Skip to content
National Highways Infra Trust logo

National Highways Infra Trust

NHIT NSE
₹167.51 0.01 (0.01%)
P/E
40.56

National Highways Infra Trust (NHIT) share price was ₹167.51 at the 28 Oct 2026 close; P/E (TTM) 40.56; sector Services. The share price rose 18.0% over the year to 28 Oct 2026 (adjusted for splits and bonuses). In the Jun 2026 quarter, revenue rose 28.3% year on year to ₹1,311.9 Cr and net profit rose 93.0% year on year to ₹234.5 Cr (compared with Jun 2025). Promoters held 10.50% of National Highways Infra Trust in Jun 2026, unchanged from Mar 2026.

Close 28 Oct 2026 ₹167.51 +25.51 +17.96% 1Y

Key Fundamentals

SmallcapTransport InfrastructureServices
P/E (TTM)
40.56
Return on Equity
2.88%
Debt to Equity
1.05
Book Value
₹121.17
EPS (TTM)
₹4.13
52W High
₹174.00
52W Low
₹141.10

Price-based figures as of 28 Oct 2026, 14:40 IST · EPS basis: Consolidated · TTM

Peer Comparison

Services › Transport Infrastructure › Road AssetsToll, Annuity, Hybrid-Annuity

National Highways Infra Trust (this company)
₹167.5140.5635,821 Cr1.381.90%2.88%4.14%4,613 Cr798 Cr
Cube Highways Trust
₹153.9474.7320,699 Cr2.112.57%2.22%6.40%4,542 Cr277 Cr
Vertis Infrastructure Trust
₹114.9720.8717,440 Cr1.682.81%9.74%9.44%4,252 Cr871 Cr
Interise Trust
₹109.75249.4311,440 Cr2.732.14%-1.34%6.90%3,645 Cr47 Cr
Maple Infrastructure Trust
——9,981 Cr1.6410.21%-2.64%3.65%2,035 Cr-157 Cr
Indus Infra Trust
₹124.9415.547,606 Cr0.982.85%9.81%9.19%853 Cr390 Cr
RaajMarg Infra Investment Trust
₹119.76133.077,200 Cr1.202.01%0.00%0.00%237 Cr57 Cr
Median 7 companies₹122.3557.6511,440 Cr1.642.57%2.22%6.40%3,645 Cr277 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the live price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

Data-driven rating, 0–100. How it works →

No Tapetide Score has been computed for this stock yet.

Key Insights

Strengths

2
  • Company is expected to give good quarter
  • Company has delivered good profit growth of 299% CAGR over last 5 years

Weaknesses

4
  • Company has low interest coverage ratio.
  • 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

Technical Indicators

Oscillators

BearishNeutralBullish

Bearish

Bearish
2
Neutral
7
Bullish
0

Overall

BearishNeutralBullish

Bearish

Bearish
8
Neutral
7
Bullish
4

Moving Averages

BearishNeutralBullish

Bearish

Bearish
6
Neutral
0
Bullish
4

Growth Rate

Revenue Growth
62% lower than 3Y

change over 1 year

Net Income Growth
111% higher than 3Y

change over 1 year

AI Analysis — Bull vs Bear

Figures as of 23 Oct 2026
AI opinion · based on fundamentals
Risk high

National Highways Infra Trust (NHIT) trades at ₹163.5 as of 2026-10-23 with a market cap of ₹36,130.81 Cr, a P/E (TTM) of 39.59x, and a debt-to-equity ratio of 1.05. The trust has delivered explosive profit growth of 299% CAGR over 5 years and 62% TTM sales growth, but carries a low ROE of 2.88% and low interest coverage, reflecting the capital-intensive nature of its infrastructure toll assets.

