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:

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.

National Highways Infra Trust unitholders approved the audited financial statements for FY26 and re-appointed its asset valuer during the fifth annual meeting held on July 27, 2026. The resolutions passed with unanimous support from all participating unitholders, comprising sponsors and institutional investors, while non-institutional public holders did not cast votes. The meeting, conducted via Video Conferencing (VC) and Other Audio Visual Means (OAVM), also saw the adoption of the valuation report for the trust’s assets for the fiscal year ended March 31, 2026.

The proceedings were held in compliance with the Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014, read with the SEBI Master Circular bearing reference no. SEBI/HO/DDHS-PoD-2/P/CIR/2025/102 dated July 11, 2025. National Highways Infra Investment Managers Private Limited, acting as the investment manager, submitted the voting results and the Scrutinizer’s Report to the Bombay Stock Exchange and the National Stock Exchange of India Limited on July 29, 2026.

Voting Results and Participation

A total of 751 unitholders were on record as of the cut-off date, July 20, 2026. Only two public unitholders attended the meeting via video conferencing, but no votes were polled from this segment. The voting participation was driven entirely by remote e-voting from sponsor/related parties and public institutional holders.

The remote e-voting window remained open from 9:00 a.m. IST on July 24, 2026, until 5:00 p.m. IST on July 26, 2026. The facility was also active during the meeting and closed automatically 15 minutes after the meeting's conclusion at 4:25 p.m. IST.

Key Resolutions Passed

Unitholders transacted three ordinary resolutions, each requiring a simple majority under Regulation 22(3) of the SEBI InvIT Regulations.

The re-appointment resolution extends the tenure of the current valuer from the conclusion of the annual meeting until November 30, 2028, ensuring continuity in asset assessment processes.

Governance and Scrutiny

The meeting was chaired by Sumit Bose, Independent Director and Chairman of the Nomination & Remuneration Committee. Other key attendees included Managing Director and CEO Rakshit Jain, Chief Financial Officer Mathew George, and Company Secretary Gunjan Singh. Notable absences included Debapratim Hajara and Pushkar Kulkarni, both Unitholder Nominee Directors, and Usha Rao Monari, an Independent Director.

Ritesh Rajput, Partner at M/s KDA & Associates, served as the independent scrutinizer. His report confirmed that the voting process was conducted fairly and transparently. Institutional unitholders who submitted scanned board resolutions via email or uploaded them to the KFin Technologies Limited portal had their votes considered valid. Abstentions were treated as invalid votes for the purpose of combining remote and meeting e-voting results.