New Delhi, Dec. 2 -- Road sector activity remained muted in November 2025, with project awards by the National Highways Authority of India (NHAI) showing a sharp slowdown, according to a new report by Nuvama Research.

The report noted that the weak momentum in awarding new road projects continues to affect the sector for the second straight year.

It stated "Nov-25: Road activity remains muted......The NHAI awarded approx. 78km road projects in Nov-25 (440km in Nov-24). No increase in road capex in the budget for FY26E implies that a pickup in road awards is unlikely".

The report highlighted that the NHAI awarded only around 78 km of road projects in November 2025, compared to 440 km in the same month last year. Despite this, the pace o...