National Highways Infra Trust (NHIT) Q4 24/25 earnings summary

Executive summary

• Achieved the largest monetization transaction in the Indian roads sector with INR 18,380 cr fund raise in Mar 2025, following previous rounds totaling over INR 29,000 cr since 2021.

• Portfolio expanded to 2,345 km across high-growth states, with 23 assets acquired in four rounds since listing in Nov 2021.

• Approved audited standalone and consolidated financial statements for FY ended 31 March 2025, with unmodified audit opinions from statutory auditors.

• Maintained quarterly distributions, delivering a 14.5% CAGR (NAV + Distribution) since listing.

• Declared distributions totaling Rs. 0.395 per unit for March 2025, with record date set as 2 June 2025.

Financial highlights

• FY25 consolidated revenue from operations reached INR 2,364 cr, up from INR 944 cr in FY23 and INR 1,975 cr in FY24.

• Standalone net profit after tax for FY25 was Rs. 185,491.35 lakh, up from Rs. 96,819.27 lakh in FY24.

• Distribution per unit increased to INR 7.67 in FY25, from INR 6.61 in FY24 and INR 6.36 in FY23.

• Earnings per unit (basic and diluted) for FY25 stood at Rs. 13.99, up from Rs. 12.85 in FY24.

• Net distributable cash flow at trust level for FY25 was Rs. 103,143.12 lakh, with Rs. 95,475.72 lakh already distributed.

Outlook and guidance

• R4 assets appointed from April 2025, expected to further boost revenue and asset base.

• NAV per unit as of 31 March 2025 is Rs. 134.28 pre-distribution and Rs. 133.88 post-distribution, based on independent valuation.

• Enterprise valuation of assets as of 31 March 2025 is Rs. 471,301 million, with equity valuation at Rs. 73,879 million.

• Management expects continued strong cash flows from expanded asset base, including new toll road acquisitions.