CUBEINVIT

Cube Highways share price & results

Cube Highways· Services

Results to
Sept 2026
Latest analysed call
Q4 FY26

InvIT that owns and operates a 27-asset portfolio of toll, HAM and annuity roads spanning 2,005 km across India.

Company research is public. Sign in to keep your own companies, notes and cases.

Inve AI Signals on CUBEINVIT
Direct bridge to live research & tools watching Cube Highways
Guidance Hit Rate
7 targets · 100% hit rate 1 achieved · 6 active →
Segment Shift
Sector & Mix Compare sector growth & peers →
Reverse DCF
Reality Gap Ready Test priced-in growth in DCF tool →
Concall & Tone
Q4 FY26 analysed Read claims, qualifiers & Q&A →

Price & Snapshot

₹152.44 +0.19% · +₹0.29

Last close 9 Nov 2026 · NSE · INR · Source: Inve

Performance +12.5% 1Y

₹140₹150₹160Nov 25Dec 25Feb 26Mar 26May 26Jun 26Aug 26Sept 26Nov 26Q3 FY26 — 6 Feb 2026Q4 FY26 — 27 May 2026

1Y: ₹135.5 on 7 Nov 2025 → ₹152.44. High ₹162 (3 Jul 2026), low ₹135.5 (7 Nov 2025).

Previous close
₹152.15
Market cap
₹20.5k Cr
52-week range
₹135.5 – ₹162
One year
+12.50%
Price to earnings (TTM to Sept 2026)
83.58×
Return on equity (TTM to Sept 2026)
2.77%

Reported

Key financial metrics & valuation ratios

Each figure keeps its basis and period; nothing is filled in.

MetricValueChangeBasisPeriodNote
Revenue852 ₹ crore+37.0% YoYQuarterly, as filedQuarter to Sept 2026Revenue from operations as filed.
Operating margin73.0 %−24.0 pts YoYOperating profit / revenueQuarter to Sept 2026For the quarter; a change is in percentage points.
Net profit287 ₹ crore+13.9% YoYQuarterly, as filedQuarter to Sept 2026Profit after tax as filed.
Return on equity2.77 %+2.1 ptsFY Mar 2026 vs FY Mar 2025Trailing twelve monthsTTM to Sept 2026
Adjusted profit attributable to owners ÷ average owners’ equity.
Free cash flow margin88.30 %+5.6 ptsFY Mar 2026 vs FY Mar 2025Fiscal yearFY ending Mar 2026
(Operating cash flow − fixed-asset purchases + disposals) ÷ revenue.
Revenue growth (YoY)20.38 %+14.8 ptsFY Mar 2026 vs FY Mar 2025Trailing twelve monthsTTM to Sept 2026
Revenue change against the same period one year earlier.

Source: Inve data from filed results; ratios from the Screener-verified panel · to Sept 2026

Guidance

What management said, and what became of it

1 of 1 judged target kept · 6 open · verdicts reflect calls analysed to Q4 FY26.

Cube Highways management guidance track record on Inve: 7 targets tracked across analysed earnings calls (1 achieved, 0 missed, 6 open).

Executing on plan in Growth & Demand (1 achieved · 1 on track).

TargetOriginal wordingSaidLatest callVerdict
Growth Valuation model update with finalized WPI
Once these [WPI numbers] are finalised, we will update our valuation model accordingly
Call transcript, Q3 FY26 · 6 Feb 2026
Q3 FY26
Q4 FY26:The annual valuation exercise was completed. Management confirmed that while long-term WPI assumptions were not materially changed, stronger-than-anticipated traffic performance was incorporated into the updated model.
Call transcript, Q4 FY26 · 27 May 2026
Achieved
Growth Distribution performance
continue broadly in line with the trend observed over the past three years
Call transcript, Q3 FY26 · 6 Feb 2026
Q3 FY26
Q4 FY26:FY26 annual distribution was ₹13.77 per unit, the highest since listing. This strong performance supports the outlook for continued consistency in FY27.
Call transcript, Q4 FY26 · 27 May 2026
On Track

Source: Inve Guidance Tracker for Cube Highways · to Q4 FY26

A verdict describes what became of management’s own words in later analysed calls. “Delayed” is a change of date, “went quiet” a target the calls stopped mentioning. None of it is a judgement on the investment. The methodology sets out how verdicts are recorded.

6 of Cube Highways's 7 targets are still open. See which are on track and which have gone quiet. The 2 above are the free sample; 5 more targets are in the full ledger.

