National Highways Infra Trust
NHAI is the nodal agency responsible for the development and maintenance of national highways. It was constituted u/s 3(1) of the National Highways Authority of India Act, 1988, and commenced operations in February 1995 to develop, maintain, and manage national highways in the country. The NHAI is vested with executive powers for developing national highways in India by MoRTH. The charter of NHAI is set out in the National Highways Act, 1956, and the National Highways Authority of India Act,1988. The GoI has a 100% stake in NHAI.[1]
- Market Cap ₹ 29,246 Cr.
- Current Price ₹ 151
- High / Low ₹ 152 / 129
- Stock P/E 10.3
- Book Value ₹ 135
- Dividend Yield 7.18 %
- ROCE 7.72 %
- ROE 9.16 %
- Face Value ₹ 134
Pros
- Stock is trading at 1.12 times its book value
- Stock is providing a good dividend yield of 7.18%.
- Company is expected to give good quarter
- Company has been maintaining a healthy dividend payout of 66.6%
Cons
- Promoter holding is low: 11.1%
- Tax rate seems low
- Company has a low return on equity of 9.17% over last 3 years.
- Promoter holding has decreased over last 3 years: -4.99%
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|
| -0 | 235 | 955 | 1,247 | 3,059 | 4,561 | |
| 1 | 21 | 15 | 21 | 205 | 211 | |
| Operating Profit | -1 | 215 | 940 | 1,226 | 2,854 | 4,350 |
| OPM % | 91% | 98% | 98% | 93% | 95% | |
| -0 | 3 | 3 | 0 | 1 | 22 | |
| Interest | -0 | 32 | 166 | 251 | 988 | 1,521 |
| Depreciation | -0 | -0 | -0 | -0 | -0 | 0 |
| Profit before tax | -1 | 186 | 777 | 975 | 1,866 | 2,851 |
| Tax % | -0% | 2% | 1% | 1% | 1% | |
| -1 | 182 | 772 | 968 | 1,855 | 2,842 | |
| EPS in Rs | 3.06 | 10.63 | 7.38 | 9.58 | 14.67 | |
| Dividend Payout % | -0% | -0% | -0% | 110% | 90% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 135% |
| TTM: | 76% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 117% |
| TTM: | 60% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | 16% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 9% |
| Last Year: | 9% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|
| Equity Capital | -0.00 | 5,994 | 7,416 | 14,671 | 22,971 | 22,927 |
| Reserves | -1 | 181 | 604 | 1,028 | 1,835 | 2,845 |
| -0 | 1,465 | 2,942 | 11,734 | 21,670 | 21,703 | |
| 1 | 7 | 55 | 61 | 78 | 106 | |
| Total Liabilities | -0 | 7,648 | 11,017 | 27,494 | 46,554 | 47,581 |
| -0 | -0 | -0 | -0 | -0 | -0 | |
| CWIP | -0 | -0 | -0 | -0 | -0 | -0 |
| Investments | -0 | 1,396 | 1,396 | 3,802 | 6,122 | 6,122 |
| -0 | 6,253 | 9,622 | 23,693 | 40,432 | 41,459 | |
| Total Assets | -0 | 7,648 | 11,017 | 27,494 | 46,554 | 47,581 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|
| -0 | 102 | -26 | -28 | -38 | |
| -0 | -7,376 | -2,320 | -15,064 | -16,265 | |
| -0 | 7,331 | 2,429 | 15,258 | 16,213 | |
| Net Cash Flow | -0 | 58 | 83 | 166 | -89 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|
| Debtor Days | -0 | -0 | -0 | -0 | |
| Inventory Days | |||||
| Days Payable | |||||
| Cash Conversion Cycle | -0 | -0 | -0 | -0 | |
| Working Capital Days | 139 | 154 | 211 | 183 | |
| ROCE % | 6% | 10% | 6% | 8% |
Documents
Announcements
-
Reg 23(5)(i): Disclosure of material issue
29 Jan - Board meeting 02-Feb-2026 to consider raising funds via institutional/preferential unit issuance.
-
Reg 23(5)(i): Disclosure of material issue
29 Jan - NHIT published un-audited standalone Q3 and nine-month results for period ended 31 Dec 2025.
-
Reg 23(5)(i): Disclosure of material issue
27 Jan - Valuation: enterprise value Rs49,671.90 crore; NAV Rs148.51/unit pre, Rs145.76 post; distribution Rs5,317mn.
-
Reg 18(6): Disclosure of record date for purpose of distribution
27 Jan - Declared Rs.2.744/unit distribution; NAV Rs.148.51 pre, assets valued ₹49,671.90 Cr; financing/on-lending approvals up to ₹7,000 Cr.
-
Reg 23(5)(i): Disclosure of material issue
27 Jan - NHIT submitted Statement of Deviation/Variation for quarter ended 31 Dec 2025.
Business Overview[1][2]
NHIT was initially listed in November 2021. The Sponsor of NHIT is the National Highways Authority of India (NHAI). The Trust is managed by an Investment Manager (NHIIMPL) and operations and maintenance are handled by the Project Manager, National Highways InvIT Project Managers Private Limited (NHIPMPL), which is 100% owned by NHAI. The Trust manages its assets through Special Purpose Vehicles (SPVs) that hold assets under 20-30-year concessions. As of June 2025, the Enterprise Value of NHIT was INR 48,371 crore.