Noida Toll Bridge Company Limited reported a 26% year-on-year increase in standalone net profit to ₹525.87 lakhs for the quarter ended June 30, 2026, driven primarily by a sharp rise in other income rather than core operational growth. The Board of Directors approved the unaudited financial results and the appointment of Balvinder Singh as an Independent Director on August 3, 2026. This performance underscores the company’s ability to maintain profitability despite ongoing legal disputes affecting its core concession assets.

The company’s consolidated net profit attributable to shareholders stood at ₹529.37 lakhs for the quarter, compared to ₹415.25 lakhs in Q1FY25. Revenue from operations rose modestly by 8.2% to ₹1,138.45 lakhs from ₹1,052.02 lakhs in the corresponding period last year. However, total income increased significantly to ₹1,280.87 lakhs, supported by a 154.4% jump in other income to ₹142.42 lakhs from ₹55.99 lakhs previously.

Financial Performance Highlights

The improvement in profitability was aided by controlled operating expenses and minimal finance costs. Operating expenses decreased slightly to ₹579.19 lakhs from ₹581.03 lakhs in Q1FY25. Finance costs were negligible at ₹0.06 lakhs. The company recorded no tax expense for the quarter on a standalone basis.

On a consolidated basis, total income reached ₹1,281.30 lakhs against total expenses of ₹746.18 lakhs. The subsidiary, ITNL Toll Management Services Limited, contributed ₹74.98 lakhs in revenue and ₹6.86 lakhs in profit for the quarter.

Corporate Governance Updates

Based on the recommendation of the Nomination & Remuneration Committee, the Board appointed Mr. Balvinder Singh (DIN 03372237) as an Independent Director with immediate effect for a term of five years, subject to shareholder approval. Mr. Singh, a retired Member (Technical) of NCLAT and former Deputy Comptroller and Auditor General, brings 43 years of experience in audit and law.

The Board also approved the rectification of the Statutory Auditor’s fee, pending shareholder ratification, and appointed M/s Kumar Wadhwa & Company as the Scrutinizer for the upcoming 30th Annual General Meeting.

Key Disclosures and Legal Matters

The financial statements include several material disclosures regarding ongoing legal and regulatory matters:

• IL&FS Moratorium: Pursuant to an NCLAT order dated March 12, 2020, the company has not provided for interest on loans from ICICI Bank Limited and IL&FS Transportation Networks Limited (ITNL). The unprovided interest aggregated ₹300.14 lakhs for the quarter and ₹8,527.92 lakhs cumulatively up to June 30, 2026.
• User Fee Dispute: The Supreme Court dismissed the company’s Special Leave Petition regarding the collection of user fees on December 20, 2024. Consequently, the company impaired its intangible asset (concession rights) by ₹23,249.70 lakhs in FY25. A review petition filed in January 2025 was dismissed in May 2025.
• Tax Appeals: The company received favorable orders from the CIT(A) for Assessment Years 2016-17 and 2017-18, resolving demands of ₹357 crore and ₹383.48 crore respectively. However, additions related to lease rental income taxability remain under appeal at the ITAT. New penalty orders totaling ₹359.62 lakhs under sections 271D and 271E have been appealed.
• NOIDA Demand: A demand of approximately ₹100 crore for outdoor advertising arrears raised by NOIDA in September 2025 is currently restrained by the Delhi High Court, with the next hearing scheduled for October 14, 2026.

What the Numbers Show

The surge in net profit is primarily driven by non-operational factors rather than core toll collection growth. While revenue from operations grew modestly by 8.2%, other income more than doubled, contributing significantly to the top-line expansion. This divergence suggests that operational efficiency alone did not drive the bottom-line improvement; instead, fluctuations in other income played a decisive role. Investors should note that the core concession asset remains impaired, and future earnings visibility depends on the resolution of long-pending legal disputes regarding user fee collection.

Source: https://lodr-files.dhan.co/lodr-inputs/Company/INE781B01015/05a169a7-9934-4bd8-ac82-63d91e1784f9.pdf

Noida Toll Bridge Company Limited reported a consolidated net profit after tax (PAT) of ₹5.33 crore for the quarter ended June 30, 2026 (Q1FY27), marking a 28.7% year-on-year increase from ₹4.14 crore in Q1FY26. This profitability surge was driven by a 15.51% rise in revenue from operations to ₹12.81 crore, compared to ₹11.09 crore in the corresponding period of the previous year. The financial performance is underpinned by continued stability in advertising revenue, which remains the primary income source following the suspension of tolls in 2016, and is further secured by a critical legal victory where the Delhi High Court extended an interim stay on the NOIDA Authority’s demand for over ₹100 crore in alleged advertisement license fees until October 14, 2026.

The Board of Directors took on record the unaudited financial results during a meeting held in Noida-Delhi on August 3, 2026. On a standalone basis, revenue stood at ₹12.81 crore, up 15.61% from ₹11.08 crore in Q1FY26, while standalone PAT increased to ₹5.26 crore from ₹4.17 crore. The company highlighted that advertising revenue continues to fund regular maintenance, security, and financial commitments, including payments to the New Okhla Industrial Development Authority (NOIDA) and the Municipal Corporation of Delhi (MCD).

Financial Performance Snapshot

Infrastructure and Maintenance Updates

Operationally, NTBCL completed the second phase of its planned carriageway upgradation programme during the quarter. The company is now initiating a five-year preventive maintenance programme, aligned with recommendations from an independent technical assessment conducted previously. This assessment, carried out by CRISIL Intelligence for routine operations and major maintenance, and Almondz Global Infra for bridge assessment, confirmed that the Delhi-Noida Direct (DND) Flyway remains structurally sound. The report indicated no need for major structural strengthening or rehabilitation in the immediate future, validating the durability of the infrastructure developed over 25 years ago. Instead, the assessment recommended phased functional overlays and specific upkeep measures to maintain ride quality.

Legal Developments

A material development for shareholders was the judicial relief granted by the Delhi High Court. In an order dated September 25, 2025, the court restrained the NOIDA Authority from taking coercive action against NTBCL or disrupting its advertisement operations. This interim stay was granted against NOIDA’s demand letter dated September 10, 2025, which sought to stop advertisement displays and recover over ₹100 crore in alleged license fees. The protection was recently extended until October 14, 2026. NTBCL maintains that advertising revenue is lawful and essential for maintaining the DND Flyway, which serves as a critical urban mobility corridor for over 2.5 lakh daily commuters connecting Delhi and Noida.

What the Numbers Show

The divergence between revenue growth (15.5%) and profit growth (28.7%) suggests improved operating leverage or cost control during the quarter. With advertising remaining the sole major revenue stream post-toll suspension, the preservation of this income source through the High Court’s stay is pivotal. The structural soundness of the flyway, as confirmed by independent assessors, reduces the risk of immediate capital-intensive repairs, allowing the company to focus on phased functional maintenance funded by current cash flows.