Anantam Highways Trust (ANANTAM) Key Insights, Strengths & Considerations
Anantam Highways Trust — Key Strengths & Highlights
- Appraised Portfolio Scale: Manages an audited Gross Asset Value (GAV) of ₹3,250 Cr with a Current NAV of ₹115.80/unit across 7 core assets (1,087 Lane-Kms (7 HAM Road Projects)).
- Distribution & Cash Flow Track Record: Has distributed ₹7.50/unit since listing under SEBI's mandatory ≥90% NDCF payout mandate.
- Balance Sheet & Credit Profile: Backed by a Provisional IND AAA / Stable credit rating with consolidated leverage at 35.5% LTV (13.5% headroom below SEBI's standard 49% debt threshold).
- Sponsor & Institutional Alignment: Sponsored by Alpha Alternatives Fund Advisors with a 25.0% sponsor group stake and 60.5% combined FII + DII institutional ownership.
Key Considerations & Watchouts
- Price-to-NAV Valuation Spread: Investors should consider the prevailing discount or over-valuation of the market unit price (reference: ₹106.00) relative to the audited NAV of ₹115.80/unit when assessing entry yield and margin of safety.
- Leverage & Interest Rate Sensitivity: While current leverage (35.5% LTV) is conservative, market unit prices and NDCF yields remain sensitive to RBI policy rate cycles and debt-funded acquisitions.
- Distribution Tax Mix: As a recently listed InvIT, full 12-month trailing dividend yield metrics will stabilize after 4 consecutive quarterly distributions.
- Concession Life & Tariff Resets: Infrastructure InvIT cash flows are finite-life concessions where long-term NAV trajectory depends on residual concession tenure, traffic/availability compliance, and debt-funded asset additions.
Performance & Asset Evolution
Multi-year operational and financial trajectory
Highway Network Capacity (Lane-Kms)
Comprehensive Historical Metrics Matrix
Year-over-year operational, valuation and cash flow KPIs
| Metric | FY26 (Listing) | 7-Yr Trend / CAGR |
|---|---|---|
| Highway Lane-Kilometers (Lane-Kms) | 1,087 | 1,087 Lane-Kms |
| Audited NAV per Unit (₹) | ₹115.80 | ₹115.80 (March 2026) |
| Annual Distribution per Unit (DPU ₹) | ₹5.00 (H2 FY26) | ₹7.50 Cumulative |
| Annual Operating Revenue (₹ Cr) | ₹345 | +13.0% |
| Gross Asset Value (GAV ₹ Cr) | ₹3,250 | +6.1% |
| Avg Residual Concession Life (Years) | 14.2 | 14.2 Yrs |
| Major Maintenance (MM) Reserve (₹ Cr) | ₹45 | Ring-Fenced |
| Loan to Value (LTV %) | 35.5% | 35.5% LTV |
Unitholding Pattern
Audited unitholder structure as of June 30, 2026
Portfolio Assets Breakdown
Key properties, toll corridors, sub-stations & revenue drivers
| Asset / Property Name | Asset Type | Status | Residual Life | GAV Share |
|---|---|---|---|---|
Bhavnagar - Talaja Highway Gujarat (NH-51) | HAM Annuity | Operational | 14.5 Yrs Concession | 18.5% |
Una - Kodinar Expressway Gujarat (NH-51) | HAM Annuity | Operational | 14.2 Yrs Concession | 16.2% |
Chittoor - Mallavaram Corridor Andhra Pradesh (NH-140) | HAM Annuity | Operational | 14.8 Yrs Concession | 22.5% |
Narnaul Bypass Section Haryana (NH-148B) | HAM Annuity | Operational | 13.8 Yrs Concession | 14.0% |
Aligarh - Kanpur Section Package IV Uttar Pradesh (NH-91) | HAM Annuity | Operational | 14.0 Yrs Concession | 12.8% |
Chittorgarh - Udaipur Section Rajasthan (NH-76) | HAM Annuity | Operational | 14.0 Yrs Concession | 9.5% |
Dausa - Lalsot Highway Rajasthan (NH-11A) | HAM Annuity | Operational | 13.5 Yrs Concession | 6.5% |
Compare Anantam Highways Trust with Peer Indian InvITs
