National Highways Infra Trust Q4 FY26 Share Price & Earnings Call Analysis
- Market cap
- ₹32,926 Cr
- P/E
- 32.57
- ROE
- 3.00%
- PEG
- 0.84
- Price to sales
- 6.80
- Debt to equity
- 1.08
- 52W high / low
- ₹174 / ₹141
- EBITDA margin
- 79.29%
- Net profit margin
- 15.86%
- Sales (last year)
- ₹4,843 Cr
NHAI is the nodal agency responsible for the development and maintenance of national highways. It was constituted u/s 3(1) of the National Highways Authority of India Act, 1988, and commenced operations in February 1995 to develop, maintain, and manage national highways in the country. The NHAI is vested with executive powers for developing national highways in India by MoRTH. The charter of NHAI is set out in the National Highways Act, 1956, and the National Highways Authority of India Act,1988. The GoI has a 100% stake in NHAI.[1]
Potential multibaggers · Q2 FY27
Potential multibaggers in Transport Infrastructure
on management's own guidance
- Guj Pipavav PortGood growth2
- Adani PortsGood growth1
- JSW InfrastModerate growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Transport Infrastructure companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | Adani Ports | 20–40% | Flat | ₹4.45L Cr | 32.2 |
| 2 | Guj Pipavav Port | 20–40% | Flat | ₹8,103 Cr | 14.3 |
| 3 | JSW Infrast | 10–20% | Flat | ₹79,372 Cr | 52.7 |
| 4 | 10–20% | Flat | ₹20,455 Cr | 73.8 | |
| 5 | 10–20% | Flat | ₹10,109 Cr | 38.3 | |
| 6 | 10–20% | Flat | ₹7,958 Cr | 14.7 |
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Pro shows every company guiding 40%+ revenue growth →Full Transport Infrastructure rankingNational High announcements
All announcements →- Fundraise / allotmentNotableNational Highways Infra Trust allots 20.17 crore units at Rs. 153 each on March 25, 2026
- Fundraise / allotmentNotableNational Highways Infra Investment Managers approves Private Placement of NHIT units
- Board / shareholder meeting outcomeNotableNational Highways Infra Trust announces voting results of 6th Extra-Ordinary Meeting
- Fundraise / allotmentNotableNational Highways Infra Trust conducts 6th Extra-Ordinary Meeting on March 12, 2026
Financials of National High
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Financials of National High
Quarterly Results
Quarter-by-quarter operating performance
| Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 218 | 236 | 236 | 232 | 241 | 564 | 567 | 586 | 647 | 1,023 | 1,002 | 1,104 | 1,145 |
| Expenses + | 56 | 53 | 58 | 48 | 52 | 107 | 109 | 80 | 90 | 189 | 202 | 178 | 259 |
| Operating Profit | 162 | 183 | 178 | 183 | 188 | 456 | 458 | 507 | 557 | 833 | 800 | 927 | 886 |
| OPM % | 74% | 78% | 75% | 79% | 78% | 81% | 81% | 86% | 86% | 81% | 80% | 84% | 77% |
| Other Income + | 6 | 5 | 5 | 5 | 16 | 8 | 11 | 15 | 17 | 9 | 12 | 12 | 14 |
| Interest | 59 | 61 | 64 | 70 | 85 | 255 | 259 | 272 | 270 | 454 | 454 | 417 | 398 |
| Depreciation | 58 | 57 | 58 | 62 | 71 | 195 | 181 | 201 | 219 | 358 | 331 | 367 | 396 |
| Profit before tax | 51 | 70 | 61 | 56 | 48 | 14 | 28 | 49 | 86 | 31 | 27 | 155 | 107 |
| Tax % | -24% | -19% | -22% | -28% | -36% | -370% | -162% | 6% | -64% | -297% | -308% | -60% | -91% |