Free account: 5 full ledgers a month and one Inve Case. Pro opens 100 a month, ₹499.
See the full record

Supply chain

Cross-company call evidence

Named counterparties and similar headwinds disclosed on earnings calls.

Products, transactions and disclosed impact

Company disclosures with supporting evidence. Actual results, management expectations, and summary paraphrases remain qualified by source basis.

  • Business disclosure Stage: Announced Call date: 2026-05-27
    1. Proposed
    2. Announced
    3. Active
    4. Completed / ended

    Named counterparties & directional relationship

    Cube Highways (referred to as 'The Trust') → reports commercial relationship with → 3 additional sponsor assets

    Party roles: not established / not established · Stage not stated

    Counterparty named; listed-company identity not verified.

    Exact relationship direction is not established by the disclosure.

    sponsor (unnamed) → reports commercial relationship with → 3 additional sponsor assets

    Party roles: not established / not established · Stage not stated

    Counterparty named; listed-company identity not verified.

    Exact relationship direction is not established by the disclosure.

    Products, services & business exposure Mentioned in this disclosure
    3 additional sponsor assets · role: not established · category: Business asset
    Disclosed financial & operational figures
    additional sponsor assets covered by the ROFO: 3 · Disclosed operational measure · Asset
    Additional disclosure context
    Right of first offer: The Trust has negotiated a Right of First Offer (ROFO) for 3 additional sponsor assets
    Conditions: The ROFO is subject to commercial alignment and regulatory approvals
    Rationale field: The record's rationale field reads 'commercial alignment and regulatory approvals', the same wording as the stated conditions
    Evidence and remaining questions (Contextual assertion review)

    Call date: 2026-05-27 · Review status: Contextual assertion review · Policy: context-loop-v1

    Summary paraphrase

    The Trust has also negotiated a Right of First Offer (ROFO) for 3 additional sponsor assets, subject to commercial alignment and regulatory approvals.

    Summary paraphrase

    3 additional sponsor assets

    Summary paraphrase

    3 additional sponsor assets: 3 additional sponsor assets

    Summary paraphrase

    3: 3 additional sponsor assets

    Summary paraphrase

    The Trust has also negotiated a Right of First Offer (ROFO) for 3 additional sponsor assets

    Summary paraphrase

    subject to commercial alignment and regulatory approvals

    Summary paraphrase

    commercial alignment and regulatory approvals

    Not established by the available evidence

    • right of first offer: The record is labelled acquisition, but the narrative describes only a negotiated ROFO over sponsor assets. No acquisition, purchase agreement, offer or exercise of the ROFO is stated, and the taxonomy has no ROFO concept, so event_kind is UNDETERMINED.
    • issuer-to-asset relationship and roles: The Trust's position as ROFO holder has no matching predicate or role. No ACQUIRES edge or TRANSACTION_ASSET role is asserted because no acquisition is stated.
    • identity of 'The Trust': The source clause names 'The Trust'. It is taken to be the reporting issuer Cube Highways from the issuer-specific record; this identification is not stated in the quote.
    • sponsor identity, ownership and ROFO grantor: The wording 'sponsor assets' ties the assets to a sponsor, but the sponsor is unnamed. The source does not say whether the sponsor owns the assets, nor who granted the ROFO. No seller role is assigned.
    • bindingness of the ROFO: The source says the ROFO was negotiated but does not state whether it is binding, signed or executed. It is subject to commercial alignment and regulatory approvals.
    • stage of any acquisition: Lifecycle follows the raw status 'announced' for the disclosure. No stage of an actual acquisition of the 3 assets (offer, agreement, approval, closing) is stated.
    • asset type and identity: The 3 sponsor assets are not described (type, names, location), so only BUSINESS_ASSET/UNDETERMINED is used. The issuer's portfolio description in the metadata does not establish that these assets are roads.
    • consideration: Consideration amount, unit and currency are null in the record. No price or terms are stated.
    • target revenue referent: The target_financials revenue (INR 880 crores, FY25) is a numeric field with no supporting narrative. It is not stated whether it covers the 3 additional sponsor assets, individually or in aggregate, so scope is UNDETERMINED.
    • event timing: No date is stated for the ROFO negotiation, any exercise or completion. Call and report dates are disclosure metadata.
    • location of the 3 assets: No location is stated for the sponsor assets, and none is inferred from the issuer's portfolio description.
    • financial impact: No separately stated effect is given; the record's financial_impact_note is null.
    • transcript support: Context retrieval returned status NOT_PDF with no passages, so the record's source_quote could not be verified against a transcript. All assertions rest on the summary record.

