Key Highlights
Performance Dashboard FY 2026 (As on March 31, 2026, unless stated otherwise)
- Financial
- Debt and Financing
- Operational
- Environment Social and Governance
1Assets Under Management (AUM) pertains to 27 InvIT SPVs, including INR 9.05 billion in financial assets and cash equivalents, and represents 100% enterprise value across all SPVs, except MBEL’s 0.03% equity which is held by Madhucon Infra Limited.
2Adjusted EBITDA is computed as follows: Total comprehensive income less Trust Group’s expenses other than Finance costs, Tax expense, Impairment of Intangible Assets, Depreciation and Amortization and Exceptional items as appearing in the Consolidated Statement of Profit and Loss.
3Excludes SPV-level debt of MBEL
4Average of DPU yield for FY 2024, FY 2025 and FY 2026; DPU Yield = DPU/Average traded price (BSE)
5Privately listed on BSE/NSE on April 19, 2023
6Net Debt is stated net of cash and includes accrued interest, the promoter loan of WVEPL, and the pass-through payment for QEPL and JUHPL across 27 assets.
Financial
Financial
368.42
AUM1 (in INR billion)
43.59
Consolidated Income (in INR billion)
30.92
Adjusted EBITDA2 (in INR billion)
46.21
Cumulative Distribution since Listing (in INR billion)5
18.51
Annual Distribution for FY 2026 (in INR billion)
9.8%
Average of DPU Yield (last 3 years)4
45.77%
NAV Growth since Listing5
1Assets Under Management (AUM) pertains to 27 InvIT SPVs, including INR 9.05 billion in financial assets and cash equivalents, and represents 100% enterprise value across all SPVs, except MBEL’s 0.03% equity which is held by Madhucon Infra Limited.
2Adjusted EBITDA is computed as follows: Total comprehensive income less Trust Group’s expenses other than Finance costs, Tax expense, Impairment of Intangible Assets, Depreciation and Amortization and Exceptional items as appearing in the Consolidated Statement of Profit and Loss.
3Excludes SPV-level debt of MBEL
4Average of DPU yield for FY 2024, FY 2025 and FY 2026; DPU Yield = DPU/Average traded price (BSE)
5Privately listed on BSE/NSE on April 19, 2023
Debt and Financing
Debt and Financing
46.82%
Net Debt/AUM6
25.23%
Share of Fixed Rate Borrowings
7.53%
Average Cost of Debt3
AAA
Crisil Credit Rating
6Net Debt is stated net of cash and includes accrued interest, the promoter loan of WVEPL, and the pass-through payment for QEPL and JUHPL across 27 assets.
Operational
Operational
8.1%
Traffic Growth (y-o-y) in PCU terms
10.6%
Toll Revenue Growth (y-o-y)
6.3%
Traffic Growth CAGR (since COD till March 31, 2026)
93.3
Average Daily Toll Revenue (in INR million/day)
ESG
ESG
Environment
9,086 tCO2e
Emissions Reduction
138 MWh
Renewable Energy Generated (Solar)
6,000 MWh
I-REC Procurement Reducing 4,000 tCO2e
4,12,595
Trees Planted (1,02,000 under Miyawaki Afforestation)
Circularity
79,772 MT
RAP utilization
8
New RWH Structures
Social
11,000+
Community Development Program Beneficiaries
99%
Procurement from within India
430
Total Trainings
15.8 million
Safe Work Hours
0.7
Lost Time Injury Frequency Rate
30%
Female Workforce (IM & PM)
8.47%
Women Participation (Corporate and 27 SPVs)
Governance
57%
Independent Directors on the Board
29%
Women Directors on the Board
BRSR
Voluntary Disclosures & Limited Assurance of Core KPIs
Overview
A Proxy to India’s Infrastructure Growth Story
Cube InvIT is a leading Infrastructure Investment Trust (InvIT) focused on India’s roads and highways sector. With the objective of acquiring and managing operational highway assets that form the country’s infrastructure backbone, we have built a yield-focused, de-risked platform. The platform enables its unitholders to participate in the nation’s growth story while providing the opportunity to make sustainable risk-adjusted returns.
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Investment Case
A Platform Built to Scale and Endure
We have built a resilient platform of high-quality operational assets, ensuring visible cash flows and consistent returns. Backed by disciplined execution and strong governance, we are well positioned to deliver sustainable long-term value.
