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 / 146
- Stock P/E 21.7
- Book Value ₹ 95.6
- Dividend Yield 2.25 %
- ROCE 10.1 %
- ROE 9.84 %
- Face Value ₹ 100
Pros
- Company is almost debt free.
- 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 | TTM | |
|---|---|---|---|---|---|---|---|---|
| 210 | 197 | 0 | 0 | 149 | 373 | 436 | 521 | |
| 69 | 36 | 2 | 2 | 41 | 50 | 40 | 50 | |
| Operating Profit | 141 | 160 | -2 | -2 | 108 | 324 | 396 | 471 |
| OPM % | 67% | 81% | 72% | 87% | 91% | 90% | ||
| 3 | 5 | 0 | 0 | 10 | 22 | 24 | 1 | |
| Interest | 127 | 142 | 0 | 0 | 1 | 0 | 0 | 2 |
| Depreciation | 30 | 31 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before tax | -13 | -8 | -2 | -2 | 117 | 345 | 420 | 470 |
| Tax % | 0% | 0% | 0% | 0% | 4% | 3% | 2% | |
| -13 | -8 | -2 | -2 | 112 | 336 | 410 | 462 | |
| EPS in Rs | 9.53 | 11.64 | 12.13 | |||||
| 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: | 1% |
| 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% |
Insights
In beta| Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|
| Consolidated Toll Collection Rs. Crore |
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| Operating Profit Margin (OPBDIT/OI) % |
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| Average Daily Traffic - NEPEPL Asset PCU |
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| Number of Operational Toll Road Assets number |
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| Commercial Traffic Share in Portfolio % |
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| Number of States with Managed Assets number |
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Documents
Announcements
-
Reg 23(5)(i): Disclosure of material issue
27 Feb - MAIF 4 to acquire 63,504,799 shares (42.50%) of Investment Manager; unitholder e-vote Feb 28–Mar 29, 2026
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Reg 23(5)(i): Disclosure of material issue
27 Feb - Postal ballot seeking approval to raise statutory auditor fees to INR 19.56 million for FY2025-26; e-voting Feb 28–Mar 29, 2026.
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Reg 23(5)(d): Disclosure of details of any credit rating obtained by the InvIT and any change in such rating
26 Feb - ICRA assigned [ICRA]AAA(Stable) to Maple Infrastructure Trust; term-loan limit increased to INR 3,750 crore on Feb 25, 2026.
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Reg 23(5)(i): Disclosure of material issue
23 Feb - Board approved change in control via sale of 42.5% to MAIF 4; postal ballot/unitholder approvals sought.
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Reg 23(5)(i): Disclosure of material issue
11 Feb - No deviations: Rs910 crore private placement (allotted Jun 23, 2022); Rs1,755.98 crore preferential issue (allotted Nov 20, 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.