Maple Infrastructure Trust has achieved a significant milestone with ICRA Limited assigning an issuer credit rating of [ICRA] AAA (Stable) on February 25, 2026. The rating agency also took comprehensive rating actions on the trust's debt instruments worth ₹4,050.00 crores, demonstrating strong confidence in the infrastructure investment trust's financial capabilities.

Credit Rating Assignment and Reaffirmation

ICRA Limited assigned the highest investment-grade issuer rating of AAA (Stable) to Maple Infrastructure Trust, marking a significant achievement for the infrastructure investment trust. The rating reflects the trust's strong credit profile and stable outlook in the infrastructure sector.

The rating agency simultaneously addressed multiple debt instruments through a combination of reaffirmations and new assignments:

Significant Term Loan Enhancement

The most notable aspect of the rating action was the substantial enhancement of the term loan facility from ₹1,000.00 crores to ₹3,750.00 crores. This represents a significant increase in the trust's borrowing capacity, indicating strong lender confidence and the trust's ability to service larger debt obligations.

Banking Partner Distribution

The rated facilities are distributed across multiple reputable financial institutions, providing diversified funding sources for the trust:

Regulatory Compliance and Disclosure

The trust has fulfilled its regulatory obligations under Regulation 23 of SEBI (Infrastructure Investment Trusts) Regulations, 2014, and the SEBI Master Circular for Infrastructure Investment Trusts dated July 11, 2025. The rating information has been formally communicated to BSE Limited and made available on the trust's website at www.maplehighways.com .

The facility structures include various sublimits and interchangeable arrangements, such as the DSRA Bank Guarantee limits of ₹160.00 crores with sublimit of short-term loans of ₹60.00 crores, and performance bank guarantee limits with overdraft sublimits, providing operational flexibility for the trust's infrastructure operations.

Maple Infrastructure Trust announced its quarterly results for the quarter ended December 31, 2025, with the board of directors meeting held on February 11, 2026. The infrastructure investment trust reported significant operational and financial developments during the third quarter of fiscal year 2026.

Financial Performance Overview

The trust demonstrated strong revenue growth across both standalone and consolidated operations during Q3FY26.

Standalone Financial Results

For the nine-month period ended December 31, 2025, standalone revenue from operations reached ₹3,889.33 million compared to ₹3,221.08 million in the corresponding period of the previous year.

Consolidated Financial Results

The consolidated results show substantial revenue growth, though the trust reported higher losses due to increased operational expenses and finance costs from the expanded asset base.

Major Acquisitions Completed

During the quarter, Maple Infrastructure Trust completed significant acquisitions that expanded its highway portfolio. The trust acquired 100% equity stakes in five highway projects through Share Purchase Agreements dated October 30, 2024, with amendments on October 9, 2025, and November 24, 2025.

Acquisition Details

All five entities became wholly-owned subsidiaries of the trust effective November 26, 2025. The acquisitions were accounted for as asset acquisitions rather than business combinations under Indian Accounting Standards.

Board Decisions and Corporate Governance

The board meeting held on February 11, 2026, addressed several key governance matters:

• Financial Results Approval: The board approved unaudited standalone and consolidated financial information for Q3FY26 and nine months ended December 31, 2025
• Director Re-appointment: Approved re-appointment of Ms. Seema Gupta (DIN: 06636330) as Independent Director for a second five-year term starting March 31, 2026, subject to member approval
• Audit Reports: Took on record the Limited Review Report issued by statutory auditors
• Compliance Review: Reviewed statement of deviations for the quarter ended December 31, 2025

Distribution History

The trust maintained its distribution track record with payments made during the fiscal year:

No distribution was declared for the quarter ended December 31, 2025.

Financial Ratios and Key Metrics

The consolidated financial metrics as of December 31, 2025, reflect the impact of recent acquisitions:

The trust's net worth increased to ₹45,152.42 million as of December 31, 2025, compared to ₹30,533.46 million in the previous year, primarily due to the expanded asset portfolio.

Operational Developments

The trust continues to address ongoing matters related to its subsidiary Shree Jagannath Expressways Private Limited, where conciliation proceedings with NHAI regarding project completion certificates are pending through a sole conciliator appointed during the period.

Additionally, the trust secured additional funding facilities of up to ₹37,500.00 million through a Rupee Term Loan Agreement signed on September 1, 2025, with National Bank for Financing Infrastructure and Development and Axis Bank Limited for refinancing and onward lending purposes.