CT
Citius Transnet InvIT
Mainboard₹1,105 Cr issue
+4.60%
Listing gain over issue price
Issue size
₹1,105 Cr
1 lot at cut-off
₹15,000
Lot size
150shares
Allotment
24 Apr 2026
Listing
29 Apr 2026
Listing performance
Issue price
₹100
Listed at
₹104.60
Listing-day close
₹106.23
Latest price
₹106.96
Listing gain
+4.60%
Return since listing
+6.96%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Grey market premium
Unofficial and indicative — not a forecast
₹3.50
3 observations recorded — too few to plot a trend.
Day-wise premium · 3 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 29 Apr 2026 | ₹3.50 | +3.50% | ₹0 | ₹103.50 | ₹525 |
| 28 Apr 2026 | ₹3.50 | +3.50% | ₹0 | ₹103.50 | ₹525 |
| 27 Apr 2026 | ₹3.60 | +3.60% | ₹0 | ₹103.60 | ₹540 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- Listing date
- 29 Apr 2026
- Face value
- ₹0 per share
- Issue price
- ₹100 per share
- Lot size
- 150 shares
- Total issue size
- ₹1,105 Cr
- ISIN
- INE2Q7823014
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- Axis Capital Ltd.
- Registered office
- Plot 294/3, Edelweiss House, Off CST Road,, Kalina, Santacruz East,, Maharashtra
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 4,97,24,850 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 150 shares per lot, in multiples, at ₹100
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 150 | ₹15,000 |
| Retail (max) | 13 | 1,950 | ₹1,95,000 |
| S-HNI (min) | 14 | 2,100 | ₹2,10,000 |
| S-HNI (max) | 66 | 9,900 | ₹9,90,000 |
| B-HNI (min) | 67 | 10,050 | ₹10,05,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
4,97,24,850
Anchor portion
₹497 Cr
at ₹100 per share
Valuation and performance
Valuation at offer price
₹100 per share
| Metric | Pre-issue | Post-issue |
|---|
About Citius Transnet InvIT
Citius TransNet Investment Trust (the 'Trust') is an irrevocable infrastructure investment trust registered with SEBI on August 1, 2025, established by Epic Transnet Infrastructure Private Limited as the Sponsor. The Trust acquires and manages infrastructure assets through its Initial Portfolio Assets, comprising two holding companies (Epic 3 and SRPL) that collectively hold ten Project Special Purpose Vehicles (SPVs) operating toll roads and annuity-based highway projects. These assets include projects such as Ahmedabad-Maliya Tollway, Samkhiali Bhachau Gandhidham Tollway, Panipat Elevated Corridor, Rajkot-Vadinar Tollway, Sambalpur-Rourkela Tollway, Deccan Tollways, Thrissur Expressway, and projects in Jorabat-Shillong, Dhola, and Dibang. The Trust generates revenue through toll collections and annuity payments from highway authorities, with EAAA TransInfra Managers Limited as the Investment Manager and Axis Trustee Services Limited as the Trustee.
Company Analysis
from RHPCitius TransNet Investment Trust is an infrastructure investment trust that owns and operates toll road and annuity-based transportation infrastructure assets across India.
Citius TransNet Investment Trust (the 'Trust') is an irrevocable infrastructure investment trust registered with SEBI on August 1, 2025, established by Epic Transnet Infrastructure Private Limited as the Sponsor. The Trust acquires and manages infrastructure assets through its Initial Portfolio Assets, comprising two holding companies (Epic 3 and SRPL) that collectively hold ten Project Special Purpose Vehicles (SPVs) operating toll roads and annuity-based highway projects. These assets include projects such as Ahmedabad-Maliya Tollway, Samkhiali Bhachau Gandhidham Tollway, Panipat Elevated Corridor, Rajkot-Vadinar Tollway, Sambalpur-Rourkela Tollway, Deccan Tollways, Thrissur Expressway, and projects in Jorabat-Shillong, Dhola, and Dibang. The Trust generates revenue through toll collections and annuity payments from highway authorities, with EAAA TransInfra Managers Limited as the Investment Manager and Axis Trustee Services Limited as the Trustee.
toll roadshighway infrastructuretoll-operate-transfer projectsannuity-based infrastructuretransport infrastructure
Objects of the Issue
- Partial or full acquisition of securities of SRPL and identified Project SPVs (TEL, JSEL, Dhola and Dibang) p.45
- General corporate purposes p.45
- Acquisition of Initial Portfolio Assets - Securities purchase and redemption of debentures from Edelweiss Infrastructure Yield Plus for acquisition of SRPL, TEL, Dhola, Dibang and JSEL securities and ICDs p.70
- Partial or full acquisition (or as applicable, redemption) of securities of SRPL and certain identified Project SPVs namely TEL, JSEL, Dhola and Dibang, comprising equity shares, compulsorily convertible preference shares, compulsorily convertible debentures, and non-convertible debentures ₹10,000.00 million p.359
- General purposes for operation of the Trust Up to [●] million (balance of net proceeds after issue expenses, subject to maximum 10% of net proceeds) p.361
- Acquisition of Initial Portfolio Assets p.423
- Acquisition of future HAM assets under ROFO Agreement p.385
- Acquisition of equity stake in holding companies and special purpose vehicles p.532
- General corporate purposes and investment in infrastructure assets p.549
Issue Structure
- Total Issue
- ₹ 11,050 million
- Fresh Issue
- [●] Units
- Price Band
- ₹ [●] per Unit (Floor Price) to ₹ [●] per Unit (Cap Price)
- Lot Size
- Minimum [●] and in multiples of [●] thereafter
Business Model
The Trust earns revenue primarily through toll collections from toll-based road projects and annuity income from annuity-model highway projects operated by its SPVs. Revenue is generated through concession agreements with government authorities (NHAI and MORTH) and toll operators. For the nine months ended December 31, 2025, revenue from operations was ₹14,963.64 million, with total income of ₹15,703.89 million including other income of ₹740.25 million.
Business Segments
Operates toll-based highway infrastructure through Build-Operate-Transfer (BOT) and Toll-Operate-Transfer (TOT) concession agreements
Operates highway projects under annuity models where revenue is generated through payments from government authorities (NHAI and MORTH)
Operates toll roads under concession agreements, collecting toll fees from users. Seven toll assets spanning more than 3,043.22 lane-kilometers across multiple states. Toll rates subject to annual adjustments per Fee Rules.
Receives fixed annuity payments from concessioning authorities (MoRTH and NHAI) for road projects. Three annuity assets spanning more than 363.49 lane-kilometers. Concessionaire responsible for construction and maintenance; revenue risk borne by authority.
Future planned acquisitions under ROFO Agreement. 11 HAM assets held or to be acquired by Seller Entities. Combines EPC and annuity approaches, balancing financial responsibility between government and concessionaire. Provides fixed annuity payments, interest on diminishing balance, and inflation-linked O&M payments.
Operational road projects where users pay toll for road usage; provides stable cash flows backed by industrial activity (commercial vehicle volume) and personal consumption activity (passenger vehicle volume)
Transport infrastructure projects where the Trust receives annuity payments from government and concessioning authorities; low counterparty risk from government entities
Operates toll-based road infrastructure where revenue is generated through toll collections from users. Seven toll assets spanning over 3,043.22 lane-kilometers across six states (Kerala, Odisha, Karnataka, Telangana, Gujarat, Haryana) with an average operational history of 10.13 years and residual life of 12.93 years.
