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
- Book Value ₹ 94.6
- Dividend Yield 10.2 %
- ROCE 5.36 %
- ROE -3.14 %
- Face Value ₹ 100
Pros
- Company is expected to give good quarter
Cons
- Company has low interest coverage ratio.
- Company has a low return on equity of -4.44% 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
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 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|
| 210 | 197 | 211 | 0 | 319 | 726 | 788 | 1,585 | 2,032 | |
| 69 | 36 | 68 | 2 | 160 | 295 | 267 | 642 | 830 | |
| Operating Profit | 141 | 160 | 143 | -2 | 159 | 432 | 521 | 943 | 1,202 |
| OPM % | 67% | 81% | 68% | 50% | 59% | 66% | 60% | 59% | |
| 3 | 5 | 6 | 0 | 20 | 46 | 57 | 40 | 2 | |
| Interest | 127 | 142 | 140 | 0 | 210 | 418 | 414 | 623 | 749 |
| Depreciation | 30 | 31 | 33 | 0 | 119 | 261 | 274 | 460 | 591 |
| Profit before tax | -13 | -8 | -25 | -2 | -149 | -201 | -111 | -99 | -135 |
| Tax % | 0% | 0% | 0% | 0% | 3% | 5% | 9% | 20% | |
| -13 | -8 | -25 | -2 | -153 | -211 | -121 | -118 | -157 | |
| EPS in Rs | -5.98 | -3.42 | -2.50 | -3.47 | |||||
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 50% |
| 3 Years: | 71% |
| TTM: | 131% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 7% |
| TTM: | -73% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | % |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | -5% |
| 3 Years: | -4% |
| Last Year: | -3% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| Equity Capital | 148 | 148 | 148 | 0.00 | 3,518 | 3,518 | 3,518 | 5,274 |
| Reserves | -54 | -62 | -87 | -4 | -157 | -368 | -488 | -801 |
| 1,203 | 1,225 | 1,210 | 0 | 4,820 | 4,789 | 4,692 | 7,358 | |
| 65 | 99 | 148 | 3 | 215 | 191 | 205 | 3,402 | |
| Total Liabilities | 1,362 | 1,409 | 1,419 | 0 | 8,396 | 8,131 | 7,926 | 15,234 |
| 949 | 918 | 885 | 0 | 7,619 | 7,369 | 7,097 | 13,932 | |
| CWIP | 312 | 334 | 366 | 0 | 1 | 0 | 0 | 1 |
| Investments | 18 | 45 | 31 | 0 | 34 | 0 | 0 | 0 |
| 84 | 113 | 136 | 0 | 741 | 762 | 829 | 1,301 | |
| Total Assets | 1,362 | 1,409 | 1,419 | 0 | 8,396 | 8,131 | 7,926 | 15,234 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| 151 | 177 | 177 | -0 | 184 | 378 | 528 | 851 | |
| -70 | -71 | -45 | 0 | -6,658 | -275 | -42 | -1,020 | |
| -95 | -103 | -125 | 0 | 6,858 | -436 | -509 | 927 | |
| Net Cash Flow | -14 | 4 | 6 | 0 | 384 | -334 | -23 | 758 |
| Free Cash Flow | 108 | 155 | 144 | -0 | -6,063 | 364 | 519 | 846 |
| CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit | 109% | 111% | 125% | 16% | 118% | 90% | 103% | 95% |
Ratios
Consolidated / View Standalone
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| Debtor Days | 1 | 0 | 1 | 2 | 1 | 2 | 7 | |
| Inventory Days | ||||||||
| Days Payable | ||||||||
| Cash Conversion Cycle | 1 | 0 | 1 | 2 | 1 | 2 | 7 | |
| Working Capital Days | -162 | -213 | -357 | -250 | -105 | -96 | -168 | |
| ROCE % | 10% | 9% | -0% | 1% | 3% | 4% | 5% |
Insights
In beta| Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|
| Number of operational toll road SPVs count |
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| NEPEPL average daily toll collection Rs. crore/day ・Standalone data |
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| NEPEPL average daily traffic PCU/day ・Standalone data |
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| SJEPL average daily toll collection Rs. crore/day ・Standalone data |
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| Commercial traffic share % of PCU |
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| NEPEPL number of toll plazas count ・Standalone data |
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| Top three states share of revenue % of revenue |
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| Total lane kilometers lane km |
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Extracted by Screener AI
Documents
Announcements
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Reg 26K: Quarterly Compliance Report on Corporate governance
- Q2 FY26 corporate governance report; two directors resigned and a new chairperson was appointed.
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Investor Complaints
- Quarter ended September 30, 2026 investor complaints report shows zero complaints and zero pendency.
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Unit Holding Pattern
- Maple Infrastructure Trust filed September 30, 2026 quarterly unitholding pattern on October 7, 2026.
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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.
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.