Skip to content
National Highways Infra Trust logo

National Highways Infra Trust

NHIT NSE
₹169.00 +0.20 (+0.12%)
P/E
40.92
View as Markdown
MCP
Close 4 Nov 2026 ₹169.00 +26.00 +18.2% 1Y
Start ₹143.00

Key Fundamentals

SmallcapTransport InfrastructureServices

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
4.42%
Debt to Equity
1.05
EPS (TTM)
₹4.13
Book Value
₹121.17
Market Cap
—
P/E (TTM)
40.92
P/B
1.39
ROE
3.00%
Dividend Yield
1.89%
EBITDA
—
52W High
₹174.00
52W Low
₹143.00
Day Range
₹169.00 – ₹169.05
Volume
2,50,000

Peer Comparison

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

National Highways Infra Trust peer comparison
National Highways Infra Trust (this company)
₹169.0040.92₹36,142 Cr1.391.89%3.00%4.42%₹4,563 Cr₹798 Cr
Cube Highways Trust
₹151.9273.75₹20,356 Cr2.315.11%1.38%6.44%₹4,421 Cr₹277 Cr
Vertis Infrastructure Trust
₹115.0020.87₹17,365 Cr1.682.83%9.53%11.00%₹4,126 Cr₹871 Cr
Interise Trust
₹109.75249.43₹11,201 Cr2.732.14%0.85%10.80%₹3,575 Cr₹47 Cr
Maple Infrastructure Trust
——₹9,981 Cr1.6410.21%−3.14%5.36%₹2,032 Cr−₹157 Cr
Indus Infra Trust
₹133.0316.55₹8,112 Cr1.045.39%7.92%6.77%₹775 Cr₹390 Cr
RaajMarg Infra Investment Trust
₹119.83133.14₹7,206 Cr1.202.00%——₹237 Cr₹57 Cr
Median 7 companies₹126.4357.34₹11,201 Cr1.642.83%2.19%6.61%₹3,575 Cr₹277 Cr

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

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

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallStrong Bullish3511
OscillatorsNeutral252
Moving AveragesStrong Bullish109

Key readings

RSI (14)
50.64
Neutral
MACD (12,26,9)
−0.35
Bullish
SMA (50)
169.41
Bearish
SMA (200)
155.40
Bullish

As of

Growth Rate

From the financial statements below. 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
5YZero base
3Y+83.63%
1Y+79.11%
TTM+61.64%

Net profit

Net profit growth by window
5YTurned to profit
3Y+38.72%
1Y+111.08%
TTM+108.90%

Operating cash flow

Operating cash flow growth by window
5YZero base
3Y+82.93%
1Y+81.99%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
5YNo sales
3Y+1.18 pp
1Y−0.93 pp
TTM−3.43 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2021₹0.00 Cr
Mar 2022₹147 Cr
Mar 2023₹698 Cr
Mar 2024₹974 Cr
Mar 2025₹2,413 Cr
Mar 2026₹4,322 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2021−₹1.00 Cr
Mar 2022₹68.00 Cr
Mar 2023₹257 Cr
Mar 2024₹294 Cr
Mar 2025₹325 Cr
Mar 2026₹686 Cr

AI Analysis — Bull vs Bear

Figures as of 30 Oct 2026
AI opinion · based on fundamentals
Risk high

National Highways Infra Trust (NHIT) trades at ₹168.5 with a market cap of ₹35,823 Cr, near its 52-week high of ₹174. The trust has delivered exceptional profit growth of 299% CAGR over five years, but carries a low ROE of 2.88% and a debt-to-equity ratio of 1.05, reflecting the capital-intensive nature of infrastructure investment trusts.

