Road Assets–Toll, Annuity, Hybrid-Annuity industry

7 companies · ₹2,728 cr · 1 with AI deep dives · Q1FY27 report

Exhibit 3Structure

₹2,728 cr

Highway Infrastructure Ltd is 56% of this industry by market cap. The top 5 are 98.1% and the top 10 are 100%.

small 1micro 61 above ₹500 cr

Exhibit 5Coverage (7 of 7)

Every company here with a deep dive, topped up by market cap. The rest of the industry is in the appendix.

Company	Mcap	P/E	EV/EBITDA	ROCE	Margin	Rev YoY	Read
Highway Infrastructure Ltd	₹488 cr	17.5x	11.5x	14.7%	4.3%	+170.8%	Unlock
BF Utilities Ltd	₹1,672 cr	15.8x	262.1x	3.5%	-38.3%	+1.9%

Highway Infrastructure Ltd

Mcap: ₹488 cr
P/E: 17.5x
EV/EBITDA: 11.5x
ROCE: 14.7%
Margin: 4.3%
Rev YoY: +170.8%

Unlock

BF Utilities Ltd

Mcap: ₹1,672 cr
P/E: 15.8x
EV/EBITDA: 262.1x
ROCE: 3.5%

Exhibit 6What managements said

from Transport Infrastructure earnings calls · as of 2026-06-30

headwindMiddle East conflict suppressing international volumes across ports, logistics, and airports6 managements

Six of seven covered managements cited the ongoing Middle East conflict as a direct volume or revenue headwind. Effects manifest across: logistics rail TEU at ADANIPORTS (-19%…

ADANIPORTS (Q1 FY27): “Container rail volume lower by 19%... Logistics business TEU rail volumes were impacted…”

tailwind4 managements headwind4 managements

Exhibit 7Outlook

The outlook and what resolves next quarter

Where these managements said things are heading, and the dated, checkable events that would change it. Free with an account - 3 full reports a quarter.

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AppendixThe other 0 companies

1-0

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