Cube Highways Trust Reports Strong Q1 FY27 Performance, Declares ₹3.95 Per Unit Distribution

Cube Highways Trust Reports Strong Q1 FY27 Performance, Declares ₹3.95 Per Unit Distribution​

Cube Highways Trust (Cube InvIT) has reported robust operational and financial results for the first quarter of Fiscal Year 2027 (Q1 FY27), affirming its position as a leading publicly listed road InvIT. The Trust announced a Q1 distribution of INR 3.95 per unit, while maintaining a strong balance sheet supported by AAA credit ratings.

As of June 30, 2026, Cube InvIT maintained Assets Under Management (AUM) valued at INR 366.59 billion across its 27 SPVs, comprising 9 BOT/DBFOT assets, 9 TOT assets, 6 HAM assets, and 3 annuity assets.

Key Financial Highlights for Q1 FY27​

The InvIT demonstrated strong revenue growth and improved efficiency during the quarter:

• Revenue Growth: Revenue from operations rose by 19.31% year-over-year (YoY) to INR 11,266 million, with total consolidated income standing at INR 11,568 million.
• Traffic Performance: Portfolio traffic grew by 9.3% YoY based on the simple average of the 18 toll SPVs. This led to a 11.5% YoY growth in toll revenue collections across tolled assets.
• Distribution: The company declared a total distribution of INR 5,309 million for Q1 FY27, equating to INR 3.95 per unit. This brought the cumulative distribution since listing to 49.56% per unit.
• Valuation: Net Asset Value (NAV) was reported at INR 149.56 per unit as of June 30, 2026.

Portfolio and Operational Strength​

Cube InvIT's portfolio continues to exhibit resilient characteristics driven by diversified geographic spread and strong infrastructure commitments.

The company has maintained a balanced mix across its toll and annuity assets. The operational track record remains strong, with an average operating history of 9.3 years across all InvIT assets. The portfolio is geographically diverse, spanning 12 states and one Union Territory.

In terms of asset quality, the Net Debt / AUM stood at 45.17%, while the Debt Service Coverage Ratio (DSCR) was reported at a strong 2.0x for the trailing 12-month period ending June 30, 2026.

Toll Revenue and Traffic Breakdown​

Toll revenue collections across the tolled assets increased by 11.5% YoY. The performance of individual toll SPVs varied:

Debt and Credit Profile​

Cube InvIT maintains a solid credit profile. The company secured a AAA credit rating from CRISIL and ICRA.

The balance sheet is stable, reporting:

• Cost of Debt: 7.49% (for consolidated borrowings).
• Debt/EBITDA Ratio: Stable at 4.18x.
• Net Debt / AUM: 45.17%.

Corporate Governance and Operations​

The Trust continued to focus on technological excellence and ESG principles. Operational highlights include:

• Technology Integration: The company introduced Precast Weigh-in-Motion (WIM) infrastructure to reduce installation downtime and improve durability.
• Sustainability: Strategic material selection is emphasized, including the use of 35% RAP in DBM at NAMEPL and 25% RAP in DBM and BC works at WUPTPL.
• Awards Recognition: The GAEPL asset was recognized with an 'Excellence in Highway Asset Management' award by RAHSTA Awards 2026, while SMTPL won the 'Best Smart Highway / Intelligent Transport Solution' at the same event.

Debt Issuance and Institutional Backing​

Cube Highways Trust executed a successful Offer for Sale of INR 50,000 million, which saw strong institutional participation. The company has issued several Non-Convertible Debentures (NCDs), including one NCD amounting to 6,370 million issued in Q1 FY27 at a 7.39% coupon rate with an 11.8 year tenor.

As of June 30, 2026, the top five public unitholders include BCI IRR INDIA HOLDINGS (19.0%), LARSEN AND TOUBRO LIMITED (7.8%), SEVENTY SECOND INVESTMENT COMPANY LLC - FDI (Mubadala) (6.0%), KOTAK MAHINDRA LIFE INSURANCE COMPANY LTD (2.8%), and LTM LIMITED (1.7%).

CUBEINVIT Stock Price Movement​

On Friday, Cube Highways Trust shares edged higher to close at ₹159.22, settling after a marginal gain of 0.02%. The equity traded within a narrow intraday range, posting a low of ₹158.61 and peaking at ₹159.70 during the session.