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 ₹ 26,341 Cr.
- Current Price ₹ 136
- High / Low ₹ 138 / 129
- Stock P/E 69.5
- Book Value ₹ 113
- Dividend Yield 2.90 %
- ROCE 3.38 %
- ROE 1.79 %
- Face Value ₹ 134
Pros
- Stock is trading at 1.20 times its book value
- 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 | TTM | |
|---|---|---|---|---|---|---|
| 0 | 147 | 698 | 974 | 2,413 | 2,823 | |
| 1 | 38 | 142 | 212 | 441 | 468 | |
| Operating Profit | -1 | 109 | 556 | 762 | 1,973 | 2,355 |
| OPM % | 74% | 80% | 78% | 82% | 83% | |
| 0 | 3 | 3 | 1 | 2 | 53 | |
| Interest | 0 | 32 | 166 | 280 | 1,055 | 1,255 |
| Depreciation | 0 | 11 | 176 | 248 | 797 | 960 |
| Profit before tax | -1 | 70 | 217 | 235 | 122 | 194 |
| Tax % | 0% | 2% | -18% | -25% | -166% | |
| -1 | 68 | 257 | 294 | 325 | 382 | |
| EPS in Rs | 1.15 | 3.54 | 2.24 | 1.68 | 2.28 | |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 154% |
| TTM: | 122% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 68% |
| TTM: | 49% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | 6% |
| 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 | 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
-
Reg 23(5)(i): Disclosure of material issue
1d - NHIT published Q1 2025 unaudited financial results in Financial Express newspaper.
-
Reg 23(5)(i): Disclosure of material issue
13 Aug - Submission of quarterly Statement of Deviation/Variation for Q1 FY2025-26 as per SEBI guidelines.
-
Reg 18(6): Disclosure of record date for purpose of distribution
13 Aug - Q1 FY26 results approved; Rs 2.984/unit distribution declared; NAV Rs 140.31 pre-distribution; valuation Rs 47967.60 Cr.
-
Reg 23(5)(i): Disclosure of material issue
13 Aug - Q1 FY25-26 results approved; Rs 2.984/unit distribution; NHIT valuation Rs 47967.60 Cr; NAV Rs 140.31 pre-distribution.
-
Reg 23(5)(i): Disclosure of material issue
8 Aug - Board meeting on 13 Aug to approve Q1 FY26 results and possible unit holder distributions.
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