sachinnagpal.in · Cheat sheet
BOT vs TOT vs HAM vs EPC
Who funds, who takes traffic risk, how each is paid and accounted for. · As of 25 October 2026
Side by side
| Feature | EPC | BOT (Toll) | HAM | TOT |
|---|---|---|---|---|
| Who funds construction | Authority, 100% | Concessionaire | 40% authority, 60% concessionaire | Already built |
| Who collects toll | Authority | Concessionaire | Authority | Investor |
| Traffic risk | Authority | Concessionaire | Authority | Investor |
| How the private party earns | Contract price | Toll for the concession period | Annuities with interest + O&M | Toll after an upfront payment |
| Typical accounting | Construction contract | Intangible asset (toll right) | Financial asset (receivable) | Intangible asset |
HAM in numbers
- Introduced January 2016
- 40% construction support, now 10 instalments of 4%
- 60% repaid in half-yearly annuities over 15 years, interest linked to MCLR + 1.25%
- Separate O&M payments, all indexed by the price index multiple
TOT in numbers
- Model approved August 2016
- First bundle March 2018: ₹9,681 crore against a base price of ₹6,258 crore, 30 years
What an analyst asks
- Who bears traffic risk, and who bears the authority's payment risk?
- How many years are left on the concession?
- What do the termination and change-in-law clauses pay?
- How big and how lumpy is major maintenance?
Accounting
Service concessions follow the service concession appendix to Ind AS 115: a right to charge users is an intangible asset; a contractual right to cash from the authority is a financial asset.