Anantam Highways Trust raised ₹400 crore in an IPO subscribed 5.62 times, listing on NSE and BSE on October 17, 2025. It pools operational hybrid annuity highway assets, where NHAI pays fixed, inflation-indexed annuities.
SEBI introduced InvITs in 2014 to channel long-term capital into operational infrastructure. Anantam focuses exclusively on the Hybrid Annuity Model, where NHAI bears traffic and toll risk and pays fixed bi-annual annuities. This separates construction risk from cash-generating assets.
Alpha Alternatives Fund Advisors LLP sponsors the trust; Alpha Alternatives Fund-Infra Advisors is investment manager. Dilip Buildcon, the EPC contractor, builds HAM projects, then stabilized assets move through Build India Infrastructure Fund into Anantam under a right of first offer.
Anantam listed with seven operational SPVs covering 271.65 km (1,086.60 lane km) across five states and one union territory. Initial enterprise value was about ₹4,500 crore, with weighted residual concession life of 12.83–13.08 years as of June 2025.
In July 2026, unitholders approved seven expressway acquisitions for ₹1,893.72 crore, with target enterprise value of ₹4,783 crore. The assets add 257.62 km and expand the trust from six to ten states, extending average portfolio life roughly 6.5 months.
Pre-IPO construction years showed large revenues but losses: FY23 revenue ₹2,591.87 crore with net loss ₹178.48 crore; FY24 revenue ₹2,527.05 crore with net loss ₹160.05 crore. After stabilization, Q4FY26 PAT hit ₹202.87 crore and Q1FY27 PAT ₹59.42 crore.
As of June 30, 2026, net debt-to-enterprise value fell to 39.30% from 42.44% at FY26 end. That is far below SEBI's 70% cap and leaves headroom for debt-funded acquisitions.
Anantam declared ₹2.50 per unit for Q4FY26 and Q1FY27, bringing FY26 cumulative distributions to ₹5.00. On a ₹106 unit price, annualized guidance of ₹10–12 implies a pre-tax yield of 9.4%–11.3%. Different components are taxed differently.
HAM removes traffic risk, but annuities do not rise if traffic booms. Assets have finite 15-year concessions and terminal value reverts to zero. The trust must keep acquiring assets on accretive terms. Non-HAM additions, like the Z-Morh tunnel, may bring different risk profiles.
The story is not how many vehicles use the highways; it is whether Alpha Alternatives keeps buying assets that accrete to NAV while preserving operational discipline. Read the full deep dive for the detailed valuation, tax mechanics, and peer comparison.
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