🔍

National Highways Infra Trust (NHIT)

📊 NSE: NHIT 🏢 Construction 📢 Latest filing: 15 Oct 2026 📝 Analysis written: 14 Dec 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, National Highways' revenue was ₹1,312 Cr (+28.2% year on year, +14.6% on the previous quarter), and net profit ₹234 Cr (+93.8% year on year); the operating margin was 79.0%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹1,312	+28.2%	+14.6%
Operating profit	₹1,037	+24.4%	+17.0%
Net profit	₹234	+93.8%	+14.4%
EPS (₹)	1.10	+74.6%	+3.8%
Operating margin	79.0%	—	—

Full quarterly financials → Results calendar →

📢 Recent Corporate Announcements

NHIT Reports Q2 FY27 Unitholding: Sponsor Holds 10.50%, Public Holds 89.50%

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 15 Oct 2026, 05:06 PM

National Highways Infra Trust (NHIT) has disclosed its unitholding pattern for the quarter ended September 30, 2026. The Sponsor group holds 22,44,54,500 units, representing 10.50% of the total outstanding units, all of which are mandatorily held with zero encumbrance. Public unitholders account for the remaining 89.50% (1,91,40,96,100 units), led by foreign corporate bodies at 47.01% and domestic institutions including provident/pension funds at 8.14%. Total outstanding units stand at 2,13,85,50,600.

Total outstanding units stand at 2,13,85,50,600 as of September 30, 2026
Sponsor and Sponsor Group holding stands at 10.50% (22,44,54,500 units), 100% mandatorily held
Foreign corporate bodies represent the largest unitholder block at 47.01% (1,00,52,75,300 units)
Provident and pension funds hold 8.14% (17,41,13,096 units), while Foreign Portfolio Investors hold 7.21% (15,41,95,671 units)

💡 Track the upcoming Q2 FY27 financial results and distribution declarations, as well as progress on the proposed Bundle 5 asset acquisition pipeline.

NHIT Board Approves Borrowing Up to ₹2,000 Cr Credit Facilities for Major Road Maintenance

🟡 NEUTRAL ⭐ 6/10

FUNDRAISE 📅 09 Oct 2026, 06:42 PM

National Highways Infra Trust (NHIT) has approved availing credit facilities up to ₹2,000 crore from banks and financial institutions. The funds, in the form of rupee term loans, working capital, or non-fund-based facilities, will finance major maintenance expenditure across Round 1 through Round 5 projects and future rounds. The borrowing amount represents approximately 43.8% of NHIT's TTM revenue of ₹4,563 crore and about 8.0% of its total debt of ₹25,039 crore. The facility will also support project needs including the pending Round 5 assets.

Board approved credit facilities up to an aggregate amount of INR 2,000 Crores
Facilities to be in the form of rupee term loans, working capital, and/or non-fund based facilities
Borrowing to fund Major Maintenance Expenditure across Rounds 1, 2, 3 ('Leap'), 4 ('Ascent'), 5, and future projects
Approval includes execution of financing documents and creation of related security

💡 Track the impact of these additional borrowings on NHIT's finance costs in upcoming quarterly disclosures, along with updates on the Round 5 asset acquisition pipeline.

NHIT Q1 FY27: Revenue Rises 28% to ₹1,312 Cr, DPU Increases to ₹3.187/unit

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 31 Aug 2026, 04:50 PM

National Highways Infra Trust (NHIT) released its Q1 FY27 investor presentation, reporting consolidated operational revenue of ₹1,312 crore, up 28.3% YoY from ₹1,023 crore in Q1 FY26. The increase was supported by the operationalization of Round 5 assets starting 1 April 2026, which contributed ₹128 crore in revenue. Net profit (PAT) increased by 94.2% YoY to ₹235 crore compared to ₹121 crore in Q1 FY26. Total quarterly distribution declared stood at ₹682 crore, translating to ₹3.187 per unit with a reported quarterly distribution yield of ~2.12%.

