Whalesbook
Debt Reduction Reaches New Low
The authority's debt is now ₹1.96 lakh crore as of April 17, a sharp drop from its peak of ₹3.42 lakh crore in the 2022-23 fiscal year. At that peak, NHAI was barred from additional market borrowings, requiring the government to fund highway development. Significant repayments, including ₹6,057 crore in the first 15 days of the current financial year, have driven this debt reduction.
Monetisation Powers Repayments
Asset monetisation through infrastructure investment trusts (InvITs) is a key driver for debt reduction. NHAI has raised ₹59,524 crore this way, dedicating all proceeds to loan repayments. The National Monetisation Pipeline 2.0 sets ambitious goals, expecting the highway sector to contribute ₹4.42 lakh crore from FY26 to FY30, supporting continued debt management.
Strong Pace in Highway Construction
Even while aggressively reducing debt, NHAI's national highway construction performance has excelled. In FY2025-26, 5313 km of highways were built, surpassing the target by 15%. This was supported by capital expenditure of ₹2.44 lakh crore, slightly exceeding budget allocations. NHAI covered the ₹5978 crore difference using its own funds. The authority's active construction pipeline remains substantial, with 27,597 km valued at ₹7.72 lakh crore.