Cube Highways Trust
Incorporated in 2022, Cube Highways Trust
is registered with SEBI as an Infrastructure Investment Trust for roads assets[1]
- Market Cap ₹ 16,013 Cr.
- Current Price ₹ 120
- High / Low ₹ 125 / 119
- Stock P/E 16.0
- Book Value ₹ 101
- Dividend Yield 9.17 %
- ROCE 7.79 %
- ROE 7.26 %
- Face Value ₹ 100
Pros
- Stock is trading at 1.18 times its book value
- Stock is providing a good dividend yield of 9.17%.
- Company has delivered good profit growth of 56.7% CAGR over last 5 years
Cons
- Company has low interest coverage ratio.
- The company has delivered a poor sales growth of 9.68% over past five years.
- Tax rate seems low
* 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.
Peer comparison
Half Yearly 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 | |
|---|---|---|---|---|---|---|
| 1,327 | 1,629 | 2,055 | 0 | 1,885 | 2,106 | |
| 532 | 750 | 1,113 | 28 | 715 | 42 | |
| Operating Profit | 795 | 878 | 942 | -28 | 1,169 | 2,064 |
| OPM % | 60% | 54% | 46% | 62% | 98% | |
| 62 | 376 | 102 | 0 | 12 | 0 | |
| Interest | 684 | 1,042 | 1,394 | 0 | 829 | 1,061 |
| Depreciation | 326 | 378 | 549 | 0 | 0 | 0 |
| Profit before tax | -152 | -165 | -899 | -28 | 353 | 1,004 |
| Tax % | -12% | 46% | -8% | 0% | 1% | 0% |
| -134 | -241 | -825 | -28 | 348 | 1,000 | |
| EPS in Rs | 2.70 | 7.49 | ||||
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 147% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 10% |
| 3 Years: | 1% |
| TTM: | 12% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 57% |
| 3 Years: | 47% |
| TTM: | 196% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | 20% |
| 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 | -224 | -354 | -224 | 74 | 144 | |
| ROCE % | 6% | 4% | -0% | 10% | 8% |
Documents
Announcements
-
Reg 23(5)(i): Disclosure of material issue
12 Jun - Cube Highways acquired 2 J&K annuity road projects from NIIF for ₹4,185 Cr, boosting cash flows by ₹2.3/unit annually.
-
Reg 23(5)(i): Disclosure of material issue
11 Jun - Traffic Due Diligence report for Ghaziabad Aligarh Expressway with updated traffic and revenue forecasts.
-
Reg 23(5)(d): Disclosure of details of any credit rating obtained by the InvIT and any change in such rating
9 Jun - India Ratings affirms Cube Highways Trust's AAA ratings; assigns A1+ to proposed CPs; minor NCD withdrawal.
-
Reg 23(5)(d): Disclosure of details of any credit rating obtained by the InvIT and any change in such rating
9 Jun - India Ratings affirms Cube Highways Trust's AAA ratings; assigns A1+ to proposed commercial papers worth INR13.5bn.
-
Reg 23(5)(d): Disclosure of details of any credit rating obtained by the InvIT and any change in such rating
5 Jun - Crisil assigns/reaffirms AAA/Stable and A1+ ratings on Cube Highways Trust's Rs.13,150 Cr debt facilities.
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.