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 ₹ 25,855 Cr.
- Current Price ₹ 133
- High / Low ₹ 138 / 127
- Stock P/E 79.6
- Book Value ₹ 113
- Dividend Yield 7.58 %
- ROCE 3.38 %
- ROE 1.79 %
- Face Value ₹ 134
Pros
- Stock is trading at 1.18 times its book value
- Stock is providing a good dividend yield of 7.58%.
- Company is expected to give good quarter
Cons
- Company has low interest coverage ratio.
- Promoter holding is low: 15.3%
- Tax rate seems low
- Company has a low return on equity of 2.45% over last 3 years.
- Company might be capitalizing the interest cost
* 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
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|
| 0 | 147 | 698 | 974 | 2,364 | |
| 1 | 38 | 142 | 212 | 441 | |
| Operating Profit | -1 | 109 | 556 | 762 | 1,923 |
| OPM % | 74% | 80% | 78% | 81% | |
| 0 | 3 | 3 | 1 | 52 | |
| Interest | 0 | 32 | 166 | 280 | 1,055 |
| Depreciation | 0 | 11 | 176 | 248 | 797 |
| Profit before tax | -1 | 70 | 217 | 235 | 122 |
| Tax % | 0% | 2% | -18% | -25% | -166% |
| -1 | 68 | 257 | 294 | 325 | |
| EPS in Rs | 1.15 | 3.54 | 2.24 | 1.68 | |
| Dividend Payout % | 0% | 0% | 0% | 0% | 255% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 153% |
| TTM: | 143% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 68% |
| TTM: | 10% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 4% |
| 1 Year: | 5% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 2% |
| Last Year: | 2% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|
| Equity Capital | 0.00 | 5,994 | 7,416 | 14,671 | 22,971 |
| Reserves | -1 | 68 | -25 | -275 | -998 |
| 0 | 1,465 | 2,942 | 11,734 | 21,680 | |
| 1 | 21 | 159 | 1,280 | 1,376 | |
| Total Liabilities | 0 | 7,549 | 10,492 | 27,410 | 45,029 |
| 0 | 7,441 | 10,117 | 10,990 | 26,224 | |
| CWIP | 0 | 0 | 0 | 0 | 1 |
| Investments | 0 | 0 | 0 | 0 | 0 |
| 0 | 108 | 375 | 16,420 | 18,804 | |
| Total Assets | 0 | 7,549 | 10,492 | 27,410 | 45,029 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|
| 0 | -7,243 | 624 | 805 | 2,099 | |
| 0 | -25 | -2,905 | -15,810 | -18,309 | |
| 0 | 7,331 | 2,429 | 15,258 | 16,212 | |
| Net Cash Flow | 0 | 64 | 147 | 253 | 2 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|
| Debtor Days | 15 | 2 | 1 | 3 | |
| Inventory Days | |||||
| Days Payable | |||||
| Cash Conversion Cycle | 15 | 2 | 1 | 3 | |
| Working Capital Days | -20 | -40 | -335 | -148 | |
| ROCE % | 3% | 4% | 3% | 3% |
Documents
Announcements
-
Reg 23(5)(i): Disclosure of material issue
5 Jun - Paid Rs. 0.395 per unit distribution for March 2025 on 5th June 2025 to NHIT unitholders.
-
Reg 23(5)(i): Disclosure of material issue
5 Jun - NHIT FY25 investor presentation with INR 18,380 cr asset monetization and strong financials.
-
Reg 21: Disclosure of valuation report received by the manager
30 May - NHIT valuation report: Enterprise value Rs 47,130 Cr; NAV Rs 134.28/unit as of March 31, 2025.
-
Reg 23(5)(i): Disclosure of material issue
30 May - Annual audited standalone and consolidated financial results for FY ended March 31, 2025 published.
-
Reg 23(5)(i): Disclosure of material issue
29 May - Disclosure under SEBI insider trading regulations by National Highways Infra Trust.
About[1]
NHIT is registered as an irrevocable trust under the Indian Trust Act 1882 and is registered as an InvIT under SEBI (Infrastructure Investment Trust) Regulations 2014