Sanjay Bambhaniya · Jul 14, 2026

Cube Highways Trust InvIT Review | APPLY or AVOID?

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Infrastructure Investment Trust (InvIT)

NSE BSE

Price Band

₹151 - ₹152

Issue Size

₹5,000.00 Cr

Lot Size

Live GMP ₹0

0.00% Est. Listing: ₹152

SIP Calc Compare

IPO Timeline

DRHP FILED March 17, 2026

OPEN July 22, 2026

CLOSE July 24, 2026

ALLOTMENT July 27, 2026

LISTING July 29, 2026

IPO DETAILS REVIEW GMP SUBSCRIPTION ALLOTMENT STATUS

Cube Highways Trust started in 2021. It operates in the Infrastructure Investment Trust (InvIT) industry and provides infrastructure asset acquisition and management to its customers across India. This business is based in New Delhi. This IPO review covers the main facts of the offer. It helps you decide if the issue fits your portfolio. Cube Highways Trust shows steady growth but the pure Offer for Sale structure remains a key point to consider investors. (No fresh cash enters the trust from this public offer.)

Strengths & Risks

Strengths

Large diversified highway asset portfolio

Balanced toll and annuity income

Long residual concession period average

Growing cash flow distribution record

Expanding non-institutional unitholder base count

Proven highway asset acquisition track

High net asset value expansion

Strong institutional sponsor background support

8 Strengths Competitive Edge

Weaknesses

Pure secondary offer for sale

No fresh capital entering trust

General traffic volume risk exposure

Potential toll collection policy changes

Concession agreement expiry replacement risks

Interest rate risk on borrowings

Regulatory changes in InvIT guidelines

Maintenance capex cash outflow demands

8 Weaknesses Monitor Closely

Financial Update

The company released its restated financial statements for the year ending March 31, 2025. Total revenue was ₹3,453.15 crore increased from ₹3,074.11 in previous year. The net profit for the same period was ₹-35.72 crore increased from ₹-705.92 in previous year. Assets increased by 13.70% compared to the previous year. Revenue moved up steadily over the past three fiscals. Distributable cash flows grew continuously during this duration.

IPO Valuation

The upper price band is ₹152. This price leads to a Price-to-Earnings (P/E) ratio of —. The average P/E for the industry is —. Offer pricing matches the net asset base well. Steady cash distributions give good income visibility to long-term investors.

IPO Objective

Company will use Offer proceeds to meet stated objectives:

To carry out the Offer for Sale of Units by the Selling Unitholders

Promoters & Lead Manager

Lead manager is Kotak Mahindra Capital Co. Ltd., among others.

Sponsor is Cube Highways V Pte

Investment manager is Cube Highways Fund Advisors

Trustee is Axis Trustee Services Limited

4 top lead managers execute mandate

Peer Comparison

Below is the comparison of the company with its listed peers using data from March 31, 2026. Peer InvITs trade at varying discounts to net asset values. Asset mix differs across infrastructure platforms.

Company Name	EPS (Basic)	EPS (Diluted)	NAV (₹ per share)	P/E (x)	RoNW (%)	P/BV Ratio
Cube Highways Trust			142.70
IRB Infrastructure Trust			319.73
National Highways Infra Trust			150.50
Vertis Infrastructure Trust			106.80
Interise Trust			117.50
Shrem InvIT			88.12
Oriental InfraTrust			111.24

IPO Review & Analyst Rating

The trust manages major operational highway assets in India. Cash flow generation remains consistent across projects.

Analyst Name	Recommendation
Overall	Long Term
–	–
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Disclaimer: The information on the site is informational only. The contents of this blog are not financial advice. You should not invest in any stock market instrument without consulting your Financial advisor.

Sanjay Bambhaniya

Sanjay has 8+ years of experience in data-driven IPO insights. His expertise in digital marketing and web development complements his financial knowledge and helps him to develop effective fintech solutions. He is an entrepreneur and director who helps investors understand complex primary market trends in easy-to-understand IPO reports, news, and updates.

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