RI
RaajMarg Infra Investment Trust
Book Building issueMainboardBSE₹6,000 Cr issue
+8.00%
Listing gain over issue price
Price band
₹99 – ₹100
Issue size
₹6,000 Cr
1 lot at cut-off
₹15,000
Lot size
150shares
Open
11 Mar 2026
Close
13 Mar 2026
Allotment
18 Mar 2026
Listing
24 Mar 2026
Listing performance
Issue price
₹100
Listed at
₹108
Listing-day close
₹106.83
Latest price
₹116.47
Listing gain
+8.00%
Return since listing
+16.47%
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 |
|---|---|---|---|---|---|
| 24 Mar 2026 | ₹3.50 | +3.50% | ₹0 | ₹103.50 | ₹525 |
| 23 Mar 2026 | ₹3.50 | +3.50% | ₹0 | ₹103.50 | ₹525 |
| 22 Mar 2026 | ₹3.75 | +3.75% | ₹0 | ₹103.75 | ₹562.50 |
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
- IPO date
- 11 Mar 2026 – 13 Mar 2026
- Listing date
- 24 Mar 2026
- Face value
- ₹10 per share
- Price band
- ₹99 – ₹100
- Issue price
- ₹100 per share
- Lot size
- 150 shares
- Issue type
- Book Building issue
- Listing at
- BSE
- Total issue size
- ₹6,000 Cr
- Market cap at offer price
- ₹6,000 Cr
- ISIN
- INE2PB023011
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- SBI Capital Markets Ltd.
- Registered office
- G - 5 & 6,, Sector 10, Dwarka, New Delhi
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 | 17,28,00,000 | — | — |
| 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
17,28,00,000
Anchor portion
₹1,728 Cr
at ₹100 per share
Valuation and performance
Valuation at offer price
₹100 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| Market cap | — | ₹6,000 Cr |
About RaajMarg Infra Investment Trust
Raajmarg Infra Investment Trust (RIIT) was registered with SEBI on December 22, 2025, as an infrastructure investment trust under the InvIT Regulations. The Trust was settled on November 24, 2025, as a contributory irrevocable trust under the Indian Trusts Act, 1882. The Trust's portfolio comprises Raajmarg 1 Projects Private Limited (RPPL), a project SPV incorporated on November 21, 2025. The Trust's principal assets will be five tolling rights concessions from the National Highways Authority of India (NHAI) for highway stretches in Tamil Nadu, Andhra Pradesh, Karnataka, and Jharkhand, totaling approximately 260 kilometers. The Trust generates revenue through toll collection from users of these national highways and receives concession fees from NHAI. The Trust relies on the Investment Manager (Raajmarg Infra Investment Managers Private Limited) for management and the Project Manager (National Highways InvIT Project Managers Private Limited) for project implementation and operations.
Company Analysis
from RHPRaajmarg Infra Investment Trust is an infrastructure investment trust that operates and maintains national highways in India through toll collection and concession agreements with the National Highways Authority of India.
Raajmarg Infra Investment Trust (RIIT) was registered with SEBI on December 22, 2025, as an infrastructure investment trust under the InvIT Regulations. The Trust was settled on November 24, 2025, as a contributory irrevocable trust under the Indian Trusts Act, 1882. The Trust's portfolio comprises Raajmarg 1 Projects Private Limited (RPPL), a project SPV incorporated on November 21, 2025. The Trust's principal assets will be five tolling rights concessions from the National Highways Authority of India (NHAI) for highway stretches in Tamil Nadu, Andhra Pradesh, Karnataka, and Jharkhand, totaling approximately 260 kilometers. The Trust generates revenue through toll collection from users of these national highways and receives concession fees from NHAI. The Trust relies on the Investment Manager (Raajmarg Infra Investment Managers Private Limited) for management and the Project Manager (National Highways InvIT Project Managers Private Limited) for project implementation and operations.
