Cube Highways Trust has informed the Exchange regarding Annual Full Valuation report for assets for FY ended 2024-25
Awaiting price reaction for this filing.
Cube Highways Trust has shared its annual valuation report for the financial year ended March 31, 2025, prepared by Ernst & Young Merchant Banking Services LLP. The Enterprise Value of the Trust's 25 road assets (including financial assets) stands at ₹3,22,657 million, with Equity Value at ₹1,78,575 million. The Net Asset Value (NAV) per ordinary unit works out to ₹133.82, and ₹130.16 if subordinate units are included. The Trust's portfolio covers around 1,940 km (8,450 lane km) of roads across 11 states, operated under BOT, TOT, BOT Annuity and HAM models. Compared to the initial unit issuance price of ₹100 in April 2023, the NAV indicates roughly 33% value accretion. Recent acquisitions during the year included the balance 49% stake in HAM assets (Dec 2024) and 100% of N.A.M. Expressway (Feb 2025).
For unit holders, the disclosed NAV of ₹133.82 per unit is well above the ₹100 issue price, signalling underlying value creation. While this is a routine SEBI-mandated disclosure for InvITs and not a trigger for price movement on its own, it gives investors a benchmark to gauge whether the market price reflects the fair value of underlying road assets.