Operates annuity-based road infrastructure where revenue is generated through fixed annuity payments from government authorities (MoRTH, NHAI). Three annuity assets spanning 363.49 lane-kilometers with no traffic risk and minimal default risk as the counterparties are central government or its agencies. These assets provide stable, predictable cash flows over the concession period.
Under the ROFO Agreement, the Trust has the right of first offer to acquire 11 HAM road assets currently held or being acquired by the EAAA Platform. HAM assets combine elements of Engineering, Procurement, and Construction (EPC) and annuity-based approaches, with the government bearing 40% of construction costs and the concessionaire bearing 60%. These assets provide assured revenues through fixed annuity payments during the operational phase with inflation-linked O&M payments.
Six-lane toll highway connecting Samakhiali to Gandhidham on NH-8A in Gujarat, handling construction materials, petroleum products, courier goods and empty vehicle returns
Four-lane toll highway on SH-25 from Rajkot to Vadinar in Gujarat, strategically positioned in the petroleum refining zone, handling petroleum products, industrial goods and agricultural commodities
Four-lane toll highway on SH-10 in Odisha connecting mining and industrial centers, handling coal, iron ore, manufacturing goods and empty vehicles
Four and six-lane toll highway on SH-17 and SH-7 in Gujarat connecting industrial hubs and ports, handling construction materials, manufacturing goods and automotive components
Four-lane toll highway on NH-9 connecting Pune and Hyderabad in Maharashtra, Karnataka and Andhra Pradesh, handling courier goods, construction materials, agricultural products and automotive components
Six-lane toll highway on NH-47 in Kerala including a 1.6 km tunnel, connecting Tamil Nadu to Kerala, handling agricultural commodities, building materials and empty vehicles
Six-lane elevated urban toll corridor on NH-1 in Haryana, spanning 10 km through Panipat city with service roads, handling agricultural products and FMCG goods
Bridges and connecting roads in Arunachal Pradesh totaling 29.64 km on build-operate-transfer annuity basis
Bridge and connecting roads in Assam totaling 28.51 km on build-operate-transfer annuity basis, receiving annuity payments from MoRTH
Four-lane expressway in Assam and Meghalaya totaling 61.80 km on build-operate-transfer annuity basis, receiving annuity payments from NHAI
Construction and operation of toll roads on build-operate-transfer basis, collecting user fees from traffic
Construction and operation of roads on annuity basis, receiving fixed payments from state governments under HAM model
Operates toll roads where revenue is generated from toll collection by users of the infrastructure; includes both national highways and state highways with varying lane configurations and lengths; toll rates determined by concessioning authorities and subject to periodic adjustments
Operates roads under annuity model where fixed amounts are paid bi-annually by concessioning authorities (NHAI and MoRTH); revenue is independent of traffic volumes and user fees; provides stable, predictable cash flows over concession period
Operates toll-based road infrastructure under Build-Operate-Transfer and Design-Build-Finance-Operate-Transfer concession models, collecting user tolls
Operates highway infrastructure under Hybrid Annuity Model with fixed and predetermined revenue from Ministry of Road Transport and Highways
Operates a 180.703 km, 4-lane toll road corridor connecting Ahmedabad to Maliya via Viramgam on State Highways SH-17 and SH-7 in Gujarat. Forms primary freight route between Ahmedabad and ports (Kandla, Mundra) in Kutch/Saurashtra.
Operates 28.752 km, 6-lane highway extension from Shantipura Chokdi to Khoraj GIDC Chokdi on State Highway-17, upgrading from 4-lane to 6-lane configuration to support industrial growth in Sanand region.
Operates 144.95 km, 4-lane toll road on NH-65 (Old NH-9) connecting Sangareddy to Karnataka/Maharashtra border, spanning Karnataka and Telangana. Provides connectivity to major cities including Pune, Solapur, Hyderabad, Vijayawada, and Machilipatnam.
Operates 10 km, 6-lane elevated toll corridor on NH-44 (Old NH-1) in Panipat, Haryana. Provides elevated structure segregating through traffic from local traffic along the Delhi-Ambala arterial highway.
Operates 131.65 km, 4-lane toll road on State Highway-25 from Rajkot to Vadinar in Gujarat. Connects regional growth center of Rajkot with coastal industrial and port cluster spanning Jamnagar, Sikka, and Vadinar.
Operates 56.16 km, 6-lane toll road on NH-41 (Old NH-8A) from Samakhiali to Gandhidham in Kutch District, Gujarat. Connects inland national highway network with major ports of Kandla and Mundra.
Operates 162.5 km, 4-lane toll road on State Highway-10 (Biju Expressway) from Sambalpur to Rourkela in Odisha, spanning 650 km total length of the longest state highway in Odisha.
Operates 28.36 km, 6-lane toll road on NH-544 (Old NH-47) with 6-lane twin-tube Kuthiran Tunnel near Thrissur, Kerala. Connects Kochi to Salem and forms critical segment of highway corridor serving multiple key cities.
Operates 28.511 km, 2-lane road with 12.9m wide bridge across Dhola-Sadia Ghats on NH-37 (New NH-115) in Assam under annuity model. Provides critical connectivity from Dhola Junction to Islampur Tinali.
Operates 29.635 km, 2-lane road with bridges across Dibang and Lohit river systems on NH-13 (Old NH-52) in Arunachal Pradesh under annuity model. Comprises two sections: Bomjir-Meka and Chowkham-Digaru.
Operates 61.80 km, 4-lane expressway on NH-06 connecting Jorabat to Barapani (Shillong) spanning Assam and Meghalaya under annuity model. Provides critical link from Guwahati to Shillong and further connectivity to Tripura, Mizoram, and India-Myanmar border.
Operates and maintains 180.703 km of 4-lane highway (SH-17 and SH-7) in Gujarat on BOT toll basis with 4 toll plazas; includes recent 6-lane upgradation of 28.753 km extending concession period to May 2037
Toll-based BOT project operating highway infrastructure
Toll-based BOT project operating highway infrastructure
Toll-based BOT project operating highway infrastructure
Annuity-based HAM project operating bridge and road infrastructure
Annuity-based BOT project operating bridge and road infrastructure across Dibang and Lohit rivers in Arunachal Pradesh
Annuity-based HAM project operating highway infrastructure
Collects tolls from vehicles on MH/KA Border to Sangareddy section at km 348.80 to km 425.48 (approximately 76.48 km tollable length); predominantly handles commercial traffic
Collects tolls from vehicles on MH/KA Border to Sangareddy section at km 425.48 to km 493.00 (approximately 77.60 km tollable length); caters to both passenger and commercial vehicles
4-lane toll expressway in Haryana carrying mixed traffic including passenger vehicles, commercial trucks, and buses connecting Haryana region with National Capital Region and beyond
Toll plaza at km 29.440 on 4-lane 131.65 km highway in Gujarat; serves as eastern gateway connecting Rajkot industrial region to Jamnagar refineries and Vadinar port complex; handles diverse freight including petroleum products (14.8%), plastic products (8.4%), construction materials (3.7%), and agricultural produce (7.3%)
Toll plaza at km 58.325 serving mid-corridor junction connecting agricultural hinterlands to Jamnagar industrial centres; primary commodities include petroleum products (17.6%), empty vehicles (32.9%), construction materials (8.3%), plastic products (6.8%)
Toll plaza at km 110.427 nearest to Reliance and Nayara refineries; handles highest petroleum products share (18.5%), coal (7.3%), chemicals (5.9%), construction materials (8.5%); serves as terminal for entry/exit to major industrial establishments and ports
Toll collection on 45.69 km tolling length from Rajkot-Dhrol section (km 29.440). Primarily serves short-distance passenger traffic between Sambalpur and nearby industrial areas (Jharsuguda, Sundergarh), plus mineral and steel product movements. FY25 PCU: 22,763; 53% CJV, 33% MAV traffic.
