Asset & value diagnostic
Asset & Value Diagnostic — know exactly what your infrastructure is worth before you sell, lease or refinance it
Before any monetisation route is chosen, we stress-test the asset's true cash-flow quality, contractual protections and physical condition. This diagnostic normalises historical capex/opex, flags regulatory and traffic/demand risk, and scores each asset on a standard monetisation-readiness framework — giving the client a defensible base case before approaching investors or lenders.
Typical duration · 5-7 weeks per asset bundle
Samples generated 07 Sept 2026, 08:14 am ISTWhat happens in this step
- 01Collect and reconcile 5-year traffic/revenue, opex and capex data against concession or lease accounts
- 02Independent review of concession agreement, MCA/state support agreements and pending regulatory or arbitration matters
- 03Field and record audit of pavement, structures, toll systems and any deferred maintenance backlog
- 04Normalise EBITDA by stripping one-offs, related-party costs and mis-classified capex to arrive at a clean cash-flow base
- 05Benchmark tariff/toll escalation formula, competing corridor risk and demand elasticity against comparable assets
- 06Score each asset 1-5 across contract strength, cash-flow stability, residual life and transferability on a monetisation-readiness scorecard
- 07Issue a shortlist of assets fit for TOT/InvIT/lease-out versus those needing remediation first
Asset & value diagnostic · on the ground
Video · David Pickup | Advertising & Marketing 🇬🇧 / PexelsWhat we need from you
- Concession/lease agreement and all amendments, side letters and government orders
- 5-7 years audited financials, toll/tariff collection MIS and traffic count data
- Capex registers, O&M contracts and outstanding claims or change-of-scope orders
- Latest independent engineer/pavement condition or asset-integrity reports
- Pending litigation, arbitration and regulatory correspondence
- Organisation chart and O&M staffing/cost structure
- Any prior valuation, IM or bank appraisal reports
Worked example (anonymised, illustrative)
6-stretch 560 km Toll-Road TOT Bundle · 560 km, 6 operating toll stretches, ~1.1 lakh PCU/day average · Western India
A state highway authority sought to monetise a mixed-vintage toll-road bundle nearing mid-concession life, ahead of packaging it as a Toll-Operate-Transfer (TOT) or InvIT candidate.
Sample deliverables from this step
Every sample below is analyst-written and anonymised for illustration — structure and depth mirror our real deliverables; figures and names are not from any client engagement.
Illustrative · Growthifye-preparedCash-Flow Normalisation & EBITDA Bridge
Reconciles reported financials to a normalised, monetisation-ready EBITDA by stretch, isolating one-off and related-party distortions.
Sample excerpt · Normalisation Bridge — Illustrative Stretch (₹ Cr, FY24) — illustrative figures
| Line item | Reported | Adjustment | Normalised |
| Toll revenue | 142 | +3 (undercount correction) | 145 |
| O&M opex | (38) | +6 (related-party markup removed) | (32) |
| Major maintenance provision | (9) | -4 (re-phased per IE schedule) | (13) |
| One-off legal settlement | (5) | +5 (non-recurring) | 0 |
| Normalised EBITDA | 90 | - | 100 |
- Adjustments are illustrative and vary by stretch and data quality
- Normalised EBITDA feeds directly into the valuation model in Step 02
Illustrative · Growthifye-preparedConcession & Regulatory Risk Memo
Legal and regulatory read-through flagging change-of-scope claims, force majeure exposure, competing-road risk and transfer restrictions ahead of monetisation.
Sample excerpt · Key Risk Flags — Illustrative — illustrative figures
| Risk item | Stretch affected | Materiality | Status |
| Pending arbitration on change-of-scope works | Stretch 3 | High | Under NHAI review |
| Competing expressway alignment approved nearby | Stretch 5 | Medium | Monitor |
| Toll notification lag vs WPI formula | All stretches | Low-Medium | Recurring, quantifiable |
| Land parcel encumbrance near toll plaza | Stretch 2 | Medium | Title curable |
| Change-of-control consent clause | All stretches | High | Pre-condition for TOT |
- Each flag is mapped to a mitigation owner and timeline
- High-materiality items are carried into the transaction structuring stage
Capex/Opex Normalisation Workbook
Line-item worksheet separating routine maintenance, major periodic maintenance and capitalised betterment works to build a defensible forward capex plan.
Sample excerpt · Capex Classification Summary — Illustrative — illustrative figures
| Category | 5-yr historical (₹ Cr) | Reclassified as | Forward plan (₹ Cr, next 5 yr) |
| Routine O&M | 95 | Opex | 110 |
| Pavement overlay (periodic) | 140 | Major maintenance | 165 |
| Toll system upgrade | 22 | Capex - transferable | 30 |
| Structure strengthening | 18 | Capex - deferred | 45 |
| Signage/safety works | 6 | Opex | 8 |
- Forward plan figures are illustrative placeholders pending IE validation
- Used to set escrow/reserve sizing in the structuring stage
Monetisation-Readiness Scorecard
A standardised 1-5 scoring grid across cash-flow stability, contract strength, residual concession life and transferability, applied consistently to every asset class we advise on.
Sample excerpt · Scorecard Summary — 6 Stretches (Illustrative, score out of 5) — illustrative figures
| Stretch | Cash-flow stability | Contract strength | Residual life | Transferability | Overall |
| Stretch 1 | 4 | 4 | 3 | 4 | 3.8 |
| Stretch 2 | 3 | 3 | 2 | 3 | 2.8 |
| Stretch 3 | 3 | 2 | 4 | 3 | 3.0 |
| Stretch 4 | 4 | 4 | 4 | 4 | 4.0 |
| Stretch 5 | 2 | 3 | 3 | 2 | 2.5 |
| Stretch 6 | 4 | 4 | 4 | 4 | 4.0 |
- Same scorecard template is applied to airport, port, hospital, transmission line or generation assets with sector-specific weightings
- Stretches scoring below 3.0 overall are recommended for remediation before going to market
Outcomes
- A normalised, audit-defensible cash-flow base for each asset, ready for valuation modelling
- Clear visibility of legal, regulatory and physical risks before they surface in investor due diligence
- A ranked monetisation-readiness scorecard guiding which assets go to market first and which need remediation
- A common diagnostic framework reusable across road, transport, social and energy infrastructure portfolios
Questions clients ask
Does this diagnostic apply to power transmission or generation assets as well?
Yes — the same cash-flow normalisation, contract review and readiness scorecard is used for transmission lines, generation plants or gas pipelines, adjusted for tariff-order review, PPA/PPTA terms and regulatory (CERC/SERC) risk instead of toll notifications.
What if the asset has incomplete historical records?
We work with whatever MIS, IE reports and audited accounts exist, flag data gaps explicitly in the scorecard, and recommend a short data-remediation sprint before proceeding to structuring if gaps are material.
Can this diagnostic be run on a single asset rather than a bundle?
Yes, though bundling similar assets (e.g. multiple toll stretches, or a generation and transmission pair) is common where cross-asset risk pooling improves the eventual monetisation value.
