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The rating agency for this Bond is CARE RATINGS LIMITED.
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National Highways Infra Trust Oct '35
YTM
7.40%Tenure left
108 monthsInterest payout
Half YearlyPrincipal payout
Principal AmortizatiBond details
Minimum investment₹319.53
Date of maturity25 Oct 2035
ISININE0H7R07017
Bond typeSenior Secured
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About
National Highways Infra Trust (NHIT) is an infrastructure investment trust (InvIT) established by the National Highways Authority of India (NHAI) under the Indian Trusts Act, 1882, and registered under SEBI (InvIT) Regulations in October 2020. Created to monetize operational road assets in India, NHIT operates through its 100% subsidiaries—NHIT Western Projects Private Limited (NWPPL), NHIT Eastern Projects Private Limited (NEPPL), and the newly formed NHIT Southern Projects Private Limited (NSPPL)—housing a portfolio of 26 toll road projects with a total length of approximately 2,341 km across ten states. Backed by significant global and institutional unitholders, including the CPP Investment Board and Ontario Teachers’ Pension Plan, NHIT is managed by National Highways Infra Investment Managers Private Limited, with IDBI Trusteeship Services Limited acting as the trustee.;
Pros and Cons
Pros
Cons
Strong Ratings and Favorable Debt Terms: India Ratings assigned an 'IND AAA/Stable' rating to NHIT's proposed term loans and working capital, reflecting robust debt protection features including a DSCR-linked cash trap at 1.35x and a Debt Service Reserve Account (DSRA) covering three months of debt obligations.
Diversified and Resilient Portfolio: The InvIT’s portfolio of 26 operational toll road assets spans ten states (such as Rajasthan, Gujarat, and Maharashtra), ensuring that no single asset contributes more than 9% of total toll revenues, which mitigates concentration and isolated event risks.
Robust Operational and Management Framework: Managed by experienced professionals under NHAI, the InvIT benefits from a strong sponsor and established operating history (ranging from 5 to 18 years for its projects), coupled with a track record of healthy toll collections that grew by 4% YoY in Round 1 assets during 8MFY25.
Adequate Liquidity and Modest Leverage: With a projected average DSCR over 1.80x and a consolidated net outstanding debt-to-enterprise value of around 39% for its initial three rounds of assets, NHIT maintains strong liquidity to meet its obligations and distribute surplus cash.
Strategic Growth through Acquisitions: NHIT successfully added seven assets in Round 3 and is progressing on acquiring 11 additional assets (Round 4) valued at INR 182.82 billion, highlighting a solid pipeline for expanding and diversifying its revenue-generating asset base.
Other details
Clean price₹309.53
Dirty price₹319.53
Current yield7.40%
Security cover--
Issue size20.50Cr
Original bond tenure155 months
TrusteeSBICAP Trustee Company Limited
Mode of issueNCD
Listed onNSE
Listing date27 Oct 2022
Coupon rate7.90%
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