Maple Infrastructure Trust Management Discussions

Indian Economy¹

Indias economy sustained a stable growth trajectory in FY 2025–26, with real GDP expanding by 7.7%. High levels of consumption and investment, further strengthened by structural reforms and a supportive policy environment, drove this growth. Despite global economic headwinds, India remained among the fastest-growing major economies. Further, the CPI inflation moderated to 3.4% in March 2026, remaining within the Reserve Bank of Indias target range of 2%–6%. This moderation was aided by easing input costs and improved supply conditions.²

On the demand side, stable employment conditions and rising disposable incomes supported consumption. Tax reforms and the rationalisation of the Goods and Services Tax (GST) contributed to a 7.7% increase in private final consumption expenditure (PFCE). On the supply side, industrial activity remained strong throughout the year, driven by sustained infrastructure spending, resilient domestic demand, and consistent growth across core and manufacturing sectors.

The year saw rapid expansion of infrastructure such as highways, railways, ports and energy systems, with a growing focus on efficiency, competitiveness and better network integration. The

Governments capital outlay of 11.21 lakh crore for FY 2025 26 highlights the strategic emphasis on infrastructure-led growth.³

Outlook

Indias macroeconomic outlook remains resilient despite intensified geopolitical tensions and persistent global trade frictions. The countrys solid fundamentals, including steady growth, low inflation, and fiscal consolidation, provide the necessary strength to navigate the negative effects of increased global instability.

However, the recent surge in global crude oil prices and significant supply disruptions stemming from the West Asia conflict may trigger an uptick in inflationary pressure and impact economic growth in the near term. Balancing this, investment momentum is expected to be sustained by high-capacity utilisation, improved credit growth, robust balance sheets, and ongoing policy support. Further, accommodative monetary conditions are anticipated to strengthen urban consumption.

Public capital expenditure remains central to infrastructure development, with a budgeted outlay of 12.2 lakh crore for FY

2026–27. Increased capital spending is projected to crowd in private investment, generate employment and stimulate demand across sectors. It is also likely to support balanced regional development, particularly in Tier II and Tier III cities, through investments in housing, transport and urban infrastructure.⁴

Indias Infrastructure Overview

Infrastructure is the backbone of Indias economic growth and social development, enabling industrial activities, employment generation and improved living standards. A robust financing framework is critical to sustaining capital deployment, private sector participation and distributing project risks, thereby supporting sustainable and inclusive growth.

In a bid to boost investment in roads and highways, the Centre increased allocation for the Ministry of Road Transport and Highways (MoRTH) to H 3.10 lakh crore in the Union Budget 2026-

27, up from H 2.87 lakh crore in the previous fiscal. The National Highways Authority of India (NHAI) was allocated H1.87 lakh crore for FY27. The funds are to be used for the development of national highways, expressways and greenfield access-

Indian Roads and Highways Sector: Structural Evolution

India has the second-largest road network globally, supporting rising freight and passenger traffic. This is driving continued investment in construction, modernisation, maintenance, and improved logistics efficiency, along with greater use of technology.

Road Network Distribution in India (km)

Category	Length (km)	Share of Total (%)
National Highways	1,46,572	2.30%
State Highways	1,78,749	2.80%
Other Roads	60,48,260	94.90%
Total	63,73,581	100.00%

Road continues to remain the preferred mode for non-bulk transportation National Monetisation Pipeline

6% NMP 1.0 achieved 90% of its 6 lakh crore monetisation target, raising 5.3 lakh crore during FY 2022 25. The highest contributions came from sectors such as highways, coal, petroleum and natural gas, and ports. It also streamlined asset monetisation efforts through stronger regulatory support and facilitated wider participation from domestic and global investors, along with the development of infrastructure financing and operational capabilities.