Revenue from operations increased 28.3% YoY to ₹1,312 Cr in Q1 FY27 from ₹1,023 Cr in Q1 FY26.
PAT grew 94.2% YoY to ₹235 Cr from ₹121 Cr in the corresponding quarter of the previous year.
Quarterly DPU rose to ₹3.187 per unit (total distribution of ₹682 Cr across 213.86 Cr outstanding units).
Consolidated portfolio expanded to ~2,655 km across 5 asset rounds with an Enterprise Value of ₹58,604 Cr.
Leverage remains balanced with a Debt-to-EV ratio of 0.42x and a Debt Service Coverage Ratio (DSCR) of 2.49x.

💡 Monitor toll traffic trends across major commercial corridors (such as NH 44) and track the progress of potential future asset monetization bundles from NHAI.

NHIT Completes Distribution Payout of Rs 3.187 Per Unit for Q1 Ended June 2026

🟢 POSITIVE ⭐ 5/10

DIVIDEND 📅 18 Aug 2026, 06:18 PM

National Highways Infra Trust (NHIT) has completed the payment of its distribution of Rs 3.187 per unit for the quarter ended June 30, 2026. The distribution was declared on August 7, 2026, with a record date of August 12, 2026, and all disbursements to eligible unitholders were finalized on August 18, 2026. Distributions for preceding periods up to March 2026 have already been settled.

Distribution payment of Rs 3.187 per unit completed on August 18, 2026
Payout pertains to the 3-month period from April 1, 2026 to June 30, 2026
Record date for unitholder eligibility was August 12, 2026
Distributions for all prior periods up to March 2026 already paid

💡 Unitholders can verify the receipt of funds in their registered bank accounts. Monitor future quarterly toll revenue trends and updates on the proposed Bundle 5 road acquisitions.

₹58,245 Cr Enterprise Valuation and ₹159.35 NAV reported for NHIT as of June 2026

🟡 NEUTRAL ⭐ 5/10

ROUTINE 📅 07 Aug 2026, 09:01 PM

NHIT has disclosed its independent valuation report for the quarter ended June 30, 2026, conducted by EY Merchant Banking Services. The enterprise valuation of the Trust's 28 road assets is pegged at ₹58,245 Crore, which is approximately 1.16x the total concession fees paid of ₹50,105.8 Crore. The Net Asset Value (NAV) is calculated at ₹159.35 per unit (pre-distribution) and ₹156.16 (post-distribution). This valuation reflects the full portfolio including the most recent Round 5 assets added in April 2026.

Enterprise valuation of existing assets stands at ₹58,245 Crore as of June 30, 2026
Net Asset Value (NAV) per unit is ₹159.35 pre-distribution and ₹156.16 post-distribution
Total concession fees paid for the 28 operating toll assets across five rounds amount to ₹50,105.8 Crore
The portfolio covers 2,345 km of national highways, with Round 4 (11 roads) being a major recent contributor
Valuation is based on the Discounted Cash Flow (DCF) method using a 7% Market Risk Premium benchmark

💡 Investors should compare the current market price of NHIT units against the post-distribution NAV of ₹156.16 to assess if the trust is trading at a premium or discount. Watch for the actual cash distribution announcement following this valuation.

NHIT Submits Statement of Deviation for Quarter Ended June 30, 2026

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 07 Aug 2026, 08:43 PM

National Highways Infra Trust (NHIT) has submitted its mandatory Statement of Deviation/Variation for the quarter ended June 30, 2026. This filing is a routine regulatory requirement under SEBI's Master Circular for InvITs to ensure transparency in fund utilization. The submission confirms that capital raised through previous issues is being monitored for alignment with stated objectives. For an entity with a significant debt of 25,039 Cr, such compliance filings are essential for maintaining credit and investor confidence.

