Key Metrics of Cube Highways Trust
About Cube Highways Trust
Company details
Company summary
Entity details
Compliance
Industry classification
Financials, ratios and risk analysis
Revenue, EBITDA, net profit, net worth, debt and assets for every filing year, 15+ ratios, the financial health score, shareholding, charges and peer comparison are part of the premium plan.
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Due dates follow the Companies Act: AGM within six months of the year end, AOC-4 within 30 days and MGT-7 within 60 days of the AGM. A filing made but not yet uploaded here shows as pending.
Vendor checks & payment capacity
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Credit ratings
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 23 Sep 2026 | ICRA | Reaffirmed | AAA | — | Stable | ₹15,962 Cr | View |
| 07 Sep 2026 | ICRA | Reaffirmed | AAA | — | Stable | ₹15,812 Cr | View |
| 16 Jul 2026 | ICRA | Reaffirmed | AAA | — | Stable | ₹14,812 Cr | View |
Credit strengths (ICRA, Sep 2026)
+ Diversified asset portfolio of operational road projects
The Trust has a diversified portfolio of 25 operational road assets, comprising 16 NHAI toll road assets, two NHAI annuity road assets, six NHAI HAM assets and one state toll road asset.
+ Strong financial profile with robust coverage metrics
The InvIT has a robust cash flow cover, with a projected cumulative DSCR of more than 1.8 times in ICRA’s base case assumptions.
+ Cash pooling benefit of InvIT and regulatory cap on consolidated leverage
The InvIT benefits from cash flow pooling across the SPVs and the Trust, ensuring the availability of funds for meeting operational expenses, MM requirements and debt servicing obligations of the InvIT.
Credit challenges
− Risks inherent in BOT toll road projects
CHT is exposed to risks inherent in toll road projects, including those arising from cyclicality in traffic growth, inflation-linked toll revisions, risk of political acceptability of rate hikes over the concession period, the likelihood of toll leakages and the development or improvement of alternative routes or alternative modes of transportation.
− Undertaking regular and periodic maintenance/capex within budgeted cost
The cash flows of the underlying assets depend on the timely undertaking of regular O&M and MM activities within the budgeted costs and in accordance with the respective concession agreements (CAs).
Could lead to a downgrade
Pressure on the rating could arise if any debt-funded acquisitions result in a large increase in leverage/loan to-value (LTV). Any material decline in cash inflows in SPVs, resulting in cumulative DSCR over the debt tenure falling below 1.65 times for the combined portfolio of the InvIT, could also trigger a downgrade. Moreover, the rating could come under pressure if there is any non-adherence to the debt structure. www.icra.in Sensitivity Label : Public Page |4
Agency-reported financials (ICRA, 23 Sep 2026)
| Metric | FY2025 | FY2026 | Q1 FY27 |
|---|---|---|---|
| Operating income (OI) | ₹3,317 Cr | ₹4,246 Cr | ₹1,128 Cr |
| PAT | ₹-35.70 Cr | ₹217 Cr | ₹61.10 Cr |
| OPBDIT/OI (%) | 67.6% | 70.2% | 71.3% |
| PAT/OI (%) | -1.1% | 5.1% | 5.4% |
| Total outside liabilities/Tangible net worth (times) | 1.40× | 2.00× | — |
| Total debt/OPBDIT (times) | 6.80× | 6.00× | — |
| Interest coverage (times) | 2.00× | 2.00× | 2.20× |
| Revenue growth (YoY) | — | 28.0% | — |
| EBITDA (margin × income) | ₹2,242 Cr | ₹2,980 Cr | ₹804 Cr |
| Implied total debt (debt/EBITDA × EBITDA) | ₹15,249 Cr | ₹17,883 Cr | — |
| Implied interest cost (EBITDA ÷ coverage) | ₹1,121 Cr | ₹1,490 Cr | ₹366 Cr |
Borrowings & rated debt
Rated limits over time
Facility mix
Maturity ladder
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Long-term – Fund-based – Term loan | Term loans | ₹10,450 Cr | ₹10,450 Cr | 0.0% | AAA (Stable) | Reaffirmed | ICRA |
| Long-term – Non-fund based – Others | Non-fund based limits | ₹500 Cr | ₹500 Cr | 0.0% | AAA (Stable) | Reaffirmed | ICRA |
