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Cube Highways Trust Investor Presentation 2026
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Investor Presentation
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CUBE HIGHWAYS
FUND ADVISORS
May 26, 2026
To
Listing Department
BSE Limited
20th Floor, P. J. Towers
Dalal Street, Mumbai – 400 001
Units:
Scrip Code: 543899 ISIN: INE0NR623014
Non-convertible debentures:
Scrip Code: 974936 ISIN: INE0NR607017
Scrip Code: 975770 ISIN: INE0NR607025
Scrip Code: 976397 ISIN: INE0NR607033
Scrip Code: 976434 ISIN: INE0NR607041
Scrip Code: 976636 ISIN: INE0NR607058
Scrip Code: 976637 ISIN: INE0NR607066
Scrip Code: 977036 ISIN: INE0NR607074
Scrip Code: 977037 ISIN: INE0NR607082
Listing Department
National Stock Exchange of India Limited
Exchange Plaza, C-1, Block-G
Bandra-Kurla Complex, Bandra (E)
Mumbai - 400 051
Symbol: CUBEINVIT
Subject: Intimation regarding Investor Presentation for Q4FY26
Dear Sir/Ma’am,
Pursuant to Regulation 23 of SEBI (Infrastructure Investment Trusts) Regulations, 2014, as amended from time to time read with SEBI Master Circular no. SEBI/HO/DDHS-PoD-2/P/CIR/2025/102 dated July 11, 2025, and in accordance with the policy for determining materiality of information for periodic disclosures of Cube Highways Trust, we are enclosing herewith Investor Presentation for Q4FY26.
Request to take the same on record.
For Cube Highways Fund Advisors Private Limited
(acting in its capacity as Investment Manager to Cube Highways Trust)
Richa Gupta
Robatgi
Digitally signed by
Richa Gupta Rohatgi
Date: 2026.05.26
21:01:54 +00'30'
Richa Gupta Rohatgi
Compliance Officer and Company Secretary
Enclosed: As Above
CC to:
Trustee to the InvIT
Axis Trustee Services Limited
Axis House, P B Marg, Worli,
Mumbai, Maharashtra, India, 400025
Debt Security Trustee
Catalyst Trusteeship Limited
901, 9th Floor, Tower-B Peninsula
Business Park, Senapati Bapat Marg
Lower Parel(W), Mumbai, Maharashtra- 400013
CUBE HIGHWAYS FUND ADVISORS PRIVATE LIMITED
CIN: U74999DL2021FTC379941
Regd. Office: B-376, UGF, Nirman Vihar, New Delhi - 110092
Corporate Office: Unit No. 1901, 19th Floor, Tower-B, World Trade Tower, Plot No. C-1, Sector-16, Noida, U.P-201301
E-mail: - [email protected], Phone: +91-120-4868300
CUBEHIGHWAYS TRUST
Investor Presentation
Q4 FY26
May 2026
www.cubehighwaystrust.com
Disclaimer
This presentation is prepared and issued by Cube Highways Fund Advisors Pvt. Ltd. ("CHFAPL") (the "Investment Manager") on behalf of and in its capacity as the Investment Manager of Cube Highways Trust ("InvIT") for general information purposes only without regard to specific objectives, financial situations or particular needs of any reader and should not be construed as legal, tax, investment or other advice. This presentation and the accompanying slides contain selected information about the activities of the InvIT as on the date of the presentation. It does not purport to present a comprehensive overview of the InvIT or contain all the information necessary to evaluate an investment in the InvIT.
This presentation is not a prospectus, disclosure document, a statement in lieu of a prospectus, an offering circular, an offering memorandum, an advertisement, an offer or an offer document under the Companies Act, 2013, the Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014 as amended, or any other applicable law in India or in any other jurisdictions.
No part of this presentation nor the fact of its distribution should form the basis of, or be relied on in connection with, any contract or commitment or investment decision whatsoever. This presentation does not constitute or form part of and should not be construed as, directly or indirectly, any present or future offer or invitation, recommendation or inducement to sell or issue or an offer, or any solicitation of any offer, to purchase or sell any securities of the InvIT or an inducement to enter into investment activity in any jurisdiction. Any decision to purchase securities in the context of an offering of securities (if any) should be made solely on the basis of information contained in the offering documentation published in relation to such offering.
Unless otherwise stated in this presentation, the information contained herein is based on management information and estimates. The information contained in this presentation is only current as of its date, unless specified otherwise, and has not been independently verified. Please note that, you will not be updated in the event the information in the presentation becomes stale. This presentation contains forward-looking statements about Cube InvIT's general business plans, strategy, future financial condition, growth prospects, and future developments in its sectors and competitive environment. These statements are subject to inherent risks and uncertainties that may cause actual performances or results in future period to differ materially from any projections of future performance or results expressed in, or implied by, such forward-looking statements. The factors that may affect the results contemplated by the forward-looking statements could include, inter alia, changes in Cube InvIT's business, regulatory environment, the toll road sector, and political, economic, legal, and social conditions. You are cautioned not to place undue reliance on these forward-looking statements.
This presentation comprises information given in summary form and does not purport to be complete, and it cannot be guaranteed that such information is true and accurate. Readers must make their own assessment of the relevance, accuracy and adequacy of the information contained in this presentation and must make such independent investigation as you may consider necessary or appropriate for such purpose. Moreover, no express or implied representation or warranty is made as to, and no reliance should be placed on, the accuracy, fairness or completeness of the information presented or contained in this presentation. Further, past performance is not necessarily indicative of future results. The information contained in, and the statements made in, this presentation should be considered in the context of the circumstances prevailing at the time. There is no obligation to update, modify or amend such information or statements or to otherwise notify any recipient if any information or statement set forth herein, changes or subsequently becomes inaccurate or outdated. The information contained in this document is provided as at the date of this document and any opinions expressed in this presentation or the contents of this presentation are subject to change without notice. Certain numbers in the presentation have been subject to routine rounding off and accordingly, figures shown in the presentation including the total in tables and diagrams may not be an arithmetic aggregation of the figures that precede them.
None of the Cube Highways Trust or the Investment Manager or the Axis Trustee Services Limited or any of their respective affiliates, advisers or representatives accept any liability whatsoever for any loss howsoever arising from any information presented or contained in this presentation. Furthermore, no person is authorized to give any information or make any representation which is not contained in, or is inconsistent with, this presentation. Any such extraneous or inconsistent information or representation, if given or made, should not be relied upon as having been authorized by or on behalf of the Cube Highways Trust or the Investment Manager or their affiliates. The distribution of this presentation in certain jurisdictions may be restricted by law. Accordingly, the presentation is not intended for distribution or reproduction to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation and any persons in possession of this presentation should inform themselves about and observe any such restriction.
Cube Highways Trust is proposing, subject to receipt of requisite approvals, market conditions and other considerations, conversion from private listed to public listing of the InvIT and to make an initial public offer of its units and has filed [a draft offer document with the Securities and Exchange Board of India]/[the offer document with the Securities and Exchange Board of India]/[the final offer document with the Securities and Exchange Board of India]. The [draft offer document/ offer document/ final offer document] is available on the website of the SEBI at www.sebi.gov.in, the websites of the stock exchange, at www.nse-india.com/www.bseindia.com, as well as on the websites of the Lead Managers [Kotak Mahindra Capital Company Limited and HDFC Bank Limited, HSBC Securities and Capital Markets (India) Private Limited and JM Financial Limited, respectively]. Investors should note that investment in units may involve risks and for details relating to such risks, prospective investors should carefully read the [draft offer document/ offer document/ final offer document], including sections entitled "Risk Factors" and "Forward-Looking Statements". Prospective investors should not rely on the draft offer document filed with the Securities and Exchange Board of India and stock exchanges in making any investment decision.
This document is not an offer of securities for sale in the United States or elsewhere. This document is not for publication or distribution, directly or indirectly, in or into the United States. The units described in this announcement have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act") or any other applicable law of the United States and, unless so registered, may not be offered or sold within the United States, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. There will be no public offering of securities in the United States.
CUBEHIGHWAYS TRUST
Agenda
04 Executive Summary
10 Operating Performance
14 Debt and Financing
18 NDCF, Distribution, Valuation & Unitholding
24 Environment, Social & Governance
27 Industry and Sector Updates
33 Annexures
CUBE HIGHWAYS — TRUST
01
Executive Summary
CUBEHIGHWAYS
TRUST
Inside FY26: A Look Back
- 14% YoY
AUM Growth
INR 322.66 Bn → INR 368.42 Bn
- 3.2%
Toll Revenue Outperformance
Compared to revenue projections as per valuation¹
INR 13.77
FY26 DPU
Highest annual distribution since listing
% 66 bps
Reduction in Cost of Debt
8.19%² → 7.53%
(weighted average cost of debt)
- Based on revenue projections per Q4 FY25 Valuation Report (March 31, 2025)
- Weighted average cost of debt as per Valuation Reports: 8.19% as of March 31, 2025 (Q4 FY25) and 7.53% as of March 31, 2026 (Q4 FY26), reflecting a reduction of 66 bps year-on-year
CUBEHIGHWAYS TRUST
Portfolio Snapshot
As on March 31, 2026, unless stated otherwise
Cube InvIT offers a de-risked, diversified portfolio with steady cash flows
| 27
ASSETS^{(1)}
18 TOLL, 6 HAM & 3 ANNUITY ASSETS | 368.42
AUM (INR BN)^{(4)}
(for 27 InvIT assets) | 85% : 15%
TOLL AUM : ANNUITY AUM
(for 27 InvIT assets)^{(1)} |
| --- | --- | --- |
| 2,005
KILOMETERS | 8,754
LANE KILOMETERS | 13
NO. OF STATES (12) & UNION TERRITORIES (1) |
| 18.0
AVERAGE RESIDUAL CONCESSION YEARS^{(2)} | 9.2
AVERAGE OPERATING HISTORY YEARS^{(3)} | |
- Comprises 9 BOT/DBFOT assets, 9 TOT assets, 6 HAM assets, 3 annuity assets (APEPL, QEPL and JUHPL), totalling 27 assets. QEPL and JUHPL were acquired in FY26
- Calculated as Weighted Average using "Aggregate sum of Pre-MM EBITDA of the respective SPVs over their remaining life of the project, as on March 31, 2026" as weights
- Calculated as Weighted Average using "Aggregate sum of Pre-MM EBITDA of the respective SPVs over their operating life of the project, as on March 31, 2026" as weights
- AUM pertains to 27 InvIT SPVs as of March 31, 2026, including INR 9.05 Bn in financial assets and other bank balance (cash & cash equivalents). The figure represents the 100% enterprise value for all SPVs including MBEL (0.03% of the equity shares of MBEL are held by Madhucon Infra Limited)
Assets
- JMTPL, 2. MBEL,
- WUPTPL, 4. NAMEPL,
- NDEPL, 6. WVEPL,
- FRHPL, 8-11. MKTPL, KETPL, SMTPL, NKTPL, 12-13. JLTPL, JVTPL,
- DATRPL, 15. GAEPL,
- KMTPL, 17. LRTPL,
- HTPL, 19. APEPL,
- BWHPL, 21. MSHPL,
- MHPL, 23. THPL,
- SPPL, 25. SIPL 26. QEPL,
- JUHPL
Representational view of assets, map not drawn to scale
CUBEHIGHWAYS
TRUST
Snapshot of FY26 Performance
As on March 31, 2026, unless stated otherwise
Cube InvIT has delivered strong returns, supported by robust growth, and a stable, AAA-rated credit profile backed by disciplined financial management
| Investor Returns | |
|---|---|
| INR 3.57 | |
| Q4 FY26 | |
| Distribution per unit | ### INR 13.77 |
FY26
Distribution per unit |
| ### INR 34.86
Cumulative distribution till date per unit | ### INR 368.42 Bn
Assets Under Management (AUM)² |
| ### 45.77%
NAV Growth Since Listing | ### 14%
YoY Growth in AUM³ |
| Debt & Credit Profile | |
| --- | --- |
| 46.82%
Net Debt / AUM⁴ | ### 1.99x
DSCR⁵ |
| ### AAA
Credit Rating (Crisil, India Ratings & ICRA) | ### AAA
Credit Rating (Crisil, India Ratings & ICRA) |
- Average portfolio traffic growth is a weighted average of traffic across SPVs, using AUM as weights and tollable lengths of respective toll plazas as sub-weights.
