Maple Infrastructure Trust’s record is built on a leveraged acquisition that doubled its toll-road portfolio, but the financial structure that holds it together is under strain. The sponsor pledged 98.3% of its units within nine months while the board and key managers turned over almost completely. Consolidated borrowings of ₹7,358 crore sit at 6.6 times net debt to EBITDA, and interest cover is below one. Goodwill and intangible assets have ballooned to ₹13,918 crore with no impairment recorded in FY26 and FY25 despite persistent consolidated losses. Legacy NHAI disputes leave ₹884 crore of claims unresolved, and revenue growth is outpaced by receivables.
Key findings
- Sponsor pledge hits 98.3% in nine months as board and KMP turn over
Major- The Sponsor Group held 75% of total units with zero pledge as of March 31, 2025. By December 31, 2025, 98.30% of its holding was pledged or encumbered. Over the same period, the Investment Manager’s Chairperson, CFO, and Company Secretary all changed, and two Non-Executive Directors resigned in 2023. - Goodwill and intangible assets reach ₹13,918 crore with no impairment in FY26 and FY25
Major- Consolidated intangible assets rose to ₹13,918.23 crore as of March 31, 2026, from ₹7,086.53 crore a year earlier, following the November 2025 acquisition of five toll-road SPVs. No impairment was recorded in FY26 or FY25, based on external valuations. Consolidated PAT was negative ₹118 crore in FY26 and has been negative every year since FY21. - SJEPL’s NHAI disputes leave ₹884 crore of claims and ₹476 crore of counterclaims unresolved after partial settlement
Major- SJEPL entered into a settlement with NHAI on April 7, 2026, but excluded claims of ₹884.22 crore and NHAI counterclaims of ₹475.76 crore. A separate ₹226.11 crore arbitral award in SJEPL’s favour was set aside by the Delhi High Court on March 7, 2022, and the next hearing in the appeal is scheduled for April 20, 2028. An EPC contractor invoked arbitration against SJEPL on April 4, 2025, demanding approximately ₹503 crore. - Revenue doubled but receivables grew far faster, while zero-margin change-of-scope work recurs
Major- Consolidated revenue rose from ₹788 crore in FY25 to ₹1,585 crore in FY26, but the receivables-to-revenue ratio rose 249%. The Group recognised change-of-scope income of ₹4.28 crore with matching expense, booking no margin on the construction services. Additional work orders of ₹34.18 crore issued under NHAI’s change of scope are non-recoverable and recognised as onerous expenses. - The Trust expanded from two to seven SPVs via a ₹1,776.95 crore acquisition, with subsidiary losses of ₹688 crore
Minor- The Trust acquired five toll-road SPVs from Ashoka Concessions Limited on November 26, 2025, taking the total to seven wholly-owned subsidiaries. Consolidated PAT of negative ₹118 crore against standalone PAT of ₹570 crore indicates ₹688 crore of losses at the subsidiary level. The acquisition was accounted for as an asset purchase with no goodwill recognised. - Unit capital is classified as equity contrary to Ind AS 32, and ₹4,866 crore of deferred tax assets go unrecognised
Minor- The Trust classifies Unit Capital as equity, overriding Ind AS 32, to comply with a SEBI circular dated July 11, 2025. The auditor issued an Emphasis of Matter on the standalone and consolidated financial statements for FY2023-24 regarding this treatment. The Group has not recognised a deferred tax asset of ₹4,866.36 crore on unabsorbed depreciation due to uncertainty of utilisation, while accumulated losses reached ₹800.58 crore (₹ million) as of March 31, 2026.
What to watch
- Distribution funding. Whether the ₹545.27 crore distribution approved on May 22, 2026 is paid and how it is funded, given consolidated PAT of negative ₹118 crore in FY26.
- SJEPL arbitral award appeal. Next hearing of the appeal against the set-aside Mahanadi bridge award scheduled for April 20, 2028.
- ACL put options. Put events on preference shares and debentures held by ACL could compel the Trust to purchase these instruments; no scheduled date, monitored as of the FY2025-26 reporting period.
Bottom line: This is a fully disclosed record with a transformed asset base, but the financial structure carrying it is stretched. The sponsor has pledged nearly its entire holding, the snapshot shows net debt/EBITDA of 6.6x and interest cover of 0.8x in FY26, and no goodwill impairment was recorded in FY26 or FY25 while the acquisition was accounted for as an asset purchase with no goodwill recognised. The risk is not hidden, it is in the receivables line, the unresolved NHAI claims, and the put options that sit off the balance sheet. Watch the distribution decision and the April 2028 court date.