Cube Highways Trust
Incorporated in 2022, Cube Highways Trust
is registered with SEBI as an Infrastructure Investment Trust for roads assets[1]
- Market Cap ₹ 21,227 Cr.
- Current Price ₹ 158
- High / Low ₹ 165 / 129
- Stock P/E 15.0
- Book Value ₹ 97.3
- Dividend Yield 8.73 %
- 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
- 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.
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 | |
|---|---|---|---|---|---|---|---|
| 1,327 | 1,629 | 2,055 | 0 | 1,885 | 2,096 | 2,911 | |
| 532 | 750 | 1,113 | 28 | 715 | 42 | 137 | |
| Operating Profit | 795 | 878 | 942 | -28 | 1,169 | 2,054 | 2,774 |
| OPM % | 60% | 54% | 46% | 62% | 98% | 95% | |
| 62 | 376 | 102 | 0 | 12 | 10 | 11 | |
| Interest | 684 | 1,042 | 1,394 | 0 | 829 | 1,061 | 1,359 |
| Depreciation | 326 | 378 | 549 | 0 | 0 | 0 | 0 |
| Profit before tax | -152 | -165 | -899 | -28 | 353 | 1,004 | 1,426 |
| Tax % | -12% | 46% | -8% | 0% | 1% | 0% | 0% |
| -134 | -241 | -825 | -28 | 348 | 1,000 | 1,423 | |
| EPS in Rs | 2.70 | 7.49 | 10.59 | ||||
| Dividend Payout % | 0% | 0% | 0% | 0% | 420% | 151% | 34% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 12% |
| 3 Years: | % |
| TTM: | 39% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 39% |
| 3 Years: | 275% |
| TTM: | 43% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | 20% |
| 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 Figures in Rs. Crores / 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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Extracted by Screener AI
Documents
Announcements
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Reg 23(5)(i): Disclosure of material issue
10m - Audit Committee and Board meet August 14, 2026 for Q1 results, distributions, and financing decisions.
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Reg 23(5)(i): Disclosure of material issue
1 Aug - Sponsor group entities sold units in OFS on 31 July 2026; holdings fell to 15.02%, 0.05%, and 3.56%.
-
Unitholding pattern post capital restructuring
1 Aug - Post-allotment unitholding pattern released after OFS conversion to public InvIT on July 31, 2026.
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Reg 23(5)(i): Disclosure of material issue
30 Jul - Cube Highways Trust becomes a public InvIT from July 31, 2026; 1.344 billion units admitted.
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Reg 23(5)(i): Disclosure of material issue
30 Jul - Cube Highways Trust converts to public InvIT from July 31, 2026; 1,344,069,762 units admitted.
Annual reports
No data available.
Concalls
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May 2026Transcript PPT
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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%.