- AUM of INR 368.42 Bn pertains to 27 InvIT SPVs as of March 31, 2026, including INR 9.05 Bn in financial assets and cash equivalents, and represents 100% enterprise value across all SPVs. Note: 0.03% of MBEL's equity is held by Madhucon Infra Limited.
- AUM grew from INR 322.66 Bn to INR 368.42 Bn across 27 SPVs, between March 31, 2025 and March 31, 2026
- Net Debt is stated net of cash and includes accrued interest, the promoter loan of WVEPL, and the pass-through payment for QEPL, across 27 assets
- DSCR (Debt Service Coverage Ratio) is calculated per the financial covenant methodology prescribed in the respective debt documents
7
CUBEHIGHWAYS
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Q4 FY26 Highlights (1/2)
As on March 31, 2026, unless stated otherwise
| Strong Revenue & Traffic Performance | • Revenue from operations rose 28.17% YoY to INR 42,389 Mn¹, with total consolidated income at INR 43,590 Mn
• Q4 portfolio traffic grew by 9.2% YoY resulting in a toll revenue growth of 10.8% YoY
• FY26 portfolio traffic grew 8.1% YoY and revenue grew 10.6% YoY. This growth was driven by:
• India's robust GDP growth of 7.6% supported by higher industrial activity, freight movement, consumption demand, and passenger mobility
• Strong vehicle sales (both passenger and commercial vehicles) - following GST rates rationalisation measures in September 2025
• Annuity Receipts: All annuities scheduled for FY26 have been received within time
• Annual FASTag Pass adoption: Portfolio average adoption for private cars surged from 2% at launch to ~29% by March 31, 2026
• INR 1,769 Mn has been recognized as receivables/ received for FY26; Of this INR 1,382 Mn has been received as on March 31, 2026 |
| --- | --- |
| Sustained Distributions | • Declared DPU of INR 3.57 for Q4 FY26
• Cumulative FY26 DPU stands at INR 13.77 – our highest yearly distribution
• Total FY26 distribution amounts to INR 18,507.84 mn |
| Robust Financial Discipline | • Average cost of debt stands at 7.53% as of March 31, 2026
• Net Debt/AUM ratio of 46.82%, leaving adequate headroom to fund future acquisitions
• Strong balance sheet with AAA credit rating and stable leverage at 4.4x Debt/EBITDA |
| Other updates | • Filed Draft Offer Document with SEBI on March 17, 2026, for conversion from a privately listed InvIT to a publicly listed InvIT through an offer for sale (aggregating up to INR 5,000 Crore) by existing unitholders. |
- Toll revenue includes Annual Pass compensation claimed from NHAI, effective August 15, 2025
CUBEHIGHWAYS TRUST
Q4 FY26 Highlights (2/2)
As on March 31, 2026 unless stated otherwise
Traffic Highlights
- GAEPL recorded the highest traffic growth in the portfolio at 31% in Q4 FY26 (YoY) and ~23% on a full-year basis, driven by strong passenger vehicle growth, and commissioning of two logistics parks and a cement plant in the project influence area
- NKTPL and MKTPL recorded healthy traffic growth of 16% and 15% in FY26, respectively, supported by strong passenger vehicle growth and commencement of TNSTC bus tolling
- Across the portfolio, most assets recorded strong traffic growth, benefiting from robust GDP growth, an uptick in vehicle sales, and ongoing network improvements
- JMTPL recorded a traffic decline of 7% on a full-year basis due to diversion following commissioning of the Bandikui spur (DVME) and due to a high base from Kumbh Mela-related traffic in Q4 FY25 - this is in line with expectations and factored in the valuation case.
- LRTPL recorded flat traffic on a full-year basis, reflecting a very high prior-year base due to Kumbh Mela - this is as per expectation and factored in our valuation case
Operational Updates
- Major Maintenance (MM): MM works are ongoing in two SPVs – WUPTPL and NAMEPL, both as per scheduled plan and within budget
- Extended the Bitumen Supply MoU with IOCL for another five years, ensuring supply continuity and greater price stability
- Operationalized grid-connected solar power systems across the Karman, Mahuvan, and Gadpuri toll plazas of DATRPL through a phased approach, with a combined installed capacity of ~395 kWp
- Deployed real-time Vehicle Tracking System (VTS) across ~300 vehicles with geotagging and geofencing to improve monitoring and utilization
- Safety Related Initiatives
- Initiated a Driver Behaviour & Work-Zone Safety Study with Nagoya Electric Works to benchmark global safety practices and enhance work-zone management
- Launched a Connected-Vehicle Safety Pilot with Honda to enable proactive highway risk detection through vehicle analytics and real-time insights
CUBEHIGHWAYS TRUST
02
Operating Performance
CUBEHIGHWAYS TRUST
Traffic & Revenue Performance Snapshot (Toll Assets)
10.8%
Q4 FY26
Toll Revenue Growth (YoY)¹
99.5
Q4 FY26
Average Daily Collection (INR Mn per day)
9.2%
Q4 FY26
Portfolio Traffic Growth (YoY) in PCU terms²
Revenue & Traffic Performance Snapshot: Q4 FY26 v/s Q4 FY25
Revenue & Traffic Performance Snapshot: FY26 v/s FY25
- Toll Revenue growth is calculated on FY revenues from 18 tolled assets (excluding 3 Annuity and 6 HAM assets). NAMEPL was acquired on February 12, 2025. For a like-for-like comparison, full-year toll revenue of NAMEPL is considered in FY25. Toll revenue also includes Annual Pass compensation of INR 880 Mn in Q4 FY26 and INR 1,769 Mn for FY26, representing compensation received/receivable from the National Highways Authority of India (NHAI) towards revenue estimated by the Trust SPVs on account of the Annual Pass scheme, effective August 15, 2025
- Average portfolio traffic growth are weighted averages computed using AUM as primary weights and tollable lengths of respective toll plazas as sub-weights
9910%
4%
9%
CUBEHIGHWAYS
TRUST
Annuity Receipts
All annuities amounting to INR 16.2 Bn due in FY26 have been received
| SPVs | Q1 (A) | Q2 (A) | Q3 (A) | Q4 (A) | FY 2026 (A) |
|---|---|---|---|---|---|
| SIPL | 486.8 √ | 464.3 √ | 951.1 | ||
| Due: May 26 | Received: Jun 30 | Due: Nov 26 | Received: Dec 21 | ||
| THPL | 714.7 √ | 669 √ | 1,383.7 | ||
| Due: May 21 | Received: May 27 | Due: Nov 6 | Received: Nov 20 | ||
| SPPL | 568.5 √ | 539 √ | 1,107.5 | ||
| Due: Apr 19 | Received: Apr 17 | Due: Oct 4 | Received: Oct 18 | ||
| MSHPL | 504.8 √ | 488.8 √ | 993.6 | ||
| Due: Jun 29 | Received: Jul 11 | Due: Dec 14 | Received: Dec 31 | ||
| MHPL | 429.8 √ | 410.2 √ | 840 | ||
| Due: Jun 29 | Received: Jul 1 | Due: Dec 13 | Received: Dec 30 | ||
| BWHPL | 463.4 √ | 450.4 √ | 913.8 | ||
| Due: Sep 23 | Received: Oct 3 | Due: Mar 23 | Received: Mar 31 | ||
| JUHPL | 2,019 √ | 2,019 √ | 4,038 | ||
| Due: Jun 1 | Received: Jun 2 | Due: Dec 1 | Received: Dec 1 | ||
| QEPL | 2,450 √ | 2,450 √ | 4,900 | ||
| Due: Jul 30 | Received: Jul 30 | Due: Jan 30 | Received: Jan 30 | ||
| APEPL | 565 √ | 565 √ | 1,130 | ||
| Due: Sep 15 | Received: Sep 15 | Due: Mar 15 | Received: Mar 15 | ||
| Total | 4,723.6 | 3,478.4 | 4,590.3 | 3,465.4 | 16,257.7 |
- The annuity amounts mentioned above are gross amounts and are exclusive of GST and TDS
√ Annuity Received
*Figures in INR million
| Annuity Snapshot |
|---|
| 9 |
| Annuity Assets (6 HAM + 3 BOT- Annuity) |
| 18 |
| No. of Annuities Receivable in FY26 |
| INR 16,258 Mn |
| Total Annuities to be received in FY26 |
| 100% |
| Annuity Received -16,258 Mn |
CUBEHIGHWAYS
TRUST
Major Maintenance
Major maintenance planned for FY26 in two assets carried out as per schedule and within budget
*Figures in INR mn
| S. No. | SPV | Length for MM works (km) | Start Date | End Date | Initial Budget (as per Valuation Report on March 31, 2025) | Revised Budget | Potential Savings | Utilization in FY26 |
|---|---|---|---|---|---|---|---|---|
| 1 | NAMEPL | 64.6 | Dec-25 | Jul-26 | 1,146 | 1,137³ | 9 | 465¹ |
| 2 | WUPTPL | 78.1 | May-25 | Jun-26 | 1,101 | 1,044 | 57 | 752² |
Notes
NAMEPL (~47% MM work completed)
- Major Maintenance Strategy: Combination of DBM rehabilitation in isolated sections, BC overlay, and thin white topping
- Sustainability Initiatives: Using 35% RAP in DBM, 25% RAP in BC.
WUPTPL (≈84% MM work completed)
- Major Maintenance Strategy: Combination of Dense Bituminous Macadam (DBM) rehabilitation in isolated sections, Bituminous Concrete (BC) overlay/inlay, and micro-surfacing
- Sustainability Initiatives: Implementation of 25% Reclaimed Asphalt Pavement (RAP) in DBM and BC works, fiber-reinforced micro-surfacing, and 50% RAP in shoulder repair works
- NAMEPL – Utilization of INR 54 Mn in Q3 FY26 and INR 411Mn in Q4 FY26.
