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 ₹ 5,071 Cr.
- Current Price ₹ 144
- High / Low ₹ 144 / 144
- Stock P/E 12.0
- Book Value ₹ 124
- Dividend Yield 1.49 %
- ROCE 10.1 %
- ROE 9.84 %
- Face Value ₹ 100
Pros
- Company is almost debt free.
- Stock is trading at 1.16 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: | 20% |
| 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 | |
|---|---|---|---|---|---|---|---|
| Equity Capital | 148 | 148 | 0.00 | 0.00 | 3,518 | 3,518 | 3,518 |
| Reserves | -54 | -62 | -2 | -4 | 109 | 444 | 854 |
| 1,203 | 1,225 | 0 | 0 | 0 | 0 | 0 | |
| 65 | 99 | 2 | 3 | 21 | 30 | 38 | |
| Total Liabilities | 1,362 | 1,409 | 0 | 0 | 3,648 | 3,993 | 4,411 |
| 949 | 918 | 0 | 0 | 0 | 0 | 0 | |
| CWIP | 312 | 334 | 0 | 0 | 0 | 0 | 0 |
| Investments | 18 | 45 | 0 | 0 | 1,010 | 1,010 | 1,010 |
| 84 | 113 | 0 | 0 | 2,638 | 2,983 | 3,401 | |
| Total Assets | 1,362 | 1,409 | 0 | 0 | 3,648 | 3,993 | 4,411 |
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
44m - Board meeting Nov 12 to approve Q2/H1 results (Sept 30, 2025); distribution record date Nov 15.
-
Reg 23(5)(i): Disclosure of material issue
23 Oct - Delhi High Court stayed NHAI's WPI linking factor revision; NHAI to re-examine (order dated Oct 17, 2025).
-
Unit Holding Pattern
19 Oct - Unitholding pattern as on 30 Sep 2025: 35,21,70,000 units; sponsors hold 75%, public 25%.
-
Reg 26K: Quarterly Compliance Report on Corporate governance
19 Oct - Corporate Governance Report for Maple Infrastructure Trust for quarter ended Sep 30, 2025, filed Oct 19, 2025.
-
Investor Complaints
19 Oct - Investor complaints statement for quarter ended Sep 30, 2025: zero complaints.
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