NMP 2.0 targets to achieve 16.72 Lakh Crore by monetising assets from 12 sectors during FY26 to FY30, out of which 4.14 lakh crore is the expected monetisation from Highways. This amount, with the help of leverage for PPP & PSU projects could result in an increased investment of 12.2 Crore. Applying a capital expenditure multiplier of 3.25 (RBI estimate) on this amount, the investment is expected to increase the countrys

GDP by ~40 Lakh Crore over next 5-10 years

Trust overview

Maple Infrastructure Trust (‘MIT or ‘Trust), formerly known as Indian Highway Concessions Trust, is an infrastructure investment trust focused on the acquisition, operation and management of road assets across India.

The trust is institutionally owned and professionally managed, with sponsorship from Maple Highways Pte. Ltd., a marquee road platform backed by a leading institutional investor.

Since its inception, the platform has demonstrated the ability to onboard and manage complex infrastructure assets, supported by well-established systems and processes. Oversight is provided by an experienced management team and an independent board, ensuring adherence to the highest standards of governance, safety and operational efficiency.

As MIT steadily increases its national footprint, expanding its portfolio across high growth corridors, its focus remains to achieve strategic & geographic diversification along with stable and long-term distribution for its investors.

MIT stays committed to supporting Indias infrastructure transformation with a robust network of sustainable, high-quality road assets.

Note:

1. For NCREPE, toll length weighted Passenger Car Unit (PCU) is considered. 2. Toll revenue includes revenue from five toll road assets acquired from Ashoka Concessions Ltd. & its affiliates from the date of acquisition i.e. 26th Nov 2025; 3. Weighted average of FY26 Revenue as on March 31, 2026.

Acquisitions

During the year, Maple Infrastructure Trust acquired five toll road assets from Ashoka Concessions Limited and its affiliates. The portfolio comprises over 2,100 lane kilometres of operational NHAI toll road assets, strategically located along key economic corridors, including the Golden Quadrilateral and the East–West Corridor, across West Bengal, Karnataka, Maharashtra, Chhattisgarh and Odisha.

Post-acquisition, the Trusts portfolio expands from two assets aggregating 1,212 lane kilometres to seven assets with a combined length of 3,328 lane kilometres, representing a growth of over 1.7 times. The enlarged portfolio enhances geographic diversification and provides greater exposure to economically significant corridors, while reinforcing the Trusts focus on operational performance, safety standards and sustainable asset management.

The acquired portfolio includes strategically important assets such as Dhankuni–Kharagpur in West Bengal, Sambalpur–Baragarh in Odisha, Belgaum–Dharwad in Karnataka, Bhandara in Maharashtra and Durg in Chhattisgarh, each contributing to improved connectivity across industrial, commercial and logistics corridors.

Assets overview

1. Shree Jagannath Expressways Private Limited (SJEPL)

Shree Jagannath Expressways Private Limited (SJEPL) operatesa67kmsix-laneexpresswayconnectingBhubaneswar to Chandikhole on NH-16. The project forms part of the Golden Quadrilateral corridor linking Chennai to Kolkata, one of the countrys most significant freight and passenger routes.

The corridor passes through Bhubaneswar and Cuttack, two major economic centres in Odisha and is widely used by long-distance commercial vehicles connecting southern regions with eastern and north-eastern regions. In addition, the route carries consistent passenger traffic due to its connectivity to prominent tourism hubs such as Puri and Konark, located within a distance of approximately 90 km away.

Asset Features

Asset Feature	Details
SPV	SJEPL
Authority	NHAI
State	Odisha
Length (KM)	67
Lane Configuration	6 lanes
Concession End Date	17-Jan-38
Toll Plaza	1

2. NCR Eastern Peripheral Expressway Private Limited (NCREPE)

NCR Eastern Peripheral Expressway (NCREPE) Private Limited operates the six-lane Eastern Peripheral Expressway, an access-controlled greenfield corridor connecting Kundli to Palwal via Ghaziabad. The expressway has been developed as a solar-powered corridor and incorporates features such as cement concrete pavements, a design speed of 120 km per hour and advanced tolling infrastructure. It plays an important role in decongesting Delhi by diverting non-destined traffic and contributes to lower vehicular emissions in the National Capital Region. Maple Infrastructure Trust acquired the asset under the Toll-Operate-Transfer (TOT) Bundle 7 concession for a period of 20 years. The expressway serves as a critical connectivity link for industrial and infrastructure activities across regions, linking key nodes within the NCR and its satellite cities. It also provides an important access to the upcoming Noida

International Airport at Jewar, strengthening its strategic relevance within the regional transport network.