- WUPTPL – Utilization of INR 12 Mn in Q1 FY26, INR 190 Mn in Q2 FY26, INR 236 Mn in Q3 FY26, and INR 314 Mn in Q4 FY26
- Budget has been revised to account for a potential increase in bitumen prices in light of the prevailing geopolitical environment
- Project-sourced RAP will be reused in bituminous works, with remaining material deployed for shoulder repairs
CUBE HIGHWAYS
TRUST
03
Debt and Financing
CUBEHIGHWAYS
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Strong Balance Sheet and Financing
As on March 31, 2026, unless stated otherwise
Key Metrics
7.49%
Cost of Debt (for consolidated borrowings)¹
As on April 30, 2026
25%
Fixed Rate borrowing (at consolidated level)
46.82%
Net Debt/ AUM²
1.99x
DSCR³
4.21x
Debt/ EBITDA⁴
Gross Borrowings⁵ (INR billions)
Lender-wise Borrowings – Term Loan
Our Marquee Lenders
AAA Credit Rated
- Excludes SPV-level debt of MBEL
- Net Debt includes accrued interest, the promoter loan of WVEPL, and the pass-through payment for QEPL, stated net of cash, across 27 assets
- DSCR (Debt Service Coverage Ratio) calculated in accordance with the financial covenant methodology prescribed under the respective debt documents
- Debt is stated inclusive of interest accrued as of March 31, 2026, and is computed against estimated cash EBITDA (pre-major maintenance) for FY26 across 27 assets
- Gross borrowings include accrued interest of INR 174.79 Mn and erstwhile promoter fund of INR 166.91 Mn as of March 31, 2026
15
CUBEHIGHWAYS
16
Repayment Profile
InvIT maintains strong DSCR of 1.99x levels and a well-staggered debt portfolio, with diversified maturities and repayment cycles
As on March 31, 2026
| % of maturing debt | 3% | 6% | 5% | 4% | 5% | 9% | 6% | 7% | 7% | 5% | 7% | 9% | 7% | 6% | 6% | 5% | 2% | 2% |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
- Assumes repayment of only NCDs on put/call dates
CUBEHIGHWAYS
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Tracking Portfolio Growth
- AUM, NAV and debt figures are as of March 31 of the respective fiscal year; distribution and revenue figures represent full-year amounts
17
GUBERIGHWAYS TRUST
04
NDCF, Distribution, Valuation & Unitholding
CUBEIGHWAYS
TRUST
Net Distributable Cash Flow and Distributions: FY26
In Q4 FY26, Cube InvIT has declared a distribution of INR 4,798 Mn (INR 3.57 per unit), taking FY26 cumulative DPU to INR 13.77
Notes:
- Toll revenue is stated net of FRHPL's royalty expense for overloading and includes compensation received/receivable from NHAI under the Annual Pass scheme
- JUHPL's annuity due in June 2025 was received prior to the acquisition date and accordingly does not form part of NDCF generation in accordance with SEBI InvIT Regulations
- WUPTPL and MBEL have no outstanding debt but are unable to declare dividends due to negative free reserves and consequently cannot make distributions to the Trust. A capital reduction scheme has been filed to repatriate funds to the Trust.
- Management has considered INR 1541 million received by the Trust from JUHPL, which represents the expenses appropriated for the period June 12, 2025 (i.e. the acquisition date by the Trust) to March 01, 2026 (being date of receipt of annuity post acquisition) from the SPV's cash balance as on acquisition date as the previous annuity was received prior to SPV's acquisition date. Similarly, INR 216 Mn received from QEPL represents expenses appropriated for the period June 12, 2025 to July 30, 2025.
- Access SPV wise NDCF Summary
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Distribution History
Declared Q4 FY26 distribution of INR 3.57 per unit, taking the cumulative distribution since listing to INR 34.86 per unit
CUBEHIGHWAYS
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Valuation Summary
As on March 31, 2026, for 27 Assets
Valuation Summary
| Particulars | INR Mn |
|---|---|
| Enterprise Value (EV) | 368,418 |
| Total Debt | 177,558 |
| Less: Amount pass through for NIIF transaction | 119 |
| Less: Minority shareholding in MBEL | 1 |
| Net Debt | 172,368 |
| Equity Value | 195,930 |
| Net Debt/EV | 46.82% |
| NAV (INR per Unit ) | 145.77 |
Number of Units
| Particulars | INR Mn |
|---|---|
| Total ordinary Units Issued | 1,290 |
| Reclassification of Subordinate units (in July 2024) | 44 |
| Total Ordinary units | 1,334 |
| Reclassification of Subordinate units (in July 2025) | 9.6 |
| Total Units | 1,344 |
CUBEHIGHWAYS TRUST
Valuation Assumptions
As on March 31, 2026, for 27 Assets
| Particulars | Description |
|---|---|
| Revenue Assumptions | Revenue growth rate of 9.4% for the overall concession life based on Traffic report from Steer (SDG – traffic consultant) |
| Traffic : 4.7% traffic growth^{1} | |
| WPI : 4.1% CAGR for the overall concession life | |
| Operating & Routine Maintenance Expenses | Operating expenses and routine maintenance of base year (FY27) based on board-approved budget, escalated YoY. This is in line with valuation report. |
| Major Maintenance | As per technical study and Valuation report |
| Particulars | Toll |
| --- | --- |
| Rf | 7% |
| MRP | 7.0% |
| Beta | 0.98 |
| Alpha | 0.25 |
| Ke | 13.4% |
| Kd (after tax) | 6% |
| D:E | 50:50 |
| WACC | 9.7% |
- Portfolio traffic growth is calculated using post-diversion PCU growth through the end of each asset's concession life, weighted by Enterprise Value (EV).
Note: - All WACC parameters and assumptions represent weighted averages based on the Enterprise Value (EV) of each SPV
- Abbreviations: Rf — Risk-free rate; MRP — Market risk premium; Ke — Cost of equity; Kd — Cost of debt; D:E — Debt-to-equity ratio.
CUBEHIGHWAYS
TRUST
Marquee Investors & Unitholding Pattern
Trusted by Leading Investors
As on March 31, 2026
| Top Five Public Unitholders | Unitholding (%) |
|---|---|
| BCI IRR INDIA HOLDINGS¹ | 19.0% |
| LARSEN AND TOUBRO LIMITED | 8.2% |
| SEVENTY SECOND INVESTMENT COMPANY LLC - FDI (Mubadala) | 6.0% |
| JM FINANCIAL INSTITUTIONAL SECURITIES LIMITED | 3.5% |
| KOTAK MAHINDRA LIFE INSURANCE COMPANY LTD | 2.8% |
| Total | 39.50% |
Unitholding Pattern
As on March 31, 2026
- BCI IRR INDIA HOLDINGS INC. – 18.5%, BCI IRR INDIA HOLDINGS LIMITED PARTNERSHIP – 0.5%
CUBEHIGHWAYS TRUST
05
Environment, Social & Governance
CUBEHIGHWAYS
TRUST
ESG Highlights – FY26
| Environment | |||
|---|---|---|---|
| Energy* & Decarbonization | |||
| 35,452 Mwh | 138 Mwh | 6000 MWh | |
| Total electricity consumption | Renewable Energy generated (Solar) | I-REC Procurement reducing 4000 tCO2e** | |
| 9,086 tCO₂e*** | 395.7 kWp | ||
| Emission Reduction | Solar Installation (Three plazas of DATRPL under PPA) in pipeline at 5 projects (560 kwp) | ||
| GHG Emissions* | |||
| Scope 1 | Scope 2 | Scope 3 | |
| 3,407 tCO₂e (4% of total GHG emissions) | 19,702 tCO₂e (20% of total GHG emissions)² | 75,077 tCO₂e (76% of total GHG emissions) | |
| Water Stewardship | |||
| 0.66 Gigalitres | 0.49 Gigalitres | 8 KL/day (at two assets) | |
| Water consumption | Water recharged 8 new RWH structures added across 4 projects | Reuse of RO reject water | |
| Circularity & Materials | |||
| RAP Utilization* | Material Saved* | ||
| 79,772 tonnes used in JMTPL, MBEL and WUPTPL | 14,808 MT virgin aggregates and 805 MT bitumen saved during major maintenance | ||
| Biodiversity | |||
| Saplings Planted | |||
| Total Plantation 412,595 | |||
| Miyawaki Afforestation along 5 assets – 102,000 saplings | |||
| Avenue plantation – 117,494 | |||
| Median plantation – 193,101 | |||
| Social | |||
| --- | --- | --- | --- |
| Diversity, Equity & Inclusion | |||
| Women Participation | |||
| 30% | Corporate (IM & PM) | 8.47% | Corporate and SPVs |
| Learning & Development | |||
| Trainings to employees | Leadership Development Program | ||
| 430 trainings | • CubeLead for People manager | ||
| • Women Leadership Program | |||
| • Margdarshan for senior leaders | |||
| Health & Safety | |||
| 15.8 million | Safe work hours | 0.7 | LTIFR (employees & workers) |
| Responsible Procurement | |||
| 99.99% | Procurement from within India | 400+ Beneficiaries | Closed NAMEPL LEP Project with pension program |
| Community Development (Beneficiaries) | |||
| 3,600 | TB – Multi Bharat | 1,279 Solar Street Light | 1,530 Blanket Distribution |
| 4,598 | RAAHi- Trucker’s Eye Check Camp | ||
| Governance | |||
| --- | --- | --- | --- |
| Board Diversity | |||
| 29% | Female representation on the Board | Board Independence | 57% Independent Directors on the Board |
| Voluntary BRSR Disclosures & Limited Assurance of Core KPIs |
*The figures pertain to Calendar Year 2025
** International Renewable Energy Certificates (I-RECs) are market-based instruments that represent the environmental attributes of electricity generated from renewable sources for Scope 2 emissions reduction in line with the GHG Protocol.
*** 8,133 tCO2e reduced during Routine Maintenance (LED lights, EVs and Solar energy). 953 tCO2e reduced due to use of RAP during Major Maintenance at three assets
- Includes 27 InvIT SPVs
- Market based method
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Sustainability Linked Bond - KPIs Update
SLB Boundary : 25 InvIT SPVs, IM and PM
KPI 1
Scope 1 &2 Intensity Performance and Targets
- The increase in CY24 intensity was primarily driven by the full operationalization of the six-lane road at GAEPL, which was under expansion during the CY23 baseline period, and by higher energy consumption at certain assets following the construction of new office buildings in accordance with concession requirements.
- The Trust's decarbonization plan targets reduced energy consumption and lower Scope 1 & 2 intensity across the portfolio through energy-efficient procurement, sustainable operations, smarter energy management, green energy sourcing for select SPVs, and quarterly GHG monitoring
- *CY25 intensity figures are based on the market-based mechanism for Scope 2 emissions accounting.
KPI 2
Proportion of road length treated with sustainable approach during major maintenance
9.6%¹ of major maintenance road length (2 lane equivalent) has been treated using sustainable technologies, progressing toward the ≥34% FY24–FY30 target.
| Period | Target | Performance till FY26 |
|---|---|---|
| FY | - | 9.6% (279 km (2 lane equivalent) treated with sustainable approach/technology at JMTPL, WUPTPL and NAMEPL) |
| FY24–FY30 | ≥34% | |
| FY31–FY35 | ≥22% |
- Cumulative of MM works undertaken in FY25 and FY26
KPI 3
Women Participation in overall workforce
FY26 women participation stands at 8.6%, progressing steadily toward the 10.5% FY30 target.