infrastructuretoll roadshighwaystransportation infrastructure
Objects of the Issue
- Infusion of debt and equity into the Project SPV for payment of concession value of the InvIT Assets to NHAI p.26
- General corporate purposes p.26
- Acquisition of toll road assets under Toll Operate Transfer (TOT) model p.160
- Infusion of debt and equity into the Project SPV, which shall be utilized by the Project SPV for the payment of concession value of the InvIT Assets to NHAI ₹58,500.00 million p.211
- General corporate purposes Up to 10% of Gross Proceeds (not to exceed ₹6,000 million based on ₹60,000 million gross issue) p.212
- General corporate purposes and acquisition of infrastructure assets p.268
- Acquisition of concession rights for the Specified Projects through service concession consideration payment p.379
- Capital expenditure for the Specified Projects ₹66.9 crores (₹52.8 crores in FY2027 and ₹14.1 crores in FY2028) p.402
- Operating expenses including routine maintenance, major maintenance, project management fees, and other operational costs p.401
- Advanced Traffic Management System (ATMS) and Multi Lane Free Flow (MLFF) at Toll Plaza ₹19.57 crore (excl GST) p.465
- Asset monetization under National Monetisation Pipeline framework for operational national highway project Not specified in this document part p.1744
Issue Structure
- Total Issue
- up to ₹ 60,000.00 million
- Fresh Issue
- up to [●] Units aggregating up to ₹ 60,000.00 million (less Sponsor Contribution)
- Price Band
- Floor Price ₹ [●] per Unit; Cap Price ₹ [●] per Unit
- Lot Size
- Minimum [●] and in multiples of [●] thereafter
Business Model
The Trust's revenue model is based on toll collection from highway users on five national highway stretches. The Project SPV will enter into concession agreements with NHAI to operate and maintain these toll roads. Revenue will be generated from toll collections, with funds deposited into escrow accounts and allocated according to a predetermined priority: payment of taxes, concession fees to NHAI, operation and maintenance expenses, debt service, and residual amounts. The Trust will distribute not less than 90% of net distributable cash flows to Unitholders in accordance with InvIT Regulations.
Business Segments
Six-lane section from km 0+000 to km 32+600 of NH-32 and NH-48 in Tamil Nadu
Six-lane section from km 21+400 to km 54+400 of NH-16 in Tamil Nadu
Six-lane section from Chilakaluripet to Vijayawada along NH 16 in Andhra Pradesh with bypass section
Four/six lane section from Gorhar to Barwa Adda along NH-19 (old NH-2) in Jharkhand
Four/six lane section from Neelmangla to Tumkur along NH-48 in Karnataka with bypass
Four/six lane toll road section on NH-19 (old NH-2) comprising stretches between Gorhar and Atka (four lane), Atka to Khairatunda (six lane), and Khairatunda to Barwa Adda (six lane)
Six lane toll road section on NH-16 including Chilakaluripet bypass in Andhra Pradesh
Six lane toll road section on NH-32 and NH-48 in Tamil Nadu
Six lane toll road section on NH-16 in Tamil Nadu
Four/six lane toll road section on NH-48 comprising stretches between Neelmangla and Dobbaspet (six lane), Dobbaspet to Tumkur (four lane), and Tumkur Bypass (six lane) in Karnataka
Four/six lane toll road section on NH-19 in Jharkhand, 80.522 km length, part of Golden Quadrilateral connecting Kolkata and Delhi/Agra corridor. Generates revenue through toll collection and supports inter-state and regional freight and passenger movement.
Six lane toll road section on NH-16 in Andhra Pradesh, 69.408 km length. Part of east coast corridor and Golden Quadrilateral. Serves as spinal cord for Andhra Pradesh state connecting north and south India with agricultural and manufacturing hubs.
Six lane toll road section on NH-32 and NH-48 in Tamil Nadu, 32.6 km length. Reduces congestion in Chennai and provides connectivity to ports (Chennai, Ennore, Kattupalli). Serves intra-city, port-related and inter-city traffic.
Six lane toll road section on NH-16 in Tamil Nadu, 33 km length. Terminal stretch of NH-16 Golden Quadrilateral providing east coast connectivity with high contribution from Chennai Port Cluster traffic.
Four/six lane toll road section on NH-48 in Karnataka, 44.668 km length. Part of Golden Quadrilateral Delhi-Mumbai-Bengaluru-Chennai corridor. Serves Bengaluru growth corridor with mixed urban-industrial traffic including commuters and logistics.
