Cube Highways Trust Q2 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹20,715 Cr
- P/E
- 74.71
- ROE
- 1.38%
- PEG
- 0.79
- Price to sales
- 4.68
- Debt to equity
- 1.81
- 52W high / low
- ₹165 / ₹131
- EBITDA margin
- 73.08%
- Net profit margin
- 3.47%
- Sales (last year)
- ₹4,421 Cr
Incorporated in 2022, Cube Highways Trust is registered with SEBI as an Infrastructure Investment Trust for roads assets[1]
Guidance scorecard · Q2 FY27 call
What Cube Highways Trust's management guided
and where it ranks in Transport Infrastructure
Transport Infrastructure
RevenueQ1 FY27 call
10–20%- Q1 FY27 showed strong portfolio performance with 9.3% YoY traffic growth and 11.5% YoY toll revenue growth, indicating healthy demand trends.
- Toll revenue growth was broad-based, led by key assets with double-digit traffic increases.
- Positive traffic driven by strong vehicle sales, longer trip lengths, and convenience measures like the Annual Pass (32% adoption among private cars).
- Full payment of all annuities received, supporting steady income streams.
- The Board revised FY27 DPU guidance upward to ₹14.50 per unit from ₹14.00, reflecting confidence in continued strong traffic and revenue growth.
- Upside potential exists if robust traffic performance sustains throughout the year.
2 more points from Cube Highways Trust's call on revenue
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MarginsQ1 FY27 call
FlatSee what Cube Highways Trust said on margins — free account, 30 seconds.
CapexQ1 FY27 call
Planned- Major maintenance work is ongoing at two assets — NAMEPL and DATRPL, progressing as planned and within budget.
- Technology-led maintenance initiatives, including micro-fine milling over 4.5 lakh square meters, have been deployed, resulting in material savings and cost efficiencies.
- Introduction of technology-driven pothole identification and enhanced in-house O&M initiatives aim to improve asset maintenance efficiency and turnaround times.
- Cube InvIT has initiated unitholder approvals for preferential issuance related to acquiring four new assets; two assets (CNTL and DTPL) have completed key conditions, while the other two are pending one key condition.
2 more points from Cube Highways Trust's call on capex
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FundraisingQ1 FY27 call
PlannedSee what Cube Highways Trust said on fundraising — free account, 30 seconds.
Order bookQ1 FY27 call
Ask what Cube Highways Trust said on the order book →
Full Q1 FY27 analysisRanges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Transport Infrastructure
on management's own guidance
- Dreamfolks ServiModerate growth2
- Guj Pipavav PortGood growth1
- Adani PortsModerate growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Transport Infrastructure companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | Guj Pipavav Port | 20–40% | Flat | ₹8,040 Cr | 14.8 |
| 2 | Dreamfolks Servi | 10–20% | Up 2%+ | ₹322 Cr | — |
| 3 | Adani Ports | 10–20% | Flat | ₹4.03L Cr | 30.4 |
| 4 | 10–20% | Flat | ₹79,244 Cr | 51.1 | |
| 5 | Cube HighwaysThis stock | 10–20% | Flat | ₹20,640 Cr | 74.5 |
| 6 | 10–20% | Flat | ₹7,757 Cr | 19.8 |
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Pro shows every company guiding 40%+ revenue growth →Full Transport Infrastructure rankingCube Highways Trust announcements
All announcements →- Fundraise / allotmentNotableCube Highways Fund Advisors approves preferential unit issuance for acquisitions
- Fundraise / allotmentNotableCube Highways Trust allots ₹1,150 crore senior secured NCDs at 7.50% coupon
- Acquisition / mergerNotableCube Highways Trust enters Binding Offer to acquire two road infrastructure SPVs
Financials of Cube Highways Trust
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Pros & Cons
Cube Highways Trust
Key positives and risks surfaced from the company insights section.
- Company has low interest coverage ratio.
- Company has a low return on equity of -2.54% over last 3 years.
- Promoters have pledged 50.3% of their holding.
- Company has low interest coverage ratio.
- Company has a low return on equity of -2.54% over last 3 years.
- Promoters have pledged 50.3% of their holding.
