Maple Infrastructure Trust , formerly known as Indian Highway Concessions Trust, has reported mixed financial results for the quarter and half-year ended September 30, 2025, while approving a distribution to unitholders.

Financial Highlights

For the half-year ended September 30, 2025:

• Revenue from operations reached Rs. 4,371.98 crore, up from Rs. 3,731.80 crore in the same period last year
• EBITDA margin improved to 67.66% from 65.41% year-over-year
• Net loss narrowed to Rs. 344.63 crore compared to a loss of Rs. 826.59 crore in H1 FY2025
• Cash flow from operating activities increased to Rs. 2,969.49 crore from Rs. 2,540.12 crore

Distribution Approved

The Board of Directors approved a distribution of Rs. 3.27 per unit, aggregating Rs. 1,150.45 crore for the half-year period. This distribution is to be paid within 5 days from the record date.

Operational Update

The trust operates toll road assets through its subsidiaries NCR Eastern Peripheral Expressway Private Limited (NCREPE) and Shree Jagannath Expressways Private Limited (SJEPL).

SJEPL continues to face challenges related to project completion delays and pending negotiations with NHAI regarding completion certificates. The company was granted a Provisional Completion Certificate for 56.88 km of the total 67 km project highway, with the final completion certificate still awaited for the remaining distance.

Impact of New NHAI Policy

The National Highways Authority of India (NHAI) introduced a Concessional Annual Pass for private vehicles effective August 15, 2025. This pass, priced at Rs. 3,000 per annum, allows toll-free crossings for one year or 200 trips, whichever occurs earlier. As a result, the trust's revenue for Q2 and H1 FY2026 includes Rs. 49.80 crore in compensation receivable from NHAI for revenue loss arising from this new policy.

Borrowings and Asset Value

As of September 30, 2025:

Maple Infrastructure Trust maintains investments and loans totaling over Rs. 31,000 crore in its subsidiaries.

The trust faces ongoing challenges but has shown some improvement in its financial performance. Investors may want to monitor the progress of negotiations with NHAI and the potential impact of policy changes on future toll revenues.

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.