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 ₹ 29,738 Cr.
- Current Price ₹ 154
- High / Low ₹ 155 / 131
- Stock P/E 10.5
- Book Value ₹ 135
- Dividend Yield 7.06 %
- ROCE 7.72 %
- ROE 9.16 %
- Face Value ₹ 134
Pros
- Stock is trading at 1.14 times its book value
- Stock is providing a good dividend yield of 7.06%.
- 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% |
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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Documents
Announcements
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Reg 23(5)(i): Disclosure of material issue
3 Mar - Addendum to 6th EOM Notice dispatched; cut-off date March 5, 2026; available on www.nhit.co.in.
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Reg 23(5)(i): Disclosure of material issue
3 Mar - Addendum increases preferential issue to up to 4,03,40,000 units; allottees NHAI and EPFO; EOM 12 Mar 2026.
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Reg 23(5)(d): Disclosure of details of any credit rating obtained by the InvIT and any change in such rating
26 Feb - Ind-Ra affirmed NHIT IND AAA/Stable; assigned ratings to proposed INR34bn bank facilities and affirmed INR210.28bn loans, NCDs, bonds.
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Reg 23(5)(i): Disclosure of material issue
18 Feb - NHIT submitted independent traffic and technical due-diligence reports for Round 5 assets; reports accessible via provided link (18-Feb-2026).
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Reg 23(5)(d): Disclosure of details of any credit rating obtained by the InvIT and any change in such rating
18 Feb - CareEdge assigned/reaffirmed CARE AAA; Stable across NHIT debt; outstanding debt ~₹21,746 crore; proposed instrument withdrawn; strong liquidity noted.
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.