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Industry & Sector Updates
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Macroeconomic Overview
| Particulars | Description | Remarks |
|---|---|---|
| GDP Growth Rate | • The Indian economy remained resilient in FY26 with real GDP estimated to have grown by 7.6%^{1} (YoY) during the year, while real GVA is estimated to have grown by 7.7%; driven by strong performance in services sector and robust manufacturing activity. | |
| • The RBI has projected India's real GDP growth for FY27 at 6.9%, with Q1 at 6.8%; Q2 at 6.7%; Q3 at 7.0%; and Q4 at 7.2% | • GDP growth rate of 6.5% has been considered in the traffic projection for FY27 | |
| Wholesale Price Index (WPI)^{2} | • WPI inflation has seen a sharp recovery from lower levels in the last 6 months with, YoY rates at 0.96% in December 2025, 1.68% in January 2026, 2.26% in February 2026 and 3.88% in March 2026(P). | |
| • WPI increased sharply in April 2026 to 8.3%; RBI projects Q3 FY27 WPI inflation at 5.5% | • WPI inflation is expected to be higher this year given the geopolitical situation | |
| • Valuation assumes 4.1% as long term WPI inflation |
Source:
1. Press Releases - Reserve Bank of India
2. Microsoft Word - Press_Release_WPI_14052026.docx
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Road Sector Updates (1/2)
| Particulars | Description | Cube InvIT Remarks |
|---|---|---|
| Visible Acquisition Pipeline and sector opportunity^{1} | • The Government of India continues to accelerate its infrastructure monetization agenda, with National Highways Authority of India (NHAI) targeting monetization of approximately ₹35,000 crore across 28 highway assets aggregating over 1,800 km during FY26–27. | |
| • Monetization is expected to be executed through a mix of Infrastructure Investment Trust (InvIT) and Toll-Operate-Transfer (TOT) structures. | • The expanding monetization ecosystem and visible highway pipeline continue to enlarge the investible universe for InvITs | |
| Evaluating long-term impact of MLFF/barrier-less tolling on toll collections and operating costs | • The Multi-Lane Free Flow (MLFF) tolling system — a barrier-less, technology-enabled toll collection framework using GPS, ANPR cameras, and FASTag integration. It is expected to significantly improve corridor efficiency through seamless vehicle movement, reducing congestion, fuel consumption, and travel time. | |
| • Vehicles will no longer be required to stop at toll plazas, thereby improving traffic flow and reducing congestion on highways. | ||
| • NHAI operationalised India's first Multi-Lane Free Flow (MLFF) barrier-less tolling system at Choryasi toll plaza on the Surat-Bharuch section of NH-48, Gujarat on May 1, 2026 | • While there would be initial operational challenges as the industry moves to the MLFF system, it would benefit road users and increase vehicle throughput significantly thereby reducing the waiting time at toll plazas | |
| • Also expected to lower toll plaza operating costs |
Source:
1. ET Times, news article
2. Press Release, PIB
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Road Sector Updates (2/2)
| Particulars | Description | Cube InvIT Remarks |
|---|---|---|
| Impact of Revised BOT Framework – Expansion of Eligible Investor Universe | • The Ministry of Road Transport and Highways (MoRTH) has revised the BOT framework to allow sovereign wealth funds, pension funds, infrastructure funds, private equity and venture capital investors to directly participate in highway PPP projects. | |
| • Earlier, such investors were largely limited to operational assets under the Toll-Operate-Transfer (TOT) model, while BOT projects were primarily restricted to developers and construction companies. |
Key Implications:
• Broader investor participation: The revised framework expands the eligible bidder universe and is expected to attract long-term institutional capital into highway development.
• Revival of BOT pipeline: The policy aims to revive private participation in BOT projects following muted bidding interest in recent highway packages.
• Improved risk allocation: Institutional investors will primarily be evaluated on financial strength, while technical and construction requirements can be fulfilled through concessionaires or engineering partners.
• Potential increase in competition: Greater participation from large global funds could increase competition for future highway assets and potentially improve pricing efficiency.
• Positive for the roads ecosystem: The change may support increased private investment in road infrastructure, reduce dependence on public funding and improve capital availability for sector expansion. | • The change primarily impacts greenfield/ brownfield BOT projects. Stronger institutional participation could accelerate asset creation and potentially expand the future operational asset pipeline available for monetization through InvITs and secondary acquisitions |
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National Monetization Policy
NMP 2.0 (announced in February 2026) scales India's asset monetization ambition to INR 16.7 trillion, with roads contributing INR 4.14 trillion (~25%) and emerging as a key growth driver
NMP 2.0 Sectoral Share | FY 2026 - 2030
| 6.0 trillion | 16.7 trillion |
|---|---|
| NMP - 1 | NMP -2 |
| Total NMP pipeline (in INR trillion) | |
| 1.6 trillion | 4.1 trillion |
| --- | --- |
| NMP - 1 | NMP -2 |
| Road Monetization (in INR trillion) |
NHAI and InvIT-led monetization
NMP -1
- National Highways Authority of India monetised 3,664 km of highways, raising INR 779.40 billion, achieving ~50% of its INR 1.6 trillion roads monetisation target.
- 2,347 km of highway assets were monetised through the InvIT route, generating INR 436.38 billion
NMP -2
- NHAI's roadmap under NMP 2.0 covers 21,300 km of highway assets with defined year-wise milestone-based monetisation targets.
- Existing toll road assets contribute ~60% of the roads monetisation pipeline and are expected to be monetised primarily through TOT and InvIT structures.
| Monetization target (in INR Bn) | FY2026 | FY2027 | FY2028 | FY2029 | FY2030 |
|---|---|---|---|---|---|
| 547 | 637 | 862 | 983 | 1,111 | |
| Asset Class (NMP -2) | Length (km) | Total (INR Bn) | |||
| --- | --- | --- | |||
| Stretches where user fee is accruing to National Highways Authority of India | 12,000 | 2,319 | |||
| Under-construction stretches where user fee will accrue to NHAI | 4,700 | 436 | |||
| Projects at the end of concession periods | 2,500 | 600 | |||
| Projects to be awarded under DBFOT (Toll) mode | 2,100 | 785 | |||
| Total | 21,300 | 4,140 |
Source:
1. NMP Document
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InvIT Regulation Updates
| Particulars | Description | Remarks |
|---|---|---|
| SEBI eases borrowing norms for InvITs | • On May 15, 2026, the Securities and Exchange Board of India (SEBI) notified amendments to the SEBI (Infrastructure Investment Trusts) Regulations, 2014, expanding the permissible use of borrowings by InvITs where net borrowings exceed 49% of InvIT asset value. As per the amendment, such borrowings may be used for: | |
| • Capital expenditure undertaken to enhance asset performance or expand capacity | ||
| • Major maintenance expenses relating to road projects | ||
| • Refinancing of existing debt by the InvIT, SPV or Holdco, provided that the original borrowing was incurred for permitted purposes and only the principal amount may be refinanced, excluding accrued interest, charges or fees. | • The amendment will improve access to debt capital for capacity expansion and major maintenance, which were previously more constrained, enabling efficient use of leverage. | |
| SPV classification after concession expiry | • On May 15, 2026, the SEBI notified amendments to the SEBI InvIT Regulations, 2014 to include that the conclusion or termination of the concession agreement shall not affect the status of an SPV and such an SPV shall continue to be classified as an SPV subject to the fulfillment of such conditions as may be specified by the Board | |
| • The Investment Manager is required to either exit the SPV (through sale, liquidation, merger, or winding-up) or deploy it into a new infrastructure project within one year from the later of concession expiry, conclusion of disputes/claims, or completion of the defect liability period. | ||
| • Until the time investment in such SPV is held by the InvIT, adequate disclosures shall be made in its annual report, including key financials of the SPV, outstanding liabilities, debt position, and a clear exit plan with timelines. | • The amendment improves clarity on the treatment of concession-expired assets by allowing SPVs to retain their status, thereby ensuring continuity in structure and avoiding forced disruption at the end of concession life. |
Source:
1. SEBI | Permitted use of fresh borrowings for InvITs where Net Borrowings exceeds forty-nine percent of the value of InvIT assets
2. SEBI | Status of SPVs post conclusion or termination of Concession Agreement
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07
Annexures
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Cube Highways InvIT Structure
- Cube Highways and Infrastructure V Pte. Ltd. (CH-V), Cube Highways and Infrastructure Pte. Ltd. (CH-I), Cube Highways and Infrastructure II Pte. Ltd. (CH-II), Cube Highways and Infrastructure II Pte. Ltd.(CH-III), Cube Highways and Infrastructure II Pte. Ltd.(CH-IV) and Cube Mobility Investments Pte Ltd. (CH-V)
- CH-V is the Sponsor of the Trust, whereas CH-I, CH-II, CH-III, CH-ID, CH-IV are members of the sponsor group as per the SEBI (InvIT) Regulations
-
Includes Individuals, Trusts, Alternate Investment Fund, Foreign Portfolio Investor, Financial Institutions / Banks, Non-resident Indians
-
IM & PM are associate of the Sponsor. Pursuant to the resolution dated February 27, 2026, the board of directors of the Investment Manager has approved the change of the project manager of the Trust and the appointment of Cube Highways Asset & Project Advisory Private Limited (which is a wholly owned subsidiary of the IM) as the new project manager of the Trust; and (ii) indicative draft of the New PIMA. The change is subject to receipt of requisite approvals from the relevant concessioning authorities of the Portfolio Assets and subsequent to the receipt of the approvals, the New PIMA will be executed.
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Cube Vision & Mission
VISION
- We aspire to become the most admired organization, offering a diversified and sustainable portfolio comprising high quality highway assets tailored to evolving requirements
- We are dedicated to cultivating mutually advantageous associations with all our stakeholders, including service providers, employees, and the environment
- We are steadfast in optimizing returns for our unitholders and ensuring long-term sustainable growth
MISSIONS
- To invest in and operate exceptional, sustainable, reliable, safe, and inclusive infrastructure assets that generate value for our investors, stakeholders, and the communities we serve and foster positive impact
- To yield predictable Distribution Per Unit (DPU) and facilitate growth, upholding world-class governance standards
- To leverage cutting-edge technologies for optimising operational efficiency, enhancing asset performance, and delivering superior risk-adjusted returns to our investors
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Milestones & Awards
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Cube InvIT Journey
April 23
InvIT got listed on NSE and BSE with initial portfolio of 18 assets
Jan 24
National Highways Excellence Award, 2022 for FRHPL and WVEPL
Dec 24
100% acquisition of 6 HAM assets
Feb 25
Signed share purchase agreements (SPA) for acquisition of 2 BOT-Annuity assets
Apr 25
NHAI excellence Gold award for Excellence in Operations and Maintenance - Flexible for NKTPL
Feb 26
Committed acquisition of four sponsor assets, comprising three toll assets and one annuity asset: BFHL, WMPTL, DTPL, and CNTL.