Bull Case 8
  • Exceptional 5-year compounded profit CAGR of 299%, indicating rapid scaling of earnings as toll assets mature and traffic volumes grow
  • TTM sales growth of 62% signals strong top-line momentum, likely driven by increasing toll collections and addition of new highway assets
  • 3-year compounded profit CAGR of 39% confirms that the high growth trajectory is sustained and not a one-off spike
  • Stock has appreciated 20% over the past 1 year and 12% CAGR over 3 years, reflecting steady investor confidence in the InvIT model
  • Dividend yield of 1.89% as of 2026-10-23 provides a regular income component, relevant for an infrastructure investment trust structured to distribute cash flows
  • Currently trading at ₹163.5 against a 52-week high of ₹174, positioning it within 6% of its peak — indicating resilient demand despite broader market volatility
  • P/B ratio of 1.35 is relatively modest for an infrastructure trust with long-duration national highway concessions backed by sovereign traffic growth
  • Company is expected to deliver a good upcoming quarter, suggesting near-term earnings visibility remains positive
Bear Case 8
  • ROE of just 2.88% (and 3-year average of ~2.51%) is significantly below the cost of equity for most investors, raising questions about capital efficiency
  • ROCE of 4.14% is low for an infrastructure asset, suggesting the toll assets may not be generating adequate returns relative to the capital deployed
  • Debt-to-equity of 1.05 combined with a low interest coverage ratio indicates meaningful financial leverage risk, especially if toll revenues face disruption
  • P/E (TTM) of 39.59x is elevated for an infrastructure trust, implying the market is pricing in substantial future growth that may not materialize if traffic volumes plateau
  • The low tax rate flagged in known concerns could mean reported profits are optically inflated, and any normalization of the tax structure could compress net earnings
  • Potential capitalization of interest costs could be flattering reported profitability — if these costs were expensed, the 299% profit CAGR and current EPS of ₹4.13 could look materially different
  • Limited long-term track record with 5-year and 10-year ROE stuck at around 3%, suggesting the trust has not demonstrated an ability to improve returns on equity over time
  • Trading just 15.9% above the 52-week low of ₹141.1 shows the stock has tested lower levels recently, indicating potential downside vulnerability

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

6h ago
Positives 1
  • ₹2,000 Cr credit facilities approved Oct 9

    NHIT investment manager approved credit facilities up to ₹2,000 crore on Oct 9, 2026, covering Round 1 to Round 5 projects and future rounds. Facilities include rupee term loans, working capital, and non-fund based facilities.

Neutral 1
  • Sponsor holding steady at 10.50% Oct 15

    Sponsor group holds 10.50% of NHIT units as of Sep 30, 2026, with public holding at 89.50%. Foreign bodies constitute 47.01% and provident/pension funds hold 8.14% of total units.

TL;DR: NHIT shows steady institutional interest with foreign bodies holding 47% and a stable sponsor stake at 10.50%. The approval of ₹2,000 crore in credit facilities signals continued project expansion across multiple rounds. No visible headwinds in recent news flow. The outlook is constructive as fresh funding capacity positions the trust for sustained infrastructure investment.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
236
236
232
241
564
567
586
647
1,023
1,002
1,104
1,145
1,312
Expenses
53
58
48
52
107
109
80
90
189
202
178
259
275
Operating Profit
183
178
183
188
456
458
507
557
833
800
927
886
1,037
OPM %
78%
75%
79%
78%
81%
81%
86%
86%
81%
80%
84%
77%
79%
Other Income
5
5
5
16
8
11
15
17
9
12
12
14
11
Interest
61
64
70
85
255
259
272
270
454
454
417
398
480
Depreciation
57
58
62
71
195
181
201
219
358
331
367
396
446
PBT
70
61
56
48
14
28
49
86
31
27
155
107
121
Tax %
-19%
-22%
-28%
-36%
-370%
-162%
6%
-64%
-297%
-308%
-60%
-91%
-94%
Net Profit
83
74
72
66
64
74
46
141
121
112
247
205
234
EPS (₹)
1.14
1.02
0.99
0.5
0.49
0.57
0.35
0.73
0.63
0.58
1.28
1.06
1.21
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
0
147
698
974
2,413
4,322
4,563
Expenses
1
38
142
212
441
828
914
Operating Profit
-1
109
556
762
1,973
3,494
3,649
OPM %
—
74%
80%
78%
82%
81%
80%
Other Income
0
3
3
1
2
1
50
Interest
0
32
166
280
1,055
1,724
1,749
Depreciation
0
11
176
248
797
1,451
1,540
PBT
-1
70
217
235
122
320
410
Tax %
0%
2%
-18%
-25%
-166%
-114%
—
Net Profit
-1
68
257
294
325
686
799
EPS (₹)
—
1.15
3.54
2.24
1.68
3.54
4.13
Div. Payout %
0%
0%
0%
0%
0%
0%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
0
5,994
7,416
14,671
22,971
26,002
Reserves
-1
68
-25
-275
-998
-2,201
Borrowings
0
1,465
2,942
11,734
21,680
25,048
Other Liabilities
1
21
159
1,280
1,375
2,145
Total Liabilities
0
7,549
10,492
27,410
45,028
50,994
Fixed Assets
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
Other Assets
0
108
375
16,420
18,803
7,985
Total Assets
0
7,549
10,492
27,410
45,028
50,994
Figures in ₹ Crores

