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 The investment manager, Cube Highways Fund Advisors Private Limited, confirmed that no unpublished price sensitive information will be shared during these sessions.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.

Cube Highways Trust reported a 28% year-on-year increase in revenue from operations to ₹4,239 crore for the financial year ended March 31, 2026, driven by strong traffic growth across its portfolio. The Net Asset Value (NAV) per unit rose to ₹145.8, up from ₹142.7 in the previous quarter, supported by operational efficiency and robust toll collections. The Investment Manager, Cube Highways Fund Advisors Private Limited, announced these figures during an investor call held on May 27, 2026.

Financial Performance and Distribution

The Trust’s total consolidated income stood at ₹4,359 crore, with EBITDA growing by approximately 30% year-on-year to ₹3,092 crore. Average Daily Collection in Q4 was ₹9.95 crore. The board declared a distribution of ₹3.57 per unit for Q4, taking the total annual distribution to ₹13.77 per unit, the highest since listing. Cumulative distributions since listing reached ₹34.86 per unit, delivering a total return of ₹77.09 per unit over three years.

Operational Highlights and Portfolio Expansion

Traffic growth for the full year was 8.1% year-on-year, translating to a 10.6% increase in toll revenue, outperforming projected revenue by 3.2%. The Trust has signed definitive agreements to acquire 3 toll and 1 annuity asset from its sponsor, with an aggregate enterprise value of ₹7,292.5 crore. This acquisition is expected to improve NAV by over ₹3.0 per unit and reduce Net debt to AUM to 44.8% on a pro-forma basis. Additionally, the Trust has filed a Draft Offer Document with SEBI to transition to a public InvIT, proposing an Offer for Sale of ₹5,000 crore.

Debt Profile and Future Outlook

The weighted average cost of debt improved by 66 basis points to 7.53% due to the issuance of fixed-rate instruments. The portfolio maintains a AAA rating from CRISIL, ICRA, and India Ratings. For FY27, the Trust has moderated its GDP growth assumption to 6.5% and projects traffic growth of 3%, with expected toll revenue growth of around 6.4% across 17 assets. The Trust has also negotiated a Right of First Offer (ROFO) for three additional sponsor assets with aggregate FY25 revenues of approximately ₹880 crore.