National Highways Infra Trust Q1 Results: Consolidated PAT up 96% YoY to ₹2,345 lakh

National Highways Infra Trust reported a strong start to the fiscal year, with consolidated net profit after tax surging 96% year-on-year to ₹2,344.99 lakh for the quarter ended June 30, 2026. This growth was underpinned by a 28% increase in consolidated total income from operations, which rose to ₹13,227.80 lakh from ₹10,318.92 lakh in the corresponding quarter of the previous year. The trust’s standalone performance was equally robust, with net profit after tax climbing 27% to ₹10,510.64 lakh.

The Board of Directors approved the unaudited standalone and consolidated financial results on August 7, 2026. The filings were submitted in compliance with the SEBI (Infrastructure Investment Trust) Regulations, 2014, and Regulation 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The results are available on the trust’s website and the stock exchange portals.

Financial Highlights

The following table outlines the key financial metrics for National Highways Infra Trust for Q1FY27 compared to prior periods:

Particulars	Standalone Q1FY27 (₹ lakh)	Standalone Q4FY26 (₹ lakh)	Standalone Q1FY26 (₹ lakh)	Consolidated Q1FY27 (₹ lakh)	Consolidated Q4FY26 (₹ lakh)	Consolidated Q1FY26 (₹ lakh)
Total Income from Operations	151,523.46	124,023.51	126,945.52	132,278.02	115,990.02	103,189.25
Net Profit Before Tax	105,245.38	102,082.29	83,188.32	12,090.28	10,686.36	3,063.26
Net Profit After Tax	105,106.43	101,913.14	82,951.29	23,449.94	20,455.44	12,146.58
Earnings Per Unit (Basic)	4.91	5.25	4.28	1.10	1.06	0.63

What the Numbers Show

The divergence between standalone and consolidated profitability highlights the structure of the trust’s operations. While the standalone entity generated ₹10,510.64 lakh in net profit, the consolidated group reported ₹2,344.99 lakh. This difference is primarily due to the consolidation adjustments and the specific accounting treatment of the infrastructure assets held within the trust structure. The debt equity ratio for the consolidated entity stood at 1.06, slightly higher than the 1.05 recorded in the previous quarter, indicating a marginal increase in leverage relative to equity. However, the debt service coverage ratio improved to 2.49 from 2.11 in the same quarter last year, suggesting stronger cash flow coverage for debt obligations.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-4.11%	-4.65%	-2.96%	+8.07%	+23.31%	+38.11%

National Highways Infra Trust has reported an enterprise valuation of ₹58,245 crore for its specified assets as of June 30, 2026, marking a key quarterly update for unitholders. Independent valuer Ernst & Young Merchant Banking Services LLP determined the Net Asset Value (NAV) at ₹159.35 per unit before distributions, reflecting the underlying value of the trust's toll road portfolio across India. The trust has also announced a distribution of ₹3.187 per unit to its unitholders.

The valuation exercise was conducted pursuant to Regulation 21(6) of the SEBI (Infrastructure Investment Trusts) Regulations, 2014. National Highways Infra Investment Managers Private Limited (NHIIMPL), acting as the investment manager, noted the valuation report on August 7, 2026. The trust holds a 100% stake in three special purpose vehicles (SPVs)—NWPPL, NEPPL, and NSPPL—which operate 28 toll road projects spanning approximately 2,653 kilometers across 13 states under concession agreements with the National Highways Authority of India (NHAI).

Valuation Highlights

The independent valuer used the Discounted Cash Flow (DCF) method to determine the fair enterprise value of the InvIT assets. The equity value was derived by adjusting the net debt position from the enterprise value. Below is the summary of the valuation for each SPV:

SPV	Enterprise Value (₹ mn)	Net Debt (₹ mn)	Equity Value (₹ mn)
NWPPL (R1, R2 & R5)	212,293	(179,142)	33,151
NEPPL	175,053	(143,067)	31,986
NSPPL	195,104	(157,236)	37,867
Total	582,450	(479,445)	103,005

At the trust level, the total fair value of investments in SPVs is ₹103,005 million. Combined with other assets and liabilities, the pre-distribution NAV is calculated at ₹340,779 million. With 2,138.6 million share units outstanding, this translates to a NAV of ₹159.35 per unit.

Distribution Details

National Highways Infra Trust has announced a distribution of ₹3.187 per unit to its unitholders. Additionally, the trust has proposed a broader distribution of ₹6,819 million. After accounting for this payout, the post-distribution NAV stands at ₹333,960 million, or ₹156.16 per unit. These distributions reflect the cash generated from the operational performance of the toll assets during the quarter.

Methodology and Assumptions

The valuation relied on financial projections provided by management, updated traffic study reports, and technical assessments of operating and maintenance expenses. Key assumptions included:

Revenue Growth: Operating revenue projections are based on traffic estimates and toll rate increases linked to the Wholesale Price Index (WPI), capped at 40% over the concession period.
WACC: The Weighted Average Cost of Capital (WACC) ranged from 9.75% to 9.85% across the SPVs, reflecting current market conditions and risk profiles.
Maintenance: Major maintenance expenses were estimated based on technical due diligence reports, with significant capex planned for FY27 and FY28.

What the Numbers Show

The enterprise valuation of ₹58,245 crore underscores the scale of NHIT's infrastructure footprint, which includes critical national corridors such as the Golden Quadrilateral segments and East-West corridors. The consistent NAV per unit above ₹150 demonstrates stable asset valuations despite high leverage, typical for infrastructure InvITs. The distribution of ₹3.187 per unit, alongside the proposed payout of ₹6,819 million, indicates strong cash flow generation from toll operations, supporting the trust's commitment to regular income payouts for unitholders.