Raajmarg Infra Investment Trust (“Raajmarg InvIT”) is launching a book-built InvIT issue aggregating up to ₹6,000 crore, comprising entirely a fresh issue of 60.00 crore units.
The InvIT opens for subscription from March 11, 2026 to March 13, 2026, with allotment expected on March 18, 2026 and tentative listing on BSE and NSE on March 24, 2026.
The price band has been indicated at ₹99 – ₹100 per unit (as per available disclosures). The issue is being managed by SBI Capital Markets Ltd., with Axis Capital Ltd., ICICI Securities Ltd., and Motilal Oswal Investment Advisors Ltd. as co-lead managers. Kfin Technologies Ltd. is the registrar to the issue.
(Source: RHP)
Trust Overview
Raajmarg Infra Investment Trust is an infrastructure investment trust registered with SEBI under the InvIT Regulations on December 22, 2025. The Trust has been established to acquire, operate and maintain operational toll road infrastructure assets in India. It is sponsored by the National Highways Authority of India (NHAI) under the Ministry of Road Transport and Highways, Government of India.
The InvIT’s portfolio comprises five operational toll road assets developed under NHAI’s Toll Operate Transfer (TOT) model, located across:
- Jharkhand
- Andhra Pradesh
- Tamil Nadu
- Karnataka
The road stretches include:
- Gorhar to Barwa Adda
- Chilakaluripet – Vijayawada
- Chennai Bypass
- Chennai – Tada
- Nelamangala – Tumkur
The total aggregate portfolio length is approximately 260.198 km, forming part of key national highway corridors including sections of the Golden Quadrilateral network.
Each road asset is operated pursuant to long-term concession agreements with NHAI. The Project SPV holds exclusive rights to operate, maintain and collect toll user fees for the concession period.
(Source: RHP)
Industry Context
India’s roads and highways sector remains a core pillar of infrastructure development, supported by:
- Government focus on national highway expansion
- Toll Operate Transfer (TOT) monetisation model
- Increasing freight and passenger vehicle traffic
- Long-term structural growth in logistics and mobility
The TOT framework enables monetisation of operational highway assets, offering stable cash flow visibility backed by concession agreements with NHAI.
However, InvIT structures remain exposed to:
- Traffic growth volatility
- Regulatory or toll rate revisions
- Macroeconomic slowdown impacting freight movement
- Interest rate sensitivity (for yield-oriented instruments)
Given government sponsorship and long-term concession contracts, counterparty risk remains relatively low compared to private infrastructure assets.
(Source: RHP)
Portfolio Strengths
- Sponsored by NHAI (Government of India)
- Portfolio of operational toll road assets under TOT model
- Strategic highway locations forming part of major economic corridors
- Long-term concession agreements with defined toll collection rights
- Revenue visibility supported by traffic flows
- Defined pipeline visibility under infrastructure monetisation program
- Experienced management and operating structure
(Source: RHP)
Business Strengths
- Sponsored by National Highways Authority of India (NHAI), providing strong institutional backing and credibility.
- Portfolio of five operational toll road assets under the Toll Operate Transfer (TOT) model.
- Strategically located highway stretches forming part of key economic corridors including sections of the Golden Quadrilateral.
- Long-term concession agreements providing defined toll collection rights and revenue visibility.
- Diversified geographical presence across Jharkhand, Andhra Pradesh, Tamil Nadu, and Karnataka.
- Established operational framework with defined maintenance and asset management systems.
- Significant growth visibility aligned with India’s infrastructure monetisation program.
Financial Performance
Raajmarg Infra Investment Trust is structured as an infrastructure investment trust acquiring operational toll road assets from NHAI under the TOT model. The InvIT generates revenue primarily through toll collections pursuant to concession agreements.
Since the Trust has been recently established (registered December 22, 2025), historical standalone operating performance is reflected at the SPV / asset level rather than as a long-established corporate entity.
Investors should evaluate:
- Traffic growth trends
- Toll rate escalation mechanism under concession agreements
- O&M expenditure obligations
- Debt structure at SPV level
- Distribution policy under InvIT regulations
(Source: RHP)
Key Performance Indicators
No standard corporate financial ratio disclosures such as ROE, ROCE, EPS, or EBITDA margins are available
Market Outlook & GMP Trends
As of March 11, 2026, at 11:36 AM, the Raajmarg Infra InvIT grey market premium (GMP) stands at ₹0, indicating no premium over the issue price. With the upper price band fixed at ₹100, the estimated listing price is also around ₹100 per unit, suggesting no expected gain or loss at this stage.
Based on grey market activity over the past few sessions, no major movement has been observed in the GMP. This flat trend indicates limited speculative activity so far, and similar movement may continue until the listing date.
(Note: Grey market prices are unofficial and provided for informational purposes only. They should not be considered a reliable indicator of actual listing performance or investment returns.)
(Source: Market updates)
IPO Details
| Particulars | Details |
|---|---|
| InvIT Open | 11 – 13 March, 2026 |
| Listing Date | Tuesday, March 24, 2026 |
| Price Band | ₹99 – ₹100 |
| Issue Type | Bookbuilding InvIT |
| Sale Type | Fresh Issue Only |
| Total Issue Size | ₹6,000 Cr |
| Units Offered | 60,00,00,000 units |
| Listing Exchange | BSE, NSE |
| Registrar | Kfin Technologies Ltd. |
Conclusion
Raajmarg Infra Investment Trust offers investors exposure to a portfolio of operational toll road assets backed by NHAI under the TOT model. The trust benefits from government sponsorship, defined concession agreements, and geographically diversified highway stretches across key economic corridors.
The InvIT structure provides long-term cash flow visibility derived from toll collections, though returns remain dependent on traffic growth, concession tenure, and operating efficiency.
For investors seeking infrastructure exposure with income potential and relatively lower counterparty risk, Raajmarg InvIT may represent a structured opportunity. However, investment decisions should consider yield expectations, asset tenure, and macroeconomic traffic trends.
Disclaimer: Investment in securities market is subject to market risks. Read all the related documents carefully before investing. This content is purely for information purpose only and in no way is to be considered as an advice or recommendation. The securities are quoted as an example and not as a recommendation. Investors are requested to do their own due diligence before investing.
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