Maple Infrastructure Trust (543925)
Latest quarterly results (Q4 FY26)
In its latest reported quarter, Q4 FY26, Maple Infrastructure's revenue was ₹686 Cr (+200.9% year on year, +46.6% on the previous quarter), and net profit ₹-38.0 Cr (a bigger loss than a year earlier); the operating margin was 56.7%.
| Q4 FY26 (₹ Cr) | Value | YoY vs Q4 FY25 | QoQ |
|---|---|---|---|
| Revenue | ₹686 | +200.9% | +46.6% |
| Operating profit | ₹389 | +164.6% | +42.0% |
| Net profit | ₹-38.0 | loss widened | loss narrowed |
| EPS (₹) | -0.80 | loss widened | loss narrowed |
| Operating margin | 56.7% | — | — |
📢 Recent Corporate Announcements
Maple Infrastructure Trust has submitted its quarterly unitholding pattern for the quarter ended September 30, 2026. The total outstanding units remain at 47,27,73,200. The Sponsor and Sponsor Group hold 17,72,89,950 units or 37.50% of the InvIT, of which 17,12,59,790 units (96.60% of sponsor holding) are pledged or otherwise encumbered. Public unitholders account for the remaining 62.50% (29,54,83,250 units), led by Foreign Bodies at 37.50% and Alternative Investment Funds at 13.00%.
- Total outstanding units stand at 47,27,73,200 as of September 30, 2026
- Sponsor & Sponsor Group holds 17,72,89,950 units (37.50% of total capital)
- Pledged/encumbered sponsor units stand at 17,12,59,790 units, representing 96.60% of sponsor holding
- Public holding stands at 62.50%, with Institutional holding accounting for 50.50% of total units
Maple Infrastructure Trust has announced the closure of its trading window for designated persons and their immediate relatives starting October 01, 2026. The window closure is ahead of the announcement of financial results for the quarter and half-year ending September 30, 2026. It will reopen 48 hours after the results are made generally available. This is a standard regulatory intimation pursuant to SEBI Insider Trading Regulations.
- Trading window closes effective October 01, 2026
- Applies ahead of financial results for the period ending September 30, 2026
- Trading window to reopen 48 hours after the financial results are published
- Compliance under SEBI (Prohibition of Insider Trading) Regulations, 2015
Maple Infrastructure Trust submitted its revised unitholding pattern as of September 11, 2026, following the completion of a 37.50% stake transfer. CDPQ Infrastructures Asia III Inc. (Sponsor Group) transferred 17,72,89,950 units to MAIF 4 Investments India 2 Pte. Ltd. Following the transfer, total Sponsor and Sponsor Group unitholding stands at 37.50% (17,72,89,950 units), while Public Holding accounts for the remaining 62.50% (29,54,83,250 units) across 47,27,73,200 total outstanding units.
- Transfer of 17,72,89,950 units representing a 37.50% stake from CDPQ to MAIF 4 Investments India 2 Pte. Ltd completed.
- Total outstanding units of the trust stand at 47,27,73,200.
- Sponsor and Sponsor Group retain 37.50% unitholding (17,72,89,950 units), of which 96.60% (17,12,59,790 units) are pledged or encumbered.
- Public unitholding stands at 62.50%, including 37.50% held under foreign bodies and 13.00% under Alternative Investment Funds.
Maple Infrastructure Trust has allotted 70,000 senior, secured, rated, listed, redeemable Non-Convertible Debentures (NCDs) aggregating to ₹700 Crore on a private placement basis. The NCDs carry a coupon of 7.4890% per annum payable quarterly, with a long-term tenor of 14 years, 7 months, and 3 days. The debt issue is rated [ICRA] AAA (Stable) and represents ~43.4% of its TTM revenue of ₹1,614 Crore and ~19.3% of total existing debt (₹3,620 Crore). The instruments will be listed on BSE Limited within statutory timelines.
