National High share price & results
- Jun 2026
NHAI-sponsored InvIT that owns and tolls a 2,345 km portfolio of national highway stretches across 11 Indian states.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 1,312 | +28.3% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 79.0 | −2.0 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 234 | +93.4% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
| Return on equity | 3.49 | +1.2 pts | Trailing twelve months | TTM to Jun 2026 | Adjusted profit attributable to owners ÷ average owners’ equity. |
| Free cash flow margin | -65.34 | Fiscal year | FY ending Mar 2026 | (Operating cash flow − fixed-asset purchases + disposals) ÷ revenue. | |
| Revenue growth (YoY) | 61.64 | −68.6 pts | Trailing twelve months | TTM to Jun 2026 | Revenue change against the same period one year earlier. |
Price
Performance +18.8% 1Y
1Y: ₹141 on 24 Oct 2025 → ₹167.5. High ₹174 (21 Aug 2026), low ₹141 (24 Oct 2025).
- Previous close
- ₹167.5
- Market cap
- ₹32.4k Cr
- 52-week range
- ₹141.1 – ₹174
- One year
- +17.96%
- Price to earnings (TTM to Jun 2026)
- 40.65×
- Return on equity (TTM to Jun 2026)
- 3.49%
Overview
- Symbol
- NSE:NHIT
- Sector
- Services
- Exchange
- NSE
- Currency
- INR
What National High does
Based on the company's own presentations, annual report and earnings calls.
National Highways Infra Trust is an infrastructure investment trust (InvIT) sponsored by the National Highways Authority of India (NHAI), formed to acquire, own and operate national highway toll-road assets. It holds its road projects through special purpose vehicles (SPVs) under 20-30 year concession agreements, earning toll revenue from vehicles using the highways, and distributes this cash flow to unitholders. The Investment Manager, National Highways Infra Investment Managers Private Limited, runs the Trust's affairs, while a separate Project Manager entity handles operations and maintenance of the road assets. NHIT has grown its portfolio through four monetization rounds since its November 2021 listing, funded via public unit offerings and NCD/bond issuances.
Segments
- Toll road infrastructure (InvIT)
- Highway network under management
- 2,345 km
- Number of road projects/assets
- 26
- States with presence
- 11
- Toll plazas operated
- 41
- Acquisition rounds completed
- 4 (Round 1-4), Round 5 expected
- Portfolio-holding SPVs
- 4 (NWPPL, NEPPL, NSPPL, plus NHIPMPL as project manager)
Fundamentals
Ratios, each with its period
Current values with the period they cover; the trend reads across the 6 fiscal years held (Mar 2021 to Mar 2026).
Financials
What the filings say
Net profit, year on year: +93% (quarter to jun 2026 against jun 2025).
| Line item | Sept 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 567 | 586 | 647 | 1,023 | 1,002 | 1,104 | 1,145 | 1,312 |
| Expenses | 109 | 80 | 90 | 189 | 202 | 178 | 259 | 275 |
| Operating profit | 458 | 507 | 557 | 833 | 800 | 927 | 886 | 1,037 |
| Operating margin | 81.0% | 86.0% | 86.0% | 81.0% | 80.0% | 84.0% | 77.0% | 79.0% |
| Other income | 11 | 15 | 17 | 9 | 12 | 12 | 14 | 11 |
| Interest | 259 | 272 | 270 | 454 | 454 | 417 | 398 | 480 |
| Depreciation | 181 | 201 | 219 | 358 | 331 | 367 | 396 | 446 |
| Profit before tax | 28 | 49 | 86 | 31 | 27 | 155 | 107 | 121 |
| Tax rate | −162.0% | 6.0% | −64.0% | −297.0% | −308.0% | −60.0% | −91.0% | −94.0% |
| Net profit | 74 | 46 | 141 | 121 | 112 | 247 | 205 | 234 |
| EPS (₹ per share) | 0.57 | 0.35 | 0.73 | 0.63 | 0.58 | 1.28 | 1.06 | 1.21 |
| Line item | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| Sales | 687 | 945 | 2,364 | 4,274 |
| Expenses | 142 | 211 | 386 | 828 |
| Operating profit | 545 | 732 | 1,978 | 3,446 |
| Other income | 13 | 31 | 51 | 47 |
| Interest | 167 | 280 | 1,056 | 1,723 |
| Depreciation | 175 | 248 | 796 | 1,452 |
| Profit before tax | 218 | 235 | 177 | 320 |
| Net profit | 257 | 295 | 325 | 685 |
| Line item | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sept 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Equity capital | 5,994 | 7,416 | 14,671 | 22,971 | 22,927 | 26,002 |
| Reserves | 68 | -25 | -275 | -998 | -1,419 | -2,201 |
| Borrowings | 1,465 | 2,942 | 11,734 | 21,680 | 21,712 | 25,048 |
| Other liabilities | 21 | 159 | 1,280 | 1,375 | 2,006 | 2,145 |
| Total liabilities | 7,549 | 10,492 | 27,410 | 45,028 | 45,227 | 50,994 |
| Fixed assets | 7,441 | 10,117 | 10,990 | 26,224 | 43,769 | 43,009 |
| Capital work in progress | 0 | 0 | 0 | 1 | 1 | 0 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Other assets | 108 | 375 | 16,420 | 18,803 | 1,458 | 7,985 |
| Total assets | 7,549 | 10,492 | 27,410 | 45,028 | 45,227 | 50,994 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Cash from operations | 0 | -7,243 | 624 | 805 | 2,099 | 3,820 |
| Cash from investing | 0 | -25 | -2,905 | -15,810 | -18,309 | -6,596 |
| Cash from 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 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Debtor days | — | 15 | 2 | 1 | 2 | 4 |
| Cash conversion cycle | — | 15 | 2 | 1 | 2 | 4 |
| Working capital days | — | -44 | -50 | -372 | -175 | -132 |
| Return on capital employed | — | 3.0% | 4.0% | 3.0% | 3.0% | 4.0% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
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