Cube Highways Trust
Incorporated in 2022, Cube Highways Trust
is registered with SEBI as an Infrastructure Investment Trust for roads assets[1]
- Market Cap ₹ 18,817 Cr.
- Current Price ₹ 140
- High / Low ₹ 146 / 120
- Stock P/E 940
- Book Value ₹ 79.2
- Dividend Yield 7.29 %
- 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 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 | 3,923 | |
| 28 | 28 | 1,705 | 1,073 | 1,169 | |
| Operating Profit | -28 | -28 | 1,211 | 2,234 | 2,754 |
| OPM % | 42% | 68% | 70% | ||
| 0 | 0 | 158 | 146 | 125 | |
| Interest | 0 | 0 | 873 | 1,117 | 1,413 |
| Depreciation | 0 | 0 | 1,183 | 1,313 | 1,424 |
| Profit before tax | -28 | -28 | -687 | -50 | 42 |
| Tax % | 0% | 0% | 3% | -29% | |
| -28 | -28 | -706 | -36 | 20 | |
| EPS in Rs | -5.47 | -0.27 | 0.15 | ||
| Dividend Payout % | 0% | 0% | -207% | -4,223% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| TTM: | 20% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| TTM: | -86% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | 17% |
| 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% |
Insights
In beta| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|
| Major Maintenance Expenses (WUPTPL) INR million ・Standalone data |
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| Major Maintenance Expenses (JMTPL) INR million ・Standalone data |
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| Major Maintenance Expenses (DATRPL) INR million ・Standalone data |
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| Aggregate Road Length km |
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| Lane Configuration Capacity lane kms |
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| Number of Toll Operational SPVs Nos |
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Documents
Announcements
-
Reg 23(5)(i): Disclosure of material issue
10 Mar - Re-appointment of Ms. Fereshte Dhunjishaw Sethna as Independent Director from March 16, 2026 to March 15, 2029.
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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
6 Mar - CRISIL assigned long-term AAA/Stable and short-term A1+ to Cube Highways Trust's Rs13,850 crore bank facilities on Mar 5, 2026.
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Reg 23(5)(i): Disclosure of material issue
27 Feb - Board approved Feb 27, 2026: replace project manager with subsidiary CHAPA(P)L, subject to NHAI and regulatory approvals.
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Reg 23(5)(i): Disclosure of material issue
20 Feb - Unitholders approved sponsor change to CH‑V, conversion to public InvIT and asset acquisitions on Feb 19–20, 2026.
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Reg 23(5)(i): Disclosure of material issue
17 Feb - Sponsor released encumbrance of 78,044,436 units (5.81%) on Feb 16, 2026.
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%.