Asset Features

Asset Feature	Details
SPV	NCREPE
Authority	NHAI
State	Haryana and Uttar Pradesh
Length (KM)	135
Lane Configuration	6 lanes
Concession End Date	10-Nov-42
Toll Plaza	Access controlled, 13 (1 under construction & 1 expected to be constructed)

3. Sambalpur Baragarh Tollway Limited (SBTL)

Sambalpur Baragarh Tollway Limited (SBTL) operates a 88 km, 4 lane highway connecting Sambalpur to Baragarh on NH-6 in Odisha under a concession from the National Highways Authority of India.

The project stretch lies in the state of Odisha, which is rich in natural resources and is one of the largest minerals producing state (by value) in India. It is part of the East-West corridor on NH-6 and serves high freight traffic catering to nearby industrial hubs including mining, iron & steel industries, etc. Key industrial manufacturing companies near the project stretch include JSW Bhushan Power &

Steel Limited, Mahanadi Coalfields Limited, Rourkela Steel Plant, National Aluminum Company, Vedanta, Aditya Birla, UltraTech Cement, Jindal Steel and Power, etc.

Asset Features

Asset Feature	Details
SPV	SBTL
Authority	NHAI
State	Odisha
Length (KM)	88
Lane configuration	4 lanes
Concession End Date	18-Jan-42
Toll Plaza	1

4. Durg Baghnadi Tollway Limited (DBTL)

Durg Baghnadi Tollway Limited (DBTL) operates a 83 km, 4 lane highway connecting Durg Bypass-Chhatisgarh to Maharashtra Border on NH-6 in Chhattisgarh under a concession from the National Highways Authority of India. The project stretch lies in the state of Chhattisgarh, a resource-rich state with the third largest coal reserves in the country. It is part of the East-West corridor on NH-6 and serves industrial areas catering to cement, steel and mining, rail wagon manufacturing, food & beverages, solar power plant, etc. Project road has various industrial estates including Bhilai Industrial Area, Urla Industrial Complex, Rasamada Industrial Area, etc.

Asset Features

Asset Feature	Details
SPV	DBTL
Authority	NHAI
State	Chhattisgarh
Length (Km)	83
Lane configuration	4 lanes
Concession End Date	18-Mar-29
Toll Plazas	1

5. Bhandara Tollway Limited (BTL)

Bhandara Tollway Limited (BTL) operates a 72 km, 4 lane highway connecting Bhandara to Chhatisgarh-Maharashtra Border on NH-6 in Maharashtra under a concession from the National Highways Authority of India.

The project stretch lies in the state of Maharashtra, having the highest gross state domestic product in India. It is also one of the most industrialised states in India. It is part of the East-West corridor on NH-6 and serves industrial and agricultural areas catering to brass, limestone and rice industries.

Asset Features

Asset Feature	Details
SPV	BTL
Authority	NHAI
State	Maharashtra
Length (Km)	72
Lane configuration	4 lanes
Concession End Date	15-Mar-28
Toll Plazas	1

6. Dhankuni Kharagpur Tollway Limited (DKTL)

Dhankuni Kharagpur Tollway Limited (DKTL) operates a 111 km, 6 lane highway connecting Dhankuni to Kharagpur on NH-6 in West Bengal under a concession from the National Highways Authority of India.

The project stretch lies in the state of West Bengal, which is emerging as one of the major industrial hubs for the country. It is part of Golden Quadrilateral (GQ) connecting Dankuni, one of the largest commercial hubs near Kolkata and the industrial towns of Kharagpur and Haldia. Key growth drivers near the project road include proximity to Haldia Port, Kolkata Port, Vidyasagar Industrial Park, Uluberia Industrial area, Plasto Steel Park, Raniganj Industrial Area, etc.