Toll collection on 71.35 km tolling length (Dhrol Start to Jamnagar Bypass, km 58.325). Major freight hub influenced by coal mining and mineral transport from Basundra/Siarmal mines. FY25 PCU: 28,362; 39% CJV, 54% MAV (highest MAV concentration). Generates highest revenue.
Toll collection on 44.69 km tolling length (Jamnagar Bypass to Vadinar, km 110.427). Influenced by iron ore movements from Koira/Barbil mines to steel plants. FY25 PCU: 20,716; 49% CJV, 43% MAV. Significant finished steel and cement movement observed.
DBFOT - Annuity based highway project
DBFOT - Annuity based highway project
DBFOT - Annuity based highway project
DBFOT - Toll based highway project
DBFOT - Toll based highway project
DBFOT - Toll based highway project
DBFOT - Toll based highway project
DBFOT - Toll based highway project
DBFOT - Toll based highway project
DBFOT - Toll based highway project
The Group has structured its operations into one reportable segment of Construction and operation of highways. The management monitors the operating results of the activity of Construction and operation of highways for the purpose of making decisions about resource allocation and performance assessment.
SWOT Analysis
Strengths
- • Infrastructure investment trust structure with established regulatory framework(p.1)
- • Diverse portfolio spanning multiple toll and annuity-based road infrastructure assets(p.26)
- • Professional investment management with dedicated investment manager and project manager(p.23)
- • Access to operational toll and annuity-based revenue streams across Indian highways(p.58)
- • Established concession agreements with government authorities providing revenue visibility(p.8)
- • Mature asset portfolio with strong operational track record(p.61)
- • Experienced asset management teams with proven track record(p.61)
- • Diversified portfolio across revenue models and geographies(p.63)
- • Strong sponsor backing and infrastructure platform support(p.61)
- • Inflation protection from toll rate escalation mechanisms(p.63)
- • Low portfolio concentration with diversified asset base(p.63)
- • Strategic locations with high economic activity and strong traffic potential(p.63)
- • Established governance framework with experienced independent board oversight(p.164)
- • Comprehensive risk management infrastructure with dedicated committee oversight(p.169)
- • Multiple structured governance committees with clear terms of reference(p.165)
- • Robust audit and valuation oversight mechanisms in place(p.159)
- • Large, well-dispersed portfolio of mature toll and annuity assets with long operating history and residual concession life(p.250)
- • Portfolio assets are geographically diversified with strong presence in high-growth economic corridors and GST-contributing states(p.254)
- • Proven track record of traffic growth with consistent AUM-weighted annual average daily traffic PCU growth(p.252)
- • De-risked revenue model with balanced mix of toll assets (82.30%) and annuity assets (17.70%), providing stable cash flows(p.259)
- • Strong pipeline of 11 HAM ROFO assets with NHAI as counterparty, offering traffic risk elimination and stable cash flows(p.253)
- • Experienced in-house team with full-spectrum asset management capabilities and tech-enabled operations backed by multiple awards and recognitions(p.244)
- • Strong support from EAAA Platform with proven track record in infrastructure AUM growth, capital raising, and investment management(p.263)
- • Portfolio revenues heavily backed by commercial traffic (74% of toll collection), which is less volatile and more resilient than passenger traffic(p.257)
- • Diversified toll asset portfolio across multiple states with strong traffic characteristics(p.272)
- • Strategically located toll corridors connecting major industrial and port hubs(p.273)
- • Strong commercial traffic generation from industrial and port-linked cargo movements(p.272)
- • Experienced in-house operations and maintenance teams across all assets(p.272)
- • Technology-driven asset management platform with real-time monitoring capabilities(p.296)
- • International certifications for Environmental Management, Health and Safety standards(p.299)
- • Diversified portfolio with low asset concentration and long residual lives(p.382)
- • Strong operational history and maturity of toll assets(p.382)
- • Located in high-economic activity regions with strong traffic growth(p.382)
- • Inflation-linked toll rate revisions and stable cash flows(p.381)
- • Resilient commercial traffic generating 74% of toll collections(p.383)
- • Strong traffic growth trends demonstrating resilience(p.383)
- • Government-backed counterparties with low default risk(p.382)
- • Sponsor-backed indemnity for acquired assets(p.426)
- • Right of first offer on future HAM assets provides pipeline visibility(p.428)
- • Established project portfolio with completed infrastructure assets(p.441)
- • Government policy support for infrastructure monetization(p.438)
- • Comprehensive portfolio of diversified road infrastructure assets across multiple geographies and concession types(p.549)
- • Mix of revenue models providing stability with both toll-based and fixed annuity income streams(p.542)
- • Strong governance structure with experienced investment and project management teams(p.549)
- • Established toll revenue model with long concession periods(p.607)
- • Strategic geographic positioning connecting major ports and industrial hubs(p.551)
- • All projects completed and in revenue-generating operational phase(p.604)
- • Regulatory framework with traffic-based concession extensions(p.606)
- • Government support through multiple infrastructure development initiatives(p.584)
- • Excellent pavement riding quality across main carriageway(p.924)
- • Recently overlaid road surface in good condition(p.879)
- • Comprehensive infrastructure with 403 structures(p.907)
- • Strong pavement foundation with 605mm average crust thickness(p.895)
- • Completed bridge infrastructure across major river systems(p.1045)
- • Significant regional connectivity improvement and travel time reduction(p.1049)
- • Excellent pavement riding quality across entire project length(p.1058)
- • No overlay requirement due to adequate remaining pavement life(p.1037)
- • Elevated corridor design segregates through traffic from local traffic for improved flow and safety(p.1244)
- • Pavement in excellent to good condition with roughness within specification limits(p.1191)
- • Pavement structural strength adequate for remaining concession period without overlay requirements(p.1257)
- • Comprehensive infrastructure assets well-maintained across 10 km corridor(p.1280)
- • Comprehensive toll management and telemetry systems fully operational with modern IT infrastructure(p.1377)
- • Pavement in predominantly good to fair overall condition with recent overlay works completed on main carriageway(p.1377)
- • Structural assets generally sound with no major failures identified during comprehensive inspection(p.1417)
- • Strong strategic location connecting major industrial and port clusters with high economic activity(p.1376)
- • Sufficient remaining pavement life to support concession period with no structural overlays required(p.1387)
- • Comprehensive pavement infrastructure with extensive surface coverage and drainage systems(p.1571)
- • Excellent to satisfactory riding quality across the majority of the main carriageway(p.1561)
- • Substantial portfolio of grade-separated structures providing multiple crossing options(p.1622)
- • Comprehensive traffic safety and road furniture infrastructure with modern lighting systems(p.1572)
- • Diverse and resilient subgrade composition with predominantly stable soil types(p.1579)
- • Strategic location connecting ports(p.1689)
- • Modern multi-lane infrastructure(p.1655)
- • Comprehensive safety and traffic management systems(p.1675)
- • Strong operational structure in place(p.1667)
- • Solid pavement foundation with adequate crust thickness(p.1762)
