Maple Infrastructure Trust
Incorporated in 2019, Maple Infrastructure Trust invests in infrastructure assets in the Indian road sector and will hold road projects through special purpose vehicles[1]
- Market Cap ₹ 10,022 Cr.
- Current Price ₹ 146
- High / Low ₹ 146 / 144
- Stock P/E 23.9
- Book Value ₹ 128
- Dividend Yield 2.25 %
- ROCE 10.1 %
- ROE 9.84 %
- Face Value ₹ 100
Pros
- Company is almost debt free.
- Stock is trading at 1.13 times its book value
- Company has delivered good profit growth of 113% CAGR over last 5 years
Cons
- Tax rate seems low
- Company has a low return on equity of 8.78% over last 3 years.
- Working capital days have increased from 524 days to 772 days
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|
| 210 | 197 | 0 | 0 | 149 | 373 | 436 | |
| 69 | 36 | 2 | 2 | 41 | 50 | 40 | |
| Operating Profit | 141 | 160 | -2 | -2 | 108 | 324 | 396 |
| OPM % | 67% | 81% | 72% | 87% | 91% | ||
| 3 | 5 | 0 | 0 | 10 | 22 | 24 | |
| Interest | 127 | 142 | 0 | 0 | 1 | 0 | 0 |
| Depreciation | 30 | 31 | 0 | 0 | 0 | 0 | 0 |
| Profit before tax | -13 | -8 | -2 | -2 | 117 | 345 | 420 |
| Tax % | 0% | 0% | 0% | 0% | 4% | 3% | 2% |
| -13 | -8 | -2 | -2 | 112 | 336 | 410 | |
| EPS in Rs | 9.53 | 11.64 | |||||
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 17% |
| 3 Years: | % |
| TTM: | 17% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 113% |
| 3 Years: | 517% |
| TTM: | 22% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | % |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 9% |
| Last Year: | 10% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|
| Equity Capital | 148 | 148 | 0.00 | 0.00 | 3,518 | 3,518 | 3,518 | 3,518 |
| Reserves | -54 | -62 | -2 | -4 | 109 | 444 | 854 | 1,001 |
| 1,203 | 1,225 | 0 | 0 | 0 | 0 | 0 | 0 | |
| 65 | 99 | 2 | 3 | 21 | 30 | 38 | 42 | |
| Total Liabilities | 1,362 | 1,409 | 0 | 0 | 3,648 | 3,993 | 4,411 | 4,561 |
| 949 | 918 | 0 | 0 | 0 | 0 | 0 | 0 | |
| CWIP | 312 | 334 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 18 | 45 | 0 | 0 | 1,010 | 1,010 | 1,010 | 1,010 |
| 84 | 113 | 0 | 0 | 2,638 | 2,983 | 3,401 | 3,551 | |
| Total Assets | 1,362 | 1,409 | 0 | 0 | 3,648 | 3,993 | 4,411 | 4,561 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|
| -0 | -29 | -50 | -42 | ||||
| 0 | -3,164 | -228 | 21 | ||||
| 0 | 3,518 | 0 | 0 | ||||
| Net Cash Flow | 0 | 324 | -278 | -21 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|
| Debtor Days | 1 | 0 | 0 | 0 | 0 | ||
| Inventory Days | |||||||
| Days Payable | |||||||
| Cash Conversion Cycle | 1 | 0 | 0 | 0 | 0 | ||
| Working Capital Days | -162 | -213 | 316 | 484 | 772 | ||
| ROCE % | 10% | -0% | 6% | 9% | 10% |
Documents
Announcements
-
Reg 23(5)(i): Disclosure of material issue
26 Nov - Completed Nov 26, 2025 acquisition of five toll projects totaling ~2,100 lane km; portfolio now 3,328 km.
-
Unitholding pattern post capital restructuring
25 Nov - Unitholding pattern post-restructuring: 47,27,73,200 units; Sponsor 75% (35,45,79,900); Public 25%.
-
Reg 23(5)(i): Disclosure of material issue
24 Nov - Sponsor Maple Highways Pte. Ltd. received preferential MIT unit allotment, increasing holdings (disclosure dated Nov 24, 2025).
-
Reg 23(5)(i): Disclosure of material issue
24 Nov - Nov 24, 2025: Sponsor Maple Highways disclosed non-disposal undertaking encumbering MIT units.
-
Reg 23(5)(i): Disclosure of material issue
24 Nov - Sponsor executed non-disposal undertaking creating encumbrance on Maple Infrastructure Trust units (Nov 24, 2025).
Annual reports
No data available.
Business Overview:[1][2]
MIT is an irrevocable trust established under the Indian Trusts Act and sponsored by Maple Highways Pte. Ltd (a subsidiary of a Canadian Pension Fund). The Trust’s primary objective is
to invest in and operate infrastructure projects in India. It raises capital from investors and uses it to acquire, manage, transfer infrastructure projects.
Company is a long-term institutional platform which owns and operates road assets in India. Currently, its portfolio consists of 2 road assets.