Noida Toll Bridge first-half profit before tax rises 23%

Noida Toll Bridge Company Limited reported standalone profit before tax of Rs 9.8343 crore for the half year ended September 30, 2026, up 23% from Rs 8.0103 crore a year earlier, as revenue from operations rose 8% to Rs 22.7866 crore despite the continuing suspension of user-fee collection.

What drove Noida Toll Bridge’s first-half profit growth?

Noida Toll Bridge’s standalone profit before tax increased by Rs 1.8240 crore to Rs 9.8343 crore in the half year ended September 30, 2026, from Rs 8.0103 crore in the corresponding period of 2025. Revenue from operations rose by Rs 1.7467 crore to Rs 22.7866 crore, while other income increased to Rs 2.9154 crore from Rs 1.7061 crore.

The filing does not provide a break-up of revenue from operations by advertising, tolls or other activities. It states that user-fee collection from users of the NOIDA bridge has been suspended since October 26, 2016, following litigation over provisions in the concession agreement concerning the levy and collection of fees.

Noida Toll Bridge’s total income reached Rs 25.7020 crore in the first half, compared with Rs 22.7460 crore a year earlier. Operating expenses rose to Rs 12.2292 crore from Rs 11.6109 crore, while other expenses increased to Rs 2.9997 crore from Rs 2.5662 crore, resulting in expenses rising by less than the Rs 2.9560 crore increase in total income.

How did Noida Toll Bridge perform in the September quarter?

Noida Toll Bridge reported standalone profit before tax of Rs 4.5756 crore for the quarter ended September 30, 2026, up from Rs 3.8438 crore in the September 2025 quarter. Quarterly revenue from operations rose to Rs 11.4021 crore from Rs 10.5197 crore, and total income increased to Rs 12.8933 crore from Rs 11.6659 crore.

Noida Toll Bridge’s September-quarter profit before tax was lower than Rs 5.2587 crore in the quarter ended June 30, 2026, even as operating revenue was nearly unchanged at Rs 11.4021 crore versus Rs 11.3845 crore. Total expenses rose to Rs 8.3177 crore from Rs 7.5500 crore in the preceding quarter, including operating expenses of Rs 6.4373 crore compared with Rs 5.7919 crore.

Noida Toll Bridge recorded standalone net profit of Rs 4.3463 crore in the September quarter after a current tax charge of Rs 22.93 lakh. The standalone results table recorded no tax expense for the June 2026 and September 2025 quarters, making the net-profit movement different from the pre-tax-profit comparison.

What did Noida Toll Bridge report on cash flow and deposits?

Noida Toll Bridge generated standalone net cash from operating activities of Rs 7.6037 crore in the half year ended September 30, 2026, compared with Rs 6.2343 crore in the prior-year half. Cash generated from operations was Rs 8.5125 crore before a tax-paid outflow of Rs 90.88 lakh.

Noida Toll Bridge reported a Rs 2.0163 crore decrease in trade receivables during the first half, compared with a Rs 59.88 lakh increase in the corresponding period of 2025. That working-capital movement was partly offset by a Rs 1.3235 crore decrease in current and non-current liabilities, whereas liabilities had increased by Rs 96.28 lakh in the prior-year half.

Noida Toll Bridge used Rs 7.5706 crore in investing activities in the half year, against Rs 5.9219 crore a year earlier. It placed Rs 14.6500 crore in bank deposits and received Rs 7.0500 crore from deposits, while cash and cash equivalents ended September 30, 2026 at Rs 17.83 lakh, compared with Rs 14.64 lakh at March 31, 2026.

What changed in Noida Toll Bridge’s balance sheet?

Noida Toll Bridge’s standalone total assets increased to Rs 114.1693 crore at September 30, 2026 from Rs 105.8879 crore at March 31, 2026. Other bank balances rose to Rs 93.5043 crore from Rs 84.8541 crore, while trade receivables declined to Rs 1.0916 crore from Rs 3.1080 crore.

Noida Toll Bridge’s total current assets were Rs 108.0703 crore at September 30, 2026, up from Rs 99.6630 crore six months earlier. The September balance included current tax assets of Rs 8.1417 crore and other current assets of Rs 5.1544 crore, alongside the Rs 17.83 lakh cash-and-cash-equivalents balance.

Noida Toll Bridge’s current liabilities declined to Rs 98.0307 crore at September 30, 2026 from Rs 99.2803 crore at March 31, 2026. Borrowings remained Rs 42.9061 crore, while provisions fell to Rs 35.9056 crore from Rs 37.6964 crore; standalone total equity was negative Rs 3.1200 crore, compared with negative Rs 12.7242 crore six months earlier.

What legal and operating matters remain for Noida Toll Bridge?

Noida Toll Bridge continues to maintain project assets under the concession agreement while user-fee collection remains suspended. The company impaired the intangible asset representing its user-fee collection right, which had a net written-down value of Rs 232.4970 crore as at December 20, 2024, and said any review of that impairment would depend on future events.

Noida Toll Bridge’s review petition against the Supreme Court judgment was dismissed on May 9, 2025. The filing says it continues to monitor developments and may take appropriate action, but it gives no date for a decision on the restoration of user-fee collection.

Noida Toll Bridge is also contesting a September 2025 notice from NOIDA demanding approximately Rs 100 crore in alleged outdoor-advertising arrears. The Delhi High Court restrained NOIDA from taking coercive action, and after the matter was not heard on July 28 and October 14, 2026, it was listed for December 14, 2026.

Noida Toll Bridge disclosed tax appeals involving assessment years 2012-13, 2013-14 and 2014-15, for which cited tax effects were Rs 21.46 lakh, Rs 23.75 lakh and Rs 22.42 lakh respectively. The Income Tax Appellate Tribunal hearing was adjourned from October 6, 2026 to December 14, 2026.

Conclusion

Noida Toll Bridge’s first-half results show that higher revenue from operations and other income lifted standalone profit before tax by 23% to Rs 9.8343 crore, while net operating cash flow rose to Rs 7.6037 crore. The filing confirms that this performance occurred without resumed user-fee collection, but it does not quantify advertising income within operating revenue.

The next disclosed events to watch are the December 14, 2026 Delhi High Court listing concerning the approximately Rs 100 crore outdoor-advertising demand and the Income Tax Appellate Tribunal hearing on earlier assessment years. Noida Toll Bridge also continues to monitor developments relating to its suspended user-fee right and the related Rs 232.4970 crore intangible-asset impairment.