CUBEINVIT · Not specified
Cube Highways Trust InvIT reported revenue of ₹1,052 cr for July to September 2025, +28.3% on the year and +11.4% on the quarter. It is the highest quarterly revenue in the last 10 quarters on record. Over the last four quarters revenue comes to ₹3,692 cr, +16.7% on the four before.
Operating profit (EBITDA) was ₹770 cr, a margin of 73.2%, +588 bps on the year and +201 bps on the quarter. Over the last 8 quarters the margin has ranged from 63.8% to 83.3%, averaging 70.9%. Operating costs grew +5.2% against revenue growth of +28.3%, so more of each rupee of sales reached operating profit.
The company swung to a net profit of ₹40.0 cr from a loss of ₹30.0 cr a year earlier, with earnings per share of ₹0.30. Profit over the last four quarters totals ₹30.0 cr, −63.4% on the four before.
On earnings per share of ₹0.23 over the last four quarters, the stock at ₹152.44 trades at 662.8 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
Half or more of pre-tax profit came from other income. What is it, and does it repeat?
Source: Quarterly statements
Finance cost rose fast and now takes a large bite of operating profit. New borrowing, or a higher rate?
Source: Quarterly statements
Turned profitable from a loss a year ago.
Source: Quarterly statements
Could not run on this quarter: Headline vs core profit, Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
FinMinutes scored the offer document 74/100 before listing. 0 quarters of numbers since. Promise against delivery
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹729 cr | ₹753 cr | ₹798 cr | ₹792 cr | ₹820 cr | ₹850 cr | ₹846 cr | ₹944 cr | ₹1,052 cr | ₹1,081 cr | ₹1,162 cr | ₹1,127 cr |
| YoY | — | — | — | +1% | +12% | +13% | +6% | +19% | +28% | +27% | +37% | +19% |
| EBITDA margin | −34.7% | 69.3% | 83.3% | 67.6% | 67.3% | 71.4% | 63.8% | 71.2% | 73.2% | 71.3% | 77.5% | 69.9% |
| Other income, % of PBT | — | — | 4% | 488% | — | 129% | — | — | 69% | 46% | 12% | 34% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | — | — | 10% | 51% | — | — | — | — | 30% | 21% | 38% | 30% |
| Net profit | −₹793 cr | −₹14.0 cr | ₹122 cr | ₹4.0 cr | −₹30.0 cr | ₹52.0 cr | −₹62.0 cr | ₹0.0 cr | ₹40.0 cr | ₹41.0 cr | ₹135 cr | ₹61.0 cr |
| YoY | — | — | — | — | — | — | −151% | −100% | — | −21% | — | — |
| Core profit YoY | — | — | — | — | — | — | −175% | — | — | — | — | — |
| EPS | −₹6.15 | −₹0.11 | ₹0.94 | ₹0.03 | −₹0.22 | ₹0.39 | −₹0.46 | ₹0.00 | ₹0.30 | ₹0.31 | ₹1.00 | ₹0.45 |
| Flags | · | · | · | 1 | ✓ | 2 | 2 | ✓ | 2 | ✓ | ✓ | 1 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Cube Highways Trust InvIT reported revenue of ₹1,052 cr (+28.3% on the year) and net profit of ₹40.0 cr (— on the year) for July to September 2025.
2 checks raised a question: Half or more of pre-tax profit came from other income. What is it, and does it repeat?
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