NHAI's maiden analyst meet intended to address issues surrounding the long term sustainability of National Highways program. Being an authority, analyzing NHAIs financial position from the perspective of an Incorporated PSU would not be a fair assessment. Going forward, NHAI may continue to award a mix of viable projects as well as non-viable projects of strategic importance. Globally, highway programs are funded by fuel cess and toll collection rights. With an increasing share of fuel efficient and electronic vehicles, Governments across the globe are funding highway programs through fiscal initiatives. Visibility beyond BM1 remains an overhang as saturation would kick in. Companies will have to remodel their business to de-risk NH ordering concentration risks. After adverse news flow over the past 2 months, burgeoning debt level and slower than expected ordering, NHAI held its maiden investors meet to assuage investors confidence. It touched upon certain key points including (1) Structure of NHAI, with the authority being an extended arm of the Govt. for highway project implementation, thus enjoying a near sovereign status (2) Inherent Toll/ToT/InvIT revenue model makes case for debt servicing & (3) Ordering likely to resume from Nov-19.