May 23
World record of laying 112.5 lane km of bituminous concrete within 100 hours at GAEPL
June 24
51% acquisition of 6 HAM assets
Feb 25
- Acquired 100% stake in NAM Expressway Private Limited
- Issued India's first Sustainability-Linked Bond in the road infrastructure sector, raising INR 860 crores
Apr 25
Winner in Two Categories at MoRTH Hackathon under the Technology Demonstration Scheme
Jun 25
Acquisition of 2 Annuity assets: QEPL and JUHPL
Mar 26
Filed the Draft Offer Document with SEBI for conversion from Private to Public InvIT with an OFS amount of INR 5,000 crores
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Awards and Achievements
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Key Differentiators
CUBEHighways TRUST
Cube Highways Trust: Compelling and scalable investment opportunity
Dedicated GrowthCo vehicle and strong ROFO pipeline
- One of few road InvITs with a dedicated growth feeder vehicle, a visible ROFO pipeline, and a proven record of execution
- Demonstrated track record of accretive acquisitions
- Backed by global sponsors who bring unmatched scale, credibility, and governance
Strong portfolio construction ability & Integrated platform with strong operational know-how
- Balanced, diversified and de-risked portfolio
- Strong selection criteria with in-house technical expertise
- Focused on contiguous and resilient traffic corridors
- Robust risk mitigation through thoughtful asset diligence and disciplined decision making
- Predictive and preventive maintenance enabled by a strong portfolio of cutting-edge software tools
- Centralized procurement & quality control checks
- In-house R&D platform and innovation
- Strong ESG principles and governance structure
Strong corporate finance capabilities
- Balanced mix of fixed and floating rate borrowings
- Strong corporate finance capabilities through long or short-term liabilities like term loans, NCD, CP, SLB, BG, etc.
- Enlarged and diversified lender universe, including DFIs, Mutual Funds, Insurance Companies, and Pension Fund
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Irreplicable Portfolio built over the years
Traffic Corridors
Presence in nearly all of India's most attractive and high growth traffic corridors, tracking future growth trends
Planning
A diverse, stable portfolio takes 24+ months of meticulous planning and multi-party co-ordination to add even a single asset
Integration
Integrated nature of the platform has enabled it to engineer an efficient supply chain of materials and labour
Scale
By virtue of its sheer dominance in each cluster, Cube Highways enjoys large bargaining power with suppliers which ensures consistent quality and lower costs
Aggregation Platform
Specialized M&A team with wide relationship network and proven track record of executing bilateral and repeat transactions
Asset Stabilization
Proven ability to acquire and seamlessly integrate assets that are not fully operational at the time of acquisition, ensuring smooth transition and long-term performance.
Irreplicable portfolio built over the years
Our Expertise
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Thoughtfully Constructed Portfolio
Geographic Diversification
Boasting a varied collection of 18 toll and 6 HAM and 3 annuity! road assets spread across 12 states and 1 Union territory
Contiguous & resilient corridors
Contiguous assets enable synergies in manpower & procurement
Focus on high-growth, resilient corridors with strong economic drivers
Balanced mix & traffic diversification
Significant share of revenues come from commercial vehicles, which have historically been very sticky and provides stability to portfolio's income
Combines growth potential from toll assets & cash flow stability from annuity assets
Diversified Commodity Exposure
Portfolio assets connect key manufacturing hubs and major cities, facilitating a substantial flow of essential commodities and consumption related traffic
No Premium Obligation
None of the assets have any operating leverage in the form of premium obligation to NHAI
Proven operating track record
Average operating history of 9.2² years across assets
Established traffic patterns (6.3% historical CAGR⁴) & consistent revenue performance
Long Residual Concession Life
The long residual concession life of ~18.0³ years of the portfolio ensures its resilience to ride through economic cycles
- Comprises 9 Build, Operate, Transfer ('BOT') and Design, Build, Finance, Operate and Transfer ('DBFOT'), assets, 9 Toll, Operation, Maintenance and Transfer ('TOT'), assets, 6 HAM assets and 3 annuity assets (APEPL, QEPL and JUHPL).
- Calculated as Weighted Average using "Aggregate sum of Pre-MM EBITDA of the respective SPVs over their operating life of the project, as on March 31, 2026" as weights
- Calculated as Weighted Average using "Aggregate sum of Pre-MM EBITDA of the respective SPVs over their remaining life of the project, as on March 31, 2026" as weights
- Portfolio CAGR is calculated as the AUM-weighted average growth rate across 18 toll assets in the existing portfolio, as of March 31, 2026.
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Technical Leadership
Last-mile Construction Excellence
- FRHPL and DATRPL: Completed remaining stretches under difficult physical conditions
- Capability to connect to expert network, tweak surface layers and bring in innovation: e.g. GAEPL - association with IIT Madras to execute CCPR
- Pool of Inhouse experts: Our team of top-tier engineers and experts allows for executing complex construction works
Technology-Driven Testing
- Advanced testing techniques: Non-destructive surface testing techniques at par with core sampling done by peers (e.g. FWD, NSV)
- Tailored maintenance strategies: Traffic and commodity linked maintenance strategies to factor in differential wear rates
- Data driven insights: Utilizing data to derive insights and carry out predictive maintenance
Innovative Material Utilization
- Award winning surface mixes brought to Indian roads: Stone Mix Asphalt (SMA) gap-graded rut resistant mix
- Tailor made solutions: Use of high polymer Highly Modified Asphalt (HiMA) increases fatigue resistance, reduces rate of rutting
- Pioneer in executing new technology: Use of MacGRID – Glass Grid in APEPL, Road Mesh in JMTPL, etc.
Lifecycle Cost Management
- Strategic Focus: A lifecycle focused approach to strategic maintenance, which significantly lowers overall costs.
- Eg. usage of Polymer Modified Bitumen and Highly Modified Asphalt ("HIMA")
- Data-Driven Treatments: Our maintenance strategies¹ are informed by robust data analysis, allowing for precise, spot-specific interventions like Hot in-Place Recycling (HiPR).
This comprehensive O&M framework not only enhances the operational efficiency of portfolio projects but also positions us as a leader in sustainable and innovative infrastructure management
- Cube's Major Maintenance Strategy – Major maintenance cycles are typically 5-7 years and deploy a mix of technologies such as 30-40 mm Polymer Modified Bitumen, Micro-Surfacing, HIMA and Road Rehabilitation wherever required
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AI, ML and in-house developed application driving operational excellence
Artificial intelligence / machine learning applications
Asset identification & classification
Videos uploaded to Google Cloud, processed without any external input, and generates asset inventory (signboards, streetlights, kilometer stones, delineators) for highway evaluation in HiRate
Pavement distress identification
Current AI model identify cracks with an approximate calculation of crack width in black, gray and rigid pavement as well
Safety compliance
Utilizing machine learning and automated safety compliance monitoring (e.g. personal safety equipment, road safety markers)
In-house developed applications and technology driving operational excellence
Road - Aid
Real-time monitoring and evaluation of on-site road maintenance, safety oversight and verification through digitizing highway O&M
- Road asset management
- Tracking daily progress
- Inventory procurement
- Incident report & analytics
HIRATE
- Objective evaluation of Highways
- Assigns score
- Evaluates optional parameters
- Software overview
Rating parameters
Signboards
Barners
Exhibit
Drainage
Median
Embankment
Pavement Marking
BUILD AID
Real-time progress monitoring, test recordings, non-compliance report, bitumen billing and tracking etc. through multiple checklists
SETHU STHITI
Audit app enabling multi-platform documentation on inspections, defect identification, and structural condition monitoring, with built-in compliance
ATMS
Real-time traffic guidance, weather alerts, over-speeding penalties, emergency response systems, and accident prevention measures
App functionality
Input of inventory
Defect input
Tools for site inspection
Components of ATMS
Central control Room (CCR)
Variable message signs
Metrological data System
CCTVs
Network video recorder (NVR)
High speed cameras
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Sustainability Strategy
Cube Highways prioritizes sustainability through strategic material selection and community engagement, fostering positive relationships while minimizing environmental impact. Guided by global sponsors' standards, it ensures responsible practices across all projects, cementing its commitment to ESG principles.
| Key Pillars | Environmental Responsibility | Social Responsibility | Governance |
|---|---|---|---|
| Key Initiatives | - Efforts on Resource Management efficiency | ||
| - Sustainable O&M practices | |||
| - Adopt Sustainable technology and material recycling | |||
| - Technological Innovation for work monitoring at sites | |||
| - GHG Inventory - Scope 1,2,3 | - Create and nurture safe workplace for employees and contractors | ||
| - Cultivate diversity, inclusiveness and fair workplace | |||
| - Efforts on Work zone Safety and Road Safety | |||
| - Community Development Program majorly focused on skill development, education and sanitation | |||
| - Integration of EHS and labour working requirements in major contracts and their implementation monitoring | - Adopt and Implement Environment & Social management System and related SOPs in line with IFC Performance Standards | ||
| - Active engagement with stakeholders | |||
| - Robust Policies and procedure | |||
| - Strong corporate governance | |||
| - Compliance with applicable regulations | |||
| - Cyber Security Policy and Manual; implementation of related procedure, Periodic Cybersecurity awareness sessions | |||
| Material Topics | - GHG Emissions and Energy Management | ||
| - Resource Management | |||
| - Climate Change | - Safety (Health & Road) | ||
| - Human Capital Development | |||
| - Community Welfare | |||
| - Responsible Procurement | - Corporate Governance and Business Ethics | ||
| - Data Privacy and Cybersecurity | |||
| - Regulatory Compliance | |||
| International Finance Corporation Performance Standards (IFC-PSS) | - PS1: Assessment and Management of Environmental and Social Risks and Impacts | ||
| - PS2: Resource Efficiency and Pollution Prevention | - PS1: Assessment and Management of Environmental and Social Risks and Impacts | ||
| - PS2: Labor and Working Conditions | |||
| - PS4: Community Health, Safety, and Security | |||
| - PS5: Land Acquisition and Involuntary Resettlement | - PS1: Assessment and Management of Environmental and Social Risks and Impacts | ||
| - PS2: Resource Efficiency and Pollution Prevention | |||
| United Nations Sustainable Development Goals (UN SDGs) |
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Corporate Governance & Management Team
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Board of Directors
As on March 31, 2026
UPENDRA KUMAR SINHA | Independent Director
- He has served as the chairman of SEBI, UTI Asset Management Company Limited, Association of Mutual Funds in India and Working Group on Foreign Investment in India formed by the GoI.
- He is also a retired officer in the Indian Administrative Service and has held several government positions including as Joint Secretary (Banking) and Joint Secretary (Capital Markets) in the Ministry of Finance, GoI.
SURINDER CHAWLA | Independent Director
- He holds a Bachelor's Degree in Technology in Chemical Engineering from IIT, Delhi. And a Post-Graduate Diploma in Management from IIM, Calcutta.
- He has worked at the International Finance Corporation ("IFC"), World Bank as its Chief Investment Officer.
JAYESH RAMNIKLAL DESAI | Independent Director
- He holds a Bachelor's Degree in Commerce from the University of Bombay. He is a Chartered Accountant. He has been associated with E&Y Private Limited and Coca-Cola India.
