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 ₹ 33,120 Cr.
- Current Price ₹ 171
- High / Low ₹ 172 / 134
- Stock P/E 8.83
- Book Value ₹ 155
- Dividend Yield 2.47 %
- ROCE 10.3 %
- ROE 13.0 %
- Face Value ₹ 134
Pros
- Stock is trading at 1.10 times its book value
- Company is expected to give good quarter
- Company has delivered good profit growth of 454% CAGR over last 5 years
- Company has been maintaining a healthy dividend payout of 96.0%
Cons
- Tax rate seems low
- Company has a low return on equity of 10.7% over last 3 years.
* 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 | TTM | |
|---|---|---|---|---|---|---|---|
| 0 | 235 | 955 | 1,247 | 3,059 | 5,046 | 5,275 | |
| 1 | 21 | 15 | 21 | 205 | -144 | -144 | |
| Operating Profit | -1 | 215 | 940 | 1,226 | 2,854 | 5,190 | 5,419 |
| OPM % | 91% | 98% | 98% | 93% | 103% | 103% | |
| 0 | 3 | 3 | 0 | 1 | 0 | 17 | |
| Interest | 0 | 32 | 166 | 251 | 988 | 1,651 | 1,676 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before tax | -1 | 186 | 777 | 975 | 1,866 | 3,539 | 3,760 |
| Tax % | 0% | 2% | 1% | 1% | 1% | 0% | |
| -1 | 182 | 772 | 968 | 1,855 | 3,531 | 3,753 | |
| EPS in Rs | 3.06 | 10.63 | 7.38 | 9.58 | 18.23 | 19.38 | |
| Dividend Payout % | 0% | 0% | 0% | 110% | 95% | 83% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 74% |
| TTM: | 48% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 454% |
| 3 Years: | 66% |
| TTM: | 71% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 14% |
| 1 Year: | 30% |
| 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 | -37 | |
| 0 | -7,376 | -2,320 | -15,064 | -16,265 | -3,029 | |
| 0 | 7,331 | 2,429 | 15,258 | 16,213 | 2,932 | |
| Net Cash Flow | 0 | 58 | 83 | 166 | -89 | -134 |
| Free Cash Flow | 0 | 102 | -26 | -28 | -38 | -37 |
| CFO/OP | 0% | 49% | -2% | -2% | -1% | -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 | 171 | |
| ROCE % | 6% | 10% | 6% | 8% | 10% |
Insights
In beta| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
| Average Daily Toll Collection (ADTC) INR crore |
|
||||
| Number of Road Assets count |
|||||
| Number of States (Geographic Diversification) count |
|||||
| Total Portfolio Length km |
|||||
| Number of Toll Plazas count |
|||||
Extracted by Screener AI
Documents
Announcements
-
Reg 23(5)(i): Disclosure of material issue
- NHIT published unaudited standalone and consolidated Q1 FY2027 results for quarter ended 30 June 2026.
-
Reg 23(5)(i): Disclosure of material issue
- NHIT disclosed June 30, 2026 valuation report: enterprise value Rs 58,245 crore; NAV Rs 159.35 per unit.
-
Reg 23(5)(i): Disclosure of material issue
- Submitted statement of deviation/variation for quarter ended 30 June 2026.
-
Reg 18(6): Disclosure of record date for purpose of distribution
- NHIT approved Q1 FY2027 results, Rs 3.187/unit distribution, record date 12 August 2026.
-
Reg 23(5)(i): Disclosure of material issue
- NHIT approved Q1 FY27 results, Rs 3.187/unit distribution, record date 12 August 2026.
Business Overview:[1][2]
NHIT was initially listed in November 2021.
The Sponsor of NHIT is the National High
ways 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 Mar 2026, the Enterprise Value of NHIT was INR 57,373 crore.