The National Highways Authority of India (NHAI) could potentially generate Rs 3,500–4,000 million in FY26 through monetisation of existing assets, toll-operate-transfer (TOT) bundles, and newly identified assets, according to a report by Icra.
Since inception, total monetisation may reach around Rs 13,000 million. NHAI primarily uses TOT and infrastructure investment trust (InvIT) routes, raising Rs 9,263 million via these methods up to FY25. While TOT accounted for 53 per cent of monetisation between FY19–FY25, InvIT, introduced in FY22, has gained prominence over the last two years.
From FY23–FY25, NHAI notified nearly 7,000 km for monetisation, of which approximately 2,000 km has been monetised and another 1,170 km sold via TOT. About 3,750 km remains to be monetised. For FY26, NHAI has identified 24 highway stretches across 12 states, covering nearly 1,472 km, to be monetised via InvIT or TOT.
In July 2025, NHAI invited bids for three TOT bundles (20, 21, 22) covering 375.6 km, which recorded cumulative ETC toll collections of around Rs 50,000 million in FY25. Icra estimates that NHAI could raise Rs 2,100–2,500 million from the seven TOT bundles in FY26.