Six-laning of Gorhar to Khairatunda section of NH-2 in Jharkhand, operated and maintained as BOT project
Highway project operated and maintained as BOT project
Highway project with provisional completion certificate
Toll-based highway project operating and maintained on TOT basis
Highway section NH-48 operated and maintained
Toll collection at Kulumapalya and Chokkenahalli toll plazas
Toll collection at Ghanghri Toll Plaza
Toll collection at Kaza Toll Plaza Mangaliri
Toll collection at Nallur Toll Plaza
Toll collection at Vanagram and Surapattu toll plazas
69.408 km toll-based road corridor connecting Andhra Pradesh with national highways network; includes 2.342 km main section, 16.499 km bypass, and 50.567 km main corridor with toll plaza at Kaza
32.6 km toll-based bypass corridor around Chennai city connecting Tambaram to Madhavaram with dual toll plazas at Vanagaram/Tiruneermalai and Surapattu
33 km toll-based corridor from Chennai Outer Ring Road to Tamil Nadu/Andhra Pradesh border with toll plaza at Nallur (to be relocated to Durainallur)
44.668 km toll-based corridor including 32.02 km main section and 12.648 km Tumakuru Bypass with toll plazas at Kulumepalya and Chokkenahalli
80.522 km toll-based corridor along NH-19 (former NH-2) from Gorhar to Barwa Adda spanning Bihar and Jharkhand with toll plaza at Kulgo
4-lane retained section, the existing Four/six Lane project road was constructed under Item Rate basis
Six-laning works under HAM by M/s DBL Gorhar Khairatunda Highways Pvt. Ltd, length 35 km, PCOD 16.10.2021, COD 31.03.2022, O&M till 15.10.2036
Six-laning works under HAM by M/s Ashoka Khairatunda Barwa Adda Road Limited (AKBARL), length 40.332 km, PCOD 09.10.2021, COD 21.04.2022, O&M till 08.10.2036
Toll collection on 80.802 km tolling length section. Traffic predominantly CJV (72%), freight (MAV 9%, 3A 4%, 2A 5%), and buses (8%). Base year FY26 AADT: 12,500 vehicles, PCU: 32,069.
Single toll plaza on revised 69.408 km section (post Vijayawada Bypass de-scope of 14.895 km from FY27). Traffic: CJV 65%, freight (MAV 9%, 3A 4%, 2A 5%), buses (7%). Base year FY26 AADT: 37,725 vehicles, PCU: 61,180.
Toll plazas on Chennai Bypass section. Vanagaram existing toll plaza to be shifted to Tiruneermalai from 1st April 2028. Traffic mix includes long-distance freight and passenger traffic on Golden Quadrilateral corridor.
Personal and commercial passenger vehicle traffic including cars, jeeps, and vans using the highway for daily commuting and inter-city travel
Commercial goods transport including light commercial vehicles, 2-axle trucks, 3-axle trucks, and multi-axle vehicles carrying containerized cargo, petroleum products, coal, and general merchandise between ports and hinterland
Inter-city and long-distance bus services including government and private operator buses connecting Chennai to southern Tamil Nadu and Andhra Pradesh
Toll collection for section between Nelamangala (km 29.500) to Dobbaspet (km 50.000), length 20.5 km, serving traffic from western corridors and industrial clusters.
Toll collection for section between Dobbaspet (km 50.000) to Tumakuru (km 62.000), length 12 km, serving industrial traffic from Vasanthanarasapura and regional connectivity.
Toll collection for Tumakuru Bypass section (km 62.000 to km 74.168), length 12.168 km, currently exercised at adjacent Karjeevanahalli toll plaza as interim arrangement, to be included in monetization.
