Cube Highways Trust
Cube Highways Trust (Cube InvIT/ the Trust) is an irrevocable Trust set up under the Indian Trusts Act, 1882 and is registered with the Securities and Exchange Board of India (SEBI) as an Infrastructure Investment Trust under the Securities and Excha...
Key Metrics
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Financials
Pros & Cons
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Here's what we like about this company and potential risks we have identified.
Pros
Diversified asset portfolio of operational road projects
Strong financial profile and adequate debt structure
Cash pooling benefit of InvIT and regulatory cap on consolidated leverage
Liquidity position: Strong
Cons
Risks inherent in BOT toll road projects
Undertaking regular and periodic maintenance/capex within budgeted cost
Risk of further asset acquisition by Trust and its funding pattern
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About Cube Highways Trust bond.
This comprehensive profile covers key factual information about Cube Highways Trust. Cube Highways Trust (Cube InvIT/ the Trust) is an irrevocable Trust set up under the Indian Trusts Act, 1882 and is registered with the Securities and Exchange Board of India (SEBI) as an Infrastructure Investment Trust under the Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014, as amended. The sponsors of the Trust are Cube Highways and Infrastructure Pte Ltd, and Cube Highways and Infrastructure III Pte Ltd. The external investors comprise two sovereign funds namely BCI IRR Indian Holdings Inc (BCI) and Seventy Second Investment Company LLC with a combined holding of ~25%. The Investment Manager (IM) of the trust is Cube Highways Fund Advisors Private Limited (CHFAPL), the Project Manager (PM) is Cube Highways and Transportation Assets Advisors Private Limited (CHATAAPL), and the Trustee is Axis Trustee Services Limited. The Trust received registration from SEBI on April 05, 2022. The Trust was listed on stock exchange in April 2023. At present, Cube InvIT comprises 18 assets (consisting of 17 toll road assets and one annuity road asset) from the sponsor group. Further, the InvIT is under the process to acquire six NHAI HAM assets and one state toll road project in phases during FY2025. EPS in Mar-2024 was -4.88. Current ratio in Mar-2024 was 2.01. Debt/Equity in Mar-2024 was 0.86. Debt/EBITDA in Mar-2024 was 8.14. Interest coverage ratio in Mar-2024 was 0.21. Operating Cashflow to total debt in Mar-2024 was 0.17. Total revenue for Mar-2025(E) was ₹3,248.00. Net income for Mar-2025(E) stood at ₹81.40. Total assets as of Mar-2024 were ₹24,601.42. Operating cash flow for Mar-2024 was ₹1869.95. The company’s borrowing relationships include State Bank of India (₹N/A Cr), Axis Bank Limited (₹N/A Cr), ICICI Bank Limited (₹N/A Cr), HDFC Bank Limited (₹N/A Cr), The National Bank for Financing Infrastructure and Development (₹N/A Cr), Axis Bank Limited (₹N/A Cr), IndusInd Bank Limited (₹N/A Cr). Peers and comparison entities consist of Cube Highways Trust, National Highways Infra Trust, Indinfravit Trust, Shrem InvIT. As of Sep 2024, promoters hold 46.85% while others hold N/A% of equity. Key strengths include: Diversified asset portfolio of operational road projects; Strong financial profile and adequate debt structure; Cash pooling benefit of InvIT and regulatory cap on consolidated leverage ; Liquidity position: Strong. Key risks include: Risks inherent in BOT toll road projects ; Undertaking regular and periodic maintenance/capex within budgeted cost; Risk of further asset acquisition by Trust and its funding pattern. Leadership team details include Vinay C Sekar (Chief Executive Officer), Mr.Ankit Jain (Chief Financial Officer), Mr.Rahul Shankar (Chief Human Resource Officer), Mr.M V S Reddy (Chief Information Officer), Dr.Bhagavan Raju (Chief Operating Officer), Mr.Mridul Gupta (Company Secretary & Compliance Officer), Mr.Pankaj Vasani (Group Chief Financial Officer), Mr.Anuj Maitrey (Senior Vice President), Mr.Saurabh Bansal (Vice President), Mr.Upendra K Sinha (Independent Director), Mr.Surinder Chawla (Independent Director), Mr.Jayesh R Desai (Independent Director), Ms.Fereshte D Sethna (Independent Director), Mr.Sandeep Lakhanpal (Non Executive Director), Ms.Helly Bharat Ajmera (Non Executive Director), Mr.Chirdeep Singh Bagga (Non Executive Director). This detailed corporate overview is structured to provide a thorough understanding of all available data points, enhance search visibility, and support investor analysis.