National Highways Infra Trust Units · NSE:NHIT

National Highways Infra Trust Units — Investor Presentation (February 2026)

39 slides from National Highways Infra Trust Units's investor presentation, February 2026

  1. Slide 1: National Highways Infra Trust Investor Presentation February 2026

    Krishna Bridge KK BK Corridor Tungabhadra Bridge - KK NATIONAL HIGHWAYS INFRA TRUST INVESTOR PRESENTATION FEBRUARY 2026

  2. Slide 2: NHIT: A Brief

    NHIT : A BRIEF  National Highways Infra Trust (NHIT) is an Infrastructure Investment Trust (INvIT) set up by NHAI as the Sponsor in 2020  Among the largest InvITs in India with an Enterprise Value of INR 50,029 cr.*  NHIT’s key investors include – Canadian Pension Plan Investments (CPP), Ontario

  3. Slide 3: NHAI Asset Monetization: An Overview

    NHAI ASSET MONETIZATION: AN OVERVIEW National Monetization Pipeline (NMP) – Monetization Modes Long Term Monetization Pipeline of Roads Monetization of NHAI’s operating road assets through two  National Highways Authority of India (“NHAI”): key monetization modes – InvIT (NHIT) and TOT – Develops,

  4. Slide 4: NHIT Structure

    NHIT STRUCTURE SPONSOR INVESTORS ~89% ~11%* unitholding unitholding NHIIMPL 100% owned by GoI 100% SPVs Holding assets (through 20–30-year concessions) NHIPMPL 100% owned by NHAI NWPPL NEPPL NSPPL Round # Round 3 Round 4 1+2+5 07 Assets 11 Assets 10 Assets *Post OFS done in May 2025 #Round 5 assets

  5. Slide 5: NHIT Overview

    NHIT OVERVIEW Nov 2021 INR 50,029 cr. Listing of units on Stock Enterprise Value* Exchange TOTAL NUMBER OF ASSETS TOTAL NUMBER OF PLAZAS Market Cap 26 41 INR 28,558.9 cr.** INR 29.63 / unit ~2,345 km Total distribution since Existing Portfolio SPV Distribution Frequency listing 3 Quarterly 8.05% Ann

  6. Slide 6: Continuous Demonstration of Growth and Value

    CONTINUOUS DEMONSTRATION OF GROWTH AND VALUE Jan 2025 • Successful Listing of Zero-Coupon Bonds ~ INR 1,000 cr. Oct 2022 • Monetization of R2 Feb 2026 assets & fund raise of ~INR 3,800 Jun 2025 • Round 5 cr. fundraise • NHAI offered expected in Nov 2021 bundle 5 for March 2026 • Monetization of • Su

  7. Slide 7: Experienced Board with Diverse Backgrounds

    EXPERIENCED BOARD WITH DIVERSE BACKGROUNDS BOARD MEMBERS Mr. N R V V M K Rajendra Kumar Ms. Usha Rao-Monari NHAI Nominee Director Independent Director Member (Finance) of NHAI Former Under Secretary General, United Nations Associate Administrator, UNDP Mr. Debapratim Hajara Mr. Pradeep Singh Kharola

  8. Slide 8: NHIT: Fund-Raise So Far

    NHIT : FUND-RAISE SO FAR INR Cr 46,450 Debt Units 23,053 18,380 16,272 8,340 8,011 7,272 23,397 3,787 6,011 1,430 9,000 10,040 2,000 2,357 Round 1 Round 2 Round 3 Round 4 Total Particulars Round 1 Round 2 Round 3 Round 4 Total Portfolio Appointed Date 16 Dec’21 29 Oct’22 1 Apr’24 1st Apr’25 - No. of

  9. Slide 9: Participation by Other Large Institutional Investors

    PARTICIPATION BY OTHER LARGE INSTITUTIONAL INVESTORS INVESTOR BASE PARTICIPATION OF GLOBAL INVESTORS ONTARIO TEACHER’S CANADA PENSION PLAN PENSION PLAN (OTPP) INVESTMENTS (CPP) 27 ~26x ~700+ KKR & CO. (KKR) FEW KEY DOMESTIC INVESTORS Nov 2021 Dec 2025 UNIT HOLDING PATTERN* Nippon India SBI Life Indi

