Cube Highways Trust is planning to launch a Rs 5,000 crore (approximately USD 1.5 billion) initial public offering (IPO) this month. The public issue will be entirely OFS-based and will not include any new shares. This means the company will not raise new capital through the IPO, but existing investors will sell their stakes, sources said. According to sources, the Cube Highways Trust aims to expand its investor base and increase business in the unit after listing.
There are 27 operational highway assets in 12 states and 1 union territory of the country
As of March 31, 2026, Cube Highways Trust had 27 operational highway assets, totalling 8,754 lane kilometres, spread across 12 states and one union territory. These projects have an average remaining concession period of 18 years. In its annual report for fiscal year 2025-26, Cube Highways Trust CEO Vinay C Sekar stated that the Cube Highways Trust’s strategy will remain focused on disciplined acquisition, regular delivery, financial discipline, and operational efficiency.
Toll road projects constitute 85 per cent of the company’s portfolio
Approximately 85 per cent of the Cube Highways Trust’s portfolio consists of toll road projects, which benefit from traffic growth and inflation-linked toll rate revisions. The remaining 15 per cent of assets are annuity-based projects that generate stable income under a contracted payment arrangement with the National Highways Authority of India (NHAI). Cube Highways Trust has announced a distribution of ₹13.77 per unit for FY 2025-26. This brings the total distribution to unitholders to ₹1,851 crore for the entire fiscal year.
Company’s debt stood at Rs 17,768 crore by March 2026
The Cube Highways Trust’s net debt stood at Rs 17,768 crore as of March 2026, with a debt-to-enterprise value ratio of 46.82 per cent. Completion of nine acquisitions during FY 2025-26 has increased the Cube Highways Trust’s assets under management (AUM) to Rs 36,842 crore. The Cube Highways Trust has also secured commitment letters for four new highway projects with a combined venture value of approximately Rs 7,300 crore. With these acquisitions, the Trust’s portfolio will grow to 31 assets across 13 states and one Union Territory.
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