NOIDATOLL - Noida Tollbridg.

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

💰 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.