Diversified by Design, Unified by Purpose
We have built a portfolio that is strategically designed to deliver stable and predictable cash flows, while retaining exposure to growth-oriented toll assets. Our approach focuses on diversification across concession types, geographies and asset maturity, enabling us to optimize risk-adjusted returns, backed by a strong operational track record.
Strategic Portfolio Construction
Toll for Growth, Annuity for Certainty
We have built our portfolio to maintain a calibrated balance between growth and stability. Our toll assets, which constitute 85% of AUM, provide upside through traffic growth and periodic tariff revisions, while our annuity assets, accounting for 15% of AUM, ensure predictable and contractual cash flows. This balanced mix enables us to participate in economic expansion while maintaining strong visibility of income.
AUM Share (as on March 31, 2026)
85%
Toll Assets
15%
Annuity Assets
Commercial Traffic, Durable Revenue
Commercial vehicles contribute a significant share of toll revenue despite representing a smaller share of total traffic, reflecting their higher toll rates. This concentration in freight and logistics traffic is a structural strength, as commercial vehicle movement closely tracks industrial activity, consumption demand, and the transport of essential goods, making it a reliable indicator of economic momentum. Passenger traffic, in turn, ensures steady volumes and broadens the demand base across both discretionary and non-discretionary travel.
Long Horizon, Laddered Maturities
Our portfolio is anchored by a long concession tenure and a well-structured maturity profile. With an average residual concession life of 18.0 years and an average operating history of 9.2 years, our assets benefit from established traffic patterns and operational stability. We maintain a prudent mix of mature, cash-generating assets and mid-life assets with growth potential, resulting in a well-laddered portfolio that supports consistent and sustainable distributions over time.
Thirteen Regions, One Resilient Portfolio
The portfolio spans 12 states and 1 union territory, reducing reliance on any single regional economy, extending from the Qazigund and Jammu–Udhampur corridors in Jammu & Kashmir to the Madurai–Kanyakumari stretch in Tamil Nadu, with assets across key states including Karnataka, Jharkhand, West Bengal, Bihar, Haryana, Andhra Pradesh, Telangana, Kerala, Rajasthan, and Maharashtra. Select assets are positioned along high-density corridors such as the North– South (NS) corridor and the Delhi–Agra route, supporting strong, resilient traffic flows, with Delhi-NCR contributing 16% to total FY 2026 AUM share. This diversified footprint enables the portfolio to capture pan-India growth while naturally mitigating the impact of localised disruptions.
Sustained Long-term Traffic Growth
Our approach to asset selection is anchored in a deep understanding of traffic patterns and the underlying economic fundamentals of each corridor. As a result, our portfolio of toll projects has delivered a weighted average traffic CAGR of 6.3% (calculated as a weighted average of individual SPV AUMs as of March 31, 2026), not merely as a function of favourable conditions, but as an outcome of disciplined and deliberate corridor selection. This portfolio construct enables us to deliver consistent distributions, remain resilient in the face of downside risks, and compound value sustainably over the long term.
Traffic Growth across Individual SPVs
| SPV | CAGR (%) since COD* |
|---|---|
| DATRPL | 8.0 |
| FRHPL | 5.9 |
| GAEPL | 6.5 |
| HTPL | 8.1 |
| JLTPL | 5.6 |
| JMTPL | 4.7 |
| JVTPL | 5.5 |
| KETPL | 6.2 |
| KMTPL | 0.7 |
| LRTPL | (3.5) |
| MBEL | 4.2 |
| MKTPL | 7.3 |
| NAMEPL | 6.2 |
| NDEPL | 6.0 |
| NKTPL | 6.4 |
| SMTPL | 7.1 |
| WUPTPL | 2.0 |
| WVEPL | 8.6 |
* COD is the Commercial Operation Date, i.e., Financial Year 2012 for JMTPL, MBEL, WUPTPL; Financial Year 2013 for NDEPL, DATRPL; Financial Year 2016 for GAEPL, WVEPL; Financial Year 2017 for FRHPL; Financial Year 2021 for JLTPL, JVTPL, LRTPL, KMTPL, HTPL, MKTPL, KETPL, SMTPL, NKTPL, NAMEPL.