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NOIDATOLL - Noida Tollbridg.

📊 NSE: NOIDATOLL 🏢 Construction 📅 Last Updated: 12/14/2025 10:36

📢 Recent Corporate Announcements

Noida Toll Bridge Re-constitutes 'Those Charged With Governance' Committee

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 29 Apr 2026, 04:14 PM

Noida Toll Bridge Company Limited (NTBCL) has announced the re-constitution of its 'Those Charged With Governance' (TCWG) committee. The decision follows the induction of Key Managerial Personnel (KMP) as members, which was recommended on April 27 and approved by the Board via circular resolution on April 28, 2026. The newly formed committee consists of 8 members, including the Chairman and Nodal Officer, Mr. Nand Kishore. This administrative update is part of the company's ongoing governance and oversight framework.

Board approved the re-constitution of TCWG via circular resolution on April 28, 2026.
The committee now comprises 8 members including Key Managerial Personnel.
Mr. Nand Kishore has been appointed as the Chairman & Nodal Officer of the committee.
The move follows a recommendation from the existing TCWG members during their meeting on April 27, 2026.

💡 This is a routine administrative and governance update with no direct impact on financial performance. Investors should remain focused on the company's legal developments regarding toll collection rights and debt status.

Noida Toll Bridge Identifies 6 Members for 'Those Charged With Governance' (TCWG)

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 21 Apr 2026, 04:19 PM

Noida Toll Bridge Company Limited (NTBCL) has officially identified the members of 'Those Charged With Governance' (TCWG) following a circular resolution passed on April 20, 2026. The group consists of six members, including Chairman Mr. Nand Kishore and five other members. This disclosure is made in compliance with Regulation 30 of the SEBI Listing Regulations. The identification of TCWG is a standard procedural requirement aimed at enhancing corporate governance and financial oversight.

Board approved the identification of TCWG via circular resolution on April 20, 2026
The TCWG group comprises a total of 6 members to oversee governance
Mr. Nand Kishore has been designated as the Chairman of the TCWG group
Other members include Kazim Raza Khan, Rakesh Chatterjee, Jayashree Ramaswamy, Sharad Goel, and Dheeraj Kumar

💡 This is a routine regulatory disclosure regarding internal governance structures and does not impact the company's fundamentals. Investors should continue to monitor the company's legal developments regarding toll collection rights.

Noida Toll Bridge Confirms SEBI Insider Trading Compliance for Q4 FY26

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 20 Apr 2026, 03:30 PM

Noida Toll Bridge Company Limited (NTBCL) has submitted its compliance certificate regarding the Structured Digital Database (SDD) for the quarter ended March 31, 2026. The company confirmed adherence to SEBI (Prohibition of Insider Trading) Regulations, ensuring that all Unpublished Price Sensitive Information (UPSI) is tracked in a non-tamperable internal database. For the specific quarter reported, the company identified zero (Nil) events that required capturing in the database. This filing is a routine procedural requirement to demonstrate corporate governance and regulatory transparency.

Full compliance with Regulation 3(5) and 3(6) of SEBI (Prohibition of Insider Trading) Regulations, 2015.
Maintained a non-tamperable internal database with the capability to store records for 8 years.
Reported zero (Nil) UPSI events required to be captured during the quarter ended March 31, 2026.
Confirmed that an audit trail is maintained and access controls are in place for the database.

💡 No action is required as this is a routine regulatory filing confirming procedural compliance. Investors should continue to monitor the company's core financial performance and toll revenue updates.

Noida Toll Bridge Reviews DND Flyway Maintenance Assessment and Road Upgradation Status

🟡 NEUTRAL ⭐ 4/10

BOARD_MEETING 📅 13 Apr 2026, 01:24 PM

Noida Toll Bridge Company Limited held a board meeting on April 13, 2026, to discuss the operational status of the DND Flyway. The board reviewed an independent assessment concerning Operations and Maintenance (O&M) and major maintenance needs for the asset. Furthermore, the directors took note of the current progress regarding ongoing road upgradation works. These reviews are essential for maintaining the infrastructure quality, though no specific financial outlays were announced in this filing.

Board reviewed independent assessment of O&M and Major Maintenance for DND Flyway
Status update received on ongoing road upgradation work progress
Meeting conducted on April 13, 2026, between 11:30 a.m. and 1:15 p.m.
Compliance filing under Regulation 30 of SEBI LODR Regulations

💡 Investors should watch for upcoming quarterly results to see if maintenance assessments lead to increased provisioning or capital expenditure. The stock's performance remains heavily tied to the legal status of toll collection.

Noida Toll Bridge Confirms Zero Non-Convertible Securities for Q4 FY26

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 09 Apr 2026, 03:03 PM

Noida Toll Bridge Company Limited (NTBCL) has filed a regulatory disclosure for the quarter ended March 31, 2026. The company confirmed that it has not issued any non-convertible securities as of the reporting date. Consequently, there are no interest, dividend, or principal payment obligations to be reported under SEBI Regulation 57(5). This is a standard administrative filing and does not reflect any change in the company's operational or financial status.