- • Extensive toll system operational with continuous maintenance contract(p.1875)
- • Hybrid toll plaza with modern lane configuration(p.1875)
- • Functional Lane Status Display Unit for real-time monitoring(p.1876)
- • Hot-standby server arrangement for critical infrastructure(p.1876)
- • Strategic connectivity to major ports (Mundra and Kandla) with strong container traffic growth(p.1990)
- • Diversified commodity base providing stable traffic mix including tiles, ceramics, agri-produce, consumer foods, and containers(p.1989)
- • Strong correlation (R² = 0.95) between project road traffic and Kandla port traffic, and (R² = 0.92) with Mundra port container traffic(p.2012)
- • Established industrial clusters (Sanand, Mandal-Becharaji, Morbi) driving freight demand(p.2012)
- • Morbi ceramic cluster produces 80% of India's ceramic tiles with 1,000+ factories and 4 million sq m daily capacity(p.2016)
- • Healthy traffic growth with 7.5% CAGR at TP01, 7.8% at TP02, 5.9% at TP03, and 7.8% at TP04 from FY2015-FY2025(p.1994)
- • Strategic location on critical multi-commodity corridor connecting major industrial and commercial centers(p.2063)
- • Consistent strong traffic growth with cars and MAVs showing sustained increases over 6-year period(p.2063)
- • Diversified commodity base reduces dependency on single sector; balanced traffic base(p.2066)
- • No major short-distance alternate routes available that would significantly divert traffic(p.2063)
- • Well-established operational history with stable and consistent travel patterns(p.2140)
- • Projected revenue growth of 8.9% CAGR from FY26 to FY44 with strong expansion trajectory(p.2071)
- • Strategic location connecting major industrial complexes and refineries(p.2193)
- • Proximity to India's largest petroleum refining zone with major players(p.2193)
- • High traffic volume from diversified commodity mix including petroleum products and industrial goods(p.2194)
- • Strong connectivity to tourism hubs driving passenger traffic growth(p.2195)
- • Established toll infrastructure with three operational toll plazas(p.2193)
- • Consistent historical traffic growth with CAGR of 6-9% across toll plazas(p.2233)
- • Concession period extension granted reflecting revenue recovery(p.2254)
- • Open tolling system enabling collection from both long and short distance traffic(p.2255)
- • Diversified revenue base across three toll plazas(p.2257)
- • Strategic port connectivity providing seamless access to major gateways(p.2353)
- • No alternate routes available, ensuring traffic captivity(p.2357)
- • Healthy historical traffic growth of 6.8% CAGR over 10 years(p.2355)
- • Strong correlation with port traffic, indicating stable demand drivers(p.2395)
- • Diversified commodity base reducing dependence on single commodity(p.2356)
- • Strategic port connectivity and multimodal logistics hub(p.2514)
- • Geographic diversification across major economic corridors(p.2511)
- • Stable and diversified commodity traffic mix reducing risk concentration(p.2513)
- • Established operational history demonstrating resilience(p.2515)
- • High proportion of commercial/freight traffic providing stability(p.2511)
- • Diversified portfolio of highway infrastructure assets across multiple states(p.2547)
- • Established revenue generation from toll collection and service concession arrangements(p.2542)
- • Contractual fixed annuity income provides revenue certainty(p.2553)
- • Long-term concession periods provide stable operational visibility(p.2557)
- • Diversified toll and annuity-based portfolio across multiple highway projects(p.2653)
- • Strong operational cash flow generation from existing projects(p.2643)
- • Substantial fair value of assets exceeds book value significantly(p.2642)
- • Expert technical and traffic due diligence supporting projections(p.2653)
- • Positive fair value total return demonstrating portfolio value appreciation(p.2642)
Weaknesses
- • No operating track record as a newly formed trust(p.22)
- • History of losses in underlying portfolio assets prior to listing(p.22)
- • Revenue concentration in few Project SPVs creating dependency risk(p.22)
- • High leverage with significant borrowings relative to equity(p.47)
- • Material ongoing litigation and legal uncertainty affecting sponsor(p.26)
- • Consistent historical losses impacting profitability(p.68)
- • High revenue concentration in three Project SPVs(p.69)
- • Significant debt burden affecting financial flexibility(p.83)
- • Limited investment management track record of newly formed Investment Manager(p.67)
- • Dependence on specialized technologies and third-party service providers(p.78)
- • Contingent liabilities from tax and regulatory matters(p.91)
- • Dependence on government policies and infrastructure funding allocations(p.101)
- • Regulatory constraints on foreign currency borrowing limit financing sources(p.102)
- • Leverage limits under InvIT Regulations constrain debt capacity(p.102)
- • Stamp duty disputes on concession agreements create contingent liabilities(p.110)
- • Risk of losing tax loss carryforward benefits from change in ownership(p.110)
- • Pending GST and tax compliance matters with substantial exposure(p.113)
- • Project Manager dependent on single concentrated entity with limited diversification(p.154)
- • Project Manager has relatively small workforce limiting operational capacity(p.154)
- • Complex liability structures with limited recourse for certain categories of losses(p.151)
- • NHAI's substantial accumulated debt constraining financial flexibility(p.192)
- • Significant dependence on EAAA Platform and Sponsor for strategic direction, asset acquisition, and capital management(p.244)
- • Portfolio is concentrated with the largest asset representing 26.11% of total portfolio enterprise value(p.251)
- • One toll asset (PECPL) has very short residual concession life of only 1.08 years, expiring in February 2027(p.252)
- • High leverage with total borrowings of ₹59,087.90 million as of December 31, 2025 and net debt of ₹42,470.51 million(p.249)
- • High outstanding debt across multiple assets as of March 24, 2026(p.272)
- • Some assets dependent on specific industrial activities and directional cargo flows(p.272)
- • Dependence on contract labour pool for operations and maintenance(p.299)
- • Some assets showing traffic volatility or minimal growth in recent periods(p.287)
- • Dependence on concession agreement terms and government performance(p.333)
- • Exposure to force majeure cost allocation risks(p.332)
- • Restrictions on ownership changes requiring government approval(p.330)
- • High financial leverage with debt-to-equity ratio of (1.78) times(p.417)
- • Significant exposure to floating interest rate debt(p.386)
- • Restrictive covenants limiting operational flexibility(p.387)
- • Loss-making operations despite strong cash generation(p.411)
- • Annuity asset revenues fixed and not adjusted for cost overruns(p.385)
- • Uncertain acquisition prospects for future ROFO assets(p.386)
- • High concentration of pending regulatory claims across project SPVs(p.451)
- • Significant litigation risks across multiple project assets(p.452)
- • Substantial contingent tax liabilities across portfolio(p.458)
- • Multiple ongoing disputes with concessioning authorities over O&M performance(p.451)
- • Dependency on third-party enforcement and government approval for refinancing(p.441)
- • High concentration of assets in toll road category with 7 out of 10 SPVs being toll-based(p.549)
- • Limited remaining concession periods with most assets having less than 15 years left, creating refinancing and renewal risks(p.542)
- • Dependence on related party transactions for significant portion of Initial Portfolio Assets(p.550)
- • Geographic concentration with assets heavily weighted towards specific states(p.549)
- • Significant concentration of revenue dependency on toll collections with traffic volatility(p.607)
- • Actual traffic substantially below target projections for some assets(p.553)
