National Highways Infra Investment Managers Reports Q1 FY27 Update: EV Hits ₹58,604 Crore

National Highways Infra Investment Managers Private Limited (NHIIMPL), the investment manager of National Highways Infra Trust (NHIT), has reported a strong Q1 FY27 performance, with the Trust’s enterprise value reaching ₹58,604 crore. The latest investor presentation highlights growth in revenue, EBITDA and profit, along with higher distributions and continued expansion of its highway asset portfolio.

Q1 FY27 Financial Performance

NHIT recorded revenue from operations of ₹1,312 crore in Q1 FY27, compared with ₹1,023 crore in Q1 FY26.

EBITDA increased to ₹1,048 crore, from ₹843 crore a year earlier, while profit after tax (PAT) rose to ₹235 crore, compared with ₹121 crore in Q1 FY26.

The improvement reflects contributions from the Trust’s expanded portfolio, including the Round 5 assets that commenced with an appointed date of April 1, 2026.

Distribution Rises to ₹3.19 Per Unit

Distribution remains an important attraction for NHIT investors. The Trust reported a Q1 FY27 distribution of ₹3.187 per unit, compared with ₹2.984 per unit in Q1 FY26.

The presentation states that total distributions since NHIT’s listing in November 2021 have reached ₹35.95 per unit.

The Q1 FY27 distribution yield was approximately 2.12%, based on the calculation disclosed in the investor presentation.

Enterprise Value Reaches ₹58,604 Crore

NHIT’s enterprise value stood at ₹58,604 crore as of June 30, 2026.

The Trust has built a substantial highway portfolio through five asset acquisition rounds, with approximately 2,655 km of highway assets under its portfolio.

The latest expansion through Round 5 further increases the scale of NHIT’s operating asset base.

Debt and Debt-Servicing Position

NHIT’s debt stood at ₹25,252 crore at the end of Q1 FY27, compared with ₹21,813 crore in Q1 FY26.

Despite the increase in debt, the Trust reported an improvement in its Debt Service Coverage Ratio (DSCR) to 2.49x, compared with 2.11x in Q1 FY26.

The debt-to-EV ratio was approximately 0.42x, according to the presentation, indicating a relatively moderate leverage position compared with the size of the overall asset portfolio.

NHIT also continues to carry AAA/Stable credit ratings from CARE and India Ratings.

Round 5 Assets Add to Revenue

The recently added Round 5 assets contributed ₹128 crore to Q1 FY27 revenue.

The addition is significant because it demonstrates the potential for NHIT’s revenue base to increase as newly acquired highway assets become fully integrated into the portfolio.

Traffic Performance Remains Important

Traffic growth across individual projects remained a key factor behind revenue performance during the quarter.

Several corridors recorded growth in commercial traffic, while certain projects experienced traffic pressure because of alternate routes, regional disruptions and other project-specific factors.

For investors, the future performance of NHIT will therefore depend not only on asset additions but also on traffic growth, toll collections, operating performance and the ability of individual highway projects to generate stable cash flows.

Strong Track Record Since Listing

NHIT highlighted a more than 16% per annum CAGR in NAV plus distributions since inception, covering the period from its November 2021 listing to June 2026.

The Trust has also progressively increased its distribution profile, with the presentation showing total annual distributions rising from ₹0.79 per unit in FY22 to ₹11.32 per unit in FY26, followed by ₹3.19 per unit in Q1 FY27.

Investor Takeaway

NHIT’s Q1 FY27 update presents several positives for investors. Revenue, EBITDA and PAT increased significantly, distributions remained strong, the asset portfolio expanded to around 2,655 km and DSCR improved to 2.49x.

The ₹58,604 crore enterprise value and AAA/Stable credit ratings further highlight the scale and credit profile of the infrastructure investment trust.

However, investors should continue to monitor debt levels, traffic growth, toll revenue trends, project-level performance and future distributions, particularly as NHIT integrates its expanded asset portfolio.

Overall, the Q1 FY27 presentation indicates that NHIT continues to focus on portfolio expansion, cash-flow generation and regular distributions, making the update important for existing unitholders and investors tracking India’s infrastructure and InvIT sector.

Disclaimer: This article is based on information disclosed in NHIT’s Q1 FY27 investor presentation and is intended for informational purposes only. It is not investment advice or a recommendation to buy or sell any security.