Cube Highways Trust InvITIPO Review — Financials, Valuation & Peers
A data-only look at the Cube Highways Trust InvIT IPO: restated financials, valuation ratios, the RHP peer group and third-party analyst views. ipostation does not rate IPOs — nothing here is a recommendation.
Financials (₹ Cr)
| Period Ended | Revenue | PAT | Total Assets | Borrowings |
|---|---|---|---|---|
| FY 2025 | 2,106.32 | 999.57 | 28,624.25 | 439.96 |
| FY 2026 | 2,922.09 | 1,422.89 | 30,763.19 | 491.65 |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March.
KPIs & Valuation
- EBITDA Margin
- 74.2%
As of 31 Mar 2026 (latest reported period in the offer document). Market cap is computed on a post-issue basis at the upper price band.
Peer Comparison
| Company | EPS (₹) | NAV (₹) | P/E | RoNW |
|---|---|---|---|---|
| Cube Highways Trust InvIT | — | 142.7 | — | — |
| IRB Infrastructure Trust | — | 319.73 | — | — |
| Interise Trust | — | 117.5 | — | — |
| National Highways Infra Trust | — | 150.5 | — | — |
| Oriental InfraTrust | — | 111.24 | — | — |
| Shrem InvIT | — | 88.12 | — | — |
| Vertis Infrastructure Trust | — | 106.8 | — | — |
Peer group as disclosed in the offer document, figures as of 31 Mar 2025. The issuer’s P/E is computed at the upper price band.
Analysis in brief
Anchor book
59 anchor investors participated in the Cube Highways Trust InvIT IPO ahead of the public offer, together allocated ₹1,687.5 crore. Anchor investors are institutions allotted shares at the issue price a day before bidding opens, in exchange for a mandatory post-listing lock-in — their names and cheque sizes are disclosed, which is why the anchor book is read as an institutional signal. The largest allocations went to PRAZIM TRADING & INVESTMENT CO.PVT.LTD. (₹300 crore), SBI LIFE INSURANCE CO.LTD. (₹100 crore) and ICICI PRUDENTIAL LIFE INSURANCE CO.LTD. (₹100 crore). Investor categories represented include Other, Insurance, FII/FPI and Bank. The lock-in on half the anchor shares ends on 28 Aug 2026, with the remainder locked until 27 Oct 2026.
Margin and return profile
The offer document gives a read on the operating engine behind the issue. Cube Highways Trust InvIT operates at an EBITDA margin of 74.2%. These are offer-document figures for the latest reported period (as of 31 Mar 2026); they describe the business as disclosed, not how the stock will trade.
Financials
In FY2026, Cube Highways Trust InvIT reported revenue of ₹2,922.09 crore and a net profit of ₹1,422.89 crore. Revenue grew from ₹2,106.32 crore in FY2025 to ₹2,922.09 crore in FY2026 (+39.0%).