Counterparties named by Cube Highways

  • Cube Highways → acquires or invests in → 3 additional sponsor assets.

    Q4 FY26 · Announced · Positive · Counterparty named; listed-company identity not verified.

    1. Proposed
    2. Announced
    3. Active
    4. Completed / ended

    commercial alignment and regulatory approvals

    “The Trust has also negotiated a Right of First Offer (ROFO) for 3 additional sponsor assets, subject to commercial alignment and regulatory approvals.”

    Disclosure indicates an acquisition or investment without specifying full buyout versus minority stake.

    Evidence drawer

    Evidence type: Transcript excerpt

    “The Trust has also negotiated a Right of First Offer (ROFO) for 3 additional sponsor assets, subject to commercial alignment and regulatory approvals.”

    Source company: Cube Highways · Counterparty: 3 additional sponsor assets · Call date: 2026-05-27 · Period: Q4 FY26 · Review status: Structured call extraction

  • Cube Highways → acquires or invests in → 3 toll and 1 annuity asset.

    Q4 FY26 · Announced · Positive · Counterparty named; listed-company identity not verified.

    1. Proposed
    2. Announced
    3. Active
    4. Completed / ended

    strengthening the platform, accretive to yield, improve NAV by over 3.0 per unit, and reduce Net debt to AUM to 44.8% on a pro-forma basis

    Disclosed value: INR 7292 crores

    “Further strengthening the platform, we have signed definitive agreements to acquire 3 toll and 1 annuity asset from our Sponsor and Sponsor Group entities. ... The aggregate enterprise value of these four assets put together is ₹7,292.5 crore as of March 31, 2026. The transaction is expected to be accretive to yield, improve NAV by over 3.0 per unit, and reduce Net debt to AUM to 44.8% on a pro-forma basis, creating additional headroom for future acquisitions. With this, our portfolio will expand to 31 assets across 13 states and 1 Union Territory, adding ~1,057 lane km of high-quality assets.”

    Disclosure indicates an acquisition or investment without specifying full buyout versus minority stake.

    Evidence drawer

    Evidence type: Transcript excerpt

    “Further strengthening the platform, we have signed definitive agreements to acquire 3 toll and 1 annuity asset from our Sponsor and Sponsor Group entities. ... The aggregate enterprise value of these four assets put together is ₹7,292.5 crore as of March 31, 2026. The transaction is expected to be accretive to yield, improve NAV by over 3.0 per unit, and reduce Net debt to AUM to 44.8% on a pro-forma basis, creating additional headroom for future acquisitions. With this, our portfolio will expand to 31 assets across 13 states and 1 Union Territory, adding ~1,057 lane km of high-quality assets.”

    Source company: Cube Highways · Counterparty: 3 toll and 1 annuity asset · Call date: 2026-05-27 · Period: Q4 FY26 · Review status: Structured call extraction

  • Cube Highways → acquires or invests in → BFHL, WMTPL, DTPL (from CH-V) and CNTL (from CH-II).

    Q3 FY26 · Announced · Positive · Counterparty named; listed-company identity not verified.

    1. Proposed
    2. Announced
    3. Active
    4. Completed / ended

    Acquisition brings a balanced mix of three toll assets and one annuity asset, adding ~INR 7,200 crores in AUM and providing NAV accretion of roughly INR 3 per unit for existing unitholders.

    “Cube Highways Trust proposes to acquire four fully operational assets—three toll assets, namely (1) BFHL... (2) WMTPL... and (3) DTPL... from CH-V, along with one annuity asset, (4) CNTL... from CH-II.”

    Disclosure indicates an acquisition or investment without specifying full buyout versus minority stake.

    Evidence drawer

    Evidence type: Transcript excerpt

    “Cube Highways Trust proposes to acquire four fully operational assets—three toll assets, namely (1) BFHL... (2) WMTPL... and (3) DTPL... from CH-V, along with one annuity asset, (4) CNTL... from CH-II.”

    Source company: Cube Highways · Counterparty: BFHL, WMTPL, DTPL (from CH-V) and CNTL (from CH-II) · Call date: 2026-02-06 · Period: Q3 FY26 · Review status: Structured call extraction

Mentions over time

First observed: Q4 2025 · Latest observed: Q1 2026

Recorded disclosures by calendar reporting quarter
PeriodOther callsOwn calls
Q1 202602
Q4 202501

Counts reflect the calls covered here. No mention in a period does not establish that a relationship ended.