- Growing Yield Profile
- Built for Stability, Wired for Growth
- Diversified Portfolio
- Backed by Leading Global Investors
- Financial Discipline
- Consistent Scaling through Disciplined Acquisitions
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CEO
CFO
PM-CEO
Leadership Perspective
Chief Executive Officer’s Message
Chief Executive Officer’s Message
In FY26, we grew our portfolio to INR 368.42 billion in AUM through disciplined acquisitions, delivering our highest-ever annual distribution of INR 13.77 per unit while maintaining our AAA credit rating and preserving a healthy debt service coverage ratio of 1.99x. As we prepare for our public listing, our focus remains on disciplined growth and long-term value creation.
Vinay C. Sekar
Chief Executive Officer
Chief Financial Officer’s message
Chief Financial Officer’s message
As custodian of your capital, our responsibility extends well beyond managing quarterly performance. Our objective is to build an institution capable of delivering resilient cash flows and attractive risk-adjusted returns across economic cycles.
Pankaj Vasani
Group Chief Financial Officer
Project Management CEO’s Message
Project Management CEO’s Message
Our focus on innovation-led asset management, complemented by initiatives such as mini-equipment deployment and remote monitoring, was recognized at the Build India Infra Awards 2026, where Cube Highways received the award for Best O&M (Operations & Maintenance) Practices.
Bovin Kumar
Chief Executive Officer, Project Manager
- Milestones
- Portfolio Composition
- Portfolio Strategy
- Asset Portfolio
Portfolio Compositions
Milestones
Milestones
Growing with Conviction
April 2023
Cube InvIT was successfully listed on the marking a significant milestone with an initial portfolio of 18 assets.
May 2023
Achieved a world record at GAEPL by laying 112.5 lane km of bituminous concrete within 100 hours, demonstrating execution excellence at scale.
February 2024
Received the National Highways Excellence Award (2022) for FRHPL and WVEPL, recognizing operational excellence and quality standards.
June 2024
Acquired a 51% stake in 6 HAM assets, strengthening the portfolio and expanding growth visibility.
December 2024
Completed 100% acquisition of 6 HAM assets, reinforcing ownership control and long-term value creation.
February 2025
- Acquired 100% stake in NAM Expressway Private Limited.
- Issued India’s first sustainability-linked bond in the road infrastructure sector, raising INR 8,600 million.
April 2025
- Conferred with the NHAI Excellence Gold Award for Operations & Maintenance – Flexible (NKTPL).
- Winner in two categories at the MoRTH Hackathon under the Technology Demonstration Scheme.
June 2025
Completed 100% acquisition of 2 annuity assets – QEPL and JUHPL, continuing portfolio expansion with stable revenue assets.
March 2026
- Filed Draft offer Document for Private InvIT to Public InvIT conversion
- Committed acquisition of four Sponsor & Sponsor Group assets
Portfolio Composition
Portfolio Strategy
Portfolio Strategy
Disciplined Portfolio Strategy
for Sustainable Growth
Our portfolio strategy is anchored in disciplined capital allocation and a clear focus on acquiring de-risked, operating infrastructure assets. By balancing growth-oriented toll assets with stable annuity assets, we aim to deliver resilient and sustainable returns.
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Asset Portfolio
Asset Portfolio
Jaipur-Mahua Tollway
Private Limited (JMTPL)
JMTPL, located in Rajasthan, connects Jaipur to Mahua toward the eastern corridor, near the southwestern edge of Uttar Pradesh. The project comprises a 109.1 km four-lane highway, forming part of NH 21, and is supported by two toll plazas: Sikandara (TP1) and Rajadhok (TP2).
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- Board of Directors
- Investment Manager
- Project Manager
Management Messages
Board of Directors (As on March 31, 2026)
Board of Directors (As on March 31, 2026)
Upendra Kumar Sinha
Independent Director
Upendra Kumar Sinha
Independent Director
He has been an independent director on the board of the Investment Manager since January 25, 2022. He has served as the chairman of SEBI. Prior to being the chairman of SEBI, he was the chairman and managing director of UTI Asset Management Company Limited, the chairman of the Association of Mutual Funds in India. He is also a retired officer of the Indian Administrative Service and has held several government positions in state and central governments, including as Joint Secretary (Banking) and Joint Secretary (Capital Markets) in the Ministry of Finance, Government of India. He has also been the chairman of the working group on foreign investment in India and a member of committees set up by the government, including those on liquidity management, foreign institutional investors, the corporate bond market, and investor protection.