| Non-convertible debentures | Debentures & bonds | ₹1,030 Cr | ₹1,030 Cr | 0.0% | AAA (Stable) | Reaffirmed | ICRA |
| Non-convertible debentures | Debentures & bonds | ₹860 Cr | ₹860 Cr | 0.0% | AAA (Stable) | Reaffirmed | ICRA |
| Non-convertible debentures | Debentures & bonds | ₹1,152 Cr | ₹1,152 Cr | 0.0% | AAA (Stable) | Reaffirmed | ICRA |
| Non-convertible debentures | Debentures & bonds | ₹820 Cr | ₹820 Cr | 0.0% | AAA (Stable) | Reaffirmed | ICRA |
| Rs. Non-convertible debentures crore Rs. | Debentures & bonds | ₹1,150 Cr | ₹1,000 Cr | −13.0% | AAA (Stable) | Reaffirmed | ICRA |
| crore | Other | — | ₹150 Cr | — | — | Other | ICRA |
Debt instruments
| ISIN | Instrument | Type | Coupon | Issued | Maturity | Amount | Rating | Status |
|---|---|---|---|---|---|---|---|---|
| INE0NR607058 | — | Debentures & bonds | 7.25% | 25 Apr 2025 | 25 Apr 2028 | ₹552 Cr | AAA | Outstanding |
| INE0NR607074 | — | Debentures & bonds | 6.93% | 20 Aug 2025 | 20 Feb 2029 | ₹420 Cr | AAA | Outstanding |
| INE0NR607066 | — | Debentures & bonds | 7.30% | 25 Apr 2025 | 25 Apr 2032 | ₹600 Cr | AAA | Outstanding |
| INE0NR607082 | — | Debentures & bonds | 7.30% | 20 Aug 2025 | 20 Aug 2035 | ₹400 Cr | AAA | Outstanding |
| INE0NR607017 | — | Debentures & bonds | 7.49% | 28 Jun 2023 | 15 Apr 2041 | ₹1,030 Cr | AAA | Outstanding |
| INE0NR607033 | — | Debentures & bonds | 7.67% | 12 Feb 2025 | 31 Dec 2042 | ₹860 Cr | AAA | Outstanding |
Credit assessment · Infrastructure investment trusts (InvITs)
ICRA Rating Methodology – Infrastructure Investment Trusts (Aug 2025) · Standalone accounts · FY 2025-26
Ratios, pillar scores and the indicative rating are part of Premium.
Rating status
| Default | No default on record |
| Issuer cooperation | Cooperating |
| Credit enhancement | None – standalone rating |
| Next action stable or better (model) | 69% |
| Information on file | 44% · missing: Annual results history (3+ years), Debt obligations and repayment schedule, Capex / investment plans, Auditor details, Shareholding pattern |
Indicative assessment from public data using the published methodology factors; not a credit rating.
Borrowing & funding lifecycle
- Credit outlook model: 73% chance the next rating action is stable or better
- Current rating AAA (investment grade)
- Interest coverage 2.2×
Rated limits by facility
Timeline
From the report
Cube InvIT has cash and bank balances (including fixed deposits) of ~Rs. 1,479 crore as on June 30, 2026, of which around Rs. 300 crore is kept towards DSR (equivalent to three months of principal + interest obligations) at CHT and MBEL, besides Rs. 1,179 crore as unencumbered cash balances (including Rs. 55 crore of major maintenance reserve for MBEL).
From the report
Cube InvIT has cash and bank balances (including fixed deposits) of ~Rs. 1,479 crore as on June 30, 2026, of which around Rs. 300 crore is kept towards DSR (equivalent to three months of principal + interest obligations) at CHT and MBEL, besides Rs. 1,179 crore as unencumbered cash balances (including Rs. 55 crore of major maintenance reserve for MBEL).
From the report
Cube InvIT has cash and bank balances (including fixed deposits) of almost Rs. 1,477 crore as on March 31, 2026, of which around Rs. 313 crore has been kept towards DSR (equivalent to three months of principal + interest obligations) at CHT.
Lender names, bank charges and audited borrowings are part of Premium.
Built from MCA charges, ICRA/CARE rating reports and audited accounts. The borrowing view is an estimate, not a lender's credit decision.
Registered office and contact
Directors and key people
Directors are read from the MGT-7 annual return and AOC-4 signatories.
Charges (secured borrowings)
0 registered charges. Lenders, amounts and dates are part of the premium plan.
Statutory auditors
Auditors are read from the AOC-4 auditor's report section.
Business activities and related parties
Principal business activities and related-party transactions are read from MGT-7 and AOC-4 filings.
Filings
No filings on record yet.