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 / 120
- Stock P/E
- Book Value ₹ 86.0
- Dividend Yield 1.49 %
- ROCE 3.87 %
- ROE -3.90 %
- Face Value ₹ 100
Pros
Cons
- Company has low interest coverage ratio.
- Company has a low return on equity of -6.04% over last 3 years.
- Contingent liabilities of Rs.1,589 Cr.
* 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
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|
| 210 | 197 | 211 | 0 | 319 | 726 | 788 | |
| 69 | 36 | 68 | 2 | 160 | 295 | 267 | |
| Operating Profit | 141 | 160 | 143 | -2 | 159 | 432 | 521 |
| OPM % | 67% | 81% | 68% | 50% | 59% | 66% | |
| 3 | 5 | 6 | 0 | 20 | 46 | 57 | |
| Interest | 127 | 142 | 140 | 0 | 210 | 418 | 414 |
| Depreciation | 30 | 31 | 33 | 0 | 119 | 261 | 274 |
| Profit before tax | -13 | -8 | -25 | -2 | -149 | -201 | -111 |
| Tax % | 0% | 0% | 0% | 0% | 3% | 5% | 9% |
| -13 | -8 | -25 | -2 | -153 | -211 | -121 | |
| EPS in Rs | -5.98 | -3.42 | |||||
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 32% |
| 3 Years: | % |
| TTM: | 8% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| TTM: | 43% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | % |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | -6% |
| 3 Years: | -6% |
| Last Year: | -4% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|
| Equity Capital | 148 | 148 | 148 | 0.00 | 3,518 | 3,518 | 3,518 |
| Reserves | -54 | -62 | -87 | -4 | -157 | -368 | -488 |
| 1,203 | 1,225 | 1,210 | 0 | 4,820 | 4,789 | 4,692 | |
| 65 | 99 | 148 | 3 | 215 | 191 | 205 | |
| Total Liabilities | 1,362 | 1,409 | 1,419 | 0 | 8,396 | 8,131 | 7,926 |
| 949 | 918 | 885 | 0 | 7,619 | 7,369 | 7,097 | |
| CWIP | 312 | 334 | 366 | 0 | 1 | 0 | 0 |
| Investments | 18 | 45 | 31 | 0 | 34 | 0 | 0 |
| 84 | 113 | 136 | 0 | 741 | 762 | 829 | |
| Total Assets | 1,362 | 1,409 | 1,419 | 0 | 8,396 | 8,131 | 7,926 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|
| 151 | 177 | 177 | -0 | 184 | 378 | 528 | |
| -70 | -71 | -45 | 0 | -6,658 | -275 | -42 | |
| -95 | -103 | -125 | 0 | 6,858 | -436 | -509 | |
| Net Cash Flow | -14 | 4 | 6 | 0 | 384 | -334 | -23 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|
| Debtor Days | 1 | 0 | 1 | 2 | 1 | 2 | |
| Inventory Days | |||||||
| Days Payable | |||||||
| Cash Conversion Cycle | 1 | 0 | 1 | 2 | 1 | 2 | |
| Working Capital Days | -162 | -213 | -357 | -250 | -105 | -96 | |
| ROCE % | 10% | 9% | -0% | 1% | 3% | 4% |
Documents
Announcements
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Reg 23(5)(i): Disclosure of material issue
14 Aug - Postal ballot for amended Distribution and UPSI policies per SEBI regulations, voting Aug 16-Sep 14, 2025.
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Reg 23(5)(i): Disclosure of material issue
11 Aug - No deviations in use of Rs. 910 crore proceeds for Maple Infrastructure Trust in Q1 FY26.
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Reg 23(5)(i): Disclosure of material issue
11 Aug - Q1 FY26 unaudited results approved; pending acquisition of 5 highway projects; NHAI dispute noted.
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Reg 23(5)(i): Disclosure of material issue
4 Aug - Board meeting on Aug 11 to approve Q1 June 2025 unaudited financial results; trading window closed from July 1.
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Reg 23(5)(g): Outcome of Unitholder meetings
23 Jul - 4th Annual Meeting: Approved FY25 financials, valuation report, valuer appointment, and auditor re-appointment.
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