalysts identified from recent earnings analysis
Anantam Highways Trust has 2 key risks worth monitoring
In Q3 FY26, Anantam Highways Trust's management highlighted
Anantam Highways Trust's management has provided the following forward guidance
Anantam Highways Trust's most important sub-sector-specific KPIs from the latest concall
Based on quantitative research signals, here is why Anantam Highways Trust may be worth studying
Anantam Highways Trust investment thesis summary:
Anantam Highways Trust's forward outlook based on current data signals
The above FAQs are generated from publicly available earnings data and conference call transcripts. This is educational research only. Sector Alpha is not SEBI registered and does not provide investment advice.