Compliance filing submitted under Regulation 57(5) of SEBI (LODR) Regulations, 2015.
Company confirms zero outstanding non-convertible securities for the quarter ended March 31, 2026.
No interest or principal payment obligations exist for non-convertible instruments.
The filing is a routine disclosure required by BSE and NSE for listed entities.

💡 This is a routine regulatory update with no material impact on the company's valuation. Investors should focus on the company's ongoing legal developments regarding toll collection rights.

Noida Toll Bridge Reports Non-Applicability of Reg 32 for Quarter Ended March 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 09 Apr 2026, 02:49 PM

Noida Toll Bridge Company Limited (NTBCL) has submitted a formal statement to the stock exchanges regarding Regulation 32 of SEBI (LODR) Regulations, 2015. The company confirmed that it did not raise any funds through public, rights, or preferential issues during the quarter ended March 31, 2026. Consequently, the requirement to report any deviations or variations in the use of proceeds is not applicable for this period. This is a standard procedural disclosure confirming no new capital was raised.

No securities were issued via public, rights, or preferential routes during the quarter ended March 31, 2026.
Statement of deviation or variation under Regulation 32 of SEBI (LODR) is not applicable to the company.
The filing was submitted to both BSE and NSE on April 9, 2026, as part of routine compliance.

💡 No action is required from investors as this is a routine regulatory filing with no impact on the company's financial position or operations.

Noida Toll Bridge Reports Nil Non-Convertible Securities for Q4 FY26

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 09 Apr 2026, 02:46 PM

Noida Toll Bridge Company Limited (NTBCL) has submitted its quarterly compliance report under Regulation 57(5) of SEBI LODR for the period ending March 31, 2026. The company confirmed that it has not issued any non-convertible securities as of the reporting date. Consequently, there were no obligations regarding interest, dividend, or principal payments for such instruments during the quarter. This filing is a standard regulatory requirement to ensure transparency regarding debt obligations.

Compliance filing under Regulation 57(5) for the quarter ended March 31, 2026
Company confirms zero issuance of non-convertible securities as of April 9, 2026
No interest, dividend, or principal payment obligations were due or paid for the quarter

💡 This is a routine regulatory update with no material impact on the company's fundamentals. Investors should focus on the ongoing legal issues regarding toll collection rights instead.

Noida Toll Bridge to Close Trading Window from April 1, 2026 for FY26 Results

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 25 Mar 2026, 03:39 PM

Noida Toll Bridge Company Limited has announced the closure of its trading window for insiders starting April 1, 2026. This is a mandatory compliance step under SEBI regulations ahead of the declaration of audited financial results for the quarter and year ending March 31, 2026. The window will remain closed until 48 hours after the results are announced. The company will notify the date of the board meeting for result consideration separately.

Trading window closure starts April 1, 2026, for all designated persons and their relatives.
Relates to audited standalone and consolidated financial results for the period ending March 31, 2026.
Window reopens 48 hours after the financial results are officially declared to the exchanges.
PAN of designated persons will be frozen by NSDL during the closure period as per SEBI guidelines.

💡 This is a routine regulatory announcement and does not require any immediate investment action. Investors should focus on the upcoming financial results for performance insights.

Noida Toll Bridge Reports Full SDD Compliance for Q3 FY2025-26

🟡 NEUTRAL ⭐ 2/10

REGULATORY 📅 22 Jan 2026, 05:12 PM

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

💡 This is a routine regulatory filing indicating standard compliance with insider trading norms. No immediate action is required as it does not impact the company's financial performance or business operations.

NOIDATOLL Shareholders Approve CEO Dheeraj Kumar's Remuneration via Postal Ballot

🟡 NEUTRAL ⭐ 6/10

MANAGEMENT 📅 19 Jan 2026, 01:23 PM

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.

💡 Investors should monitor the high level of retail shareholder dissent regarding executive compensation, which may indicate governance concerns. However, as the resolution passed, management continuity remains intact.

Noida Toll Bridge Submits SEBI Compliance Certificate for Quarter Ended Dec 31, 2025

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 05 Jan 2026, 03:16 PM

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

💡 No action is required from investors as this is a routine regulatory filing with no impact on the company's financial performance or operations.

NOIDATOLL Delays DND Flyway Upgradation to Feb 2026 Due to GRAP-IV Restrictions

🟡 NEUTRAL ⭐ 4/10

OTHER 📅 02 Jan 2026, 12:38 PM

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.

💡 Investors should view this as a temporary regulatory delay rather than an operational failure. Monitor the lifting of GRAP-IV restrictions in the NCR region for the resumption of full-scale activities.

Noida Toll Bridge Announces Trading Window Closure from Jan 1, 2026 for Q3 Results

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 29 Dec 2025, 01:45 PM

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.

💡 This is a routine regulatory announcement with no impact on business fundamentals. Investors should monitor for the upcoming board meeting date to assess the company's Q3 financial performance.

NOIDATOLL Seeks Shareholder Approval for CEO Remuneration of ₹50 Lakhs Per Annum

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 17 Dec 2025, 12:35 PM

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.

💡 Investors should review the proposed compensation in the context of the company's financial performance and participate in the e-voting process. This is a routine governance matter and does not impact the company's core business operations.

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💰 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.