Cube Highways Trust
Cube Highways Trust is a SEBI-registered Indian InvIT operating 27 road assets spanning 2,005 km across India, generating toll and annuity revenue from government concessions and distributing at least 90% of net distributable cash flows to unitholders.
- Company typePublic
- Founded2022
- HeadquartersNew Delhi, India
- Headcount1,001–5,000
- GTM typeB2B
- OfferingServices
What Cube Highways Trust does
Cube Highways Trust is a SEBI-registered Infrastructure Investment Trust (InvIT) incorporated in 2022 under the Indian Trusts Act, 1882, that aggregates, operates, and manages road and highway infrastructure assets in India using the public-private partnership model. It operates a portfolio of 27 road Special Purpose Vehicles spanning 2,005 kilometers (8,754 lane kilometers) across 12 states and one union territory, including 27 toll plazas. The portfolio is a mix of toll-based assets (BOT-Toll, TOT) and fixed-payment assets (BOT-Annuity, HAM) under concession agreements with NHAI and state governments. Its units are listed on the NSE (CUBEINVIT) and BSE (543899) since April 19, 2023, and the trust is backed by marquee global investors including I Squared Capital, a subsidiary of ADIA, British Columbia Investment Management Corporation, and Mubadala Investment Company.
The trust's revenue is generated primarily through toll collection at 27 toll plazas (usage-based, with Q4 FY26 toll revenue up 10.6% YoY) and fixed annuity payments from government concessions (recurring). Under Indian InvIT regulations, Cube Highways Trust distributes a minimum of 90% of net distributable cash flows to unitholders; FY26 annual Distribution Per Unit was Rs 13.77, the highest since listing, with quarterly distributions averaging Rs 480 crore. Pricing of road usage is set by NHAI and government toll schedules and is not under the trust's control. Investor segments are primarily institutional (insurers, pension funds, family offices) seeking long-term yield, with a growing retail investor base through stock-exchange listing. Sponsor is Cube Highways and Infrastructure V Pte. Ltd.; the Investment Manager is Cube Highways Fund Advisors Pvt. Ltd.
The operating platform incorporates advanced construction materials including polymer-modified bitumen and Highly Modified Asphalt (HiMA), Cold Central Plant Recycling (CCPR) for sustainable maintenance, an Advanced Traffic Management System (ATMS), AI-driven real-time traffic monitoring and analytics, and in-house predictive and preventive maintenance modelling. The trust has AAA credit ratings from CRISIL, India Ratings, and Icra, with a Net Debt-to-EV ratio of 46.82% as of Q4 FY26. FY26 consolidated income was Rs 4,359 crore (up 26.23% YoY) and consolidated revenue Rs 4,239 crore (up 28.17% YoY). The portfolio is expanding toward 31 road assets via CCI-approved acquisitions, and the trust has filed for a Rs 5,000 crore IPO via offer-for-sale to convert from a private to a public InvIT.
Cube Highways Trust firmographics
Firmographics- Name
- Cube Highways Trust
- Legal name
- Cube Highways Trust
- Website
- https://cubehighwaystrust.com
- Company type
- Public
- Founded year
- 2022
- Operating status
- Operating
- Headcount range
- 1,001–5,000 employees
- Short description
- Cube Highways Trust is a SEBI-registered Indian InvIT operating 27 road assets spanning 2,005 km across India, generating toll and annuity revenue from government concessions and distributing at least 90% of net distributable cash flows to unitholders.
- Ownership category
- akta.pro rank
Cube Highways Trust industry classification
Industry- Product category
- Road Infrastructure Investment Trust (InvIT)
- NAICS
- Trusts, Estates, and Agency Accounts (52592), Lessors of Nonfinancial Intangible Assets (except Copyrighted Works) (5331)
- SIC
- Investors, Nec (6799), Oil Royalty Traders (6792)
- akta.pro primary industry
- Estate, Gift & Trust Valuation (BPAHANAL)
- akta.pro secondary industries
- Trust & Fiduciary Advisory for HNW/UHNW (Trust Structuring & Trustee Oversight) (FSAAABAF), Trust & Estate Tax Planning & Compliance (FSAEAKAE), Personal Trust & Fiduciary Administration (FSAEAKAA), Special Needs & Supplemental Needs Trust Services (FSAAANAJ)
Keywords
Where Cube Highways Trust is headquartered
LocationHeadquarters
- HQ city
- New Delhi
- HQ country
- India
- HQ region
- Asia
Offices4 records
Markets served
Cube Highways Trust business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Infrastructure, Operations, Supply Chain, Personnel, Technology or R&D, Others
Revenue model
- Toll Collection: The primary revenue stream is toll collection from vehicles using the InvIT's highway assets across 27 road projects in India. Revenue is volume-based, driven by traffic growth of 8.1% YoY.
- Annuity Income: Annuity-based revenue from government concessions, providing fixed periodic payments under public-private partnership arrangements, regardless of traffic volumes.