Asset Features

Asset Feature	Details
SPV	DKTL
Authority	NHAI
State	West Bengal
Length (KM)	111
Lane configuration	6 lanes
Concession End Date	27-May-37
Toll Plaza	2

7. Belgaum Dharwad Tollway Limited (BDTL)

Belgaum Dharwad Tollway Limited (BDTL) operates a 79 km,

6 lane highway connecting Belgaum to Dharwad on NH-4 in Karnataka under a concession from the National Highways Authority of India.

The project stretch lies in the state of Karnataka, which has multiple industries including mining, electrical equipment & machinery, aircraft manufacturing, heavy industries, etc. It is part of GQ and along NH-4; caters to long-distance traffic between Chennai–Bengaluru–Chitradurga and Pune–Mumbai North India.

Asset Features

Asset Feature	Details
SPV	BDTL
Authority	NHAI
State	Karnataka
Length (KM)	79
Lane configuration	6 lanes
Concession End Date	28-Aug-45
Toll Plaza	1

Risk Management

Mitigating risks to harness opportunities and drive sustainable growth

At Maple Highways, a proactive, structured and disciplined approach to risk management is integral to sustainable and responsible growth. The Trust promotes a robust risk management framework aligned with its growth strategy, business objectives and future asset acquisition plans by embedding risk awareness into organisational culture and strategic decision-making. It remains committed to safeguarding and maximising stakeholder value and continuously strives to make effective, risk-informed business decisions. A comprehensive risk governance framework with clearly defined roles and responsibilities has been established. Structured processes are in place for the early identification, assessment, mitigation, monitoring and reporting of risks arising from internal and external factors. The framework also assesses risks to business continuity and defines appropriate recovery mechanisms. Opportunities are evaluated and pursued in alignment with the Trusts strategy, risk appetite and applicable regulatory requirements.

The framework facilitates the identification, assessment, categorisation and management of both risks and opportunities. A robust governance structure supports the monitoring and review of risk exposure on a quarterly basis, with clearly defined roles and responsibilities at each level.

Governance Structure

Risk management responsibility is distributed across the organisation through three key governance pillars: Risk Oversight, Risk Infrastructure and Management and Risk Ownership. This structure ensures accountability across senior management and employees at both Trust and Project SPVs levels.

The Board of Directors oversees the overall risk management framework.

The Risk Management Committee, comprising three Directors (two Non-Executive Non-Independent Directors and one Independent Director), serves as the apex body for risk oversight. It reviews risk management practices on a periodically basis, updates the Board, establishes control standards and monitors compliance.

The Executive Committee integrates risk management into its agenda and ensures the timely mitigation of identified risks. It also consolidates risk reporting across SPVs and the corporate level for submission to the Risk Management Committee.

Risk management is led by a Chief Risk Coordinator, who reports to the Executive Committee on existing and emerging risks.

At the SPV level, each unit has established an SPV Risk Council responsible for reporting risks to the Executive Committee. This is supported by an SPV Risk Coordinator who convenes quarterly reviews of risks and mitigation plans.

ERM Framework

The Board has constituted a Risk Management Committee to oversee the implementation of the Enterprise Risk Management (ERM) programme in compliance with the Companies Act, 2013, SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and SEBI (Infrastructure Investment Trusts) Regulations, 2014.

The Trust follows an integrated risk management approach that consolidates enterprise-level risks, SPV risks and crisis management, ensuring consistency and alignment across all business functions.

The ERM process, as detailed further in the framework, is illustrated below.

Risk Appetite and Tolerance

Maple Infrastructure Trust has defined its risk appetite and tolerance levels to objectively risk assessment and decision-making. The Board determines the overall risk appetite, reflecting the level of risk the Trust is willing to assume in pursuit of its strategic objectives. Risk tolerance operationalises this framework through measurable parameters. Each identified risk is assessed on a five-point impact scale.

Risk Identification

Risk identification involves recognising and documenting uncertainties or risks that may impact the achievement of functional, organisational and business objectives, or threaten to business continuity. The trust also undertakes initiatives to identify emerging risks, even where their probability or impact may not yet be fully quantifiable. Such risks, though evolving, are monitored and may be incorporated into the risk register as they mature.