Surinder Chawla
Independent Director
Surinder Chawla
Independent Director
He has been an independent director on the board of the Investment Manager since May 20, 2022. He holds a bachelor’s degree in technology in chemical engineering from the Indian Institute of Technology, Delhi. He also holds a post-graduate diploma in management from the Indian Institute of Management, Calcutta. He has over 36 years of experience and prior to joining the Investment Manager, he had worked at the International Finance Corporation, a member of the World Bank Group, as its chief investment officer.
Jayesh Ramniklal Desai
Independent Director
Jayesh Ramniklal Desai
Independent Director
He has been an independent director on the board of the Investment Manager since January 25, 2022. He holds a bachelor’s degree in commerce from the University of Bombay. He is a chartered accountant and admitted as an associate of the Institute of Chartered Accountants of India. He has been associated with Ernst & Young Private Limited and Coca-Cola India. He was also employed with Piramal Enterprises Limited from April 2012 to January 2017. He has also served as a director on the boards of, amongst others, TruBoard Private Limited, Ayana Renewable Power Private Limited, and Piramal Investment Advisory Services Private Limited.
Fereshte Dhunjishaw Sethna
Independent Director
Fereshte Dhunjishaw Sethna
Independent Director
She has been an independent director on the board of the Investment Manager since March 16, 2023. She holds a bachelor’s degree in commerce and a bachelor’s degree in law from the University of Bombay. She also holds a master’s degree in law from the University of Bombay. She is enrolled on the roll of advocates maintained by the Bar Council of Maharashtra and Goa in 1990. She is also a director on the board of Morrisett Agro Forestry Ventures Private Limited, Morrisett One Harvests Private Limited, Morrisett Agro Plantations Private Limited, Morrisett Litigators Private Limited and Lexnovum Consultaire Private Limited.
Sandeep Lakhanpal
Non-Executive Director
Sandeep Lakhanpal
Non-Executive Director
He has been a non-executive director on the board of the Investment Manager since June 30, 2022. He holds a bachelor’s degree in technology and electrical engineering from Punjab Technical University, Punjab, and a master’s degree in business administration with a specialization in finance from Narsee Monjee Institute of Management Studies, Mumbai. He has over 20 years of experience. He is a managing director at I Squared Capital. Prior to joining I Squared, he had been associated with Cube Highways and Transportation Assets Advisors Private Limited, as the Head of Business Development – M&A, CRISIL as a manager in its infrastructure advisory PPP group, and with Ernst & Young as a Vice President.
Raviraj Vipul Acharya
Non-Executive Director
Raviraj Vipul Acharya
Non-Executive Director
He has been a non-executive director on the board of the Investment Manager since July 31, 2024. Raviraj V. Acharya is an Investment Manager in the Infrastructure Department at ADIA. He has over 9 years of experience across investments and corporate finance. Prior to joining ADIA in 2020, he had worked at Morgan Stanley and Edelweiss Financial Services Limited in India. He is a member of the Institute of Chartered Accountants of India.
Helly Bharat Ajmera
Non-Executive Director
Helly Bharat Ajmera
Non-Executive Director
She has been a non-executive director on the board of the Investment Manager since November 07, 2023. She has completed her post-graduation in management from the Indian Institute of Management and graduated as an engineer in telecommunications. She is Senior Director & Head of BCI’s Asia Investments. At BCI, she is responsible for investing in and managing Infrastructure & Renewable Resources investments across Asian economies, including India, the Philippines, Indonesia, Singapore, Japan, and Korea. Prior to joining BCI, she worked with Ernst & Young.
