The Delhi High Court has issued a directive to suspend the National Highways Authority of India's (NHAI) circular dated September 13, 2025, concerning the revision of the Wholesale Price Index (WPI) linking factor. This development has significant implications for Maple Infrastructure Trust , formerly known as Indian Highway Concessions Trust.

Court Order and Its Implications

The High Court's order came in response to writ petitions filed by the Highway Operators Association (HOAI) and other parties. The key points of the court's decision are:

• The NHAI circular on WPI linking factor revision is to be kept in abeyance.
• NHAI has been directed to re-examine the circular.
• The re-examination process must consider representations from petitioners and relevant stakeholders.

Impact on Maple Infrastructure Trust

Maple Infrastructure Trust is directly affected by this development. The trust had previously informed stakeholders about the WPI linking factor revision on October 1, 2025.

In light of the court order, Maple Infra InvIT Investment Manager Private Limited, acting as the Investment Manager to Maple Infrastructure Trust, issued an update to the BSE on October 23, 2025. The company stated that the High Court's order was passed on October 17, 2025.

Significance of WPI Linking Factor

The Wholesale Price Index linking factor is crucial for infrastructure trusts and highway operators as it affects their revenue calculations and project valuations. Any changes to this factor can have substantial financial implications for these entities.

Next Steps

As per the court's directive, NHAI is now required to:

1. Put the circular on hold
2. Review the representations from affected parties
3. Re-examine the circular based on these inputs

Investors and stakeholders of Maple Infrastructure Trust and other similar entities in the infrastructure sector will be closely watching for further developments in this matter.

This situation underscores the complex regulatory environment in which infrastructure trusts operate and the potential for legal interventions to impact their operations and financial outlook.

The National Highways Authority of India (NHAI) has issued a circular that could have significant implications for toll projects across the country, including those managed by Maple Infrastructure Trust (MIT). The circular, dated September 13, 2025, revises the Wholesale Price Index (WPI) linking factor used for converting WPI from the base year 2011-12 to 2004-05.

Key Points of the NHAI Circular

• The WPI linking factor has been reduced from 1.641 to 1.561.
• This revision affects user fee rates for both public-funded and Build-Operate-Transfer (BOT) toll projects.
• The new linking factor is effective from the date of the circular's issuance.

Potential Impact on Maple Infrastructure Trust

Maple Infrastructure Trust, along with its investment manager, project manager, and project Special Purpose Vehicles (SPVs), is currently evaluating the applicability and potential impact of this circular. The trust has stated that it is reserving all rights and remedies available under applicable law and concession agreements while determining the appropriate course of action.

Background and Implications

The WPI linking factor is crucial in determining toll rates for highway projects. A reduction in this factor could potentially lead to lower toll rates, which may affect the revenue streams of infrastructure trusts and companies operating in the highway sector.

MIT's Response

In a disclosure to the BSE Limited, Vikas Prakash, Company Secretary and Compliance Officer of Maple Infra InvIT Investment Manager Private Limited, stated:

"Maple Infrastructure Trust (MIT), the investment manager, the project manager and project SPVs of MIT, are evaluating the applicability and impact of the above circular issued by NHAI and appropriate course of action. All rights and remedies available to the Trust and its SPVs under applicable law and concession agreements are fully reserved."

Conclusion

The revision of the WPI linking factor by NHAI represents a significant development in the infrastructure sector, particularly for companies and trusts involved in highway projects. As Maple Infrastructure Trust assesses the implications of this change, stakeholders will be keenly watching for any potential adjustments to toll rates and the subsequent impact on project financials.

Investors and industry observers are advised to stay tuned for further updates from Maple Infrastructure Trust regarding their evaluation and any actions they may take in response to this regulatory change.