- Distribution to Unitholders: Periodic payouts of minimum 90% of net distributable cash flows to unit holders. DPU of Rs 13.77 for FY26, with quarterly distributions averaging Rs 480 crore.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Unit Pricing | Quarterly | Q4 FY26 Distribution Per Unit: Rs 3.57 per unit |
| Unit Pricing | Annual | Annual DPU FY26: Rs 13.77 per unit |
Go-to-market motion1 record
Distribution channels3 records
Marketing channels5 records
Cube Highways Trust product offering
Product offeringCore offering
Cube Highways Trust is a SEBI-registered Infrastructure Investment Trust (InvIT) that operates and manages a diversified portfolio of 27 toll and annuity road assets spanning 2,005 km (8,754 lane km) across 12 states and one union territory in India under public-private partnership concessions with NHAI and state governments. Revenue is generated through toll collection from road users and fixed periodic annuity payments from government concessions, with a minimum of 90% of net distributable cash flows distributed to unitholders as periodic payouts. Units are listed on NSE (CUBEINVIT) and BSE (543899), and the trust is backed by global institutional investors including I Squared Capital, ADIA subsidiary, BCIMC, and Mubadala.
Product overview
Cube Highways Trust operates as a single integrated InvIT platform managing a diversified portfolio of 27 road assets across India, comprising toll roads (BOT-Toll and TOT models) and annuity-generating assets (BOT-Annuity and HAM models). The core offering consists of individual Special Purpose Vehicles (SPVs), each operating a specific road corridor under governmental concession agreements. The trust's portfolio spans major highway corridors including the Golden Triangle (Delhi–Agra–Jaipur), NH-44 (India's longest north-south highway), and strategic routes in South India, Jammu & Kashmir, and eastern regions. Individual SPVs like Jaipur-Mahua Tollway, Ghaziabad-Aligarh Expressway, DA Toll Road, and Jammu-Udhampur Highway form the revenue-generating units, managed centrally by the Investment Manager with standardized operations, maintenance, and technology practices.
Differentiator
Problem solved
Functional benefit
Products and services
- Cube Highways Trust InvIT Units SEBI-registered Infrastructure Investment Trust platform managing a diversified portfolio of 27 toll and annuity road assets spanning 2,005 km (8,754 lane km) across 12 states and 1 union territory in India. Units offer investors periodic distributions of minimum 90% of net distributable cash flows, traded on NSE and BSE.
- Toll Road Operations (BOT-Toll and TOT model) Build-Operate-Transfer and Toll-Operate-Transfer highway concessions operated by individual SPVs such as Jaipur-Mahua Tollway Private Limited (109.1 km, Rajasthan), Ghaziabad-Aligarh Expressway (126.3 km, UP), DA Toll Road Private Limited (179.5 km, Delhi-Agra corridor), and others, generating revenue through usage-based toll collection from commercial and passenger vehicles.
- Annuity Road Operations (BOT-Annuity and HAM model) Build-Operate-Transfer Annuity and Hybrid Annuity Model concessions such as Jammu Udhampur Highway Private Limited (~48 km, J&K), Quazigund Expressway Private Limited (16 km including 8.45 km tunnel), and Andhra Pradesh Expressway Private Limited (74.6 km HAM, NH-44), generating fixed periodic annuity payments from government under long-term concession agreements.
- State Highway Concession Operations State highway toll concession assets such as N.A.M Expressway Private Limited (212.9 km State Highway SH-2 connecting Narketpally in Telangana to Medarametla in Andhra Pradesh, with 3 toll plazas), managed under state government concession agreements and generating toll-based revenue.
Quantifiable outcome
- 112.5 lane km of bituminous concrete road laid in 100 hours — World Record
- +5 more outcomes
Companies that use Cube Highways Trust
Customer profileSegments2 records
Ideal customer profiles2 records
Cube Highways Trust technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature5 records
Cube Highways Trust partnerships and signals
Strategic signalPartnerships
Three partnerships are on record, tiered core.
- CCI (Competition Commission of India)coreCCI approved Cube Highways Trust's proposed acquisition of 100% equity share capital in four road SPVs — Baharampore-Farakka Highways, Devanahalli Tollway Private, Western MP Infrastructure and Toll Roads Private, and Chenani Nashri Tunnelway.
- Axis Trustee Services LimitedcoreAxis Trustee Services Limited is the Trustee of Cube Highways Trust — a wholly-owned subsidiary of Axis Bank, registered with SEBI as a debenture trustee. The Trustee ensures legal ownership, equitable interests, regulatory compliance, and proper asset management.
- NHAI (National Highways Authority of India)coreNHAI is the primary government counterparty, issuing concessions for toll and annuity road projects under public-private partnership agreements across the portfolio.
