Report on Roads & Highways Sector_Oct’24: Showing the ‘High’way with Asset Monetisation

The Report gives an update on the construction and awards progress of National Highways. While noting some temporary speed-breakers in H1FY25, it reassures that these metrics are on the path towards secular growth in FY25 and beyond. Providing an estimate for toll collections in FY25, it notes the possibility of a zippier FY26. Illuminating a monumental study of 750+ tolling instances from FY00 to FY24, it provides insights into median toll growth and trends based on vintage and region. Importantly, it notes that ~70% of the monetisation potential of NH stretches is yet to be tapped, and offers TOT and InvIT modes as suitable modes. It concludes with a brief study on state highways, positing them as the next avenue for monetisation.