Highway Infrastructure

Short-term toll contracts (90 days to 1 year) require continuous bidding but provide predictable recurring cash flows, balanced against higher-margin EPC business (13-14% EBITDA).

NHAI toll contracts provide high execution certainty with no payment delays; strategy converts 3-month trials to 1-year contracts for stable revenue.

Tollway segment offers lower ~7% EBITDA margins but provides predictable recurring cash flows, balancing higher-margin EPC business volatility.