NHAI may raise Rs 40,000 crore in FY26, above Rs 30,000 crore target: ICRA

Rating agency ICRA projects road monetisation at Rs. 35,000-40,000 crore in FY26 if the assets identified by the National Highways Authority of India (NHAI) are monetised in a timely manner.

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The report is based on the assumption on the median valuation multiple of 0.62 times seen across the 10 awarded TOT (toll-operate-transfer) bundles over the last three years.»This would mark a healthy improvement from the Rs. 24,399 crore monetised in FY25. Moreover, this would exceed the budgeted monetisation target of Rs. 30,000 crore for FY26,» the report said.The NHAI has identified a pipeline of projects earmarked for monetisation, which includes the estimated completion of five TOT bundles with bids already initiated. Moreover, it has earmarked the transfer of project stretches to the InvIT (Infrastructure Investment Trust) e