National Highways Infra Trust

Q2 FY26Transport Infrastructure

National Highways Infra Trust Q2 FY26 earnings call: Revenue & Margins

Q2 FY26 investor presentation: what the company reported on revenue, margins and projects.

Price₹170

Market cap₹33.1K Cr

P/E41.5

Updated25 Sept 2026

Read4 min read

Based on National Highways Infra Trust's Q2 FY26 investor presentation. The company has not published an earnings-call transcript for this quarter, so figures here are what the presentation reports, not management guidance.

The short version

Total Revenue from Operations for Q2 FY26: INR 1,002 Cr, up from INR 567 Cr in Q2 FY25 (76.7% YoY increase) [Page 11] - Segment-wise Revenue from Operations for Q2 FY26 vs Q2 FY25: - R1 & R2 Ass EBITDA for Q2 FY26: Rs 812 crore, up from Rs 469 crore in Q2 FY25, indicating a 73% increase year-on-year.

From National Highways Infra Trust's Q2 FY26 earnings-call transcript · updated 25 Sept 2026.

Revenue & Sales Performance

Total Revenue from Operations for Q2 FY26: INR 1,002 Cr, up from INR 567 Cr in Q2 FY25 (76.7% YoY increase) [Page 11]
Segment-wise Revenue from Operations for Q2 FY26 vs Q2 FY25:
R1 & R2 Assets (NWPPL): INR 265 Cr vs INR 244 Cr (8.6% increase)
R3 Assets (NEPPL): INR 349 Cr vs INR 323 Cr (8.0% increase)
R4 Assets (NSPPL): INR 388 Cr vs INR 0 Cr (new asset addition in FY26)
Traffic Volume (in PCU) Q2 FY26 vs Q2 FY25:
NWPPL projects show mixed growth; e.g., AP increased from ~35,653 to ~37,588 (5.4%), BK impacted by 6-laning works

2 more points management made on revenue & sales performance

Profitability & Margins

- EBITDA for Q2 FY26: Rs 812 crore, up from Rs 469 crore in Q2 FY25, indicating a 73% increase year-on-year. - Operating margin is not explicitly stated as a percentage in the presentation; however, total revenue from operations increased from Rs 567 crore (Q2 FY25) to Rs 1,002 crore (Q2 FY26), implying improved operating performance. - Profit after Tax (PAT) for Q2 FY26: Rs 112 crore, compared to Rs 74 crore in Q2 FY25, representing a 51% increase year-on-year. - No explicit margin outlook (operating or profit margin guidance) is stated anywhere in the presentation or disclaimer sections. All financial figures are consolidated and sourced from Page 11 of the presentation.

See what National Highways Infra Trust said on profitability & margins — free account, 30 seconds.

Capital Expenditure Plans

Round 4 Assets (NSPPL) appointed date: 1st April 2025, contributing to revenue from operations (INR 388 Cr in Q2 FY26).
NWPPL (Round 1 & 2 Assets) and NEPPL (Round 3 Assets) ongoing operations with traffic and revenue growth reported.
BK project under capacity augmentation for 6-laning since Nov 2022; ongoing 6-laning between Satara and Belgaum is impacting traffic since Nov 2023.

2 more points management made on capital expenditure plans

Top-ranked in Transport Infrastructure

Ranked on what management guided this quarter

5x potential

1Guj Pipavav Port₹7.9K Cr

Rev 2Mar 3

2Anantam Highways₹2.3K Cr

Rev 2Mar 3

3₹338 Cr

Rev 3Mar 1

4₹4.1L Cr

Rev 3Mar 3

5₹84.4K Cr

Rev 3Mar 3

Rank buckets describe management commentary on revenue and margin. Not investment advice, and not a forecast of returns.

Fundraising & Capital Structure

The presentation mentions multiple rounds of fundraising tied to asset monetization:
R1 assets monetized raising INR 8,011 crore (Oct 2020).
R2 assets monetized raising ~INR 3,800 crore (Nov 2021).
R3 assets monetized raising ~INR 16,300 crore (Mar 2024).
R4 assets monetized raising INR 18,380 crore (Mar 2025).
Successful public listing of NCDs aggregating to INR 1,500 crore (Nov 2021).
Successful listing of zero-coupon bonds ~INR 1,000 crore (Oct 2022).
Debt at the end of Q2 FY26 increased to INR 21,901 crore from INR 12,185 crore in Q2 FY25.
Debt to Total Assets ratio increased from 0.44x to 0.48x between Q2 FY25 and Q2 FY26.

2 more points management made on fundraising & capital structure

See what National Highways Infra Trust said on fundraising & capital structure — free account, 30 seconds.

Order Book & Pipeline

The investor presentation for National Highways Infra Trust (NHIT) does not explicitly mention any figures or details related to order book, order inflow, or pending orders. The focus is on portfolio performance, financials, ESG highlights, asset monetization, and operational updates. There are no sections or data provided regarding pending contracts, future orders, or order backlog within the presentation content.

National Highways Infra Trust — Quarterly revenue & net profit

Revenue Net profit

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Reported quarterly figures (₹ Cr). Latest: revenue ₹1.1K Cr, net profit ₹205 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.

Full financials →

What National Highways Infra Trust's management said in earlier quarters

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Frequently Asked Questions

What were National Highways Infra Trust Q2 FY26 results?

What is National Highways Infra Trust share price analysis?

National Highways Infra Trust currently shows a neutral. The stock trades at a P/E of 41.5 with a market cap of ₹33,120 Cr. Investors should review the full earnings analysis for detailed insights.

Is National Highways Infra Trust planning capital expenditure?

Round 4 Assets (NSPPL) appointed date: 1st April 2025, contributing to revenue from operations (INR 388 Cr in Q2 FY26).

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This analysis is AI-generated based on publicly available earnings data and the company's investor presentation. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.