Cube Highways Trust
₹ 155
-0.05%
01 Oct
- 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 ₹ 20,837 Cr.
- Current Price ₹ 155
- High / Low ₹ 165 / 131
- Stock P/E 15.3
- Book Value ₹ 97.3
- Dividend Yield 2.55 %
- ROCE 9.39 %
- ROE 10.6 %
- Face Value ₹ 100
Pros
- Company is expected to give good quarter
- Company has delivered good profit growth of 38.5% CAGR over last 5 years
- Company has been maintaining a healthy dividend payout of 202%
Cons
- Company has low interest coverage ratio.
- Tax rate seems low
- Company has a low return on equity of 8.05% over last 3 years.
- Promoters have pledged 50.3% of their holding.
- Working capital days have increased from 96.1 days to 221 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 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|
| 1,327 | 1,629 | 2,055 | 0 | 1,885 | 2,096 | 2,911 | 2,900 | |
| 532 | 750 | 1,113 | 28 | 715 | 42 | 137 | 169 | |
| Operating Profit | 795 | 878 | 942 | -28 | 1,169 | 2,054 | 2,774 | 2,731 |
| OPM % | 60% | 54% | 46% | 62% | 98% | 95% | 94% | |
| 62 | 376 | 102 | 0 | 12 | 10 | 11 | 11 | |
| Interest | 684 | 1,042 | 1,394 | 0 | 829 | 1,061 | 1,359 | 1,374 |
| Depreciation | 326 | 378 | 549 | 0 | 0 | 0 | 0 | 0 |
| Profit before tax | -152 | -165 | -899 | -28 | 353 | 1,004 | 1,426 | 1,368 |
| Tax % | -12% | 46% | -8% | 0% | 1% | 0% | 0% | |
| -134 | -241 | -825 | -28 | 348 | 1,000 | 1,423 | 1,364 | |
| EPS in Rs | 2.70 | 7.49 | 10.59 | 10.15 | ||||
| Dividend Payout % | 0% | 0% | 0% | 0% | 420% | 151% | 34% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 12% |
| 3 Years: | % |
| TTM: | 31% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 39% |
| 3 Years: | 275% |
| TTM: | 32% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | 16% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 8% |
| Last Year: | 11% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Equity Capital | 734 | 779 | 852 | 0.00 | 14,477 | 13,718 | 13,440 |
| Reserves | 252 | -488 | -868 | -29 | -475 | -192 | -362 |
| 6,040 | 12,369 | 13,024 | 0 | 10,515 | 14,965 | 17,543 | |
| 1,538 | 3,315 | 2,472 | 29 | 23 | 133 | 142 | |
| Total Liabilities | 8,565 | 15,976 | 15,481 | 0 | 24,540 | 28,624 | 30,763 |
| 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 | 12,919 |
| 1,170 | 2,651 | 2,759 | 0 | 14,216 | 16,701 | 17,844 | |
| Total Assets | 8,565 | 15,976 | 15,481 | 0 | 24,540 | 28,624 | 30,763 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| 895 | 1,356 | 863 | 0 | -68 | -63 | -84 | |
| -335 | -6,193 | -276 | 0 | -12,642 | -1,834 | 806 | |
| -661 | 5,366 | 183 | 0 | 12,711 | 1,913 | -652 | |
| Net Cash Flow | -100 | 530 | 770 | 0 | 0 | 16 | 69 |
| Free Cash Flow | 784 | -4,616 | -75 | 0 | -68 | -63 | -84 |
| CFO/OP | 112% | 154% | 106% | 0% | -5% | -3% | -3% |
Ratios
Standalone / View Consolidated
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Debtor Days | 18 | 17 | 13 | 0 | 0 | 0 | |
| Inventory Days | |||||||
| Days Payable | |||||||
| Cash Conversion Cycle | 18 | 17 | 13 | 0 | 0 | 0 | |
| Working Capital Days | -486 | -649 | -535 | -1 | 68 | 221 | |
| ROCE % | 6% | 4% | -0% | 10% | 8% | 9% |
Insights
In beta| Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|
| Assets Under Management (AUM) INR Bn |
|
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| Number of Assets in Portfolio count |
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| Average Daily Collection INR Mn per day |
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| Average Residual Concession Life years |
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| FASTag Annual Pass Adoption Rate % |
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| Lane Kilometers lane km |
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| Portfolio Traffic Growth (YoY in PCU terms) % |
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Documents
Announcements
-
Reg 23(5)(i): Disclosure of material issue
- Board to meet on October 6, 2026, to consider preferential unit issuance and unitholder approval.
-
Reg 23(5)(i): Disclosure of material issue
- Cube Highways Trust allotted ₹1,150 crore NCDs at 7.50% coupon, maturing September 30, 2031.
-
Reg 23(5)(i): Disclosure of material issue
- Trading window closes from October 1, 2026 until 48 hours after H1 FY2026 financial results.
-
Reg 23(5)(d): Disclosure of details of any credit rating obtained by the InvIT and any change in such rating
- Crisil assigned AAA/Stable rating to proposed ₹1,150 crore non-convertible debentures on September 24, 2026.
-
Reg 23(5)(d): Disclosure of details of any credit rating obtained by the InvIT and any change in such rating
- ICRA reaffirmed AAA/Stable ratings for ₹10,950 crore bank facilities and ₹5,012 crore NCDs on September 21, 2026.
Annual reports
No data available.
Concalls
-
Aug 2026Transcript PPT
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May 2026Transcript PPT
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Feb 2026Transcript PPT
Business Overview:[1]
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 2,005 km (8,754 lane
kms) spread across 12 states and 1 UT, and
27 toll plazas. The average operating history
of the portfolio is 9.2 years. Average residual concession years is 18 years. AUM of Rs. 368.42 billion with toll AUM 85% and annuity AUM 15%.