National Highways Infra Trust reported an 81% increase in total revenue from operations to ₹4,274 crore for the financial year ended March 31, 2026, driven by the monetization of Round 4 assets. Profit after tax for the period stood at ₹686 crore, compared to ₹325 crore in the previous year. The trust’s Net Asset Value (NAV) per unit reached ₹150.5 as of March 26, reflecting steady growth since inception.

Financial Performance

The consolidated financial performance for FY26 shows significant growth across key metrics. Revenue from Operations for Round 1 and 2 assets (SPV 1 NWPPL) was ₹1,098 crore, while Round 3 assets (SPV 2 NEPPL) contributed ₹1,513 crore. Following the April 1, 2025, appointed date for Round 4 assets (SPV 3 NSPPL), these assets added ₹1,663 crore to the revenue stream.

The trust’s distribution per unit increased to ₹11.329 in FY26 from ₹7.671 in the previous year. Total units outstanding rose to 213.85 crore from 193.68 crore, partly due to the fund raise in Round 5 during March 2026.

Operational Metrics

Traffic and revenue performance varied across the trust’s portfolio. For NWPPL, locations such as KK and BM saw commercial traffic growth along the NH 44 corridor, with revenue increasing by 15% and 13% respectively. However, traffic diversion at AP and AS due to alternate roads being made free by the Ministry of Road Transport and Highways impacted performance. In NEPPL, RKJL reported a 14% revenue growth following the addition of the Katni Bypass length and revised toll rates. NSPPL assets, which were under a transition period until September 2025, showed strong recovery in H2 FY26, with MH traffic growing by 36%.

Portfolio and Governance

National Highways Infra Trust holds a portfolio of approximately 2,655 km acquired in five rounds, with an enterprise value of ₹57,373 crore as of March 31, 2026. The portfolio is predominantly located in high-growth states, with Andhra Pradesh, Madhya Pradesh, and Uttar Pradesh contributing 19%, 16%, and 14% respectively to FY26 revenue. The trust maintains a credit rating of AAA by CARE and India Ratings and holds ISO 14001:2015 and ISO 45001:2018 certifications across all SPVs.

National Highways Infra Trust submitted an addendum to the valuation report for the financial year ended 31 March 2026, correcting the reference period for historical data to FY 2022–23, FY 2023–24, and FY 2024–25. The addendum, issued by independent valuer Ernst & Young Merchant Banking Services LLP, supersedes the previous intimation dated 13 May 2026 regarding the valuation of the trust's specified assets. The filing ensures compliance with Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014.

The valuation report covers the equity valuation of three special purpose vehicles (SPVs): NWPPL, NEPPL, and NSPPL. Ernst & Young determined the Net Asset Value (NAV) of National Highways Infra Trust as at 31 March 2026. The addendum provides revised historical figures for these assets, noting that annual valuations for March 2023 and March 2024 were previously conducted by RBSA Valuation Advisors LLP.

Valuation of Specified Assets

The addendum details the enterprise value, debt, cash, and resulting equity value for each SPV over the past three financial years. For NWPPL, the equity value rose to INR 27,051 million in March 2025 from INR 19,562 million in March 2023. NEPPL's equity value stood at INR 20,726 million in March 2025, while NSPPL reported an equity value of INR 26,102 million for the same period.

Financial Breakdown of SPVs

Annual valuation for Mar'23 and Mar'24 was done by RBSA Valuation Advisors LLP.

The addendum was signed by Nilesh Jain, Partner at Ernst & Young Merchant Banking Services LLP, and addressed to the Investment Manager, National Highways Infra Investment Managers Private Limited. The document was filed with the exchanges on 28 May 2026.