Cube Highways Trust (543899) Q4 25/26 earnings summary

Executive summary

• AUM grew 14% YoY to INR 368.42 Bn, with strong portfolio expansion, robust traffic growth of 8.1% YoY, and a long-term portfolio CAGR of 6.3%.

• Consolidated revenue from operations for FY26 was Rs. 42,388.85 million, up 28% YoY, and net profit attributable to unitholders was Rs. 2,165.51 million, reversing a prior year loss.

• Highest annual distribution since listing: FY26 DPU of INR 13.77, with cumulative distribution per unit reaching INR 34.86; total distributions to unitholders for FY26 were Rs. 12,578.80 million as repayment of capital.

• Cost of debt reduced by 66 bps YoY to 7.53%, AAA credit rating maintained, and major refinancing through new term loans and debt securities.

• Acquired 2 annuity assets (JUHPL and QEPL), committed to acquire 4 more operational road assets, and filed Draft Offer Document with SEBI for transition to public InvIT with a proposed INR 5,000 crore OFS.

Financial highlights

• Revenue from operations rose 28.17% YoY to INR 42,389 Mn in Q4 FY26; total consolidated income at INR 43,590 Mn.

• FY26 portfolio traffic grew 8.1% YoY, revenue up 10.6% YoY; Q4 traffic up 9.2% YoY, toll revenue up 10.8% YoY.

• EBITDA margin for FY26 was 70.94%, up from 68.91% in FY25; net profit margin for FY26 was 4.97%, a turnaround from -1.03% in FY25.

• Net Debt/AUM at 46.82%, DSCR at 1.99x, Debt/EBITDA at 4.21x.

• NAV per unit increased 9% YoY to INR 145.77 as of March 31, 2026.

Outlook and guidance

• Strong acquisition pipeline with ROFO assets and committed acquisitions totaling INR 72.9 Bn in enterprise value.

• Transition to public InvIT expected to enhance capital access and growth opportunities; Board approved a distribution of Rs. 3.57 per unit for Q4 FY26.

• RBI projects India's real GDP growth at 6.9% for FY27; sector outlook remains positive with continued government focus on infrastructure monetization.