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 ₹ 32,636 Cr.
- Current Price ₹ 168
- High / Low ₹ 170 / 132
- Stock P/E 47.6
- Book Value ₹ 123
- Dividend Yield 8.89 %
- ROCE 4.42 %
- ROE 3.00 %
- Face Value ₹ 134
Pros
- 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 | 4,322 | |
| 1 | 38 | 142 | 212 | 441 | 828 | |
| Operating Profit | -1 | 109 | 556 | 762 | 1,973 | 3,494 |
| OPM % | 74% | 80% | 78% | 82% | 81% | |
| 0 | 3 | 3 | 1 | 2 | 1 | |
| Interest | 0 | 32 | 166 | 280 | 1,055 | 1,724 |
| 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% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 84% |
| TTM: | 79% |
| 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: | 27% |
| 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 | 1,375 | 2,145 | |
| Total Liabilities | 0 | 7,549 | 10,492 | 27,410 | 45,028 | 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 | 18,803 | 7,985 | |
| Total Assets | 0 | 7,549 | 10,492 | 27,410 | 45,028 | 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% | 110% |
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 | 4 | |
| Inventory Days | ||||||
| Days Payable | ||||||
| Cash Conversion Cycle | 15 | 2 | 1 | 2 | 4 | |
| Working Capital Days | -44 | -50 | -372 | -175 | -132 | |
| ROCE % | 3% | 4% | 3% | 3% | 4% |
Insights
In beta| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
| Average Daily Toll Collection (ADTC) INR crore |
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| Number of Road Assets count |
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| Number of States (Geographic Diversification) count |
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| Total Portfolio Length km |
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| Number of Toll Plazas count |
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Extracted by Screener AI
Documents
Announcements
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Investor Complaints
1d - Q1 FY27 investor complaints statement shows zero complaints received, disposed, or pending.
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Unit Holding Pattern
15 Jul - NHIT filed unit holding pattern for quarter ended 30 June 2026.
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Reg 26K: Quarterly Compliance Report on Corporate governance
14 Jul - NHIT filed quarterly corporate governance report for quarter ended 30 June 2026.
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Reg 23(5)(i): Disclosure of material issue
14 Jul - Board approved engaging GMCs for 908 km of NHIT assets; 600 km to follow separately.
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Reg 23(5)(i): Disclosure of material issue
29 Jun - Trading window closes from 1 July 2026 until 48 hours after Q1 FY27 results.
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.