- He was also employed with Piramal Enterprises Limited. He has also served as a director on the boards of, amongst others, TruBoard Private Limited, Ayana Renewable Power Private Limited, and Piramal Investment Advisory Services Private Limited.
FERESHTE DHUNJISHAW SETHNA | Independent Director
- She holds a Bachelor's Degree in Commerce and a Bachelor's And master's degree In Law from the University of Bombay. She is enrolled on roll of advocate maintained by the Bar Council of Maharashtra and Goa in 1990.
- She is also a director on the board of Morrisett Agro Forestry Ventures Private Ltd., Morrisett One Harvests Private Ltd., Morrisett Agro Plantations Private Ltd., Morrisett Litigators Private Limited and Lexnovum Consultaire Private Ltd.
HELLY BHARAT AJMERA | Non-Executive Director
- She has completed her Post-graduation in Management from Indian Institute of Management (IIM) and graduated as an engineer in telecommunications.
- She is Director & Head of BCI's Asia Investments. At BCI she is responsible for investing in and managing Infrastructure & Renewable Resources investments across Asian economies, including India, the Philippines, Indonesia, Singapore, Japan, and Korea. Prior to joining BCI, she has worked with Ernst & Young.
SANDEEP LAKHANPAL | Non-Executive Director
- He holds a Bachelor's Degree in Technology and Electrical Engineering from Punjab Technical University, Punjab and a master's degree in business administration in finance from NMIMS, Mumbai
- He is a managing director at I Squared Capital. Prior to joining I Squared he had been associated with Cube Highways and Transportation Assets Advisors Private Limited, and Ernst & Young.
RAVIRAJ VIPUL ACHARYA | Non-Executive Director
- He is an Investment Manager in the Infrastructure Department at Abu Dhabi Investment Authority.
- He has over 9 years of experience across investments and corporate finance. Prior to joining Abu Dhabi Investment Authority in 2020, he had worked at Morgan Stanley and Edelweiss Financial Services Limited in India. He is a member of the Institute of Chartered Accountants of India.
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Governance Committees
As on March 31, 2026
Audit Committee
Composition
Consists of 3 Independent Directors and 1 Non-Independent Director
Members
Mr. U.K. Sinha
Chairman
Ms. Fereshte D. Sethna
Mr. Jayesh R. Desai
Mr. Sandeep Lakhanpal
Nomination & Remuneration Committee
Composition
Consists of 4 Independent Directors and 2 Non-Independent Directors
Members
Mr. Surinder Chawla
Chairman
Mr. U.K. Sinha
Ms. Fereshte D. Sethna
Mr. Jayesh R. Desai
Ms. Helly B. Ajmera
Mr. Sandeep Lakhanpal
Stakeholders Relationship Committee
Composition
Consists of 3 Independent Directors and 1 Non-Independent Director
Members
Ms. Fereshte D. Sethna
Chairperson
Ms. Helly B. Ajmera
Mr. Surinder Chawla
Mr. U.K. Sinha
Risk Management Committee
Composition
Consists of 1 Independent Director and 3 Non-Independent Directors
Members
Mr. Jayesh R. Desai
Chairman
Ms. Helly B. Ajmera
Mr. Raviraj V. Acharya
Mr. Sandeep Lakhanpal
Operations Committee
Composition
Consists of 1 Independent Director and 3 Non-Independent Directors
Members
Mr. Jayesh R. Desai
Chairman
Ms. Helly B. Ajmera
Mr. Raviraj V. Acharya
Mr. Sandeep Lakhanpal
Investment Committee
Composition
Consists of 1 Independent Director and 3 Non-Independent Directors
Members
Mr. Surinder Chawla
Chairman
Ms. Helly B. Ajmera
Mr. Raviraj V. Acharya
Mr. Sandeep Lakhanpal
CUBEIGHWAYS TRUST
Team of Specialists
Investment Manager (IM) Team
Vinay C Sekar
Chief Executive Officer
- He holds a bachelor's degree in mechanical engineering from the Indian Institute of Technology, Madras and a post-graduate diploma in management from the Indian Institute of Management, Ahmedabad.
- He has over 16 years of experience in infrastructure financing and advisory services.
- Prior to joining the Investment Manager, he had worked with Cube Highways and Transportation Asset Advisors Private Limited, IndusInd Bank Limited and IFCI Limited.
Pankaj Vasani
Group Chief Financial Officer
- He holds a bachelor's degree in commerce and a LL.B. degree from the University of Delhi. He is a member of the Institute of Chartered Accountants of India.
- He is also an associate of the Institute of Chartered Accountants of England and Wales and an associate Certified Public Accountant (CPA) from CPA Australia.
- Prior to joining the Investment Manager, he had worked with Vodafone Group, Publicis Groupe, Coca-Cola, and Subros. Cable & Wireless Global India Private Limited, within the Vodafone group.
Richa Gupta Rohatgi
Compliance Officer and Company Secretary
- She is an associate member of the Institute of Company Secretaries of India.
- She holds a bachelor's degree in law from Chaudhri Charan Singh University, Meerut and a bachelor's in commerce from Hansraj College, Delhi University.
- She has over 16 years of experience and prior to joining the Investment Manager, she was associated with Bharti Airtel Limited, Eldeco Infrastructure and Properties Ltd, SRL Limited, Pacific Development Corporation Limited and Religare Finvest Limited.
Abhijit S Sathe
Joint Executive VP, Finance and Accounts
- He holds a bachelor's degree in commerce from the University of Pune. He is a member of the Institute of Chartered Accountants of India.
- He has over 21 years of experience, and prior to joining the Investment Manager, he has worked with Vodafone group, HSBC group and the TATA group. He has also served as the Chief Financial Officer of Cable and Wireless Global India Private Limited, within the Vodafone group.
Saurabh Bansal
Joint Executive VP, Capital Raising and Strategy
- He holds a bachelor's degree in technology in electronics and communication engineering from Malaviya National Institute of Technology, Jaipur and a post graduate diploma in industrial management from National Institute of Industrial Engineering, Mumbai and has cleared level III exam of chartered financial analyst from CFA Institute (USA).
- He has over 13 years of experience and Previously associated with, Yes Bank Limited, L&T Fincorp Limited and Northern Arc Capital Limited.
Deepan Shah
VP, Legal
- He holds a B.A. LLB (Hons.) degree from National Law University, Delhi.
- He has more than 9 years of experience, and prior to joining the Investment Manager, he worked with Cube Highways and Transportation Assets Advisors Private Limited and Trilegal.
Saurabh Kumar
VP, Strategy & Investor Relations
- He holds a bachelor's degree in technology in civil engineering from the Indian Institute of Technology, Bombay and a post-graduate diploma in management from the Indian Institute of Management, Bangalore.
- He has over 10 years of experience, and prior to joining the Investment Manager, he worked with Deloitte India and Feedback Infra Private Limited.
CUBEHIGHWAYS TRUST
Team of Specialists
Project Manager (PM) Team
Bovin Kumar
Chief Executive Officer
- He holds a bachelor's degree in civil engineering from Regional Engineering College Hamirpur (HP) and master's degree in technology from Indian Institute of Technology, Kanpur.
- He also holds executive post-graduate diploma in international business from the IIFT, New Delhi.
- He has over 25 years of experience in designing, development and operating & maintaining of roads.
- Previously associated with Ramboll, CH2MHILL, Halcrow National Highways Authority of India and Ministry of Road Transport (Govt of India).
Dr. Bhagwan Raju
Chief Operating Officer
- He holds a bachelor's of technology in civil engineering from Jawaharlal Nehru Technological University, Kakinada, A.P., Master of Engineering from University of Poona, and a Doctor of Philosophy (PhD) in civil engineering, specializing in flexible pavements from JNTU, Kakinada, A.P.
- He has over 32 years of experience. Previously associated with Afcons Infrastructure, Land Transport Authority, Singapore, Soma Enterprise Ltd., Gammon Infrastructures Pvt Ltd., Ashoka Buildcon Ltd., and Megha Engineering & Infrastructure Ltd.
Rahul Shankar
Chief HR Officer
- He holds master's in business administration from Ecole Nationale des Ponts et Chausses and master's in political science from University of Lucknow.
- He has over 19 years of experience. Prior to joining Cube Highways and Transportation Assets Advisors Private Limited, he had worked with KEC International Limited, Kenersys Kalyani Ltd, Dalkia Energy, Punj Lloyd, and Bharti Teletech Ltd.
Dr. Mukul Shastry
General Counsel
- He holds a bachelor's, master's and doctorate in Law from the University of Rajasthan, Jaipur, and is an alumnus of the Indian Institute of Management, Ahmedabad, where he completed the PGPX program (one-year full time MBA). He is also a qualified company secretary and has cleared the CAIIB. His career spans legal practice, academia as an assistant professor at National Law University, Jodhpur, and central banker as a legal officer with the Reserve Bank of India
Anuj Maitrey
Head – Operations and Traffic
- He holds a bachelor's in technology in civil engineering, from Dr. Ram Manohar Lohia Avadh University, and a master's degree in planning (transport) from School of Planning and Architecture, New Delhi and MBA from Leeds University Business School, Leeds (United Kingdom).
- He was previously associated with Halcrow Consulting India Limited (now Jacobs), IL&FS Infrastructure Development Corporation, Isolux Corsan Concessions (now Roadis), Ramboll India, and Steer Davies Gleave, India.
Neeraj Singh
Head of Routine Maintenance
- He holds a graduate degree in civil engineering from Lingayas Vidyapeeth, Faridabad, and a diploma in Civil Engineering from Board of Technical Education, Delhi.
- He has over 25 years of experience. Prior to joining Cube Highways and Transportation Assets Advisors Private Limited, he was previously associated with Punj Lloyd, Oriental Structural Engineers, Leighton Contractors, Galfar Engineering, and Continental Engineering Corporation.
Sippy N Kumar
Senior VP – Environment and Social
- She holds a bachelor's degree in environmental engineering from the Delhi College of Engineering (now Delhi Technological University), University of Delhi and pursuing executive MBA from SP Jain school of Global Management.
- She has over 18 years of experience and was previously associated with SMEC (now part of Surbana Jurong Group), Halcrow (now Jacobs) and SNC Lavalin
Bhanoj Dokku
VP - Strategies & Analytics
- He holds a bachelor's degree in civil engineering and a postgraduate degree in Transportation Engineering from the Indian Institute of Technology, Madras.
- He has over 9 years of experience. Prior to joining Cube Highways and Transportation Assets Advisors Private Limited, he worked with Mahua Bharatpur Expressways Limited (Cube Highways Group) and ITS Planners and Engineers.
