Tracking movement on Indian roads provides insights into underlying demand and supply patterns since road traffic typically precedes expected demand. NIIF’s HeatMaps – Toll Roads report analyses Indian toll road data, mapping 90%+ of toll plazas for which we have consistent data over last two years.

Key insights include:

• Stable volume growth: Analysing tolled roads reveals that the underlying volume growth has been stable and strong. The average “swipe” at a toll plaza has grown over time from INR 155 in March 2022 to INR 181 in March 2024, largely reflecting inflation-linked increase in tolls
• Seasonal trends: Traffic peaks pre-monsoon in May and pre-festival in September/October. Seasonally adjusted growth can be calculated once there is a longer-time series
• Top performers: The top 10 toll plazas represent ~7% of total monthly value and volume. A top-10 toll plaza collects, on average, ~INR 300 million over ~1.8 million transactions in a month
• Busiest toll plaza: maximum traffic (volume) consistently recorded at Devanahalli (Karnataka)
• Highest tolls: top two plazas consistently collecting the most tolls were Bharthana (Gujarat) and Shahjahanpur (Rajasthan)
• Freight and trade: Mapping movement across toll plazas acts as a leading indicator for India’s exports and imports, as well as domestic trade