Key Metrics of Anantam Highways Trust
About Anantam Highways Trust
Company details
Company summary
Entity details
Compliance
Industry classification
Financials, ratios and risk analysis
Revenue, EBITDA, net profit, net worth, debt and assets for every filing year, 15+ ratios, the financial health score, shareholding, charges and peer comparison are part of the premium plan.
Sign in to continue See plans & pricingFiling compliance
Due dates follow the Companies Act: AGM within six months of the year end, AOC-4 within 30 days and MGT-7 within 60 days of the AGM. A filing made but not yet uploaded here shows as pending.
Vendor checks & payment capacity
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Credit ratings
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 29 May 2026 | ICRA | Reaffirmed | AAA | — | Stable | ₹4,286 Cr | View |
Credit strengths (ICRA, May 2026)
+ Operational nature of asset portfolio; low counterparty risk
The portfolio will comprise thirteen HAM assets, all of which have an operational track record of receiving at least one annuity.
+ Strong cash flow cover and other structural features provide comfort
The InvIT has a robust cash flow cover, with projected cumulative DSCR of more than 1.65 times in ICRA’s base case assumptions.
+ Cash pooling benefit of InvIT and regulatory cap on consolidated leverage
The InvIT benefits from the cash flow pooling for the SPVs and the Trust, which ensures that the pooled cash flows are available for meeting the regular and periodic maintenance expenses and debt servicing of the InvIT.
Credit challenges
− Risks inherent in annuity projects; undertaking regular and periodic maintenance/capex within budgeted cost
The rating remains constrained by risks inherent in HAM projects related to the risk of delayed receipt and deductions of annuities.
Could lead to a downgrade
Negative pressure on AHT’s rating could arise if debt -funded acquisitions result in a significant increase in leverage (loan-to-value, ratio of net debt to the asset value at consolidated level) and moderation in coverage metrics. The rating may be downgraded if there are significant delays or deductions in annuity payments, or non-adherence/moderation in debt structure, or deterioration in credit profile of annuity provider results in weakening in business position and moderation in its debt service coverage ratio. Specific credit metrics that would lead to a downgrade will include cumulativ
Agency-reported financials (ICRA, 29 May 2026)
| Metric | FY2026 |
|---|---|
| Operating income (Rs. crore) | ₹313 Cr |
| PAT (Rs. crore) | ₹196 Cr |
| OPBDIT/OI (%) | 86.2% |
| PAT/OI (%) | 62.4% |
| Total outside liabilities/Tangible net worth (times) | 1.00× |
| Total debt/OPBDIT (times) | 7.80× |
| Interest coverage (times) | 3.00× |
| EBITDA (margin × income) | ₹270 Cr |
| Implied total debt (debt/EBITDA × EBITDA) | ₹2,105 Cr |
| Implied interest cost (EBITDA ÷ coverage) | ₹89.96 Cr |
Borrowings & rated debt
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Long-term – Fund-based – Term loan Proposed long-term – Fund-based | Term loans | ₹2,157 Cr | ₹1,943 Cr | −9.9% | AAA (Stable) | Reaffirmed | ICRA |
| Term loan | Term loans | — | ₹2,343 Cr | — | AAA (Stable) | Assigned | ICRA |
Credit assessment · Infrastructure investment trusts (InvITs)
ICRA Rating Methodology – Infrastructure Investment Trusts (Aug 2025) · Standalone accounts · FY 2025-26
Ratios, pillar scores and the indicative rating are part of Premium.
Rating status
| Default | No default on record |
| Issuer cooperation | Cooperating |
| Credit enhancement | None – standalone rating |
| Next action stable or better (model) | 59% |
| Information on file | 44% · missing: Annual results history (3+ years), Debt obligations and repayment schedule, Capex / investment plans, Auditor details, Shareholding pattern |
Indicative assessment from public data using the published methodology factors; not a credit rating.
Borrowing & funding lifecycle
- Credit outlook model: 63% chance the next rating action is stable or better
- Current rating AAA (investment grade)
- Interest coverage 3×
- ₹1,943.09 cr of rated limits not yet tied to a lender
Rated limits by facility
Timeline
From the report
As on March 31, 2026, AHT has free cash and bank balance of around Rs. 207 crore and DSRA of Rs. 102.1 crore, equivalent to three months of debt servicing obligations is being maintained.
Lender names, bank charges and audited borrowings are part of Premium.
Built from MCA charges, ICRA/CARE rating reports and audited accounts. The borrowing view is an estimate, not a lender's credit decision.
Registered office and contact
Directors and key people
Directors are read from the MGT-7 annual return and AOC-4 signatories.
Charges (secured borrowings)
0 registered charges. Lenders, amounts and dates are part of the premium plan.
Statutory auditors
Auditors are read from the AOC-4 auditor's report section.
Business activities and related parties
Principal business activities and related-party transactions are read from MGT-7 and AOC-4 filings.
Filings
No filings on record yet.