Investment Manager - Key Personnel
Investment Manager -
Key Personnel
Vinay Chandramouli Sekar
Chief Executive Officer
Vinay Chandramouli Sekar
Chief Executive Officer
He has been the Chief Executive Officer of the Investment Manager since July 11, 2022. He holds a bachelor’s degree in mechanical engineering from the Indian Institute of Technology, Madras and a post-graduate diploma in management from the Indian Institute of Management, Ahmedabad. He has over 16 years of experience in infrastructure financing and advisory services. Prior to joining the Investment Manager, he had worked with Cube Highways and Transportation Asset Advisors Private Limited, IndusInd Bank Limited and IFCI Limited.
Pankaj Vasani
Group Chief Financial Officer
Pankaj Vasani
Group Chief Financial Officer
He has been the Chief Financial Officer of the Investment Manager since July 11, 2022. He holds a bachelor’s degree in commerce and a LL.B. degree from the University of Delhi. He is a member of the Institute of Chartered Accountants of India. He is also an associate of the Institute of Chartered Accountants of England and Wales and an associate Certified Public Accountant (CPA) from CPA Australia. He has experience in sectors such as telecom, media/advertising, FMCG/beverages, and the automotive industry. Prior to joining the Investment Manager, he worked with the Vodafone Group, Publicis Groupe, Coca-Cola, and Subros. Among other leadership roles, he has also served as the CEO of Cable & Wireless Global India Private Limited, within the Vodafone Group.
Richa Gupta Rohatgi
Company Secretary and Compliance Officer
Richa Gupta Rohatgi
Company Secretary and Compliance Officer
She has been the Compliance Officer of the Investment Manager since January 30, 2025. She is an associate member of The Institute of Company Secretaries of India. She holds a bachelor’s degree in law from Chaudhri Charan Singh University, Meerut and a bachelor’s degree in commerce from Hansraj College, Delhi University. She has over 16 years of experience and, prior to joining the Investment Manager, she was associated with Bharti Airtel Limited, Eldeco Infrastructure and Properties Ltd, SRL Limited, Pacific Development Corporation Limited, and Religare Finvest Limited.
Abhijit Saukhyashil Sathe
Senior Vice President – Finance & Accounts
Abhijit Saukhyashil Sathe
Senior Vice President – Finance & Accounts
He has been in the employment of the Investment Manager and has been serving as the Senior Vice President – Finance, of the Investment Manager since November 16, 2022. He holds a bachelor’s degree in commerce from the University of Pune. He is a member of the Institute of Chartered Accountants of India. He has over 21 years of experience, and prior to joining the Investment Manager, he has worked with Vodafone Group, HSBC Group and the TATA Group. He has also served as the Chief Financial Officer of Cable and Wireless Global India Private Limited, within the Vodafone Group.
Saurabh Bansal
Senior Vice President – Capital Raising and Strategy
Saurabh Bansal
Senior Vice President – Capital Raising and Strategy
He has been in the employment of the Investment Manager and has been serving as the Senior Vice President – Capital Structure and Budgeting of the Investment Manager since November 2021. He holds a bachelor’s degree in technology in electronics and communication engineering from Malaviya National Institute of Technology, Jaipur and a post graduate diploma in industrial management from National Institute of Industrial Engineering, Mumbai and has cleared Level III exam of Chartered Financial Analyst from CFA Institute (USA). He has over 13 years of experience and prior to joining the Investment Manager, he has worked with Cube Highways and Transportation Asset Advisors Private Limited, Yes Bank Limited, L&T Fincorp Limited and Northern Arc Capital Limited.
Saurabh Kumar
Vice President – Strategy & Investor Relations
Saurabh Kumar
Vice President – Strategy & Investor Relations
He has been in the employment of the Investment Manager since September 01, 2022. He has been serving as the Vice President – Strategy & Investor Relations of the Investment Manager since April 01, 2025. He holds a bachelor’s degree in technology in civil engineering from the Indian Institute of Technology, Bombay and a post-graduate diploma in management from the Indian Institute of Management, Bangalore. He has over 10 years of experience and, prior to joining the Investment Manager, he worked with Deloitte India and Feedback Infra Private Limited.
Deepan Shah
Vice President – Legal
Deepan Shah
Vice President – Legal
He has been in the employment of the Investment Manager since November 01, 2022. He has been serving as the vice president – legal of the Investment Manager since April 1, 2025. He holds a B.A. LLB (Hons.) degree from National Law University, Delhi. He has more than 9 years of experience, and prior to joining the Investment Manager, he worked with Cube Highways and Transportation Assets Advisors Private Limited and Trilegal.
