National Highways Infra Trust

NHIT

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Market Cap

₹ 28,694 Cr

P/E

68.27

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Investment Checklist

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Performance

MARKET LEADER

Valuation

OVERVALUED

Growth

EXCEPTIONAL

Profitability

MODERATE MARGIN

Technicals

Neutral

Risk

MODERATE RISK

Investment Checklist

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Price

PE Ratio

Price

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Overview

Detailed Summary

National Highways Infra Trust is an autonomous body under MoRTH, responsible for development and management of India's national highways.

The Trust operates toll roads across Gujarat, Rajasthan, Telangana, and Karnataka, contributing to significant transportation infrastructure.

National Highways Infra Trust has acquired 100% equity control in National Highway Infra Projects Private Limited, strengthening asset management.

The Trust has entered into extensive concession agreements amounting to Rs 26,000 crore with NHAI for multiple toll road projects.

Recent investments in NHIT Eastern Projects Private Limited show strategic expansion and focus on enhancing transportation networks.

Sector

Infrastructure Investment Trusts

Industry

Infra/ Real Estate Investment Trust

Market Cap

28,694 Cr

Volatility

Low Risk

P/E Ratio

68.3

Industry P/E

48.9

PEG Ratio

0.6

P/B Ratio

1.2

52W High

148.15

52W Low

129.90

Sales CAGR

147.75%

135.17%

—

10Y

—

Profit CAGR

10.47%

116.84%

—

10Y

—

ROE

TTM

1.95%

2.00%

1.89%

10Y

—

ROCE

TTM

3.80%

2.58%

2.47%

10Y

—

Technicals

Oscillators

BearishNeutralBullish

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Neutral

Bearish

Neutral

Bullish

Moving Averages

BearishNeutralBullish

Neutral

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Neutral

Bearish

Neutral

Bullish

Forecasts

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
MINDSPACE	472.57	28,788 Cr	55.21	1.41	4.60	3.65	6.63	1.90
NHIT	148.15	28,694 Cr	68.27	1.17	0.00	1.95	3.80	0.93
IRBIT	—	25,812 Cr	—	2.32	0.98	-0.98	5.66	-0.31
BIRET	328.91	25,443 Cr	68.81	1.11	4.16	2.53	5.80	1.40
NXST	162.00	24,404 Cr	50.34	1.77	3.93	3.53	5.91	2.34
CUBEINVIT	136.00	18,279 Cr	591.30	1.72	8.26	0.29	4.71	0.10
VERTIS	107.00	16,157 Cr	26.88	1.75	9.81	8.01	7.21	2.97

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	236	236	232	241	564	567	587	647	1,023	1,002
Expenses	53	58	48	52	107	109	80	90	189	202
Operating Profit	183	178	183	188	456	458	507	557	833	800
OPM %	77.51	75.29	79.12	78.24	80.93	80.79	86.42	86.07	81.49	79.87
Other Income	4.70	4.90	5.31	16	7.74	11	15	17	9.14	12
Interest	61	64	70	85	255	259	272	270	454	454
Depreciation	57	58	62	71	195	181	201	219	358	331
Profit Before Tax	70	61	56	48	14	28	49	86	31	27
Tax %	-18.64	-22.04	-28.19	-36.00	-369.85	-161.64	6.20	-63.94	-296.54	-307.75
Net Profit	83	74	72	66	64	75	46	141	121	112
EPS in Rs	0.43	0.38	0.37	0.54	0.58	0.39	0.24	1.03	0.63	0.58

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	0.00	147	698	974	2,413	2,823
Expenses	0.68	38	142	212	441	468
Operating Profit	-0.68	109	556	762	1,973	2,355
OPM %	—	74.38	79.69	78.23	81.74	83.43
Other Income	0.00	3.19	3.26	0.60	2.38	53
Interest	0.00	32	166	280	1,055	1,255
Depreciation	0.00	11	176	248	797	960
Profit Before Tax	-0.68	70	217	235	122	194
Tax %	0.00	2.48	-18.16	-25.37	-165.69	-97.32
Net Profit	-0.68	68	257	294	325	382
EPS in Rs	—	—	1.38	1.72	2.24	2.48
Dividend Payout %	—	0.00	0.00	0.00	67.43	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	0.00	5,994	7,416	14,671	22,971
Reserves	-0.68	68	-25	-275	-998
Borrowings	0.00	1,465	2,942	11,734	21,680
Other Liabilities	0.68	21	159	1,280	1,376
Total Liabilities	0.00	7,549	10,492	27,410	45,029
Fixed Assets	0.00	7,441	10,117	10,990	26,224
CWIP	0.00	0.00	0.00	0.20	0.77
Investments	0.00	0.00	0.00	0.00	0.00
Other Assets	0.00	108	375	16,420	18,804
Total Assets	0.00	7,549	10,492	27,410	45,029

