National Highways Infra Trust

Q4 FY26Transport Infrastructure

National Highways Infra Trust Q4 FY26 earnings call: Revenue & Margins

Q4 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

Read6 min read

Based on National Highways Infra Trust's Q4 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

For FY26, total revenue from operations was INR 4,274 crore, up from INR 2,364 crore in FY25, representing an 81% increase. - Revenue breakdown by SPV: - NWPPL (R1 & R2 assets): INR 1,098 crore in FY26 vs INR 1,008 crore in FY25 (+8.9%) - NEPPL (R3 assets): INR 1,513 crore in FY26 vs INR 1,356 crore in FY25 (+11.6%) - NSPPL (R4 assets): INR 1,663 crore in FY26 (no FY25 comparatives as assets monetized in FY26) - Traffic (volume) data highlights H2 FY26 vs H2 FY25 growth: - NEPPL assets showed traffic growth around 9%-15% on various projects. - NSPPL H2 FY26 traffic is reported, with varying growth by project (e.g., GDK project impacted by diversion, CM project saw positive traffic due to strengthening works). - NWPPL had mixed traffic impact due to road diversion and capacity works; some projects like CK saw revenue growth due to overloading. - No explicit forward-looking revenue or volume guidance is stated in the presentation. The presentation reports full year FY26 EBITDA of INR 3,494 Cr, up from INR 1,975 Cr in FY25, a growth of approximately 77%.

From National Highways Infra Trust's Q4 FY26 earnings-call transcript · updated 25 Sept 2026.

Revenue & Sales Performance

For FY26, total revenue from operations was INR 4,274 crore, up from INR 2,364 crore in FY25, representing an 81% increase.
Revenue breakdown by SPV:
NWPPL (R1 & R2 assets): INR 1,098 crore in FY26 vs INR 1,008 crore in FY25 (+8.9%)
NEPPL (R3 assets): INR 1,513 crore in FY26 vs INR 1,356 crore in FY25 (+11.6%)
NSPPL (R4 assets): INR 1,663 crore in FY26 (no FY25 comparatives as assets monetized in FY26)
Traffic (volume) data highlights H2 FY26 vs H2 FY25 growth:
NEPPL assets showed traffic growth around 9%-15% on various projects.
NSPPL H2 FY26 traffic is reported, with varying growth by project (e.g., GDK project impacted by diversion, CM project saw positive traffic due to strengthening works).

2 more points management made on revenue & sales performance

Profitability & Margins

The presentation reports full year FY26 EBITDA of INR 3,494 Cr, up from INR 1,975 Cr in FY25, a growth of approximately 77%.
Profit after tax (PAT) for FY26 is INR 686 Cr, compared to INR 325 Cr in FY25, more than doubling year-on-year.
Operating margin figures are not explicitly stated, but given EBITDA and revenue growth, the margin likely improved.

2 more points management made on profitability & margins

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

Capital Expenditure Plans

The investor presentation does not explicitly describe any capex, capacity expansion, or new plant/project with specific amounts, statuses, or timelines. It focuses primarily on the following: - Monetization of various asset rounds (R1 to R5) and associated fund raises (e.g., INR 8,011 cr for R1, INR 3,800 cr for R2, INR 16,300 cr for R3, INR 18,380 cr for R4, ~INR 6,410 cr for R5). - Expansion via acquiring road assets across five rounds totaling ~2,655 km.

- Capacity augmentation at BK project (6-laning works ongoing, impacting traffic and toll rates). - Traffic growth and revenue performance at project-level but no detailed capex figures or new plant/project launch timelines. No specific new project launches or capacity expansions beyond routine capacity augmentation or asset monetization are detailed with amounts and timelines in the presentation.

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 monetization and fundraises primarily through asset monetization:
Round 1 (Oct 2020): Monetization of R1 assets & fundraise of INR 8,011 cr.
Round 2 (Nov 2021): Monetization of R2 assets & fundraise of ~INR 3,800 cr.
Round 3 (Mar 2024): Monetization of R3 assets & fundraise of ~INR 16,300 cr.
Round 4 (Mar 2025): Monetization of R4 assets & fundraise of INR 18,380 cr.
Round 5 (Mar 2026): Monetisation of R5 assets & fundraise of ~INR 6,410 cr.
Debt-related:
Debt at end FY25 was INR 21,780 cr, increasing to INR 25,229 cr at end FY26.
Debt to total assets ratio slightly increased from 0.48x to 0.49x.
Finance charges rose from INR 1,055 cr (FY25) to INR 1,723 cr (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 does not explicitly report or mention any figures or details related to an order book, order inflow, or pending orders. The content focuses primarily on: - Financial performance and revenue details of various SPVs and asset rounds. - Traffic and revenue performance data. - ESG and EHS performance indicators. - Corporate governance and board information.

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 Q4 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?

The investor presentation does not explicitly describe any capex, capacity expansion, or new plant/project with specific amounts, statuses, or timelines.

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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.