Key Metrics of Maple Infrastructure Trust
About Maple Infrastructure Trust
Sectors
Company details
Operational Areas of Maple Infrastructure Trust
Company summary
Entity details
Compliance
Industry classification
Financials, ratios and risk analysis
Revenue, EBITDA, net profit, net worth, debt and assets for every filing year, 15+ ratios, the financial health score, shareholding, charges and peer comparison are part of the premium plan.
Sign in to continue See plans & pricingFiling compliance
Due dates follow the Companies Act: AGM within six months of the year end, AOC-4 within 30 days and MGT-7 within 60 days of the AGM. A filing made but not yet uploaded here shows as pending.
Vendor checks & payment capacity
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Credit ratings
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 21 Aug 2026 | ICRA | Reaffirmed | AAA | — | Stable | ₹4,750 Cr | View |
Credit strengths (ICRA, Aug 2026)
+ Road projects with operational track record, spread across seven states
MIT’s asset portfolio consists of seven operational NHAI toll road projects spread across seven states – Uttar Pradesh and Haryana, West Bengal, Odisha, Maharashtra, Chhattisgarh and Karnataka, with the top three geographies a ccounting for around 80% of revenues in FY202 6.
+ Strong financial profile and adequate debt structure
The consolidated toll revenues of the SPVs registered healthy growth of ~12%, driven by sustained traffic growth across the portfolio.
+ Strong sponsor and project manager profile with established track record of managing infrastructure assets
MIT is sponsored by Maple Highways Pte Ltd, an affiliate of CDPQ, to house the operational road assets in India.
Credit challenges
− Risks inherent in BOT toll road projects
MIT is exposed to risks inherent in toll road projects, including those arising from the cyclicality in traffic growth, inflation-linked toll rate increase, risk of political acceptability of rate hikes over the concession period, the likelihood of toll leakages, development or improvement of alternative routes or alternate modes of transportation.
− Undertaking regular and periodic maintenance/capex within budgeted cost
The O&M and MM for the SPVs under the Trust are currently managed by the in-house project management entity, Maple Highway Project Management Private Limited (MHPMPL), and are being carried out by various sub-contractors, under the supervision of MHPMPL.
− Risk of further asset acquisition by the Trust and its funding pattern
The InvIT is exposed to risks associated with any further asset acquisition, which could materially affect its operational and financial risk profile.
Could lead to a downgrade
Negative pressure on the rating could arise if there are any debt-funded acquisitions that result in a large increase in leverage/LTV. Lower-than-anticipated collections in SPVs, any dilution or non-adherence to the debt structure or any short-term debt raised resulting in cumulative DSCR over the debt tenure falling below 1.70 times for the InvIT could trigger a rating downgrade.
Agency-reported financials (ICRA, 21 Aug 2026)
| Metric | FY2025 | FY2026 |
|---|---|---|
| Operating income | ₹795 Cr | ₹1,587 Cr |
| PAT | ₹-,120.60 Cr | ₹-,118.10 Cr |
| OPBDIT/OI (%) | 66.4% | 59.6% |
| Total outside liabilities/Tangible net worth (times) | 1.60× | 2.40× |
| Total debt/OPBDIT (times) | 8.90× | 7.80× |
| Interest coverage (times) | 1.30× | 1.50× |
| Revenue growth (YoY) | — | 99.6% |
| EBITDA (margin × income) | ₹528 Cr | ₹946 Cr |
| Implied total debt (debt/EBITDA × EBITDA) | ₹4,699 Cr | ₹7,379 Cr |
| Implied interest cost (EBITDA ÷ coverage) | ₹406 Cr | ₹631 Cr |
| PAT margin | −15.2% | −7.4% |
Borrowings & rated debt
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Long-term – Fund-based – Term loans Long-term – Fund-based | Term loans | ₹3,750 Cr | ₹3,750 Cr | 0.0% | AAA (Stable) | Reaffirmed | ICRA |
| Overdraft Long-term – Non-fund | Non-fund based limits | ₹40.0 Cr | ₹40.0 Cr | 0.0% | AAA (Stable) | Reaffirmed | ICRA |
| Rated facility | Other | ₹260 Cr | ₹260 Cr | 0.0% | AAA (Stable) | Reaffirmed | ICRA |
| Long term – Fund-based – Overdraft (1.00) (1.00) (Interchangeable) Non-convertible debentures | Debentures & bonds | — | ₹700 Cr | — | AAA (Stable) | Reaffirmed | ICRA |
Credit assessment · Infrastructure investment trusts (InvITs)
ICRA Rating Methodology – Infrastructure Investment Trusts (Aug 2025) · Standalone accounts · FY 2025-26
Ratios, pillar scores and the indicative rating are part of Premium.
Rating status
| Default | No default on record |
| Issuer cooperation | Cooperating |
| Credit enhancement | None – standalone rating |
| Next action stable or better (model) | 68% |
| Information on file | 44% · missing: Annual results history (3+ years), Debt obligations and repayment schedule, Capex / investment plans, Auditor details, Shareholding pattern |
Indicative assessment from public data using the published methodology factors; not a credit rating.
Borrowing & funding lifecycle
- Credit outlook model: 72% chance the next rating action is stable or better
- Current rating AAA (investment grade)
- Interest coverage 1.5×
Rated limits by facility
Timeline
From the report
Liquidity position: Strong The liquidity position of the Trust is strong with free cash and cash equivalents of Rs. 785.3 crore as on March 31, 2026, at the consolidated level.
Lender names, bank charges and audited borrowings are part of Premium.
Built from MCA charges, ICRA/CARE rating reports and audited accounts. The borrowing view is an estimate, not a lender's credit decision.
Registered office and contact
Directors and key people
Directors are read from the MGT-7 annual return and AOC-4 signatories.
Competitors of Maple Infrastructure Trust
Top competitors by location
| Company | Description | Domain | Founded | Location |
|---|---|---|---|---|
 Reliance Infrastructure Limited |
Real Estate & Infrastructure · Community, personal and Social Services | rinfra.com | 2002 | Mumbai, Maharashtra, India |
 KEC International |
Discovered Companies · Other Industries | kecrpg.com | 1945 | Mumbai, India |
| NCC Limited | Discovered Companies · Other Industries | — | — | Hyderabad, Telangana, India |
| Lodha Developers Limited | · Construction | — | — | Mumbai, Maharashtra, India |
 Ircon International Limited |
Real Estate & Infrastructure · Real Estate & Construction | ircon.org | — | New Delhi, Delhi, India |
| Dilip Buildcon Limited | · Construction | — | — | Bhopal, Madhya Pradesh, India |
| G R Infraprojects Limited | · Construction | — | — | Ahmedabad, Gujarat, India |
 DLF Limited |
Real Estate & Infrastructure · Real Estate & Construction | dlf.in | 1946 | Gurgaon, India |
| Sterling And Wilson Renewable Energy Limited | Renewable Power · Oil, Gas & Energy | — | — | Mumbai, Maharashtra, India |
 GMR Power And Urban Infra Limited |
Part of GMR Group. | gmrpui.com | — | Gurgaon, Haryana, India |
Similar companies
Charges (secured borrowings)
0 registered charges. Lenders, amounts and dates are part of the premium plan.
Statutory auditors
Auditors are read from the AOC-4 auditor's report section.
Business activities and related parties
Principal business activities and related-party transactions are read from MGT-7 and AOC-4 filings.
Filings
No filings on record yet.