New Delhi
The National Highways Authority of India (NHAI) is projected to raise between ₹35,000–40,000 crore in FY26 through monetisation of road assets, according to a report by ICRA released on Wednesday. The projection assumes timely monetisation and is based on the median valuation multiple of 0.62 times seen across 10 toll-operate-transfer (TOT) bundles awarded in the last three years.
This would mark a strong jump from ₹24,399 crore monetised in FY25, and surpass the ₹30,000 crore target set in the FY26 Budget. Since FY2019, NHAI has relied mainly on TOT and Infrastructure Investment Trust (InvIT) mechanisms, raising ₹92,633 crore so far. While TOT contributed 53 percent of total monetisation between FY2019–FY2025, InvIT—introduced in FY2022—has rapidly grown in significance.
NHAI has been publishing annual asset monetisation lists since FY2023. Of about 7,000 km of identified road assets, 2,000 km have already been monetised, while 1,170 km were offered across five TOT bundles. Nearly 3,750 km remain yet to be monetised. For FY26, the authority has lined up a robust pipeline including five TOT bundles and further asset transfers to its InvIT.
ICRA noted that valuation multiples for awarded TOT bundles have ranged between 0.46 and 0.93 times, with concession periods averaging 20 years. Toll collection history for these roads spans four to 15 years, with a median of 10.
If successful, NHAI’s total monetisation since inception could touch ₹1.3 lakh crore by FY26. The National Monetisation Pipeline had earlier set a target of ₹53,366 crore for FY25, though the Budget estimated only ₹30,000 crore.