National Highways Infra Trust

Q3 FY26Transport Infrastructure

National Highways Infra Trust Q3 FY26 earnings call: Revenue & Margins

Q3 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

Read5 min read

Based on National Highways Infra Trust's Q3 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 Q3 FY25: INR 587 Cr; Q3 FY26: INR 1,104 Cr (88% YoY increase) [Page 12] - Revenue by asset rounds Q3 FY25 vs Q3 FY26: - R1 & R2 (NWPPL): 254 Cr to 280 Cr (+10%) - R3 (NEPPL): 333 Cr to 388 Cr (+17%) - R4 (NSPPL): 0 to 436 Cr (new asset additions from Apr 2025) - Traffic (PCU) changes Y-o-Y Q3 FY25 vs Q3 FY26 (selected examples): - NWPPL projects show mostly growth except BK impacted by lane works (e.g., AP: 37,553 to 39,658 PCU [+6%]) [Page 9] - NEPPL projects note mixed trends; some impacted by external factors, others higher (e.g., RKJL: 18,425 to 27,450 PCU [+49%]) [Page 10] - NSPPL projects show volume growth (e.g., RSB: 23,822 to 29,331 PCU [+23%]) [Page 11] - No explicit revenue or volume outlook stated; focus is on performance data and portfolio growth. EBITDA for Q3 FY26: ₹939 crore, up from ₹468 crore in Q3 FY25, nearly doubling year-on-year.

From National Highways Infra Trust's Q3 FY26 earnings-call transcript · updated 25 Sept 2026.

Revenue & Sales Performance

Total revenue from operations Q3 FY25: INR 587 Cr; Q3 FY26: INR 1,104 Cr (88% YoY increase) [Page 12]
Revenue by asset rounds Q3 FY25 vs Q3 FY26:
R1 & R2 (NWPPL): 254 Cr to 280 Cr (+10%)
R3 (NEPPL): 333 Cr to 388 Cr (+17%)
R4 (NSPPL): 0 to 436 Cr (new asset additions from Apr 2025)
Traffic (PCU) changes Y-o-Y Q3 FY25 vs Q3 FY26 (selected examples):
NWPPL projects show mostly growth except BK impacted by lane works (e.g., AP: 37,553 to 39,658 PCU [+6%]) [Page 9]
NEPPL projects note mixed trends; some impacted by external factors, others higher (e.g., RKJL: 18,425 to 27,450 PCU [+49%]) [Page 10]

2 more points management made on revenue & sales performance

Profitability & Margins

- EBITDA for Q3 FY26: ₹939 crore, up from ₹468 crore in Q3 FY25, nearly doubling year-on-year. - Operating margin is not explicitly stated in the presentation. - Profit after Tax (PAT) for Q3 FY26: ₹247 crore, versus ₹46 crore in Q3 FY25, showing strong growth. - No explicit margin outlook or guidance on future operating margins is given in the presentation. Figures are from Page 12 under "STRONG FINANCIAL PERFORMANCE."

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

Capital Expenditure Plans

Round 4 asset (NSPPL) appointed date: 1st April 2025; projects were under transition period until Sept 2025 with fixed remittances flowing.
Capacity expansion at BK project: under 6-laning augmentation since Nov 2022, affecting tariff and traffic. Ongoing work impacts Satara-Belgaum corridor traffic since Nov 2023.
NHAI launched annual pass scheme for private cars on NH from 15th Aug 2025; supplementary agreements executed to compensate revenue shortfall.
Round 5 fundraise expected in March 2026 (no amount specified).
No explicit new plant/project or capex amount mentioned in slides.

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 linked to asset monetization:
Oct 2020: Monetization of Round 1 assets with a fundraise of INR 8,011 crore.
Nov 2021: Monetization of Round 2 assets and fundraise of ~INR 3,800 crore; also a public listing of NCDs aggregating INR 1,500 crore.
Jan 2025: Monetization of Round 3 assets with a fundraise of ~INR 16,300 crore.
Mar 2025: Monetization of Round 4 assets with a fundraise of INR 18,380 crore.
Oct 2022: Listing of zero-coupon bonds worth ~INR 1,000 crore.
Feb 2026: Round 5 fundraise expected in March 2026.
Debt at the end of Q3 FY26 increased to INR 21,840 crore from INR 12,169 crore in Q3 FY25.

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 does not explicitly report any order book, order inflow, or pending orders. Specifically: - There is no mention of order book size or value anywhere in the document. - No data or commentary on new order inflows during the quarter or pending/unfilled orders.

- The focus is on operational performance, financial results, asset monetization, traffic, revenue, ESG, corporate governance, and portfolio overview. - The presentation covers portfolio acquisitions in rounds, financial metrics, and asset management but does not provide order backlog or order pipeline information. Therefore, based solely on the presentation content, no details on order book or order inflow are reported.

2 more points management made on order book & pipeline

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 Q3 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 asset (NSPPL) appointed date: 1st April 2025; projects were under transition period until Sept 2025 with fixed remittances flowing.

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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.