CUBEINVIT
Cube Highways share price & financials
- Price
- ₹148.75
- Market cap
- ₹21.1k Cr
- Sector
- Services
- Calls analysed
- 2
Cube Highways Q4 FY26
What went well
- Declared a distribution of ₹3.57 per unit for Q4, taking the annual distribution to ₹13.77, the highest since listing.
- Achieved a total return of ₹77.09 per unit over 3 years, delivering an IRR of 23.7%.
- Net Debt to AUM stands stable at 46.82% with AAA ratings.
What to watch
- Moderated FY27 GDP growth projection to 6.5% (from 7.6% in FY26) and traffic growth to 3% (from 8.1% in FY26) due to geopolitical situation and expected diversions.
- Bitumen prices have risen sharply by around 50% recently, and elevated levels are conservatively factored to persist over the next 3 years.
What Cube Highways does
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
Guidance record · Q4 FY26
what the last two calls moved 7 tracked 1 delivered 0 missed 6 open- Valuation model update with finalized WPI delivered said Q3 FY26 Promised: Once these [WPI numbers] are finalised, we will update our valuation model accordingly 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.
- Distribution performance on track said Q3 FY26 Promised: continue broadly in line with the trend observed over the past three years 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.
All 7 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue down 1.6%, net profit down 16.9% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 521 | 510 | 505 | 680 | 622 +19% | 776 +52% | 833 +65% | 669 −2% |
| EBITDA | 510 | 498 | 501 | 665 | 603 +18% | 613 +23% | 893 +78% | 622 −6% |
| Net profit | 237 | 226 | 219 | 349 | 252 +6% | 265 +17% | 557 +154% | 290 −17% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +18.8% 1Y
1Y: ₹132 on 3 Sept 2025 → ₹156.84. High ₹162 (3 Jul 2026), low ₹132 (3 Sept 2025).
How the price took the results
close before → close after
- Q3 FY26
- 0.0%
- 6 Feb
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 16.3% a year over 2 years, FY24 to FY26. Operating margin widened to 95.3%.
| Year ending | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | ₹2.2k Cr | ₹2.1k Cr | ₹2.9k Cr |
| Operating profit | ₹1.2k Cr | ₹2.1k Cr | ₹2.8k Cr |
| Operating margin | 57.7% | 98.0% | 95.3% |
| Interest | ₹840 Cr | ₹1.1k Cr | ₹1.4k Cr |
| Depreciation | ₹315 Cr | ₹0 Cr | ₹0 Cr |
| Net profit | ₹96 Cr | ₹1.0k Cr | ₹1.4k Cr |
| Net margin | 4.5% | 47.7% | 48.9% |
| Cash from operations | ₹-68 Cr | ₹-63 Cr | ₹-84 Cr |
| Free cash flow | ₹-68 Cr | ₹-63 Cr | ₹-84 Cr |
| ROCE | 10.0% | 8.0% | 9.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity capital | ₹852 Cr | ₹0 Cr | ₹14.5k Cr | ₹13.4k Cr | ₹13.4k Cr |
| Reserves | ₹-868 Cr | ₹-29 Cr | ₹-475 Cr | ₹-2.8k Cr | ₹-362 Cr |
| Borrowings | ₹13.0k Cr | ₹0 Cr | ₹10.5k Cr | ₹17.9k Cr | ₹17.5k Cr |
| Other liabilities | ₹2.5k Cr | ₹29 Cr | ₹23 Cr | ₹1.7k Cr | ₹142 Cr |
| Total liabilities | ₹15.5k Cr | ₹0 Cr | ₹24.5k Cr | ₹30.3k Cr | ₹30.8k Cr |
| Fixed assets | ₹12.0k Cr | ₹0 Cr | ₹0 Cr | ₹23.9k Cr | ₹0 Cr |
| Capital work in progress | ₹726 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Investments | ₹0 Cr | ₹0 Cr | ₹10.3k Cr | ₹0 Cr | ₹12.9k Cr |
| Other assets | ₹2.8k Cr | ₹0 Cr | ₹14.2k Cr | ₹6.4k Cr | ₹17.8k Cr |
| Total assets | ₹15.5k Cr | ₹0 Cr | ₹24.5k Cr | ₹30.3k Cr | ₹30.8k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
What the price assumes
AttractiveTo justify its price of ₹157, this stock must grow earnings at 7% every year for 7 years. Our analysis caps realistic growth at ~286%. At that growth it is worth ₹844431 — upside of 538303%.
- Growth the price implies
- 7.3% a year
- for 7 years, fading to 4%
- It has actually compounded at
- 292.9% a year
- net profit, FY24–FY26 · EPS 286.3%
- The gap
- -2.8 pp
- 538303% downside if it only repeats history
All earnings calls (2)
Read the Q4 FY26 call →Learn to analyse Cube Highways
Guides on how to read this kind of business and the numbers that matter.