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HDFC Securities Institutional Equities
After a muted start, the National Highways Authority of India awards strongly picked up after the state election in March 2022 (Rs 361 billion project awards, Q4 FY22 - Rs 586 billion, FY22 - Rs 1.2 trillion (down 8% YoY).
This allowed engineering, procurement and construction players to refill their order books and get closer to the annual order inflow guidance. FY22 saw heightened competitive intensity with unlisted players dominating bid wins.
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Since the introduction of hybrid-annuity model model/project awarding, bid cost versus NHAI premium decreased in FY22, indicating that HAM bidding is now moving closer to EPC bidding.
With robust ordering towards the end of March-22, competitive intensity decreased with-
reduction in number of bidders and
narrowing of level-one and level-two bids.
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