SWOT Analysis
Strengths
- • Sponsor is NHAI, a well-established government entity with infrastructure expertise(p.21)
- • Trust holds concessions for five high-traffic national highway assets with existing revenue generation(p.7)
- • AAA credit rating from both major credit rating agencies(p.25)
- • Established investment and project management teams with infrastructure experience(p.24)
- • Established toll collection system on an open toll model with differentiated vehicle classification(p.52)
- • Fixed toll rate adjustments with WPI-based mechanism capped at 40% to offset cost inflation(p.53)
- • Long-term concession agreements with defined terms reducing counterparty risk(p.83)
- • Experienced Sponsor with consistent track record in operating toll roads(p.83)
- • Sponsorship by NHAI with strong government backing and policy support(p.160)
- • Positioned in high-growth road sector with substantial government capital allocation(p.161)
- • Established toll collection infrastructure with digital payment systems(p.139)
- • TOT model provides predictable, long-term revenue streams from operational assets(p.145)
- • Experienced management team with deep sector expertise(p.160)
- • Assets on high-traffic national highways carrying 40% of total road traffic(p.131)
- • Experienced sponsor with strong operational track record in roads and highways(p.162)
- • Diversified portfolio of toll roads with geographic spread reducing concentration risk(p.164)
- • Structured pipeline of future assets providing growth visibility(p.164)
- • Low counterparty risk with NHAI as creditworthy concessioning authority(p.165)
- • Long concession periods with extension possibilities providing revenue stability(p.165)
- • Toll rate adjustment formula mitigates inflation risk(p.165)
- • Protection against competing roads through contractual provisions(p.165)
- • Experienced management team with decades of sector expertise(p.165)
- • Established infrastructure asset portfolio with completed and operational highways(p.233)
- • Access to branded trademark and operational support from sponsor(p.232)
- • Compliance with regulatory framework and environmental standards(p.234)
- • Tolling rights on established highway corridors with proven revenue streams(p.312)
- • Diversified asset portfolio across five major toll plazas in different states(p.312)
- • Consistent and growing monthly revenue generation across toll plazas over the period(p.312)
- • NHAI-sponsored monetization with operational toll projects in strategic corridors(p.372)
- • Established toll collection and revenue generation from five operational highway corridors(p.343)
- • Strategic geographic positioning across major economic corridors connecting key commercial hubs(p.403)
- • Projected positive tollable traffic growth across projects with CAGR ranging from 1.7% to 6.1%(p.343)
- • Strong government infrastructure development support through Bharatmala Pariyojana and multiple development initiatives(p.389)
- • Government allocation of substantial capital for road infrastructure development and NHAI projects(p.390)
- • Transitional support from sponsor to address operating obligations during 30-month transition period(p.401)
- • Strong subgrade and pavement layer condition across all sections(p.1202)
- • Excellent roughness performance with majority of sections in good condition(p.1200)
- • Adequate existing pavement crust thickness with substantial granular layers(p.1218)
- • Strong back-calculated bituminous layer modulus indicating good material quality(p.1237)
- • Acceptable subgrade CBR values across project corridor(p.1210)
- • Integration in Golden Quadrilateral with strategic connectivity to major ports and industrial corridors(p.1432)
- • Robust economic growth in Andhra Pradesh exceeding national average, with 8.4% GSDP growth in FY24(p.1462)
- • Diversified commodity traffic driven by agriculture, textiles, pharmaceuticals, and port-led industries(p.1436)
- • High traffic volume composition with significant freight and long-haul traffic movements(p.1451)
- • Strategic location supporting both inter-state and regional trade corridors(p.1432)
- • Strategic national corridor linkage as part of Golden Quadrilateral and NH16(p.1650)
- • High-value containerized cargo movement and port connectivity(p.1552)
- • Strong regional manufacturing and industrial base(p.1567)
- • Tamil Nadu's economic growth outpacing national average(p.1565)
- • Established multi-port maritime cluster supporting export-import trade(p.1532)
- • Strategic location on Golden Quadrilateral NH48 connecting major industrial and commercial centers(p.1751)
- • Proximity to Bengaluru enables significant local and regional traffic from passenger vehicles and commercial freight(p.1776)
- • Growing Tumakuru as satellite city and industrial hub driving sustained traffic demand(p.1751)
