Cube Highways Trust

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Cube Highways Trust trades at ₹159, in a confirmed uptrend and 61 weeks into that stage. That is +14.2% against its own 200-day average. It sits at 90% of a 52-week range of ₹134 to ₹162. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 7 straight weeks.

Today the stock is in a confirmed uptrend — week 61 of stage 2, confirmed. At ₹159 it trades +14.2% versus its 200-day average and sits at 90% of its 52-week range (₹134–₹162).

Against the market, two honest reads. Cumulative: over the last 2.8 years the stock moved +59% while the NIFTY 500 moved +36% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 7 straight weeks — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Cube Highways Trust trades at 77.2× P/E, about the cheapest it has ever traded. Its long-run median P/E is 599.0×, measured across 1.6 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 77.2× is about the cheapest it has ever traded, against a long-run median of 599.0× measured over 1.6 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

Put together: the multiple is low against its own past, so the story rests on the earnings line underneath it, not the multiple.

Stage: No read Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Cube Highways Trust reads as no read on its fundamental arc. Under eight usable quarters on the growth trio — not enough history for an honest trajectory read. The read is built from 9 quarters across 2 curves, on partial evidence.

Why it matters: with too little history, an honest page says so instead of guessing a trajectory.

One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

Fewer than eight usable quarters on the growth curves — this page will not guess a trajectory from a stub of history.

4-Factor Sector Score

43.2/100 — rank 7 of 9 in Infrastructure Investment Trusts · 35% evidence confidence · provisional, ranked below fully-evidenced peers

Cube Highways Trust scores 43.2 out of 100 against the 9 companies it is compared with in Infrastructure Investment Trusts, ranking 7. Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

The four contributions add to the total exactly: 19.5 + 8.2 + 3.5 + 12 = 43.2. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if ROA rolls over or gross NPA rises while sector-relative strength deteriorates.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Cube Highways Trust reported ₹1,127 Cr of revenue in the Jun 26 quarter, +19.4% year on year. That is the 9th straight quarter of year-on-year growth. The last full year, FY26, came in at ₹4,239 Cr. The last four reported quarters add to ₹4,422 Cr.

FY26 revenue came in at ₹4,239 Cr (+28.2% on the year). The latest quarter (Jun 26) printed ₹1,127 Cr, +19.4% year on year — the 9th consecutive quarter of year-over-year growth.

Acceleration check: trailing-twelve-month revenue grew +27.8% over the last 4 quarters against +20.0%/yr over the last 8 — accelerating.

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Cube Highways Trust's operating margin is 70.0% in the Jun 26 quarter, −1.0 percentage points against the same quarter a year ago. Across 3 fiscal years the operating margin has ranged 42.0% to 74.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 70.0%, −1.0 pp against the same quarter a year ago. Across 3 fiscal years the operating margin has ranged 42.0%–74.0%.

🚨 Why the margin moved: operating margin went −1.2 pp year on year while gross margin went +0.8 pp — the loss came mostly from the gross line: input costs and pricing.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Cube Highways Trust earned ₹61.0 Cr of net profit in the Jun 26 quarter. Full-year FY26 profit was ₹217 Cr. That is 5.4% of the quarter's revenue. The same quarter a year earlier earned ₹0.0 Cr. 4 of the last 12 reported quarters were loss-making.

Jun 26 profit was ₹61.0 Cr, null year on year. On the full year, FY26 printed ₹217 Cr (null).

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Cube Highways Trust's cash-flow history is too thin to judge how much reported profit converts into cash. In FY26 that was ₹3,803 Cr of operating cash against ₹217 Cr of profit. After ₹289 Cr of capital spending, ₹3,514 Cr was left as free cash. Cash resolution here is annual, because quarterly cash statements are not published.

FY26: operating cash of ₹3,803 Cr against reported profit of ₹217 Cr, leaving free cash of ₹3,514 Cr after ₹289 Cr of capital spending.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

Router verdict: the bigger cash user is investment — capital spending ran 6.9× depreciation over three years, so the next section's job is to check what that build-out is buying.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Cube Highways Trust's cash conversion cycle runs 19 days in FY26, up from 8 days in FY24. Capital spending ran ₹27,288 Cr over the last 3 years. At FY26 sales of ₹4,239 Cr each day of that cycle holds about ₹11.6 Cr, so roughly ₹221 Cr sits inside the business at any moment.

FY26: debtors at 19 days (an asset-light business — no inventory to speak of) — for a full cycle of 19 days, looser than FY24's 8.

In money terms: at FY26 sales of ₹4,239 Cr, each day of the cycle holds about ₹11.6 Cr — so the 19-day loop keeps roughly ₹221 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹27,288 Cr over the last 3 fiscal years against ₹3,940 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹11.0 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

Cube Highways Trust earns a ROCE of 6% in FY26. That is up from a trough of 1% in FY24. A return-on-invested-capital spread against the cost of capital is not computable from what is held here. The wiring behind it is 5.1% net margin on 0.14× asset turns.

FY26 ROCE is 6%, recovered from a FY24 trough of 1% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY26): 5.1% net margin × 0.14× asset turns × 3.00× balance-sheet leverage ≈ 2.1% on equity. Margin does its share; leverage is a meaningful part of the equation.

Debt Debt-to-equity says how much of the business is funded by borrowings; interest cover says how many times operating profit pays the interest bill. Low and high, respectively, is the safe corner.

Cube Highways Trust carries ₹17,665 Cr of borrowings against ₹9,783 Cr of equity in FY26, a debt-to-equity of 1.81. Operating profit covers the interest bill 2×. Over 4 years borrowings went from ₹0.0 Cr to ₹17,665 Cr. Capital spending ran ₹27,288 Cr across the last 3 of those years.

FY26: borrowings of ₹17,665 Cr against equity of ₹9,783 Cr — a debt-to-equity of 1.81. Operating profit covers the interest bill 2×. Over 4 years borrowings went from ₹0.0 Cr to ₹17,665 Cr while capital spending ran ₹27,288 Cr in just the last 3 — part of the build-out is riding on borrowed money.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

No holder of Cube Highways Trust moved a full percentage point over the last two years — the register is quiet. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — .

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Cube Highways Trust: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

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