Cube Highways Trust
- Market cap
- ₹ 20,516 Cr.
- P/E
- 74.6x
- P/B
- 2.11x
- 52-week range
- 131 – 165
- ROE
- 1%
- ROCE
- 6%
- Dividend yield
- 9.9%
- Debt / equity
- 1.81
- Sector
- Transport Infrastructure
- Industry
- Road AssetsToll, Annuity, Hybrid-Annuity
- Listed on
- NSE, BSE
About
Cube Highways Trust (the Trust) is an India-based infrastructure investment trust in the roads and highways sector. The Trust's portfolio of 27 assets spans over 8,819 lane kms spread across 12 states. Its portfolio includes Jaipur-Mahua Tollway Private Limited; Mahua Bharatpur Expressways Limited; Nelamangala Devihalli Expressway Private Limited; Madurai-Kanyakumari Tollway Private Limited; Kanyakumari-Etturavattam Tollway Private Limited; Salaipudhur-Madurai Tollway Private Limited; Kanyakumari-Etturavattam Tollway Private Limited; Jhansi-Lalitpur Tollway Private Limited; Jhansi-Vigakhet Tollway Private Limited; Quazigund Expressway Pvt. Ltd. (QB) and Athaang Jammu Udhampur Highway Pvt. Ltd. (JU), and others. QB and JU span approximately 80 kilometers and are in Jammu and Kashmir. The Nelamangala Devihalli Expressway Private Limited Project is positioned within the southern state of Karnataka. The Investment Manager of the trust is Cube Highways Fund Advisors Private Limited.
Quick check
The five things to look at first. Open one for more.
Compared with its industry
Road AssetsToll, Annuity, Hybrid-Annuity: 17 companies →Cube Highways Trust against the typical company in its industry. The rank is out of the companies that report each figure; green means the better quarter of the pack, red the worse quarter.
- Valuation (P/E)74.6 against a typical 19.7: pricier than most peers (1st = cheapest).14th of 15
- Sales growth+19.4% against a typical +19.4% from a year earlier.7th of 13
- Share price, 3 months−1.4% against a typical −1.5%.7th of 15
- Size₹ 20,515.9 Cr. market value against a typical ₹ 6,855.2 Cr. (1st = largest).3rd of 13
Credit ratings
Every rating action on file, newest first, including reaffirmations. Open a row for the agency's reasoning. All credit rating updates
Highest safety
Rated AAA by 2 agencies- All agencies agree and none has raised a warning.
| Agency | Current rating | Outlook | As of |
|---|---|---|---|
| ICRA | [ICRA]AAA | Stable | 23 Sep 2026 |
| CRISIL | Crisil AAA | Stable | 4 Sep 2026 |
| India Ratings | Withdrawn | Stable | 13 Aug 2026 |
| Rating | Details | |||||
|---|---|---|---|---|---|---|
| 23 Sep 2026 | New rating | [ICRA]AAA | — | ICRA | ₹ 150 Cr. | |
| 7 Sep 2026 | New rating | [ICRA]AAA | — | ICRA | ₹ 1,000 Cr. | |
| 4 Sep 2026 | Reaffirmed | Crisil AAA | — | CRISIL | ₹ 17,437 Cr. | |
| 13 Aug 2026 | Withdrawn | was IND AAA | — | India Ratings | ₹ 13,915 Cr. | |
| 16 Jul 2026 | Reaffirmed | [ICRA]AAA | — | ICRA | ₹ 14,812 Cr. |
Board meetings
Results dates and other board meetings. Full calendar
| Details | ||
|---|---|---|
| 9 Feb 2024 | Other business matters | To consider other business matters |
Financials
Consolidated figures in ₹ crore.
| ₹ Cr. | 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 | 729 | 753 | 798 | 792 | 820 | 850 | 846 | 944 | 1,052 | 1,081 | 1,162 | 1,127 |
| Expenses | 982 | 231 | 133 | 257 | 268 | 243 | 306 | 272 | 281 | 310 | 261 | 338 |
| Operating Profit | −253 | 522 | 665 | 535 | 552 | 607 | 540 | 672 | 770 | 771 | 901 | 788 |
| OPM % | −35% | 69% | 83% | 68% | 67% | 71% | 64% | 71% | 73% | 71% | 78% | 70% |
| Other Income | 5 | 3 | 5 | 39 | 38 | 36 | 32 | 30 | 40 | 24 | 27 | 30 |
| Interest | 235 | 219 | 228 | 251 | 287 | 280 | 299 | 345 | 402 | 366 | 352 | 365 |
| Depreciation | 315 | 312 | 307 | 316 | 324 | 334 | 339 | 358 | 350 | 377 | 359 | 366 |
| Profit before tax | −798 | −6 | 135 | 8 | −21 | 28 | −66 | −2 | 58 | 52 | 217 | 87 |
| Tax % | −1% | 135% | 10% | 51% | 45% | −85% | −6% | −130% | 30% | 21% | 38% | 30% |
| Net Profit | −793 | −14 | 122 | 4 | −30 | 52 | −62 | 0 | 40 | 41 | 135 | 61 |
| EPS in Rs | −6.15 | −0.11 | 0.94 | 0.03 | −0.22 | 0.39 | −0.46 | 0 | 0.3 | 0.31 | 1 | 0.45 |
Growth and returns
Compounded yearly rates over each period.
- 10 Years
- —
- 5 Years
- —
- 3 Years
- —
- TTM
- 28%
- 10 Years
- —
- 5 Years
- —
- 3 Years
- 94%
- TTM
- 808%
- 10 Years
- —
- 5 Years
- —
- 3 Years
- —
- TTM
- —
- 10 Years
- —
- 5 Years
- —
- 3 Years
- −3%
- TTM
- —
P/E and EPS over time
Daily P/E and trailing 12-month EPS. EPS updates with each result.
Peers
Listed companies in the same business.
| Cube Highways Trust | ₹ 153.90 | ₹ 20,516 Cr. | 74.6x | 2.1x | 1% | — |
| DLF | ₹ 653.55 | ₹ 1,61,774 Cr. | 39x | 3.6x | 10% | 32% |
| Lodha Developers | ₹ 963.00 | ₹ 1,01,441 Cr. | 33.7x | 5.1x | 15.8% | 20.6% |
| Indus Towers | ₹ 380.00 | ₹ 1,00,250 Cr. | 14.9x | 2.7x | 19.8% | 22% |
| Oberoi Realty | ₹ 1,587.20 | ₹ 57,846 Cr. | 27.3x | 3.8x | — | 41.6% |
| Godrej Properties | ₹ 1,497.90 | ₹ 45,121 Cr. | 166x | 3.3x | 10.2% | 35.9% |
Management
- Vinay Chandramouli Sekar
- Chief Executive Officer
- Pankaj Vasani
- Chief Financial Officer
- Mridul Gupta
- Compliance Officer, Company Secretary
- Nilesh Shukla
- Vice President - Finance and Accounts
- Saurabh Bansal
- Vice President - Project Finance
Prices are delayed and for information only. Nothing on this page is investment advice.