  10. Slide 10: Consistent Performance

    CONSISTENT PERFORMANCE NAV & DISTRIBUTIONS NAV (INR / Unit) 145.8 R4 137.3 R3 133.9 131.1 131.9 126.4 124.8 122.9 R2 119.5 116.5 113.5 R1 109.3 106.7 101.0 Nov-21 Mar-22 Oct-22 Dec-22 Mar-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Feb-25 Mar-25 Jun-25 Dec-25 Distributed INR 29.63 / FY 2022 FY 2023 FY 202

  11. Slide 11: Strong Debt Raising Capabilities

    STRONG DEBT RAISING CAPABILITIES PUNJAB OUR LENDERS SBI BANK AXIS BANK NABFID IDBI BANK NATIONAL BANK Substantial debt headroom for future expansion Track record of accessing bond markets Credit Rating AAA Debt to Total Assets 60% • Raised Rs. 1500 Cr through maiden 47% 48% public issue of NCD in Oc

  12. Slide 12: Geographically Diversified Existing Portfolio: 2,345 kms under 26 Projects

    GEOGRAPHICALLY DIVERSIFIED EXISTING PORTFOLIO: 2,345 KMS UNDER 26 PROJECTS ROAD PORTFOLIO PREDOMINANTLY IN HIGH GROWTH STATES NHIT PORTFOLIO FY25 REVENUE CONTRIBUTION OB: 63 km AB: 33 km Assam, 5% Andhra Gujarat, 5% MH: 79 km Pradesh, 19% CK : 161 km SJ: 75 km Assam Pkg: 114 km Karnataka, Delhi Chat

  13. Slide 13: Upcoming Bundle for Monetization (Round 5)

    UPCOMING BUNDLE FOR MONETIZATION (ROUND 5) NHIT PORTFOLIO FY26E REVENUE CONTRIBUTION (POST R5) Existing (~2,345 Km) R5 (~310.4 Km) Uttar Pradesh, West Bengal, 2% Andhra 14% Pradesh, 19% RJ UP Telangana, 5% Assam, 4% Rajasthan, 4% Chhattisgarh, 5% GJ MP Gujarat, 6% 1 Madhya TS Pradesh, 16% KA 2 Karna

  14. Slide 14: Investment Rationale

    INVESTMENT RATIONALE ROADS – AN ATTRACTIVE INFRA ASSET UNIQUE PLATFORM FOUNDED CLASS ON STRONG GOVERNANCE High correlation between GDP & road 01   Sponsored by NHAI - India's AAA rated transport - expected to grow at 5-7% Federal Highways Developer annually over the long term  Experienced board a

  15. Slide 15: Proposed Process for Acquisition of Round 5 Assets

    PROPOSED PROCESS FOR ACQUISITION OF ROUND 5 ASSETS Process for funding of Actual Consideration in Round 5 STEP 1 Finalisation of Base Concession Fee for R5 assets as per Independent Valuer's Report (“Base Valuation”) 15th January 2026 STEP 2 Offer made to NHAI at Base Concession Fee 3rd February 202

  16. Slide 16: Case Study: Round 4 Transaction Process

    CASE STUDY: ROUND 4 TRANSACTION PROCESS Proposed Acquisition Illustration Of Funding Of Actual Consideration In Round 4 • NHAI offered 11 road assets to NHIT under Round 4 (“R4”) with a concession period of 20 years: S NO. PARAMETER DETAILS a. Narsannapeta Ranasthalam (54 km); b. Ranasthalam Anandap

  17. Slide 17: Annexures

    ANNEXURES 17

  18. Slide 18: ESG Highlights | 9 Month FY26

    ESG HIGHLIGHTS | 9 MONTH FY26 Environment Highlights 7% total women 15.4 % attrition rate Total 367 female staff Social strength in IM and SPVs (IM and SPVs) (LA, TC, Cashier and Housekeeping) at 32 Toll Kochugaon - Kaljhar Highlights Plazas across (NWPPL, NEPPL and NSPPL) 18 Projects. Energy GHG Em

  19. Slide 19: Key Excerpts from InvIT Regulations (1/2)

    KEY EXCERPTS FROM INVIT REGULATIONS (1/2) Listing • All InvITs, private as well as public shall be listed In case of a private placement, Minimum • Investment only from eligible qualified institutional buyers Investment • Atleast 80% of the value of the InvIT to be invested in completed and revenue

  20. Slide 20: Regulatory Framework at a Glance (2/2)

    REGULATORY FRAMEWORK AT A GLANCE (2/2) • Aggregate consolidated borrowings & deferred payments (net of cash & cash equivalents) should be <= 70% of value of InvIT Assets Leverage • If Aggregate limit is > 25% but not exceeding 49%, InvIT to obtain Credit Rating & Seek unitholders approval • Distribu

