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 ₹ 31,571 Cr.
- Current Price ₹ 163
- High / Low ₹ 164 / 131
- Stock P/E 8.94
- Book Value ₹ 152
- Dividend Yield 7.59 %
- ROCE 10.3 %
- ROE 13.0 %
- Face Value ₹ 134
Pros
- Stock is trading at 1.07 times its book value
- Company is expected to give good quarter
- Company has delivered good profit growth of 454% CAGR over last 5 years
Cons
- Promoter holding is low: 11.1%
- Tax rate seems low
- Company has a low return on equity of 10.7% 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 | Mar 2026 | |
|---|---|---|---|---|---|---|
| 0 | 235 | 955 | 1,247 | 3,059 | 5,027 | |
| 1 | 21 | 15 | 21 | 205 | -144 | |
| Operating Profit | -1 | 215 | 940 | 1,226 | 2,854 | 5,171 |
| OPM % | 91% | 98% | 98% | 93% | 103% | |
| 0 | 3 | 3 | 0 | 1 | 19 | |
| Interest | 0 | 32 | 166 | 251 | 988 | 1,651 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before tax | -1 | 186 | 777 | 975 | 1,866 | 3,539 |
| Tax % | 0% | 2% | 1% | 1% | 1% | 0% |
| -1 | 182 | 772 | 968 | 1,855 | 3,531 | |
| EPS in Rs | 3.06 | 10.63 | 7.38 | 9.58 | 18.23 | |
| Dividend Payout % | 0% | 0% | 0% | 110% | 90% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 74% |
| TTM: | 64% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 454% |
| 3 Years: | 66% |
| TTM: | 90% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 13% |
| 1 Year: | 22% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 11% |
| 3 Years: | 11% |
| Last Year: | 13% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Equity Capital | 0.00 | 5,994 | 7,416 | 14,671 | 22,971 | 26,002 |
| Reserves | -1 | 181 | 604 | 1,028 | 1,835 | 3,477 |
| 0 | 1,465 | 2,942 | 11,734 | 21,670 | 25,039 | |
| 1 | 7 | 55 | 61 | 78 | 156 | |
| Total Liabilities | 0 | 7,648 | 11,017 | 27,494 | 46,554 | 54,674 |
| 0 | 0 | 0 | 0 | 0 | 0 | |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 0 | 1,396 | 1,396 | 3,802 | 6,122 | 6,302 |
| 0 | 6,253 | 9,622 | 23,693 | 40,432 | 48,372 | |
| Total Assets | 0 | 7,648 | 11,017 | 27,494 | 46,554 | 54,674 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| 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 | |
| Free Cash Flow | 0 | 102 | -26 | -28 | -38 | |
| CFO/OP | 0% | 49% | -2% | -2% | -1% |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Debtor Days | 0 | 0 | 0 | 0 | 0 | |
| Inventory Days | ||||||
| Days Payable | ||||||
| Cash Conversion Cycle | 0 | 0 | 0 | 0 | 0 | |
| Working Capital Days | 139 | 154 | 211 | 183 | 172 | |
| ROCE % | 6% | 10% | 6% | 8% | 10% |
Insights
In beta| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|
| Abu Road - Swaroopganj Toll Revenue INR Cr |
|
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| Average Daily Toll Collection (ADTC) INR Cr |
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| Belgaum - Kagal Toll Revenue INR Cr |
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| Kothakota - Kurnool Toll Revenue INR Cr |
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| Net Asset Value (NAV) per Unit INR |
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| Total Portfolio Length km |
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| Number of Projects Projects |
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| Number of Toll Plazas Plazas |
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| Total Lane Kilometers lane kms |
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| Rewa - Katni - Jabalpur Toll Revenue INR Cr |
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Extracted by Screener AI
Documents
Announcements
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Reg 21: Disclosure of valuation report received by the manager
22h - NHIT disclosed FY26 valuation at Rs.56,988 crore and NAV of Rs.152.44 per unit.
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Reg 23(5)(i): Disclosure of material issue
22h - NHIT filed FY26 secretarial compliance report; SEBI condoned brief board-composition noncompliance.
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Reg 23(5)(i): Disclosure of material issue
22h - Submitted statement of deviation/variation for quarter ended 31 March 2026.
-
Reg 18(6): Disclosure of record date for purpose of distribution
22h - FY26 audited results approved; Rs1.970/unit distribution declared, record date 16 May 2026, NAV Rs152.44 pre-distribution.
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Reg 23(5)(i): Disclosure of material issue
23h - NHIT approved FY26 audited results, Rs 1.970 per unit distribution, NAV of Rs 150.47 post-distribution.
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.