Cube Highways Trust
Incorporated in 2022, Cube Highways Trust
is registered with SEBI as an Infrastructure Investment Trust for roads assets[1]
- Market Cap ₹ 17,876 Cr.
- Current Price ₹ 133
- High / Low ₹ 135 / 119
- Stock P/E
- Book Value ₹ 82.0
- Dividend Yield 1.88 %
- 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 | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| TTM: | 15% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| TTM: | 94% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | 13% |
| 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 | |
|---|---|---|---|---|
| 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
2d - Cube Highways Trust trading window closed from Oct 1, 2025 until 48 hours after Sep 30, 2025 financial results announcement.
-
Reg 23(5)(i): Disclosure of material issue
25 Sep - Sponsor CH III pledged 78,044,436 units (5.81% outstanding) to SMBC from 22.09.2025 to 25.09.2026.
-
Reg 23(5)(i): Disclosure of material issue
10 Sep - Redeemed INR 1,350 crore CPs (ISIN INE0NR614013), 27,000 papers, maturity/payment on 10-Sep-2025.
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Reg 23(5)(i): Disclosure of material issue
3 Sep - Record date 09-09-2025; CPs INR 1350 Crore (27,000) maturing 10-09-2025, ISIN INE0NR614013.
-
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.
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.