Side-by-side comparison across all 9 listed Indian InvITs by NAV, GAV, Dividend Yield, Cumulative DPU & LTV
| InvIT Name | Category / Sector | Current NAV | GAV (₹ Cr) | Dividend Yield | Cumulative DPU | LTV (%) |
|---|---|---|---|---|---|---|
| Cube Highways TrustCUBEINVIT | National Highway Toll & Annuity Road Assets | ₹145.77 | ₹36,842 | 9.34% | ₹38.52 | 46.8% |
| Capital Infra TrustCAPINVIT | National Highway HAM Annuity Corridors | ₹74.72 | ₹6,635 | 11.43% | ₹14.60 | 41.1% |
| Indus Infra Trust (Bharat Highways InvIT)BHARATINV | National Highway HAM Annuity Road Assets | ₹116.81 | ₹9,448 | 10.83% | ₹27.70 | 43.5% |
| Raajmarg Infra Investment TrustRAAJMARG | Sovereign National Highway TOT Road Concessions | ₹100.72 | ₹9,807 | - | ₹2.40 | 38.4% |
| Citius TransNet Investment TrustCITIUSINV | Diversified Transport & Highway Concessions | ₹112.79 | ₹11,200 | - | ₹2.06 | 39.0% |
| Anantam Highways TrustANANTAMViewing | Hybrid Annuity Model (HAM) Highway Assets | ₹115.80 | ₹3,250 | - | ₹7.50 | 35.5% |
| IRB InvIT FundIRBINVIT | Golden Quadrilateral & High-Density Toll Roads | ₹81.26 | ₹18,254 | 10.81% | ₹80.10 | 44.0% |
| India Grid Trust (IndiGrid)INDIGRID | Power Transmission, Solar & BESS Utility Assets | ₹148.24 | ₹33,815 | 9.34% | ₹121.44 | 58.5% |
| PowerGrid Infrastructure Investment Trust (PGInvIT)PGINVIT | Inter-State Power Transmission Assets | ₹90.79 | ₹9,450 | 12.80% | ₹58.50 | 5.8% |
Frequently Asked Questions about Anantam Highways Trust
Key facts on Anantam Highways Trust (ANANTAM) NAV, dividend yield, DPU history, LTV leverage, and portfolio assets.
What is the current NAV and Gross Asset Value (GAV) of Anantam Highways Trust (ANANTAM)?
Anantam Highways Trust (NSE: ANANTAM) has an audited Net Asset Value (NAV) of ₹115.80 per unit and an appraised Gross Asset Value (GAV) of ₹3,250 Crore across its hybrid annuity model (ham) highway assets portfolio (1,087 Lane-Kms (7 HAM Road Projects)).
What is the dividend yield and DPU of Anantam Highways Trust (ANANTAM)?
Anantam Highways Trust (ANANTAM) has distributed a cumulative DPU of ₹7.50 per unit since listing. Because it is a newly listed InvIT, its full-year trailing dividend yield will be computed once 1 year of continuous distributions is completed.
What is the LTV leverage and credit rating of Anantam Highways Trust?
Anantam Highways Trust operates with a consolidated Loan-to-Value (LTV) leverage ratio of 35.5% and holds a Provisional IND AAA / Stable credit rating. Under SEBI regulations, InvITs are subject to a 49% standard leverage cap (extendable up to 70% for AAA-rated trusts with 6 consecutive quarterly distributions).
Who is the sponsor and what is the unitholding pattern of Anantam Highways Trust?
As per audited unitholding disclosures (June 30, 2026), the Sponsor & Promoter Group (Alpha Alternatives Fund Advisors) holds 25.0% of units, Foreign Institutional Investors (FIIs) hold 34.0%, Domestic Institutional Investors (DIIs) hold 26.5%, and Public/Retail unitholders hold 14.5%.
How many portfolio assets does Anantam Highways Trust own and operate?
Anantam Highways Trust owns and operates 7 core infrastructure project assets in the Hybrid Annuity Model (HAM) Highway Assets segment. Under SEBI rules, at least 80% of its Gross Asset Value must be invested in completed, revenue-generating assets and at least 90% of Net Distributable Cash Flows (NDCF) must be paid out to unitholders.