National Highways Infra Trust
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]
- Market Cap ₹ 17,334 Cr.
- Current Price ₹ 132
- High / Low ₹ 135 / 122
- Stock P/E 9.76
- Book Value ₹ 127
- Dividend Yield %
- ROCE 6.39 %
- ROE 8.16 %
- Face Value ₹
Pros
- Stock is trading at 1.04 times its book value
- Company is expected to give good quarter
Cons
- Promoter holding is low: 15.5%
- Tax rate seems low
- Company has a low return on equity of 8.72% over last 3 years.
- Company might be capitalizing the interest cost
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Sector: Infrastructure Investment Trusts Industry: Construction
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | TTM | |
|---|---|---|---|---|---|
| 0 | 235 | 955 | 1,247 | 2,599 | |
| 1 | 21 | 15 | 21 | 24 | |
| Operating Profit | -1 | 215 | 940 | 1,226 | 2,575 |
| OPM % | 91% | 98% | 98% | 99% | |
| 0 | 3 | 3 | 0 | 19 | |
| Interest | 0 | 32 | 166 | 251 | 796 |
| Depreciation | 0 | 0 | 0 | 0 | 0 |
| Profit before tax | -1 | 186 | 777 | 975 | 1,797 |
| Tax % | 0% | 2% | 1% | 1% | |
| -1 | 182 | 772 | 968 | 1,786 | |
| EPS in Rs | 3.06 | 10.63 | 7.38 | 13.61 | |
| Dividend Payout % | 0% | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| TTM: | 119% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 1026% |
| TTM: | 91% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 7% |
| 1 Year: | 11% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 9% |
| Last Year: | 8% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Sep 2024 | |
|---|---|---|---|---|---|
| Equity Capital | 0.00 | 5,994 | 7,416 | 14,671 | 14,669 |
| Reserves | -1 | 181 | 604 | 1,028 | 1,705 |
| 0 | 1,465 | 2,942 | 11,734 | 12,099 | |
| 1 | 7 | 55 | 61 | 53 | |
| Total Liabilities | 0 | 7,648 | 11,017 | 27,494 | 28,526 |
| 0 | 0 | 0 | 0 | 0 | |
| CWIP | 0 | 0 | 0 | 0 | 0 |
| Investments | 0 | 1,396 | 1,396 | 3,802 | 3,802 |
| 0 | 6,253 | 9,622 | 23,693 | 24,725 | |
| Total Assets | 0 | 7,648 | 11,017 | 27,494 | 28,526 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | |
|---|---|---|---|---|
| 0 | 102 | -26 | -28 | |
| 0 | -7,376 | -2,320 | -15,064 | |
| 0 | 7,331 | 2,429 | 15,258 | |
| Net Cash Flow | 0 | 58 | 83 | 166 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | |
|---|---|---|---|---|
| Debtor Days | 0 | 0 | 0 | |
| Inventory Days | ||||
| Days Payable | ||||
| Cash Conversion Cycle | 0 | 0 | 0 | |
| Working Capital Days | 154 | 162 | 240 | |
| ROCE % | 6% | 10% | 6% |
Documents
Announcements
-
Reg 23(5)(i): Disclosure of material issue
19 Feb - Valuation report and NAV of NHIT as of Dec 2024.
-
Reg 23(5)(i): Disclosure of material issue
18 Feb - Investor presentation for NHIT for Q3 FY25.
-
Reg 23(5)(i): Disclosure of material issue
14 Feb - Information on Project Ascent Roads for potential acquisition.
-
Reg 23(5)(g): Notice of Unitholder meetings
14 Feb - 5th Extra-Ordinary Meeting of NHIT scheduled for March 10, 2025.
-
Reg 23(5)(i): Disclosure of material issue
14 Feb - Payment of Rs. 1.99 distribution to unitholders.
About[1]
NHIT is registered as an irrevocable trust under the Indian Trust Act 1882 and is registered as an InvIT under SEBI (Infrastructure Investment Trust) Regulations 2014