Noida Toll Bridge Company Limited has announced its unaudited financial results for the quarter ended December 31, 2025, demonstrating a remarkable turnaround in financial performance. The company's Board of Directors approved the Q3FY26 results on January 30, 2026, showing significant improvement across key financial metrics.

Financial Performance Highlights

The company delivered strong financial results for Q3FY26, with both consolidated and standalone figures showing substantial growth compared to the previous year.

Consolidated Results

Standalone Results

The revenue growth of 126% included a one-time exceptional income of ₹11.44 crore from income tax refunds. Excluding this exceptional item, the underlying revenue growth was approximately 15% year-on-year.

Revenue Composition and Operations

Advertising revenue continued to serve as the company's primary income stream during the quarter, supporting routine operations, safety measures, maintenance activities, and financial commitments including statutory dues payable to the NOIDA Authority. During the nine-month period ended December 2025, the company shared ₹2.55 crore with the NOIDA Authority from advertising revenue in accordance with the Concession Agreement.

The company maintained its commitment to the DND Flyway, a critical urban infrastructure serving over 2.5 lakh daily commuters connecting Delhi and Noida. The flyway represents a vital transportation link that requires continuous maintenance and operational oversight.

Infrastructure Development and Maintenance

Noida Toll Bridge Company continued its investment in essential maintenance and safety works on the DND Flyway during the quarter. The company initiated comprehensive road repair and upkeep activities including:

• Bituminous Concrete (BC) works
• SDBC (Semi Dense Bituminous Concrete) repairs
• Micro-surfacing applications
• Related carriageway repairs across critical sections

As part of the second phase of its planned upgradation programme, the company had awarded DND Flyway upgradation works and commenced preparatory activities by the third week of October 2025. However, statutory restrictions under GRAP-IV (Graded Response Action Plan) prohibited road upgradation activities, resulting in a delay of nearly five weeks and pushing the commencement timeline into December 2025.

Legal Developments

The company continues to benefit from interim judicial relief regarding advertisement revenue operations. The Hon'ble Delhi High Court has maintained its stay on the NOIDA Authority's demand letter dated September 10, 2025, which sought cessation of the company's advertisement displays and recovery of over ₹100 crore towards alleged advertisement licence fees.

On January 16, 2026, the Delhi High Court provided additional time to NOIDA to file its response and granted the company two weeks to file a rejoinder from the date of NOIDA's reply. The matter is scheduled for hearing on April 27, 2026.

Exceptional Items and Tax Matters

During Q3FY26, the company received an income tax refund of ₹43.10 crore, inclusive of interest of ₹11.44 crore, pertaining to earlier assessment years. This interest component was recognized as exceptional income based on actual receipts. The company has successfully resolved several long-standing income tax disputes, with favorable orders from various appellate authorities including the Income Tax Appellate Tribunal (ITAT) and Commissioner of Income Tax (Appeals).

Noida Toll Bridge Company Limited (NTBCL) has officially announced through a media release that its DND Flyway upgradation project will be delayed until February 2026. The infrastructure company cited GRAP-IV restrictions and technical temperature requirements as primary factors affecting the construction timeline.

Official Project Timeline Update

NTBCL had initially planned to complete the DND Flyway upgradation work between December 2025 and January 2026. The company had commenced preliminary activities in the third week of October 2025 after completing all preparatory work, including material procurement, manpower allocation, and detailed execution plans for the entire stretch.

Impact of GRAP-IV Restrictions

The Graded Response Action Plan (GRAP-IV) measures, implemented due to hazardous air quality conditions across the National Capital Region, have significantly impacted the project timeline. Road improvement work is classified as polluting activity and cannot be undertaken while GRAP-IV restrictions are in force.

The statutory restrictions under GRAP-IV have prohibited upgradation activities and allied work, resulting in the work commencement timeline being pushed from October to December 2025, creating a delay of nearly five weeks.

Technical Temperature Requirements

Beyond regulatory restrictions, NTBCL revealed that certain upgradation work originally scheduled for November cannot be carried out in the cold December temperatures prevalent in the NCR region. These specific construction activities require particular temperature environments for proper completion.

The company emphasized that continuation of work in the absence of suitable environmental conditions may lead to sub-par outcomes, necessitating the postponement of this phase to January 2026.

Company's Commitment and Compliance

As a responsible infrastructure operator, NTBCL stated it remains fully compliant with all applicable directives issued by authorities. The company expressed its firm commitment to maintaining DND Flyway to world-class infrastructure standards, ensuring commuter safety and smooth traffic movement.

Once GRAP-IV measures are lifted and conditions become conducive for road upgradation activities, the work is expected to be completed within approximately five weeks, which may extend the completion timeline into February 2026. The company assured stakeholders that any adjustments to timelines arising from external factors are temporary in nature and committed to keeping stakeholders and commuters appropriately informed as the situation evolves.