National Highways Infra Trust (NHIT) is an NHAI-sponsored infrastructure investment trust that collects tolls across 2,655 km of highways held through 20-30-year concessions, and its quarterly print is essentially a read on traffic flows, toll rates and distribution capacity. This Q2 FY 2026-2027 print will speak to whether consolidated PAT momentum (Q1 FY27: Rs. 234.50 Cr, +93.06% YoY) holds against a steep Q2 FY26 base of Rs. 112 Cr, and whether the quarterly distribution pace near Rs. 3.187/unit stays covered by net distributable cash flow.
| Results date | November 06, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 1,311.87 Cr (consolidated revenue from operations, Q1 FY27) |
| Previous quarter PAT | Rs. 234.50 Cr (consolidated, Q1 FY27) |
| Market cap | Rs. 32,732.78 Cr |
| CMP | Rs. 169.0 |
National Highways Infra Trust is scheduled to report its Q2 FY 2026-2027 results on November 06, 2026.
The quarter's direction turns on Jul-Sep 2026 toll and traffic flows, the toll-rate and compensation backdrop, and the interest-rate path, with Round 5 assets now in the base for the full period after contributing roughly 10% of consolidated revenue in their first quarter.
System-wide NETC volumes softened through the quarter — 347.35 Mn transactions in July, 351.00 Mn in August and 337.34 Mn in September, down from 361.76 Mn in June — though toll value held up better at Rs. 7,096.35 Cr in September (−1.23% MoM), implying rate and mix cushioned the volume dip, and the closest listed peer read (IRB Group toll revenue up ~25-26% YoY in July/August) supports a YoY-ahead revenue read consistent with NHIT's own Q1 FY27 print of +28.27% YoY.
Company-specific tailwinds carried over from Q1 include the Katni Bypass length added w.e.f. June 12, 2026 that lifted RKJL toll rates, while flagged drags remain live: AP/AS traffic diversion from the MoRTH-made-free alternate road, BK at 75% tariff under 6-laning with partial diversion at HHC, the ChK sand-mining delay, and GDK's NH216 diversion.
On funding costs, the MPC held the repo at 5.25% on August 5, 2026 but the 10-year G-Sec briefly tested 7% on September 2, 2026 and ended September around 7.0%, so the blended cost of debt — against FY26 finance charges of Rs. 1,723 Cr — was likely broadly stable rather than falling, with leverage improved (net borrowings 41.57% at June 30, 2026, down 1.32 pp QoQ) and DSCR at 2.26x for FY26.
On toll-rate mechanics, the July 8, 2026 NHAI circular retained the 1.641 WPI linking factor for user-fee revision under all existing concession agreements, while the annual-pass compensation mechanism (Rs. 3,075 pass for FY2026-27, with pass volumes of 80-86 Mn/month through the quarter) means a growing share of car/jeep/van flow — about 33% of that segment's ETC transactions by June 2026 — arrives as NHAI compensation rather than direct toll, a revenue-quality mix question.
The call is also expected to be probed on Round-6 specifics after NHAI's October 22, 2026 letter approved 449.48 km across four stretches for potential acquisition under InvIT Round-6 in the FY27 monetization plan, subject to NHIIMPL board evaluation.
Guidance scorecard: Status of previously stated forward commitments:
Distribution continuity and leverage
Consolidated PAT momentum
Asset-level traffic watch-items
Annual pass compensation and NAV progression
Yes — Q1 FY27 consolidated revenue from operations was Rs. 1,311.87 Cr, up 28.27% YoY and 14.53% QoQ. FY26 consolidated revenue rose 80.79% to Rs. 4,274 Cr, driven by the first-year inclusion of Round 4 (NSPPL) revenue of Rs. 1,663 Cr.
Yes — the Round 5 fundraise of ~INR 6,410 cr was completed in March 2026, in line with the 'expected in March 2026' guidance, with units issued at INR 153 and the investor base rising to ~725. Watch for commentary on deployment of proceeds.
NHAI offered Bundle 5 for monetization in June 2025, but no timeline or value has been stated, so the guidance remains open-ended. Any update on timeline, valuation or structure would be a key catalyst from the upcoming call.
NHIT declared a distribution of Rs. 3.187/unit with its Q1 FY27 results (record date August 12, 2026), and cumulative distributions announced in the recent window total Rs. 6.317/unit. FY26 distribution per unit stood at Rs. 11.329 versus Rs. 7.671 in FY25.
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