NHIT

National High share price & financials

Price
₹168.5
Market cap
₹32.9k Cr
Sector
Services

What National High does

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)
Founded 2020Headquarters G-5 & 6, Sector 10, Dwarka, New Delhi - 110075 Company website

Quarterly results

Q1 FY27: revenue up 28.3%, net profit up 93.4% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue567 586 647 1,023 1,002 +77%1,104 +88%1,145 +77%1,312 +28%
EBITDA458 507 557 833 800 +75%927 +83%886 +59%1,037 +24%
Net profit74 46 141 121 112 +51%247 +437%205 +45%234 +93%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance +21.4% 1Y

₹140₹150₹160₹170Sept 25Oct 25Dec 25Jan 26Mar 26May 26Jun 26Aug 26

1Y: ₹140 on 10 Sept 2025 → ₹169.95. High ₹174 (21 Aug 2026), low ₹140 (10 Sept 2025).

Financials, as filed

Revenue grew 83.9% a year over 3 years, FY23 to FY26. Operating margin widened to 80.6%.

Year endingFY23FY24FY25FY26
Revenue₹687 Cr₹945 Cr₹2.4k Cr₹4.3k Cr
Operating profit₹545 Cr₹732 Cr₹2.0k Cr₹3.4k Cr
Operating margin79.3%77.5%83.7%80.6%
Interest₹167 Cr₹280 Cr₹1.1k Cr₹1.7k Cr
Depreciation₹175 Cr₹248 Cr₹796 Cr₹1.5k Cr
Net profit₹257 Cr₹295 Cr₹325 Cr₹685 Cr
Net margin37.4%31.2%13.7%16.0%
Cash from operations₹624 Cr₹805 Cr₹2.1k Cr₹3.8k Cr
Free cash flow₹-2.2k Cr₹-15.0k Cr₹-16.2k Cr₹-2.8k Cr
ROCE4.0%3.0%3.0%4.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹0 Cr₹6.0k Cr₹7.4k Cr₹14.7k Cr₹22.9k Cr₹26.0k Cr
Reserves₹-1 Cr₹68 Cr₹-25 Cr₹-275 Cr₹-1.4k Cr₹-2.2k Cr
Borrowings₹0 Cr₹1.5k Cr₹2.9k Cr₹11.7k Cr₹21.7k Cr₹25.0k Cr
Other liabilities₹1 Cr₹21 Cr₹159 Cr₹1.3k Cr₹2.0k Cr₹2.1k Cr
Total liabilities₹0 Cr₹7.5k Cr₹10.5k Cr₹27.4k Cr₹45.2k Cr₹51.0k Cr
Fixed assets₹0 Cr₹7.4k Cr₹10.1k Cr₹11.0k Cr₹43.8k Cr₹43.0k Cr
Capital work in progress₹0 Cr₹0 Cr₹0 Cr₹0 Cr₹1 Cr₹0 Cr
Investments₹0 Cr₹0 Cr₹0 Cr₹0 Cr₹0 Cr₹0 Cr
Other assets₹0 Cr₹108 Cr₹375 Cr₹16.4k Cr₹1.5k Cr₹8.0k Cr
Total assets₹0 Cr₹7.5k Cr₹10.5k Cr₹27.4k Cr₹45.2k Cr₹51.0k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Learn to analyse National High

Guides on how to read this kind of business and the numbers that matter.