NOIDATOLL - Noida Tollbridg.
📢 Recent Corporate Announcements
Noida Toll Bridge Company Limited has submitted its Structured Digital Database (SDD) compliance certificate for the quarter ended December 31, 2025. The company confirms adherence to SEBI (Prohibition of Insider Trading) Regulations, ensuring a non-tamperable audit trail for sensitive information. Notably, the company reported zero (Nil) UPSI events were required to be captured during this specific quarter. This filing is a routine procedural requirement to demonstrate internal control over price-sensitive data.
- Certified compliance with SEBI PIT Regulations 3(5) and 3(6) for the quarter ended Dec 31, 2025
- Reported zero (Nil) UPSI events were captured during the three-month period
- Maintains a non-tamperable internal database with an 8-year record retention capability
- Confirmed internal controls over access and audit trails for sensitive information
Noida Toll Bridge Company Limited (NOIDATOLL) has successfully passed an ordinary resolution regarding the remuneration of Mr. Dheeraj Kumar, the Whole Time Director and CEO. While the resolution passed with an overall majority of 87.61%, there was significant dissent from public non-institutional shareholders, where 93.99% of the votes cast in that category were against the proposal. The resolution was carried primarily by the promoter group, which voted 100% in favor with 49,095,007 shares.
- Resolution for CEO Dheeraj Kumar's remuneration passed with 87.61% of total votes in favor.
- Promoter group provided 100% support with 49,095,007 votes in favor.
- Significant retail dissent noted, with 7,003,814 public non-institutional votes (93.99% of that category's turnout) cast against the resolution.
- Overall voter turnout was 30.37% of the total 186,195,002 shares on record.
- The resolution is deemed passed as of January 17, 2026, following the conclusion of the e-voting period.
Noida Toll Bridge Company Limited has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The certificate, provided by KFin Technologies Limited, confirms that the registrar has processed all dematerialization and rematerialization requests for the quarter ended December 31, 2025. This is a standard administrative filing required by all listed companies to ensure the integrity of electronic shareholding records. The document confirms that necessary details have been furnished to both NSDL and CDSL as well as the stock exchanges.
- Compliance certificate submitted for the quarter ended December 31, 2025
- Certificate issued by KFin Technologies Limited, the company's Registrar and Share Transfer Agent
- Confirms adherence to Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018
- Verification of dematerialization and rematerialization of securities completed for the period
Noida Toll Bridge Company Limited (NTBCL) has announced a delay in the upgradation of the DND Flyway, extending the completion timeline to February 2026. The delay is caused by the imposition of GRAP-IV restrictions in the National Capital Region due to hazardous air quality, which classifies road improvement as prohibited polluting work. Additionally, technical requirements for specific temperatures have pushed certain activities from December to January. The project, originally expected to finish by January 2026, faced an initial five-week delay in commencement due to these external factors.
- DND Flyway upgradation completion timeline extended from Jan 2026 to Feb 2026.
- GRAP-IV environmental restrictions caused an initial 5-week delay in work commencement.
- Technical constraints regarding cold December temperatures in NCR moved specific tasks to January 2026.
- Work is expected to be completed within approximately 5 weeks once restrictions are lifted.
- The company remains compliant with all statutory directives issued by authorities regarding air quality.
Noida Toll Bridge Company Limited has announced the closure of its trading window for all designated persons starting January 1, 2026. This action is in compliance with SEBI Insider Trading regulations ahead of the declaration of financial results for the quarter and nine months ending December 31, 2025. The trading window will remain closed until 48 hours after the un-audited standalone and consolidated results are made public. The company will notify the specific date of the board meeting to consider these results in a separate upcoming filing.
- Trading window for company securities to be closed effective January 1, 2026.
- Closure relates to the un-audited financial results for the period ending December 31, 2025.
- Window will reopen 48 hours after the board meeting and result declaration.
- PAN of designated persons will be frozen by NSDL during the closure period as per SEBI mandate.
- Board meeting date for result consideration to be announced in due course.
Noida Toll Bridge Company Limited (NTBCL) has issued a postal ballot notice to seek shareholder approval for the remuneration of Mr. Dheeraj Kumar, the Whole-time Director and CEO. The proposed remuneration is fixed at ₹50.00 lakhs per annum, effective from December 5, 2025, plus applicable taxes and expenses. The resolution also includes a provision to pay this amount as minimum remuneration in the event of inadequate profits. Shareholders can cast their votes electronically between December 19, 2025, and January 17, 2026.
- Proposed annual remuneration of ₹50.00 lakhs for Mr. Dheeraj Kumar as ED & CEO.
- Remuneration terms are effective from December 5, 2025, subject to shareholder approval via Ordinary Resolution.
- Provision included for the salary to be paid as minimum remuneration in years with no or inadequate profits.
- Remote e-voting period is scheduled from December 19, 2025, to January 17, 2026, with results by January 19, 2026.
Financial Performance
Revenue Growth by Segment
Advertising revenue is the primary segment, driving a 93.13% YoY increase in standalone revenue to INR 40.24 Cr in FY25. Consolidated revenue for H1 FY26 grew 6.88% YoY to INR 22.84 Cr, while Q2 FY26 consolidated revenue rose 9.71% to INR 11.75 Cr.
