New Delhi, Sept. 17 -- The government could raise Rs.35,000-40,000 crore in 2025-26 by timely monetization of road assets identified by the National Highways Authority of India (NHAI), according to ratings agency Icra.

This is higher than the budgeted monetization target of Rs.30,000 crore for the current fiscal and a healthy improvement from the Rs.24,399 crore monetized in 2024-25.

Icra projections are based on the median valuation multiple of 0.62X seen across the 10 awarded TOT (toll-operate-transfer) bundles by the NHAI over the last three years.

The NHAI has identified a robust pipeline of projects earmarked for monetization, which includes the estimated completion of five TOT bundles with bids already initiated. Moreover, it has...