Project Manager - Key Personnel
Project Manager -
Key Personnel
Bovin Kumar
Chief Executive Officer
Bovin Kumar
Chief Executive Officer
He has been the Chief Executive Officer of Cube Highways and Transportation Assets Advisors Private Limited since January 10, 2023. He holds a bachelor’s degree in civil engineering from Regional Engineering College, Hamirpur (HP) and a master’s degree in technology from the Indian Institute of Technology, Kanpur. He also holds an executive post-graduate diploma in international business from the Indian Institute of Foreign Trade, New Delhi. He has over 25 years of experience in designing, developing, operating and maintaining roads. Prior to joining Cube Highways and Transportation Assets Advisors Private Limited as Chief Operating Officer, he worked with Ramboll, CH2MHILL (now Jacobs), Halcrow (now Jacobs), the National Highways Authority of India, and the Ministry of Road Transport (Government of India).
Dr. C.S. Bhagavan Raju
Chief Operating Officer
Dr. C.S. Bhagavan Raju
Chief Operating Officer
He is the Chief Operating Officer of Cube Highways and Transportation Assets Advisors Private Limited since April 1, 2024, and also served as Senior Vice President from July 6, 2020, to March 31, 2024. He holds a bachelor’s degree in civil engineering from Jawaharlal Nehru Technological University, Kakinada, A.P., a Master of Engineering degree from the University of Poona, and a Doctor of Philosophy (PhD) in Civil Engineering, specializing in flexible pavements, from JNTU, Kakinada, A.P. With over 32 years of experience in the roads sector, Dr. Raju has extensive expertise in quality control, construction, and project management, encompassing the planning, implementation, and commissioning of infrastructure projects. Prior to joining Cube Highways and Transportation Assets Advisors Private Limited, he held key positions with leading organizations including Afcons Infrastructure, Land Transport Authority (Singapore), Soma Enterprise Ltd., Gammon Infrastructure Pvt. Ltd., Ashoka Buildcon Ltd., and Megha Engineering & Infrastructure Ltd.
Rahul Shankar
Chief Human Resource Officer
Rahul Shankar
Chief Human Resource Officer
He has been the Group Chief Human Resources Officer of Cube Highways and Transportation Assets Advisors Private Limited since July 11, 2023. He holds a master’s degree in business administration from Ecole Nationale des Ponts et Chaussées and a master’s degree in political science from the University of Lucknow. He has over 19 years of experience in human resources, organization development, talent development and succession planning, and employee engagement and culture transformation across infrastructure and diversified business environments. Prior to joining Cube Highways and Transportation Assets Advisors Private Limited as Chief Human Resources Officer on July 07, 2023, he worked with KEC International Limited, Kenersys Kalyani Ltd, Dalkia Energy, Punj Lloyd, and Bharti Teletech Ltd.
Dr. Mukul Shastry
General Counsel
Dr. Mukul Shastry
General Counsel
He has served as General Counsel since July 2022. He holds a bachelor’s, master’s, and doctorate degree in Law from the University of Rajasthan, Jaipur, and is an alumnus of the Indian Institute of Management, Ahmedabad, where he completed the PGPX program (one-year full-time MBA). He is also a qualified Company Secretary and has cleared the CAIIB. His career spans legal practice, academia as an Assistant Professor at National Law University, Jodhpur, and central banking as a Legal Officer with the Reserve Bank of India.
Neeraj Singh
Senior Vice President and Head of Routine Maintenance
Neeraj Singh
Senior Vice President and Head of Routine Maintenance
He serves as the Senior Vice President and Head of Routine Maintenance at Cube Highways and Transportation Assets Advisors Private Limited. He has been associated with the organization since April 1, 2018. He brings over 25 years of experience in the construction and maintenance of highways and bridges, and tunnel construction. He holds a graduate degree in civil engineering from Lingayas Vidyapeeth, Faridabad, and a diploma in Civil Engineering from the Board of Technical Education, Delhi. Prior to joining Cube Highways and Transportation Assets Advisors Private Limited, he was associated with reputed organizations including Punj Lloyd, Oriental Structural Engineers, Leighton Contractors, Galfar Engineering, and Continental Engineering Corporation.