Scale indicators9 records
Recent moves8 records
Expansion highlights5 records
Cube Highways Trust competitors and assessment
Company assessmentBroad incumbents
- Powergrid Infrastructure Investment Trust: Sponsored by Power Grid Corporation of India, this InvIT operates power transmission infrastructure assets. Comparable as a marquee institutional InvIT with similar listed structure and yield-oriented investor base.
- IRB Infrastructure Developers: Largest integrated private road infrastructure developer in India and sponsor of IRB InvIT Fund. Operates BOT/toll road assets and construction capabilities similar to Cube Highways' underlying SPVs, though it also retains construction and development functions.
- Reliance Infrastructure: Large Indian infrastructure conglomerate with road and metro BOT assets under operation. Comparable as an integrated infrastructure operator with toll road exposure, though it operates across multiple infrastructure verticals.
- IndiGrid Trust: India's first publicly listed InvIT, operating power transmission assets. Comparable as a listed Indian InvIT with institutional investor base and similar distribution mechanics, though asset class (power transmission vs. roads) differs.
- Brookfield India Infrastructure Trust: InvIT operating renewable power and infrastructure assets in India, backed by Brookfield. Comparable as a listed Indian InvIT targeting institutional yield-seeking investors with similar distribution and capital-raising model.
Direct peers
- IRB Infrastructure Trust (IRB InvIT Fund): India's first publicly listed road infrastructure investment trust, operating a portfolio of toll and BOT road assets. Directly comparable to Cube Highways Trust in business model, asset class, and target investor base within the Indian road InvIT space.
- India Infrastructure Trust: InvIT sponsored by Envision Group operating road assets in India. Comparable as a road-focused InvIT vehicle aggregating toll road concessions with similar investor base and distribution model.
Emerging players
- Dilip Buildcon: Indian road construction and BOT developer operating hybrid annuity and toll road assets. Comparable in operating Indian road concessions under PPP framework, though it also retains construction capability rather than being a pure yield vehicle.
- Sadbhav Engineering: Indian road construction and BOT operator with operational road assets. Comparable as a road PPP operator in India, though primarily construction-oriented with smaller asset portfolio relative to Cube Highways Trust.
- Ashoka Buildcon: Indian highway developer and BOT operator with operational toll road assets. Comparable as an integrated road infrastructure developer in India operating under the same PPP framework as Cube Highways' portfolio.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat6 records
Key risks6 records
Key highlights7 records
Customer concentration
Cube Highways Trust social profiles
Digital presenceCube Highways Trust financial estimates
Financial estimateRevenue estimate
Valuation estimate
Cube Highways Trust leadership team
Management profileNumber of profiles
Profiles14 records
Cube Highways Trust subsidiaries and ownership
Company hierarchySubsidiaries12 records
Cube Highways Trust funding detail
Funding detailFunding overview
Funding rounds5 records
Investors8 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Cube Highways Trust M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Cube Highways Trust
What does Cube Highways Trust do?
Cube Highways Trust is a SEBI-registered Infrastructure Investment Trust (InvIT) that operates and manages a diversified portfolio of 27 toll and annuity road assets spanning 2,005 km (8,754 lane km) across 12 states and one union territory in India under public-private partnership concessions with NHAI and state governments. Revenue is generated through toll collection from road users and fixed periodic annuity payments from government concessions, with a minimum of 90% of net distributable cash flows distributed to unitholders as periodic payouts. Units are listed on NSE (CUBEINVIT) and BSE (543899), and the trust is backed by global institutional investors including I Squared Capital, ADIA subsidiary, BCIMC, and Mubadala.
Is Cube Highways Trust a public or private company?
Cube Highways Trust is a public company. It is classified as public and is currently operating.
When was Cube Highways Trust founded?
Cube Highways Trust was founded in 2022. It employs 1,001 to 5,000 people.
Where is Cube Highways Trust based?
Cube Highways Trust is headquartered in New Delhi, India, in the Asia region.
How does Cube Highways Trust make money?
Three revenue lines are on record. Toll Collection is the primary driver. The others are annuity Income and distribution to Unitholders.
Who are Cube Highways Trust's main competitors?
Broad incumbents on record are Powergrid Infrastructure Investment Trust, IRB Infrastructure Developers, Reliance Infrastructure, IndiGrid Trust and Brookfield India Infrastructure Trust. Direct peers are IRB Infrastructure Trust (IRB InvIT Fund) and India Infrastructure Trust. Emerging players are Dilip Buildcon, Sadbhav Engineering and Ashoka Buildcon.
Does Cube Highways Trust have an API?
No public API is recorded for Cube Highways Trust.
What industry is Cube Highways Trust in?
Cube Highways Trust's product category is Road Infrastructure Investment Trust (InvIT). Its primary akta.pro industry code is BPAHANAL, Estate, Gift & Trust Valuation, with a secondary code of FSAAABAF, Trust & Fiduciary Advisory for HNW/UHNW (Trust Structuring & Trustee Oversight). Its NAICS code is 52592 and its SIC code is 6799.