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 ₹ 25,702 Cr.
- Current Price ₹ 133
- High / Low ₹ 138 / 128
- Stock P/E 79.1
- Book Value ₹ 113
- Dividend Yield 7.63 %
- ROCE 3.38 %
- ROE 1.79 %
- Face Value ₹ 134
Pros
- Stock is trading at 1.17 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 | |
|---|---|---|---|---|---|
| 0 | 147 | 698 | 974 | 2,413 | |
| 1 | 38 | 142 | 212 | 441 | |
| Operating Profit | -1 | 109 | 556 | 762 | 1,973 |
| OPM % | 74% | 80% | 78% | 82% | |
| 0 | 3 | 3 | 1 | 2 | |
| 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% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 154% |
| TTM: | 148% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 68% |
| TTM: | 10% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 3% |
| 1 Year: | 4% |
| 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 | -20 | -40 | -335 | -145 | |
| ROCE % | 3% | 4% | 3% | 3% |
Documents
Announcements
-
Unit Holding Pattern
1d - Quarterly unitholding pattern of National Highways Infra Trust as of 30 June 2025 disclosed.
-
Reg 26K: Quarterly Compliance Report on Corporate governance
1d - NHIT submits quarterly corporate governance report for June 2025 as per SEBI InvIT regulations.
-
Disclosure of Annual financial information
28 Jun - NHIT announces 4th Annual Meeting on 25 July 2025 and files FY 2024-25 Annual Report and valuation.
-
Reg 23(5)(g): Notice of Unitholder meetings
28 Jun - NHIT announces 4th Annual Meeting on 25 July 2025 with FY24-25 Annual Report and e-voting details.
-
Reg 23(5)(g): Notice of Unitholder meetings
28 Jun - NHIT announces 4th Annual Meeting on 25 July 2025 with FY 2024-25 financials, asset valuation, and auditor re-appointment.
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