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Cube Highways Trust

CUBEINVIT NSE
₹153.94 0.01 (0.01%)
P/E
74.73

Cube Highways Trust (CUBEINVIT) share price was ₹153.94 at the 28 Oct 2026 close; P/E (TTM) 74.73; sector Services. The share price rose 13.6% over the year to 28 Oct 2026 (adjusted for splits and bonuses). In the Jun 2026 quarter, revenue rose 19.3% year on year to ₹1,126.6 Cr and net profit was ₹61 Cr, against under ₹1 Cr a year earlier (compared with Jun 2025). Promoters held 36.48% of Cube Highways Trust in Jun 2026, up 3.60 percentage points from Mar 2026. Its Tapetide Score is 57/100 (Good) as of 28 Oct 2026.

Close 28 Oct 2026 ₹153.94 +18.44 +13.61% 1Y

Key Fundamentals

SmallcapTransport InfrastructureServices
P/E (TTM)
74.73
Return on Equity
2.22%
Debt to Equity
1.81
Book Value
₹72.79
EPS (TTM)
₹2.06
52W High
₹165.00
52W Low
₹131.00

Price-based figures as of 28 Oct 2026, 15:31 IST · EPS basis: Consolidated · TTM

Peer Comparison

Services › Transport Infrastructure › Road AssetsToll, Annuity, Hybrid-Annuity

National Highways Infra Trust
₹167.5140.5635,821 Cr1.381.90%2.88%4.14%4,613 Cr798 Cr
Cube Highways Trust (this company)
₹153.9474.7320,699 Cr2.112.57%2.22%6.40%4,542 Cr277 Cr
Vertis Infrastructure Trust
₹114.9720.8717,440 Cr1.682.81%9.74%9.44%4,252 Cr871 Cr
Interise Trust
₹109.75249.4311,440 Cr2.732.14%-1.34%6.90%3,645 Cr47 Cr
Maple Infrastructure Trust
——9,981 Cr1.6410.21%-2.64%3.65%2,035 Cr-157 Cr
Indus Infra Trust
₹124.9415.547,606 Cr0.982.85%9.81%9.19%853 Cr390 Cr
RaajMarg Infra Investment Trust
₹119.76133.077,200 Cr1.202.01%0.00%0.00%237 Cr57 Cr
Median 7 companies₹122.3557.6511,440 Cr1.642.57%2.22%6.40%3,645 Cr277 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the live price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

Data-driven rating, 0–100. How it works →

As of 2026-10-28
v2.0.0
57 Good
Overall score
Data confidence 95/100

Category scores

Quality Strong 85
Returns, margins, earnings quality 22%
Valuation Average 47
Cheap vs sector & own history 24%
Growth Strong 67
Sales & profit trajectory 9%
Financial Health Poor 15
Solvency, leverage, coverage 9%
Momentum Good 64
Trend strength, vol-adjusted 12%
Ownership Average 50
FII/DII/promoter flows 24%

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

Weaknesses

3
  • 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.

Technical Indicators

Oscillators

BearishNeutralBullish

Neutral

Bearish
2
Neutral
5
Bullish
2

Overall

BearishNeutralBullish

Neutral

Bearish
7
Neutral
5
Bullish
7

Moving Averages

BearishNeutralBullish

Neutral

Bearish
5
Neutral
0
Bullish
5

Growth Rate

Revenue Growth
28%

change over 1 year

Net Income Growth
808% higher than 3Y

change over 1 year

AI Analysis — Bull vs Bear

Figures as of 23 Oct 2026
AI opinion · based on fundamentals
Risk high

Cube Highways Trust (CUBEINVIT) trades at ₹152.82 as of 2026-10-23 with a market cap of ₹20,576 Cr. The InvIT shows strong recent revenue momentum (TTM sales growth of 28%) and a dramatic profit turnaround (TTM profit growth of 808%), but carries elevated leverage (debt-to-equity of 1.81), a weak return on equity profile (ROE of 2.22%, with a 3-year average of -3%), and significant promoter pledge of 50.3%.