- • Strong freight traffic base with ~45% goods vehicle composition supporting industrial supply chains(p.1776)
- • Emerging industrial clusters and KIADB development in Dobbaspet-Vasanthanarasapura belt generating regular logistics demand(p.1760)
- • Consistent traffic growth with CAGR of 4.6-9.0% across vehicle categories FY23-FY26(p.1777)
- • Strategic geographic location with strong inter-regional connectivity to Bengaluru, Tumakuru, and industrial hubs(p.1785)
- • High traffic volumes with diverse vehicle mix reflecting robust regional commerce(p.1805)
- • Strong e-commerce and logistics movement supporting revenue growth(p.1787)
- • Emerging industrial base in Tumakuru region powering growth(p.1795)
- • Access to high-value manufacturing and logistics corridor(p.1793)
Weaknesses
- • Trust has no operating history or proven track record(p.42)
- • Project SPV has not yet executed concession agreements as of offer document date(p.43)
- • Dependency on NHAI approvals for key operational and financial decisions(p.49)
- • Limited recourse against Investment Manager, Project Manager and Trustee in case of underperformance(p.45)
- • Escrow arrangements restrict Project SPV's fund utilization flexibility(p.47)
- • Toll collection vulnerable to leakage through evasion, fraud, and theft(p.52)
- • Termination payment inadequate to compensate for full costs and investments(p.53)
- • Unable to recover cost increases through toll rate adjustments(p.56)
- • Dependence on key personnel with scarcity of qualified talent in toll-road sector(p.57)
- • InvIT Assets currently uninsured with no assurance of adequate future coverage(p.58)
- • Involvement in legal proceedings with potential adverse outcomes affecting operations(p.58)
- • Provisional completion certificate not granted for Chennai Bypass asset(p.59)
- • Dependence on NHAI for operation and maintenance with limited control(p.58)
- • Limited initial asset portfolio of only five toll roads concentrated in four states(p.160)
- • Dependence on toll revenue collections from Project SPV operations(p.160)
- • Early-stage trust with no operational history or track record(p.158)
- • Concession dependent on satisfaction of conditions precedent before operations commence(p.160)
- • Subject to potential refinancing risks and interest rate exposure on debt(p.157)
- • Newly established trust with no operating history and limited financial data(p.42)
- • Absence of meaningful historical operating and financial statements(p.223)
- • Significant debt leverage with borrowing of up to ₹40,670 million(p.215)
- • Dependence on transitional support from NHAI for operational continuity(p.166)
- • Significant pending arbitration claims against sponsor across multiple projects(p.248)
- • Substantial litigation risk with multiple contractor claims exceeding ₹1 trillion(p.250)
- • Reliance on government approval for future asset acquisition(p.233)
- • Limited initial asset base to generate revenue(p.233)
- • Exclusive dependence on NHAI for concession agreements and operational rights(p.273)
- • Sponsor concentration with minimum 15% commitment required on post-Issue basis(p.273)
- • Single investor cap limits growth potential for institutional investors(p.273)
- • Multiple toll plaza relocations planned with traffic diversion risks and operational disruption(p.372)
- • Phased toll plaza transitions with temporary suspension of revenue collection(p.415)
- • Dependence on NHAI for O&M and MMR expenses during contracted maintenance periods, with SPV responsibility only post-handover(p.401)
- • Limited concession tenure of 15 years creates time-limited revenue horizon(p.397)
- • Some sections show remaining life less than 10-year design period requiring overlay(p.1195)
- • Chennai-Tada section exhibits limited remaining fatigue life in certain stretches(p.1248)
- • Variable rutting performance in Chennai-Tada section with up to 31.52% of stretch in fair condition(p.1204)
- • Low subgrade modulus recorded at certain chainage locations(p.1242)
- • Scattered poor CBR values at specific locations requiring investigation(p.1207)
- • Exposure to monsoon-related disruptions affecting toll operations and traffic flow(p.1453)
- • Vulnerability to modal shift and diversion to competing highways and transportation modes(p.1452)
- • Significant dependency on agricultural commodity transport susceptible to commodity price volatility(p.1451)
- • De-scoping of 14.895 km tolling length due to Vijayawada Bypass completion(p.1433)
- • Capacity saturation on Tada section approaching by end of forecast period(p.1596)
- • High exposure to volatile port cargo throughput(p.1532)
- • Dependence on monsoon and cyclone-prone region affecting traffic(p.1553)
- • Traffic data reliability issues from third-party tolling agencies(p.1547)