Financials of Cube Highways Trust
Quarterly Results
Quarter-by-quarter operating performance
| Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 728.97 | 753.39 | 797.78 | 791.95 | 819.65 | 849.53 | 846.02 | 944.28 | 1,051.62 | 1,080.83 | 1,162.16 | 1,126.63 | 1,074.17 |
| Expenses + | 982.03 | 231.45 | 133.08 | 256.60 | 268.15 | 242.97 | 305.73 | 272.38 | 281.15 | 309.69 | 261.27 | 338.30 | 335.26 |
| Operating Profit | -253.06 | 521.94 | 664.70 | 535.35 | 551.50 | 606.56 | 540.29 | 671.90 | 770.47 | 771.14 | 900.89 | 788.33 | 738.91 |
| OPM % | -34.71% | 69.28% | 83.32% | 67.60% | 67.28% | 71.40% | 63.86% | 71.15% | 73.27% | 71.35% | 77.52% | 69.97% | 68.79% |
| Other Income + | 4.62 | 2.86 | 4.91 | 38.98 | 38.48 | 36.06 | 32.49 | 29.66 | 39.60 | 23.59 | 27.29 | 30.22 | 29.47 |
| Interest | 234.52 | 219.24 | 227.58 | 250.70 | 286.57 | 280.35 | 299.49 | 344.76 | 402.37 | 366.14 | 352.11 | 364.69 | 358.35 |
| Depreciation | 314.79 | 311.62 | 307.18 | 315.71 | 324.06 | 334.11 | 339.04 | 358.32 | 350.15 | 376.91 | 359.09 | 366.38 | 352.75 |
| Profit before tax | -797.75 | -6.06 | 134.85 | 7.92 | -20.65 | 28.16 | -65.75 | -1.52 | 57.55 | 51.68 | 216.98 | 87.48 | 57.28 |
| Tax % | -0.57% | 135.31% | 9.76% | 51.14% | 44.84% | -84.66% | -6.16% | -130.26% | 30.11% | 20.59% | 37.79% | 30.14% | 86.02% |
| Net Profit + | -793.17 | -14.27 | 121.69 | 3.86 | -29.90 | 52.01 | -61.69 | 0.46 | 40.22 | 41.04 | 134.99 | 61.11 | 8.01 |
| EPS in Rs | -6.15 | -0.11 | 0.94 | 0.03 | -0.22 | 0.39 | -0.46 | 0.00 | 0.30 | 0.31 | 1.00 | 0.45 | 0.06 |
Financials of Cube Highways Trust
Profit & Loss
Annual income statement trend
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|
| Sales + | 0 | 0 | 2,916 | 3,307 | 4,239 | 4,444 |
| Expenses + | 28 | 28 | 1,705 | 1,073 | 1,122 | 1,245 |
| Operating Profit | -28 | -28 | 1,211 | 2,234 | 3,117 | 3,199 |
| OPM % | 42% | 68% | 74% | 72% | ||
| Other Income + | 0 | 0 | 158 | 146 | 118 | 111 |
| Interest | 0 | 0 | 873 | 1,117 | 1,465 | 1,441 |
| Depreciation | 0 | 0 | 1,183 | 1,313 | 1,444 | 1,455 |
| Profit before tax | -28 | -28 | -687 | -50 | 325 | 413 |
| Tax % | 0% | 0% | 3% | -29% | 33% | |
| Net Profit + | -28 | -28 | -706 | -36 | 217 | 245 |
| EPS in Rs | -5.47 | -0.27 | 1.61 | 1.82 | ||
| Dividend Payout % | 0% | 0% | -207% | -4,223% | 222% |
Financials of Cube Highways Trust
Balance Sheet
Capital structure and asset base
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|
| Equity Capital | 0.00 | 0.00 | 14,477 | 13,718 | 13,440 | 13,440 |
| Reserves | -29 | -29 | -1,528 | -2,281 | -3,657 | -4,599 |
| Borrowings + | 0 | 0 | 10,735 | 15,115 | 17,665 | 18,027 |
| Other Liabilities + | 29 | 29 | 917 | 1,384 | 1,905 | 2,110 |
| Total Liabilities | 0 | 0 | 24,601 | 27,936 | 29,353 | 28,978 |
| Fixed Assets + | 0 | 0 | 22,142 | 24,480 | 23,337 | 22,614 |
| CWIP | 0 | 0 | 114 | 23 | 11 | 5 |
| Investments | 0 | 0 | 1,353 | 0 | 500 | 888 |
| Other Assets + | 0 | 0 | 993 | 3,433 | 5,505 | 5,471 |
| Total Assets | 0 | 0 | 24,601 | 27,936 | 29,353 | 28,978 |
Financials of Cube Highways Trust
Cash Flows
Operating, investing and financing cash movement
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
| Cash from Operating Activity + | 0 | 0 | 1,870 | 2,916 | 3,803 |
| Cash from Investing Activity + | 0 | 0 | -404 | -155 | -271 |
| Cash from Financing Activity + | 0 | 0 | -1,224 | -2,186 | -3,869 |
| Net Cash Flow | 0 | 0 | 242 | 575 | -337 |
| Free Cash Flow | 0 | 0 | 1,359 | 2,735 | 3,742 |
| CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit | 0% | 0% | 157% | 131% | 124% |
Financials of Cube Highways Trust
Ratios
Working capital efficiency and return ratios
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
| Debtor Days | 8 | 18 | 19 | ||
| Inventory Days | |||||
| Days Payable | |||||
| Cash Conversion Cycle | 8 | 18 | 19 | ||
| Working Capital Days | -101 | -15 | 53 | ||
| ROCE % | 1% | 4% | 6% |
Guidance history
How Cube Highways Trust's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q1 FY27 call → | 10–20% | Flat | Planned | Planned | — |
| Q4 FY26 call → | 0–10% | Flat | Planned | Planned | — |
| Q3 FY26 call → | 10–20% | Flat | Planned | Planned | — |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
65 out of 100 — Steady
Over the past year its share price has moved roughly in the middle of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | +13.9% | 70% |
| Last 6 months | +4.2% | 60% |
| Last 3 months | +1.1% | 65% |
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Cube Highways Trust: 0.4 × 70 + 0.4 × 60 + 0.2 × 65 = 65.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 29 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
What Cube Highways Trust's management said in earlier quarters
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