National Highways Infra Trust (NHIT) Q3 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.

• Demonstrated consistent growth through multiple rounds of asset monetization and fundraises, with the latest round (R4) raising INR 18,380 crore in March 2025.

• Maintains a strong credit profile with AAA ratings and low leverage, supporting robust investor confidence.

• Board approved unaudited standalone financial results for the quarter and nine months ended 31 December 2025, with a limited review report confirming no material misstatements.

• Distribution of Rs. 2.744 per unit declared for the quarter ended 31 December 2025, to be paid within 5 working days from record date 30 January 2026.

Financial highlights

• Q3 FY26 consolidated revenue from operations rose to INR 1,104 crore from INR 587 crore in Q3 FY25.

• EBITDA increased to INR 939 crore from INR 468 crore year-over-year.

• PAT surged to INR 417 crore from INR 272 crore year-over-year.

• NAV per unit reached Rs. 148.51 pre-distribution and Rs. 145.76 post-distribution as of 31 December 2025.

• Earnings per unit for the quarter stood at Rs. 4.38, and for the nine months ended 31 December 2025 at Rs. 12.97.

Outlook and guidance

• Round 5 fundraise is expected in March 2026, indicating continued portfolio expansion and capital inflow.

• Board approved draft concession agreements for new projects and sanctioned credit facilities up to INR 3,800 crore for Round 5 projects.

• On-lending of up to INR 7,000 crore to NHIT Western Projects Private Limited for project acquisitions was approved.