National Highways Infra Trust logo

National Highways Infra Trust

NHIT NSE

Key Fundamentals

SmallcapToll Road AssetsTransport
Market Cap
₹36,345 Cr
P/E Ratio
41.15
Return on Equity
2.88%
Debt to Equity
1.05
Book Value
₹121.17

Tapetide Score

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

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

Growth Rate

Revenue Growth
62% lower than 3Y
Net Income Growth
111% higher than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 2d ago
AI opinion · based on fundamentals
Risk medium

National Highways Infra Trust (NHIT) is an InvIT with a market cap of ~₹36,345 Cr, trading at a P/E of 41.3x and P/B of 1.4x. The trust has delivered exceptional profit growth of 299% CAGR over 5 years and TTM sales growth of 62%, but carries a low ROE of ~2.5-3% over 3 years and concerns around interest coverage and potential interest capitalization.

Bull Case 8
  • Exceptional 5-year compounded profit growth of 299% CAGR indicates rapidly scaling toll revenues and operational leverage as highway assets mature
  • TTM sales growth of 62% signals strong near-term revenue momentum, likely driven by rising traffic volumes and toll rate revisions
  • 3-year compounded sales CAGR of 84% reflects a sustained top-line expansion trend, not a one-off spike
  • TTM profit growth of 111% demonstrates that earnings are accelerating even on a higher base, outpacing revenue growth
  • Dividend yield of 1.88% provides a regular income stream, which is a core feature of the InvIT structure backed by national highway toll assets
  • P/B ratio of 1.4x is relatively modest for an infrastructure trust backed by long-tenure national highway concessions with predictable cash flows
  • Stock price CAGR of 21% over 1 year and 13% over 3 years shows consistent investor interest and value appreciation
  • Being backed by NHAI, the trust benefits from sovereign-adjacent credit quality and a predictable regulatory framework for toll escalation
Bear Case 8
  • ROE of just 2.5-3% over the last 3 years is very low, indicating the trust generates modest returns relative to its equity base
  • Low interest coverage ratio raises concerns about the trust's ability to comfortably service its debt obligations from operating income
  • Potential capitalization of interest costs may be flattering reported profitability, masking the true cost burden on the P&L
  • P/E of 41.3x is elevated for an infrastructure asset, suggesting the market is pricing in significant future growth that may already be discounted
  • Debt-to-equity ratio is not disclosed, creating limited visibility into the trust's leverage position — a critical metric for an InvIT
  • Low tax rate raises questions about the sustainability of post-tax earnings if tax treatment changes or concession structures are reassessed
  • 3-year ROE has remained flat at ~3% despite 84% sales CAGR, suggesting growth has been capital-intensive and dilutive to returns
  • Limited long-term track record — 5-year and 10-year stock CAGR and several historical metrics are unavailable, making it harder to assess through-cycle performance

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

AI News Digest

Anthropic anthropic claude-opus-4.6 4h ago
Neutral 1
  • Q1FY27 distribution payout completed Aug 18

    NHIT paid ₹3.187 per unit for Q1FY27 on August 18, 2026, to unitholders on record as of August 12. The distribution was declared by the board on August 7 and is subject to withholding taxes.

TL;DR: Limited news flow for NHIT with only a routine quarterly distribution announcement. The ₹3.187 per unit Q1FY27 payout signals steady cash generation from its toll road portfolio. With no negative developments reported, the outlook is stable, though investors should watch for traffic volume trends and any new asset additions to gauge growth momentum.

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 in Rs
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 in Rs
—
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

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56 extracted metrics + investor summaries across FY21–FY26.

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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 10 Sep 2026

Documents

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

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 market capitalisation of National Highways Infra Trust?
National Highways Infra Trust has a market capitalisation of ₹36,345 Cr, which places it in the Large Cap band.
What is the PE ratio of National Highways Infra Trust?
National Highways Infra Trust trades at a PE ratio of 41.15, against a book value of ₹121.17 per share.
Does National Highways Infra Trust pay dividends?
National Highways Infra Trust has a dividend yield of 1.88%.
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
Issued Size 1,93,68,50,600

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