Maple Inf. Trust - Maple Inf. Trust

📊 BSE: 543925 🏢 Road AssetsToll, Annuity, Hybrid-Annuity 📅 Last Updated: 11/13/2025 15:25

💰 Financial Performance

Revenue Growth by Segment

Consolidated operating income grew by 127.8% YoY, increasing from INR 320.5 Cr in FY2023 to INR 730.3 Cr in FY2024, primarily driven by the full-year impact of operational toll assets and traffic growth.

Geographic Revenue Split

Revenue is generated from toll road assets located in Odisha (SJEPL), Haryana, and Uttar Pradesh (NEPEPL). NEPEPL average daily toll collection was INR 1.27 Cr in FY2024, while SJEPL contributed INR 0.64 Cr per day.

Profitability Margins

Operating profit margin (OPBDIT/OI) improved significantly from 50.0% in FY2023 to 59.7% in FY2024. Net profit margin (PAT/OI) remains negative but improved from -47.9% to -28.8% during the same period.

EBITDA Margin

EBITDA margin (OPBDIT/OI) stands at 59.7% for FY2024, reflecting a 9.7 percentage point increase YoY due to better scale and traffic volume growth of 7-10% in key stretches.

Capital Expenditure

The Trust has executed a Share Purchase Agreement to acquire five toll road assets from Ashoka Concessions Limited for an aggregate value of INR 5,718 Cr, which will be funded through a mix of equity and debt.

Credit Rating & Borrowing

Maintains a credit rating of [ICRA]AAA (Stable). Leverage is managed at 42.5% as of March 31, 2024, with a management cap of 49% LTV to ensure low borrowing costs and high credit quality.

⚙️ Operational Drivers

Raw Materials

Not applicable as an infrastructure trust; however, Operations & Maintenance (O&M) and Major Maintenance (MM) costs are the primary operational expenses.

Import Sources

Not applicable; O&M services are sourced domestically within India.

Key Suppliers

O&M activities for the SPVs are currently outsourced to Egis India, which manages the day-to-day upkeep and tolling operations.

Capacity Expansion

Currently operates two major toll road SPVs (NEPEPL and SJEPL). Expansion includes the pending acquisition of 5 additional toll road assets for INR 5,718 Cr to increase the portfolio size.

Raw Material Costs

O&M and maintenance costs are managed within budgeted estimates; ICRA notes significant cushion in cash flows to cover these costs, which are essential for maintaining the 1.9x DSCR.

Manufacturing Efficiency

Efficiency is measured by toll collection growth; NEPEPL saw a 15% YoY increase in daily collections to INR 1.36 Cr in Q1 FY2025, while SJEPL grew 5% to INR 0.67 Cr.

Logistics & Distribution

Not applicable; the business model is based on providing road infrastructure for third-party logistics and passenger travel.

📈 Strategic Growth

Expected Growth Rate

6-8%

Growth Strategy

Growth will be achieved through the acquisition of five new toll road assets for INR 5,718 Cr, organic traffic growth (projected at 6-8% for FY2025), and annual WPI-linked toll rate hikes (approx. 5% in FY2024).

Products & Services

Toll collection services and road infrastructure provision for commercial and passenger vehicles on the NCR Eastern Peripheral Expressway and the Chennai-Kolkata corridor.

Brand Portfolio

Maple Infrastructure Trust (MIT), Maple Highways, Indian Highway Concessions Trust (IHCT).

New Products/Services

Expansion into new geographic clusters through the acquisition of five additional road assets from Ashoka Concessions.

Market Expansion

Targeting a pan-India presence by acquiring assets in diverse states, moving beyond current operations in Odisha, Haryana, and Uttar Pradesh.

Market Share & Ranking

Not specifically ranked, but acts as a primary vehicle for CDPQ's infrastructure investments in the Indian road sector.

Strategic Alliances

Sponsored by Maple Highways Pte Ltd, an affiliate of CDPQ (Caisse de dépôt et placement du Québec), providing strong global institutional backing.

🌍 External Factors

Industry Trends

The industry is shifting toward InvIT structures for better capital recycling. Current trend shows 6-8% growth in toll collections driven by tourism and industrial recovery.

Competitive Landscape

Competes with alternative routes and other modes of transport like railways; however, the 6-lane NEPEPL and SJEPL offer superior transit times for commercial cargo.

Competitive Moat

Moat is based on the strategic location of assets (Golden Quadrilateral and NCR bypass) and high entry barriers for competing expressways. Sustainability is high due to long-term concession agreements with NHAI.

Macro Economic Sensitivity

Highly sensitive to WPI inflation for toll rate adjustments and GDP growth for commercial traffic volumes, particularly in the iron ore and refinery belts of Odisha.

Consumer Behavior

Increased tourism-related travel and passenger vehicle traffic (up 10% in some segments) are positively shifting demand for high-quality expressways.

Geopolitical Risks

Low direct risk, but sensitive to national trade policies affecting port volumes (e.g., Paradip Port) which drive heavy vehicle traffic.

⚖️ Regulatory & Governance

Industry Regulations

Operations are governed by the SEBI (Infrastructure Investment Trusts) Regulations, 2014, which restrict consolidated leverage to 70% (though management targets <49%).

Environmental Compliance

Must adhere to NHAI and environmental norms for highway maintenance and green belt development along expressways.

Taxation Policy Impact

Subject to Indian Ind AS accounting and specific tax treatments for InvIT distributions to unitholders.

Legal Contingencies

Not disclosed in the provided documents; however, the trust operates under long-term concession agreements with NHAI which include standard dispute resolution clauses.

⚠️ Risk Analysis

Key Uncertainties

Traffic cyclicality and political acceptability of toll rate hikes are key risks. A failure to maintain a DSCR above 1.75x could trigger a credit rating downgrade.