Noida Toll Bridge H1 profit rises 22% as income grows

Noida Toll Bridge Company Limited reported consolidated net profit from continuing operations of Rs 9.65 crore for the half year ended September 30, 2026, up 22% from Rs 7.91 crore a year earlier, as total income rose 13% to Rs 25.71 crore. Revenue from operations increased 8% to Rs 22.79 crore and net operating cash flow rose 24%.

What drove Noida Toll Bridge’s H1 profit increase?

Noida Toll Bridge’s consolidated H1 profit increased because total income rose faster than total expenses. Net profit from continuing operations was Rs 9.65 crore for the half year ended September 30, 2026, compared with Rs 7.91 crore in the corresponding 2025 period. Profit before tax increased 25% to Rs 9.90 crore from Rs 7.91 crore, while total expenses rose 6% to Rs 15.81 crore from Rs 14.93 crore.

Revenue from operations was Rs 22.79 crore, compared with Rs 21.04 crore in H1 2025, an 8% increase. Total income rose by a larger 13% to Rs 25.71 crore from Rs 22.84 crore, reflecting other income of Rs 2.92 crore against Rs 1.80 crore in the previous-year half. Other income therefore increased 62%, widening the difference between operational-revenue growth and total-income growth.

Operating expenses were Rs 11.78 crore, up 3% from Rs 11.44 crore, while other expenses increased 18% to Rs 3.21 crore from Rs 2.71 crore. Employee-benefit expense was Rs 44.52 lakh, compared with Rs 44.07 lakh. Depreciation and amortisation increased to Rs 37.82 lakh from Rs 33.33 lakh, while finance costs were Rs 14,000 compared with Rs 1,000.

How did Noida Toll Bridge perform in the September quarter?

Noida Toll Bridge reported consolidated net profit from continuing operations of Rs 4.32 crore in the quarter ended September 30, 2026, compared with Rs 3.77 crore in the quarter ended September 30, 2025. Revenue from operations grew 8% year on year to Rs 11.40 crore from Rs 10.52 crore. Total income increased 10% to Rs 12.90 crore, including Rs 1.49 crore of other income.

September-quarter profit was lower than the Rs 5.33 crore reported for the quarter ended June 30, 2026. Revenue from operations was broadly unchanged at Rs 11.40 crore in September versus Rs 11.38 crore in June, but consolidated total expenses increased to Rs 8.35 crore from Rs 7.46 crore. Profit before tax consequently declined to Rs 4.55 crore from Rs 5.35 crore over the two quarters.

The September-quarter tax expense was Rs 22.43 lakh, including current tax of Rs 22.28 lakh and deferred tax of Rs 15,000. Total tax expense in the June 2026 quarter was Rs 2.39 lakh. Earnings per share, or EPS, was Rs 0.23 for the September 2026 quarter and Rs 0.52 for H1 2026, compared with Rs 0.20 and Rs 0.42 respectively a year earlier.

How did Noida Toll Bridge use its operating cash flow?

Noida Toll Bridge generated Rs 7.65 crore of consolidated net cash from operating activities in H1 2026, up from Rs 6.17 crore in H1 2025. Cash generated from operations before tax was Rs 8.57 crore, compared with Rs 6.76 crore a year earlier. A Rs 2.02 crore decrease in trade receivables aided working capital, against a Rs 59.88 lakh increase in receivables in the earlier half.

Tax paid increased to Rs 92.55 lakh from Rs 59.59 lakh. The company also recorded a Rs 1.32 crore reduction in current and non-current liabilities, compared with a Rs 1.02 crore increase in the prior-year period. Interest income of Rs 2.86 crore was deducted in reconciling profit to operating cash, against Rs 1.21 crore in H1 2025.

Investing activities used Rs 7.51 crore of consolidated cash, compared with Rs 5.93 crore used a year earlier. Deposits with banks totalled Rs 14.68 crore and deposit proceeds were Rs 7.23 crore, resulting in net cash deployment into deposits. Purchases of fixed assets fell to Rs 33.54 lakh from Rs 58.70 lakh, while interest received was Rs 27.23 lakh.

After finance charges paid of Rs 14,000, consolidated cash and cash equivalents increased by Rs 13.19 lakh during H1 2026. They stood at Rs 29.81 lakh on September 30, 2026, compared with Rs 16.62 lakh at March 31, 2026. This movement was separate from other bank balances of Rs 93.75 crore at the September balance-sheet date.

What changed in Noida Toll Bridge’s balance sheet?

Noida Toll Bridge’s consolidated total assets increased to Rs 114.91 crore on September 30, 2026, from Rs 106.56 crore on March 31, 2026. Current assets rose to Rs 108.69 crore from Rs 100.30 crore. Other bank balances accounted for Rs 93.75 crore, up from Rs 85.25 crore, while trade receivables declined to Rs 1.09 crore from Rs 3.11 crore.

Consolidated total equity remained negative but improved to negative Rs 2.85 crore from negative Rs 12.50 crore at March 31, 2026. Other equity was negative Rs 189.16 crore, compared with negative Rs 198.79 crore, alongside unchanged share capital of Rs 186.20 crore. Non-controlling interest was Rs 12.18 lakh, up from Rs 9.81 lakh.

Current liabilities declined to Rs 98.47 crore from Rs 99.71 crore. Borrowings were unchanged at Rs 42.91 crore, while provisions reduced to Rs 35.91 crore from Rs 37.70 crore. Non-current liabilities were Rs 19.28 crore, compared with Rs 19.36 crore at March 31, 2026, including other financial liabilities of Rs 19.18 crore.

What unresolved matters does Noida Toll Bridge disclose?

Noida Toll Bridge disclosed that user-fee collection from the NOIDA bridge has remained suspended since October 26, 2016. The company impaired the intangible asset linked to its concession right, which had a net written-down value of Rs 232.50 crore as at December 20, 2024. Its review petition against the Supreme Court judgment was dismissed on May 9, 2025, and it said it would monitor developments and consider whether the impairment should be reviewed.

The company also disclosed a NOIDA demand of about Rs 100 crore for outdoor-advertising arrears received in September 2025. The Delhi High Court issued notice to NOIDA and restrained coercive action, according to the filing. After the matter was not heard on July 28 and October 14, 2026, it was listed for December 14, 2026.

Tax disputes also remain pending. For assessment years 2016-17 and 2017-18, Noida Toll Bridge appealed before the Income Tax Appellate Tribunal, or ITAT, over lease-rental-income additions with a tax effect of Rs 23.71 lakh for each year. It also appealed penalties of Rs 4.85 lakh and Rs 3.55 crore for assessment year 2018-19, imposed under Sections 271D and 271E, on July 21, 2026.

Conclusion

Noida Toll Bridge’s H1 2026 results showed profit rising faster than income and expenses: consolidated net profit from continuing operations increased 22% to Rs 9.65 crore, total income rose 13% to Rs 25.71 crore and expenses increased 6% to Rs 15.81 crore. Net operating cash flow of Rs 7.65 crore was close to the Rs 7.51 crore used in investing activities, principally for bank deposits.

The next disclosed milestones are the December 14, 2026 hearings concerning the NOIDA advertising-demand case and certain ITAT matters. Noida Toll Bridge also said it is monitoring final central and state rules and government clarifications under the Labour Codes after management assessed their financial impact at September 30, 2026 as not material.