Cube Highways Trust
Incorporated in 2022, Cube Highways Trust
is registered with SEBI as an Infrastructure Investment Trust for roads assets[1]
- Market Cap ₹ 18,211 Cr.
- Current Price ₹ 135
- High / Low ₹ 136 / 119
- Stock P/E 17.7
- Book Value ₹ 100
- Dividend Yield 1.85 %
- 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.
- Promoter holding has decreased over last quarter: -15.4%
- 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: | 13% |
| 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 26K: Quarterly Compliance Report on Corporate governance
18 Oct - Cube Highways Trust files corporate governance compliance report for quarter ended September 30, 2025.
-
Unit Holding Pattern
16 Oct - Unitholding pattern as of Sep 30, 2025: 134,40,69,762 units; Sponsor holds 41.40% (55,63,81,123).
-
Investor Complaints
9 Oct - Investor complaints statement: zero complaints for quarter ended September 30, 2025.
-
Reg 23(5)(i): Disclosure of material issue
1 Oct - NHAI circular (Sep 13, 2025) lowers WPI linking factor from 1.641 to 1.561; Cube InvIT assessing impact.
-
Reg 23(5)(i): Disclosure of material issue
26 Sep - Cube Highways Trust trading window closed from Oct 1, 2025 until 48 hours after Sep 30, 2025 financial results announcement.
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.