Bull Case 7
  • TTM revenue growth of 28% indicates strong toll collection momentum and asset ramp-up across the highway portfolio
  • TTM profit growth of 808% signals a significant turnaround from prior-period losses, with EPS now positive at ₹2.06
  • 3-year compounded profit CAGR of 94% reflects a sustained trajectory of improving profitability over multiple periods
  • Dividend yield of 2.57% provides a regular income stream, which is a core attraction for InvIT structures
  • Stock has delivered a 1-year CAGR of 13% and a 3-year CAGR of 15%, showing consistent price appreciation
  • Trading at ₹152.82 versus the 52-week low of ₹131, the unit price is well above its recent trough, suggesting sustained investor interest
  • Highway toll assets benefit from inflation-linked tariff escalations, providing a degree of built-in revenue growth over concession periods
Bear Case 8
  • PE ratio of 74.18x is significantly elevated, implying the market is pricing in substantial future growth that may or may not materialise
  • Debt-to-equity ratio of 1.81 reflects high leverage, and the company is flagged for low interest coverage ratio, raising refinancing and servicing risk
  • Promoters have pledged 50.3% of their holding, which creates risk of forced selling or loss of control in a downturn
  • ROE of just 2.22% (last year 1%, 3-year average of -3%) indicates the trust has struggled to generate adequate returns on unitholders' equity
  • ROCE of 6.4% is modest relative to the cost of debt implied by a 1.81x debt-to-equity structure, questioning value creation above capital costs
  • Price-to-book ratio of 2.1x means investors pay more than double the book value despite the weak ROE profile, a potential mismatch
  • Trading at ₹152.82 versus the 52-week high of ₹165, the unit is about 7.4% below its peak, suggesting some recent loss of momentum
  • Several growth metrics (5-year and 10-year sales, profit, and ROE CAGRs) are unavailable, limiting visibility into long-term operating consistency

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

6h ago
Headwinds 2
  • Mubadala sells 3.35% stake Sep 29

    Mubadala is offloading 4.50 crore units at a floor price of ₹153/unit, totaling ~₹668 crore. The deal size is roughly 37x average daily volume, creating potential short-term selling pressure of 2-4%.

  • Elevated valuation at 74.73 P/E Sep 29

    Cube Highways trades at a P/E of 74.73 with a modest 2.32% dividend yield, suggesting growth expectations are already priced in near the 52-week high of ₹165.

Positives 5
  • Strong revenue growth of 28.2% Sep 29

    Revenue from operations jumped 28.2% YoY to ₹42,389 million in FY26 with EBITDA margins at a healthy 74.2%, underpinning robust cash flow generation.

  • Q1 FY27 toll revenue up 11.5% Sep 29

    Toll revenue grew 11.5% YoY to ₹9,181 million in Q1 FY27, driven by 9.3% traffic growth and 97.1% FASTag penetration.

  • Portfolio expanded to 27 assets Sep 29

    The trust has grown from 18 to 27 road assets spanning 2,005 km across 12 states, with four more signed and a near-term target of 34 assets.

  • AAA credit ratings maintained Sep 29

    Cube Highways holds AAA ratings from CRISIL, ICRA, and India Ratings, with a conservative Net Debt/AUM of 45.17% and 17.8 years average residual concession life.

  • Minimal block deal discount Sep 29

    The ₹153 floor price represents just a 0.66% discount to market and is actually above the July 2026 IPO price of ₹152, signaling strong institutional demand.

Neutral 3
  • Q2FY27 results call Oct 29 Oct 22

    Cube Highways Trust has scheduled an investor call on October 29, 2026 to discuss Q2FY27 and H1FY27 financial results for the period ended September 30, 2026.

  • Mubadala retains sponsor-level stake Sep 29

    Despite exiting the listed InvIT, Mubadala maintains investments at the sponsor and development company level, indicating continued long-term belief in the platform.

  • First private-to-public InvIT conversion Sep 29

    Cube Highways completed India's first private-to-public InvIT conversion in July 2026 through a ₹5,000 crore Offer for Sale, setting a precedent for the market.