- Allotted 70,000 senior secured NCDs of face value ₹1,00,000 each, raising ₹700 Crore
- Coupon fixed at 7.4890% per annum, payable quarterly
- Long maturity profile with a tenor of 14 Years, 7 Months, and 3 Days from August 28, 2026
- Credit rating assigned at [ICRA] AAA (Stable) for the issue
Maple Infrastructure Trust announced that ICRA Limited has assigned an '[ICRA] AAA (Stable)' rating to its proposed Non-Convertible Debentures (NCDs) amounting to ₹700.00 crore. In addition, ICRA reaffirmed the trust's Issuer Credit Rating at '[ICRA] AAA (Stable)'. ICRA also reaffirmed the '[ICRA] AAA (Stable)' rating for ₹4,050.00 crore of existing long-term bank facilities, which includes ₹3,750.00 crore in term loans and ₹260.00 crore in bank guarantees.
- Assigned [ICRA] AAA (Stable) rating to proposed Non-Convertible Debentures of ₹700.00 crore
- Reaffirmed Issuer Credit Rating at [ICRA] AAA (Stable)
- Reaffirmed [ICRA] AAA (Stable) on ₹4,050.00 crore bank debt, including ₹3,750.00 crore term loans
- Bank facilities include major term loans from NaBFID (₹3,000.00 crore) and Axis Bank (₹750.00 crore)
Maple Infrastructure Trust's InvIT Committee has approved availing financial assistance through the issuance of up to 70,000 Non-Convertible Debentures (NCDs) aggregating up to ₹700.00 crore. The debentures will be senior, secured, rated, listed, taxable, and redeemable, with a face value of ₹1,00,000 each, issued in one or more tranches on a private placement basis. The proposed debt raise is within MIT's approved borrowing limits and represents approximately 43.4% of its TTM revenue of ₹1,614 crore and ~9.5% of total existing debt.
- InvIT Committee approved private placement of up to 70,000 senior, secured, rated, listed NCDs.
- Total issue size capped at ₹700.00 crore with a face value of ₹1,00,000 per debenture.
- Proposed issuance represents ~43.4% of TTM revenue (₹1,614 crore) and ~9.5% of existing debt (₹7,358 crore).
- Issuance will be conducted in one or more tranches within overall approved borrowing limits.
Maple Infrastructure Trust (MIT) has initiated a postal ballot to seek unitholder approval for availing loans from Axis Bank Limited. The resolution proposes a cap where borrowings from Axis Bank shall not exceed 40% of the Trust's total consolidated borrowings in any financial year. This is a regulatory requirement as Axis Bank is considered a related party. The e-voting process is scheduled to conclude on September 12, 2026.
- Proposed borrowing limit from Axis Bank set at 40% of total consolidated debt
- E-voting period runs from August 14, 2026, to September 12, 2026
- Cut-off date for unitholder eligibility was August 7, 2026
- Trust currently carries a total debt of ‹ 7,358 Cr as per latest financials
- Approval required under SEBI (Infrastructure Investment Trusts) Regulations, 2014
Maple Infrastructure Trust has scheduled an InvIT Committee meeting for August 17, 2026, to consider and approve the issuance of non-convertible debt (NCD) securities. This fundraise is significant given the trust's existing debt of ₹7,358 cr and its pending acquisition of five toll road assets valued at ₹5,718 cr. The trust currently operates with a Debt-to-Equity ratio of 1.64 and reported a TTM loss of ₹118 cr. Investors should monitor the quantum and interest rates of the proposed debt to assess the impact on future cash flows and debt servicing capabilities.
- InvIT Committee meeting scheduled for August 17, 2026, to approve debt issuance.
- Fundraising to be conducted through the issuance of non-convertible debt securities.
- Trust is currently managing a total debt of ₹7,358 cr against a net worth of ₹4,473 cr.
- Acquisition pipeline includes 5 toll road assets for a total consideration of ₹5,718 cr.
- TTM revenue stands at ₹1,614 cr with an operating profit margin of 60.8%.
