Board Meeting Details

The Board of Directors meeting was held on November 12, 2026, commencing at 2:00 p.m. and concluding at 4:25 p.m. The Board approved:

  • Standalone and Consolidated Audited Financial Results for quarter and half year ended September 30, 2026
  • Auditors' Report on the Audited Financial Results
  • Press release on the Audited Financial Results

The Audit Committee reviewed and recommended the results before Board approval.

Financial Results Summary (Consolidated)

Quarter Ended September 30, 2026 (Q2 FY27)

  • Revenue from Operations: ₹12.90 crore (vs. ₹11.75 crore in Q2 FY26, +9.79%)
  • Other Income: ₹1.42 crore
  • Total Income: ₹25.70 crore
  • Total Expenses: ₹15.74 crore
  • Profit Before Tax: ₹9.89 crore
  • Total Tax Expense: ₹0.24 crore
  • Net Profit from Continuing Operations: ₹9.65 crore
  • Net Profit Attributable to Shareholders: ₹9.63 crore
  • Basic EPS: ₹0.52
  • Diluted EPS: ₹0.52

Half Year Ended September 30, 2026 (HY FY27)

  • Revenue from Operations: ₹25.70 crore (vs. ₹22.84 crore in HY FY26, +12.52%)
  • Other Income: ₹2.91 crore
  • Total Income: ₹58.84 crore
  • Total Expenses: ₹31.59 crore
  • Profit Before Tax: ₹27.14 crore
  • Total Tax Expense: ₹0.25 crore
  • Net Profit from Continuing Operations: ₹26.89 crore
  • Net Profit Attributable to Shareholders: ₹26.85 crore
  • Basic EPS: ₹1.46
  • Diluted EPS: ₹1.46

Financial Results Summary (Standalone)

Quarter Ended September 30, 2026 (Q2 FY27)

  • Revenue from Operations: ₹12.89 crore (vs. ₹11.67 crore in Q2 FY26, +10.45%)
  • Other Income: ₹1.49 crore
  • Total Income: ₹25.70 crore
  • Total Expenses: ₹15.87 crore
  • Profit Before Tax: ₹9.83 crore
  • Total Tax Expense: ₹0.22 crore
  • Net Profit from Continuing Operations: ₹9.61 crore
  • Basic EPS: ₹0.52
  • Diluted EPS: ₹0.52

Half Year Ended September 30, 2026 (HY FY27)

  • Revenue from Operations: ₹25.70 crore (vs. ₹22.75 crore in HY FY26, +12.97%)
  • Other Income: ₹2.92 crore
  • Total Income: ₹58.74 crore
  • Total Expenses: ₹31.59 crore
  • Profit Before Tax: ₹27.14 crore
  • Total Tax Expense: ₹0.22 crore
  • Net Profit from Continuing Operations: ₹26.92 crore
  • Basic EPS: ₹1.46
  • Diluted EPS: ₹1.46

Key Financial Position (as at September 30, 2026)

Consolidated

  • Total Assets: ₹11,490.67 lakhs
  • Total Equity: ₹(284.71) lakhs
  • Non-Current Liabilities: ₹1,927.94 lakhs
  • Current Liabilities: ₹9,847.44 lakhs
  • Paid-up Equity Share Capital: ₹18,619.50 lakhs (Face Value ₹10)

Standalone

  • Total Assets: ₹11,416.93 lakhs
  • Total Equity: ₹(312.00) lakhs
  • Non-Current Liabilities: ₹1,925.86 lakhs
  • Current Liabilities: ₹9,803.07 lakhs
  • Paid-up Equity Share Capital: ₹18,619.50 lakhs (Face Value ₹10)

Cash Flow Highlights (Half Year Ended September 30, 2026)

Consolidated

  • Cash from Operating Activities: ₹7.65 crore
  • Cash from Investing Activities: ₹(7.51) crore
  • Cash from Financing Activities: ₹(0.0014) crore
  • Net Increase in Cash: ₹1.32 crore

Standalone

  • Cash from Operating Activities: ₹7.60 crore
  • Cash from Investing Activities: ₹(7.57) crore
  • Cash from Financing Activities: ₹(0.0012) crore
  • Net Increase in Cash: ₹0.03 crore

Legal and Regulatory Matters

Supreme Court Toll Fee Judgment

The Hon'ble Supreme Court vide its judgment dated December 20, 2024, dismissed the Company's Special Leave Petition challenging the Allahabad High Court judgment dated October 26, 2016. The High Court had held two specific provisions relating to levy and collection of fee to be inoperative but refused to quash the Concession Agreement. Consequently, the Company impaired intangible assets with net written down value of ₹23,249.70 lakhs as at December 20, 2024. The Company filed a review petition on January 19, 2025, which was dismissed on May 9, 2025.

NOIDA Advertising Demand

The Company received a demand notice from NOIDA in September 2025 for approximately ₹100 crore towards arrears of outdoor advertising. The Delhi High Court granted an interim stay restraining NOIDA from taking coercive action. The matter is listed for hearing on December 14, 2026.

Income Tax Matters

  • AY 2016-17 & 2017-18: CIT(A) orders dated July 2025 upheld additions with tax effect of ₹23.71 lakhs each. Company appealed to ITAT.
  • AY 2012-13 to 2014-15: CIT(A) upheld additions regarding lease rental income treatment. Matter adjourned to December 14, 2026.
  • AY 2018-19: Penalty orders u/s 271D and 271E for ₹5.85 lakhs and ₹5.85 lakhs respectively for contravention of sections 269SS and 269T. Company appealed to CIT(A).

NCLAT Moratorium

Pursuant to NCLAT order dated March 12, 2020, confirming October 15, 2018 as cut-off date for IL&FS resolution process, the Company has not accrued interest on loans from ICICI Bank Limited and IL&FS Transportation Networks Limited aggregating ₹308.54 lakhs for Q2 FY27, ₹608.67 lakhs for HY FY27, and ₹8,836.46 lakhs cumulative up to September 30, 2026.

License Agreement Dispute

The Company terminated License Agreement dated August 23, 2018 with erstwhile Licensee. The matter is currently pending arbitration and court proceedings.

Operational Update

The Company completed the second phase of carriageway upgradation and has a five-year preventive maintenance program underway. An independent technical assessment reported no major structural strengthening required for DND Flyway. Advertising revenue remains the primary income stream, with ₹0.85 crore shared with Noida Authority from advertising revenue during Q2 FY27.

Trading Window

The trading window for insiders will open on November 14, 2026, 48 hours after results declaration.