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 ₹ 32,210 Cr.
- Current Price ₹ 166
- High / Low ₹ 168 / 131
- Stock P/E 47.0
- Book Value ₹ 123
- Dividend Yield 9.01 %
- ROCE 4.42 %
- ROE 3.00 %
- Face Value ₹ 134
Pros
- Stock is providing a good dividend yield of 9.01%.
- Company is expected to give good quarter
- Company has delivered good profit growth of 299% CAGR over last 5 years
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 2.51% 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 | Mar 2026 | |
|---|---|---|---|---|---|---|
| 0 | 147 | 698 | 974 | 2,413 | 4,274 | |
| 1 | 38 | 142 | 212 | 441 | 828 | |
| Operating Profit | -1 | 109 | 556 | 762 | 1,973 | 3,446 |
| OPM % | 74% | 80% | 78% | 82% | 81% | |
| 0 | 3 | 3 | 1 | 2 | 48 | |
| Interest | 0 | 32 | 166 | 280 | 1,055 | 1,723 |
| Depreciation | 0 | 11 | 176 | 248 | 797 | 1,451 |
| Profit before tax | -1 | 70 | 217 | 235 | 122 | 320 |
| Tax % | 0% | 2% | -18% | -25% | -166% | -114% |
| -1 | 68 | 257 | 294 | 325 | 686 | |
| EPS in Rs | 1.15 | 3.54 | 2.24 | 1.68 | 3.54 | |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 386% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 83% |
| TTM: | 77% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 299% |
| 3 Years: | 39% |
| TTM: | 111% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 13% |
| 1 Year: | 25% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 3% |
| 3 Years: | 3% |
| Last Year: | 3% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| 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 | 68 | -25 | -275 | -998 | -2,201 |
| 0 | 1,465 | 2,942 | 11,734 | 21,680 | 25,048 | |
| 1 | 21 | 159 | 1,280 | 1,376 | 2,145 | |
| Total Liabilities | 0 | 7,549 | 10,492 | 27,410 | 45,029 | 50,994 |
| 0 | 7,441 | 10,117 | 10,990 | 26,224 | 43,009 | |
| CWIP | 0 | 0 | 0 | 0 | 1 | 0 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| 0 | 108 | 375 | 16,420 | 18,804 | 7,985 | |
| Total Assets | 0 | 7,549 | 10,492 | 27,410 | 45,029 | 50,994 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| 0 | -7,243 | 624 | 805 | 2,099 | 3,820 | |
| 0 | -25 | -2,905 | -15,810 | -18,309 | -6,596 | |
| 0 | 7,331 | 2,429 | 15,258 | 16,212 | 2,930 | |
| Net Cash Flow | 0 | 64 | 147 | 253 | 2 | 154 |
| Free Cash Flow | 0 | -7,243 | -2,227 | -15,025 | -16,159 | -2,824 |
| CFO/OP | 0% | -6,642% | 113% | 107% | 107% | 111% |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Debtor Days | 15 | 2 | 1 | 2 | 5 | |
| Inventory Days | ||||||
| Days Payable | ||||||
| Cash Conversion Cycle | 15 | 2 | 1 | 2 | 5 | |
| Working Capital Days | -44 | -50 | -372 | -175 | -134 | |
| ROCE % | 3% | 4% | 3% | 3% | 4% |
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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Extracted by Screener AI
Documents
Announcements
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Reg 23(5)(i): Disclosure of material issue
5 Jun - NHIT released FY2026 investor presentation; revenue rose to Rs 4,274 crore, PAT to Rs 686 crore.
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Reg 23(5)(i): Disclosure of material issue
28 May - NHIT received EY addendum to FY2026 valuation report, correcting prior years to FY2022-23 through FY2024-25.
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Reg 23(5)(i): Disclosure of material issue
21 May - NHIT paid Rs. 1.970 per unit distribution for February-March 2026 on 21 May 2026.
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Reg 23(5)(i): Disclosure of material issue
15 May - Newspaper publication of audited standalone and consolidated results for quarter and year ended 31 March 2026.
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Reg 21: Disclosure of valuation report received by the manager
13 May - NHIT disclosed FY26 valuation at Rs.56,988 crore and NAV of Rs.152.44 per unit.
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.