NHIT declares Rs 2.529 payout for September 2026 quarter

National Highways Infra Trust declared a Rs 2.529-per-unit distribution for the quarter ended September 30, 2026, comprising Rs 2.518 of interest pass-through and Rs 0.011 of other income. NHIT’s filing showed Rs 540.9498 crore of balance distributable cash flow after unpaid zero-coupon bond interest and prior distributions were adjusted.

What distribution did NHIT declare for September 2026?

NHIT declared a total distribution of Rs 2.529 per unit for the quarter ended September 30, 2026. The payout consists of Rs 2.518 per unit as interest pass-through and Rs 0.011 per unit as other income on surplus funds held at trust level, subject to applicable withholding taxes.

NHIT set November 12, 2026 as the record date to determine eligible unitholders. The distribution is due within five working days from that date, following approval by the board of National Highways Infra Investment Managers Private Limited, NHIT’s investment manager, on November 6, 2026.

The board also approved NHIT’s unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2026. The filing separately placed the pre-distribution net asset value, or NAV, at Rs 163.24 per unit and the post-distribution NAV at Rs 160.72 per unit.

How much distributable cash did NHIT report?

NHIT reported Rs 540.9498 crore of balance distributable cash flow for the half year ended September 30, 2026. This was calculated from the Rs 1,180.1563 crore figure presented in the adjustment statement, plus Rs 42.3496 crore of unpaid zero-coupon bond interest, less Rs 681.5561 crore of net distributable cash flow already distributed.

The filing contains two different trust-level net distributable cash flow, or NDCF, figures for the same period. The initial NDCF statement gives Rs 180.1563 crore, while the following adjustment statement gives Rs 1,180.1563 crore; the latter figure produces the stated Rs 540.9498 crore balance when the disclosed adjustments are applied.

This presentation difference matters because the September-quarter distribution is linked to the filing’s distributable-cash calculation. NHIT did not provide an explanation in the announcement for the Rs 1,000 crore difference between the two NDCF figures.

What cash flows fed NHIT’s distributable cash calculation?

Cash distributions received from special purpose vehicles, or SPVs, were the largest input in NHIT’s half-year NDCF calculation at Rs 2,228.0595 crore, up from Rs 1,870.8953 crore in the half year ended September 30, 2025. Trust-level finance cost reduced the latest calculation by Rs 914.9315 crore and scheduled debt repayment reduced it by a further Rs 118.6372 crore.

Trust operating cash flow was an outflow of Rs 21.4274 crore for the half year ended September 30, 2026, compared with an outflow of Rs 20.1062 crore a year earlier. Treasury and investing income contributed Rs 7.0929 crore, below Rs 20.6547 crore in the corresponding 2025 half year.

NHIT said its NDCF included SPV remittances received after September 30, 2026 but before the November 6, 2026 board meeting. These payments totalled Rs 567.6451 crore, comprising Rs 269.3529 crore from NHIT Western Projects Private Limited, Rs 147.5543 crore from NHIT Eastern Projects Private Limited and Rs 150.7379 crore from NHIT Southern Projects Private Limited.

The filing also detailed the debt service reserve account, or DSRA, position. NHIT used Rs 143 crore of bank-guarantee facilities to replace the existing DSRA, which had included Rs 93.61 crore created from operational cash flows and Rs 49.39 crore funded from unitholders’ funds.

How did DSRA funds affect NHIT’s cash position?

NHIT said the Rs 93.61 crore DSRA created from operational cash flows had been released in the previous year and distributed alongside the first-quarter distribution. That treatment explains why the operationally funded component does not appear as a new addition in the September 2026 cash-flow adjustment.

Of the Rs 49.39 crore DSRA financed from unitholders’ contributions, NHIT disbursed Rs 18.8753 crore to NHIT Western Projects Private Limited and Rs 14.9648 crore to NHIT Eastern Projects Private Limited during the period ended September 30, 2026. The two payments funded major maintenance expenditure.

The distinction is relevant to the proposed change in NDCF treatment. NHIT’s board has proposed adding eligible major maintenance expenditure financed by external borrowings when calculating NDCF for NHIT and/or the relevant SPVs, subject to unitholder approval.

How did NHIT’s half-year results compare with last year?

NHIT reported total income of Rs 3,023.5074 crore for the half year ended September 30, 2026, compared with Rs 2,541.8582 crore for the corresponding half of 2025. Profit after tax rose to Rs 2,085.5239 crore from Rs 1,664.1429 crore, while finance charges increased to Rs 918.7403 crore from Rs 857.4145 crore.

Interest income on loans provided to subsidiaries was Rs 3,016.4307 crore in the latest half year, against Rs 2,531.6246 crore a year earlier. The increase occurred alongside a Rs 357.1642 crore rise in cash distributions received from SPVs, from Rs 1,870.8953 crore to Rs 2,228.0595 crore.

At September 30, 2026, NHIT’s standalone fair-value net assets were Rs 34,369.7709 crore, compared with Rs 32,178.4344 crore at March 31, 2026. Fair-value NAV increased to Rs 160.72 per unit from Rs 150.47 per unit over the same period, based on the independent valuer report cited in the filing.

What decisions and funding plans are next for NHIT?

NHIT’s board approved financial assistance of up to Rs 1,000 crore in aggregate for major maintenance, proposed change-of-scope work across project rounds and related requirements. It also approved converting up to Rs 500 crore of existing credit facilities into overdraft facilities or working-capital demand loans for on-lending to SPVs.

Unitholders will vote on the NDCF treatment of externally borrowed major-maintenance expenditure at the seventh extraordinary meeting on December 3, 2026. The same meeting will consider a proposal to shift NHIT’s principal place of business and amend the trust deed accordingly.

NHIT also disclosed an enterprise valuation of Rs 59,299.70 crore for its existing assets as of September 30, 2026, based on the report of Ernst & Young Merchant Banking Service LLP. The filing said the board had approved the use of surplus proceeds from offer-related funds raised in Round 4.

Conclusion

NHIT’s Rs 2.529-per-unit September-quarter distribution is supported by a disclosed Rs 540.9498 crore balance of distributable cash flow, after accounting for unpaid zero-coupon bond interest and earlier distributions. SPV cash receipts, including Rs 567.6451 crore received after September 30 and before the board meeting, were central to the calculation, while finance costs and debt repayment remained material deductions.

The next disclosed event is NHIT’s December 3, 2026 extraordinary meeting, where unitholders will consider whether major maintenance funded through external borrowings can be included in NDCF. The unresolved difference between the Rs 180.1563 crore and Rs 1,180.1563 crore NDCF figures in the filing is also a matter to watch.