National Highways Infra Trust (NHIT) Q4 25/26 earnings summary

Executive summary

• Since inception in November 2021, the portfolio has grown to 2,655 km across five acquisition rounds, with an enterprise value of INR 57,373 crore as of March 2026; audited consolidated and standalone financial statements for FY26 were approved with unmodified opinions from statutory auditors.

• Achieved a total adjusted return of ~21% (NAV + distribution) in FY26, with a CAGR of ~17% since listing.

• Maintains a diversified road portfolio across high-growth Indian states, with significant revenue contributions from Andhra Pradesh, Madhya Pradesh, Maharashtra, and Karnataka.

• Demonstrated strong corporate governance with a balanced board, including independent and nominee directors.

• Distribution of Rs. 1.970 per unit for February and March 2026 was approved, with Rs. 1.960 as interest and Rs. 0.010 as other income.

Financial highlights

• FY26 consolidated revenue from operations reached INR 4,274 crore (Rs. 4,27,407 lakh), up from INR 3,494 crore (Rs. 2,36,382 lakh) in FY25.

• EBITDA increased to INR 2,364 crore in FY26 from INR 1,975 crore in FY25; EBITDA margin was 81.76% (consolidated, FY26).

• PAT rose to INR 1,723 crore (Rs. 68,552 lakh) in FY26, compared to INR 1,055 crore (Rs. 32,501 lakh) in FY25.

• Distribution per unit for FY26 was INR 11.329, with total distributions of INR 2,234 crore; distributions to unitholders exceeded 90% of net distributable cash flows.

• Net Asset Value (NAV) per unit increased to 150.5 by March 2026, with NAV per unit at Rs. 150.47 post-distribution.

Outlook and guidance

• Quarterly distributions are prioritized to maximize investor returns, with an annualized distribution yield of ~8.5%.

• Ongoing asset monetization and fund-raising activities, including the recent Round 5, support future growth; new toll road projects acquired and capital advances paid for future projects.

• Management expects continued growth in distributable cash flows and stable distributions to unitholders.