Cube Highways Trust

Mainboard · BSE listed

+1.97%

Listing gain

Price Band

₹151 – ₹152

Issue Size

₹5,000 Cr

1 lot at upper band

₹14,440

Lot Size

Open

22 Jul 2026

24 Jul 2026

Allotment

—

Listing

29 Jul 2026

Scheduled dates

Open

22 Jul 2026
Close

24 Jul 2026
Refund

28 Jul 2026
Demat credit

28 Jul 2026
Listing

29 Jul 2026

Listing Performance

Listing Price

₹155

Listing Gain

+1.97%

Day Close

—

Current (LTP)

— (—)

GMP Trend*

Daily grey market premium (₹). Unofficial.

Latest GMP: ₹1.75 7 sessions

Subscription (times)

Latest per-category subscription · as of 24 Jul, 05:02 pm IST.

QIB 13.20x

NII 4.74x

BHNI 4.63x

Total 9.35x

About Cube Highways Trust

Cube Highways Trust is a SEBI-registered Indian Infrastructure Investment Trust (InvIT), sponsored by Cube Highways and Infrastructure V Pte. Ltd., established to acquire and operate road assets in India under the public-private partnership model. As of September 30, 2025, the Trust operates 27 road assets spanning 8,754 lane kilometers across 12 states and one union territory, with a weighted average residual concession period of 18.44 years. The Trust is backed by marquee institutional investors including BCI, Mubadala, I Squared Capital, and ADIA, and has raised ₹134,406.97 million in unit capital since settlement. It maintains an AAA/Stable credit rating and has delivered cumulative distributions of ₹35,897.35 million (DPU of ₹27.19) since its listing in April 2023.

www.cubehighwaystrust.com ↗

Strengths

Dedicated Growth Vehicle and Access to Strong Pipeline of ROFO Assets

The company operates a differentiated growth structure via a Sponsor-level GrowthCo vehicle, enabling asset stabilisation before transfer to the Trust. Since listing in April 2023, nine assets have been added, growing Enterprise Value/AUM to ₹365,199.18 million as of September 30, 2025, with three ROFO assets available for potential acquisition.
Large and Diversified Portfolio of Highway Assets

The company holds 27 Existing Portfolio Assets spanning 8,754 lane kilometers across 12 states and one union territory, with four Proposed Portfolio Assets adding 1,056.68 lane kilometers. The weighted average residual concession life is 18.44 years, with traffic comprising approximately 72% passenger and 28% commercial vehicles.
Differentiated and Proven M&A Capabilities

The company has expanded its portfolio from 18 to 27 assets since listing, with Enterprise Value/AUM growing from ₹236,807.96 million to ₹365,199.18 million. Acquisitions span BOT, HAM, TOT, and annuity models, including a ₹33.46 billion NIIF transaction completed in June 2025.
Strong Portfolio Construction Capabilities

The company follows a disciplined, traffic-led acquisition approach with assets averaging 8.71 years of operating history and 18.44 years of residual concession life. Historical traffic growth has been recorded at 8.7% CAGR in absolute vehicle count and 5.99% CAGR in PCU terms during Financial Years 2023–2025.
Advanced Asset Management and Maintenance Expertise

The company employs lifecycle-based asset management using proprietary tools such as Road-Aid, HiRate, BuildAid, and AI-powered systems, along with advanced materials like PMB and HiMA. The Project Manager oversees more than 8,000 lane kilometers with centralized procurement and an in-house R&D centre.

Risk Factors

Dependence on Annuity Payments from NHAI:

A significant portion of the Trust's revenue is derived from annuity-based and HAM projects, where fixed periodic payments are contractually payable by NHAI. Annuity revenue accounted for approximately 12.51% of revenue from operations in FY2025 (₹4,135.70 million), and delays, deductions, or adverse GST treatment on historical annuity receipts could materially reduce net cash flows and distributions to Unitholders.
High Debt Levels and Refinancing Risk:

As of December 31, 2025, the Trust's consolidated borrowings stood at approximately ₹178,834.52 million, representing a net borrowing ratio of 46.86%, with 71.37% of borrowings at variable rates as of September 30, 2025. Any credit rating downgrade from the current 'AAA/Stable' rating, interest rate volatility, or tightening liquidity could significantly increase borrowing costs and impair the Trust's ability to refinance or make distributions.
History of Losses an Uncertainty of Future Profitability:

The Trust has incurred losses of ₹260.36 million for the six months ended September 30, 2024, and ₹357.20 million, ₹7,059.15 million, and ₹277.88 million for FY2025, FY2024, and FY2023, respectively. While a profit of ₹406.85 million was recorded for the six months ended September 30, 2025, there is no assurance of continued profitability, which could adversely affect distributions to Unitholders.
Toll Collection and Traffic Volume Uncertainty:

Toll revenues, which constituted 85.50% of revenue from operations in FY2025 (₹28,275.30 million), are subject to risks including competing infrastructure, regulatory caps on toll rate escalation, government-mandated exemptions, toll leakage via FASTag misuse, and macroeconomic factors affecting traffic volumes. The NHAI's proposed revision of the WPI linking factor and introduction of a ₹3,000 annual user pass scheme could further limit toll revenue growth.
Concession Agreement Termination and Expiry Risk:

The Trust's portfolio assets operate under fixed-term concession agreements, with several assets having short residual lives (e.g., APEPL at 1.00 year and WUPTPL at 0.73 years as of September 30, 2025). Premature termination due to events of default, or failure to extend or replace expiring concessions, could result in loss of operating rights and materially reduce revenue, cash flows, and distributions.

Financial Snapshot

Annual values as reported in the offer document.

Year end	Revenue	Rev. growth	Profit	Profit growth	Assets	Equity	Operating cash flow
31/03/2026	4359.03	+26.2%	216.72	—	29398.47	9782.91	3802.94
31/03/2025	3453.15	+12.3%	-35.72	—	28000.15	11437.45	2916.35
31/03/2024	3074.10	—	-686.85	—	24625.75	12948.99	1869.94

Units: crores

Issue Details

Face Value: ₹10
Shares / Lot: 95
Minimum Bid: 95 shares
Refund: 28 Jul 2026
Credit to Demat: 28 Jul 2026
ISIN: INE0NR623014
CIN: ININVIT002223002
Registrar: Kfin Technologies Ltd.
Lead Managers: Kotak Mahindra Capital Co.Ltd.
Registered Office: B-376, Upper Ground Floor, Nirman Vihar, New Delhi 110 092

RHP ↗DRHP ↗

Management

Vinay Chandramouli SekarCEO

* Grey Market Premium is unofficial, indicative data from unregulated grey-market dealers. It is not published by NSE, BSE, SEBI or the issuer, and is not a forecast of the listing price.