- • High operational and maintenance costs with escalation pressures(p.608)
- • Material revenue sharing obligations to government authorities(p.609)
- • Pending regulatory approvals for concession extensions create uncertainty(p.607)
- • Service road sections require functional overlay(p.927)
- • Structural damage observed at major bridges(p.937)
- • Minor distresses in bridge structures(p.943)
- • Structural distresses in major bridge requiring maintenance intervention(p.1012)
- • Multiple expansion joint damage and bearing maintenance requirements(p.1012)
- • Missing drainage infrastructure on bridge structures(p.1012)
- • High O&M costs escalating over concession period(p.1035)
- • TMS equipment obsolete and non-functional weigh systems create legal and operational risk(p.1309)
- • Structures require multiple routine repair and maintenance interventions(p.1197)
- • No static weigh bridge installed and overload penalties not being collected(p.1309)
- • Debris accumulation and poor drainage maintenance affecting structures(p.1208)
- • Significant maintenance backlog with deferred issues in rigid pavement at toll plazas requiring immediate attention(p.1377)
- • TMS equipment deficiencies including failed automatic boom barriers and non-operational ECBs(p.1377)
- • Toll plazas lack Static Weigh Bridge systems required for overload detection and collection(p.1377)
- • Operational deficiencies in advanced toll management systems with faulty ATCC equipment at toll plazas(p.1377)
- • Localized pavement distresses including rutting exceeding limits in multiple sections requiring overlay strategy(p.1383)
- • Localized pavement deterioration requiring functional overlay on specific sections(p.1592)
- • Widespread cracking affecting all types of bridge structures(p.1622)
- • Structural maintenance burden with damaged safety barriers requiring restoration(p.1574)
- • Expansion joint degradation requiring systematic rehabilitation across bridge structures(p.1600)
- • Bituminous material quality variations with filler-asphalt ratio deviations in extracted cores(p.1584)
- • Non-functional WIM systems limiting overload enforcement(p.1675)
- • Poor condition of Static Weigh Bridge(p.1675)
- • TMS equipment at end-of-life requiring replacement(p.1749)
- • Critical pavement distress at isolated locations(p.1670)
- • Structural distress requiring repair at multiple bridges(p.1725)
- • Complete toll management system is obsolete and requires replacement(p.1876)
- • All Weigh-in-Motion systems are non-functional(p.1875)
- • No static weigh bridges installed despite requirement(p.1875)
- • Absence of Automatic Toll Collection compliance certificates(p.1875)
- • Critical toll equipment components showing rust and deterioration(p.1875)
- • Absence of fake note detectors(p.1876)
- • ATMS system not installed or functional(p.1875)
- • High capacity utilization risk at Sanand plaza (TP01) already operating at design capacity of 60,000 PCUs(p.2042)
- • Dependence on volatile Morbi ceramic export market which declined 20% year-over-year in FY25(p.2017)
- • High empty vehicle traffic (14-30%) indicating underutilization and inefficient return trips(p.1984)
- • Traffic exposed to natural disasters with cyclone impacts (Bijparjoy June 2023, Asna August 2024) affecting revenue(p.1996)
- • Heavy reliance on Karnataka and Telangana traffic; concentrated geographic dependency(p.2083)
- • Negative traffic impact from NH 50 upgradation completed in August 2024 with lower toll rates(p.2094)
- • 3-Axle truck traffic shows consistent negative growth or stagnation(p.2064)
- • Muted MAV traffic growth in recent years due to traffic restrictions and construction activities(p.2092)
- • High share of empty vehicle return trips (31.1%) indicating directional imbalance(p.2226)
- • Traffic leakage to alternate routes reducing toll collection(p.2241)
- • Slow LCV growth rate (0.6% CAGR at Paddhari) indicating modal shift to larger vehicles(p.2233)
- • Subdued 2-axle truck growth (0.2% CAGR at Paddhari) limiting freight growth(p.2233)
- • Vulnerability to cyclone disruptions affecting traffic and operations(p.2236)
- • Revenue dependency on exemptions and compensation claims from government(p.2258)
- • Reliance Road compensation claim adds revenue volatility(p.2259)
- • High dependence on mining and quarrying traffic which faces regulatory headwinds(p.2353)
- • Significant proportion of empty truck movements indicating directional imbalance(p.2356)
- • Toll revenue highly concentrated in MAV category (83% of PCU traffic)(p.2381)
- • Vulnerability to mining sector closures and quarry shutdowns affecting traffic volumes(p.2451)
- • High concentration of certain vehicle categories on specific routes(p.2517)
- • Directional cargo flow imbalance creating empty return vehicle trips(p.2449)
- • Dependence on state mining and quarrying regulations in catchment areas(p.2465)
- • Negative equity position across the SPV Group(p.2541)
- • High leverage with significant debt obligations(p.2585)
- • Recurring operating losses(p.2542)
- • Significant declining intangible asset base indicating amortization drag(p.2541)
- • High finance costs constraining profitability(p.2542)
- • Arbitration disputes regarding concession period reductions(p.2569)
- • Negative net shareholder's fund and accumulated losses(p.2643)
- • Significant net current liabilities creating liquidity pressure(p.2646)
- • Sustained historical losses across financial periods(p.2646)
- • Dependence on refinancing and sponsor support for debt management(p.2646)
- • Ongoing litigation and concession period disputes with authorities(p.2646)
- • Contingent GST liabilities on annuity collections(p.2646)
Opportunities
- • Large government investment pipeline in road infrastructure projected at ₹33-35 trillion during FY2025-30(p.57)
- • Right of First Offer (ROFO) agreement providing pipeline for future asset acquisitions(p.9)
- • Growth in higher capacity 4-lane and 6-lane/8-lane highway infrastructure with CAGR of 20% and 28.5% respectively(p.58)
- • Increasing private sector participation in infrastructure financing through InvIT mechanism(p.59)
- • Government policy emphasis on infrastructure through Bharatmala and other programmes(p.58)
- • Expansion through ROFO Assets acquisition pipeline(p.61)
- • Growth potential in India's transport sector development(p.61)
- • Benefits from India's economic growth and infrastructure development(p.63)
- • Diversification into other transport infrastructure sectors(p.94)
- • Technology adoption for operational efficiency and new tolling models(p.82)
- • Large, well-dispersed portfolio with long operating history and residual concession life(p.123)
- • Strong pipeline of Identified ROFO (Right of First Offer) Assets(p.123)
- • Strategically located assets near major economic corridors with diverse traffic mix(p.123)
- • De-risked portfolio providing stable cash flows with balanced traffic composition(p.123)
- • In-house team with full spectrum asset management and tech-enabled operations(p.123)
- • Attractive transport sector outlook with established regulatory environment(p.123)
- • Massive transport infrastructure investment pipeline of ₹42-45 trillion over FY2025-30(p.185)
- • Road sector expected to attract largest share at ₹33-35 trillion with strong growth trajectory(p.185)
- • Asset monetization potential of ₹5.9 trillion for road assets until fiscal 2030, nearly double prior period(p.196)
- • Strong policy support through Bharatmala, PM Gati Shakti and National Monetisation Pipeline initiatives(p.190)
- • Established and mature PPP models attracting strong institutional investor interest(p.190)
- • Growing toll collection revenue demonstrating strong traffic growth and revenue stability(p.192)
- • India's road sector experiencing significant investment growth with total annual investments rising from ₹1.2 trillion in FY2016 to ₹4.2 trillion in FY2025(p.265)
