Anantam Highways Trust Reports Strong Q4 FY26 Results, Plans Major Portfolio Expansion

Anantam Highways Trust posted consolidated revenue of ₹2,245 million and EBITDA of ₹2,025.93 million for the fourth quarter of fiscal year 2026, ending March 31, 2026. The trust also announced a proposed distribution of ₹2.50 per unit for the quarter.

Key Performance Highlights

Anantam Highways Trust (InvIT) released its financial and operational update for the period ending March 31, 2026. The trust reported consolidated revenue of ₹2,245 million (₹224.50 crore) and a strong EBITDA of ₹2,025.93 million (₹202.59 crore) for the fourth quarter of FY26. Profit before tax stood at ₹1,626.11 million (₹162.61 crore).

Strategic Acquisition to Double AUM

The key development is the proposed acquisition of seven National Highways Authority of India (NHAI) Hybrid Annuity Model (HAM) assets. This strategic move is expected to nearly double the Trust's Assets Under Management (AUM) from ₹43,827 million (₹4,382.70 crore) as of March 2026 to ₹91,657 million (₹9,165.70 crore) post-acquisition. This expansion will also grow the Trust's operational network across 10 states and 1 Union Territory.

Company Background and Deal Structure

Anantam Highways Trust was listed on October 16, 2025, with a current AUM of ₹43,827 million. The acquisition is being pursued through Right of First Offer (ROFO) arrangements with Dilip Buildcon Limited and Alpha group entities.

Portfolio Expansion Details

Upon completion of the proposed phased acquisitions, expected by December 2026, the Trust's portfolio will significantly expand in terms of both value and geographical reach. The total length of its network will increase to 529.3 Km, with lane kilometers reaching 2,212.4.

Identified Risks

The company's presentation acknowledges forward-looking statements that carry inherent risks and uncertainties. These include general economic conditions, potential changes in interest and exchange rates, and challenges in financing availability. There is no guarantee that the Trust will successfully execute all future deals, projects, or achieve its business plans.

Credit Rating and Sector Context

As an InvIT, Anantam Highways Trust operates in the infrastructure development and toll road operation sector. Its peers include other infrastructure investment trusts and listed infrastructure companies. The Trust's maintained AAA/Stable credit rating is a significant positive, indicating strong financial health and potentially lower borrowing costs compared to lower-rated entities.

Key Financial Metrics (as of March 31, 2026)

• Consolidated Revenue (Q4 FY26): ₹2,245 million
• Consolidated EBITDA (Q4 FY26): ₹2,025.93 million
• Current AUM: ₹43,827 million
• Proposed AUM (post acquisition): ₹91,657 million
• Debt/EV Ratio: 42.44%
• Debt Outstanding: ₹21,047.86 million

Investor Outlook

Investors will closely monitor the successful completion of the acquisition of the seven NHAI HAM assets and the subsequent performance of the expanded portfolio. The Trust's ability to integrate these new assets and maintain its strong financial metrics will be crucial.