National Highways Infra Trust (NHIT) Q2 25/26 earnings summary

Executive summary

• Portfolio expanded to 2,345 km across 26 projects in 11 high-growth Indian states, with 41 toll plazas and a diversified asset base.

• Achieved a 15.2% CAGR (NAV + Distribution) since listing in Nov 2021, with total distributions of INR 26.89/unit and a 7.8% annualized distribution yield.

• Maintained AAA credit rating and low leverage with a debt-to-EV ratio of 0.44x as of June 2025.

• Board approved unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2025, along with limited review reports from statutory auditors.

• Distribution of Rs. 2.471 per unit declared for the quarter ended September 30, 2025, with Rs. 2.456 as interest and Rs. 0.015 as other income.

Financial highlights

• Q2 FY26 consolidated revenue from operations rose to INR 1,002 cr from INR 388 cr in Q2 FY25, driven by addition of R4 assets.

• EBITDA increased to INR 812 cr from INR 469 cr year-over-year; PAT grew to INR 112 cr from INR 74 cr.

• Standalone profit after tax for H1 FY26: Rs. 166,414.29 lakh, up from Rs. 100,695.35 lakh in H1 FY25.

• Consolidated revenue from operations for H1 FY26: Rs. 202,429.88 lakh, up from Rs. 113,033.02 lakh in H1 FY25.

• Earnings per unit (standalone): Rs. 8.59 for H1 FY26; (consolidated): Rs. 1.21 for H1 FY26.

Outlook and guidance

• NHAI offered bundle 5 for monetization in June 2025, indicating continued asset pipeline.

• Board declared distributions for Q2 FY26 and confirmed compliance with SEBI InvIT regulations to distribute at least 90% of Net Distributable Cash Flows annually.

• Annual Pass Scheme implemented from August 15, 2025, with compensation mechanism for toll revenue loss; revenue recognized for the period.

• Weighted average market price of INR 139.54/unit as of Sep 2025 reflects positive investor sentiment.