BSEAnantam Highways TrustMediumNeutral
Announced Tue, 17 Feb · 16:01 IST

Anantam Highways Trust has informed the Exchange regarding Disclosure of material issue

Promoter Disclosed Acquisition PlansOrder Pipeline DisclosedAnalyst Day Multiyear TargetsCfo Debt Reduction RoadmapMgmt Guided Margin ImprovementInvestor Communications View source PDF
Price reaction · full curve

Awaiting price reaction for this filing.

AI summary

Anantam Highways Trust held its first earnings call as a publicly listed InvIT, four months after listing. For Q3 FY26, consolidated revenue was INR 123.8 crores with EBITDA of INR 105.6 crores and profit before tax of INR 54.6 crores. The Trust declared its first quarterly distribution of INR 2.50 per unit, backed by an SPV-level NDCF of INR 248.5 crores, and reported an estimated NAV of INR 120 per unit (up from INR 114 in June 2025). The portfolio comprises seven HAM assets with an average residual life of 13+ years, a debt-to-EV ratio of 42.11%, AAA Stable credit rating, and an average borrowing cost of 7.5%. Management targets scaling AUM to around INR 25,000 crores by FY29 (about 5x growth), with visibility of doubling AUM by H1 FY27 through a ROFO pipeline of 11 Dilip Buildcon assets and 4 Alpha Alternatives assets. The ROFO arrangement is valid for five years, and acquisitions will be funded through a mix of unit swaps, equity raises, and later leverage (capped at 49% for the first six distributions, expandable to 70% post-AAA track record).

Likely market impact

Strong opening quarter and a clear, multi-year growth roadmap are positive for unitholders, but the unit currently trades at a meaningful discount to NAV, reflecting investor caution about a short distribution track record. Key near-term catalysts to watch are the H1 FY27 asset acquisitions and any uplift in DPU guidance.