Cube Highways Trust
Incorporated in 2022, Cube Highways Trust
is registered with SEBI as an Infrastructure Investment Trust for roads assets[1]
- Market Cap ₹ 17,473 Cr.
- Current Price ₹ 130
- High / Low ₹ 134 / 119
- Stock P/E
- Book Value ₹ 82.0
- Dividend Yield 1.92 %
- ROCE 3.91 %
- ROE -0.68 %
- Face Value ₹ 100
Pros
Cons
- Company has low interest coverage ratio.
- Promoter holding has decreased over last quarter: -15.4%
- Company might be capitalizing the interest cost
* 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 | 3,523 | |
| 28 | 28 | 1,705 | 1,073 | 1,089 | |
| Operating Profit | -28 | -28 | 1,211 | 2,234 | 2,434 |
| OPM % | 42% | 68% | 69% | ||
| 0 | 0 | 158 | 146 | 73 | |
| Interest | 0 | 0 | 873 | 1,117 | 1,211 |
| Depreciation | 0 | 0 | 1,183 | 1,313 | 1,356 |
| Profit before tax | -28 | -28 | -687 | -50 | -60 |
| Tax % | 0% | 0% | 3% | -29% | |
| -28 | -28 | -706 | -36 | -39 | |
| EPS in Rs | -5.47 | -0.27 | -0.29 | ||
| Dividend Payout % | 0% | 0% | -207% | -4,223% |
| Compounded Sales Growth | |
|---|---|
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| TTM: | 15% |
| Compounded Profit Growth | |
|---|---|
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| TTM: | 94% |
| Stock Price CAGR | |
|---|---|
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| Return on Equity | |
|---|---|
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| Last Year: | -1% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|
| Equity Capital | 0.00 | 0.00 | 14,477 | 13,718 |
| Reserves | -29 | -29 | -1,528 | -2,281 |
| 0 | 0 | 10,735 | 15,115 | |
| 29 | 29 | 917 | 1,384 | |
| Total Liabilities | 0 | 0 | 24,601 | 27,936 |
| 0 | 0 | 22,142 | 24,480 | |
| CWIP | 0 | 0 | 114 | 23 |
| Investments | 0 | 0 | 1,353 | 0 |
| 0 | 0 | 993 | 3,433 | |
| Total Assets | 0 | 0 | 24,601 | 27,936 |
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)(i): Disclosure of material issue
1d - Record date 09-09-2025; CPs INR 1350 Crore (27,000) maturing 10-09-2025, ISIN INE0NR614013.
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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
29 Aug - ICRA reaffirmed [ICRA]AAA(Stable) for Cube Highways Trust's Rs10,950 crore bank limits and Rs3,862 crore NCDs on Aug 28, 2025.
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Reg 23(5)(i): Disclosure of material issue
20 Aug - Allotment of INR 820 crore AAA-rated NCDs in two tranches: 3.5yr@6.93%,10yr@7.3015%.
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Reg 23(5)(i): Disclosure of material issue
14 Aug - Cube Highways Trust's credit ratings reaffirmed/assigned AAA Stable for Rs.14,567 crore debt instruments.
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Reg 23(5)(i): Disclosure of material issue
14 Aug - Cube Highways Trust's credit ratings reaffirmed AAA (Stable); fresh NCD of Rs. 825 crore assigned AAA (Stable).
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.