- • Toll plaza consolidation from two to one mainline plaza post-4-to-6 laning reduces operational flexibility(p.1756)
- • Extended construction period for 4-to-6 laning creates operational uncertainty and potential traffic disruption(p.1752)
- • High dependence on passenger traffic (55%) creates vulnerability to behavioral shifts and economic downturns(p.1776)
- • High concentration of local exemptions reducing effective toll collection(p.1785)
- • Revenue dependence on government reimbursement for annual pass losses(p.1784)
- • Capacity saturation risk in key tolling sections post-FY37(p.1827)
- • High dependence on monsoon and commodity cycles affecting freight traffic(p.1787)
Opportunities
- • Growing national highway development focus and infrastructure investment by Government of India(p.50)
- • Potential to expand portfolio of infrastructure assets within InvIT framework(p.24)
- • Five strategically located toll roads with existing revenue data demonstrating cash generation(p.6)
- • Defined pipeline of approximately 1,500 km of roads over next three to five years(p.62)
- • Sizeable portfolio of strategically located diversified long-term revenue generating toll road assets(p.83)
- • Significant growth visibility through defined pipeline of future assets and expansion into new infrastructure(p.83)
- • Attractive industry sector with strong underlying fundamentals and favourable government policies(p.83)
- • Government push for asset monetization and infrastructure financing through InvITs(p.153)
- • Expansion potential through government's ambitious highway expansion program(p.129)
- • Growing toll revenues driven by increasing vehicle registrations and traffic volumes(p.130)
- • Rising freight traffic with road transport dominating at 71% of domestic freight movement(p.134)
- • Potential for toll rate indexation to wholesale price index providing inflation protection(p.142)
- • Strong institutional investor appetite for road InvITs as evidenced by rapid AUM growth(p.154)
- • Expanding national highway network with major infrastructure investment(p.162)
- • Growing toll collection infrastructure with 98.8% increase in tolling length(p.162)
- • Large pipeline of O&M projects worth ₹77,210 million(p.162)
- • Strategic location on major economic corridors supporting regional growth(p.164)
- • Bharatmala initiative driving infrastructure development and traffic growth(p.163)
- • Transition to automated toll collection systems improving efficiency(p.167)
- • Large-scale monetization of national highway assets under government pipeline(p.241)
- • Expansion through planned future asset transfer from sponsor(p.233)
- • Private sector participation encouraged in highway development and operations(p.235)
- • Multiple revenue models available including toll collection and annuity structures(p.235)
- • Exit mechanism enabling capital redeployment(p.236)
- • National highway infrastructure development and expansion opportunities under Indian government initiatives(p.273)
- • Potential to acquire additional toll assets or expand existing concessions(p.273)
- • Tax-efficient distribution structure for unitholders under Section 10(23FD) of Income Tax Act(p.301)
- • Planned capacity augmentation on multiple corridors supporting increased traffic volumes(p.399)
- • Port-led economic development generating incremental traffic, particularly Ramayapatnam Port and Chennai Maritime Cluster(p.404)
- • Capital city development at Amaravati generating developmental and induced traffic(p.404)
- • Rising vehicular demand and commercial vehicle production supporting freight movement growth(p.390)
- • Strong private investment pipeline into highway sector with projected increase from INR 20,000 Cr to INR 1 trillion in 6-7 years(p.390)
- • Growing road InvIT segment with 15 road InvITs showing strong AUM growth of 42% CAGR since 2021(p.391)
- • Significant traffic growth potential with increasing MSA projections across all sections(p.1230)
- • Strategic overlay strengthening to extend pavement life and meet increasing traffic demand(p.1195)
- • High-quality construction material availability with good CBR subgrade across corridor(p.1205)
- • Opportunity for preventive maintenance and routine upkeep based on pavement condition assessment(p.1195)
- • Multi-section corridor enabling standardized maintenance and rehabilitation strategies(p.1156)
- • Amaravati Capital City development generating induced and developmental traffic growth(p.1483)
- • Ramayapatnam Port operational by FY27 creating new cargo hinterland and freight movement(p.1481)
- • Guntur Sannam Chilli GI-tagged production growth and agro-processing industry expansion(p.1440)
- • Industrial corridor development including VCIC and CBIC nodes enhancing regional trade(p.1437)
- • Steady GSDP growth forecast with convergence to national growth rates by FY47(p.1471)
