NHIT FY26 Net Profit Rises 90%; Declares Rs 1.97/Unit Distribution
National Highways Infra Trust reported a standalone net profit of Rs 3,53,114.51 lakhs for FY26, a significant increase from Rs 1,85,491.35 lakhs in the previous year. Total income from operations for the year stood at Rs 5,04,566.13 lakhs. The Board declared a distribution of Rs 1.970 per unit for February and March 2026, with a record date set for May 16, 2026.
*this image is generated using AI for illustrative purposes only.
The Board of Directors of National Highways Infra Investment Managers Private Limited, acting as Investment Manager to National Highways Infra Trust , met on 13th May, 2026, to approve the annual audited financial statements for FY26. The statutory audit was conducted by A. R. & Co., Chartered Accountants, New Delhi, who issued an Audit Report with an Unmodified Opinion on the Annual Audited Financial Information for the financial year ended 31st March, 2026. The Annual Audited Standalone and Consolidated Financial Results were subsequently published in the Financial Express newspaper on 15th May, 2026, in compliance with applicable SEBI regulations.
Unitholder Distribution Declared
The Board approved a distribution of Rs. 1.970 per unit for the combined period of February and March 2026. The distribution is subject to applicable withholding taxes and will be paid within 5 working days from the record date. The record date has been declared as 16th May, 2026, to ascertain the eligibility of unitholders entitled to receive the aforesaid distribution. The distribution breakdown is as follows:
| Distribution Component | Amount Per Unit |
|---|---|
| Interest Pass-Through | Rs. 1.960 |
| Other Income on Surplus Funds | Rs. 0.010 |
| Total Distribution | Rs. 1.970 |
FY26 Financial Performance
NHIT reported strong financial results for the quarter and year ended 31st March, 2026, with the figures published under SEBI (Infrastructure Investment Trust) Regulations, 2014. The standalone total income from operations for FY26 stood at Rs. 5,04,566.13 lakhs, compared to Rs. 3,05,953.98 lakhs in FY25. The standalone net profit after tax for FY26 was Rs. 3,53,114.51 lakhs, against Rs. 1,85,491.35 lakhs in the previous year. The key financial metrics are presented below:
| Particulars | Standalone Q4 FY26 | Standalone Q3 FY26 | Standalone FY26 | Standalone FY25 |
|---|---|---|---|---|
| Total Income from Operations (Rs. Lakhs) | 1,24,023.51 | 1,26,356.80 | 5,04,566.13 | 3,05,953.98 |
| Net Profit Before Tax (Rs. Lakhs) | 1,02,082.29 | 84,963.95 | 3,53,897.97 | 1,86,639.33 |
| Net Profit After Tax (Rs. Lakhs) | 1,01,913.14 | 84,787.07 | 3,53,114.51 | 1,85,491.35 |
| Total Comprehensive Income (Rs. Lakhs) | 1,01,913.14 | 84,787.07 | 3,53,114.51 | 1,85,491.35 |
| Earnings Per Unit – Basic (Rs.) | 5.25 | 4.38 | 18.20 | 13.99 |
| Earnings Per Unit – Diluted (Rs.) | 5.25 | 4.38 | 18.20 | 13.99 |
| Paid Up Unit Capital (Rs. Lakhs) | 26,00,167.93 | 22,92,715.44 | 26,00,167.93 | 22,92,715.44 |
| Net Worth (Rs. Lakhs) | 29,47,887.38 | 26,14,136.40 | 29,47,887.38 | 24,80,621.02 |
| Paid Up Debt Capital / Outstanding Debt (Rs. Lakhs) | 25,03,915.14 | 21,70,211.36 | 25,03,915.14 | 21,67,049.23 |
At the consolidated level, total income from operations for Q4 FY26 was Rs. 1,15,990.02 lakhs, and for FY26 stood at Rs. 4,32,220.76 lakhs. Consolidated net profit after tax for FY26 was Rs. 68,551.88 lakhs. The consolidated debt equity ratio stood at 1.05, the Debt Service Coverage Ratio at 2.28, and the Interest Service Coverage Ratio at 2.56 for FY26.