  21. Slide 21: Working of Net Distributable Cash Flows (NDCF)

    WORKING OF NET DISTRIBUTABLE CASH FLOWS (NDCF) NDCF at SPV Level Minimum 90% of net distributable cash flows are required to be distributed from the SPV to the InvIT and from the InvIT to the Unitholders Interest on Repayment of Reserves for EBITDA Capex Major Working capital external debt external

  22. Slide 22: Robust Concession Agreement to Align Interest of All Stakeholders (1/2)

    ROBUST CONCESSION AGREEMENT TO ALIGN THE INTEREST OF ALL STAKEHOLDERS (1/2) Inflation Pass Through • Toll rates to escalate at 3% plus 40% of the movement in the WPI Performance Linked • Extension/reduction in Concession Period in case of variation in toll collection caps the downside returns Adjust

  23. Slide 23: Key Terms in Concession Agreement (2/2)

    KEY TERMS IN CONCESSION AGREEMENT (2/2) Particular R1 ASSETS R2 ASSETS R3 ASSETS R4 ASSETS R5 ASSETS • All capacity augmentation works to be undertaken by NHAI • NHAI shall also All capacity compensate the Capacity Augmentation augmentation works to Same as previous round Same as previous round Same

  24. Slide 24: NHIT Represents Proxy to India's GDP

    NHIT- REPRESENTS PROXY TO INDIA’S GDP REVENUE SHARE BY VEHICLE CATEGORIES GSDP CAGR (FY15 -25) India GDP 6.0% Passenger , 19% Gujarat 7.9% Karnataka 7.7% Madhya Pradesh 6.4% Telangana 7.2% Assam 7.8% Commercial , Andhra Pradesh 6.9% 81% Rajasthan 5.7% Chhattisgarh 5.9% % LENGTH BY PAVEMENT TYPE Utta

  25. Slide 25: Return to Unitholders

    RETURN TO UNITHOLDERS Absolute Cash Absolute NAV Financial Total Return Adjusted S. No. Yield Return Remarks Year (a+b) Total Return (a) (b) Units were listed in November 2021; hence, total return 1 2021-22 0.78% 5.62% 6.41% 18.79% have been adjusted for full year The fund raising and acquisition of

  26. Slide 26: Portfolio Overview

    PORTFOLIO OVERVIEW 26

  27. Slide 27: NHIT Portfolio Overview

    NHIT PORTFOLIO OVERVIEW ~Length S. No. Name Lane (kms) (km) 1 Round 1 Assets 389 1558.9 2 Round 2 Assets 247 986.0 3 Round 3 Assets 889 3980.3 4 Round 4 Assets 820 3898.5 Total (A) 2,345 10,423.8 Length S. No. Name State Lanes (km) 1 Amravati – Chikhali - Tarsod (ACT) MH 4 256.0 2 Chinna Avutapalli

  28. Slide 28: R1: Historical Traffic Growth – Plaza Wise

    R1: HISTORICAL TRAFFIC GROWTH PCUs (‘000) – PLAZA WISE KOTHAKOTA BYPASS – KURNOOL HIGHWAY CHITTORGARH – KOTA & CHITTORGARH BYPASS CAGR: 9.07% CAGR: 8.5% 45 46 14 45 13 13 13 13 42 42 12 12 12 12 12 12 12 1212 1212 1212 40 41 12 12 12 12 12 1212 37 38 37 37 38 39 39 39 11 11 11 11 11 11 11 11 10 11 1

  29. Slide 29: R2: Historical Traffic Growth – Plaza Wise

    R2: HISTORICAL TRAFFIC GROWTH PCUs (‘000) – PLAZA WISE BORKHEDI - KELAPUR AGRA BYPASS CAGR: 7.1% CAGR: 3.3% 25 24 25 25 24 24 23 23 23 23 22 32 32 32 33 33 22 21 22 22 22 31 31 31 32 31 31 21 21 21 21 21 21 21 30 30 20 20 20 Q3FY23 Q4FY23 Q1FY24 Q2FY24 Q3FY24 Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY2

  30. Slide 30: R3: Historical Traffic Growth – Plaza Wise (1/2)

    R3: HISTORICAL TRAFFIC GROWTH PCUs (‘000) – PLAZA WISE (1/2) REWA – KATNI – JABALPUR - LAKHNADON LAKHNADON – KHAWASA CAGR: 4.9% CAGR: 5.0% 25 23 23 22 22 21 21 21 21 21 31 30 30 20 29 29 28 19 20 19 20 28 27 27 27 28 18 18 17 18 18 26 26 26 16 16 16 17 15 14 13 13 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26

