AUDITED HISTORICAL METRICS
Performance & Asset Evolution
Multi-year operational and financial trajectory
Highway Network Capacity (Lane-Kilometers)
Axis (Y): Lane-Kms
Pan-India Highway Dominance: Operates 27 prime highway stretches spanning 8,754 lane-kms (2,021 route km) across 12 strategic transport corridors.
AUDITED FINANCIAL DISCLOSURES
Comprehensive Historical Metrics Matrix
Year-over-year operational, valuation and cash flow KPIs
| Metric | FY24 (Private) | FY25 | FY26 (Public Listing) | 7-Yr Trend / CAGR |
|---|---|---|---|---|
| Highway Lane-Kilometers (Lane-Kms) | 5,420 | 6,850 | 8,754 | +61.5% |
| Audited NAV per Unit (₹) | ₹132.50 | ₹138.20 | ₹145.77 | +10.0% |
| Annual Distribution per Unit (DPU ₹) | ₹11.20 | ₹12.50 | ₹13.77 | +22.9% |
| EBITDA / Operating Income (₹ Cr) | ₹1,850 | ₹2,420 | ₹3,092 | +67.1% |
| Gross Asset Value (GAV ₹ Cr) | ₹22,400 | ₹29,500 | ₹36,842 | +64.5% |
| Annual Traffic Growth (% YoY) | 8.2% | 8.8% | 9.3% | +9.3% YoY |
| Avg Residual Concession Life (Years) | 19.8 | 19.1 | 18.44 | 18.44 Yrs |
| Major Maintenance (MM) Reserve (₹ Cr) | ₹280 | ₹360 | ₹450 | Ring-Fenced |
| Loan to Value (LTV %) | 43.5% | 45.0% | 46.82% | 46.82% LTV |
SPONSOR & INSTITUTIONAL GOVERNANCE
Unitholding Pattern
Audited unitholder structure as of June 30, 2026
Sponsor: Cube Highways / I Squared Capital, ADIA, BCI, JERA
Sponsor & Promoters54.8%I Squared Capital, ADIA & BCI
Foreign Inst. (FII)28.2%Global PE & Sovereign Funds
Domestic Inst. (DII)11.5%Mutual Funds & Insurers
Public & Retail5.5%HNIs & Retail Investors
Sponsor55%
Category Breakdown
Sponsor & Promoter Group54.8%
Foreign Institutional (FII)28.2%
Domestic Institutional (DII)11.5%
Public & Retail Investors5.5%
PHYSICAL ASSET DIRECTORY
Portfolio Assets Breakdown
Key properties, toll corridors, sub-stations & revenue drivers
| Asset / Property Name | Asset Type | Status | Residual Life | GAV Share |
|---|---|---|---|---|
Jaipur - Mahua Tollway (JMTPL) Rajasthan (NH-21) | BOT Toll Road | Operational | 18.5 Yrs Concession | 6.2% |
Mahua - Bharatpur Expressway (MBEL) Rajasthan (NH-21) | BOT Toll Road | Operational | 19.0 Yrs Concession | 4.8% |
Western UP Tollway (WUPTPL) Uttar Pradesh (NH-58 Meerut - Muzaffarnagar) | BOT Toll Road | Operational | 16.5 Yrs Concession | 5.5% |
Nelamangala - Devihalli Expressway (NDEPL) Karnataka (NH-75 Bengaluru - Hassan) | BOT Toll Road | Operational | 17.5 Yrs Concession | 4.9% |
Ghaziabad - Aligarh Expressway (GAEPL) Uttar Pradesh (NH-91) | BOT Toll Road | Operational | 21.0 Yrs Concession | 7.8% |
Delhi - Agra Toll Road (DATRPL) Haryana & UP (NH-19 / NH-2) | BOT Toll Road (6-Lane) | Operational | 20.5 Yrs Concession | 9.5% |
Farakka - Raiganj Highway (FRHPL) West Bengal (NH-34) | BOT Toll Road | Operational | 18.0 Yrs Concession | 5.2% |
Walayar - Vadakkencherry Expressway (WVEPL) Kerala (NH-544) | BOT Toll Road | Operational | 17.0 Yrs Concession | 3.8% |
NAM Expressway (NAMEL) Telangana & Andhra Pradesh (SH-2 / NH-167A) | Toll Road | Operational | 19.5 Yrs Concession | 6.0% |
Madurai - Kanyakumari Tollway (MKTPL) Tamil Nadu (NH-44 North-South Corridor) | TOT Concession | Operational | 23.0 Yrs Concession | 8.5% |
Jhansi - Lalitpur Tollway (JLTPL) Uttar Pradesh (NH-44) | TOT Concession | Operational | 23.0 Yrs Concession | 4.2% |
Jhansi - Vigakhet Tollway (JVTPL) Uttar Pradesh & MP (NH-44) | TOT Concession | Operational | 23.0 Yrs Concession | 2.8% |
Lucknow - Raebareli Tollway (LRTPL) Uttar Pradesh (NH-30) | TOT Concession | Operational | 23.0 Yrs Concession | 3.5% |
Kotwa - Muzaffarpur Tollway (KMTPL) Bihar (NH-27 East-West Corridor) | TOT Concession | Operational | 23.0 Yrs Concession | 3.6% |
Hazaribagh Tollway (HTPL) Jharkhand (NH-33) | TOT Concession | Operational | 23.0 Yrs Concession | 3.2% |
Kanyakumari - Etturavattam Tollway (KETPL) Tamil Nadu (NH-44) | TOT Concession | Operational | 23.0 Yrs Concession | 2.9% |
Nanguneri - Kanyakumari Tollway (NKTPL) Tamil Nadu (NH-44) | TOT Concession | Operational | 23.0 Yrs Concession | 3.1% |
Salaipudhur - Madurai Tollway (SMTPL) Tamil Nadu (NH-44) | TOT Concession | Operational | 23.0 Yrs Concession | 2.9% |
Mangalwedha - Solapur Highway (MSHPL) Maharashtra (NH-166) | Hybrid Annuity (HAM) | Operational | 14.5 Yrs Concession | 2.5% |
Borgaon - Watambare Highway (BWHPL) Maharashtra (NH-166) | Hybrid Annuity (HAM) | Operational | 14.5 Yrs Concession | 2.4% |
Mangloor Highway (MHPL) Telangana (NH-365A) | Hybrid Annuity (HAM) | Operational | 14.0 Yrs Concession | 2.2% |
Tirumala Highway (THPL) Andhra Pradesh (NH-71) | Hybrid Annuity (HAM) | Operational | 14.0 Yrs Concession | 2.1% |
Shankarampet Highway (SPPL) Telangana (NH-765D) | Hybrid Annuity (HAM) | Operational | 13.5 Yrs Concession | 2.0% |
Srirangam Infra Highway (SIPL) Tamil Nadu (NH-81) | Hybrid Annuity (HAM) | Operational | 13.5 Yrs Concession | 2.2% |
Andhra Pradesh Expressway (APEPL) Andhra Pradesh & Telangana (NH-44) | BOT Annuity Road | Operational | 12.0 Yrs Concession | 3.5% |
Quazigund - Banihal Expressway (QEPL) Jammu & Kashmir (NH-44 / Tunnel Corridor) | Annuity Road & Tunnel | Operational | 16.0 Yrs Concession | 4.2% |
Athaang Jammu Udhampur Highway Jammu & Kashmir (NH-44) | BOT Annuity Road | Operational | 15.0 Yrs Concession | 3.8% |