Cube Highways Trust announced that the National Highways Authority of India (NHAI) has retained the Wholesale Price Index (WPI) linking factor of 1.641 for the revision of user fee rates under existing contracts. This decision, communicated via NHAI Policy Circular No. 18.127/2026 dated July 08, 2026, supersedes the earlier circular dated September 13, 2025, which had reduced the factor to 1.561. The retention of the higher factor ensures stability in the computation of toll rates for public-funded and BOT concession agreements, including those held by the Trust’s SPVs.

The policy update follows an Office Memorandum dated June 29, 2026, issued by the Ministry of Road Transport & Highways (MoRTH). The ministry directed that the linking factor of 1.641, used to connect the WPI series of 2004-05 to the series of 2011-12, shall continue to be adopted for all existing contracts and concession agreements. This guideline will also apply to all future National Highway projects until further orders or amendments to NH Fee Rules are issued.

Previously, on September 13, 2025, NHAI had revised the linking factor from 1.641 to 1.561. However, following an order by the Hon’ble High Court of Delhi dated October 17, 2025, the implementation of that circular was kept in abeyance. The latest circular effectively resolves the uncertainty by reinstating the original factor for the purpose of user fee revision.

The following table outlines the key timeline and regulatory references regarding the WPI linking factor:

The information regarding the NHAI Policy Circular dated July 08, 2026, has been uploaded to the Trust's website. The filing was submitted by Richa Gupta Rohatgi, Compliance Officer and Company Secretary of Cube Highways Fund Advisors Private Limited, acting in its capacity as Investment Manager to Cube Highways Trust.

Cube Highways Trust reported a sponsor holding of 36.48% for the quarter ended June 30, 2026, according to a regulatory filing. The total units outstanding stood at 1,34,40,69,762, with foreign corporate bodies accounting for the entire sponsor shareholding. The disclosure was made pursuant to Regulation 23(10) of the Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014.

Sponsor and Public Holding

The sponsor group, comprising foreign corporate bodies, held 49,03,81,123 units, representing 36.48% of the total outstanding units. No units were held by Indian sponsors or their associates. The public holding constituted the remaining 63.52% of the total units, amounting to 85,36,88,639 units.

Institutional Breakdown

Institutions held 34.50% of the total units, with bodies corporate being the largest sub-category within this group. Mutual Funds held 3.21%, while Insurance Companies held 3.66%. Foreign Portfolio Investors and Alternative Investment Funds held 0.61% and 1.90% respectively.

Non-Institutional Breakdown

Non-institutions accounted for 29.01% of the total units. Bodies Corporate held 19.30%, while individual shareholders held 7.69%. Trusts and Non-Resident Indians held 1.34% and 0.51% respectively.