Monetisation activity of NHAI has remained healthy in FY2026 with a total Rs. 28,078 crore of assets monetised via TOT, public and private InvITs. With healthy pipeline of assets and increased avenues of monetisation, the activity is expected to remain buoyant in the medium term. Given the declining order book and consequent impact on revenue visibility and profitability, ICRA believes that meaningful pick-up in order awarding activity from the MoRTH remains vital to ease competitive pressure.

Exhibit: Budgetary allocations over the last 10 years

Source: ICRA Research; Union Budget documents; IEBR: Internal and Extra Budgetary Resources; BE: Budget estimates; RE: Revised Estimates