Raajmarg Infra Investment Trust

Raajmarg Infra Investment Trust ('Trust') is an infrastructure investment trust. The Trust intends to acquire, operate and maintain the InvIT Assets pursuant to the terms of the Concession Agreements. The Trust is sponsored by NHAI, an autonomous authority of the GoI under the MoRTH. These Toll Roads will be operated and maintained pursuant to concessions granted by the NHAI to the Project SPV. The Toll Roads comprise five toll roads spanning a total length of 260.198 kms and forms part of the Golden Quadrilateral project. The Project SPV proposes to have an exclusive right, license and authority to demand, collect and appropriate fee, operate, manage and maintain the Toll Roads.  The Concession Agreements, once executed between the Project SPV and NHAI (as concessioning authority) will provide the Project SPV, the exclusive right, license and authority to demand, collect and appropriate fee, operate, manage and maintain the initial portfolio assets for a period of 15 years from users of each Toll Road and perform and fulfil all of the concessionaire's obligations under and in accordance with respective Concession Agreements. The responsibility for the supervision of the operation and maintenance of the Toll Roads from the O&M handover date will also vest with. In return, the Project SPV is required to pay the concession fee to the NHAI prior to the commencement of the concession, as set out in the respective Concession Agreements.  On BRLM's front, SBI Capital Markets Limited, Axis Capital Limited, ICICI Securities Limited, Motilal Oswal Investment Advisors Limited are associated with this IPO, and has handled 5 IPOs in last three fiscal years. ( As on 02.03.26 ) As per financial projections, Raajmarg Infra Investment Trust may generate cash around Rs 862.15/- Cr, Rs 1,060.52/- Cr and Rs 1,095.55/- Cr respectively in FY27, FY28 and FY29. So it may generate around 10% yields and it will start from next year itself. So we give NEUTRAL rating to this infrastructure trust.