Highway Expansion to Accelerate in FY26 as NHAI Unveils 124 Projects Worth ₹3.45 Lakh Cr
NHAI Gets New Highway Projects: In the fourth quarter of FY 2026, the National Highways Authority (NHAI) is going to speed up the pace of highway project awards. According to a report, NHAI has made its intentions clear by releasing a list of 124 projects of 6,396 km length.
The National Highways Authority (NHAI) is gearing up to provide a fresh thrust to highway development in the months ahead. According to a report by JM Financial, the figure for highway projects may pick up pace in the fourth quarter of FY 2026.
According to the report, NHAI has recently released a list of 124 projects, whose total length is about 6,396 km. The estimated capital cost of these projects is estimated to be around ₹3.45 lakh crore, while the EPC (engineering, procurement, and construction) cost is estimated to be around ₹2 lakh crore.
Talking about the structure, Hybrid Annuity Model (HAM) projects lead with the highest share of 72%. This is followed by BOT (Build-Operate-Transfer) projects with 18% and EPC projects with 10%. The report says that a higher share of HAM projects will be beneficial for developers who have a strong balance sheet.
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NHAI's financial health has also improved significantly now. Though its overall debt stood at Rs 3.5 lakh crore in March 2022, it dropped to Rs 3.35 lakh crore as of March 2024 and to Rs 2.45 lakh crore as of March 2025. Above all, NHAI's debt-to-toll ratio has reduced from 27.5x in March 2022 to just 6.1x as of March 2025. This is also below the 7x recorded in 2016.
The report suggests that this reform gives NHAI the ability to award more projects through both HAM and EPC models in the coming times. Projects worth Rs 68,300 crore have been awarded as of August 2025. However, it is expected to pick up significantly in the fourth quarter of FY26.
As of March 2025, NHAI has raised about Rs 1.4 lakh crore from various monetization models. At the same time, its monetization target for the current financial year has been set at Rs 30,000 crore. According to the report, this move reflects NHAI's intentions to take the National Highway Development Program to new heights in the coming months.