Maple Infrastructure Trust's board has approved a massive fundraise of up to ₹4,910 Crore through debt instruments including NCDs, term loans, and commercial papers. This amount is highly material, representing approximately 304% of the Trust's TTM revenue of ₹1,614 Crore. The board also approved borrowing from Axis Bank (a related party) up to 40% of total consolidated borrowings, pending unitholder approval. This capital is likely intended to finance the previously announced ₹5,718 Crore acquisition of five toll road assets from Ashoka Concessions.
- Approved availing credit facilities up to ₹4,910 Crore through various debt instruments
- Authorized related party borrowing from Axis Bank up to 40% of total consolidated debt
- Confirmed zero deviation in the utilization of ₹1,755.98 Crore raised via preferential issue in November 2025
- Approved unaudited standalone and consolidated financial results for the quarter ended June 30, 2026
- The fundraise amount of ₹4,910 Crore represents approximately 110% of the Trust's current Net Worth of ₹4,473 Crore
Maple Infrastructure Trust's board has approved a significant fundraise of up to ₹4,910 Cr through debt securities, loans, and commercial papers. This capital is likely intended to finance the previously announced ₹5,718 Cr acquisition of five toll road assets, representing a massive 304% of TTM revenue. The board also approved borrowing from Axis Bank (a related party) up to 40% of total consolidated debt, subject to unitholder approval. Additionally, the trust confirmed zero deviation in the utilization of its ₹1,756 Cr preferential issue proceeds from November 2025.
- Approved availing credit facilities up to ₹4,910 Cr through various debt instruments.
- Proposed related-party borrowing from Axis Bank capped at 40% of total consolidated debt.
- Confirmed zero deviation in the utilization of ₹1,755.98 Cr raised via preferential allotment in Nov 2025.
- Fundraise amount of ₹4,910 Cr represents approximately 110% of the current Net Worth (₹4,473 Cr).
- The board meeting concluded at 7:15 PM on August 10, 2026, following the approval of Q1 FY27 results.
Maple Infrastructure Trust has scheduled a board meeting for August 10, 2026, to approve its unaudited financial results for the quarter ended June 30, 2026. Significantly, the board will also consider a proposal for fresh borrowings through NCDs, commercial papers, and term loans. This is material given the Trust's existing debt of ₹7,358 Cr and its pending ₹5,718 Cr acquisition of five toll road assets. The outcome will determine the Trust's leverage profile, which currently stands at a Debt/Equity ratio of 1.64.
- Board meeting scheduled for August 10, 2026, to approve Q1 FY27 financial results.
- Proposal to be considered for fresh borrowings via NCDs, commercial papers, and term loans.
- Trust currently manages a debt of ₹7,358 Cr against a net worth of ₹4,473 Cr.
- Pending acquisition of 5 toll road assets from Ashoka Concessions valued at ₹5,718 Cr.
- Trading window closed from July 1, 2026, until 48 hours after the results announcement.
Maple Infrastructure Trust (MIT) concluded its 5th Annual Meeting on July 24, 2026, with unitholders unanimously approving all three proposed resolutions. Key approvals included the adoption of the FY26 audited financial statements and the asset valuation report as of March 31, 2026. Additionally, M/s. GT Valuation Advisors Private Limited was appointed as the Trust's valuer for FY2026-27. The voting saw a high participation rate of 88.86% of total outstanding units, with 100% of polled votes in favor of all items.
- 100% of the 42,00,96,413 votes polled were in favor of all three resolutions
- 88.86% of the total 47,27,73,200 outstanding units participated in the voting process
- M/s. GT Valuation Advisors Private Limited appointed as the valuer for FY2026-27
- Sponsor and Sponsor Group held 35,45,79,900 units, all of which were voted in favor
- Public Non-Institutional participation was low at 7.08% of their 5,66,88,587 units
Maple Infrastructure Trust (formerly Indian Highway Concessions Trust) concluded its 5th Annual Meeting on July 24, 2026, with all resolutions passed unanimously. Unitholders approved the audited financial statements for FY26 and the asset valuation report as of March 31, 2026. Additionally, M/s. GT Valuation Advisors Private Limited was appointed as the official valuer for FY27. Total voting participation stood at 88.86% of the 47.27 crore outstanding units.
