Cube Highways Trust
Incorporated in 2022, Cube Highways Trust
is registered with SEBI as an Infrastructure Investment Trust for roads assets[1]
- Market Cap ₹ 19,758 Cr.
- Current Price ₹ 147
- High / Low ₹ 152 / 126
- Stock P/E 18.2
- Book Value ₹ 98.9
- Dividend Yield 6.94 %
- ROCE 7.75 %
- ROE 7.19 %
- Face Value ₹ 100
Pros
- Stock is providing a good dividend yield of 6.94%.
- 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.
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: | 23% |
| 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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Extracted by Screener AI
Documents
Announcements
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Reg 23(5)(i): Disclosure of material issue
13h - Audit Committee and Board meet May 22, 2026 to approve FY26 results and possible Q4 distribution; record date May 27, 2026.
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Reg 23(5)(i): Disclosure of material issue
13h - Audit Committee and Board meet May 22, 2026 to approve FY26 results and consider Q4 distribution.
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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
30 Apr - Crisil, ICRA and India Ratings reaffirm Cube Highways Trust’s AAA/Stable ratings on loans, NCDs and CP.
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Reg 26K: Quarterly Compliance Report on Corporate governance
20 Apr - Submitted corporate governance compliance report for quarter ended March 31, 2026.
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Unit Holding Pattern
14 Apr - Cube Highways Trust filed March 31, 2026 unitholding pattern; sponsor group holds 36.48%, public 63.52%.
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%.