New Delhi, Aug. 27 -- The pace of national highway awards is expected to pick up in the fourth quarter of FY26, with the National Highways Authority of India (NHAI) showing clear intent to push forward, according to a report by JM Financial.

The report said NHAI has recently published a list of 124 projects covering 6,396 km that it intends to award in FY26E. The total capital cost of these projects is estimated at around Rs 3.45 trillion, while the estimated EPC (engineering, procurement, and construction) cost is close to Rs 2 trillion.

It stated "NH awards to pick up pace in 4Q with NHAI showing clear intent"

In terms of structure, the report mentioned that Hybrid Annuity Model (HAM) projects dominate the pipeline with a 72 per cent...