50
CUBE HIGHWAYS TRUST
Miscellaneous
CUBEHIGHWAYS TRUST
Cube InvIT - Asset Portfolio (1/2)
| Project | JMTPL | MBEL | WUPTL | NDEPL | FRHPL | WVEPL | DATRPL | TOT3 | GAEPL | APEPL |
|---|---|---|---|---|---|---|---|---|---|---|
| No. of SPVs | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 9 | 1 | 1 |
| State | Rajasthan | Rajasthan | Uttar Pradesh | Karnataka | West Bengal | Kerala | Uttar Pradesh, Haryana | Jharkhand, Uttar Pradesh, Bihar, Tamil Nadu | Uttar Pradesh | Andhra Pradesh, Telangana |
| Highway (New | Old) | NH21 | NH11 | NH21 | NH11 | NH334 | NH58 | NH75 | NH48 | NH12 |
| Authority | NHAI | NHAI | NHAI | NHAI | NHAI | NHAI | NHAI | NHAI | NHAI | NHAI |
| Length (km) | 109.1 | 57.3 | 78.1 | 80.3 | 100.1 | 53.5 | 179.5 | 566.0 | 126.3 | 74.6 |
| No. of lanes | 4 | 4 | 4 | 4 | 4 | 4 | 6 | 4 | 6 | 4 |
| Toll Plazas | 2 | 2 | 1 | 2 | 2 | 1 | 3 | 9 | 2 | - |
| AUM (INR mn) | 7,341 | 4,119 | 977 | 4,667 | 26,471 | 9,101 | 77,786 | 117,085 | 38,839 | 816 |
| Concession end date^{1} | 6/9/2031 | 5/26/2031 | 6/25/2026 | 1/29/2033 | 5/3/2041 | 10/1/2037 | 2/12/2044 | Different years^{2} | 6/20/2039 | 9/30/2026 |
| Pavement Type | Flexible | Flexible | Flexible | Flexible | Flexible | Flexible | Rigid and Flexible | Flexible | Flexible | Flexible |
| Toll revision formula | WPI of March | WPI of March | WPI of March | Avg. WPI of FY | 3%+ 40% of WPI | 3%+ 40% of WPI | 3%+ 40% of WPI | 3%+ 40% of WPI | 3%+ 40% of WPI | N.A. |
Notes
1. The concession period is specified under the concession agreement (CA) entered into by the respective SPVs with the Grantor (NHAI/ State authorities). However, it may vary based on the terms of the respective SPVs depending upon achievement of conditions relating to Target Traffic or Target revenue generated at Target date specified in the CA. For the purposes of estimation of variation in the concession period at each reporting period, the Trust evaluates the contractual entitlement to variations in concession period on a case-to-case basis taking into account the provisions of the concession agreement of the respective SPVs, the facts and circumstances giving rise to such variations and the status of the approvals for such variation. Estimating the concession period under Appendix C of Ind AS 115 requires a careful analysis of the specific service concession arrangement. For estimation of the concession period, the Management considers future traffic estimates with the help of an independent expert, assessment of outcomes with respect to disputes/ arbitration with the Grantor for the SPVs claims for variation in concession period on account of Target Traffic, etc. based on the legal advice received, discount rates, revenue growth rate and inflation and other economic factors, as considered relevant. Based on the above, the Management has considered variation in concession period for certain SPVs for the purpose of estimating amortization of Intangible Assets- Toll Road Carriageway, estimating fair value of net assets of SPVs and also for determination of recoverable amounts for Intangible Assets- Toll Road Carriageway of SPVs.
2. HTPL, LRTPL, KETPL, SMTPL and NKTPL have concession end dates of October 19, 2050, while JLTPL, JVTPL, KMTPL and MKTPL have concession end dates of October 19, 2045.
CUBEHIGHWAYS TRUST
Cube InvIT - Asset Portfolio (2/2)
| Geographic Stretch | BWHPL | MSHPL | MHPL | THPL | SIPL | SPPL | NAMEPL | QEPL | JUHPL |
|---|---|---|---|---|---|---|---|---|---|
| No. of asset | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| States Covered | Maharashtra | Maharashtra | Telangana | Andhra Pradesh | Tamil Nadu | Telangana | Andhra Pradesh, Telangana | Jammu and Kashmir | Jammu and Kashmir |
| Project Length (km) | 52.0 | 55.9 | 49.0 | 61.1 | 38.7 | 46.8 | 212.9 | 16.0 | 48.0 |
| Concessioning Authority | NHAI | NHAI | NHAI | NHAI | NHAI | NHAI | State government | NHAI | NHAI |
| Asset Type | HAM | HAM | HAM | HAM | HAM | HAM | Build Operate Transfer | Annuity | Annuity |
| Lane | 4-lane | 4-lane | 4-lane | 6-lane | 4-lane | 4-lane | 4-lane | 4-lane | 4-lane |
| Toll Plaza | - | - | - | - | - | - | 3 | - | - |
| AUM (INR Mn) | 3,216 | 3,733 | 2,747 | 4,701 | 3,466 | 4,197 | 27,666 | 19,251 | 12,240 |
| Concession end date | 9/23/2036 | 12/13/2036 | 12/14/2036 | 5/9/2036 | 5/29/2036 | 10/4/2036 | 11/27/2039 | 6/5/2031 | 6/22/2031 |
| Pavement Type | Rigid | Rigid | Flexible | Flexible | Rigid and Flexible | Flexible | Flexible | Rigid and Flexible | Rigid and Flexible |
| Toll revision formula | N.A. | N.A. | N.A. | N.A. | N.A. | N.A. | WPI December | N.A. | N.A. |
Notes
1. The concession period is specified under the concession agreement (CA) entered into by the respective SPVs with the Grantor (NHAI/ State authorities). However, it may vary based on the terms of the respective SPVs depending upon achievement of conditions relating to Target Traffic or Target revenue generated at Target date specified in the CA. For the purposes of estimation of variation in the concession period at each reporting period, the Trust evaluates the contractual entitlement to variations in concession period on a case-to-case basis taking into account the provisions of the concession agreement of the respective SPVs, the facts and circumstances giving rise to such variations and the status of the approvals for such variation. Estimating the concession period under Appendix C of Ind AS 115 requires a careful analysis of the specific service concession arrangement. For estimation of the concession period, the Management considers future traffic estimates with the help of an independent expert, assessment of outcomes with respect to disputes/ arbitration with the Grantor for the SPVs claims for variation in concession period on account of Target Traffic, etc. based on the legal advice received, discount rates, revenue growth rate and inflation and other economic factors, as considered relevant. Based on the above, the Management has considered variation in concession period for certain SPVs for the purpose of estimating amortization of Intangible Assets- Toll Road Carriageway, estimating fair value of net assets of SPVs and also for determination of recoverable amounts for Intangible Assets- Toll Road Carriageway of SPVs.
CUBEHIGHWAYS TRUST
Historic Traffic Trends
Average Daily Tollable Traffic and CAGR
Cube's toll asset portfolio exhibit strong traffic growth - 6.3% CAGR
| Year | FY 12 | FY 13 | FY 14 | FY 15 | FY 16 | FY 17 | FY 18 | FY 19 | FY 20 | FY 21 | FY 22 | FY 23 | FY 24 | FY25 | FY26 | Period¹ | CAGR |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| JMTPL | 18,698 | 20,179 | 20,923 | 22,704 | 25,333 | 25,532 | 28,367 | 26,614 | 26,740 | 26,906 | 28,504 | 31,073 | 35,285 | 37,992 | 35,332 | 14 | 4.7% |
| MBEL | 18,261 | 19,383 | 19,759 | 19,976 | 22,835 | 23,357 | 26,529 | 23,887 | 24,233 | 23,938 | 25,228 | 28,118 | 29,144 | 31,221 | 32,420 | 14 | 4.2% |
| WUPTPL | 30,856 | 26,279 | 30,232 | 31,084 | 31,221 | 28,471 | 28,160 | 27,182 | 25,611 | 19,414 | 28,364 | 37,112 | 39,682 | 38,919 | 40,841 | 14 | 2.0% |
| GAEPL | 21,130 | 20,649 | 23,591 | 23,147 | 23,502 | 22,487 | 24,276 | 24,609 | 27,976 | 32,211 | 39,493 | 10 | 6.5% | ||||
| NDEPL | 15,363 | 16,651 | 17,072 | 18,717 | 21,206 | 22,367 | 21,319 | 23,392 | 22,327 | 23,066 | 27,754 | 28,755 | 30,031 | 32,699 | 13 | 6.0% | |
| FRHPL | 20,029 | 26,526 | 24,008 | 29,062 | 27,965 | 28,734 | 30,679 | 31,680 | 32,490 | 33,576 | 9 | 5.9% | |||||
| WVEPL | 17,874 | 19,136 | 22,984 | 26,235 | 28,121 | 23,076 | 26,544 | 36,717 | 39,149 | 38,956 | 40,813 | 10 | 8.6% | ||||
| DATRPL | 21,610 | 22,359 | 22,549 | 23,211 | 24,165 | 28,131 | 32,436 | 35,075 | 34,966 | 44,214 | 51,645 | 53,663 | 55,855 | 58,446 | 13 | 8.0% | |
| JLTPL | 16,814 | 16,756 | 18,632 | 19,439 | 21,020 | 22,132 | 5 | 5.6% | |||||||||
| JVTPL | 15,844 | 15,804 | 17,520 | 18,143 | 19,582 | 20,691 | 5 | 5.5% | |||||||||
| LRTPL | 22,844 | 20,323 | 18,336 | 17,605 | 19,124 | 19,115 | 5 | -3.5% | |||||||||
| KMTPL | 23,852 | 21,963 | 22,533 | 22,839 | 23,649 | 24,717 | 5 | 0.7% | |||||||||
| HTPL | 21,973 | 20,145 | 21,582 | 24,349 | 28,933 | 32,378 | 5 | 8.1% | |||||||||
| MKTPL | 28,281 | 26,331 | 31,064 | 33,179 | 35,035 | 40,235 | 5 | 7.3% | |||||||||
| KETPL | 16,615 | 14,651 | 17,344 | 19,098 | 20,509 | 22,496 | 5 | 6.2% | |||||||||
| SMTPL | 14,207 | 12,614 | 15,094 | 16,639 | 17,964 | 20,012 | 5 | 7.1% | |||||||||
| NKTPL | 16,535 | 14,708 | 18,090 | 18,913 | 19,470 | 22,536 | 5 | 6.4% | |||||||||
| NAMEPL | 13,571 | 14,010 | 15,844 | 17,052 | 16,562 | 15,363 | 17,608 | 19,824 | 21,068 | 22,354 | 24,851 | 10 | 6.2% | ||||
| Portfolio CAGR% | 6.3%² |
- Traffic data is from respective asset's COD, except for 9 TOT assets wherein data starts from Cube's date of acquisition (Oct 2020) (prior data isn't available). For TOT assets, FY21 data is based on 6-month average (Oct- Mar period).