Bull Case 8
  • Exceptional long-term profit growth with a 5-year compounded profit CAGR of 299%, indicating rapid scaling of earnings from its toll road portfolio.
  • Strong TTM profit growth of 111% suggests the earnings momentum has continued into recent quarters, not just a base-effect phenomenon.
  • Compounded sales growth of 84% over 3 years reflects robust toll revenue expansion, likely driven by increasing traffic volumes and periodic toll revisions.
  • TTM revenue growth of 62% demonstrates that top-line expansion remains healthy even as the base grows larger.
  • Stock price CAGR of 20% over 1 year and 12% over 3 years shows consistent price appreciation, with the unit trading at ₹168.5, close to the 52-week high of ₹174.
  • Dividend yield of 1.9% provides a regular income stream, a characteristic feature of infrastructure investment trusts that distribute a significant portion of cash flows.
  • Price-to-book ratio of 1.39 is relatively modest for an infrastructure trust with high-growth toll assets, suggesting the market is not assigning a steep premium to book value.
  • The trust is expected to deliver a good upcoming quarter, which, if realized, could sustain the recent earnings trajectory of 39% compounded profit growth over 3 years.
Bear Case 7
  • Return on equity stands at just 2.88%, and the 3-year average ROE is only 3%, indicating that despite rapid profit growth, returns generated on unitholders' equity remain very thin.
  • ROCE of 4.14% is low, suggesting the trust's overall capital efficiency is weak relative to the total capital employed, including debt.
  • Debt-to-equity ratio of 1.05 means the trust carries roughly as much debt as equity, and a low interest coverage ratio raises concerns about the ability to comfortably service this debt.
  • TTM PE of 40.8 is elevated, implying the market is pricing in substantial future growth — any shortfall in toll revenue or traffic volumes could lead to a de-rating.
  • Potential capitalization of interest costs could be flattering reported profits; if interest were fully expensed, the actual earnings and the 299% five-year profit CAGR could look materially lower.
  • A seemingly low tax rate introduces uncertainty — any normalization of the effective tax rate would directly compress net earnings and widen the PE multiple further from the current 40.8.
  • With 3-year ROE flat at 3% despite 84% compounded sales growth, the trust's ability to convert revenue growth into meaningful equity returns remains unproven at scale.

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

AI News Digest

10h ago

TL;DR: NHIT shows steady institutional interest with a diversified unitholder base and strong foreign participation at 47%. The approval of ₹2,000 crore in credit facilities signals continued project expansion across multiple rounds. No material headwinds emerged in this period. The outlook is constructive as fresh funding capacity positions the trust for sustained infrastructure asset growth.

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

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

Neutral 1
  • Sponsor holding steady at 10.50% Oct 15

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

Quarterly Results

₹ Cr
NHIT quarterly results, ₹ crore
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

Profit & Loss

₹ Cr
NHIT profit and loss, annual, ₹ crore
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%
—

Balance Sheet

₹ Cr
NHIT balance sheet, annual, ₹ crore
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

Cash Flow

₹ Cr
NHIT cash flow, annual, ₹ crore
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

Ratios

NHIT financial ratios, annual
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 across FY21–FY27.

Shareholding Pattern

As of Sep 2026

  • Others 72.33%
  • Promoters 10.50%
  • Government 8.54%
  • DIIs 6.06%
  • Public 2.58%

4.59% of promoter holding pledged as of 14 Oct 2026

Change since Jun 2026

Documents

  • Concall · Jun 2026
    PPT
  • Q3 FY26 concall · Feb 2026
    PPT
  • Q2 FY26 concall · Nov 2025
    PPT
  • Concall · Jun 2025
    PPT
  • Q1 FY24 concall · Aug 2023
    PPT

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.
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 40.92 as of 4 Nov 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 ₹143 and ₹174 as of 4 Nov 2026.
Does National Highways Infra Trust pay dividends?
National Highways Infra Trust has a dividend yield of 1.89%.
What is the Return on Equity (ROE) of National Highways Infra Trust?
National Highways Infra Trust reported a return on equity of 3.00%. 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.

Website nhit.co.in
Listed 9 Nov 2021
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: dated key facts, then this page's sections in order: latest price, key fundamentals, peer comparison, the Tapetide Score, technical indicators, analyst ratings, growth rates, analyst forecasts, the AI analysis and news digest (labelled as AI-generated), financial statements, shareholding pattern, documents and the FAQ.

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