Maple Infrastructure Trust NAV at ₹152.8 for FY26
Maple Infrastructure Trust filed its annual full valuation report for FY26, revealing a Net Asset Value (NAV) of ₹152.8 per unit as of March 31, 2026. The valuation, conducted by GT Valuation Advisors, assessed total assets at ₹1,08,588.5 million and liabilities at ₹36,342.2 million across its portfolio of seven road projects.
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Maple Infrastructure Trust has filed its annual full valuation report for the financial year ended March 31, 2026, with BSE Limited. The report, dated May 20, 2026, was issued by M/s. GT Valuation Advisors Private Limited, the independent valuer, in accordance with SEBI InvIT Regulations.
Net Asset Value and Valuation
Pursuant to Regulation 10 of the SEBI InvIT Regulations, the Net Asset Value (NAV) of the Trust as on March 31, 2026, stands at ₹152.8 per unit. This valuation is based on the fair value of assets as assessed by the independent valuer. The Trust has 47,27,73,200 outstanding units.
| Particulars | Details (INR Million) |
|---|---|
| Total Assets | 1,08,588.5 |
| Total Liabilities | 36,342.2 |
| Net Assets (A-B) | 72,246.3 |
| Outstanding Units | 47,27,73,200 |
| NAV at Fair Value (per Unit) | 152.8 |
Valuation of SPVs
The valuation exercise covered the Trust's portfolio of seven road projects, including Shree Jagannath Expressway Private Limited (SJEPL), NCR Eastern Peripheral Expressway Private Limited (NCREPE), and five recently acquired SPVs. The enterprise values of the Special Purpose Vehicles (SPVs) were estimated using the Discounted Cash Flow (DCF) method based on financial projections provided by the management.
The weighted average cost of capital (WACC) applied for the valuation ranged from 10.2% to 10.8% across the various SPVs. The total enterprise value of the assets was derived after adjusting for debt, debt-like items, and cash equivalents.
Key Assumptions
The valuation report notes that the analysis is based on the "Going Concern Value" premise. Key assumptions include traffic growth projections derived from independent traffic study reports, toll rate revisions in line with National Highway Fee Rules, and specific tax considerations for each SPV, such as benefits under Section 80IA of the Income Tax Act. The report also accounts for major maintenance expenses and project management fees over the concession periods.
The filing was signed by Vikas Prakash, Company Secretary and Compliance Officer, and is available on the Trust's official website.
How might changes in India's National Highway Fee Rules or toll rate revision policies impact Maple Infrastructure Trust's NAV trajectory over the next 2-3 years?
Given the recent acquisition of five new SPVs, how could integration risks and traffic ramp-up timelines affect the Trust's distribution yield to unitholders in the near term?
With a WACC range of 10.2%-10.8%, how sensitive is the Trust's valuation to potential RBI interest rate movements, and could a rising rate environment compress NAV per unit significantly?
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