- • Government plans to upgrade 25,000-30,000 km of two-lane highways to four lanes and 16,000 km of four-lane to six lanes, creating capacity augmentation opportunities(p.265)
- • Substantial monetization opportunities from National Monetization Pipeline with projected private sector monetization potential doubling from ₹2.8 trillion (till FY2025) to ₹5.9 trillion by FY2030(p.265)
- • Expected expansion in HAM model with increasing private sector participation and growing brownfield acquisition opportunities(p.266)
- • Strong toll collection growth with collections rising from ₹76 crore/day in FY2021 to ₹200 crore/day in FY2025, demonstrating market expansion(p.265)
- • Opportunity to expand into adjacent transport infrastructure sectors including ropeways, airports, railways, logistics infrastructure and charging infrastructure(p.266)
- • India's GDP forecast to grow between 6.5-7.0% annually over next five years, driving strong demand for roads and logistics infrastructure(p.264)
- • Capacity expansion at existing assets to accommodate future traffic growth(p.279)
- • Growth in port-linked logistics and export-oriented cargo movements(p.287)
- • Emerging industrial clusters and semiconductor manufacturing hub development(p.279)
- • Expansion of tier-2 and tier-3 industrial cities driving freight and passenger traffic(p.276)
- • ROFO arrangements providing pipeline for future acquisition of HAM assets(p.293)
- • India's strong economic growth and infrastructure investment pipeline(p.387)
- • Government flagship programs driving road infrastructure expansion(p.387)
- • HAM asset pipeline providing diversification and revenue stability(p.385)
- • Digital tolling infrastructure adoption with FASTag creating operational efficiency(p.387)
- • Rising e-commerce and logistics demand driving freight traffic growth(p.388)
- • HAM model expansion with reduced revenue risk(p.431)
- • Equity divestment framework enabling redeployment of capital(p.432)
- • Digitalization initiatives in highway management sector(p.430)
- • Access to foreign investment through InvIT vehicle(p.438)
- • Expedited settlement mechanism for government disputes(p.434)
- • Right of First Offer (ROFO) agreement providing pipeline for additional asset acquisitions(p.550)
- • Potential for extension of concession periods to increase asset life and cash flow generation(p.544)
- • Growing infrastructure investment focus and government commitment to road development projects(p.549)
- • Expansion through greenfield projects and concession extensions(p.607)
- • Strong structural demand growth from economic development and freight movement(p.589)
- • Government infrastructure investment pipeline targeting multimodal connectivity(p.586)
- • Asset monetization through InvIT structure and secondary market liquidity(p.586)
- • Rising vehicle ownership and commercial vehicle traffic growth(p.596)
- • Planned periodic maintenance to maintain roughness compliance(p.957)
- • Structural periodic maintenance strategy for expansion joints and bearings(p.961)
- • Periodic maintenance mill and overlay program(p.1027)
- • Socio-economic development through improved regional connectivity(p.1049)
- • HDM-4 based maintenance optimization for responsive overlay strategy(p.1025)
- • Perform proactive major maintenance overlay before concession end to improve pavement longevity(p.1258)
- • Implement systematic preventive maintenance to reduce emergency interventions and operational costs(p.1247)
- • Upgrade toll and traffic management systems with modern technology platforms(p.1309)
- • Potential for efficiency gains through optimization of existing hybrid ETC infrastructure across three toll plazas(p.1377)
- • Revenue enhancement through installation of missing Static Weigh Bridge systems for overload penalty collection(p.1377)
- • Strategic asset position to benefit from projected traffic growth in the 5-year concession period(p.1387)
- • Modernization opportunity for variable message signs and advanced traveler information systems currently limited(p.1396)
- • Systematic overlay strengthening to extend pavement service life on 31.941 km (LHS) and 110.605 km (RHS)(p.1632)
- • Planned functional rehabilitation addressing roughness deficiencies on service roads(p.1592)
- • Capacity for enhanced traffic handling with design traffic loadings increasing 5% annually for 20 years(p.1624)
- • Proactive drainage and maintenance of extensive lined systems across the corridor(p.1623)
- • Systematic repair program for expansion joints and bearing replacements across 630 locations in bridge structures(p.1577)
- • Expansion of toll technology with modern ETC integration(p.1749)
- • Value enhancement through periodic maintenance cycles(p.1655)
- • Revenue optimization through improved WIM and overload enforcement(p.1748)
- • Asset optimization through planned periodic maintenance(p.1681)
- • Port connectivity driving freight traffic potential(p.1689)
- • Complete modernization and replacement of toll management infrastructure(p.1876)
- • Repair and replacement of weigh systems to enable compliance(p.1876)
- • Mundra Port expansion plans with environmental clearance to double capacity from 264 MMT to 514 MMT and container capacity from 9.5M to 25M TEUs(p.2010)
- • Kandla Port expansion with ₹57,000 crore investment including shipbuilding and new cargo terminal adding 135 MTPA capacity(p.2011)
- • Container traffic growing at 13.6% CAGR (FY15-FY25) at Mundra port versus 8.8% for India, with planned 5.8% growth (FY26-FY37)(p.2007)
- • Real estate completions surpassed pre-COVID levels with 452 msf in FY25 and expected 483 msf in FY26, supporting ceramic and construction materials demand(p.2033)
- • Expansion of Japanese Industrial Township at Khoraj (350 Ha Phase I) attracting $1 billion in investments(p.2014)
- • Sanand industrial corridor expansion with semiconductor manufacturing (Micron $2.75B), OSAT facility commissioning, and EV production commencing(p.2013)
- • Basmati rice exports from North India via project corridor to Mundra port for international markets(p.1991)
- • E-commerce growth driving courier and parcel traffic with expected 6.3% CAGR (FY26-FY37)(p.1991)
- • Recovery of diverted MAV traffic once Dhule-Aurangabad ghat restrictions are lifted(p.2094)
- • Growth driven by Hyderabad Multi-Modal Logistic Park (MMLP) development with 315 acres identified(p.2106)
- • Strong e-commerce and courier parcel commodity growth with 7.4% CAGR projected(p.2111)
- • Upcoming NIMZ (National Investment & Manufacturing Zone) at Zaheerabad with 22% area for EV development(p.2114)
- • Concession period extended by 5 years plus 8 days due to target traffic achievement(p.2118)
- • Major industrial capacity expansions planned by Reliance and Nayara driving freight demand(p.2247)
- • Rising petrochemical demand expected to drive plastic products growth at 6-7% CAGR(p.2250)
- • Strong cement demand growth expected at 5.5-6.5% driven by infrastructure and construction(p.2249)
- • Explosive tourism growth with Gujarat recording 31.88% CAGR in tourist arrivals(p.2247)
- • E-commerce and logistics sector growth driving courier/parcel traffic at 7% CAGR(p.2251)
- • Strong passenger vehicle growth expected at 7.7% CAGR through 2030(p.2247)
- • Strong projected revenue growth of 10.6% CAGR through FY30(p.2258)
- • Toll escalation mechanism tied to inflation provides revenue growth(p.2255)
- • Mundra port expansion to double capacity adding 289 MMT, driving incremental traffic(p.2392)
- • Growing container traffic with Mundra port outpacing India's average container growth(p.2354)
- • Expansion of ceramic tile exports from Morbi cluster with 600+ units(p.2354)
- • Infrastructure development in Kutch and Morbi regions supporting continued industrial growth(p.2367)
- • Strong basmati rice export growth with 15.7% volume increase in recent year(p.2405)
- • Rising e-commerce and courier-parcel demand supporting traffic growth(p.2448)
- • Infrastructure development projects boosting construction material movement(p.2464)
