National Highways Infra Trust (NHIT)
🎯 Key Takeaways
- National Highways Infra Trust (NHIT) operates as an infrastructure investment trust focused on toll-based highway assets in India, currently in a growth phase driven by portfolio expansion and operational optimization. Management is actively acquiring and monetizing highway concessions to scale revenue, though profitability metrics remain under pressure from capital intensity and debt servicing.
- Revenue grew 14.5% QoQ to ₹1,312 in Q1FY27.
- ⚠️ 1) High debt levels (D/E of 1.05) increase financial vulnerability, especially as interest coverage remains weak given modest EBITDA margins. 2) Toll
- Market Cap
- ₹36,569
- P/E Ratio
- 42.5
- P/B Ratio
- 1.54
- ROE
- 3.4%
- ROCE
- 4.4%
- Debt/Equity
- 1.05
- Div Yield
- 6.63%
- Promoter
- 10.5%
📖 The Story
National Highways Infra Trust (NHIT) operates as an infrastructure investment trust focused on toll-based highway assets in India, currently in a growth phase driven by portfolio expansion and operational optimization. Management is actively acquiring and monetizing highway concessions to scale revenue, though profitability metrics remain under pressure from capital intensity and debt servicing.
📰 What's Happening
In Q1 FY27 (Mar 2026), NHIT reported total income of ₹1,312 crore with operating profit of ₹590 crore (OPM 45%), reflecting improved operational efficiency despite rising costs. Management highlighted the successful toll collection on newly operationalized stretches and ongoing bidding for two new highway projects in Q4 FY26. The balance sheet shows steady asset growth to ₹51,096 crore by March 2026, supported by strategic borrowings of ₹25,091 crore, indicating active capital deployment for expansion.
Source: Stock Announcements
📊 Quarterly Results (₹ Cr)
| Metric | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|
| Revenue | 1,002 | 1,104 | 1,145 | 1,312 |
| Operating Profit | 469 | 560 | 490 | 590 |
| OPM % | 46.9% | 50.7% | 42.8% | 45.0% |
| Net Profit | 112 | 247 | 205 | 235 |
| EPS | ₹0.58 | ₹1.28 | ₹1.06 | ₹1.10 |
Revenue has grown sequentially from ₹1,002 crore in September 2025 to ₹1,312 crore in June 2026, driven by higher toll realizations and new asset acquisitions. However, net profit declined to ₹235 crore in June 2026 from ₹247 crore in December 2025, primarily due to increased operating expenses and finance costs. Management attributed this to temporary ramp-up costs during infrastructure commissioning and emphasized that profitability is expected to stabilize as new assets reach full operational capacity.
🔮 Management Outlook & What's Next
Management expressed confidence in sustained revenue growth through the acquisition of two new greenfield highway projects currently under bidding, targeting completion by FY28. They highlighted that the pipeline of monetization opportunities remains robust, with plans to recycle capital through toll revenue and strategic disinvestments. No formal financial guidance was provided, but capital expenditure guidance is expected in the upcoming annual report.
Extracted from official company announcements. Not StockFin.ai's opinion.
🏦 Balance Sheet (₹ Cr)
| Item | Mar 2025 | Mar 2026 | Mar 2026 | Mar 2027 |
|---|---|---|---|---|
| Equity Capital | 22,971 | 26,002 | 22,927 | 25,992 |
| Reserves | -998 | -2,201 | -1,419 | -2,388 |
| Borrowings | 21,680 | 25,039 | 21,712 | 25,091 |
| Total Liabilities | 45,029 | 50,994 | 45,227 | 51,096 |
| Fixed Assets | 20 | 43,009 | 22 | 35 |
| Investments | 0 | 0 | 0 | 0 |
| Total Assets | 45,029 | 50,994 | 45,227 | 51,096 |
The balance sheet reflects a capital-intensive growth strategy, with borrowings rising to ₹25,091 crore by March 2026 while equity remains relatively stable at ₹25,992 crore. Reserves are negative due to cumulative losses, but asset growth outpaces liability increases, suggesting disciplined leverage utilization for asset acquisition rather than speculative investment.
💰 Cash Flow Statement (₹ Cr)
| Item | Mar 2026 |
|---|---|
| Operating | +3,820 |
| Investing | -6,596 |
| Financing | +2,930 |
| Net Cash Flow | +154 |
👥 Shareholding Pattern
| Category | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoters | 11.1% | 11.1% | 10.5% | 10.5% |
| FII | 0.0% | 0.0% | 7.2% | 7.2% |
| DII | 8.3% | 7.0% | 6.2% | 6.1% |
| Public | 2.8% | 2.8% | 2.5% | 2.6% |
| # Shareholders | 0 | 0 | 0 | 0 |
FII holdings have remained stable at 7.21% in Q1 FY27, indicating sustained institutional confidence, while DII participation has slightly declined from 6.2% to 6.09%. Promoter holding is stable at 10.5%, with no recent pledging activity. The absence of FII or DII exits in recent quarters suggests long-term investor alignment with the trust’s infrastructure thesis.
⚖️ Peer Comparison — Infrastructure Investment Trusts
| Company | MCap (₹ Cr) | P/E | ROCE | ROE | D/E |
|---|---|---|---|---|---|
| 543225 | 57,357 | 42.5 | 9.7% | — | 3.12 |
| NHIT | 36,569 | 42.5 | 4.4% | — | 1.05 |
| CUBEINVIT | 20,692 | 74.7 | 6.9% | — | 1.81 |
| INDIGRID | 16,461 | 28.0 | 8.0% | — | 3.00 |
| INTERISE | 11,659 | 254.2 | 11.3% | — | 1.47 |
| PGINVIT | 9,286 | 10.3 | 10.9% | — | 0.13 |
| IRBINVIT | 8,238 | 19.4 | 5.8% | — | 1.21 |
| INDUSINVIT | 7,977 | 15.0 | 8.8% | — | 0.44 |
| CITIUSINVT | 7,201 | — | — | — | -1.54 |
| RIIT | 7,182 | — | — | — | — |
🔗 Peer Stock Analyses
⚠️ Risk Factors
1) High debt levels (D/E of 1.05) increase financial vulnerability, especially as interest coverage remains weak given modest EBITDA margins. 2) Toll revenue growth is becoming increasingly competitive, with new bids facing pricing pressure from existing operators. 3) Execution delays in new project commissioning could disrupt the monetization pipeline and delay expected cash flow accretion.
📋 Recent Filings
- Announcement2026-09-28National Highways Infra Trust (NHIT) announced that its trading window will close on October 1, 2026, and remain shut for 48 hours after the upcoming …
- Announcement2026-08-31National Highways Infra Trust (NHIT) released its Q1 FY27 investor presentation on August 31, 2026, highlighting strong portfolio growth, consistent f…
🧠 Analyst's Read
NHIT is transitioning from a nascent trust to a scale-driven operator, with growth ambitions anchored in strategic asset acquisition and toll optimization. Investors should monitor upcoming project wins, capital allocation efficiency, and the pace of operational ramp-ups to assess whether revenue growth can translate into sustainable profitability.
Based on filing content and financial data. Not a recommendation.
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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-29.
Editorial & Data Transparency Notice
This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.
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