Cube Highways Trust announced the conclusion of the concession period for its project Special Purpose Vehicle (SPV), Western UP Tollway Private Limited (WUPTPL), which expired on June 23, 2026, at 23:59:59 Hrs. The termination follows the expiry of the concession agreement signed between the SPV and the National Highways Authority of India (NHAI). The Investment Manager is currently evaluating the future course of action for the SPV to ensure compliance with regulatory requirements and protect unitholder interests.

The development was intimated to the exchanges in reference to Regulation 23 of the Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014. The Investment Manager, Cube Highways Fund Advisors Private Limited, stated that appropriate steps will be taken in accordance with applicable laws. Upon the successful handover of the project to NHAI and fulfillment of divestment obligations, a vesting certificate will be issued by the concessioning authority to evidence the transfer of the asset.

WUPTPL was incorporated on April 20, 2005, originally as a public limited company before converting to a private limited company. The entity was engaged on a Build-Operate-Transfer (BOT) basis for the four-laning of the Meerut to Muzaffarnagar section of NH 334 in Uttar Pradesh. The project spanned an overall length of 77.8 kilometers.

The table below outlines the key details of the project SPV:

The Investment Manager is guided by SEBI circular SEBI/HO/DDHS/DDHS-PoD-2/I/11698/2026 dated May 15, 2026, regarding the post-concession period management. The Trustee to the InvIT is Axis Trustee Services Limited, while Catalyst Trusteeship Limited acts as the Debt Security Trustee. The filing was signed by Richa Gupta Rohatgi, Compliance Officer and Company Secretary, on June 24, 2026.

Cube Highways Trust will meet with investors starting June 8, 2026, to discuss its portfolio and operational performance. The meeting is being held pursuant to the Policy For Determining Materiality of Information For Periodic Disclosures dated July 11, 2022. The investment manager, Cube Highways Fund Advisors Private Limited, confirmed that no unpublished price sensitive information will be shared during these sessions.

The Trust manages a diversified portfolio of 27 assets comprising 18 toll assets and 9 annuity assets as of March 31, 2026. The Assets Under Management (AUM) stand at INR 368.42 bn, an increase from INR 322.66 bn across 25 SPVs as of March 31, 2025. The portfolio includes 9 BOT and DBFOT assets, 9 TOT assets, 6 HAM assets, and 3 annuity assets.

Portfolio Overview

The Trust has maintained a strong credit profile with debt facilities rated AAA/Stable by India Ratings & Research Private Limited, ICRA, and CRISIL Ratings Limited. The distribution per unit since listing has reached INR 34.86, with a declared distribution of INR 13.77 per unit for FY26. The Net Asset Value (NAV) per unit has increased by 45.77% since listing.

Strategic Growth

Cube Highways Trust is pursuing a calibrated growth strategy focused on acquiring operating and de-risked assets. The Trust has identified a pipeline of 3 ROFO assets and proposes to acquire 4 committed assets from the Sponsor Group via an equity swap, subject to requisite approvals. The committed assets include projects in West Bengal, Madhya Pradesh, Karnataka, and Jammu and Kashmir.

The Trust has demonstrated resilient traffic growth with a portfolio CAGR of 5.85% across toll assets. It employs advanced asset management techniques, including technology-driven testing and AI-based applications, to enhance operational efficiency. The presentation regarding these meetings is available on the Trust's website.

Source: https://lodr-files.dhan.co/lodr-inputs/Company/INE0NR623014/618b0b9b3d664118.pdf