Financial Performance Q1 FY27

Consolidated Basis:

  • Revenue: ₹12.81 crore (compared to ₹11.09 crore in Q1FY26), representing a 15.51% year-on-year increase
  • Profit After Tax (PAT): ₹5.33 crore (compared to ₹4.14 crore in Q1FY26)

Standalone Basis:

  • Revenue: ₹12.81 crore (compared to ₹11.08 crore in Q1FY26), representing a 15.61% year-on-year increase
  • Profit After Tax (PAT): ₹5.26 crore (compared to ₹4.17 crore in Q1FY26)

Advertising revenue continued to be the primary income stream during the quarter, supporting regular maintenance, security, and financial commitments including payments to NOIDA/MCD.

Operational & Maintenance Update

The company completed the second phase of its planned carriageway upgradation programme during the quarter.

NTBCL is initiating a 5-year preventive maintenance programme to be undertaken in a scheduled manner, which forms part of the voluntary Independent Technical Assessment previously conducted by the company. Part of the identified activities has already been undertaken.

Independent Technical Assessment

NTBCL conducted an Independent Technical Assessment of the DND Flyway to evaluate long-term maintenance requirements for preserving infrastructure and maintaining world-class ride quality standards. The assessment was conducted by:

  • CRISIL Intelligence (Routine Operations and Major Maintenance)
  • Almondz Global Infra (Bridge Assessment)

Key findings indicated that the DND Flyway remains structurally sound and does not require any major structural strengthening or rehabilitation in the immediate future. The assessment recommended phased functional overlay and identified preventive maintenance and routine asset preservation measures for maintaining ride quality over the next 5 years.

The company has made adequate provisioning towards undertaking these changes and upgradation work.

Judicial Relief and Updates

The Board noted the interim stay granted by the Delhi High Court on NOIDA Authority's demand letter dated September 10, 2025, which sought to stop NTBCL's advertisement displays and recover over ₹100 crore in alleged advertisement license fees.

The Delhi High Court, by its order dated September 25, 2025, restrained NOIDA from taking any coercive action against NTBCL or disrupting its advertisement operations. This protection was extended until October 14, 2026, during the last hearing.

The company maintains that advertisement revenue - which has been an important operating income since toll suspension in 2016 - is both lawful and essential for maintaining the DND Flyway and meeting financial obligations.

Corporate Context

NTBCL reiterated its commitment to act in the best interests of over 60,000 retail shareholders, who collectively hold nearly 70% of the company's equity, while maintaining transparency, compliance, and accountability.

NTBCL is an IL&FS Group Company incorporated as a Special Purpose Vehicle (SPV) to develop, operate, and maintain the Delhi-Noida Direct (DND) Flyway under a Concession Agreement with NOIDA. The DND Flyway has been operational since 2001 and serves as a critical urban mobility corridor connecting Delhi and Noida, serving over 2.5 lakh daily commuters.