NHAI Revises WPI Linking Factor for Toll Fee Calculations, Roadstar Infra Investment Trust Assesses Impact

Roadstar Infra Investment Trust , a key player in India's infrastructure sector, has disclosed a significant development that could impact toll fee calculations across national highways. The National Highways Authority of India (NHAI) has revised the linking factor applied for Wholesale Price Index (WPI) adjustments in toll fee computation, a move that may have far-reaching implications for infrastructure investment trusts and highway operators.

Key Points of the NHAI Circular

Roadstar's Response and Next Steps

Roadstar Investment Managers Limited, acting as the Investment Manager of Roadstar Infra Investment Trust, has promptly responded to this development. In a disclosure to the stock exchanges dated October 3, 2025, the company outlined its approach to addressing the NHAI's decision:

1. Assessment Underway: The Investment Manager is currently evaluating the applicability and potential impact of the NHAI circular on the Trust and its underlying project Special Purpose Vehicles (SPVs).

2. Strategic Planning: The Trust is in the process of determining the most appropriate course of action in light of this regulatory change.

3. Legal Position: Importantly, Roadstar has stated that it expressly reserves all rights and remedies available under applicable law and concession agreements. This suggests that the Trust is keeping its options open, including potential legal recourse if deemed necessary.

Potential Implications

The revision in the WPI linking factor could have significant implications for toll fee calculations and, consequently, the revenue projections of infrastructure trusts and highway operators. A lower linking factor might result in smaller adjustments to toll fees based on WPI changes, potentially affecting the financial models of ongoing and future highway projects.

Market Reaction

Investors and analysts will be closely watching how this regulatory change impacts the financial performance and valuations of infrastructure investment trusts, particularly those with significant exposure to toll road assets. The market's response to Roadstar Infra Investment Trust and similar entities in the coming days may provide insights into the perceived materiality of this NHAI decision.

As the situation develops, stakeholders will be keenly awaiting further updates from Roadstar Infra Investment Trust regarding their assessment of the impact and any strategic decisions made in response to this regulatory change.