Anantam Highway Trust InvITs review

•    The trust is managing highway infrastructure assets under seven SPVs.
•    While this infra trust has no track record as it is sponsored very recently.
•    This is a pure long term investment story with regular yearly income and appreciation on maturity.
•    Well-informed/ cash surplus/ risk savvy investors may park moderate funds for long term.

ABOUT COMPANY:
Anantam Highways Trust InvITs (AHTInvITs) is an Indian infrastructure investment trust which proposes to invest in road infrastructure assets. The Trust is sponsored by Alpha Alternatives Fund Advisors LLP (the “Sponsor”). The Sponsor established the Trust on July 24, 2024 and the Trust was registered with SEBI on August 19, 2024 as an InvIT in accordance with the InvIT Regulations.

The investment objectives of the Trust are to carry on the activities of, and to make investments as, an infrastructure investment trust, as permissible in terms of the InvIT Regulations. The investment of the Trust shall be in any manner permissible under, and in accordance with the InvIT Regulations and applicable law, including in such holding companies and/or special purpose vehicles and/or infrastructure projects and/or securities in India as permitted under the InvIT Regulations and in accordance with the investment strategy and/or policies as detailed in this Offer Document.

The Trust’s Project SPVs comprises seven SPVs to be acquired by the Trust pursuant to the completion of the actions as contemplated under the respective Securities Purchase Agreements and the Formation Transactions, namely (i) 100% of Dodaballapur Hoskote Highways Limited (“DHHL”); (ii) 100% of Repallewada Highways Limited (“RHL”); (iii) 100% of Dhrol Bhadra Highways Limited (“DBHL”); (iv) 100% of Narenpur Purnea Highways Limited (“NPHL”); (v) 100% of Viluppuram Highways Limited (“VHL”); (vi) 100% of Bangalore Malur Highways Limited (“BMHL”) and (vii) 100% of Malur Bangarpet Highways Limited (“MBHL”). 

As of June 30, 2025, the Project SPVs approximately had 249 permanent employees. Further, employees of the Investment Manager and Project Manager will be engaged in managing the Trust. 

ISSUE DETAILS/CAPITAL HISTORY:
The trust is coming out with its maiden IPO of InvITs issue worth Rs. 400 cr. (approx. 40000000 units at the upper cap). It has announced a price band of Rs. 98 – Rs. 100 per unit. The issue opens for subscription on October 07, 2025, and will close on October 09, 2025. The minimum application to be made is for 150 Units and in multiples thereon, thereafter. Post allotment, shares will be listed on BSE and NSE. The company will use Rs. 376 cr. of the net proceeds from the issue for providing loans to the project SPVs for repayment/pre-payment of debt in part or full against their respective outstanding borrowings. NAV of the unit stands at Rs. 0.87 per unit at the cap price of the unit as of June 30, 2025.

The trust has allocated not more than 75% for institutional investors and not less than 25% for non-Institutional investors. 

The issue is sponsored by Alpha Alternatives Fund Advisors LLP, and Investment Manager is Alpha Alternatives Fund-Infra Advisors Pvt. Ltd., and the Trustee is Axis Trustee Services Ltd. The lead manager to this offer is Nuvama Wealth Management Ltd., and KFin Technologies Ltd. is the registrar to the issue. The project manager is Anantam Highways Project Manager Pvt. Ltd.

FINANCIAL PERFORMANCE:
On the financial performance front, the trust is a newly set up trust and has no established operating history. However, its Promoter/manager have the track record and for the last three fiscals, as per the special purpose combined financial statements, they have (on a consolidated basis) posted a total income/net profit/ - (loss), of Rs. 2591.87 cr. / Rs. – (178.48) cr. (FY23), Rs. 2527.05 cr. / Rs. – (160.05) cr. (FY24), and Rs. 942.36 cr. / Rs. 410.62 cr. (FY25). For Q1 of FY26 ended on June 30, 2025, it earned a net profit of Rs. 67.86 cr. on a total income of Rs. 212.28 cr. Thus, it turned the corner from FY25, but its total income declined sharply. The trust reported EPS of Rs. 18.88 as of March 31, 2025, and at Rs. 3.12 as of June 30, 2025.
 
DIVIDEND POLICY:
The company has not paid any dividends for the reported periods of the offer document. It will follow the prescribed dividend policy for InvITs based on their overall income and future prospects.

COMPARISON WITH LISTED PEERS:
As per the offer document, its peers Capital Infra has NAV of Rs. 65.58 and commanding a premium of 17.37% while Indus Infra has NAV of Rs. 115.81 at a discount of (0.09) % as of June 30, 2025.