Cube Highways Trust
Incorporated in 2022, Cube Highways Trust
is registered with SEBI as an Infrastructure Investment Trust for roads assets[1]
- Market Cap ₹ 17,338 Cr.
- Current Price ₹ 129
- High / Low ₹ 134 / 119
- Stock P/E 16.8
- Book Value ₹ 100
- Dividend Yield 1.94 %
- ROCE 7.75 %
- ROE 7.19 %
- Face Value ₹ 100
Pros
- Company has delivered good profit growth of 56.4% CAGR over last 5 years
- Company has been maintaining a healthy dividend payout of 190%
Cons
- Company has low interest coverage ratio.
- The company has delivered a poor sales growth of 9.57% over past five years.
- Tax rate seems low
- Working capital days have increased from 33.5 days to 68.2 days
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|
| 1,327 | 1,629 | 2,055 | 0 | 1,885 | 2,096 | 2,218 | |
| 532 | 750 | 1,113 | 28 | 715 | 42 | 41 | |
| Operating Profit | 795 | 878 | 942 | -28 | 1,169 | 2,054 | 2,178 |
| OPM % | 60% | 54% | 46% | 62% | 98% | 98% | |
| 62 | 376 | 102 | 0 | 12 | 10 | 2 | |
| Interest | 684 | 1,042 | 1,394 | 0 | 829 | 1,061 | 1,148 |
| Depreciation | 326 | 378 | 549 | 0 | 0 | 0 | 0 |
| Profit before tax | -152 | -165 | -899 | -28 | 353 | 1,004 | 1,032 |
| Tax % | -12% | 46% | -8% | 0% | 1% | 0% | |
| -134 | -241 | -825 | -28 | 348 | 1,000 | 1,030 | |
| EPS in Rs | 2.70 | 7.49 | 7.71 | ||||
| Dividend Payout % | 0% | 0% | 0% | 0% | 420% | 151% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 10% |
| 3 Years: | 1% |
| TTM: | 11% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 56% |
| 3 Years: | 47% |
| TTM: | 193% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | % |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| Last Year: | 7% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|
| Equity Capital | 734 | 779 | 852 | 0.00 | 14,477 | 13,718 |
| Reserves | 252 | -488 | -868 | -29 | -475 | -192 |
| 6,040 | 12,369 | 13,024 | 0 | 10,515 | 14,965 | |
| 1,538 | 3,315 | 2,472 | 29 | 23 | 133 | |
| Total Liabilities | 8,565 | 15,976 | 15,481 | 0 | 24,540 | 28,624 |
| 6,401 | 12,165 | 11,995 | 0 | 0 | 0 | |
| CWIP | 971 | 1,044 | 726 | 0 | 0 | 0 |
| Investments | 22 | 116 | 0 | 0 | 10,324 | 11,923 |
| 1,170 | 2,651 | 2,759 | 0 | 14,216 | 16,701 | |
| Total Assets | 8,565 | 15,976 | 15,481 | 0 | 24,540 | 28,624 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|
| 895 | 1,356 | 863 | 0 | -68 | -63 | |
| -335 | -6,193 | -276 | 0 | -12,642 | -1,834 | |
| -661 | 5,366 | 183 | 0 | 12,711 | 1,913 | |
| Net Cash Flow | -100 | 530 | 770 | 0 | 0 | 16 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|
| Debtor Days | 18 | 17 | 13 | 0 | 0 | |
| Inventory Days | ||||||
| Days Payable | ||||||
| Cash Conversion Cycle | 18 | 17 | 13 | 0 | 0 | |
| Working Capital Days | -486 | -649 | -535 | -1 | 68 | |
| ROCE % | 6% | 4% | -0% | 10% | 8% |
Documents
Announcements
-
Reg 23(5)(i): Disclosure of material issue
2d - Cube Highways Trust's credit ratings reaffirmed/assigned AAA Stable for Rs.14,567 crore debt instruments.
-
Reg 23(5)(i): Disclosure of material issue
2d - Cube Highways Trust's credit ratings reaffirmed AAA (Stable); fresh NCD of Rs. 825 crore assigned AAA (Stable).
-
Reg 23(5)(i): Disclosure of material issue
2d - Sponsor group entities disclosed sale of Cube Highways Trust units worth INR 9.28 crore in August 2025.
-
Reg 23(5)(i): Disclosure of material issue
6 Aug - Sponsor sold 24,05,350 units, reducing holding by 0.537% in Cube Highways Trust.
-
Reg 23(5)(i): Disclosure of material issue
6 Aug - Cube Highways Q1 FY26: 10.3% revenue growth, 6.3% traffic rise, INR 336 Cr distribution, strong AAA rating.
Annual reports
No data available.
Business Overview:[1][2][3]
CHT is an infrastructure investment trust (InvIT) in the roads and highways sector. It is one of the largest InvITs in the road assets sector and operates 25 road assets, including 18 NHAI toll road assets, 1 NHAI annuity, 6 NHAI HAM and one state toll project, with an aggregate length of 1,940 km (8,450 lane kms) spread across12 states, and 27 toll plazas.
Further, the InvIT is acquiring one state toll road project NAMEL by end of FY25.