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 ₹ 28,569 Cr.
- Current Price ₹ 148
- High / Low ₹ 148 / 129
- Stock P/E 68.0
- Book Value ₹ 111
- Dividend Yield 4.89 %
- 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: | 10% |
| 1 Year: | 12% |
| 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% |
Documents
Announcements
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Reg 23(5)(i): Disclosure of material issue
27 Nov - NHIIMPL appointed Sanjay Prasad and Swaminathan A.K. as independent directors, 27 Nov 2025, subject to shareholder approval.
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Reg 23(5)(i): Disclosure of material issue
21 Nov - Payment of Rs.2.471 per unit for quarter ended 30 Sep 2025 completed on 21 Nov 2025.
-
Reg 23(5)(i): Disclosure of material issue
21 Nov - MoRTH approved Sanjay Prasad and A.K. Swaminathan as Independent Directors of NHIIMPL (received 21 Nov 2025)
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Reg 23(5)(i): Disclosure of material issue
20 Nov - Q2 FY26 investor presentation: Revenue INR1,002cr; Distribution INR478cr; DPU Rs2.471; R4 appointed date 1 Apr 2025.
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Reg 23(5)(i): Disclosure of material issue
14 Nov - Published NHIT unaudited quarterly and half-year financial results for quarter/half-year ended 30 Sep 2025 in Financial Express.
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.