Cube Highways Trust
Incorporated in 2022, Cube Highways Trust
is registered with SEBI as an Infrastructure Investment Trust for roads assets[1]
- Market Cap ₹ 21,032 Cr.
- Current Price ₹ 156
- High / Low ₹ 165 / 129
- Stock P/E 75.9
- Book Value ₹ 72.8
- Dividend Yield 2.52 %
- ROCE 6.44 %
- ROE 1.38 %
- Face Value ₹ 100
Pros
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 | TTM | |
|---|---|---|---|---|---|---|
| 0 | 0 | 2,916 | 3,307 | 4,239 | 4,421 | |
| 28 | 28 | 1,705 | 1,073 | 1,122 | 1,190 | |
| Operating Profit | -28 | -28 | 1,211 | 2,234 | 3,117 | 3,231 |
| OPM % | 42% | 68% | 74% | 73% | ||
| 0 | 0 | 158 | 146 | 118 | 121 | |
| Interest | 0 | 0 | 873 | 1,117 | 1,465 | 1,485 |
| Depreciation | 0 | 0 | 1,183 | 1,313 | 1,444 | 1,453 |
| Profit before tax | -28 | -28 | -687 | -50 | 325 | 414 |
| Tax % | 0% | 0% | 3% | -29% | 33% | |
| -28 | -28 | -706 | -36 | 217 | 277 | |
| EPS in Rs | -5.47 | -0.27 | 1.61 | 2.06 | ||
| 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: | 808% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | 19% |
| 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 |
|
||
| Number of Assets in Portfolio count |
|||
| Average Daily Collection INR Mn per day |
|||
| Average Residual Concession Life years |
|||
| FASTag Annual Pass Adoption Rate % |
|||
| Lane Kilometers lane km |
|||
| Portfolio Traffic Growth (YoY in PCU terms) % |
|||
Extracted by Screener AI
Documents
Announcements
-
Reg 23(5)(d): Disclosure of details of any credit rating obtained by the InvIT and any change in such rating
- India Ratings affirmed IND AAA/Stable on debt; withdrew ratings on redeemed NCDs and commercial paper.
-
Reg 23(5)(i): Disclosure of material issue
- Cube Highways Trust released Q1 FY27 investor call transcript; revenue rose 19.3% to ₹1,127 crore, distribution ₹531 crore.
-
Reg 23(5)(i): Disclosure of material issue
- Cube Highways Trust released Q1 FY27 investor presentation and call details; DPU ₹3.95, revenue up 19.31% YoY.
-
Reg 23(5)(i): Disclosure of material issue
- Q1 FY27 revenue rose 19.3%; DPU ₹3.95, record date August 19, payout by August 26.
-
Reg 23(5)(i): Disclosure of material issue
- No deviation in use of Rs. 637 crore debt proceeds for quarter ended June 30, 2026.
Annual reports
No data available.
Concalls
-
May 2026Transcript PPT
-
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%.