Anuj Maitrey
Head – Operations and Traffic
Anuj Maitrey
Head – Operations and Traffic
He is leading the Operations and Traffic teams at Cube Highways and Transportation Assets Advisors Private Limited since April 2024. He has completed his bachelor’s degree in technology in civil engineering from Dr. Ram Manohar Lohia Avadh University and holds a master’s degree in Planning (Transport) from the School of Planning and Architecture, New Delhi, and an MBA from Leeds University Business School, Leeds (United Kingdom). Prior to joining Cube Highways and Transportation Assets Advisors Private Limited, Anuj worked with Halcrow Consulting India Limited (now Jacobs), IL&FS Infrastructure Development Corporation, Isolux Corsan Concessions (now Roadis), Ramboll India, and Steer Davies Gleave, India.
Sippy N Kumar
Senior Vice President – Environment & Social
Sippy N Kumar
Senior Vice President – Environment & Social
She has been associated with Cube Highways and Transportation Assets Advisors Private Limited since December 12, 2016, and has been the Senior Vice President – Environment & Social since April 01, 2022. She holds a bachelor’s degree in environmental engineering from the Delhi College of Engineering (now Delhi Technological University), University of Delhi, and is pursuing an Executive MBA from SP Jain School of Global Management. She has over 18 years of experience in ESG, sustainability, Environment and Social (E&S) due diligence, E&S management system implementation, sustainable finance, and environmental consultancy. Prior to joining Cube Highways and Transportation Assets Advisors Private Limited as Senior Vice President – E&S, she worked with SMEC (now part of Surbana Jurong Group), Halcrow (now Jacobs), and SNC Lavalin.
Bhanoj Dokku
Vice President – Strategies & Analytics
Bhanoj Dokku
Vice President – Strategies & Analytics
He has been associated with Cube Highways and Transportation Assets Advisors Private Limited since April 1, 2018. He is currently the Vice President – Strategies & Analytics at Cube Highways and Transportation Assets Advisors Private Limited. He holds a bachelor’s degree in civil engineering and a postgraduate degree in Transportation Engineering from the Indian Institute of Technology, Madras.
He has over nine years of experience in pavement engineering, maintenance strategy development, and highway operations and maintenance. Prior to joining Cube Highways and Transportation Assets Advisors Private Limited, he worked with Mahua Bharatpur Expressways Limited (Cube Highways Group) and ITS Planners and Engineers.
Performance Dashboard
Sustained Momentum across Every Mile
Financial Performance (in INR million)
Operational Excellence
Smarter Operations. Stronger Outcomes.
We are redefining how highways are managed, combining data, technology and on-ground execution to drive efficiency at scale. Our focus remains on seamless traffic movement, stronger revenue assurance, and building a future-ready operations ecosystem.
- Building India’s Most Digitally Integrated Toll Network
- Key Procurement Initiatives
- Sustainable and Standardized Routine Maintenance
- Major Maintenance for Asset Longevity
Building India’s Most Digitally Integrated Toll Network
Building India’s Most Digitally Integrated Toll Network
Vehicle Tracking System
We have deployed real-time Vehicle Tracking System (VTS) across ~300 vehicles and enhanced monitoring using geotagging and geofencing to improve utilization, and reduce operational inefficiencies.
Key Procurement Initiatives
Key Procurement Initiatives
-
Procurement Consolidation and Standardization
-
Long-term Partnerships
-
Procurement Digitization
-
E-auction and Reverse Bidding
-
Better Planning and Execution
-
Lifecycle Cost Optimization
Sustainable and Standardized Routine Maintenance
Sustainable and Standardized Routine Maintenance
Routine maintenance during the year focused on standardization, cost optimization, and sustainability-led practices to ensure consistent asset performance and operational efficiency.
Key initiatives included improved plantation techniques such as:
- Greenhouse setups and drip irrigation trials,
- Use of bamboo tree guards,
- Reuse of surplus materials like Recycled Asphalt Pavement (RAP),
- Concrete waste for slope protection and shoulder strengthening,
- Deployment of cold mix applications to reduce material consumption and improve turnaround time.
Major Maintenance for Asset Longevity
Major Maintenance for Asset Longevity
Major maintenance during the year was centered on enhancing asset life and improving overall performance through targeted interventions. A structured, data-led approach ensured timely rehabilitation while optimizing long-term durability and costs.
