National Highways Infra Trust (NHIT) Q1 25/26 earnings summary

Executive summary

• Achieved strong financial and operational performance in Q1 FY2026, with expanded asset base and increased investor distributions.

• Standalone and consolidated financial results for the quarter ended June 30, 2025, were approved, with a distribution of Rs. 2.984 per unit declared, comprising Rs. 2.915 as interest and Rs. 0.069 as other income.

• Portfolio now spans 2,345 km across 26 projects in 11–13 high-growth Indian states, supporting India's infrastructure growth.

• Maintained AAA credit rating and low leverage, with robust debt service coverage.

• The Board approved an amendment to the Distribution Policy, ensuring compliance with SEBI InvIT regulations and quarterly distributions of at least 90% of net distributable cash flows.

Financial highlights

• Revenue from operations rose to INR 1,023 crore in Q1 FY26 from INR 564 crore in Q1 FY25, driven by new asset additions.

• EBITDA increased to INR 843 crore from INR 464 crore year-over-year.

• PAT grew to INR 454 crore from INR 255 crore year-over-year.

• Distribution per unit for Q1 FY26 was INR 2.98, with total distributions since listing at INR 24.42 per unit.

• Standalone net profit for Q1 FY26 was Rs. 82,951 lakh, up from Rs. 49,345 lakh in Q1 FY25.

Outlook and guidance

• NHAI offered bundle 5 for monetization, indicating continued portfolio expansion.

• Focus remains on maximizing quarterly distributions and maintaining high annualized yields for investors.

• The Trust continues to focus on stable cash flows from toll road assets, with quarterly distributions and a strong asset base across 13 states.

• Valuation assumptions reflect updated WPI growth rates and a reduction in WACC, supporting robust NAV and equity value.