Cash Flow

Particulars Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
0
-7,243
624
805
2,099
3,820
Investing
0
-25
-2,905
-15,810
-18,309
-6,596
Financing
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
Figures in ₹ Crores

Ratios

Particulars Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
—
15
2
1
2
4
Cash Conversion Cycle
—
15
2
1
2
4
Working Capital Days
—
-44
-50
-372
-175
-132
ROCE %
—
3%
4%
3%
3%
4%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view National Highways Infra Trust insights

57 extracted metrics + investor summaries across FY21–FY27.

Shareholding Pattern

Public2.58%Others72.30%DIIs6.09%Govt.8.54%Promot.10.50%As ofJun 2026
4.59% of promoter holding pledged as of 14 Oct 2026

Documents

1
Concall - Jun 2026 Jun 2026
2
Concall - Feb 2026 Feb 2026
3
Concall - Nov 2025 Nov 2025
4
Concall - Jun 2025 Jun 2025
5
Concall - Aug 2023 Aug 2023

Frequently Asked Questions about National Highways Infra Trust

What does National Highways Infra Trust do?
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 i...
Where is National Highways Infra Trust (NHIT) listed?
National Highways Infra Trust trades as NHIT on the NSE and under code 543385 on the BSE.
Which sector does National Highways Infra Trust belong to?
National Highways Infra Trust is classified under the Services sector, in the Transport Infrastructure industry.
What is the PE ratio of National Highways Infra Trust?
National Highways Infra Trust trades at a PE ratio of 40.56 as of 28 Oct 2026, on earnings per share of ₹4.13, against a book value of ₹121.17 per share.
What is the 52-week high and low of National Highways Infra Trust?
Over the last 52 weeks National Highways Infra Trust has traded between ₹141.1 and ₹174 as of 28 Oct 2026.
Does National Highways Infra Trust pay dividends?
National Highways Infra Trust has a dividend yield of 1.90%.
What is the Return on Equity (ROE) of National Highways Infra Trust?
National Highways Infra Trust reported a return on equity of 2.88%. Its debt-to-equity ratio is 1.05.

Company Information

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]

Website nhit.co.in
Listed 2021-11-09
Face Value ₹ 134

For AI agents and developers

Reading this as an AI agent, LLM or automated pipeline? Every page on Tapetide is also published as clean Markdown — no navigation, no scripts, just the data. Fetch https://tapetide.com/stocks/NHIT.md for National Highways Infra Trust: company profile, latest price, key fundamentals, the Tapetide Score, growth rates, quarterly and annual financial statements, shareholding pattern, technical indicators, analyst ratings and exchange filings.

Append .md to any Tapetide URL for the same treatment. A full index of what we publish is at /llms.txt and /llms-full.txt. For live, structured queries instead of documents, use our Indian stock market MCP server.

Explore More

More Transport Infrastructure stocks → FII DII DataStock ScreenerNifty 50 HeatmapF&O Ban ListFII and DII flows, month by monthHow Tapetide Scores changed, month by monthStocks mutual funds are buying, month by month