Safety First Culture
Embedding Safety
Excellence across
the Network
Safety at Cube InvIT extends beyond compliance and is embedded into everyday operations across the portfolio. From highway users and frontline personnel to emergency response systems and construction activities, the focus remains on building a proactive safety culture supported by standardized processes, technology-led monitoring, continuous training, and rapid incident response mechanisms.
Type of safety
- Road Safety
- Highway Safety
- Occupational Safety
ESG Highlights
- Environment
- Social
- Governance
*The figures pertain to Calendar Year 2025 (“CY 2025”).
**International Renewable Energy Certificates (I-RECs) are market-based instruments that represent the environmental attributes of electricity generated from renewable sources for Scope 2 emissions reduction in line with the GHG Protocol.
***8,133 tCO2e reduced during routine maintenance (LED lights, EVs and Solar energy). 953 tCO2e reduced due to use of RAP during major maintenance at three assets.
****Decarbonization plan is in place to reduce the energy consumption and Scope 1 and 2 intensities across portfolio. It embeds energy efficiency in procurement, sustainable operational action, smarter energy use, regular awareness sessions for corporate and site teams, diligent monitoring of energy consumption and estimation of GHG emissions on quarterly basis and strategic decisions (such as I-REC procurement).
***** Under water audit verification. May vary based on the same.
Environment
Environment
-
Energy* & Decarbonization
1,38,419 GJ
Total energy consumption
35,452 MWh
Total electricity consumption
138 MWh
Renewable Energy generated (Solar)
6,000 MWh**
REC procured reduced ~4,000 tCO2e Scope 2 emissions
395.7 kWp
(Three plazas of DATRPL) Solar Installation (under PPA)
9,086 tCO2e***
Emission Reduction
-
Water Stewardship
0.49 Gigaliters*****
Rainwater Harvesting
8 RWH structures
added across 4 projects
0.66 Gigaliters
Water Consumption
8 KL/day
(at two assets) Reuse of RO Reject Water
-
Circularity & Materials
14,807.5 MT
Virgin Aggregates and 805 MT Bitumen Saved during Major Maintenance*
11,446
MBCB Refurbished (Rmt) at 14 SPVs
2,775
Reuse of Signboards at 23 SPVs
79,772 Tonnes
Used in JMTPL, MBEL and WUPTPL RAP Utilization*
-
GHG Emissions
-
Climate Change
Phase-1 Physical Climate Risk Assessment
At six sample assets aligned with the IFRS S2 framework
*The figures pertain to Calendar Year 2025 (“CY 2025”).
**International Renewable Energy Certificates (I-RECs) are market-based instruments that represent the environmental attributes of electricity generated from renewable sources for Scope 2 emissions reduction in line with the GHG Protocol.
***8,133 tCO2e reduced during routine maintenance (LED lights, EVs and Solar energy). 953 tCO2e reduced due to use of RAP during major maintenance at three assets.
****Decarbonization plan is in place to reduce the energy consumption and Scope 1 and 2 intensities across portfolio. It embeds energy efficiency in procurement, sustainable operational action, smarter energy use, regular awareness sessions for corporate and site teams, diligent monitoring of energy consumption and estimation of GHG emissions on quarterly basis and strategic decisions (such as I-REC procurement).
***** Under water audit verification. May vary based on the same.
Social
Social
-
Diversity, Equity & Inclusion
Women’s Participation
30%
Corporate (IM & PM)
8.47%
Corporate and 27 SPVs
161
Female Toll Collectors
Hiring & Workforce
119
New Hires
8.06%
Attrition Rate
34
Average Age of Employees
-
Learning & Development
430 trainings on 189 topics
Training to employees
34,049
Training hours delivered
-
Community Development
3,600 beneficiaries
TB – Mukht Bharat
1,279 beneficiaries
Solar Street Light
4,598 beneficiaries
RAAHI – Trucker’s Eye Check Camp
1,530
Blanket Distribution
-
Health & Safety
15.8 million
Safe man hours
0.70
LTIFR (employees & workers)
-
Responsible Procurement
99.99%
Procurement from within India
-
Responsible Investment
400+ beneficiaries
Closed NAMEL LEP Project with pension program
Governance
Governance
-
29%
Board Diversity
57%
Board Independence
Second consecutive year of voluntary BRSR reporting and Limited Assurance of BRSR Core KPIs
Stakeholder Value Creation
Forward Together for Creating
Shared Value
- Unitholders / Investors
- Investment Manager
- Sponsors
- Project Manager
- Trustee
- EPC Contractors and O&M Partners
- Lenders/Financial Institutions
- Government and Regulatory Authorities
- Employees
- Environment
Unitholders/Investors
Unitholders/Investors
We actively engage with our investors through transparent disclosures, regular earnings calls, and consistent communication, enabling informed participation.
