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 ₹ 9,981 Cr.
- Current Price ₹ 145
- High / Low ₹ 146 / 141
- Stock P/E 14.5
- Book Value ₹ 138
- Dividend Yield 10.2 %
- ROCE 8.77 %
- ROE 10.5 %
- Face Value ₹ 100
Pros
- Stock is trading at 1.05 times its book value
- Company is expected to give good quarter
- Company has delivered good profit growth of 219% CAGR over last 5 years
Cons
- Tax rate seems low
- Company has a low return on equity of 9.82% over last 3 years.
* 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 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|
| 210 | 197 | 0 | 0 | 149 | 373 | 436 | 679 | 887 | |
| 69 | 36 | 2 | 2 | 41 | 50 | 40 | 57 | 62 | |
| Operating Profit | 141 | 160 | -2 | -2 | 108 | 324 | 396 | 622 | 825 |
| OPM % | 67% | 81% | 72% | 87% | 91% | 92% | 93% | ||
| 3 | 5 | 0 | 0 | 10 | 22 | 24 | 13 | 0 | |
| Interest | 127 | 142 | 0 | 0 | 1 | 0 | 0 | 56 | 127 |
| Depreciation | 30 | 31 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before tax | -13 | -8 | -2 | -2 | 117 | 345 | 420 | 580 | 698 |
| Tax % | 0% | 0% | 0% | 0% | 4% | 3% | 2% | 2% | |
| -13 | -8 | -2 | -2 | 112 | 336 | 410 | 570 | 687 | |
| EPS in Rs | 9.53 | 11.64 | 12.06 | 15.34 | |||||
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 66% |
| TTM: | 87% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 219% |
| 3 Years: | 72% |
| TTM: | 62% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | % |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 10% |
| 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 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| Equity Capital | 148 | 148 | 0.00 | 0.00 | 3,518 | 3,518 | 3,518 | 5,274 |
| Reserves | -54 | -62 | -2 | -4 | 109 | 444 | 854 | 1,235 |
| 1,203 | 1,225 | 0 | 0 | 0 | 0 | 0 | 3,620 | |
| 65 | 99 | 2 | 3 | 21 | 30 | 38 | 14 | |
| Total Liabilities | 1,362 | 1,409 | 0 | 0 | 3,648 | 3,993 | 4,411 | 10,143 |
| 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 | 1,344 |
| 84 | 113 | 0 | 0 | 2,638 | 2,983 | 3,401 | 8,798 | |
| Total Assets | 1,362 | 1,409 | 0 | 0 | 3,648 | 3,993 | 4,411 | 10,143 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| -0 | -29 | -50 | -42 | -90 | ||||
| 0 | -3,164 | -228 | 21 | -4,623 | ||||
| 0 | 3,518 | 0 | 0 | 5,130 | ||||
| Net Cash Flow | 0 | 324 | -278 | -21 | 417 | |||
| Free Cash Flow | -0 | -29 | -50 | -42 | -90 | |||
| CFO/OP | 16% | -23% | -12% | -8% | -14% |
Ratios
Standalone / View Consolidated
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| Debtor Days | 1 | 0 | 0 | 0 | 0 | 0 | ||
| Inventory Days | ||||||||
| Days Payable | ||||||||
| Cash Conversion Cycle | 1 | 0 | 0 | 0 | 0 | 0 | ||
| Working Capital Days | -162 | -213 | 316 | 484 | 772 | 614 | ||
| ROCE % | 10% | -0% | 6% | 9% | 10% | 9% |
Insights
In beta| Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|
| Number of operational toll road SPVs count |
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| NEPEPL average daily toll collection Rs. crore/day |
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| SJEPL average daily toll collection Rs. crore/day |
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| Commercial traffic share % of PCU |
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| NEPEPL average daily traffic PCU/day |
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| NEPEPL number of toll plazas count |
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Extracted by Screener AI
Documents
Announcements
-
Reg 23(5)(i): Disclosure of material issue
- Trading window closes from October 1, 2026 until 48 hours after Q2 and half-year results.
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Reg 23(5)(i): Disclosure of material issue
- Maple Infrastructure Trust filed September 11, 2026 unitholding pattern after 37.50% sponsor transfer.
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Reg 23(5)(i): Disclosure of material issue
- Ms. Seema Gupta resigned as Independent Director of the Investment Manager, effective September 14, 2026.
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Reg 23(5)(i): Disclosure of material issue
- Sponsor group sold 177,289,950 MIT units off-market on Sept 11, cutting holding from 44.69% to 7.19%.
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Reg 23(5)(i): Disclosure of material issue
- Unitholders approved borrowing from Axis Bank on September 12, 2026.
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.