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.

Regulatory Compliance and Publication

Pursuant to Regulations 30 and 47 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the company has submitted newspaper publications of its Q3FY26 financial results to both BSE and NSE. The results were published in Financial Express Delhi (English), Financial Express Mumbai (English), and Jansatta Delhi (Hindi) editions.

Company Secretary Gagan Singhal confirmed that the newspaper publications have been uploaded on the company's website and submitted to both stock exchanges for their records.

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 shareholders have approved the remuneration package for Executive Director and Chief Executive Officer Mr. Dheeraj Kumar through postal ballot, with the resolution receiving overwhelming support from the voting shareholders.

Postal Ballot Results

The postal ballot process concluded with strong shareholder support for the proposed remuneration structure. The scrutinizer's report, submitted by Mr. Sanjay Kumar of Kumar Wadhwa & Company, revealed decisive approval for the executive compensation package.

Approved Remuneration Package

The shareholders endorsed the comprehensive compensation structure recommended by the Board of Directors and Nomination and Remuneration Committee for Mr. Dheeraj Kumar's executive role.

Voting Process and Timeline

The postal ballot process was conducted through National Securities Depository Limited (NSDL) e-voting platform, with Mr. Sanjay Kumar (FCS No. 9211, CP No. 7027) serving as the appointed scrutinizer.

Executive Profile and Responsibilities

Mr. Dheeraj Kumar brings over two decades of experience in project and corporate finance across infrastructure sectors. His expertise encompasses economics and finance with specialization in project development, infrastructure finance from conceptualization to closure stages, and business planning development.

The Executive Director & CEO oversees day-to-day business operations, revenue-related contracts, operational and maintenance activities, and ongoing litigation matters. Mr. Kumar also serves as a member of the company's Audit Committee, contributing to the organization's governance framework.

The resolution, having received the requisite majority approval, is deemed effective from January 17, 2026, the last date of remote e-voting. The company has communicated the results to BSE Limited and made them available on the company website and NSDL's e-voting portal in compliance with regulatory requirements.