Cube Highways Trust InvIT
Cube Highways Trust is an Indian Infrastructure Investment Trust (InvIT) that acquires, owns, operates, and manages road and other infrastructure assets across India. The trust generates revenue through toll collections and fixed payments from the government under long-term contracts.
Price Band
₹152 - ₹152
Lot Size
95 Shares
Issue Size
₹5,000.00 Cr
Fresh Issue
Nil (Pure OFS)
OFS
₹5,000.00 Cr (Full Issue)
Registrar
AI Sentiment Score
Listing Price
₹155.00
vs Issue: ₹152 (+1.97%)
📅 IPO Timeline
1
Open
TBD
2
Close
TBD
✓
Allotment
Jul 29
✓
Refund
Jul 30
✓
Demat
Jul 30
✓
Listing
Jul 31
✨ AI Analysis & Prediction
-5.1%
predicted listing gain
The predicted listing gain is adjusted downward from the GMP baseline due to a massive issue size of ₹5,000 crore which creates significant absorption drag. Financials show extreme inconsistency in PAT, and the 0% retail quota limits the retail-driven momentum typically seen in listing pops.
💪 Strengths
- High EBITDA margin of 74.20%
- Strong financial backing from Cube Group sponsorship
⚠️ Weaknesses
- Highly inconsistent PAT trend over three years
- Zero retail allocation limiting general market demand
🚀 Opportunities
- Expansion of road asset portfolio across India
- Stable long-term government contracts for revenue
🛡️ Threats
- High absorption drag due to ₹5,000 crore issue size
- Potential for further profit volatility
📊 Financial Overview
| Metric | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue (₹ Cr) | Rs 3,074.11 Cr | Rs 3,453.15 Cr | Rs 4,359.03 Cr |
| Net Profit / PAT (₹ Cr) | Rs 705.92 Cr | Rs 35.72 Cr | Rs 216.72 Cr |
| Total Assets (₹ Cr) | Rs 24,625.75 Cr | Rs 28,000.16 Cr | Rs 29,398.47 Cr |
📋 Live Subscription Status
QIB
0.00x
NII
0.00x
Retail
0.00x
Total
0.00x
💼 Reservation Quota
QIB
75.00%
Retail
0.00%
NII
25.00%
📈 Shareholding & Anchor Lock-In
🔗 Important Links & Lead Managers
- Check Allotment StatusCheck Now →
- Registrar WebsiteVisit →
- Download DRHP ProspectusDownload PDF 📥
- Download RHP ProspectusDownload PDF 📥
Lead Managers / Merchant Bankers
This issue is managed by Hem Securities Ltd., and Share India Capital Services Pvt. Ltd.
Disclaimer: The information provided on this page is for educational and informational purposes only and does not constitute financial advice. IPO investments are subject to market risks. AI-generated analysis is based on publicly available data and may not be accurate. Grey Market Premium (GMP) is unofficial and highly speculative. Always consult a qualified financial advisor and read the DRHP/RHP carefully before making investment decisions.
Founded in March 2022, Cube Highways Trust operates as an Infrastructure Investment Trust (InvIT) focused on the strategic acquisition and management of mature, cash-generating highway projects. The trust's core business model involves improving the operational performance of acquired road assets through professional maintenance and disciplined financial management.
The trust is sponsored by Cube Highways and Infrastructure V Pte. Ltd., which provides robust financial backing and deep industry expertise. By leveraging the support of the Cube Group, the trust is able to secure high-quality infrastructure assets that provide steady, long-term value for its investors.
Operational revenue is primarily derived from toll collections on highways and fixed payment agreements with the Indian government. This revenue model is designed to provide a stable cash flow stream, which is a characteristic appeal of InvIT structures for yield-seeking investors.
As of 2026, the trust manages a substantial asset base, with total assets growing to ₹29,398.47 crore. The trust's focus remains on scaling its portfolio of road assets across various geographies in India to enhance its market position in the infrastructure sector.
The Cube Highways Trust InvIT IPO is a large-scale mainboard issue seeking to raise approximately ₹5,000 crore. The price band is set between ₹151 and ₹152 per share, with the issue consisting of an offer for sale of approximately 32.89 crore equity shares. The IPO is scheduled to open on July 22, 2026, and close on July 24, 2026, with listing on the BSE and NSE on July 31, 2026.
Financially, the trust has shown revenue growth, increasing from ₹3,074.11 crore in 2024 to ₹4,359.03 crore in 2026. However, profitability has been highly volatile; the trust reported a significant profit of ₹705.92 crore in 2024, which plummeted to ₹35.72 crore in 2025, before recovering to ₹216.72 crore in 2026.
From a valuation perspective, the trust reports a Net Asset Value (NAV) of ₹145.77, placing the IPO price band slightly above the NAV. The EBITDA margin is strong at 74.20%, and the Basic EPS for 2026 stands at ₹1.61. The issue structure is notable for its reservation quota, which completely excludes retail investors (0%) and focuses heavily on QIBs (75%) and HNIs (25%).
Key strengths include the professional sponsorship by the Cube Group and a high-margin operational profile. However, the extreme volatility in net profits and the massive size of the offer for sale may be seen as risks. Investors should view this as a long-term yield play rather than a short-term listing gain opportunity, given the nature of InvITs and the current pricing.