Cube Highways Trust delivered robust financial performance in Q3FY26, demonstrating strong operational execution across its diversified portfolio of road infrastructure assets. The trust's investor call on February 6, 2026, revealed sustained momentum in toll collections and strategic initiatives to accelerate future growth.

Financial Performance Highlights

The trust reported impressive growth metrics for the quarter ended December 31, 2025. Revenue from operations stood at ₹3,077 crore, representing a 25% year-on-year increase, while total consolidated income reached ₹3,170 crore.

Distribution and Portfolio Performance

Cube Highways Trust declared a quarterly distribution of ₹4.10 per unit, comprising ₹2.00 per unit as interest, ₹1.33 per unit as return of capital, and ₹0.77 per unit as dividend. This brought the year-to-date distribution to ₹10.20 per unit, with total distributions of ₹1,371 crore generated entirely from Net Distributable Cash Flow (NDCF).

The trust's portfolio now comprises 27 road assets spanning 8,819 lane kilometres across 13 states and Union Territories, maintaining a healthy 85:15 toll-to-annuity mix with an average residual concession life of 18.2 years.

Traffic Growth and Operational Excellence

Traffic performance remained strong with 9.4% year-on-year growth translating into toll revenue growth of 12.1%. Key performing assets included Ghaziabad–Aligarh and the Madurai–Kanyakumari corridor. The trust benefited from sustained increase in passenger car traffic driven by strong vehicle sales, rising disposable incomes, and improved highway connectivity.

Strategic Acquisitions and Public Listing

The Board approved the acquisition of four fully operational assets with an enterprise value exceeding ₹7,200 crore. The acquisition includes three toll assets from CH-V and one annuity asset from CH-II, collectively generating around ₹13.9 billion revenue in FY25.

The trust also initiated conversion from private to public InvIT status, which should provide access to deeper capital pools and improved liquidity for investors. The conversion includes a change of sponsor to CH-V, which will bring three additional assets under Right of First Offer (ROFO) arrangements.

Financial Strength and Outlook

Cube Highways Trust maintained robust balance sheet metrics with Net Debt to AUM at 46.86% and total AUM stable at ₹36,093 crore. The trust continues to hold AAA ratings from CRISIL, ICRA, and India Ratings, providing adequate headroom for future growth while maintaining prudent leverage.

Since listing, the trust has delivered cumulative distributions of ₹31.29 per unit and total returns of ₹74.29 per unit over 2.75 years. Management expects the distribution momentum to continue, supported by full-year contributions from recent acquisitions and strong operational performance across the portfolio.

Cube Highways Trust 's investment manager has announced a crucial board meeting to review quarterly financial performance and consider distributions to unitholders. The meeting comes as part of the InvIT's regular compliance with SEBI regulations and listing requirements.

Board Meeting Details

Cube Highways Fund Advisors Private Limited, acting in its capacity as Investment Manager to Cube Highways Trust, has scheduled meetings of both the Audit Committee and Board of Directors for Friday, January 30, 2026. The meetings are being convened in compliance with SEBI (Infrastructure Investment Trusts) Regulations, 2014 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Key Agenda Items

The board meeting will address several critical matters for the InvIT's operations and stakeholder interests:

Financial Assistance Considerations

The board will deliberate on availing financial assistance through multiple channels. This includes both fund-based and non-fund-based rupee facilities from banks and financial institutions. Additionally, the InvIT may consider issuing non-convertible debt securities or commercial papers on a private placement basis to meet its financing requirements.

Regulatory Compliance

The announcement demonstrates the InvIT's commitment to maintaining transparency and adhering to regulatory frameworks. The meeting notification has been submitted to both BSE Limited and National Stock Exchange of India Limited, ensuring proper disclosure to all stakeholders and market participants.

Corporate Structure

The communication was signed by Richa Gupta Rohatgi, serving as Compliance Officer and Company Secretary for Cube Highways Fund Advisors Private Limited. The company operates from its registered office in New Delhi and corporate office in Noida, with Axis Trustee Services Limited acting as Trustee to the InvIT.