Cube Highways Trust
Cube Highways Trust
ServicesKey Fundamentals
SmallcapToll Road AssetsTransportTapetide Score
Data-driven rating, 0–100. How it works →
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.
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 2d agoCube Highways Trust is an infrastructure investment trust with a market cap of ₹21,101 Cr that has shown sharp TTM revenue growth of 28% and a dramatic TTM profit surge of 808%. However, the trust carries a negative 3-year average ROE of -3%, a high PE of 76.2x, low interest coverage, and promoters have pledged 50.3% of their holding, presenting a mixed financial picture.
- TTM revenue growth of 28% indicates strong top-line momentum from toll collections and road assets
- TTM profit growth of 808% signals a significant turnaround from prior losses or very low base, with 3-year compounded profit CAGR at 94%
- Dividend yield of 2.52% provides a regular income stream, which is a core attraction for InvIT structures
- Stock price CAGR of 18% over the past 1 year reflects positive market sentiment and capital appreciation
- Last year ROE turned positive at 1%, indicating the trust is moving toward profitability after a negative 3-year average
- Price-to-book ratio of 2.16x is reasonable for an infrastructure trust with long-duration toll road concessions
- Market cap of ₹21,101 Cr provides reasonable liquidity and institutional participation for an InvIT listing
- PE ratio of 76.2x is elevated, suggesting the market is pricing in significant future growth that may not materialize
- Promoters have pledged 50.3% of their holding, creating significant risk of forced selling or loss of control in a downturn
- 3-year average ROE of -3% (reported as -2.54%) indicates the trust has destroyed unitholder value over a meaningful period
- Low interest coverage ratio flags potential difficulty in servicing debt obligations, a critical risk for a leveraged infrastructure trust
- The 808% TTM profit jump is off a very low or negative base, making the growth rate optically misleading and unsustainable at this pace
- Absence of reported debt-to-equity, 5-year and 10-year growth data limits visibility into the trust's long-term financial track record
- 52-week high and low data are unavailable (reported as 0), making it difficult to assess current valuation relative to recent trading range
- As a relatively new InvIT listing, longer-term compounded sales and profit data beyond 3 years are not available, limiting historical performance assessment
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 4h ago- Net profit surges 13,185% YoY Aug 15
Consolidated net profit jumped to ₹61.11 crore in Q1 FY27 from just ₹0.46 crore a year ago, with PBT turning positive at ₹87.48 crore versus a loss of ₹1.52 crore previously.
- Revenue up 19% on traffic growth Aug 16
Q1 FY27 revenue rose 19.3% YoY to ₹1,126.63 crore, driven by 9.3% traffic growth and toll revenue expansion across the portfolio.
- Strong operating margin at ~70% Aug 15
Operating profit margin stood at 69.97% in Q1 FY27, while PBDT grew 27% YoY to ₹453.86 crore, reflecting solid operational efficiency.
- Stable DPU of ₹3.95 declared Aug 16
The InvIT declared a distribution of ₹3.95 per unit for Q1 FY27, supported by full collection of ₹4,541 crore in annuity receipts during the quarter.
- Debt metrics within range Aug 16
Net debt/AUM ratio stands at 45.17% with an average cost of debt at 7.49%, indicating manageable leverage but a metric worth monitoring as rates evolve.
TL;DR: Cube Highways Trust delivered a strong Q1 FY27 with broad-based improvement — revenue grew 19%, profit turned around dramatically, and distributions remained steady at ₹3.95 per unit. Leverage at 45% of AUM is manageable but not light. No visible headwinds emerged this quarter, with traffic growth and annuity collections both tracking well. The trend is clearly improving, and sustained traffic momentum will be key to maintaining this trajectory.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 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 in Rs | -0.16 | -6.15 | -0.11 | 0.94 | 0.03 | -0.22 | 0.39 | -0.46 | 0 | 0.3 | 0.31 | 1 | 0.45 |
Profit & Loss
| Particulars | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|
| 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 in Rs | — | — | -5.47 | -0.27 | 1.61 | 2.06 |
| Div. Payout % | 0% | 0% | -207% | -4223% | 222% | — |
Balance Sheet
| Particulars | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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 |
Cash Flow
| Particulars | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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/OP | 0 | 0 | 157 | 131 | 124 |
Ratios
| Particulars | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Debtor Days | — | — | 8 | 18 | 19 |
| Cash Conversion Cycle | — | — | 8 | 18 | 19 |
| Working Capital Days | — | — | -101 | -15 | 53 |
| ROCE % | — | — | 1% | 4% | 6% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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31 extracted metrics + investor summaries across FY22–FY26.
Documents
Frequently Asked Questions about Cube Highways Trust
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Company Information
Incorporated in 2022, Cube Highways Trust is registered with SEBI as an Infrastructure Investment Trust for roads assets[1]
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