- • Chennai-Bengaluru Industrial Corridor development providing induced traffic(p.1535)
- • Bengaluru-Chennai Expressway and upgraded connectivity to ports(p.1587)
- • Planned Chennai Multimodal Logistics Park enhancing freight efficiency(p.1589)
- • Sustained manufacturing growth in automotive and electronics sectors(p.1568)
- • Rising export demand driving container cargo growth(p.1567)
- • Bengaluru Ring Road (Satellite Town Ring Road) development will enhance corridor connectivity and traffic generation(p.1769)
- • KWIN City and Multimodal Logistics Park development in Dobbaspet-Doddaballapur-Hoskote belt will drive industrial and logistics traffic(p.1760)
- • Bengaluru Chennai Expressway and Chittoor-Thatchoor NH716B development will enhance long-distance connectivity(p.1769)
- • Tumakuru Industrial Node under Chennai-Bengaluru Industrial Corridor offers growth in electronics, defence, food processing and EV manufacturing(p.1763)
- • Growing e-commerce, 3PL and organised warehousing sectors driving increased LCV and MAV usage(p.1760)
- • Satellite Town Ring Road north and south ring diversions expected to bring substantial freight traffic(p.1816)
- • Industrial expansion through Surat-Nashik-Chennai Expressway connecting manufacturing hubs(p.1817)
- • Growing urban mobility through proposed Bengaluru-Tumakuru metro extension supporting services corridor(p.1820)
- • Strong projected traffic growth driven by manufacturing and logistics expansion(p.1796)
- • Karnataka's outperforming GDP growth and per-capita income expansion(p.1792)
Threats
- • Premature termination of concession agreements under multiple default scenarios(p.50)
- • Traffic diversions due to competing free roads or alternative transportation modes(p.50)
- • Seasonal fluctuations and monsoon-related traffic disruptions affecting revenue(p.51)
- • Limited control over toll rate increases subject to regulatory restrictions(p.51)
- • Economic cycles and external disruptions impact traffic volume and toll revenues(p.51)
- • Evolving and uncertain regulatory framework for infrastructure investment trusts(p.46)
- • Potential additional stamp duty liabilities on concession agreements(p.49)
- • Traffic volumes affected by overall economic growth and development of states in project areas(p.52)
- • Restrictions on mining and commodity exports due to regulatory clampdowns impacting traffic(p.52)
- • Vehicle operating costs including fuel prices and financing costs impact traffic usage(p.52)
- • Adverse weather and force majeure events impair toll road operations and traffic access(p.52)
- • Alternate routes and poor road conditions reduce toll road usage(p.52)
- • Construction and maintenance of highways may restrict access and revenue(p.52)
- • Changes in axle load norms may accelerate pavement deterioration and reduce traffic growth(p.52)
- • NHAI policy changes including temporary tolling suspensions reduce toll revenue(p.52)
- • Public and government reaction to toll rate increases may restrict revenue growth(p.52)
- • Toll contracts may expire or be terminated affecting revenue continuity(p.54)
- • Changes in government policies and deterioration of NHAI relationships materially affect business(p.54)
- • Untested concession agreement terms and restrictive conditions subject to adverse interpretations(p.55)
- • Maintenance obligation breaches may result in toll collection suspension or termination(p.57)
- • Crude oil price increases and supply shortages reduce traffic volumes and economic growth(p.64)
- • Changes in Indian tax laws and regulations adversely affect financial condition(p.71)
- • Termination of tax benefits under Section 80-IA increases tax liability materially(p.71)
- • Social, political instability and natural disasters in India adversely affect business(p.65)
- • Traffic volume decline from economic slowdown or external disruptions affecting toll revenues(p.157)
- • Regulatory changes in tolling policies and concession agreement terms(p.157)
- • Rising interest rates impacting refinancing costs and debt servicing burden(p.157)
- • Dependence on government coordination for asset transfers and regulatory approvals(p.158)
- • Geopolitical and trade tensions impacting economic growth and vehicle traffic(p.121)
- • Weather-related uncertainties and monsoon-dependent activity affecting transportation demand(p.122)
- • Seasonality impacts on traffic volumes during monsoon periods(p.199)
- • Weather-related disruptions and force majeure events(p.199)
- • Economic cyclicality affecting traffic demand and toll revenues(p.199)
- • Vulnerability to freight traffic fluctuations from port operations(p.182)
- • Regulatory risk from government toll rate controls(p.223)
- • Traffic diversion risk to alternative routes(p.182)
- • Extensive ongoing arbitration proceedings with cumulative claims exceeding ₹1 trillion affecting sponsor credibility(p.248)