Value Created
- Offer stable and predictable cash flows that support consistent distributions and provide an inflation-linked yield profile
- Create long-term wealth through disciplined portfolio expansion and prudent financial management that safeguards capital.
9.8%
Average Distribution Yield since Listing
Investment Manager
Investment Manager
We rely on our Investment Manager to drive portfolio strategy, capital allocation, and regulatory compliance with a high degree of discipline.
Value Created
- Ensure careful asset selection, robust governance practices and efficient capital deployment
- Ensure that returns are optimized while maintaining financial stability
55.58%
AUM Growth since Listing
23.63%
XIRR since Listing1
Sponsors
Sponsors
We collaborate closely with our sponsors, who provide a strong pipeline of assets through ROFO arrangements along with strategic oversight and capital support.
Value Created
- Ensure sustained growth visibility through acquisitions and reinforce platform credibility through strong institutional backing
- Enable disciplined expansion and long-term value creation
3
ROFO Assets
Project Manager
Project Manager
We engage our Project Manager to oversee operations, maintenance, and adherence to concession agreements across all assets.
Value Created
- Record high toll plaza uptime and operational reliability
- Efficient O&M practices and cost optimization
- Lifecycle-based maintenance to preserve asset quality and longevity
83.30%
Pre-MM EBITDA Margins (for FY 2026) Maintained across the Portfolio
Trustee
Trustee
We work with the trustee to ensure strong governance standards and strict regulatory compliance at all times.
Value Created
- Safeguard unitholder interests through independent oversight
- Ensuring transparency, compliance, and adherence to regulatory frameworks
- Strengthen trust and reinforce the credibility of the InvIT structure
EPC Contractors and O&M Partners
EPC Contractors and O&M Partners
We collaborate with EPC contractors and O&M partners to ensure efficient execution, high-quality maintenance, and adherence to safety standards.
Value Created
- Ensure timely project execution, superior asset quality and sustained operational performance
Lenders/Financial Institutions
Lenders/Financial Institutions
We partner with leading lenders and Financial institutions to secure long-term debt capital and support refinancing strategies through structured engagement, monitoring and disciplined financial management.
Value Created
- Access to long-term, competitively priced debt supporting stable cash flows
- Strengthened balance sheet through prudent leverage and refinancing strategies
- Enhanced liquidity and financial flexibility to support growth and capital allocation
- Preservation of credit quality through disciplined financial policies
AAA
Credit Rating (Crisil, India Ratings & ICRA)
Government and Regulatory Authorities
Government and Regulatory Authorities
We engage with government and regulatory authorities through concession agreements, compliance frameworks, and infrastructure monetization programs.
Value Created
- Contribute to large-scale national infrastructure development and improve connectivity across key economic corridors
3.09
Proposed MoRTH investment in Road Infrastructure for FY 2027 (in INR trillion)
Source: Investment Guru India
Employees
Employees
We empower our employees to drive operations, innovation, and execution excellence across the portfolio through continuous engagement and capability building.
Value Created
- Create a safe, inclusive and growth-oriented work environment that enhances productivity
- Build skilled and accountable teams to support efficient operations and high-quality execution
- Enable continuous learning and capability development to drive innovation and performance improvement
430
Total Employee Trainings
Environment
Environment
We embed sustainability into our construction and operational practices by adopting resource-efficient methods and environmentally responsible materials.
Value Created
- Reduce environmental impact through the use of recycled materials such as RAP, waste plastic, and refurbished components
- Lower emissions intensity and support resource conservation through efficient energy and material usage
- Promote circularity and sustainable infrastructure development across the portfolio
99.99%
Responsible Procurement from within India
