Overview

Detailed Summary

Indian Highway Concessions Trust is an infrastructure investment trust focused on the road sector in India.
Sponsored by Maple Highways Pte Ltd, the trust is supported by CDPQ, a global institutional investor known for its extensive infrastructure investments.
The trust aims to integrate and manage substantial road projects, demonstrating a strong capacity for overseeing complex infrastructure assets.
The trust is actively involved in acquiring new assets, indicating potential growth and expansion in the Indian road sector.
Ambitious plans are underway with a private placement of units aiming to raise Rs 910 Crore, showcasing their intent to bolster financial strength.

Sector: Transport Infrastructure
Industry: Road Assets–Toll, Annuity, Hybrid-Annuity
Market Cap: 10,022 Cr
Volatility: —
P/E Ratio: -42.6
Industry P/E: 29.9
PEG Ratio: —
P/B Ratio: 1.6
52W High: 145.60
52W Low: 145.60

Sales CAGR

1Y: 8.48%
3Y: —
5Y: 17.24%
10Y: —

Profit CAGR

1Y: 42.74%
3Y: —
5Y: —
10Y: —

ROE

TTM: -2.48%
3Y: -5.08%
5Y: -5.32%
10Y: —

ROCE

TTM: 4.61%
3Y: 2.46%
5Y: 2.80%
10Y: —

Technicals

‌

Forecasts

Peers

Services Services Transport Infrastructure

Symbol	Watchlist	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
INTERISE		113.00	11,440 Cr	-163.77	2.41	7.36	2.87	8.51	0.73
MIT		145.60	10,022 Cr	-42.57	1.59	0.00	-2.48	4.61	-1.34
INDUSINVIT		124.46	5,599 Cr	13.01	1.13	3.61	9.21	8.72	5.93
IRBINVIT		60.55	4,886 Cr	20.14	0.69	9.50	9.76	4.50	2.16
ROADSTAR		62.00	3,097 Cr	-775.00	0.74	13.09	-2.54	3.83	-1.24
ANANTAM		105.02	2,306 Cr	0.10	0.89	0.00	—	—	0.00
BFUTILITIE		401.00	1,970 Cr	9.56	9.77	0.00	114.57	41.92	15.62
Median: 7 Co.	—	113.00	4,886 Cr	0.10	1.13	3.61	6.04	6.56	0.73

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales	199	197	212	228	242	218	468
Expenses	72	64	51	81	80	63	194
Operating Profit	128	133	162	147	162	156	274
OPM %	64.07	67.51	76.11	64.45	67.05	71.29	58.63
Other Income	1.07	5.48	0.52	1.54	0.46	0.63	0.52
Interest	103	105	105	101	103	101	194
Depreciation	68	69	69	68	72	72	125
Profit Before Tax	-42	-35	-12	-21	-13	-17	-45
Tax %	-5.98	-7.10	-21.24	-11.68	-19.62	-13.63	-2.62
Net Profit	-45	-38	-14	-24	-15	-19	-46
EPS in Rs	-1.27	-1.07	-0.41	-0.67	-0.43	—	—

Consolidated Profit Loss (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Sales	210	197	211	0.00	319	726	788
Expenses	69	37	68	1.61	160	295	267
Operating Profit	141	160	143	-1.61	159	432	521
OPM %	67.22	81.43	67.72	—	49.77	59.43	66.09
Other Income	2.92	5.30	5.87	0.00	20	47	57
Interest	127	142	140	0.15	210	419	414
Depreciation	30	31	33	0.00	119	261	274
Profit Before Tax	-13	-7.77	-25	-1.76	-149	-201	-111
Tax %	0.00	0.00	0.00	0.00	-2.78	-4.66	-9.05
Net Profit	-13	-7.77	-25	-1.76	-153	-211	-121
EPS in Rs	—	—	—	—	—	—	-3.42
Dividend Payout %	0.00	0.00	0.00	—	0.00	0.00	0.00

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	148	148	148	0.00	3,518	3,518	3,518
Reserves	-54	-62	-87	-3.50	-157	-368	-488
Borrowings	1,176	1,190	1,170	0.30	4,820	4,789	4,692
Other Liabilities	92	134	188	3.32	215	191	205
Total Liabilities	1,362	1,409	1,419	0.12	8,396	8,131	7,927
Fixed Assets	949	918	885	0.00	7,619	7,369	7,097
CWIP	312	334	366	0.00	1.07	0.00	0.00
Investments	18	45	31	0.00	34	0.00	0.00
Other Assets	84	113	136	0.12	741	762	829
Total Assets	1,362	1,409	1,419	0.12	8,396	8,131	7,927

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	151	177	177	-0.26	184	378	528
Cash from Investing Activity	-70	-71	-45	0.00	-6,658	-275	-42
Cash from Financing Activity	-95	-103	-125	0.30	6,858	-436	-509
Net Cash Flow	-14	3.50	5.97	0.04	384	-334	-23

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025
Promoters	75.00%	75.00%	75.00%	75.00%	75.00%	75.00%	75.00%	75.00%	75.00%
FIIs	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
DIIs	18.16%	18.16%	18.16%	18.16%	18.16%	18.10%	17.87%	17.87%	17.87%
Public	6.84%	6.84%	6.84%	6.84%	6.84%	6.90%	7.13%	7.13%	7.13%
Total Shareholders	0	0	0	0	0	0	0	0	0

Market Transactions

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Projection

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