NSE: NOIDATOLL · BSE: 532481
NOIDA TOLL BRIDGE CO LTD
Operates the DND Flyway, a toll road connecting Delhi and Noida that completed 25 years of operation in FY26. The business earns toll revenue from vehicles using the flyway and advertising revenue from billboards along it; FY26 standalone revenue of ₹58.73 crore was driven primarily by advertising revenue. The company paid ₹3.40 crore to Noida Authority from advertising revenue during FY26. Net profit for FY26 was ₹27.24 crore, a swing from a ₹244.19 crore loss in FY25, driven largely by a ₹232.50 crore one-time exceptional item related to a Supreme Court order on user fee. An independent technical assessment by CRISIL and Almondz Global confirmed the flyway is structurally sound, though ₹20 crore in phased maintenance is estimated over the next 5 years. The company is in dispute with the NOIDA Authority, which is seeking over ₹100 crore in alleged advertisement license fees; the Delhi High Court has granted an interim stay until July 2026. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Toll operations, Advertising revenue. Asset-heavy toll road operator with advertising revenue
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 16 | 24 | 21 | 40 | 43 |
| EBITDA (ex other income) | (0) | 3 | 4 | (219) | 12 |
| margin % | (2.0) | 12.7 | 18.0 | (544.7) | 28.1 |
| Owners' profit | (0) | (35) | (32) | (244) | 27 |
| EPS, as reported (₹) | (2.21) | (1.89) | (1.70) | (13.11) | 1.46 |
| ROE % · ROCE % | (15.2) · (14.8) | (14.9) · (13.7) | (15.5) · (14.2) | 614.4 · 1175.5 | (217.9) · 397.7 |
| Debt / equity (x) | 0.25 | 0.28 | 0.33 | (1.08) | (3.43) |
| Cash from operations | 3 | 24 | (4) | 15 | 37 |
| Capex | (1) | (0) | (0) | (0) | (1) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 10 | 10 | 10 | 11 | 11 | 11 | 11 | 11 |
| Profit before tax | (6) | (237) | 4 | 4 | 4 | 16 | 4 | 5 |
| Net profit | (6) | (237) | 4 | 4 | 4 | 15 | 4 | 5 |
| EPS (₹) | (0.31) | (12.73) | 0.22 | 0.22 | 0.20 | 0.83 | 0.21 | 0.29 |
Exhibit 3: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 6 Oct 2026 · Compliance certificate under SEBI Regulation 74(5) for Sep 2026 quarter | compliance | minimal | — | — |
| 29 Sept 2026 · Trading window closed from Oct 1, 2026 ahead of Q2 results | compliance | minimal | — | — |
| 23 Sept 2026 · Board approves Rs 23.60 Cr second interim distribution to ICICI Bank | credit debt | medium | — | — |
| 22 Sept 2026 · 30th AGM results: all 4 resolutions passed; voting public shareholders opposed about 75% | board shareholder meetings | low | — | — |
| 21 Sept 2026 · 30th AGM held via video conferencing; four resolutions tabled | board shareholder meetings | low | — | — |
| 19 Sept 2026 · Board Meeting on Sept 23 for Second Interim Distribution to Creditors | board shareholder meetings | low | — | — |
| 29 Aug 2026 · Newspaper Notice Published for 30th AGM on September 21, 2026 | compliance | minimal | — | — |
| 28 Aug 2026 · 30th AGM on Sept 21, 2026 via video conferencing; books closed Sept 15-21 | board shareholder meetings | low | — | — |
| 28 Aug 2026 · Notice of 30th AGM and Annual Report for FY 2025-26 | board shareholder meetings | low | — | — |
| 28 Aug 2026 · NTBCL FY26 Annual Report: Return to Profit After Toll Ruling | results | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.