NHAI may raise Rs 40,000 crore in FY26, exceeding target of Rs 30,000 crore: 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. 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.