- • Growth in port cargo throughput and container traffic(p.2462)
- • Tourism growth and consumption-driven economy expansion(p.2460)
- • Growth in food processing ecosystem and agri-based commodity movement(p.2465)
- • Expansion through additional concession periods(p.2569)
- • Growth in traffic volumes for toll-based projects(p.2569)
- • Transition to InvIT structure unlocks institutional investor participation(p.2547)
- • Revenue expansion through highway augmentation and construction contracts(p.2654)
- • Traffic growth on existing corridors providing revenue upside(p.2653)
- • Stable annuity revenue streams from fixed concession agreements(p.2654)
- • Potential asset acquisition pipeline under ROFO agreements(p.2657)
Threats
- • Dependence on government annuity income and interest payments from NHAI and MORTH(p.22)
- • Regulatory changes and policy risks affecting toll and annuity mechanisms(p.22)
- • Volatility in macroeconomic conditions affecting traffic and toll collections(p.22)
- • Competition from other road infrastructure assets and alternative transport modes(p.22)
- • Industry cyclicality and economic slowdown impacting traffic patterns(p.22)
- • Regulatory limitations on toll rate increases(p.71)
- • Competition from alternative transport modes and competing toll roads(p.73)
- • Traffic disruptions from external roadway construction and maintenance(p.71)
- • Volatile traffic volumes dependent on external economic factors(p.72)
- • Government policy changes affecting toll collection and concession terms(p.72)
- • Risk of concession period reduction and early termination(p.77)
- • Seasonal traffic fluctuations impacting revenue stability(p.72)
- • Economic slowdown and macroeconomic headwinds in India(p.99)
- • Political instability and force majeure events(p.99)
- • Increasing operating costs and maintenance obligations(p.80)
- • Global financial instability and economic slowdowns impact Indian economy(p.101)
- • Crude oil price volatility and supply disruptions affect traffic volumes(p.101)
- • Intensifying competition in infrastructure investment trusts and road sector(p.102)
- • Downgrade of India's sovereign debt rating impacts borrowing costs(p.103)
- • Terrorist attacks and civil unrest disrupt operations and market confidence(p.103)
- • Natural disasters including floods, earthquakes and pandemics interrupt operations(p.103)
- • Competition law violations could result in substantial monetary penalties(p.104)
- • Road freight traffic growth constrained to modest 5-7% annually, below historical rates(p.198)
- • Structural and cyclical economic challenges impacting global and domestic growth(p.180)
- • Dependency on government policy continuity and budgetary support for infrastructure spending(p.182)
- • Exposure to traffic and demand risks in toll-based revenue models(p.192)
- • Upside inflation and commodity price volatility risks despite benign baseline outlook(p.183)
- • Regulatory and geopolitical risks impacting global trade growth and logistics volumes(p.179)
- • Toll assets face inherent traffic and demand risk, particularly passenger vehicle traffic which is more volatile during economic fluctuations(p.257)
- • Regulatory changes in tolling policies, toll rates, or concession terms could negatively impact revenue and returns(p.222)
- • Interest rate movements could materially impact the cost of debt and reduce returns to unitholders(p.221)
- • Competition from alternative modes of transport (rail, water, air) and other toll road operators could reduce traffic volumes and toll revenues(p.209)
- • Inflation and commodity price volatility could increase maintenance and operational costs, affecting profitability(p.267)
- • Currency and foreign exchange fluctuations could impact foreign investor returns and international financing costs(p.221)
- • Competition from alternative routes and competing road infrastructure(p.299)
- • Risk of traffic diversion due to alternative highway networks(p.280)
- • Directional cargo imbalances reducing revenue potential on certain corridors(p.287)
- • Regulatory restrictions on competing road construction limiting operator protection(p.310)
- • Force majeure and political events affecting concession operations and revenue collection(p.311)
- • Political force majeure events impact cost recovery(p.332)
- • Traffic-related concession period modifications(p.343)
- • Competing road construction restrictions limited to defined period(p.343)
- • Toll rate increases constrained by regulatory rules tied to WPI(p.384)
- • Traffic volume risks from competing alternative routes and transport modes(p.385)
- • Seasonal and weather-related traffic volatility(p.385)
- • Government policy shifts and budget allocation uncertainties(p.387)
- • Intense competition from other road operators and InvITs(p.388)
- • Operating cost pressures from inflation in fuel, labour and materials(p.386)
- • Potential policy shifts regarding toll rate adjustment mechanisms(p.387)
- • Regulatory changes in toll collection and fee determination(p.437)
- • Traffic volume variations impacting concession period adjustments(p.450)
- • Government arbitration payment delays and unpredictability(p.433)
- • Environmental and land acquisition compliance risks(p.435)
- • Force majeure and delay claims exposure(p.450)
- • Liability for inadequate green highway compliance(p.436)
- • Traffic volume volatility and toll collection risks from toll-based assets(p.542)
- • Regulatory and policy changes affecting toll rates and concession terms(p.542)
- • Refinancing risk as concessions approach expiration without extension certainty(p.542)
- • Sensitivity of asset valuations to discount rate (WACC) and operational expense assumptions(p.545)
- • Economic downturns and reduced traffic volumes affecting toll revenue realization(p.542)
- • Regulatory traffic volatility and underperformance vs. concession assumptions(p.553)
- • Uncertainty in toll revenue collection and macro-economic dependency(p.597)
- • Climate change and extreme weather impacts on infrastructure integrity(p.597)
- • Regulatory approval delays and land acquisition constraints(p.597)
- • Pending extension approvals create cash flow and tenure uncertainty(p.607)
- • Traffic growth and deterioration over concession period(p.944)
- • Roughness deterioration requiring planned maintenance interventions(p.955)
- • Low traffic volumes limiting revenue generation(p.1052)
- • Extreme environmental conditions in remote Arunachal Pradesh region(p.1054)
- • Complex maintenance requirements due to bridge-heavy project composition(p.1001)
- • Regulatory requirement for roughness compliance twice annually(p.1051)
- • Compliance obligations for non-functional weigh systems may result in penalties from weights and measurements authority(p.1309)
- • Concession period ending January 2027 limits time for completing required asset renewal and handback conditions(p.1243)
- • Structural cracks and deterioration require corrective action to meet handback specifications(p.1248)
- • High maintenance cost burden for structural rehabilitation until end of concession period(p.1259)
- • Vegetation growth and drainage obstruction creating maintenance burden and accelerating structural deterioration(p.1417)
- • Foundation scour and erosion issues across multiple minor bridge locations requiring costly repair interventions(p.1423)
- • Unauthorized median cuts and encroachments creating significant road safety hazards(p.1410)
- • Exposure to monsoon-related drainage failures and water stagnation risks affecting long-term asset durability(p.1409)
- • Climate-dependent operating conditions with plain terrain vulnerable to water-induced deterioration in clayey soils(p.1395)
- • Residual pavement fatigue and rutting life constraints limiting service period without intervention(p.1626)
- • Subgrade and granular layer moduli variations creating uneven load distribution across the corridor(p.1622)