Submission of Statement of Deviation/Variation for the quarter ended 30th June, 2026
Compliance with SEBI Master Circular dated 11th July, 2025
Filing completed on 07th August, 2026, within regulatory timelines
Refers to BSE Scrip Code 543385 and NSE Symbol NHIT

💡 Investors should focus on the upcoming acquisition of 'Bundle 5' from NHAI, which is the primary growth catalyst for the Trust's 2,345 km road portfolio.

₹3.187 Distribution Declared; NHIT Enterprise Value Reaches ₹58,245 Crore

🟢 POSITIVE ⭐ 6/10

DIVIDEND 📅 07 Aug 2026, 08:07 PM

National Highways Infra Trust (NHIT) has declared a distribution of ₹3.187 per unit for the quarter ended June 30, 2026. The distribution consists of ₹3.179 as interest pass-through and ₹0.008 as other income, with a record date set for August 12, 2026. The trust's enterprise valuation has been updated to ₹58,245 Crore, with a post-distribution Net Asset Value (NAV) of ₹156.16 per unit. The portfolio now encompasses 2,653 km of road assets across 13 states.

Distribution of ₹3.187 per unit declared for the quarter ended June 30, 2026
Enterprise valuation of assets stands at ₹58,245 Crore as of June 30, 2026
Post-distribution Net Asset Value (NAV) reported at ₹156.16 per unit
Portfolio expanded to 2,653 km (13,315 lane kms) across 13 Indian states
Record date for distribution eligibility is August 12, 2026

💡 Investors should track the yield consistency relative to the NAV and monitor the progress of the proposed 'Bundle 5' acquisition for future growth.

NHIT Approves ₹3.187/Unit Distribution; Enterprise Value Reaches ₹58,245 Crore

🟢 POSITIVE ⭐ 7/10

DIVIDEND 📅 07 Aug 2026, 07:49 PM

National Highways Infra Trust (NHIT) has declared a distribution of ₹3.187 per unit for the quarter ended June 30, 2026, consisting primarily of interest pass-through. The trust's enterprise valuation has been updated to ₹58,245 Crore across its portfolio of 26 road assets. The post-distribution Net Asset Value (NAV) is calculated at ₹156.16 per unit. This follows a strong FY26 where the trust achieved a TTM revenue of ₹4,274 Crore with an operating margin of 80.6%.

Quarterly distribution of ₹3.187 per unit approved, with a record date of August 12, 2026.
Independent valuation by EY reports an enterprise value of ₹58,245 Crore for existing assets.
Post-distribution Net Asset Value (NAV) stands at ₹156.16 per unit as of June 30, 2026.
Portfolio now spans 2,653 km (13,315 lane kms) across 13 states with 26 road assets.
Distribution to be paid within 5 working days from the record date.

💡 Investors should track the yield based on the ₹3.187 quarterly payout and monitor the upcoming acquisition of 'Bundle 5' from NHAI to assess future distribution growth.

NHIT Unitholders Approve FY26 Financials and Valuer Re-appointment at 5th AGM

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 29 Jul 2026, 03:38 PM

National Highways Infra Trust (NHIT) successfully concluded its 5th Annual Meeting on July 27, 2026, with unitholders approving all three proposed resolutions. Key approvals included the adoption of FY26 audited financial statements, where the trust reported a revenue of ₹4,274 Cr, and the adoption of the FY26 valuation report. Additionally, unitholders approved the re-appointment and remuneration of the trust's valuer for a term extending until November 30, 2028. Approximately 66.8% of the total 213.85 Cr units were polled, with 100% of votes cast in favor of all resolutions.

100% of the 142.85 Cr votes polled were in favor of adopting the FY26 financial statements and valuation report
Total units polled represented 66.8% of the 213.85 Cr outstanding units of the Trust
Unitholders approved the re-appointment of the valuer for a period ending November 30, 2028
The trust reported FY26 revenue of ₹4,274 Cr and PAT of ₹685 Cr, supported by its 2,345 km road portfolio

💡 Investors should focus on the execution of the 'Bundle 5' acquisition from NHAI, which is the primary growth driver for the trust's revenue and distribution capacity.