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	-7,243	624	805	2,099
Cash from Investing Activity	-25	-2,905	-15,810	-18,309
Cash from Financing Activity	7,331	2,429	15,258	16,212
Net Cash Flow	64	147	253	1.60

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	15.86%	15.86%	15.86%	15.86%	15.86%	15.48%	15.48%	15.48%	15.48%	15.32%	11.07%	11.07%
FIIs	0.00%	8.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
DIIs	72.27%	65.09%	67.45%	66.72%	66.47%	69.91%	69.96%	76.05%	76.45%	77.15%	81.05%	80.22%
Public	11.88%	11.05%	16.69%	17.42%	17.67%	14.62%	14.57%	8.48%	8.07%	7.53%	7.88%	8.71%
Total Shareholders	0	0	0	0	0	0	0	0	0	0	0	0

Market Transactions

Date	Party	Category	Type	Avg Price (₹)	Total Value (₹)	Quantity	Percent Traded
Dec 03, 2025	Nitro asia holdings ii pte ltd	Block	Buy	148.53	2,905.25 Cr	19,56,00,000	10.0
Dec 03, 2025	2452991 ontario limited	Block	Sell	148.53	1,452.62 Cr	9,78,00,000	5.04
Dec 03, 2025	Cpp investment board private ...	Block	Sell	148.53	1,452.62 Cr	9,78,00,000	5.04
Dec 03, 2025	Nitro asia holdings ii pte ltd	Bulk	Buy	148.53	2,905.25 Cr	19,56,00,000	10.0
Dec 03, 2025	Cpp investment board private ...	Bulk	Sell	148.53	1,452.62 Cr	9,78,00,000	5.04
Dec 03, 2025	2452991 ontario limited	Bulk	Sell	148.53	1,452.62 Cr	9,78,00,000	5.04
May 26, 2025	Vidyaniti llp	Bulk	Buy	133.57	600.40 Cr	4,49,50,000	2.32
May 26, 2025	Sbi life insurance company li...	Bulk	Buy	133.57	500.22 Cr	3,74,50,000	1.93
May 26, 2025	National highways authority o...	Bulk	Sell	133.57	1,100.62 Cr	8,24,00,000	4.25
May 26, 2025	Vidyaniti llp	Block	Buy	133.57	600.40 Cr	4,49,50,000	2.32

Projection

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Overview

Detailed Summary

National Highways Infra Trust is an autonomous body under MoRTH, responsible for development and management of India's national highways.

The Trust operates toll roads across Gujarat, Rajasthan, Telangana, and Karnataka, contributing to significant transportation infrastructure.

National Highways Infra Trust has acquired 100% equity control in National Highway Infra Projects Private Limited, strengthening asset management.

The Trust has entered into extensive concession agreements amounting to Rs 26,000 crore with NHAI for multiple toll road projects.

Recent investments in NHIT Eastern Projects Private Limited show strategic expansion and focus on enhancing transportation networks.

Sector

Infrastructure Investment Trusts

Industry

Infra/ Real Estate Investment Trust

Market Cap

28,694 Cr

Volatility

Low Risk

P/E Ratio

68.3

Industry P/E

48.9

PEG Ratio

0.6

P/B Ratio

1.2

52W High

148.15

52W Low

129.90

Sales CAGR

147.75%

135.17%

—

10Y

—

Profit CAGR

10.47%

116.84%

—

10Y

—

ROE

TTM

1.95%

2.00%

1.89%

10Y

—

ROCE

TTM

3.80%

2.58%

2.47%

10Y

—