| Particulars | Consolidated Q4 FY26 | Consolidated Q3 FY26 | Consolidated FY26 | Consolidated FY25 |
|---|---|---|---|---|
| Total Income from Operations (Rs. Lakhs) | 1,15,990.02 | 1,11,655.26 | 4,32,220.76 | 86,446.39 |
| Net Profit After Tax (Rs. Lakhs) | 20,455.44 | 24,741.05 | 68,551.88 | 14,050.71 |
| Total Comprehensive Income (Rs. Lakhs) | 20,479.25 | 24,741.02 | 68,575.92 | 14,054.66 |
| Earnings Per Unit – Basic (Rs.) | 1.06 | 1.28 | 3.53 | 1.03 |
| Earnings Per Unit – Diluted (Rs.) | 1.06 | 1.28 | 3.53 | 1.03 |
| Debt Equity Ratio | 1.05 | 1.02 | 1.05 | 0.99 |
| Debt Service Coverage Ratio | 2.80 | 2.05 | 2.28 | 2.34 |
| Interest Service Coverage Ratio | 3.22 | 2.30 | 2.56 | 2.63 |
Enterprise Valuation and Net Asset Value
Pursuant to Regulation 21(6) of SEBI (Infrastructure Investment Trusts) Regulations, 2014, the Board took note of the Valuation Report prepared by independent valuer M/s Ernst & Young Merchant Banking Services LLP for the period ended 31st March, 2026. The valuation covers the existing assets of NHIT, which include road assets with an aggregate length of 2,653 kms spread across 13 states. The enterprise valuation of NHIT's specified assets was reported at Rs. 56,988.00 Crores.
Pursuant to Regulation 10(21) of SEBI (Infrastructure Investment Trusts) Regulations, 2014, read with SEBI Master Circular dated July 11, 2025, the Net Asset Value (NAV) of NHIT as of 31st March, 2026, computed by the management of the Investment Manager based on the Valuation Report, is presented below:
| NAV Metric | Value |
|---|---|
| NAV Per Unit (Pre-Distribution) | Rs. 152.44 |
| NAV Per Unit (Post-Distribution) | Rs. 150.47 |
Standalone Statement of Net Assets
The standalone statement of net assets at fair value as of 31st March, 2026 (Amount in Rs. Lakhs) is as follows:
| Particulars | Book Value | Fair Value |
|---|---|---|
| Total Assets | 54,67,390.13 | 57,37,346.19 |
| Total Liabilities | 25,19,502.75 | 25,19,502.75 |
| Net Assets | 29,47,887.38 | 32,17,843.44 |
| No. of Units (Absolute) | 213,85,50,600 | 213,85,50,600 |
| NAV Per Unit (INR) | 137.85 | 150.47 |
Other Board Resolutions
In addition to the financial approvals, the Board passed the following resolutions:
- Secretarial Auditor Appointment: Approved the appointment of M/s. Garg Vaibhav & Associates as the Secretarial Auditor of NHIT and the Company for the financial year 2026-27.
- Unclaimed Amounts Policy: Approved and adopted the policy of 'Claims by Debenture Holders for Unclaimed Amounts' of NHIT.
Given NHIT's enterprise valuation of Rs. 56,988 crores covering 2,653 kms across 13 states, are there plans to acquire additional highway assets or expand into new states to drive further NAV growth in FY27?
With outstanding debt rising to Rs. 25,039 crores and the debt equity ratio increasing to 1.05, how might NHIT manage its capital structure if interest rates remain elevated or traffic growth slows?
Given the significant jump in standalone net profit from Rs. 1,85,491 lakhs in FY25 to Rs. 3,53,114 lakhs in FY26, what are the key revenue drivers expected to sustain this growth trajectory in FY27?
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