Geographic Revenue Split
Revenue is generated from the DND Flyway connecting Delhi and Noida. The Delhi side advertisement income, approved in Q4 FY24, contributed significantly to the 93.13% revenue jump in FY25.
Profitability Margins
The company returned to profitability in Q2 FY26 with a consolidated PAT of INR 3.28 Cr (27.9% margin) compared to a loss of INR 5.84 Cr in Q2 FY25. Standalone H1 FY26 PAT stood at INR 8.01 Cr on revenue of INR 22.75 Cr (35.2% margin).
EBITDA Margin
EBIDTA showed significant improvement in FY25 due to the full-year impact of Delhi-side advertising revenue, though specific percentage margins for the current quarter were not explicitly stated beyond the PAT figures.
Capital Expenditure
The company is investing in road repairs including BC, SDMC, micro-surfacing, and electrical works on the DND Flyway, with completion targeted for January 2026. Historical revenue was INR 130 Cr during full toll collection, now replaced by ~INR 45 Cr annualized advertising revenue.
Credit Rating & Borrowing
Not disclosed in available documents; however, the company faces negative total equity (Debt-Equity ratio of -1.076 in FY25) due to a provision for impairment of intangible assets.
Operational Drivers
Raw Materials
Maintenance materials including Bituminous Concrete (BC), Semi-Dense Bituminous Concrete (SDMC), micro-surfacing materials, and electrical repair components.
Capacity Expansion
Current capacity serves over 2.5 lakh daily commuters on the DND Flyway. Expansion plans focus on increasing advertising capacity, specifically seeking approval for 5 additional hoardings to potentially increase revenue 2-3 fold.
Raw Material Costs
Operating expenses increased in FY25, reflected in the Trade Payable Turnover Ratio rising to 17.845 from 11.047. Maintenance is a mandatory commitment despite financial constraints.
Manufacturing Efficiency
Not applicable as a service/infrastructure provider; efficiency is measured by the uninterrupted upkeep of the DND Flyway for 2.5 lakh daily users.
Logistics & Distribution
Not applicable; the company provides fixed infrastructure (DND Flyway).
Strategic Growth
Expected Growth Rate
93.13%
Growth Strategy
The company aims to achieve growth by maximizing non-toll revenues through new advertising contracts, seeking regulatory approval for additional hoardings (5 more units), and pursuing arbitration to restore tolling rights which previously generated INR 130 Cr annually.
Products & Services
DND Flyway infrastructure access for commuters and advertising space for corporate clients.
Brand Portfolio
DND Flyway, Noida Toll Bridge Company Limited (NTBCL).
New Products/Services
Expanded advertising space on the Delhi side of the DND Flyway and proposed additional hoardings to increase revenue 2-3 fold.
Market Expansion
Focus is currently limited to the existing DND Flyway asset, with expansion targeted at increasing the density of advertising assets within the concession area.
Market Share & Ranking
Not disclosed in available documents; however, it is a critical monopoly asset for the Delhi-Noida commute.
Strategic Alliances
Subsidiary ITNL Toll Management Services Limited handles specific operational aspects; the company operates under a concession agreement with the Noida Authority.
External Factors
Industry Trends
The industry is seeing a shift where urban toll roads face legal challenges over 'reasonable returns,' forcing companies to pivot to non-toll revenue streams like digital and physical advertising.
Competitive Landscape
Primary competition comes from alternate routes between Delhi and Noida, though the DND Flyway remains the preferred high-speed connection.
Competitive Moat
The moat is the physical DND Flyway asset, which is a 'national asset' and essential lifeline for 2.5 lakh daily commuters. This strategic location is irreplaceable, though its monetization is currently restricted by legal disputes.
Macro Economic Sensitivity
Highly sensitive to traffic volume (2.5 lakh daily commuters) and urban infrastructure regulations in the Delhi-NCR region.
Consumer Behavior
Commuter demand remains high (2.5 lakh/day), but the inability to charge tolls means the company cannot directly monetize this traffic volume beyond advertising impressions.
Geopolitical Risks
Low direct impact; primarily affected by local regulatory and judicial decisions regarding tolling and land use.
Regulatory & Governance
Industry Regulations
Operations are governed by the Concession Agreement with Noida Authority and SEBI Listing Regulations. The company shared INR 1.70 Cr of advertising revenue with Noida Authority in H1 FY26 as per agreement terms.
Environmental Compliance
Maintenance includes 'material effluent or pollution problems' monitoring as part of Board oversight.
Legal Contingencies
Major pending arbitration regarding the Concession Agreement and toll collection rights. The CAG and PAG have questioned the 'reasonableness' of the project cost and returns, impacting the company's ability to collect tolls.
Risk Analysis
Key Uncertainties
The primary risk is the unfavorable outcome of the ongoing arbitration, which could permanently prevent the resumption of toll collection (a potential INR 85-90 Cr annual revenue gap).
Geographic Concentration Risk
100% of revenue is concentrated in a single asset (DND Flyway) located in the Delhi-NCR region.
Third Party Dependencies
Heavy reliance on the Noida Authority for the continuation of the concession and approval of revenue-generating advertising assets.
Technology Obsolescence Risk
Low risk for the physical bridge; however, the shift toward digital advertising requires the company to upgrade its advertising infrastructure to maintain revenue growth.
Credit & Counterparty Risk
Receivables quality has improved, with the Trade Receivable Turnover Ratio increasing from 13.989 to 25.964 YoY.