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Cube Highways Trust (543899) investor relations material
Cube Highways Trust Q1 26/27 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved a landmark transition from a privately listed to a publicly listed InvIT via a ₹5,000 crore (INR 50,000 Mn) offer for sale, becoming India's largest public listed InvIT with over 17,000 unit holders and broad institutional ownership.
Delivered strong Q1 FY27 results with 19.3% year-on-year revenue growth and 11.5% year-on-year toll revenue growth, supported by robust traffic and macroeconomic tailwinds.
Portfolio comprises 27 road assets across 13 states/UTs, with 2,005 km under management and an average residual concession life of 17.8 years.
Declared Q1 FY27 distribution of ₹3.95 per unit (₹531 crore/INR 5,309.08 million), with cumulative distribution since listing at ₹38.81 per unit.
Recognized for operational excellence and ESG initiatives, with multiple industry awards in asset management and smart highway solutions.
Significant events and developments
Oversubscribed public listing (9.42x) marked a major milestone, broadening the investor base.
Initiated acquisition of four new assets, with two having completed all key conditions and two pending one key condition each; unit holder approvals for preferential issuance expected by end of August or early September.
Raised ₹637 crore (INR 6,370 million) via 7.3925% fixed rate NCD, extending debt maturity profile.
Credit ratings for borrowings reaffirmed at AAA/Stable by multiple agencies in April and June 2026.
Multiple awards for asset management, digital technology, and O&M practices.
Segment performance
Q1 FY27 saw 9.3% year-on-year traffic growth and 11.5% year-on-year toll revenue growth, with comparable operating day toll revenue growth at 12%.
Toll revenue growth led by key assets in Ghaziabad, DA Toll Road, NAM Expressway, Tamil Nadu corridors, and others posting double-digit growth.
Annual pass adoption among private cars averaged 32%, with ₹108 crore (INR 1,081 million) compensation recognized.
Annuity and HAM assets provided stable cash flows; all scheduled annuities for Q1 FY27 received.
Impairment reversal of ₹1,421 million recognized in the quarter.
- 6.2% YOY toll revenue growth, INR 2/unit distribution, and major asset acquisitions in Q1 FY25.543899
Q1 24/25 - Q2 FY25 delivered 7.6% YoY toll revenue growth, but H1 FY25 ended with a net loss.543899
Q2 24/25 - Q3 FY25 saw 7.5% YoY toll revenue growth and Rs. 3.25 per unit distribution approved.543899
Q3 24/25 - AUM up 25% YoY, toll revenue rose 8%, but net loss widened despite strong distributions.543899
Q4 24/25 - Q1 FY26 saw 10.3% YoY toll revenue growth, 27% AUM rise, and improved profitability.543899
Q1 25/26 - AUM up 25% YoY, H1 FY26 revenue up 23.85%, and NDCF reached Rs. 17.26 bn.543899
Q2 25/26 - Strong revenue and profit growth, stable leverage, and strategic acquisitions drive expansion.543899
Q3 25/26 - AUM up 14%, revenue up 28%, net profit at Rs. 2,165.51m, and record distributions.543899
Q4 25/26
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