NHIT 5th Annual Meeting: Unitholders Approve FY26 Financials and Valuer Re-appointment

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 27 Jul 2026, 08:39 PM

National Highways Infra Trust (NHIT) concluded its 5th Annual Meeting on July 27, 2026, where unitholders approved the audited financial statements for FY26. The trust reported a TTM revenue of ‡4,274 Cr and a PAT of ‡685 Cr. Key resolutions passed include the adoption of the FY26 valuation report and the re-appointment of Ernst & Young Merchant Banking Services LLP as the valuer until November 30, 2028. The meeting was conducted via video conferencing and concluded within 25 minutes with no queries raised by the unitholders present.

Approval of Audited Standalone and Consolidated Financial Statements for the year ended March 31, 2026 (TTM Revenue: ‡4,274 Cr).
Adoption of the Valuation Report for the Trust's assets as of March 31, 2026.
Re-appointment and remuneration approval for the valuer for a period ending November 30, 2028.
The meeting was brief, commencing at 4:00 p.m. and concluding at 4:25 p.m. IST.
Only 2 unitholders were recorded as present during the virtual meeting.

💡 Investors should focus on the execution of the 'Bundle 5' acquisition from NHAI, which is the primary growth driver for the trust's 2,345 km portfolio.

View All NHIT Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Total Revenue from Operations grew 76.72% YoY to INR 1,002 Cr in Q2 FY26 from INR 567 Cr in Q2 FY25. Segment growth: SPV 1 (NWPPL - R1 & R2) grew 8.61% to INR 265 Cr; SPV 2 (NEPPL - R3) grew 8.05% to INR 349 Cr; SPV 3 (NSPPL - R4) contributed INR 388 Cr following its commencement on April 1, 2025.

Geographic Revenue Split

Revenue is diversified across 12 states: Andhra Pradesh, Assam, Chhattisgarh, Gujarat, Karnataka, Madhya Pradesh, Maharashtra, Rajasthan, Telangana, Uttar Pradesh, Uttarakhand, and West Bengal. Specific % split per state is not disclosed, but the portfolio covers 2,345 km of national highways.

Profitability Margins

EBITDA margin stood at 81.04% in Q2 FY26 (INR 812 Cr EBITDA on INR 1,002 Cr revenue) compared to 82.72% in Q2 FY25. PAT margin was 11.18% in Q2 FY26 (INR 112 Cr) compared to 13.05% in Q2 FY25 (INR 74 Cr).

EBITDA Margin

EBITDA Margin was 81.04% in Q2 FY26, a slight decrease of 1.68% YoY from 82.72% in Q2 FY25, primarily due to the integration of 11 new assets under Round 4 which increased operational scale.

Capital Expenditure

NHIT raised unit capital of INR 23,053 Cr since November 2021 to acquire concession rights. Total concession fees remitted for 26 assets amount to approximately INR 46,500 Cr. Future CAPEX includes phased debt raising for Major Maintenance (MM) expenses.

Credit Rating & Borrowing

NHIT maintains a 'AAA/Stable' rating from CARE and India Ratings. Total outstanding debt was INR 21,901 Cr as of September 30, 2025. Borrowing includes NCDs of INR 1,500 Cr and Zero Coupon Bonds (ZCB) of INR 1,000 Cr listed in January 2025.

⚙️ Operational Drivers

Raw Materials

As an infrastructure trust, the primary 'raw materials' are the 26 road assets totaling 2,345 km. Operational costs are driven by Major Maintenance (MM) and Routine Maintenance (O&M) which represent the bulk of cash outflows before debt servicing.

Import Sources

Not applicable as NHIT operates domestic road assets. All assets are located within 12 Indian states including Karnataka, Madhya Pradesh, Uttar Pradesh, and West Bengal.

Key Suppliers

NHIPMPL (National Highways InvIT Project Managers Private Limited), a 100% subsidiary of NHAI, acts as the Project Manager responsible for operations and maintenance.

