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The unaudited standalone financial information comprises the unaudited standalone statement of profit and loss, explanatory notes thereto and the additional disclosures, as required in Chapter 4 of SEBI Master Circular No. SEBI/HO/DDHS-PoD-2/P/CIR/2025/102 dated July 11, 2025, as amended, including any guidelines and circulars issued thereunder ("SEBI Circulars") of Anantam Highways Trust ("Trust") for the quarter and half year ended September 30, 2026 ("Standalone financial information" or "statement"), which have been reviewed by the Audit Committee and approved by the Board of Directors of Alpha Alternatives Fund Infra Advisors Private Limited ("Investment Manager of the Trust") at their meeting held on October 22, 2026. <br /> <br /> 2. The standalone financial information has been prepared in accordance with the recognition and measurement principles prescribed under Indian Accounting Standard 34 - Interim Financial Reporting (Ind AS 34) read with Rule 2(1)(a) of the Companies (Indian Accounting Standards) Rules, 2015 ("Ind AS"), as amended, and other accounting principles generally accepted in India to the extent not inconsistent with SEBI (InvIT) Regulations, 2014, as amended, and relevant SEBI Circulars, except presentation of "Unit Capital" as "Equity" instead of compound financial instruments under Ind AS 32 - Financial Instruments: Presentation. However, it is not a complete or condensed set of financial statements under Ind AS 34 since it does not include various disclosures required by Ind AS 34, as preparation of financial information is primarily governed by InvIT Regulations. <br /> <br /> The standalone financial results for the quarter ended September 30, 2026 and September 30, 2025 are balancing figures of unaudited standalone financial results for the half year ended September 30, 2026 and September 30, 2025 and unaudited standalone financial results for the quarter ended June 30, 2026 and June 30, 2025, respectively. <br /> <br /> The Trust's standalone financial information has been prepared using the same accounting policies as those used to prepare its standalone financial statements for the year ended March 31, 2026. <br /> <br /> 3. During the year ended March 31, 2026, the Trust made an Initial Public Offer of 40,000,000 Ordinary Units at a price of Rs.100 per Ordinary Unit, aggregating to Rs.4,000 million. The Offer was fully subscribed and the Trust was listed on BSE and NSE on October 16, 2025. The proceeds from the fresh issue (net of unit issue expenses) have been utilized for providing loans to the Project SPVs for repayment of loans availed by the Project SPVs. <br /> <br /> On October 10, 2025, the Trust acquired the entire equity shareholding of the following SPVs from their respective shareholders pursuant to the Share Purchase Agreements (SPA) in exchange for 177,500,000 Ordinary Units of Rs.100 each, amounting to Rs.17,750 million: <br /> <br /> Name of SPVs: <br /> Bangalore Malur Highways Limited (BMHL) <br /> Dhrol Bhadra Highways Limited (DBHL) <br /> Dodaballapur Hoskote Highways Limited (DHHL) <br /> Malur Bangarpet Highways Limited (MBHL) <br /> Narenpur Purnea Highways Limited (NPHL) <br /> Repallewada Highways Limited (RHL) <br /> Villupuram Highways Limited (VHL) <br /> <br /> 4. Investment Manager Fee <br /> <br /> Investment Manager Fee has been considered based on the Investment Management Agreement dated July 25, 2024 and amended Investment Management Agreements dated August 1, 2025 and August 29, 2025. The Management Fee shall be up to: <br /> <br /> (a) 2.01% of gross revenue payable at the end of every financial quarter, as defined in the Investment Management Agreement, of all the Project SPVs; and <br /> <br /> (b) A one-time fee of 0.5% of the enterprise value of assets acquired by the Trust other than: Project SPVs; and Any assets acquired by the Trust from Dilip Buildcon Limited. Such fee shall be payable upon completion of acquisition of the asset by the Trust. <br /> <br /> 5. the details of declatration & payment of distribution for the quarter & half year ended September 30, 2026 is given as under: <br /> <br /> Distribution declared on August 11, 2026 and paid on August 19, 2026 <br /> <br /> Interest: Rs.1.1508 per unit <br /> Dividend: Rs.1.3464 per unit <br /> Other income: Rs.0.0028 per unit <br /> Total distribution: Rs.2.5000 per unit <br /> Distribution amount: Rs.543.75 million <br /> <br /> Distribution declared on May 19, 2026 and paid on May 27, 2026 <br /> <br /> Interest: Rs.0.4141 per unit <br /> Dividend: Rs.2.0828 per unit <br /> Other income: Rs.0.0031 per unit <br /> Total distribution: Rs.2.5000 per unit <br /> Distribution amount: Rs.543.75 million <br /> <br /> The Board of Directors of the Investment Manager approved a distribution of Rs.2.75 per unit for the quarter ended September 30, 2026 to be paid within five working days from the record date. <br /> <br /> Distribution declared on October 22, 2026 <br /> <br /> Interest: Rs.0.6082 per unit <br /> Dividend: Rs.0.3494 per unit <br /> Other income: Rs.0.0030 per unit <br /> Capital repayment: Rs.1.7894 per unit <br /> Total distribution: Rs.2.7500 per unit <br /> <br /> 6. The Investment Manager assesses the carrying value of investments in subsidiaries for impairment on a periodic basis. Based on valuation conducted by an Independent External Valuation Expert, management has assessed and concluded that the recoverable value of investments in certain subsidiaries is lower than their carrying value. The recoverable amount has been computed using value-in-use calculations for the underlying projects based on a discounted cash flow model. The valuation exercise considers various factors including annuity cash flows, interest on annuity, future operating income and costs, interest rates, discount rates, risk premiums and prevailing market conditions. Based on the assessment, impairment of investments amounting to Rs.448.64 million has been recognized in the standalone financial results for the quarter and half year ended September 30, 2026, representing the difference between the carrying value and recoverable value. (June 30, 2026: Nil September 30, 2025: Nil March 31, 2026: Nil). <br /> <br /> 7. The Trust has received the following final credit ratings of IND AAA/Stable from India Ratings as on May 29, 2026. <br /> ICRA AAA/Stable from ICRA Limited as on May 29, 2026. <br /> <br /> 8. Under the provisions of the InvIT Regulations, the Trust is required to distribute to unitholders not less than 90% of the Net Distributable Cash Flows of the Trust for each financial year. Accordingly, Unit Capital contains a contractual obligation of the Trust to pay cash to its unitholders. Hence, in accordance with Ind AS 32 - Financial Instruments: Presentation, Unit Capital contains a liability element and would ordinarily be classified and treated accordingly. However, paragraph 3.3.6 of Chapter 3 and paragraph 4.2.3(a) of Chapter 4 of SEBI Master Circular No. SEBI/HO/DDHS-PoD-2/P/CIR/2025/102 dated July 11, 2025, as amended from time to time, issued under the InvIT Regulations, require Unit Capital to be presented/classified in its entirety as "Equity", which differs from the requirements of Ind AS 32. Accordingly, to comply with the aforesaid SEBI requirements, the Trust has presented Unit Capital as Equity in this standalone financial information. Consistent with such classification, distributions to unitholders are also presented in the Statement of Changes in Unitholders' Equity when approved by the Board of Directors of the Investment Manager. <br /> <br /> 9. Non-Applicability of Certain Disclosures <br /> <br /> As per the SEBI Master Circular for Infrastructure Investment Trusts (InvITs) dated July 11, 2025, certain financial disclosures are required to be presented by listed InvITs. However, since the Trust's acquisition of SPVs and listing both occurred in October 2025, the following disclosures were not applicable for the period ended September 30, 2025 as detailed below: <br /> <br /> Net Distributable Cash Flows (NDCF) <br /> The Trust had not commenced commercial operations or received any cash inflows from its SPVs prior to listing. Since NDCF is computed based on actual cash receipts and expenses at the Trust level, there were no distributable cash flows to be reported for the period from April 1, 2025 to September 30, 2025. <br /> <br /> As the InvIT did not have any issued unit capital as at September 30, 2025 and had incurred expenses primarily towards the establishment and setup of the InvIT, disclosure of Earnings Per Unit (EPU) was not applicable for the given periods.2026-04-012026-09-30UnauditedStandalone43657500001270000436702000000007306100000559650000129026000030767600000307676000050000005000000307626000000003076260000030762600002175000000014.1414.140014.1414.14Net gain on sale of investments650000Net gain on sale of investments1270000Investment Fees23020000Rating Fees2530000Trustee Fees940000Audit Fees650000Valuation Fees760000Impairment losses488640000Other expenses8580000Investment Fees46820000Rating Fees4240000Trustee Fees1180000Audit Fees1320000Valuation Fees1920000Impairment losses488640000Other expenses15530000000000001726136000002431376000041575120000041575120000000116860000012000000010132600001250120000349600001285080000004286020000021442160000280202000024244180000242441800001848714000000001848714000000018487140000000150200001502000011370000012872000001600000128880000001861602000042860200000Other financial assets1013260000Other current assets34960000Other current financial liabilities113700000730600000000-349600000000-302700000-4560000004886400000000000000-127000000011481800004224940000-24781200000-18876300004100000-14122000000000000000000000000000100000050229000000247812000014825700000127000044632500000000000002527000000007517300000-1087500000-4366230000-442000000-44200000161060000116860000Impairment losses <br /> 000000Anantam Highways Trust-69120000Cash Flow Received from SPV's which represent