Crisil Ratings has forecasted a 30% increase in assets under management (AUM) for road sector infrastructure investment trusts (InvITs), projecting it to reach ₹3.9 trillion by FY27. This growth is primarily driven by the monetization of toll road assets by the National Highways Authority of India (NHAI) and the continued traction in hybrid annuity model (HAM) asset sales by road developers. Over the past two fiscal years, the AUM of road InvITs has already grown by more than 25% annually. Currently, toll road assets dominate the AUM mix, constituting 85% of the total due to their robust performance linked to rising traffic and inflation-indexed toll rate hikes. However, the contribution of toll road projects to the incremental AUM is expected to decrease to 60-62%, which will slightly lower their share in overall AUM to 80-82%. Annuity assets, primarily from HAM projects, will comprise the remainder as road developers focus on asset monetization to strengthen their balance sheets.