- Total units eligible for voting stood at 47,27,73,200, with 42,00,96,413 votes polled (88.86%)
- 100% of votes cast were in favor of adopting the FY26 audited standalone and consolidated financial statements
- M/s. GT Valuation Advisors Private Limited appointed as the valuer for FY2026-27
- Public non-institutional participation was relatively low at 7.08% of their total 5.66 crore units
- Sponsor and Sponsor Group showed 100% participation with 35.45 crore units voted in favor
Maple Infrastructure Trust has filed its quarterly corporate governance report for the period ended June 30, 2026, as per SEBI InvIT Regulations. The report confirms the board composition of 8 directors, including 4 independent directors, meeting regulatory requirements. A notable update is the re-appointment of Ms. Seema Gupta as an Independent Director for a second 5-year term starting March 31, 2026. The trust maintained regular committee meetings, including two Audit Committee sessions in May 2026.
- Board consists of 8 total directors, with 4 designated as Independent Directors.
- Ms. Seema Gupta re-appointed as Independent Director for a 5-year term effective March 31, 2026, to March 30, 2031.
- Audit Committee held 2 meetings during the relevant quarter on May 22 and May 26, 2026.
- Maximum gap between board meetings was recorded at 55 days between March 27 and May 22, 2026.
- The trust confirmed 100% compliance with SEBI (Infrastructure Investment Trusts) Regulations, 2014 regarding committee compositions.
Maple Infrastructure Trust (formerly Indian Highway Concessions Trust) has reported zero investor complaints for the quarter ended June 30, 2026. The report confirms that no complaints were pending at the start of the quarter, and none were received during the three-month period. This includes both general grievances and those filed through the SEBI SCORES platform. The filing is a standard regulatory requirement under SEBI (Infrastructure Investment Trusts) Regulations, 2014.
- 0 investor complaints were pending at the beginning of the quarter on April 1, 2026
- 0 investor complaints were received during the quarter ended June 30, 2026
- 0 investor complaints remained pending at the close of the quarter on June 30, 2026
- 0 complaints were reported specifically through the SEBI SCORES platform during the period
Financial Performance
Revenue Growth by Segment
Consolidated operating income grew by 127.8% YoY, increasing from INR 320.5 Cr in FY2023 to INR 730.3 Cr in FY2024, primarily driven by the full-year impact of operational toll assets and traffic growth.
Geographic Revenue Split
Revenue is generated from toll road assets located in Odisha (SJEPL), Haryana, and Uttar Pradesh (NEPEPL). NEPEPL average daily toll collection was INR 1.27 Cr in FY2024, while SJEPL contributed INR 0.64 Cr per day.
Profitability Margins
Operating profit margin (OPBDIT/OI) improved significantly from 50.0% in FY2023 to 59.7% in FY2024. Net profit margin (PAT/OI) remains negative but improved from -47.9% to -28.8% during the same period.
EBITDA Margin
EBITDA margin (OPBDIT/OI) stands at 59.7% for FY2024, reflecting a 9.7 percentage point increase YoY due to better scale and traffic volume growth of 7-10% in key stretches.
Capital Expenditure
The Trust has executed a Share Purchase Agreement to acquire five toll road assets from Ashoka Concessions Limited for an aggregate value of INR 5,718 Cr, which will be funded through a mix of equity and debt.
Credit Rating & Borrowing
Maintains a credit rating of [ICRA]AAA (Stable). Leverage is managed at 42.5% as of March 31, 2024, with a management cap of 49% LTV to ensure low borrowing costs and high credit quality.
Operational Drivers
Raw Materials
Not applicable as an infrastructure trust; however, Operations & Maintenance (O&M) and Major Maintenance (MM) costs are the primary operational expenses.
Import Sources
Not applicable; O&M services are sourced domestically within India.
Key Suppliers
O&M activities for the SPVs are currently outsourced to Egis India, which manages the day-to-day upkeep and tolling operations.
Capacity Expansion
Currently operates two major toll road SPVs (NEPEPL and SJEPL). Expansion includes the pending acquisition of 5 additional toll road assets for INR 5,718 Cr to increase the portfolio size.