- • Aggressive traffic loading patterns with multi-axle vehicles generating high damage factors(p.1570)
- • Environmental stressors on service road condition with 17% of RHS service road requiring functional overlay due to excessive roughness(p.1589)
- • Structural durability risks from prolonged environmental exposure and water infiltration at expansion joints and drainage locations(p.1622)
- • Arid climate affecting pavement durability(p.1689)
- • Salt corrosion damage from salt-affected soils and salt transport(p.1670)
- • Encroachment and unauthorized access(p.1699)
- • Regulatory compliance for roughness maintenance(p.1641)
- • Monsoon-related drainage and erosion risks(p.1655)
- • Legal implications from non-compliance with weights and measurements norms(p.1875)
- • Western Dedicated Freight Corridor (WDFC) and KRCL railway line operational since 2023 enabling modal shift from road to rail(p.2023)
- • NH47/NH8A six-laning completion (98% done as of Dec 2024) with 21.4% toll-inscope traffic at TP02 and comparable percentages at other plazas(p.2025)
- • Morbi ceramic industry oversupply with many plants operating at ~70% capacity utilization and export headwinds(p.2016)
- • Volatile coal import volumes with declining non-coking coal demand as domestic production substitutes imports(p.2034)
- • Global supply chain risks and Red Sea crisis impact affecting Mundra port container traffic (October 2023 impact noted)(p.1996)
- • Private freight terminals and cargo terminals development could shift 1.2-1.4% of MAV container/automobile traffic to rail annually(p.2028)
- • Chennai Surat Expressway will divert significant traffic from project road starting FY32(p.2067)
- • Project road exceeds design capacity of 60,000 PCUs in FY41, triggering potential demand management by Authority(p.2117)
- • Regulatory toll rate revision mechanism limited to 40% of WPI movement plus 3% fixed increase(p.2070)
- • Traffic to Chennai impacted by diversion to Expressway with stickiness factor of only 25% for long-distance MAV traffic(p.2104)
- • Monsoon and agricultural commodity dependency with paddy production highly influenced by rainfall patterns(p.2161)
- • Amritsar-Jamnagar Expressway potentially diverting traffic from project road(p.2242)
- • Petroleum product traffic growth constrained by EV penetration and declining crude processing(p.2248)
- • Coal import volumes subject to India's policy to reduce coal imports and boost domestic production(p.2251)
- • Recurring cyclone disruptions in Kutch region affecting traffic and revenue(p.2236)
- • Traffic diversion risk from ongoing network development and highway upgradation(p.2171)
- • Demonetisation and truckers' strikes impacted toll suspension in past(p.2254)
- • COVID-19 pandemic caused significant revenue and traffic disruption(p.2254)
- • WDFC railway corridor operational since June 2023 causing traffic diversion(p.2397)
- • Projected WDFC traffic diversion of 1.2% of PCU traffic from FY26 onwards(p.2400)
- • Cyclones and natural disasters impact traffic volatility(p.2382)
- • Ceramic tile industry faces antidumping duties and export volatility(p.2382)
- • Red Sea crisis causing global shipping disruptions impacting port traffic(p.2382)
- • Regulatory strictures on mining and quarrying impacting construction material supply(p.2451)
- • Natural calamities and adverse weather affecting traffic flow(p.2452)
- • Agricultural sector volatility due to monsoon dependence(p.2464)
- • Alternative route development and changing transportation logistics(p.2464)
- • Vehicle registration slowdown affecting passenger car growth(p.2459)
- • Regulatory risk from concession period reduction disputes(p.2569)
- • Interest rate and refinancing risk on substantial debt obligations(p.2586)
- • Traffic and revenue volatility for toll-based projects(p.2553)
- • Major maintenance obligations creating significant periodic cash demands(p.2560)
- • Government policy changes and regulatory modifications affecting concession terms(p.2568)
- • Uncertainty in concession period adjustments based on traffic performance(p.2646)
- • Toll revenue vulnerability to traffic volume fluctuations(p.2654)
- • Exposure to regulatory changes in taxation and concession terms(p.2658)
- • Economic cyclicality and GDP growth dependency affecting toll demand(p.2653)
- • Risk of unanticipated maintenance and repair expenses impacting cash flows(p.2656)
- • Operational interruption and major maintenance cost timing risks(p.2655)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Epic Transnet Infrastructure Private Limited | Sponsor | — | — |
| Epic TransNet Infrastructure Private Limited (formerly known as Watrak Infrastructure Private Limited) | Sponsor | — | — |
| Infrastructure Yield Trust (schemes: Infrastructure Yield Plus II, Infrastructure Yield Plus IIA and India Infrastructure Yield Plus II) | Promoter Group | — | — |
| Epic Transnet Project Management Private Limited (formerly known as Chennai-Tada Tollway Private Limited) | Project Manager (Sponsor Group) | — | — |
| Neelambur Madukkarai Tollway Private Limited | Sponsor Group | — | — |
| Epic Transnet Infrastructure Private Limited | Sponsor | — | minimum 15% for a minimum period of three years from the date of listing |
| Infrastructure Yield Trust (through its schemes Infrastructure Yield Plus II, Infrastructure Yield Plus IIA and India Infrastructure Yield Plus II) | Sponsor Group | — | — |
| Epic Transnet Project Management Private Limited (formerly Chennai-Tada Tollway Private Limited) | Sponsor Group | — | — |
| Neelambur Madukkarai Tollway Private Limited | Sponsor Group | — | — |
| Epic TransNet Infrastructure Private Limited (formerly Watrak Infrastructure Private Limited) | Sponsor | — | — |
| Infrastructure Yield Trust (schemes: Infrastructure Yield Plus II, Infrastructure Yield Plus IIA, India Infrastructure Yield Plus II) | Promoter Group | — | — |
| EAAA India Alternatives Limited | Promoter Group - Manager of Sponsor schemes | — | — |
| Epic TransNet Infrastructure Private Limited (formerly Watrak Infrastructure Private Limited) | Sponsor | — | at least 15% of total units |
| Infrastructure Yield Trust (through schemes Infrastructure Yield Plus II, Infrastructure Yield Plus IIA and India Infrastructure Yield Plus II) | Promoter Group | — | — |
| Larsen & Toubro Limited | Shareholder | Holds 51,000 CCPS of Epic 3 post-listing | Holds 51,000 CCPS of Epic 3 post-listing |
| CPPIB India Private Holdings Inc. | Shareholder | Holds 49,000 CCPS of Epic 3 post-listing | Holds 49,000 CCPS of Epic 3 post-listing |
| Infrastructure Yield Plus II, Infrastructure Yield Plus IIA, India Infrastructure Yield Plus II (schemes of Infrastructure Yield Trust) | Seller Entities / Former Promoter | — | — |
| Edelweiss Infrastructure Yield Plus | Seller Entity / Former Promoter | — | — |
| Epic Transnet Infrastructure Private Limited | Sponsor | — | — |
| Infrastructure Yield Trust | Related party / Ultimate parent through schemes | 100.00% | — |
| Epic Concesiones 3 Private Limited | Promoter/Promoter Group | — | — |
| SRPL Roads Private Limited | Promoter/Promoter Group | — | — |
| Edelweiss Infrastructure Yield Plus | Promoter/Promoter Group | 99.99% | — |
| Watrak Infrastructure Private Limited | Sponsor | — | — |
| EAAA TransInfra Managers Limited | Investment Manager | — | — |
| Epic Transnet Infrastructure Private Limited | Sponsor | — | — |
| M/s EPIC Transnet Infrastructure Private Limited | Sponsor | — | — |
| M/s Sambalpur-Rourkela Tollway Private Limited | Concessionaire | — | — |
| Infrastructure Yield Plus II (IYP II) | Promoter/Holding Entity | — | — |
| Infrastructure Yield Plus IIA (IYP IIA) | Promoter/Holding Entity | — | — |
| India Infrastructure Yield Plus II (IIYP) | Promoter/Holding Entity | — | — |
| Edelweiss Infrastructure Yield Plus (EIYP) | Promoter/Holding Entity | — | — |
| EPIC Transnet Infrastructure Private Limited | Sponsor | — | — |
Leadership
Pravin Karambelkar · Compliance Officer
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