Cube Highways Trust
Incorporated in 2022, Cube Highways Trust
is registered with SEBI as an Infrastructure Investment Trust for roads assets[1]
- Market Cap ₹ 21,208 Cr.
- Current Price ₹ 158
- High / Low ₹ 165 / 129
- Stock P/E 144
- Book Value ₹ 72.8
- Dividend Yield 8.73 %
- ROCE 6.44 %
- ROE 1.38 %
- Face Value ₹ 100
Pros
- Company is expected to give good quarter
Cons
- Company has low interest coverage ratio.
- Company has a low return on equity of -2.54% over last 3 years.
- 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 | Mar 2026 | |
|---|---|---|---|---|---|
| 0 | 0 | 2,916 | 3,307 | 4,239 | |
| 28 | 28 | 1,705 | 1,073 | 1,122 | |
| Operating Profit | -28 | -28 | 1,211 | 2,234 | 3,117 |
| OPM % | 42% | 68% | 74% | ||
| 0 | 0 | 158 | 146 | 118 | |
| Interest | 0 | 0 | 873 | 1,117 | 1,465 |
| Depreciation | 0 | 0 | 1,183 | 1,313 | 1,444 |
| Profit before tax | -28 | -28 | -687 | -50 | 325 |
| Tax % | 0% | 0% | 3% | -29% | 33% |
| -28 | -28 | -706 | -36 | 217 | |
| EPS in Rs | -5.47 | -0.27 | 1.61 | ||
| Dividend Payout % | 0% | 0% | -207% | -4,223% | 222% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| TTM: | 28% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 94% |
| TTM: | 278% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | 20% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | -3% |
| Last Year: | 1% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
| Equity Capital | 0.00 | 0.00 | 14,477 | 13,718 | 13,440 |
| Reserves | -29 | -29 | -1,528 | -2,281 | -3,657 |
| 0 | 0 | 10,735 | 15,115 | 17,665 | |
| 29 | 29 | 917 | 1,384 | 1,905 | |
| Total Liabilities | 0 | 0 | 24,601 | 27,936 | 29,353 |
| 0 | 0 | 22,142 | 24,480 | 23,337 | |
| CWIP | 0 | 0 | 114 | 23 | 11 |
| Investments | 0 | 0 | 1,353 | 0 | 500 |
| 0 | 0 | 993 | 3,433 | 5,505 | |
| Total Assets | 0 | 0 | 24,601 | 27,936 | 29,353 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
| 0 | 0 | 1,870 | 2,916 | 3,803 | |
| 0 | 0 | -404 | -155 | -271 | |
| 0 | 0 | -1,224 | -2,186 | -3,869 | |
| Net Cash Flow | 0 | 0 | 242 | 575 | -337 |
| Free Cash Flow | 0 | 0 | 1,359 | 2,735 | 3,742 |
| CFO/OP | 0% | 0% | 157% | 131% | 124% |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
| Debtor Days | 8 | 18 | 19 | ||
| Inventory Days | |||||
| Days Payable | |||||
| Cash Conversion Cycle | 8 | 18 | 19 | ||
| Working Capital Days | -101 | -15 | 53 | ||
| ROCE % | 1% | 4% | 6% |
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
1 Aug - Sponsor group entities sold units in OFS on 31 July 2026; holdings fell to 15.02%, 0.05%, and 3.56%.
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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.
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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
30 Jul - Cube Highways Trust received IND AAA/Stable ratings on ₹83,146.90 million bank loans and ₹42,550 million NCDs.
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%.