News Stocks National Highways Infra Trust Reports Strong Q3 FY26 Financial Performance with Revenue Growth of 88%National Highways Infra Trust Reports Strong Q3 FY26 Financial Performance with Revenue Growth of 88%
National Highways Infra Trust reported exceptional Q3 FY26 results with total revenue growing 88% to INR 1,104 crores, driven by Round 4 asset integration contributing INR 436 crores. EBITDA doubled to INR 939 crores while profit after tax surged to INR 247 crores from INR 46 crores in Q3 FY25. The trust declared distributions of INR 2.74 per unit and maintained strong financial metrics with 2.05x debt service coverage ratio across its 2,345-kilometer portfolio spanning 26 projects in 11 states.
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National Highways Infra Trust has delivered robust financial performance for the quarter ended December 31, 2025, showcasing significant growth across key operational and financial metrics. The infrastructure investment trust, which manages a diversified portfolio of highway assets across India, reported substantial revenue growth driven by asset expansion and improved traffic performance.
Strong Financial Performance Drives Growth
The trust's consolidated financial results demonstrate remarkable improvement across all major parameters. Total revenue from operations reached INR 1,104 crores in Q3 FY26, representing an 88% increase from INR 587 crores in Q3 FY25.
| Financial Metric | Q3 FY25 (INR Cr) | Q3 FY26 (INR Cr) | Growth |
|---|---|---|---|
| Total Revenue from Operations | 587 | 1,104 | 88% |
| EBITDA | 468 | 939 | 101% |
| Profit After Tax | 46 | 247 | 437% |
| Distribution per Unit | INR 1.99 | INR 2.74 | 38% |
The integration of Round 4 assets, which became operational from April 1, 2025, contributed significantly to this growth, generating INR 436 crores in revenue during Q3 FY26. Round 1 & 2 assets contributed INR 280 crores, while Round 3 assets generated INR 388 crores in revenue.
Portfolio Expansion and Geographic Diversification
NHIT's portfolio has expanded to 2,345 kilometers across 26 projects, strategically positioned across 11 Indian states. The trust operates through three Special Purpose Vehicles (SPVs): NWPPPL managing 8 assets from Rounds 1 & 2, NEPPL overseeing 7 Round 3 assets, and NSPPL handling 11 Round 4 assets.
The geographic distribution shows strong presence in high-growth states, with Andhra Pradesh contributing 19% of FY25 revenue, Uttar Pradesh 17%, Madhya Pradesh 16%, and Karnataka 13%. This diversification across major economic corridors including the Golden Quadrilateral and North-South, East-West corridors positions the trust to benefit from India's economic growth.
Traffic Performance Shows Consistent Growth
Across the portfolio, traffic performance demonstrated positive momentum with most projects recording growth in passenger car units (PCU) and revenue. NWPPPL assets showed mixed performance, with standout growth at BM (11% traffic growth, 14% revenue growth) and KK (9% traffic growth, 13% revenue growth). The Samriddhi Expressway continued to provide feeder traffic to NEPPL assets, particularly benefiting RKJL and LK projects.
NSPPL assets, under full operational control since the transition period ended in September 2025, showed strong performance with MH recording 36% traffic growth and GDK achieving 17% traffic growth due to traffic diversions from NH216.
Strong Financial Position and Distribution Policy
The trust maintained a robust financial position with total debt of INR 21,840 crores at the end of Q3 FY26, resulting in a debt service coverage ratio of 2.05x. The debt-to-total assets ratio stood at 0.48x, reflecting prudent leverage management.
NHIT declared distributions of INR 531 crores for Q3 FY26, translating to INR 2.74 per unit across 193.68 crore outstanding units. Since listing in November 2021, the trust has distributed a cumulative INR 29.63 per unit across 18 distributions, maintaining its commitment to regular income generation for investors.
Sustainability and Safety Initiatives
The trust continued its focus on environmental, health, and safety performance during Q3 FY26. Key achievements included 41.83 million total man hours worked with 41.55 million safe man hours, conducting 14,258 toolbox talks, and planting 25,590 saplings across avenue, median, and toll plaza premises. The trust consumed 43 MWh of captive renewable energy, leading to a reduction of 30 tonnes of CO2 equivalent emissions.
