EAAA Has Definitive Agreements for 11 HAM Road Assets

EAAA Platform has signed definitive documents to acquire 11 hybrid annuity model, or HAM, road assets; five had already been acquired as of September 30, 2026, and those five operational assets recorded approximately Rs 342.70 crore of FY26 revenue. The identified right-of-first-offer, or ROFO, portfolio for CITIUS TransNet spans approximately 1,176 lane-km.

What has EAAA agreed to acquire?

EAAA has signed definitive documents to acquire a portfolio of 11 HAM road assets under National Highways Authority of India, or NHAI, concessions. Five assets had already been acquired by EAAA, while the remaining six were at advanced stages of acquisition as of September 30, 2026. The presentation identifies the group as ROFO assets for CITIUS TransNet, rather than assets already held by CITIUS TransNet.

The 11-road group appears in EAAA’s 2024-27 acquisition activity, alongside one transmission asset, eight toll-road assets, two solar assets and four commercial real-estate assets. EAAA says it had successfully integrated 32 acquired infrastructure assets as of September 30, 2026, with six more under acquisition and two more awarded under toll-operate-transfer, or TOT, arrangements. The 11 HAM count therefore includes both completed and pending acquisitions.

How far has EAAA progressed with the 11 HAM roads?

EAAA had completed five of the 11 HAM acquisitions, while six remained at an advanced stage as of September 30, 2026. This separates the acquired group, for which EAAA discloses financial and operating measures, from the six assets whose acquisition had not yet been completed.

All ROFO HAM assets had received provisional commercial operation date, or PCOD, according to the presentation. The approximately Rs 342.70 crore of FY26 revenue applies only to the five operational assets already acquired by EAAA and is drawn from their Indian Accounting Standards, or Ind AS, financial statements. EAAA does not disclose comparable revenue, a forecast or individual operating metrics for the six pending acquisitions.

What is the operating profile of EAAA’s acquired HAM roads?

The 11 identified HAM assets cover approximately 1,176 lane-km, while the five acquired ROFO assets had an average operating history of approximately 5.17 years as of September 30, 2026. EAAA also reports an average residual concession life of approximately 9.83 years for those five acquired assets, with both averages calculated on a simple-average basis.

The approximately 1,176 lane-km figure excludes service-lane kilometres for the five operational assets already acquired by EAAA. That qualification affects comparison with EAAA’s wider disclosed road holdings of 6,456 lane-km, which include two toll assets in TOT Bundle-19 for which a sponsor-group entity had already signed the concessioning agreement. The source measures the wider holding on completion of identified ROFO acquisitions as of September 30, 2026.

The acquired group’s 5.17-year operating history and 9.83-year remaining concession life are not portfolio-wide measures for all 11 assets. EAAA specifically limits both averages to the five ROFO assets it had acquired by September 30, 2026, while the FY26 revenue figure is likewise limited to those five operational assets.

Which roads are included in EAAA’s ROFO portfolio?

EAAA’s presentation describes the 11-asset portfolio as covering five states, while its asset list names Punjab, Gujarat, Jharkhand, Andhra Pradesh, Telangana and Karnataka. The presentation does not reconcile that difference, so the stated five-state coverage should be read alongside the six geographic labels displayed in the asset list.

The five roads listed outside Karnataka are Kharar Ludhiana Road Ltd. in Punjab, Ankleshwar Manubar Expressway Pvt Ltd. in Gujarat, Khairatund Barwa Adda Road Ltd. in Jharkhand, Ranas talam Anandapuram Road Ltd. in Andhra Pradesh and Kandi Ramsanpalle Road Pvt Ltd. in Telangana. Each forms part of the 11-road portfolio for which EAAA says definitive acquisition documents have been signed.

Karnataka accounts for six named roads: Ashoka Belgaum Khanapur Road Pvt Ltd, Ashoka Mallasandra Karadi Road Pvt Ltd, Ashoka Karadi Banwara Road Pvt Ltd, Ashoka Banawara Bettadahalli Road Pvt Ltd, Ashoka Bettadahalli Shivamogga Road Pvt Ltd and Ashoka Baswantpur Singnodi Road Pvt Ltd. The map is representational and not drawn to scale, and the source does not disclose route-level distances or revenue for individual concessions.

What does EAAA’s acquisition record show about the HAM pipeline?

EAAA lists two road assets acquired during 2018-20 and two road assets during 2021-23, compared with 11 HAM road assets in its 2024-27 activity. The change in count indicates a larger identified road pipeline in the latest period, but EAAA’s disclosure makes clear that only five of the 11 HAM assets had been acquired as of September 30, 2026.

EAAA’s acquisition activity also spans sectors beyond roads. It reports two transmission assets and two road assets in 2018-20, then 12 solar assets and two road assets in 2021-23. For 2024-27, it lists one transmission asset, eight toll-road assets, two solar assets, four commercial real-estate assets and 11 HAM road assets, showing that the HAM group is one component of a broader real-assets acquisition programme.

On a consolidated-holdings basis, EAAA reports 1,725 megawatt-peak of solar assets, 1,835 circuit-km of transmission assets and 4.2 million square feet of gross leasable area as of September 30, 2026 and upon completion of the identified ROFO acquisitions. EAAA says its acquisition formats have included large platform acquisitions, National Company Law Tribunal processes, bilateral negotiations and competitive bidding.

Conclusion

EAAA’s HAM pipeline has concrete documented progress: definitive agreements cover 11 NHAI concession assets, five were already acquired, and those five operational assets generated approximately Rs 342.70 crore of FY26 revenue. The disclosed operating measures, including 5.17 years of average operating history and 9.83 years of average residual concession life, apply only to the acquired group rather than all 11 roads.

The next issue to watch is completion of the six acquisitions that remained at an advanced stage as of September 30, 2026. EAAA has not disclosed the revenue contribution, acquisition cost or operating profile of those six assets, while the presentation also leaves unreconciled its five-state description with an asset list carrying six geographic labels.