Cube Highways Trust
₹ 146
0.00%
30 Mar
- close price
About
Incorporated in 2022, Cube Highways Trust
is registered with SEBI as an Infrastructure Investment Trust for roads assets[1]
Key Points
- Market Cap ₹ 19,623 Cr.
- Current Price ₹ 146
- High / Low ₹ 146 / 120
- Stock P/E 18.1
- Book Value ₹ 98.9
- Dividend Yield 6.99 %
- ROCE 7.75 %
- ROE 7.19 %
- Face Value ₹ 100
Pros
- Stock is providing a good dividend yield of 6.99%.
- Company is expected to give good quarter
- Company has delivered good profit growth of 56.4% CAGR over last 5 years
- Company has been maintaining a healthy dividend payout of 190%
- Promoter holding has increased by 9.98% over last quarter.
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
- Promoters have pledged 50.3% of their holding.
- 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.
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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 | 2,583 | |
| 532 | 750 | 1,113 | 28 | 715 | 42 | 200 | |
| Operating Profit | 795 | 878 | 942 | -28 | 1,169 | 2,054 | 2,382 |
| OPM % | 60% | 54% | 46% | 62% | 98% | 92% | |
| 62 | 376 | 102 | 0 | 12 | 10 | 10 | |
| Interest | 684 | 1,042 | 1,394 | 0 | 829 | 1,061 | 1,304 |
| Depreciation | 326 | 378 | 549 | 0 | 0 | 0 | 0 |
| Profit before tax | -152 | -165 | -899 | -28 | 353 | 1,004 | 1,088 |
| Tax % | -12% | 46% | -8% | 0% | 1% | 0% | |
| -134 | -241 | -825 | -28 | 348 | 1,000 | 1,085 | |
| EPS in Rs | 2.70 | 7.49 | 8.10 | ||||
| Dividend Payout % | 0% | 0% | 0% | 0% | 420% | 151% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 10% |
| 3 Years: | 1% |
| TTM: | 23% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 56% |
| 3 Years: | 47% |
| TTM: | -6% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | 17% |
| 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 | Sep 2025 | |
|---|---|---|---|---|---|---|---|
| Equity Capital | 734 | 779 | 852 | 0.00 | 14,477 | 13,718 | 13,440 |
| Reserves | 252 | -488 | -868 | -29 | -475 | -192 | -149 |
| 6,040 | 12,369 | 13,024 | 0 | 10,515 | 14,965 | 17,766 | |
| 1,538 | 3,315 | 2,472 | 29 | 23 | 133 | 142 | |
| Total Liabilities | 8,565 | 15,976 | 15,481 | 0 | 24,540 | 28,624 | 31,200 |
| 6,401 | 12,165 | 11,995 | 0 | 0 | 0 | 0 | |
| CWIP | 971 | 1,044 | 726 | 0 | 0 | 0 | 0 |
| Investments | 22 | 116 | 0 | 0 | 10,324 | 11,923 | 12,943 |
| 1,170 | 2,651 | 2,759 | 0 | 14,216 | 16,701 | 18,257 | |
| Total Assets | 8,565 | 15,976 | 15,481 | 0 | 24,540 | 28,624 | 31,200 |
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 |
| Free Cash Flow | 784 | -4,616 | -75 | 0 | -68 | -63 |
| CFO/OP | 112% | 154% | 106% | 0% | -5% | -3% |
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% |
Insights
In beta| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|
| Major Maintenance Expenses (WUPTPL) INR million |
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| Major Maintenance Expenses (JMTPL) INR million |
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| Major Maintenance Expenses (DATRPL) INR million |
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| Aggregate Road Length km |
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| Lane Configuration Capacity lane kms |
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| Number of Toll Operational SPVs Nos |
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Documents
Announcements
-
Reg 23(5)(i): Disclosure of material issue
31 Mar - Sponsor-group unitholders sold large holdings on 27–31 Mar 2026, Cube Highways stake fell to 18.79%, Cube Mobility to 9.943%.
-
Compliances-Reg. 57 (1) - Certificate of interest payment/Principal in case of NCD
30 Mar - Interest payments and partial/full NCD redemptions made on 30-Mar-2026; full call redemption Rs6,382,800,000.
-
Reg 23(5)(i): Disclosure of material issue
26 Mar - Trading window closed from April 1, 2026 until 48 hours after FY2025-26 financials announcement.
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Reg 23(5)(d): Disclosure of details of any credit rating obtained by the InvIT and any change in such rating
23 Mar - CRISIL assigned AAA/Stable and A1+ to Cube Highways Trust's Rs13,850 crore bank facilities on March 23, 2026.
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Reg 23(5)(i): Disclosure of material issue
18 Mar - Draft offer filed with SEBI (17 Mar 2026) to convert Cube Highways Trust to public listing; offer for sale.
Annual reports
No data available.
Concalls
-
Feb 2026Transcript PPT
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 27 road assets, including 18 NHAI toll road assets, 3 NHAI annuity assets and 6 NHAI HAM, with an aggregate length of 2,021 km (8,819 lane kms) spread across 12 states and 1 UT , and 27 toll plazas. The average operating history of the portfolio is 8.8 years. Average residual concession years is 18.2 years. AUM of Rs. 365 billion with toll AUM 85% and annuity AUM 15%.