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 17.4
- Book Value ₹ 98.9
- Dividend Yield 7.29 %
- ROCE 7.75 %
- ROE 7.19 %
- Face Value ₹ 100
Pros
- Stock is providing a good dividend yield of 7.29%.
- Company is expected to give good quarter
- Company has delivered good profit growth of 56.4% CAGR over last 5 years
- Company has been maintaining a healthy dividend payout of 190%
- Promoter holding has increased by 9.98% over last quarter.
Cons
- Company has low interest coverage ratio.
- The company has delivered a poor sales growth of 9.57% over past five years.
- Tax rate seems low
- Promoters have pledged 50.3% of their holding.
- Working capital days have increased from 33.5 days to 68.2 days
* 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
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|
| 1,327 | 1,629 | 2,055 | 0 | 1,885 | 2,096 | 2,583 | |
| 532 | 750 | 1,113 | 28 | 715 | 42 | 200 | |
| Operating Profit | 795 | 878 | 942 | -28 | 1,169 | 2,054 | 2,382 |
| OPM % | 60% | 54% | 46% | 62% | 98% | 92% | |
| 62 | 376 | 102 | 0 | 12 | 10 | 10 | |
| Interest | 684 | 1,042 | 1,394 | 0 | 829 | 1,061 | 1,304 |
| Depreciation | 326 | 378 | 549 | 0 | 0 | 0 | 0 |
| Profit before tax | -152 | -165 | -899 | -28 | 353 | 1,004 | 1,088 |
| Tax % | -12% | 46% | -8% | 0% | 1% | 0% | |
| -134 | -241 | -825 | -28 | 348 | 1,000 | 1,085 | |
| EPS in Rs | 2.70 | 7.49 | 8.10 | ||||
| Dividend Payout % | 0% | 0% | 0% | 0% | 420% | 151% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 10% |
| 3 Years: | 1% |
| TTM: | 23% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 56% |
| 3 Years: | 47% |
| TTM: | -6% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | 15% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| Last Year: | 7% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|
| Equity Capital | 734 | 779 | 852 | 0.00 | 14,477 | 13,718 | 13,440 |
| Reserves | 252 | -488 | -868 | -29 | -475 | -192 | -149 |
| 6,040 | 12,369 | 13,024 | 0 | 10,515 | 14,965 | 17,766 | |
| 1,538 | 3,315 | 2,472 | 29 | 23 | 133 | 142 | |
| Total Liabilities | 8,565 | 15,976 | 15,481 | 0 | 24,540 | 28,624 | 31,200 |
| 6,401 | 12,165 | 11,995 | 0 | 0 | 0 | 0 | |
| CWIP | 971 | 1,044 | 726 | 0 | 0 | 0 | 0 |
| Investments | 22 | 116 | 0 | 0 | 10,324 | 11,923 | 12,943 |
| 1,170 | 2,651 | 2,759 | 0 | 14,216 | 16,701 | 18,257 | |
| Total Assets | 8,565 | 15,976 | 15,481 | 0 | 24,540 | 28,624 | 31,200 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|
| 895 | 1,356 | 863 | 0 | -68 | -63 | |
| -335 | -6,193 | -276 | 0 | -12,642 | -1,834 | |
| -661 | 5,366 | 183 | 0 | 12,711 | 1,913 | |
| Net Cash Flow | -100 | 530 | 770 | 0 | 0 | 16 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|
| Debtor Days | 18 | 17 | 13 | 0 | 0 | |
| Inventory Days | ||||||
| Days Payable | ||||||
| Cash Conversion Cycle | 18 | 17 | 13 | 0 | 0 | |
| Working Capital Days | -486 | -649 | -535 | -1 | 68 | |
| ROCE % | 6% | 4% | -0% | 10% | 8% |
Documents
Announcements
-
Reg 23(5)(d): Disclosure of details of any credit rating obtained by the InvIT and any change in such rating
7h - Crisil reaffirmed AAA/Stable and A1+ ratings on Cube Highways' Rs13,850cr bank loans, NCDs (Rs1,600cr) and Rs1,350cr CP.
-
Reg 23(5)(i): Disclosure of material issue
2d - Proposed public listing and sponsor change; acquire four assets adding ~₹7,200 crore AUM; issue approx 30.02 crore units; vote by Feb 19-20.
-
Reg 23(5)(i): Disclosure of material issue
3 Feb - Investor call Feb 6, 2026; Q3 FY26 presentation; declared INR 4.10/unit distribution; AUM INR 360.93bn.
-
Reg 18(6): Disclosure of record date for purpose of distribution
30 Jan - Declared INR4.10/unit (Rs5,510.51m) distribution; conversion to public via OFS; sponsor change; acquisitions; up to Rs2,500Cr financing
-
Reg 23(5)(i): Disclosure of material issue
30 Jan - DPU ₹4.10 (₹551 crore) for Q3 FY26; proposed acquisition of four road assets; record date Feb 4, 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%.