  31. Slide 31: R3: Historical Traffic Growth – Plaza Wise (2/2)

    R3: HISTORICAL TRAFFIC GROWTH PCUs (‘000) – PLAZA WISE (2/2) CHICHRA - KHARAGPUR HUBLI – HAVELI – DEVANAGERE - CHITRADURGA CAGR: -13.9%* CAGR: 4.5% 29 28 28 28 27 27 26 26 26 26 25 25 31 25 25 25 24 25 24 25 24 24 28 28 27 27 25 25 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q1FY25 Q2FY25 Q3FY2

  32. Slide 32: R4: Historical Traffic Growth – Plaza Wise (1/3)

    R4: HISTORICAL TRAFFIC GROWTH PCUs (‘000) – PLAZA WISE (1/3) NARSANNAPETA RANASTHALAM RANASTHALAM ANANDAPURAM CAGR: 0.2% CAGR: 0.0% 36 36 30 30 34 29 Q1FY26 Q2FY26 Q3FY26 Q1FY26 Q2FY26 Q3FY26 Madapam Nathavalasa ANAKAPALLE ANANDAPURAM CAGR: 2.3% 29 28 27 27 27 26 Q1FY26 Q2FY26 Q3FY26 Dukkavanipalem

  33. Slide 33: R4: Historical Traffic Growth – Plaza Wise (2/3)

    R4: HISTORICAL TRAFFIC GROWTH PCUs (‘000) – PLAZA WISE (2/3) TN/AP BORDER TO NALAGAMPALLI, AP/KARNATAKA BORDER CHITTOOR MALLAVARAM CAGR: 10.5% CAGR: 5.9% 31 31 31 32 29 29 Q1FY26 Q2FY26 Q3FY26 Q1FY26 Q2FY26 Q3FY26 Mahasamudaram Gadanki GUNDUGOLANU - DEVARAPALLI – KOVVURU MUZAFFARNAGAR - HARIDWAR CAG

  34. Slide 34: R4: Historical Traffic Growth – Plaza Wise (3/3)

    R4: HISTORICAL TRAFFIC GROWTH PCUs (‘000) – PLAZA WISE (3/3) BAREILLY - SITAPUR GANDHIDHAM (KANDLA) - MUNDRA CAGR: 7.3% CAGR: 17.2% 35 56 30 26 20 53 18 15 51 Q1FY26 Q2FY26 Q3FY26 Q1FY26 Q2FY26 Q3FY26 Faridpur Maigalganj (ETC Traffic) Mokha RAIPUR – SIMGA SIMGA – BILASPUR CAGR: 6.8% CAGR: 6.2% 36 31

  35. Slide 35: Portfolio Overview - Round 5

    PORTFOLIO OVERVIEW- ROUND 5 Material Information regarding the Disclosure made on the Stock Exchange on 18th February 2026 35

  36. Slide 36: R5: Historical Traffic Growth – Plaza Wise

    R5: HISTORICAL TRAFFIC GROWTH PCUs (‘000) – PLAZA WISE AMRAVATI - CHIKHALI - TARSOD GUNDUGOLANU - CHINNA AVUTAPALLI CAGR: 3.1%* CAGR: 6.3% 51 24 24 2423 24 23 24 24 23 2323 23 22 23 23 22 22 21 22 22 21 21 21 20 47 48 20 2020 47 18 46 16 17 16 15 15 15 46 14 45 45 44 Q3FY24 Q4FY24 Q1FY25 Q2FY25 Q3FY

  37. Slide 37: Glossary

    GLOSSARY AB Agra Bypass MH Muzafarnagar – Haridwar AAN Anandapuram - Anakapalle –Narasannapeta MH-B Maharashtra Border – Belgaum ACT Amravati – Chikhali – Tarsod MM Major Maintenance AP Abu Road – Palanpur Mn Million AS Abu Road - Swaroopganj MORTH Ministry of Road Transport and Highways ASP Assam P

  38. Slide 38: Disclaimer

    DISCLAIMER This presentation is prepared and issued by National Highways Infra Investment Managers Private Limited (the “Investment Manager”) on behalf of and in its capacity as the investment manager of National Highways Infra Trust (“NHIT”) for general information purposes only without regards to

  39. Slide 39: Thank You

    THANK YOU) National Highways Infra Trust

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