Raw Material Costs
O&M and maintenance costs are managed within budgeted estimates; ICRA notes significant cushion in cash flows to cover these costs, which are essential for maintaining the 1.9x DSCR.
Manufacturing Efficiency
Efficiency is measured by toll collection growth; NEPEPL saw a 15% YoY increase in daily collections to INR 1.36 Cr in Q1 FY2025, while SJEPL grew 5% to INR 0.67 Cr.
Logistics & Distribution
Not applicable; the business model is based on providing road infrastructure for third-party logistics and passenger travel.
Strategic Growth
Expected Growth Rate
6-8%
Growth Strategy
Growth will be achieved through the acquisition of five new toll road assets for INR 5,718 Cr, organic traffic growth (projected at 6-8% for FY2025), and annual WPI-linked toll rate hikes (approx. 5% in FY2024).
Products & Services
Toll collection services and road infrastructure provision for commercial and passenger vehicles on the NCR Eastern Peripheral Expressway and the Chennai-Kolkata corridor.
Brand Portfolio
Maple Infrastructure Trust (MIT), Maple Highways, Indian Highway Concessions Trust (IHCT).
New Products/Services
Expansion into new geographic clusters through the acquisition of five additional road assets from Ashoka Concessions.
Market Expansion
Targeting a pan-India presence by acquiring assets in diverse states, moving beyond current operations in Odisha, Haryana, and Uttar Pradesh.
Market Share & Ranking
Not specifically ranked, but acts as a primary vehicle for CDPQ's infrastructure investments in the Indian road sector.
Strategic Alliances
Sponsored by Maple Highways Pte Ltd, an affiliate of CDPQ (Caisse de dépôt et placement du Québec), providing strong global institutional backing.
External Factors
Industry Trends
The industry is shifting toward InvIT structures for better capital recycling. Current trend shows 6-8% growth in toll collections driven by tourism and industrial recovery.
Competitive Landscape
Competes with alternative routes and other modes of transport like railways; however, the 6-lane NEPEPL and SJEPL offer superior transit times for commercial cargo.
Competitive Moat
Moat is based on the strategic location of assets (Golden Quadrilateral and NCR bypass) and high entry barriers for competing expressways. Sustainability is high due to long-term concession agreements with NHAI.
Macro Economic Sensitivity
Highly sensitive to WPI inflation for toll rate adjustments and GDP growth for commercial traffic volumes, particularly in the iron ore and refinery belts of Odisha.
Consumer Behavior
Increased tourism-related travel and passenger vehicle traffic (up 10% in some segments) are positively shifting demand for high-quality expressways.
Geopolitical Risks
Low direct risk, but sensitive to national trade policies affecting port volumes (e.g., Paradip Port) which drive heavy vehicle traffic.
Regulatory & Governance
Industry Regulations
Operations are governed by the SEBI (Infrastructure Investment Trusts) Regulations, 2014, which restrict consolidated leverage to 70% (though management targets <49%).
Environmental Compliance
Must adhere to NHAI and environmental norms for highway maintenance and green belt development along expressways.
Taxation Policy Impact
Subject to Indian Ind AS accounting and specific tax treatments for InvIT distributions to unitholders.
Legal Contingencies
Not disclosed in the provided documents; however, the trust operates under long-term concession agreements with NHAI which include standard dispute resolution clauses.
Risk Analysis
Key Uncertainties
Traffic cyclicality and political acceptability of toll rate hikes are key risks. A failure to maintain a DSCR above 1.75x could trigger a credit rating downgrade.
Geographic Concentration Risk
Currently 100% of revenue is concentrated in two SPVs across three Indian states (Odisha, Haryana, Uttar Pradesh).
Third Party Dependencies
High dependency on Egis India for O&M activities and NHAI for concession stability.
Technology Obsolescence Risk
Risk is low, but the shift toward FASTag and future GPS-based tolling requires ongoing digital infrastructure updates.
Credit & Counterparty Risk
Low counterparty risk as toll is collected upfront from users, but the trust relies on NHAI for adherence to concession terms.