TL;DR: Cube Highways Trust is operationally strong with 28.2% revenue growth, expanding asset base (27 roads, targeting 34), and AAA credit ratings. The key near-term risk is supply overhang from Mubadala's ₹668 crore block sale, though the minimal discount and continued sponsor-level investment suggest this is capital recycling rather than a loss of confidence. Valuation is stretched at 74.73x P/E, but the 86:14 toll-annuity mix and 17.8-year concession life provide long-term visibility. The upcoming Q2FY27 results on October 29 will be the next catalyst to confirm whether the growth trajectory holds.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
781
729
753
798
792
820
850
846
944
1,052
1,081
1,162
1,127
Expenses
359
982
231
133
257
268
243
306
272
281
310
261
338
Operating Profit
422
-253
522
665
535
552
607
540
672
770
771
901
788
OPM %
54%
-35%
69%
83%
68%
67%
71%
64%
71%
73%
71%
78%
70%
Other Income
1
5
3
5
39
38
36
32
30
40
24
27
30
Interest
192
235
219
228
251
287
280
299
345
402
366
352
365
Depreciation
249
315
312
307
316
324
334
339
358
350
377
359
366
PBT
-18
-798
-6
135
8
-21
28
-66
-2
58
52
217
87
Tax %
13%
-1%
135%
10%
51%
45%
-85%
-6%
-130%
30%
21%
38%
30%
Net Profit
-20
-793
-14
122
4
-30
52
-62
0
40
41
135
61
EPS (₹)
-0.16
-6.15
-0.11
0.94
0.03
-0.22
0.39
-0.46
0
0.3
0.31
1
0.45
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
0
0
2,916
3,307
4,239
4,421
Expenses
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%
Other Income
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
PBT
-28
-28
-687
-50
325
414
Tax %
0%
0%
3%
-29%
33%
—
Net Profit
-28
-28
-706
-36
217
277
EPS (₹)
—
—
-5.47
-0.27
1.61
2.06
Div. Payout %
0%
0%
-207%
-4223%
222%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
0
0
14,477
13,718
13,440
Reserves
-29
-29
-1,528
-2,281
-3,657
Borrowings
0
0
10,735
15,115
17,665
Other Liabilities
29
29
917
1,384
1,905
Total Liabilities
0
0
24,601
27,936
29,353
Fixed Assets
0
0
22,142
24,480
23,337
CWIP
0
0
114
23
11
Investments
0
0
1,353
0
500
Other Assets
0
0
993
3,433
5,505
Total Assets
0
0
24,601
27,936
29,353
Figures in ₹ Crores

Cash Flow

Particulars Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
0
0
1,870
2,916
3,803
Investing
0
0
-404
-155
-271
Financing
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/EBITDA
0
0
157
131
124
Figures in ₹ Crores

Ratios

Particulars Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
—
—
8
18
19
Cash Conversion Cycle
—
—
8
18
19
Working Capital Days
—
—
-101
-15
53
ROCE %
—
—
1%
4%
6%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view Cube Highways Trust insights

31 extracted metrics + investor summaries across FY22–FY27.

Shareholding Pattern

DIIs7.45%Others48.37%Public7.69%Promot.36.48%As ofJun 2026
50.26% of promoter holding pledged as of 14 Oct 2026

Documents

Frequently Asked Questions about Cube Highways Trust

What does Cube Highways Trust do?
Incorporated in 2022, Cube Highways Trust is registered with SEBI as an Infrastructure Investment Trust for roads assets[1]
Where is Cube Highways Trust (CUBEINVIT) listed?
Cube Highways Trust trades as CUBEINVIT on the NSE and under code 543899 on the BSE.
Which sector does Cube Highways Trust belong to?
Cube Highways Trust is classified under the Services sector, in the Transport Infrastructure industry.
What is the PE ratio of Cube Highways Trust?
Cube Highways Trust trades at a PE ratio of 74.73 as of 28 Oct 2026, on earnings per share of ₹2.06, against a book value of ₹72.79 per share.
What is the 52-week high and low of Cube Highways Trust?
Over the last 52 weeks Cube Highways Trust has traded between ₹131 and ₹165 as of 28 Oct 2026.
Does Cube Highways Trust pay dividends?
Cube Highways Trust has a dividend yield of 2.57%.
What is the Return on Equity (ROE) of Cube Highways Trust?
Cube Highways Trust reported a return on equity of 2.22%. Its debt-to-equity ratio is 1.81.

Company Information

Incorporated in 2022, Cube Highways Trust is registered with SEBI as an Infrastructure Investment Trust for roads assets[1]

Listed 2023-04-19
Face Value ₹ 100

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