From available earnings-call summaries. Disclosures are management statements, not independently verified transactions.

Live Summary

CUBEINVIT ₹152.44 +0.19%
Guidance Verdict (7 tracked) 1 kept · 6 open
AI Call Brief · Q4 FY26

Cube Highways Q4 FY26

Overview

Symbol
NSE:CUBEINVIT
Sector
Services
Exchange
NSE
Currency
INR

What Cube Highways does

Based on the company's own presentations, annual report and earnings calls.

Cube Highways Trust is an infrastructure investment trust (InvIT) that owns and operates national and state highway assets across India, comprising toll roads, hybrid-annuity model (HAM) roads and annuity-based road concessions acquired from its sponsor group and third parties such as NIIF. It earns revenue by collecting tolls from vehicles using its roads under BOT/DBFOT and TOT concession structures, and by receiving fixed annuity payments from government road authorities such as NHAI under HAM and annuity concession agreements. The portfolio spans 12 states and one union territory and is managed by Cube Highways Fund Advisors Private Limited as Investment Manager.

Segments

  • Toll assets
  • HAM (Hybrid Annuity Model) assets
  • Annuity assets
Road assets in portfolio
27 (18 toll, 6 HAM, 3 annuity)
Total road network length
2,005 km
Lane kilometers
8,754 lane km
Geographic footprint
12 states and 1 union territory
Average residual concession period
18.0 years
Average operating history of assets
9.2 years
Headquarters Noida, Uttar Pradesh, India Company website

How the price took the results

Moved an average of ±0.0% across the last 1 priced result release

Close before → close after
QuarterReleaseRevenue (₹ Cr) Net profit (₹ Cr)Rev YoYBefore → AfterReaction
Q3 FY266 Feb 26776 265+52.2%₹140 → ₹1400.0%

The move from the last close before each results date to the first close on or after it — the market's first read on the quarter alongside what was filed.

Your own record

Start an Inve Case for Cube Highways

Free account: one company. Everything above stays public.

Write why you follow Cube Highways and the condition you want checked. Inve compares your numeric conditions with available results and management guidance; your own conditions remain yours to review.

What an account adds

Keep reading

Other Services companies

PEER COMPARISON
Median ₹20,489 Cr Mkt Cap
₹0 Cr₹20,000 Cr₹40,000 Cr₹60,000 CrCube Highways (CUBEINVIT): ₹20,489 Cr₹20,489 CrCUBEINVITNational High (NHIT): ₹32,926 Cr₹32,926 CrNHITDelhivery Limited (DELHIVERY): ₹32,233 Cr₹32,233 CrDELHIVERYRedington Limited (REDINGTON): ₹25,681 Cr₹25,681 CrREDINGTONFirstsource Solutions Limited (FSL): ₹20,709 Cr₹20,709 CrFSLThe Great Eastern Shipping Company Limited (GESHIP): ₹20,359 Cr₹20,359 CrGESHIPInternational Gemological Institute Limited (IGIL): ₹17,580 Cr₹17,580 CrIGILShadowfax Technologies Limited (SHADOWFAX): ₹16,001 Cr₹16,001 CrSHADOWFAXeClerx Services Limited (ECLERX): ₹14,841 Cr₹14,841 CrECLERX

All Services companies → · Services earnings growth →

Quick Answers

Frequently asked questions on Cube Highways

Compiled directly from CUBEINVIT's filed financial statements, earnings call transcripts, and ownership disclosures.

How did Cube Highways (CUBEINVIT) perform in its latest reported quarter (Sept 2026)?

For the quarter ended Sept 2026, Cube Highways reported revenue of ₹852 Cr, net profit of ₹287 Cr, an operating margin of 73.0%. Diluted earnings per share stood at ₹2.14.

How is Cube Highways (CUBEINVIT) valued today, and what growth does the stock price imply?

Cube Highways (CUBEINVIT) trades at ₹152.44, with a market capitalization of ₹20.5k Cr. Reverse-DCF analysis shows the current stock price implies 6.3% annual earnings growth over the next 7 years compared with its historical net-profit CAGR of 292.4%.

Learn to analyse Cube Highways

Guides on how to read this kind of business and the numbers that matter.