Cube Highways Trust
Incorporated in 2022, Cube Highways Trust
is registered with SEBI as an Infrastructure Investment Trust for roads assets[1]
- Market Cap ₹ 18,488 Cr.
- Current Price ₹ 138
- High / Low ₹ 146 / 119
- Stock P/E 597
- Book Value ₹ 79.2
- Dividend Yield 4.43 %
- ROCE 3.91 %
- ROE -0.68 %
- Face Value ₹ 100
Pros
- Promoter holding has increased by 9.98% over last quarter.
Cons
- Company has low interest coverage ratio.
- Company might be capitalizing the interest cost
- Promoters have pledged or encumbered 50.3% of their holding.
* 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
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|
| 0 | 0 | 2,916 | 3,307 | 3,720 | |
| 28 | 28 | 1,705 | 1,073 | 1,102 | |
| Operating Profit | -28 | -28 | 1,211 | 2,234 | 2,618 |
| OPM % | 42% | 68% | 70% | ||
| 0 | 0 | 158 | 146 | 109 | |
| Interest | 0 | 0 | 873 | 1,117 | 1,327 |
| Depreciation | 0 | 0 | 1,183 | 1,313 | 1,382 |
| Profit before tax | -28 | -28 | -687 | -50 | 18 |
| Tax % | 0% | 0% | 3% | -29% | |
| -28 | -28 | -706 | -36 | 31 | |
| EPS in Rs | -5.47 | -0.27 | 0.23 | ||
| Dividend Payout % | 0% | 0% | -207% | -4,223% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| TTM: | 18% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| TTM: | -62% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | 14% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| Last Year: | -1% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|
| Equity Capital | 0.00 | 0.00 | 14,477 | 13,718 | 13,440 |
| Reserves | -29 | -29 | -1,528 | -2,281 | -2,798 |
| 0 | 0 | 10,735 | 15,115 | 17,898 | |
| 29 | 29 | 917 | 1,384 | 1,713 | |
| Total Liabilities | 0 | 0 | 24,601 | 27,936 | 30,252 |
| 0 | 0 | 22,142 | 24,480 | 23,880 | |
| CWIP | 0 | 0 | 114 | 23 | 0 |
| Investments | 0 | 0 | 1,353 | 0 | 0 |
| 0 | 0 | 993 | 3,433 | 6,372 | |
| Total Assets | 0 | 0 | 24,601 | 27,936 | 30,252 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|
| 0 | 0 | 1,870 | 2,916 | |
| 0 | 0 | -1,033 | -155 | |
| 0 | 0 | -1,224 | -2,186 | |
| Net Cash Flow | 0 | 0 | -387 | 575 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|
| Debtor Days | 8 | 18 | ||
| Inventory Days | ||||
| Days Payable | ||||
| Cash Conversion Cycle | 8 | 18 | ||
| Working Capital Days | -101 | -15 | ||
| ROCE % | 1% | 4% |
Documents
Announcements
-
Reg 23(5)(d): Disclosure of details of any credit rating obtained by the InvIT and any change in such rating
25 Nov - Crisil assigned CRISIL AAA/Stable and A1+ to Rs.13,850 crore bank facilities on Nov 24, 2025.
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Reg 23(5)(i): Disclosure of material issue
11 Nov - Cube Highways Trust Investment Manager released OFS notice reflected in BENPOS dated Nov 07, 2025.
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Reg 23(5)(i): Disclosure of material issue
6 Nov - Board to evaluate converting InvIT to public, offer-for-sale of units, acquisitions and fundraising (Nov 6, 2025).
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Reg 23(5)(i): Disclosure of material issue
4 Nov - Q2 FY26 investor presentation: INR3.6/unit Q2 distribution, H1 INR6.1/unit, INR8,200mn H1 distributions, AUM INR365.19bn
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Reg 23(5)(i): Disclosure of material issue
30 Oct - Declared INR 3.60/unit distribution (Rs4,838.65m); Q2 results; NAV Rs79.17 book / Rs143 fair.
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 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%.