India’s National Highways Authority (NHAI) is on course to surpass its fiscal year 2026 monetisation target, with expected proceeds of ₹35,000–40,000 crore, according to industry analysts. The figure would comfortably exceed the government’s original target of ₹30,000 crore and represents a sharp rise from ₹24,399 crore realised in FY25.
Credit rating agency ICRA said the strong outlook reflects the timely monetisation of identified highway assets, including five Toll-Operate-Transfer (TOT) bundles and additional stretches earmarked for the NHAI Infrastructure Investment Trust (InvIT). Valuation multiples for TOT assets over the past three years have ranged from 0.46 to 0.93 times, with a median of 0.62 times.
Since FY19, NHAI has raised ₹92,633 crore through asset monetisation, with TOT accounting for more than half of the total. Between FY23 and FY25, around 7,000 kilometres of highways were announced for monetisation, of which roughly 2,000 kilometres have been completed, and 1,170 kilometres offered via five TOT bundles. Nearly 3,750 kilometres remain to be monetised.
The development signals growing investor confidence in India’s infrastructure monetisation framework and highlights the increasingly central role of TOT and InvIT structures in national fiscal planning.