distribution of NDCF computed as per relevant frameworkCash Flow Received from SPV's which represent distribution of NDCF computed as per relevant framework9494500009494500000006500000000650000000000003483900000-65540000000000-6554000005981300001. Cashflow received from SPVs includes amounts subsequent to September 30, 2026 and up to the date of finalisation and adoption of the InvIT’s accounts by the Board on October 22, 2026. <br /> <br /> 2. The reserves set aside at the Trust level for the period ended September 30, 2026 primarily relate to amounts earmarked for statutory payment and . settlement of creditors, and discharge of other statutory liabilities, net of reversals pertaining to prior periods.428602100004301964000018616030000186160300002424418000024403610000002424418000024403610000217500000217500000111.47112.2------------------------------------------------------------------------------------------------------------------- <br /> Particulars Sep 30, 2026 Sep 30, 2025 Mar 31, 2026 <br /> Unaudited Unaudited Audited <br /> (Refer Note 9) <br /> ------------------------------------------------------------------------------------------------------------------- <br /> Bangalore Malur Highways Limited 6,428.94 - 6,817.84 <br /> Dhrol Bhadra Highways Limited 4,871.85 - 4,980.10 <br /> Dodaballapur Hoskote Highways Limited 5,251.06 - 5,775.06 <br /> Malur Bangarpet Highways Limited 6,946.69 - 7,528.13 <br /> Narenpur Purnea Highways Limited 9,129.58 - 9,614.83 <br /> Repallewada Highways Limited 5,349.88 - 5,886.40 <br /> Villupurram Highways Limited 5,522.91 - 6,166.64 <br /> ------------------------------------------------------------------------------------------------------------------- <br /> Sub Total 43,500.91 - 46,769.00 <br /> <br /> InvIT Assets 116.86 - 161.06 <br /> <br /> Less: Proposed Distribution* (598.13) - (543.75) <br /> ------------------------------------------------------------------------------------------------------------------- <br /> Total Assets 43,019.64 - 46,386.31 <br /> ------------------------------------------------------------------------------------------------------------------- <br /> <br /> * Represents proposed distribution for quarter ended September 30, 2026. <br /> <br /> Fair value of assets as at September 30, 2026 and March 31, 2026 and other changes in fair value for the period/year then ended as disclosed in the above tables are based on fair valuation reports of the independent valuer appointed by the Investment Manager under the InvIT Regulations.1)Fair values of total assets (including project wise break up for 7 SPVs fair value of total assets) as at 30 September 2026 as disclosed above are based solely on the fair valuation <br /> 2) These Fair value of assets have been derived after adjusting the cash and cash equivalents, investments and non-current and current liabilities (excluding borrowings) etc.30762600003076260000186008400000135616000017244680000416345900000.0041Breakup of Cash and Cash Equivalent <br /> <br /> ---------------------------------------------------------------------------------------------------------- <br /> Sr No Particulars Sep 30, 2026 Sep 30, 2025 Mar 31, 2026 <br /> Unaudited Unaudited Audited <br /> ---------------------------------------------------------------------------------------------------------- <br /> 1 Balances with banks 121.69 - 1,918.82 <br /> 2 Fixed deposits with banks 1,021.00 - 1,172.50 <br /> 3 Mutual fund investments 811.60 - - <br /> ---------------------------------------------------------------------------------------------------------- <br /> Total 1,954.29 - 3,091.32 <br /> Less: Proposed distribution for quarter (598.13) - (543.75) <br /> ended September 30, 2026 <br /> ---------------------------------------------------------------------------------------------------------- <br /> Net Total 1,356.16 - 2,547.57 <br /> ---------------------------------------------------------------------------------------------------------- <br /> <br /> Project-wise Breakup <br /> <br /> ------------------------------------------------------------------------------------------------------------------- <br /> Sr No Particulars Sep 30, 2026 Sep 30, 2025 Mar 31, 2026 <br /> Unaudited Unaudited Audited <br /> ------------------------------------------------------------------------------------------------------------------- <br /> 1 Anantam Highways Trust 116.86 - 161.06 <br /> 2 Banglore Malur Highways Limited (BMHL) 367.83 - 241.91 <br /> 3 Dhrol Bhadra Highways Limited (DBHL) 426.46 - 286.55 <br /> 4 Dodaballapur Hoskote Highways Limited (DHHL)327.68 - 409.31 <br /> 5 Malur Bangarpet Highways Limited (MBHL) 345.01 - 359.40 <br /> 6 Narenpur Purnea Highways Limited (NPHL) 211.53 - 1,107.04 <br /> 7 Repallewada Highways Limited (RHL) 156.12 - 340.44 <br /> 8 Vilupurram Highways Limited (VHL) 2.80 - 185.62 <br /> ------------------------------------------------------------------------------------------------------------------- <br /> Total 1,954.29 - 3,091.32 <br /> ------------------------------------------------------------------------------------------------------------------- <br /> <br /> <br /> Value of InvIT Assets <br /> <br /> ------------------------------------------------------------------------------------------------------------------- <br /> Sr No Particulars Sep 30, 2026 Sep 30, 2025 Mar 31, 2026 <br /> Unaudited Unaudited Audited <br /> ------------------------------------------------------------------------------------------------------------------- <br /> 1 Banglore Malur Highways Limited (BMHL) 6,048.99 - 6,572.92 <br /> 2 Dhrol Bhadra Highways Limited (DBHL) 4,445.40 - 4,693.50 <br /> 3 Dodaballapur Hoskote Highways Limited (DHHL)4,923.37 - 5,363.77 <br /> 4 Malur Bangarpet Highways Limited (MBHL) 6,596.72 - 7,166.66 <br /> 5 Narenpur Purnea Highways Limited (NPHL) 8,912.85 - 8,507.73 <br /> 6 Repallewada Highways Limited (RHL) 5,187.15 - 5,543.92 <br /> 7 Vilupurram Highways Limited (VHL) 5,520.11 - 5,978.84 <br /> ------------------------------------------------------------------------------------------------------------------- <br /> Total 41,634.59 - 43,827.34 <br /> ------------------------------------------------------------------------------------------------------------------- <br /> <br /> <br /> Breakup of Borrowings <br /> <br /> ---------------------------------------------------------------------------------------------------------- <br /> Sr No Particulars Sep 30, 2026 Sep 30, 2025 Mar 31, 2026 <br /> Unaudited Unaudited Audited <br /> ---------------------------------------------------------------------------------------------------------- <br /> 1 Term loan from Bank - Trust 18,487.14 - 21,011.78 <br /> 2 Interest payable on term loan from bank - <br /> Trust 113.70 - 137.19 <br /> ---------------------------------------------------------------------------------------------------------- <br /> Total 18,600.84 - 21,148.97 <br /> ---------------------------------------------------------------------------------------------------------- <br /> <br /> * Value of InvIT assets (enterprise value) as at September 30, 2026 and March 31, 2026 <br /> are based on the fair valuation reports dated October 21, 2026 and May 18, 2026, <br /> respectively, issued by the independent valuer appointed by the Investment Manager <br /> under InvIT regulations. No valuation of assets has been carried out as at <br /> September 30, 2025. <br /> 21750000000021750000000021750000000Repayment of unit capital00000813260000081326000000000000000000000000030762600000307626000000000-7458500000-7458500000000000000000-3416400000-341640000000000000210478600000252700000018520860000-2527000000000000000000000falsetrue0.8The ratios are updated based on the consolidated basis, as ratios on standalone basis are not required.2.83Increase in Debt Service Coverage Ratio is maily on account of Prepayment of Principal Portion of Debt. <br /> The ratios are updated based on the consolidated basis, as ratios on standalone basis are not required.3.77Increase in Interest Service Coverage Ratio is maily on account of Prepayment of Principal Portion of Debt. <br /> The ratios are updated based on the consolidated basis, as ratios on standalone basis are not required.2.41Asset Cover available ratio is higher mainly beacuase of Receivable Under Service Concession Arrangement. <br /> The ratios are updated based on the consolidated basis, as ratios on standalone basis are not required.0.41The ratios are updated based on the consolidated basis, as ratios on standalone basis are not required.6.05Current Ratio is higher due to the Repayment of current portion of Principal. <br /> The ratios are updated based on the consolidated basis, as ratios on standalone basis are not required.0.83The ratios are updated based on the consolidated basis, as ratios on standalone basis are not required.0.33The ratios are updated based on the consolidated basis, as ratios on standalone basis are not required.0.6The ratios are updated based on the consolidated basis, as ratios on standalone basis are not required.2.7524244180000Networth given here is as per standalone basis. true2026-08-112026-08-112503000001.152928400001.350061000002026-08-212026-08-19Bangalore Malur Highways LimitedSPVs8620000Dhrol Bhadra Highways LimitedSPVs2770000Dodaballapur Hoskote Highways LimitedSPVs2790000Malur Bangarpet Highways LimitedSPVs11550000Narenpur Purnea Highways Private LimitedSPVs2480000Repallewada Highways LimitedSPVs7860000Viluppuram Highways LimitedSPVs2250000862000065901000011490000007825300000000003367970000336797000041505000002770000446600000-15730000043364000000000039534800003953480000438712000027900005021200005571000005606200000000003541170000354117000041017900001155000077469000078700000794110000000000386506000038650600004659170000248000010911500001561800000124981000000000047249400004724940000597475000078600004795500007657000005639800000000002941620000294162000035056000002250000457280000-555700000403960000000000403922000040392200004443180000000000000000000000000