A multi-stakeholder approach is adopted to ensure effective risk identification. Employees are encouraged to actively contribute in the risk management process, enabling early detection and improved understanding of risks. Regulatory and legal insights are also utilised to anticipate potential risks and precursor events.

Risk Analysis, Evaluation and Prioritisation

The risk analysis and assessment process considers multiple factors, including the underlying causes of risks, their potential positive and negative impacts, the likelihood of occurrence and the speed at which their effects may materialise. Each risk is assigned a score based on impact, likelihood and velocity, using a five-point scale. This scoring enables management to prioritise risks and implement appropriate strategies for their effective mitigation.

Continuous Monitoring and Review

Given the dynamic and evolving nature of risks, continuous monitoring and review are essential. Both the external environment and internal controls, as well as the business strategy, are regularly evaluated to understand risk dynamics and respond proactively. This approach ensures timely implementation of necessary controls and mitigation measures.

The following measures have been implemented to ensure a robust risk monitoring and review system:

All risk owners are accountable for monitoring the risks assigned to them.

Risk owners coordinate with the SPV/corporate risk coordinator regarding response plans, their status and the development of new strategies based on periodic reassessment and effectiveness of existing mitigations.

Structured risk meetings are conducted regularly at both SPV and corporate levels, wherein key risks, along with response plans, are reviewed by project/functional heads.

Execution of risk mitigation plans is tracked to ensure that risks remain within defined tolerance limits.

Based on the Residual Risk Score from Risk Register, Key Risks are as Follows –

Risk Description

1 Failure to ensure the required safety measures may lead to user safety issues.

2 Failure to ensure the required safety measures may lead to occupational safety issues.

3 Capability to manage the execution of large-scale projects and O&M activities.

4 Capability to define and achieve ESG goals.

5 Exposure to cyberattacks and network breaches.

6 Ability to generate funds for distribution to unitholders.

7 Operational disruptions arising from geopolitical issues.

8 Capability to achieve strategic and business objectives.

9 Disputes with the Authority, including unpredictable actions and misinterpretation of the Concession Agreement by the Authority.

10 Operational disruptions arising from public protests and natural disasters.

11 Non-compliance with key regulations, the Concession

12 Agreement and debt documents. Changes in regulations impacting the InvIT, concessionaires, or the business in general.

Internal Control System

The Trust has an adequate internal control system in place to ensure compliance and uphold good governance. The group has established a structured internal control framework along with robust governance practices to ensure adherence to applicable regulations. The Investment Manager has set up the process of audit and review of compliances with SEBI InvIT Regulations and related regulatory frameworks. The Independent Auditor audits the standalone and consolidated financial statements and confirms their compliance with Indian Accounting Standards (Ind AS) and SEBI regulations.

Cautionary Statement

The expressions ‘Maple Infrastructure Trust and ‘the Trust are used interchangeably and denote ‘Maple Infrastructure Trust along with its Project SPVs, as applicable. This annual report contains certain statements regarding the future and may include projections. Such forward-looking statements are typically identified by words like ‘aim, ‘anticipate, ‘believe, ‘expect, ‘estimate, ‘intend, ‘objective, ‘plan, ‘project, ‘will, ‘will continue, ‘will pursue, ‘seek to, or similar expressions. In addition, statements outlining strategies, objectives, plans, or goals are also regarded as forward-looking statements.

All forward-looking statements are subject to risks, uncertainties and assumptions. Actual outcomes may differ materially from those indicated in these forward-looking statements or projections due to various risks and uncertainties. These include, but are not limited to, regulatory changes impacting the infrastructure sector in India and the Trusts ability to respond to them; effective execution of the Trusts strategies and objectives; growth and expansion initiatives; technological developments; market risks faced by the Trust; prevailing economic and political conditions in India that could affect the Trusts business and investments; monetary and fiscal policies; inflation or deflation; unforeseen volatility in interest rates, foreign exchange rates, equity prices, or other financial indicators; performance of financial markets in India and globally and changes in domestic laws, regulations, taxation and competition within the infrastructure sector.