- Portfolio CAGR is calculated as a weighted average of individual SPV AUMs, as of March 31, 2026
CUBEHIGHWAYS TRUST
Distribution, NAV & AUM History
| Particulars | Units | Q1 FY24 | Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Distribution Per Unit (DPU) | INR | 2.15 | 2.00 | 2.00 | 3.94 | 2.00 | 2.00 | 3.25 | 3.75 | 2.50 | 3.60 | 4.10 | 3.57 |
| Dividend | INR | 0.80 | - | - | 0.20 | 0.22 | 0.01 | - | 0.32 | - | 0.54 | 0.77 | 0.27 |
| Interest | INR | 1.34 | 1.98 | 1.99 | 1.79 | 1.04 | 1.27 | 1.44 | 1.96 | 1.33 | 2.72 | 2.00 | 1.74 |
| Treasury | INR | 0.01 | 0.02 | 0.01 | 0.01 | 0.01 | 0.01 | - | 0.01 | - | 0.02 | 0.01 | |
| Return of Capital | INR | - | - | - | 1.94 | 0.73 | 0.71 | 1.81 | 1.46 | 1.17 | 0.32 | 1.33 | 1.55 |
| Gross Distributions | INR Mn | 2,774.24 | 2,580.69 | 2,580.69 | 5,083.96 | 2,668.90 | 2,668.90 | 4,336.96 | 5,004.18 | 3,360.18 | 4,838.65 | 5,510.69 | 4798.33 |
| No. of Ordinary Units | Mn | - | 1,290.35 | 1,290.35 | 1,290.35 | 1,334.45 | 1,334.45 | 1,334.45 | 1,334.45 | 1,334.45 | 1,344.07 | 1,344.07 | 1344.07 |
| No. of Sub-ordinary units | Mn | - | 157.50 | 157.50 | 157.50 | 113.4 | 113.4 | 113.4 | 113.4 | 113.4 | - | - | - |
| Record Date | dd-mm-yy | 11-08-23 | 16-11-23 | 13-02-24 | 24-05-24 | 09-08-24 | 04-11-24 | 04-02-25 | 02-06-25 | 04-08-25 | 04-11-25 | 04-02-26 | 27-05-26 |
| Tentative Distribution Date (on or before) | dd-mm-yy | 25-08-23 | 28-11-23 | 24-02-24 | 06-06-24 | 14-08-24 | 14-11-24 | 11-02-25 | 09-06-25 | 11-08-25 | 12-11-25 | 11-02-26 | 04-06-26 |
| NAV per Ordinary Unit | INR/ unit | - | 120.93 | 125.40¹ | 131.79 | 128.20² | 131.35² | 132.40² | 133.82² | 136.99 | 143.00³ | 142.7 | 145.77 |
| AUM | INR Bn | 236.81 | 244.44 | 250.24 | 258.11 | 287.65 | 291.62 | 290.29 | 322.66 | 365.4 | 365.19 | 360.93 | 368.42 |
| Assets Included in AUM | SPVs | 18 | 18 | 18 | 18 | 24 | 24 | 24 | 25 | 27 | 27 | 27 | 27 |
- Excluding bank guarantee of INR 850 Mn at InvIT as per accounting standards
- Considers actual reclassified units for DATRPL i.e. 44.1 Mn units done in July 2024
- Considers actual reclassified units for JMTPL & MBEL i.e. 9.62 Mn units done in July 2025
CUBEHIGHWAYS TRUST
Annual Pass Insights
29%
Portfolio Adoption Rate
As on March 31, 2026
1,769
Annual Pass Amount (INR Mn)
22%
Recouvables
As on March 31, 2026
1%
Cars making more than two trips per calendar day
Adoption rate across SPVs
Monthly Annual Pass Revenue and Adoption (Portfolio average)¹
- Annual Pass usage is applicable across 17 of the 18 toll assets in the portfolio (NAMEPL excluded).
-
Annual Pass usage accounted for approximately 28% of overall tollable car traffic in Q4 FY26.
-
Annual pass revenue for the months of December and March is impacted by quarterly reconciliations and may therefore not be directly comparable with underlying adoption trends.
Portfolio's Traffic Composition
Vehicle wise share calculated based on daily average total number of tollable vehicles in Q4 FY26
Note: MAV = Multi-Axle Vehicle, 2A Truck = 2 Axle Truck, 3A Truck = 3 Axle Truck, LCV = Light Commercial Vehicle, OSV = Over-Sized Vehicles
Q4 FY26 Traffic Synopsis
Commercial Vehicles: 28%
Passenger vehicles: 72%
on the basis of daily average of total no. of tollable vehicles
~97.07%
Electronic Toll Collection
Includes only tollable vehicles.
58
CUBE HIGHWAYS
TRUST
NCDs Issued
As on March 31, 2026, unless stated otherwise
| NCDs | Issue Size (INR mn) | Outstanding amount (INR mn) | Coupon Rate | Tenor (years) | Debt Issuance Date | Retirement Date | Put/Call option |
|---|---|---|---|---|---|---|---|
| CUBE HIGHWAYS TRUST 7.49 NCD 15AP41 | 10,300 | 9,322 | 7.49% | 17.8 | Jun-23 | Apr-41 | Yes - June 2035 |
| CUBE HIGHWAYS TRUST 7.67 NCD 31DC42 | 8,600 | 8,493 | 7.67% | 17.9 | Feb-25 | Dec-42 | Yes - Feb 2035 |
| CUBE HIGHWAYS TRUST 7.59 NCD 31MR44 | 6,000 | 6,000 | 7.59% | 19.1 | Feb-25 | Mar-44 | Yes - Feb 2030 |
| CUBE HIGHWAYS TRUST TR I 7.2503 NCD 25AP28 | 5,520 | 5,520 | 7.25% | 3 | Apr-25 | Apr-28 | No |
| CUBE HIGHWAYS TRUST TR II 7.3006 NCD 25AP32 | 6,000 | 6,000 | 7.30% | 7 | Apr-25 | Apr-32 | No |
| CUBE HIGHWAYS TRUST TR I 6.93 NCD 20FB29 | 4,200 | 4,200 | 6.93% | 3.5 | Aug-25 | Feb-29 | No |
| CUBE HIGHWAYS TRUST TR II 7.3015 NCD 20AG35 | 4,000 | 4,000 | 7.30% | 10 | Aug-25 | Aug-35 | No |
CUBEHIGHWAYS TRUST
Abbreviations (1/2)
| Abbreviations | Definition |
|---|---|
| 2A Truck | 2 Axle Truck |
| 3A Truck | 3 Axle Truck |
| ADIA | Abu Dhabi Investment Authority |
| ATMS | Asset and Toll Management System |
| AUM | Assets Under Management |
| BOT | Build, Operate, Transfer |
| BC | Bituminous Concrete |
| BCI | British Columbia Investment |
| Bn | Billion |
| CCPR | Cold Central Plant Recycling Technology |
| CP | Commercial Paper |
| CY | Calendar Year |
| CAGR | Compounded Annual Growth Rate |
| CESO | Chief Environment & Social Officer |
| D:E | Debt to Equity |
| DBFOT | Design, Build, Finance, Operate and Transfer |
| DBM | Dense Bituminous Macadam |
| DSCR | Debt Service Coverage Ratio |
| DFI | Development Finance Institutions |
| E&V | Exemptions and Violations |
| EBITDA | Earnings Before Interest, Taxes, Depreciation, and Amortization |
| ESG | Environment, Social and Governance |
| EV | Enterprise Value |
| FII | Foreign Institutional Investment |
| FPI | Foreign Portfolio Investor |
| GHG | Green House Gas |
| HAM | Hybrid Annuity Model |
| IFC | International Financial Corporation |
| IM | Investment Management |
| km | Kilometers |
| LEP | Livelihood Enhancement Program |
| Abbreviations | Definition |
| --- | --- |
| LCV | Light Commercial Vehicle |
| MAV | Multi-Axle Vehicle |
| Mn | Million |
| MoRTH | Ministry of Road Transport and Highways |
| MT | Million Tonne |
| MIC | Mubadala Investment Company |
| MWh | Mega Watt Hours |
| NBFC | Non-Banking Financial Company |
| NCD | Non-Convertible Debentures |
| NH | National Highway |
| NHAI | National Highways Authority of India |
| NSV | Network Survey Vehicle |
| O&M | Operations and Maintenance |
| OSV | Oversized Vehicles |
| PCU | Passenger Car Unit |
| PM | Project Manager |
| PS | Performance Standard |
| RAP | Reclaimed Asphalt Pavement |
| Rev. | Revenue |
| ROFO | Right of First Offer |
| SPA | Share Purchase Agreement |
| SPV | Special Purpose Vehicle |
| YoY | Year over Year |
| YTD | Year to Date |
| YTM | Yield to Maturity |
60
CUBEHIGHWAYS
TRUST
Abbreviations (2/2)
| Abbreviations | Definition |
|---|---|
| CH-I | Cube Highways and Infrastructure Pte. Ltd. |
| CH-III | Cube Highways and Infrastructure III Pte. Ltd. |
| CHFAPL | Cube Highways Fund Advisors Private Limited |
| CHTAAPL | Cube Highways and Transportation Assets Advisors Private Limited |
| JMTPL | Jaipur-Mahua Tollway Private Limited |
| MBEL | Mahua Bharatpur Expressways Limited |
| WUPTPL | Western UP Tollway Private Limited |
| APEPL | Andhra Pradesh Expressway Private Limited |
| NDEPL | Nelamangala Devihalli Expressway Private Limited |
| FRHPL | Farakka-Raiganj Highways Private Limited |
| WVEPL | Walayar Vadakkencherry Expressways Private Limited |
| HTPL | Hazaribagh Tollway Private Limited |
| JLTPL | Jhansi-Lalitpur Tollway Private Limited |
| JVTPL | Jhansi-Vigakhet Tollway Private Limited |
| KMTPL | Kotwa-Muzaffarpur Tollway Private Limited |
| LRTPL | Lucknow-Raebareli Tollway Private Limited |
| MKTPL | Madurai-Kanyakumari Tollway Private Limited |
| SMTPL | Salaipudhur-Madurai Tollway Private Limited |
| NKTPL | Nanguneri-Kanyakumari Tollway Private Limited |
| KETPL | Kanyakumari-Etturavattam Tollway Private Limited |
| Abbreviations | Definition |
| --- | --- |
| DATRPL | DA Toll Road Private Limited |
| GAEPL | Ghaziabad Aligarh Expressway Private Limited |
| BWHPL | Borgaon Watambare Highways Private Limited |
| MSHPL | Mangalwedha Solapur Highways Private Limited |
| MHPL | Mangloor Highways Private Limited |
| THPL | Tirumala Highways Private Limited |
| SLB | Sustainable-linked Bonds |
| SIPL | Srirangam Infra Private Limited |
| SPPL | Shankarampet Projects Private Limited |
| NAMEPL | N.A.M Expressway Private Limited |
| QEPL | Quazigund Expressway Private Limited |
| JUHPL | Jammu Udhampur Highway Private Limited |
| MHPL2 | Malayagiri Highways Private Limited |
| KHEPL | Kokhraj Handia Expressway Private Limited |
| DHMEPL | Delhi Hapur Meerut Expressway Private Limited |
| BFHL | Baharamore Farakka Highways Limited |
| DTPL | Devanahalli Tollway Private Limited |
| CNTL | Chenani Nashri Tunnelway Limited |
| WMTPL | Western MP Infrastructure and Toll Roads Private Limited |
Thank you
CUBEHighways Trust
Cube Highways Trust
Correspondence Address:
Unit No. 1901, 19th Floor,
Tower-B, World Trade Tower, Plot No. C-1,
Sector-16, Noida, U.P-201301, Tel: +91-120-4868300
Email: [email protected]