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View Claim Ledger →Cube Highways Trust — Q4 FY26
Cube Highways Trust reported a strong Q4 FY26 with revenue from operations of 4,239 crore, up 28% YoY, driven by 9.2% traffic growth and full-year outperformance of projected revenue by over 3%.
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Cube Highways Trust reported a strong Q4 FY26 with revenue from operations of 4,239 crore, up 28% YoY, driven by 9.2% traffic growth and full-year outperformance of projected revenue by over 3%. EBITDA rose 30% YoY to 3,092 crore, supported by operational efficiencies and cost savings of 5.4% against budget. Annual distribution per unit reached a record 13.77 rupees, with cumulative distributions of 34.86 rupees since listing. Management guided for FY27 traffic growth of 3% and toll revenue growth of 6.4%, conservatively factoring in geopolitical risks and potential diversions from new expressways. The trust is progressing with a public InvIT IPO (5,000 crore offer for sale) and acquiring four sponsor assets (EV 7,292.5 crore) expected to be NAV-accretive. Key risks include elevated bitumen prices impacting maintenance costs and potential traffic diversion from upcoming corridors like Delhi-Dehradun Expressway.
क्यूब हाईवे ट्रस्ट ने वित्त वर्ष 2026 की चौथी तिमाही में मजबूत प्रदर्शन किया। कंपनी की कमाई 4,239 करोड़ रुपये रही, जो पिछले साल से 28% ज्यादा है। इसकी वजह ट्रैफिक में 9.2% बढ़ोतरी और अनुमान से 3% ज्यादा कमाई है। मुनाफा (EBITDA) 30% बढ़कर 3,092 करोड़ रुपये हो गया, क्योंकि खर्चों में बचत हुई। हर यूनिट पर रिकॉर्ड 13.77 रुपये का लाभांश मिला। अगले साल ट्रैफिक 3% और टोल कमाई 6.4% बढ़ने का अनुमान है। ट्रस्ट नया निवेश ला रहा है और चार नई संपत्तियां खरीद रहा है। जोखिमों में बिटुमेन के बढ़ते दाम और नए एक्सप्रेसवे से ट्रैफिक कम होना शामिल है।
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Elevated bitumen prices impacting maintenance costs
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Traffic Growth (Q4 YoY)
9.2%
+9.2pp YoY
Quarterly traffic growth driven by structural tailwinds on key corridors.
Annual Distribution Per Unit (FY26)
13.77 rupees
+2.77 rupees YoY
Highest annual distribution since listing, reflecting strong cash flow generation.
Net Debt to AUM
46.82%
stable
Leverage remains stable with AAA ratings, providing headroom for acquisitions.
Weighted Average Cost of Debt
7.53%
-66bps YoY
Improved due to issuance of fixed-rate instruments at favorable rates.
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Guidance and risk preview
Management expects traffic growth of 3% for FY27, significantly lower than the 8.1% delivered in FY26, reflecting conservative assumptions.
Bitumen prices have risen ~50% recently; management has factored in elevated levels persisting for three years, but further increases could pressur...
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