National Highways Infra Investment Managers Private Limited , the investment manager for National Highways Infra Trust, has approved credit facilities of up to ₹2,000 crore. The decision was taken during a board meeting held on October 9, 2026.

The facilities are intended for financing or part-financing various projects held by the trust. This includes major maintenance expenditure related to Round 1 through Round 5 projects, as well as any future rounds. The approval covers rupee term loans, working capital facilities, and non-fund based facilities from banks and financial institutions.

Scope of Approved Facilities

The board authorized the execution of financing documents and the creation of security in relation to these credit lines. The funds will support the operational and maintenance needs of the trust's asset portfolio.

Regulatory Compliance

This approval was made pursuant to the Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014, and Regulation 51 of the SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015. The board meeting commenced at 3:00 pm and concluded at 5:30 pm on the same day.

What the Numbers Show

The aggregate limit of ₹2,000 crore indicates a significant capital allocation strategy by the investment manager. By bundling term loans, working capital, and non-fund based instruments into a single approval, the trust is positioning itself to flexibly address both long-term infrastructure costs and short-term liquidity needs across multiple project rounds simultaneously.

National Highways Infra Trust reported a 28% year-on-year increase in total revenue from operations to ₹1,312 crore for the quarter ended June 30, 2026. The growth was supported by the inclusion of Round 5 assets and improved traffic volumes across key corridors.

Profit after tax (PAT) more than doubled to ₹235 crore from ₹121 crore in the corresponding period of FY26. EBITDA expanded by 24% to ₹1,048 crore, reflecting strong operational performance despite higher finance charges of ₹480 crore compared to ₹454 crore in Q1FY26.

Financial Performance

The trust’s financial metrics for Q1FY27 demonstrate robust top-line and bottom-line expansion:

Revenue contributions were diversified across states, with Andhra Pradesh leading at 19%, followed by Madhya Pradesh at 17% and Uttar Pradesh at 15%. Karnataka contributed 11%, while Rajasthan, Chhattisgarh, and Maharashtra each accounted for 6-7%.

Operational Highlights

Traffic and revenue performance varied across the three special purpose vehicles (SPVs):

• NWPPL: Revenue grew 12% to ₹299 crore from R1/R2 assets. Round 5 assets, appointed on April 1, 2026, contributed ₹128 crore in their first quarter. Traffic diversion impacted Andhra Pradesh and Assam stretches, while commercial traffic growth boosted Karnataka and Bihar corridors.
• NEPPL: Revenue rose 15% to ₹417 crore. The RKJL stretch saw 21% revenue growth due to toll rate revisions following the addition of the Katni Bypass. Commercial traffic along NH 44 continued to drive growth in the LK stretch.
• NSPPL: Revenue increased 19% to ₹468 crore. The MH stretch recorded 37% traffic growth, primarily due to the inclusion of previously exempt traffic. Temporary disruptions on NH216 diverted traffic to the NH16 corridor, benefiting the GDK stretch.

What the Numbers Show

The inclusion of Round 5 assets significantly altered the revenue mix, contributing approximately 10% of total consolidated revenue in its first quarter. This one-time addition accounts for a substantial portion of the 28% overall revenue growth, suggesting that organic growth from existing R1-R4 assets was moderate at around 18-20% when excluding the new round.

Distribution and Valuation

The trust declared a distribution of ₹3.19 per unit for Q1FY27, up from ₹2.98 per unit in Q1FY26. Total distributions reached ₹682 crore against ₹578 crore in the prior year quarter. The net asset value (NAV) per unit stood at ₹156.2 as of June 30, 2026, up from ₹150.5 in March 2026.

Key valuation metrics include:

• Enterprise Value: ₹58,604 crore
• Debt-EV Ratio: 0.42x
• Debt Service Coverage Ratio (DSCR): 2.49x
• ESG Rating Score: 60.3 (2nd Highest Category)

The trust maintains an AAA credit rating from CARE and India Ratings with a stable outlook.