ICRA projects the National Highways Authority of India (NHAI) could raise ₹35,000-40,000 crore through asset monetisation in FY26, exceeding the budgeted ₹30,000 crore. The estimate is based on a median valuation multiple of 0.62 times from past TOT bundles. NHAI has raised ₹92,633 crore since FY19 via TOT and InvIT, with more projects in pipeline.