Maple Infrastructure Trust (**MIT**), formerly known as Indian Highway Concessions Trust, is a **SEBI-registered** Infrastructure Investment Trust (**InvIT**) specializing in the long-term ownership and operation of high-specification road assets in India. Sponsored by **Maple Highways Pte. Ltd.** (a subsidiary of the Canadian pension fund **CDPQ**), the Trust operates a fully integrated platform managing the entire asset lifecycle—from disciplined acquisition to advanced digital operations. --- ### Strategic Asset Portfolio & Network Scale As of **February 2026**, MIT has executed a transformative expansion, increasing its portfolio from two to **seven operational assets**. This represents a **1.7x jump** in lane kilometers, totaling **3,328 lane kilometers** across key economic corridors. | Asset / SPV | Type | Location | Length / Lane-km | Concession End | | :--- | :--- | :--- | :--- | :--- | | **NCREPE** | **TOT** | Delhi NCR | **135 km / 810 km** | **Nov 2042** | | **SJEPL** | **DBFOT** | Odisha | **67 km / 402 km** | **Dec 2037** | | **ADKTL** | **Asset Acq** | West Bengal | **111 km** | **Nov 2025*** | | **ASBTL** | **Asset Acq** | Odisha | **88 km** | **Nov 2025*** | | **ABDTL** | **Asset Acq** | Karnataka | **79 km** | **Nov 2025*** | | **AHBL** | **Asset Acq** | Maharashtra | **72 km** | **Nov 2025*** | | **AHDL** | **Asset Acq** | Chhattisgarh | **82 km** | **Nov 2025*** | *\*Effective date of becoming wholly owned subsidiaries following the ₹4,977.5 crore acquisition from Ashoka Concessions Limited.* **Core Infrastructure Highlights:** * **Access Control:** Operates one of India’s few **fully access-controlled 6-lane expressways** (NCREPE), featuring all-weather concrete roads and **9 active interchanges**. * **Engineering Complexity:** The network includes **430 bridges, ROBs, flyovers, and underpasses**, facilitating a **3.3x reduction in travel time** on critical routes like Delhi to Haryana. * **Strategic Positioning:** Assets are located on the **Golden Quadrilateral** and **East-West Corridor**, benefiting from high-density commercial traffic. --- ### Operational Excellence & Technology Integration MIT employs a "lifecycle-costing" approach, utilizing advanced technology to transition from reactive to preventive maintenance. * **Intelligent Traffic Systems (ITS):** Deployed India’s first **ITS-enabled highway** featuring a **Video Incident Detection System (VIDS)**, **AI-based overspeed checking**, and **24x7 CCTV surveillance**. * **Digital Maintenance:** Uses **LIDAR**, **Drone surveys**, and **AI-enabled dash cameras** for real-time defect detection (identifying **1,200+ minor defects** in FY25). * **Electronic Tolling:** Achieved **98%+ FASTag penetration**. The system supports a massive scale, with **310 crore transactions** recorded in the first 10 months of FY24. * **Sustainability:** **NCREPE** is India’s first solar-powered green expressway, utilizing a **4MW** on-site solar plant to meet **~30%** of its power requirements. --- ### Financial Profile & Capital Structure The Trust maintains a robust financial position, characterized by the highest credit quality and a conservative leverage strategy. * **Credit Ratings:** Reaffirmed **[ICRA] AAA (Stable)** for the Trust and **NCREPE**, with **SJEPL** upgraded to **AA (Stable)**. * **Valuation:** The **Net Asset Value (NAV)** per unit stood at **₹145.6** as of March 31, 2025. The total Enterprise Value of the core assets (SJEPL & NCREPE) exceeds **₹9,600 crore**. * **Revenue & EBITDA:** For FY25, the Trust reported **Total Revenue of ~₹788.1 crore** and **EBITDA of ₹568.3 crore**. * **Leverage Management:** Maintained a **Net Debt-to-AUM of ~41%**, significantly below the regulatory ceiling. The Trust targets a long-term **Debt-Equity ratio of 55:45**. * **Tax Efficiency:** The Group holds unabsorbed tax depreciation of **₹958.52 crore**, providing a significant shield for future distributable cash flows. --- ### Governance & Management Evolution MIT is currently undergoing a strategic realignment of its management and ownership structure to include **Macquarie (MAIF 4)** alongside **CDPQ**. * **Investment Manager (IM) Ownership:** Post-transaction, the IM will be held by **Maple Highways (42.5%)**, **MAIF 4 (42.5%)**, and **360 One Alternates (15%)**. * **Sponsor Commitment:** While **CDPQ** is considering a sale of up to **37.5%** of its unitholding to **MAIF 4**, it remains a core strategic partner. * **Fee Structure:** Management fees are transparently capped at the higher of **₹18.5 crore (escalated at 7% p.a.)** or **0.74% of NAV** for the IM, and **0.26% of NAV** for the Project Manager. --- ### Growth Strategy & Distribution Policy MIT is positioned to capitalize on the Government of India’s **Asset Monetisation Plan (FY26-30)**, which targets **₹3.5 Lakhs Crore** from the highways sector. * **Acquisition Strategy:** Disciplined focus on **mature, operational toll assets** with **zero exposure** to under-construction risks. * **Distribution Mandate:** The Trust distributes at least **90% of Net Distributable Cash Flows (NDCF)** to unitholders. In 2025, the policy was updated to mandate distributions on a **half-yearly basis**. * **Funding Growth:** Recent growth was funded via a **₹1,755.98 crore preferential allotment** at **₹145.6 per unit** and a **₹3,750 crore** debt facility from **NaBFID** and **Axis Bank**. --- ### Risk Factors & Contingencies Investors should monitor several regulatory and legal complexities, primarily residing within the **SJEPL** subsidiary. **1. Regulatory & Project Risks:** * **Completion Status:** SJEPL is awaiting the **Final Completion Certificate** for a 10km stretch of the Chandikhole-Bhubaneswar highway. Delays beyond the original 2017 deadline pose a theoretical **Termination Risk**, though the Trust is **indemnified** by previous owners under the SPA. * **Toll Rate Sensitivity:** Revenue is linked to the **WPI**. A recent NHAI attempt to reduce the linking factor (potentially impacting rates by **3-5%**) is currently stayed by the **Delhi High Court**. **2. Material Litigations:** | Nature of Claim | Estimated Amount | Status | | :--- | :--- | :--- | | **EPC Contractor (RKD)** | **₹503 crore** | Arbitration notice received April 2025. | | **NHAI Dues/Recoveries** | **₹244.37 crore** | Related to maintenance and punch list delays. | | **Mahanadi Bridge Award** | **₹226.11 crore** | Under appeal after being set aside by High Court. | | **CBAA Liability** | **₹221.97 crore** | Contingent on Final Completion Certificate. | **3. Financial Risks:** * **Interest Rate Exposure:** The Group has **₹4,691.03 crore** in **variable rate borrowings**. A **50 bps** increase in rates would impact pre-tax profit by approximately **₹23.46 crore**.