| Net Profit + | 63 | 83 | 74 | 72 | 66 | 64 | 74 | 46 | 141 | 121 | 112 | 247 | 205 |
| EPS in Rs | 0.87 | 1.14 | 1.02 | 0.99 | 0.50 | 0.49 | 0.57 | 0.35 | 0.73 | 0.63 | 0.58 | 1.28 | 1.06 |
Financials of National High
Profit & Loss
Annual income statement trend
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Sales + | 0 | 147 | 698 | 974 | 2,413 | 4,274 |
| Expenses + | 1 | 38 | 142 | 212 | 441 | 828 |
| Operating Profit | -1 | 109 | 556 | 762 | 1,973 | 3,446 |
| OPM % | 74% | 80% | 78% | 82% | 81% | |
| Other Income + | 0 | 3 | 3 | 1 | 2 | 48 |
| Interest | 0 | 32 | 166 | 280 | 1,055 | 1,723 |
| Depreciation | 0 | 11 | 176 | 248 | 797 | 1,451 |
| Profit before tax | -1 | 70 | 217 | 235 | 122 | 320 |
| Tax % | 0% | 2% | -18% | -25% | -166% | -114% |
| Net Profit + | -1 | 68 | 257 | 294 | 325 | 686 |
| EPS in Rs | 1.15 | 3.54 | 2.24 | 1.68 | 3.54 | |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% |
Financials of National High
Balance Sheet
Capital structure and asset base
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Equity Capital | 0.00 | 5,994 | 7,416 | 14,671 | 22,971 | 26,002 |
| Reserves | -1 | 68 | -25 | -275 | -998 | -2,201 |
| Borrowings + | 0 | 1,465 | 2,942 | 11,734 | 21,680 | 25,048 |
| Other Liabilities + | 1 | 21 | 159 | 1,280 | 1,376 | 2,145 |
| Total Liabilities | 0 | 7,549 | 10,492 | 27,410 | 45,029 | 50,994 |
| Fixed Assets + | 0 | 7,441 | 10,117 | 10,990 | 26,224 | 43,009 |
| CWIP | 0 | 0 | 0 | 0 | 1 | 0 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets + | 0 | 108 | 375 | 16,420 | 18,804 | 7,985 |
| Total Assets | 0 | 7,549 | 10,492 | 27,410 | 45,029 | 50,994 |
Financials of National High
Cash Flows
Operating, investing and financing cash movement
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 0 | -7,243 | 624 | 805 | 2,099 | 3,820 |
| Cash from Investing Activity + | 0 | -25 | -2,905 | -15,810 | -18,309 | -6,596 |
| Cash from Financing Activity + | 0 | 7,331 | 2,429 | 15,258 | 16,212 | 2,930 |
| Net Cash Flow | 0 | 64 | 147 | 253 | 2 | 154 |
| Free Cash Flow | 0 | -7,243 | -2,227 | -15,025 | -16,159 | -2,824 |
| CFO/OP | 0% | -6,642% | 113% | 107% | 107% | 111% |
Financials of National High
Ratios
Working capital efficiency and return ratios
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Debtor Days | 15 | 2 | 1 | 2 | 5 | |
| Inventory Days | ||||||
| Days Payable | ||||||
| Cash Conversion Cycle | 15 | 2 | 1 | 2 | 5 | |
| Working Capital Days | -44 | -50 | -372 | -175 | -134 | |
| ROCE % | 3% | 4% | 3% | 3% | 4% |
Momentum score · price trend
63 out of 100 — Steady
Over the past year its share price has moved roughly in the middle of the stocks we track.
| Period | Share price change | Better than … of 1,920 stocks |
|---|---|---|
| Last 12 months | +19.0% | 70% |
| Last 6 months | +3.7% | 57% |
| Last 3 months | −1.2% | 61% |
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,920 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For National High: 0.4 × 70 + 0.4 × 57 + 0.2 × 61 = 63.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 4 Nov 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
What National High's management said in earlier quarters
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