1. Five-asset Ashoka acquisition - On 26 November 2025, MIT acquired five operational NHAI toll roads from Ashoka Concessions for an enterprise value of \~₹4,978 crore, adding over 2,100 lane-km and expanding the portfolio from 2 to 7 assets across 7 states. The acquisition more than doubled revenue, with FY26 toll revenue reaching ₹12,908 Mn (up 70.5% YoY) and AUM rising 49% to ₹144,214 Mn, while management noted revenue and cash profits exceeded internal projections.
2. Maiden InvIT-level term loan - The Board approved obtaining a secured rupee term loan facility of up to ₹3,750 crore during FY26, to refinance external debt of existing and future SPVs. The refinancing was executed at more favourable interest rates, lowering borrowing costs and directly improving cash available for distributions.
3. Distribution commencement - FY26 marked the first complete year of distributions since listing, with a distribution of ₹14.8 per unit paid to unitholders. The Board also approved amending the distribution policy to update periodicity and frequency, signalling a shift toward regular cash returns from the enlarged portfolio.
4. AAA credit rating revalidation - In April 2026, ICRA revalidated [ICRA] AAA (Stable) ratings on all rated instruments, including term loans, bank guarantees, overdraft facilities and the issuer rating. The rating, combined with a net debt-to-AUM ratio of 43.2% described as one of the lowest in the sector, supports access to lower-cost debt for future acquisitions.
5. Organic traffic growth on legacy assets - The two pre-existing assets, SJEPL and NCREPE, generated FY26 toll revenue of ₹2,618 Mn and ₹5,973 Mn respectively, with SJEPL traffic projected to grow at a 5.4% CAGR from FY27 to FY38. With \~98% FASTag penetration and \~78% of revenue from commercial traffic, these assets provide a stable, compounding cash-flow base.
6. Government highway spending and asset monetisation pipeline - The Union Budget 2026-27 allocated ₹3.10 lakh crore to MoRTH and ₹1.87 lakh crore to NHAI, while the National Monetisation Pipeline 2.0 targets ₹4.14 lakh crore in highway monetisation over FY26-FY30. As an established InvIT with a AAA rating and CDPQ sponsorship, MIT is positioned to bid on assets from a pipeline that is multiples of its current AUM.