Anantam Highways Trust has informed the Exchange regarding Disclosure of material issue

Date: October 22, 2026 Na(cid:415)onal Stock Exchange of India Limited BSE Limited Lis(cid:415)ng Compliance Department Exchange Corporate Rela(cid:415)onship Department Plaza, C-1, Block-G Bandra Kurla Complex, Phiroze Jeejeebhoy Towers, Dalal Bandra (E), Mumbai-40005 Street, Fort, Mumbai-400001 Symbol: ANANTAM BSE Scrip Code: 544579 Subject: Submission of Valua(cid:415)on Report and NAV for the half year ended September 30, 2026 Dear Sir/Madam, Pursuant to regula(cid:415)on 21(4) and 21(6) of SEBI (InvIT) Regula(cid:415)ons, 2014 read with SEBI Master Circular dated July 11, 2025, we are hereby submi(cid:427)ng the Valua(cid:415)on Report for the half year ended September 30, 2026, as issued by Mr. S. Sundararaman, Independent Valuer bearing IBBI Registra(cid:415)on Number IBBI/RV/06/2018/10238 for the period ended September 30, 2026 is enclosed herewith. Further, in pursuance to Regula(cid:415)on 10(21) of SEBI (InvIT) Regula(cid:415)ons, 2014 read with SEBI Master Circular dated July 11, 2025, we are submi(cid:427)ng herewith the Net Asset Value of Trust as on September 30, 2026, based on the aforesaid valua(cid:415)on report: Sr.no. Par(cid:415)culars Book Value Fair Value A. Total Assets 42,860.21 43,019.64 B. Total Liabili(cid:415)es 18,616.03 18,616.03 C. Net Assets (A-B) 24,244.18 24,403.61 D. Less: Non-Controlling Interest 0 0 E. Net Assets a(cid:425)ributable to unitholders (C-D) 24,244.18 24,403.61 F. No. of Units 21,75,00,000 21,75,00,000 G. NAV per unit (E/F) 111.47 112.20 Alpha Alternatives Fund-Infra Advisors Private Limited (CIN: U70200MH2024PTC418826) A: 33rd Floor, Sunshine Tower, Senapati Bapat Marg, Dadar West, Mumbai 400 013 B: +91-22-6145-8900 | E: info@anantamhighways.com The said informa(cid:415)on is also being uploaded on the website of the Trust at www.anantamhighways.com. You are requested to kindly take the same on record. Yours faithfully, For and on behalf of Alpha Alterna(cid:415)ves Fund-Infra Advisors Private Limited (ac(cid:415)ng as Investment Manager to Anantam Highways Trust) Chandra Kant Sharma Company Secretary & Compliance Officer Membership No. F8322 Axis Trustee Services Limited (Trustee) Axis House, Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai – 400025. Alpha Alternatives Fund-Infra Advisors Private Limited (CIN: U70200MH2024PTC418826) A: 33rd Floor, Sunshine Tower, Senapati Bapat Marg, Dadar West, Mumbai 400 013 B: +91-22-6145-8900 | E: info@anantamhighways.com Prepared for: Anantam Highways Trust (“the Trust”) Alpha Alternatives Fund – Infra Advisors Private Limited (“the Investment Manager”) Valuation as per SEBI (Infrastructure Investment Trusts) Regulations, 2014 as amended Fair Enterprise Valuation Valuation Date: 30th September 2026 Report Date: 22nd October 2026 Mr. S Sundararaman, Registered Valuer, IBBI Registration No - IBBI/RV/06/2018/10238 Email – chennaissr@gmail.com Phone No: +91 97909 28047 GST No: 33AHUPS0102L1Z8 S. SUNDARARAMAN Registered Valuer Registration No - IBBI/RV/06/2018/10238 Date:22nd October 2026 Anantam Highways Trust (acting through Axis Trustee Services Limited [in its capacity as “the Trustee” of the Trust]) 34th Floor, Sunshine Tower, Senapati Bapat Marg Dadar West, Mumbai-400013 Alpha Alternatives Fund – Infra Advisors Private Ltd (acting as the Investment Manager to Anantam Highways Trust) 34th Floor, Sunshine Tower, Senapati Bapat Marg Dadar West, Mumbai-400013 Sub: Independent Fair Enterprise Valuation as per SEBI (Infrastructure Investment Trusts) Regulations, 2014, as amended (“the SEBI InvIT Regulations”) Dear Sir(s)/ Madam(s), I, Mr. S. Sundararaman (“Registered Valuer” or “RV” or “I” or “My” or “Me”) bearing IBBI registration number IBBI/RV/06/2018/10238, have been appointed vide letter dated 22nd September 2026 (EL Ref. No.: RV/SSR/26- 27/S/01) as an independent valuer, as defined under Regulation 2(zzf) of the SEBI InvIT Regulations, by Alpha Alternatives Fund – Infra Advisors Private Ltd (“AAFL” or “the Investment Manager”) acting as the investment manager for Anantam Highways Trust (“the Trust” or “the InvIT”), an infrastructure investment trust, registered with the Securities Exchange Board of India (“SEBI”) with effect from 19th August 2024, bearing registration number IN/InvIT/24-25/0031 and Axis Trustee Services Limited (“the Trustee”) acting on behalf of the Trust for the purpose of the fair enterprise valuation of the special purpose vehicles (defined below and hereinafter together referred as “the SPVs”) of the Trust as per the requirements of the Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014, as amended from time to time (“SEBI InvIT Regulations”). The Trust operates and maintains the following special purpose vehicles which are to be valued as per Regulation 21 read with Chapter V of the SEBI InvIT Regulations: Sr. No. Name of the SPV Abbreviation Asset Type 1 Bangalore Malur Highways Limited BMHL HAM 2 Dhrol Bhadra Highways Limited DBHL HAM 3 Dodaballapur Hoskote Highways Limited DHHL HAM 4 Viluppuram Highways Limited VHL HAM 5 Malur Bangarpet Highways Limited MBHL HAM 6 Narenpur Purnea Highways Limited NPHL HAM 7 Repallewada Highways Limited RHL HAM (Hereinafter all the seven companies mentioned above are together referred to as “the SPVs”) These SPVs were acquired by the Trust and are to be valued as per Regulation 21 contained in the Chapter V of the SEBI InvIT Regulations. As per Regulation 21(5) of Chapter V of the SEBI InvIT Regulations: “A half yearly valuation of the assets of the InvIT shall be conducted by the valuer as at the end of the half-year ending September 30th for a publicly offered InvIT for incorporating any key changes in the previous six months and such half yearly valuation report shall be submitted by the investment manager to the designated stock exchange(s) along with the quarterly financial results for the quarter ending September 30th.” (5A) If the consolidated borrowings and deferred payments of an InvIT, in terms of regulation 20 of these regulations, exceeds forty nine per cent.; a quarterly valuation of the assets of InvIT shall be conducted by the valuer as at the end of the quarters ending June, September and December for incorporating any key changes from the previous quarter and such quarterly valuation report shall be submitted by the investment manager to the designated stock exchange(s) along with the quarterly financial results of the corresponding quarter: Anantam Highways Trust Alpha Alternatives Fund – Infra Advisors Private Ltd Fair Enterprise Valuation of SPVs 30th September 2026 Page 2 of 88 S. SUNDARARAMAN Registered Valuer Registration No - IBBI/RV/06/2018/10238 Provided that InvIT shall not be required to submit the quarterly valuation report for the quarter ending on September 30th if such InvIT has submitted half yearly valuation in terms of sub-regulation (5) of this regulation as at the end of half year ending September 30th.” I understand from the Investment Manager that Net Debt to AUM of Anantam Highway Trust as at 31st March 2026 was 42.44% which does not exceed the limit of forty-nine percent, the Investment Manager and the Trustee intends to undertake the fair enterprise valuation of the SPVs as on 30th September 2026 (“Valuation Date”) for incorporating any key changes from the period ended 31st March 2026 till 30th September 2026. I am enclosing the Report providing opinion on the fair enterprise value of the SPVs on a going concern basis as at 30th September 2026 (Valuation Date”). As represented to me by the Investment Manager, the valuation report as at 30th June 2026, dated 10th August 2026, was prepared solely for the Investment Manager’s internal assessment. Accordingly, for the purpose of comparative analysis in the current valuation report as at 30 September 2026, the Investment Manager has requested that the valuation as at 31st March 2026, prepared pursuant to the applicable SEBI InvIT Regulations, be cons [Showing first 8,000 characters — download PDF for full document]