Contract Awards Overview

Innovision Limited has received two separate Letters of Award (LoA) from the National Highways Authority of India (NHAI) to operate as user fee collection agency at toll plazas in Madhya Pradesh. The awards were granted on September 7, 2026, following competitive e-tender processes.

Contract Specifics

First Contract - IDTL A and IDTL B Fee Plazas:

  • Location: Six-laning of Indore-Dewas section of NH-3 in Madhya Pradesh
  • Commercial Consideration: ₹219,07,29,635 (Rupees Two Hundred Nineteen Crore Seven Lakh Twenty-Nine Thousand Six Hundred and Thirty-Five only)

Second Contract - Pachwara Fee Plaza:

  • Location: Four-laning of Jhansi-Khajuraho section of NH-39 in Madhya Pradesh
  • Commercial Consideration: ₹24,52,79,635 (Rupees Twenty-Four Crore Fifty-Two Lakh Seventy-Nine Thousand Six Hundred and Thirty-Five only)

Combined Contract Value: ₹243,60,09,270

Scope of Work

Both mandates include:

  • User fee collection operations
  • Upkeep and maintenance of adjacent toilet blocks
  • Recouping of consumable items

Contract Duration

Each engagement runs for a term of one year.

Business Model Clarification

Management emphasized that the disclosed commercial consideration reflects the gross value of the engagement under NHAI's toll collection framework, where:

  • Collections are remitted to NHAI
  • Company retains an agreed spread
  • This figure should not be interpreted as direct addition to net revenue
  • Performance is measured by aggregate contribution across the expanding plaza portfolio

Strategic Implications

Business Model Characteristics:

  • Asset-light nature with working capital as primary requirement
  • Allows portfolio expansion without proportionate rise in capital intensity
  • Growth through steady accumulation of individual plaza engagements

Market Position:

  • Strengthens company's presence in Madhya Pradesh
  • Builds on standing within NHAI's user fee collection framework
  • Reinforces credentials for future competitive bidding opportunities

Management Commentary

Lt. Col. Randeep Hundal, Chairman & Managing Director, stated:

  • Extends company's toll management operations in Madhya Pradesh
  • Reinforces continued focus on toll management business
  • Demonstrates approach of participating in open, competitive processes
  • Company intends to remain disciplined in participation across NHAI's pipeline
  • Maintains execution standards across toll, manpower, and skill development businesses

Future Opportunities

Management noted that NHAI's continuing pipeline of toll asset tenders and sector-wide shift toward fully digital fee collection may provide opportunities for participation in future tenders, subject to competitive bidding and applicable eligibility criteria.