Capacity Expansion

Current capacity is 2,345 km across 26 toll road assets. Expansion is planned through the acquisition of Bundle 5, which was offered by NHAI for monetization in June 2025.

Raw Material Costs

Concession fees for assets are the primary acquisition cost, totaling ~INR 46,500 Cr. O&M and MM expenses are managed through surplus cashflows and phased debt raising to ensure road quality over 20-30 year concession periods.

Manufacturing Efficiency

Operational efficiency is measured by toll collection health. Q2 FY26 saw a 76.7% increase in total revenue, driven by the addition of 11 assets in Round 4 (NSPPL).

Logistics & Distribution

Not applicable; NHIT provides the infrastructure for logistics and distribution for third-party commercial vehicles.

📈 Strategic Growth

Expected Growth Rate

15.20%

Growth Strategy

Growth is achieved through the 'National Asset Monetisation Pipeline' by acquiring road bundles from NHAI. NHIT has completed four rounds of acquisitions and is currently evaluating Bundle 5. The strategy relies on long-term 20-30 year concessions and periodic toll rate revisions.

Products & Services

Toll collection services and road infrastructure maintenance for 26 national highway stretches totaling 2,345 km.

Brand Portfolio

NHIT (National Highways Infra Trust), NHAI (Sponsor).

New Products/Services

Addition of Round 4 assets (11 roads) on April 1, 2025, contributed 38.7% of total revenue in Q2 FY26. Future growth will come from the proposed Bundle 5 acquisition.

Market Expansion

Expansion is focused on acquiring more national highway bundles from NHAI's monetization target of INR 1.6 lakh Cr, of which INR 1.1 lakh Cr has been achieved as of December 2024.

Market Share & Ranking

NHIT is a principal vehicle for NHAI's asset monetization. In March 2025, it completed the largest InvIT monetization of over INR 18,000 Cr.

Strategic Alliances

NHIT is sponsored by NHAI (National Highways Authority of India) and managed by NHIIMPL, which is 100% owned by the Government of India (MoRTH).

🌍 External Factors

Industry Trends

The industry is moving toward the 'Tolling-Operation-Transfer' (TOT) and InvIT models for asset recycling. NHAI has successfully monetized INR 1.1 lakh Cr of assets as of late 2024, with NHIT being a key beneficiary.

Competitive Landscape

Competition is limited by the geographic exclusivity of highway concessions, though alternate modes of transport (rail/air) and new expressways pose long-term competition.

Competitive Moat

Moat is derived from the 'contributory irrevocable Trust' structure and 20-30 year exclusive concession rights on critical national corridors. These are sustainable due to the high capital intensity and regulatory barriers to building competing highways.

Macro Economic Sensitivity

Highly sensitive to GDP growth as commercial traffic (trucking) is a primary revenue driver. Toll revenue is also sensitive to WPI inflation for annual rate revisions.

Consumer Behavior

Increased adoption of FASTag and digital payments has improved toll collection efficiency and transparency.

Geopolitical Risks

Low direct risk as assets are domestic; however, global supply chain disruptions can indirectly affect commercial traffic volumes on national highways.

⚖️ Regulatory & Governance

Industry Regulations

Operations are governed by the National Highways Act and specific Concession Agreements (CA) with NHAI, which dictate tolling standards and maintenance requirements.

Environmental Compliance

NHIT has been assigned the second-highest ESG rating category, reflecting strong management of environmental and social risks.

Taxation Policy Impact

NHIT operates under the SEBI InvIT Regulations, 2014, which requires distributing at least 90% of net cash flows to unitholders, providing tax efficiencies for the trust.

Legal Contingencies

Not disclosed in the available documents; however, the trust structure and NHAI sponsorship provide a stable legal framework.

⚠️ Risk Analysis

Key Uncertainties

Traffic volume volatility and potential changes in government tolling policies are key risks. A significant economic downturn could reduce commercial traffic by 10-15%, impacting debt coverage.