- • Regulatory changes and government policy shifts affecting concession terms(p.233)
- • Dependence on government concession agreements subject to renegotiation(p.235)
- • Environmental compliance and green highway requirements adding costs(p.239)
- • Toll revenue risk from traffic fluctuations and competing highway networks(p.236)
- • Regulatory dependence on NHAI for concession renewals and modifications(p.275)
- • Traffic volume volatility and seasonal fluctuations affecting toll revenue(p.313)
- • Foreign exchange risks for non-resident investors and international payment mechanisms(p.280)
- • Regulatory changes in toll collection, tariff structure, or highway concession framework(p.275)
- • Significant traffic diversion from proposed alternative infrastructure (Amaravati Outer Ring Road, Satellite Town Ring Road)(p.404)
- • Modal shift risk from high-speed rail corridors reducing passenger and freight traffic(p.405)
- • Cargo diversion through alternative expressway corridors and inland waterways(p.412)
- • Industrial and inland waterway development reducing heavy cargo and petroleum traffic volumes(p.412)
- • Implementation of access-controlled infrastructure reducing local traffic utilization(p.417)
- • Toll revenue target shortfall or excess mechanisms causing concession period adjustments(p.399)
- • WPI inflation rate variability impacting toll revenue growth with long-term assumption of 3.24%(p.398)
- • Accelerating commercial vehicle traffic growth straining existing pavement capacity(p.1230)
- • Monsoon and seasonal moisture variations reducing subgrade and granular layer strength(p.1240)
- • Overloaded vehicles causing disproportionate pavement damage(p.1231)
- • Temperature fluctuations affecting bituminous layer modulus and performance(p.1238)
- • Fatigue cracking risk in bituminous layers under sustained heavy commercial traffic(p.1245)
- • Significant negative diversion impact from Amaravati Outer Ring Road starting FY34 causing 42% CJV traffic loss(p.1478)
- • Chennai-Hyderabad High-Speed Rail operational by FY38 diverting passenger traffic(p.1487)
- • Regulatory delays and environmental clearances affecting project timelines and revenue realization(p.1372)
- • EV adoption policy targets potentially reducing long-term toll revenue from freight vehicles(p.1372)
- • Climate vulnerability including monsoon variability and coastal erosion affecting agricultural hinterland(p.1467)
- • Competing infrastructure diverting traffic from project highway(p.1532)
- • Chennai Peripheral Ring Road creating alternative routing options(p.1543)
- • Cyclone and monsoon-related disruptions to traffic flow(p.1553)
- • Global maritime trade cycles affecting containerized cargo(p.1553)
- • Aging population and declining growth rate in Tamil Nadu(p.1569)
- • Satellite Town Ring Road/Bengaluru Ring Road development will divert traffic between Dobbaspet and Hosur/Mysuru regions(p.1769)
- • Surat-Nashik-Chennai Expressway development by FY30 will divert traffic between Solapur/west and Hyderabad/north to Chennai(p.1769)
- • Bengaluru Tumakuru Metro line operational by FY32 will shift passenger traffic from road to rail(p.1769)
- • NH66 upgradation and shift to 6-lane reduces hazardous cargo via NH48 as alternative routes emerge(p.1769)
- • Structural shift in freight vehicle composition from 3A to 2A and MAV reduces toll collection per vehicle(p.1780)
- • Traffic volatility due to monsoon, cyclones and social events impacts revenue consistency(p.1777)
- • Diversion from NH66 upgradation reducing freight traffic post-FY28(p.1811)
- • Service road diversion of local traffic reducing mainline revenue post-FY29(p.1822)
- • Monsoon and agricultural volatility impacting seasonal freight movements(p.1787)
- • Water scarcity and environmental constraints limiting industrial expansion(p.1798)
- • National traffic growth moderation scenarios reducing revenue projections(p.1838)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| National Highways Authority of India | Sponsor | — | at least 15.00% |
| National Highways Authority of India | Sponsor | — | at least 15.00% |
| National Highways Authority of India (NHAI) | Sponsor | — | 26% (through Raajmarg Infra Investment Managers Private Limited shareholding) |
| NHAI (National Highways Authority of India) | Sponsor | — | At least 15% of total Units post-Issue |
| National Highways Authority of India (NHAI) | Sponsor | — | at least 15.00% |
| Sponsor | Sponsor | — | at least 15.00% |
| National Highways Authority of India (NHAI) | Sponsor | — | — |
| Government of India (Ministry of Road, Transport & Highways - MORTH) | Promoter (of NHAI and Investment Manager) | — | — |
| National Highways Authority of India (NHAI) | Sponsor/Concessioning Authority | — | — |
Leadership
Gunjan Rajpal · Compliance Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.