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.

Maple Infrastructure Trust , a prominent player in India's toll road infrastructure sector, has released its financial results for the quarter ended June 30, revealing a mixed performance across its standalone and consolidated operations.

Standalone Performance

On a standalone basis, Maple Infrastructure Trust demonstrated strong financial health. The Trust reported a total income of ₹1,234.41 crore for Q1, with a significant profit after tax of ₹1,095.75 crore. This translated to an earnings per unit of ₹3.11.

Consolidated Results

However, the consolidated financial picture painted a different story. While the Trust's total consolidated income stood at ₹2,426.00 crore, it reported a loss after tax of ₹151.15 crore, resulting in a loss per unit of ₹0.43.

Key Financial Metrics

The Trust's consolidated financial statements revealed some important metrics:

Asset Portfolio and Borrowings

Maple Infrastructure Trust operates toll road assets in India through its subsidiaries, including NCR Eastern Peripheral Expressway Private Limited (NCREPE) and Shree Jagannath Expressways Private Limited (SJEPL). As of June 30, the Trust maintained total borrowings of ₹46,655.77 crore, with a net borrowing ratio of 40.60%.

Project Updates

The Trust's subsidiary, SJEPL, continues to face ongoing negotiations with the National Highways Authority of India (NHAI) regarding project completion delays. While SJEPL received a Provisional Completion Certificate for 56.88 km of the total 67 km project highway, the completion certificate for the remaining stretch is still pending. The Trust's management believes that the delay is not attributable to SJEPL and expects no significant liability to arise from this matter.

Distribution to Unitholders

No distribution was declared for the quarter ended June 30. This comes after a distribution of ₹2.14 per unit was paid to unitholders in May for the previous financial year.

Future Outlook

Maple Infrastructure Trust is poised for potential growth, having entered into transaction documents in October to acquire approximately 100% shareholding and economic interests in five projects of Ashoka Concessions Limited and its affiliates. These projects collectively span around 2,100 lane kilometers, subject to customary closing conditions and statutory clearances.

As Maple Infrastructure Trust navigates through the complexities of infrastructure development and management, stakeholders will be keenly watching how the Trust balances its growth ambitions with financial prudence in the coming quarters.