Noida Toll Bridge Company LimitedQ1 FY27 Results & Financial Update
Noida Toll Bridge Company Limited: Q1 FY27 consolidated results and company financials – revenue ₹12.81 Cr, PAT ₹5.33 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
Quarter at a glanceReported figures and period changes.Changes compare like-for-like reported periods where available.
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Quarterly Results AnalysisExplore Noida Toll Bridge Company Q1 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
During Q1 FY27, Noida Toll Bridge Company Limited posted consolidated revenue of INR 12.81 crore, representing a 15.51 per cent increase compared to INR 11.09 crore in the corresponding quarter of the previous year.
Consolidated Profit After Tax (PAT) for the quarter rose to INR 5.33 crore, compared to INR 4.14 crore in Q1 FY26.
On a standalone basis, the company reported revenue of INR 12.81 crore against INR 11.08 crore in Q1 FY26, while standalone PAT stood at INR 5.26 crore compared to INR 4.17 crore previously.
Advertising revenue remained the primary driver of income during the quarter, funding standard upkeep, security, and statutory payments to NOIDA and MCD.
Operationally, the second phase of the planned carriageway upgradation programme was completed during the quarter under review.
The company announced plans to initiate a five-year preventive maintenance schedule, following recommendations from an Independent Technical Assessment conducted previously.
01 · Business model
What does Noida Toll Bridge Company do?
Noida Toll Bridge Company Limited (NTBCL), an IL&FS Group Company, operates as a Special Purpose Vehicle incorporated to develop, operate, and maintain the Delhi-Noida Direct (DND) Flyway under a Concession Agreement with NOIDA.
Operational since 2001, the DND Flyway functions as a vital urban mobility corridor connecting Delhi and Noida, serving over 2.5 lakh daily commuters.
Following the suspension of toll collections in 2016, advertising revenue has served as the company's primary operating income stream, supporting regular maintenance, security, and financial commitments.
02 · Historical context
What shaped the business before this quarter
Toll collection on the DND Flyway was suspended in 2016, leading the company to rely on advertising revenue as its primary operating income stream.
The DND Flyway infrastructure was developed over 25 years ago, having commenced operations in 2001.
The company previously commissioned an Independent Technical Assessment by CRISIL Intelligence and Almondz Global Infra to evaluate long-term maintenance needs.
03 · Financial snapshot
Current quarter vs the available comparable
| Metric | Q1 FY27 | Year-ago |
|---|---|---|
| Revenue from operations | ₹12.81 Cr | ₹11.09 Cr |
| Profit after tax | ₹5.33 Cr | ₹4.14 Cr |
Financial interpretation
What the reported numbers mean
Profit after tax represented 41.6% of reported quarterly operating revenue. This is a calculated net-profit-to-sales ratio, not a company-reported operating margin. It measures the outcome after expenses and tax; it does not, by itself, establish how margins changed versus another period.
Ratios above are calculated from the reported quarterly figures. They are analytical descriptions, not company-reported margin guidance or an investment recommendation.
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Advertising revenue continued to be the primary income stream during Q1 FY27, supporting regular maintenance, security operations, and financial obligations including payments to NOIDA and MCD.
05 · Capacity, projects & execution
What is being built, commissioned or delivered
Projects, capex and execution
The company is initiating a scheduled 5-year preventive maintenance work program as part of recommendations from the Independent Technical Assessment, with part of the activities already underway.
06 · Reported developments
What changed operationally
An independent technical assessment by CRISIL Intelligence and Almondz Global Infra reported that the DND Flyway remains structurally sound and requires no major structural strengthening or rehabilitation in the immediate future.
The Delhi High Court granted an interim stay and restrained the NOIDA Authority from taking coercive action or disrupting advertisement operations regarding a demand letter for over Rs. 100 crore in license fees, with protection extended until October 14, 2026.
07 · Pressure points & risks
What is not going smoothly
The company noted an ongoing dispute regarding a September 10, 2025 demand letter from the NOIDA Authority seeking to stop advertisement displays and recover over Rs. 100 crore in alleged advertisement license fees, which is currently protected by an interim court stay.
08 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
Capital allocation & funding
The company availed a secured term loan from ICICI Bank in the past. Under the court-monitored resolution of the IL&FS Group, the Board approved a second interim distribution of Rs. 23.60 crores to pay off the entire liability to ICICI Bank up to the cut-off date of October 15, 2018.
09 · Beyond the numbers
What changed beyond the numbers
Reported update
Retail shareholder representation
NTBCL highlighted its commitment to act in the best interests of over 60,000 retail shareholders, who collectively hold nearly 70 per cent of the company's equity.
10 · Key Q&A
The quarter, answered directly
What does Noida Toll Bridge Company do?
Noida Toll Bridge Company Limited (NTBCL), an IL&FS Group Company, operates as a Special Purpose Vehicle incorporated to develop, operate, and maintain the Delhi-Noida Direct (DND) Flyway under a Concession Agreement with NOIDA.
What is the clearest takeaway from Q1 FY27?
During Q1 FY27, Noida Toll Bridge Company Limited posted consolidated revenue of INR 12.81 crore, representing a 15.51 per cent increase compared to INR 11.09 crore in the corresponding quarter of the previous year.
What drove revenue or demand?
Advertising revenue continued to be the primary income stream during Q1 FY27, supporting regular maintenance, security operations, and financial obligations including payments to NOIDA and MCD.
What changed operationally beyond the headline numbers?
The company is initiating a scheduled 5-year preventive maintenance work program as part of recommendations from the Independent Technical Assessment, with part of the activities already underway.
What are the main pressure points disclosed for the quarter?
The company noted an ongoing dispute regarding a September 10, 2025 demand letter from the NOIDA Authority seeking to stop advertisement displays and recover over Rs. 100 crore in alleged advertisement license fees, which is currently protected by an interim court stay.
What should the next disclosure help confirm?
Monitor the Delhi High Court hearings regarding the NOIDA Authority advertisement license fee dispute, where protection was extended until October 14, 2026.
11 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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12 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Legal proceedings: Monitor the Delhi High Court hearings regarding the NOIDA Authority advertisement license fee dispute, where protection was extended until October 14, 2026.
- 02
Preventive maintenance execution: Track the progress and execution of the newly initiated 5-year preventive maintenance programme on the DND Flyway.
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