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 ₹ 30,021 Cr.
- Current Price ₹ 155
- High / Low ₹ 155 / 131
- Stock P/E 71.5
- Book Value ₹ 111
- Dividend Yield 6.99 %
- ROCE 3.38 %
- ROE 1.79 %
- Face Value ₹ 134
Pros
- Company is expected to give good quarter
Cons
- Company has low interest coverage ratio.
- Promoter holding is low: 11.1%
- 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
- 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
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 | TTM | |
|---|---|---|---|---|---|---|
| 0 | 147 | 698 | 974 | 2,413 | 3,258 | |
| 1 | 38 | 142 | 212 | 441 | 561 | |
| Operating Profit | -1 | 109 | 556 | 762 | 1,973 | 2,697 |
| OPM % | 74% | 80% | 78% | 82% | 83% | |
| 0 | 3 | 3 | 1 | 2 | 54 | |
| Interest | 0 | 32 | 166 | 280 | 1,055 | 1,450 |
| Depreciation | 0 | 11 | 176 | 248 | 797 | 1,109 |
| Profit before tax | -1 | 70 | 217 | 235 | 122 | 193 |
| Tax % | 0% | 2% | -18% | -25% | -166% | |
| -1 | 68 | 257 | 294 | 325 | 420 | |
| EPS in Rs | 1.15 | 3.54 | 2.24 | 1.68 | 2.29 | |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 154% |
| TTM: | 103% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 68% |
| TTM: | 66% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | 17% |
| 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 | Sep 2025 | |
|---|---|---|---|---|---|---|
| Equity Capital | 0.00 | 5,994 | 7,416 | 14,671 | 22,971 | 22,927 |
| Reserves | -1 | 68 | -25 | -275 | -998 | -1,419 |
| 0 | 1,465 | 2,942 | 11,734 | 21,680 | 21,712 | |
| 1 | 21 | 159 | 1,280 | 1,376 | 2,006 | |
| Total Liabilities | 0 | 7,549 | 10,492 | 27,410 | 45,029 | 45,227 |
| 0 | 7,441 | 10,117 | 10,990 | 26,224 | 43,769 | |
| CWIP | 0 | 0 | 0 | 0 | 1 | 1 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| 0 | 108 | 375 | 16,420 | 18,804 | 1,458 | |
| Total Assets | 0 | 7,549 | 10,492 | 27,410 | 45,029 | 45,227 |
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 | 2 | |
| Inventory Days | |||||
| Days Payable | |||||
| Cash Conversion Cycle | 15 | 2 | 1 | 2 | |
| Working Capital Days | -44 | -50 | -372 | -175 | |
| ROCE % | 3% | 4% | 3% | 3% |
Insights
In beta| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|
| Abu Road - Swaroopganj Toll Revenue INR Cr ・Standalone data |
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| Average Daily Toll Collection (ADTC) INR Cr |
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| Belgaum - Kagal Toll Revenue INR Cr ・Standalone data |
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| Kothakota - Kurnool Toll Revenue INR Cr ・Standalone data |
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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 ・Standalone data |
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Documents
Announcements
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Reg 23(5)(i): Disclosure of material issue
2d - NHIT Round 5 valuations as of 28 Feb 2026: Amravati Chikali INR44,576mn; Gundugolanu INR17,633mn; total INR62,209mn.
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Reg 23(5)(g): Outcome of Unitholder meetings
2d - All six resolutions (asset acquisition, preferential issuance, institutional placement, distribution, use-of-proceeds, auditor fee) passed at 12-Mar-2026 EOM.
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Reg 23(5)(i): Disclosure of material issue
12 Mar - Board meeting 16 Mar 2026 to approve NHIT unaudited results (31 Jan 2026) and possible January distribution.
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Reg 23(5)(g): Outcome of Unitholder meetings
12 Mar - 12-Mar-2026 EOM: Unitholders approved asset acquisition, preferential/institutional unit issuances, distribution, use-of-proceeds variation.
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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.
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.