Cube Highways Trust FY25 profit rises to ₹40.69 crore

Cube Highways Trust reported a financial turnaround for the year ended September 30, 2025, posting a net profit of ₹40.69 crore compared to a net loss of ₹26.04 crore in the previous year. Revenue from operations grew 23.85% year-over-year to ₹1,995.90 crore, driven by improved toll collections across its portfolio of 27 road assets. The Trust, which operates 8,754 lane kilometers across 12 states and one union territory, saw its total expenses increase at a slower pace of 18.06% to ₹2,009.12 crore, aiding the recovery in profitability.

Operating cash flow surged 64.67% to ₹1,764.61 crore in FY25, reflecting strong cash generation capabilities. The Trust maintains a AAA/Stable credit rating and has distributed a total of ₹35,897.35 million since its listing in April 2023. However, the debt-to-equity ratio rose significantly to 1.84x in FY25 from 1.18x in the prior year, following a 44.28% increase in non-current liabilities to fund asset acquisitions. The weighted average residual concession period stands at 18.44 years, providing long-term revenue visibility.

Financial Performance

Particulars	FY Sep-2025 (₹ Crore)	FY Sep-2024 (₹ Crore)	YoY Change (%)
Revenue from Operations	1,995.90	1,611.60	+23.85%
Total Revenue	2,065.16	1,689.06	+22.26%
Total Expenses	2,009.12	1,701.79	+18.06%
Profit Before Tax	56.03	(12.73)	Turnaround
Total Profit (PAT)	40.69	(26.04)	Turnaround

Key Metrics

Metric	Value
Number of Road Assets	27
Total Network	8,754 Lane Kilometers
Weighted Avg. Residual Concession Period	18.44 Years
Credit Rating	AAA/Stable
Debt-to-Equity Ratio	1.84x
Cumulative DPU Since Listing	₹27.19 per unit

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-0.30%	+0.96%	+0.96%	+11.78%	+21.31%	+56.49%

Cube Highways Trust unitholders approved the audited standalone and consolidated financial statements for the financial year ended March 31, 2026, at its third Annual Meeting held on July 17, 2026. The meeting, conducted via video conferencing, also saw the adoption of the valuation report of the trust's assets as of March 31, 2026. Additionally, the unitholders approved the appointment of a valuer for the financial year 2026-27 and fixed their remuneration.

The resolutions were passed with the requisite majority under the Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014. Mr. Harish Chawla, Partner of M/s. CL & Associates, Practicing Company Secretaries, served as the Scrutinizer for the remote e-voting and e-voting conducted during the meeting. The statutory auditor's report for the financial year ended March 31, 2026, contained no qualifications, observations, or comments adversely affecting financial reporting.

Voting Results

The voting process combined remote e-voting and e-voting conducted during the Annual Meeting. A total of 1,344,069,762 units were eligible, with 626,468,934 votes polled, representing 46.61% of the outstanding units. The table below summarizes the voting outcomes for the key resolutions.

Resolution	Votes in Favour	Votes Abstained	% of Votes in Favour
Adoption of Financial Statements	625,468,934	10,00,000	99.84
Adoption of Valuation Report	625,468,934	10,00,000	99.84
Appointment of Valuer	625,468,934	10,00,000	99.84

Meeting Proceedings

The meeting was chaired by Mr. U.K. Sinha, Independent Director and Chairman of the Audit Committee. Key managerial personnel, including Mr. Vinay C. Sekar, Chief Executive Officer, and Ms. Richa Gupta Rohatgi, Compliance Officer & Company Secretary, were in attendance. Representatives from the statutory auditor, M/s. S.B. Billimoria & Co. LLP, and the Trustee, Axis Trustee Services Limited, were also present.

Three unitholders attended the meeting through electronic mode. The remote e-voting period commenced on July 13, 2026, and concluded on July 16, 2026. The facility for e-voting during the meeting was available for 15 minutes post-conclusion. The meeting concluded at 4:45 P.M. (IST).