Noida Toll Bridge Company Limited

Industrials — Infrastructure Operations · NSE

₹3.75−₹0.01 (−0.27%)

DalalBaazaar Score

27 / 100

🔴 Weak

Verdict

HIGH RISK

Risk

Very High

Driven by negative shareholders' equity — the company owes more than it owns, micro-cap size, which brings thin liquidity.

In simple words: The company owes more than it owns — years of losses have wiped out its net worth, with modest growth. Solvency — whether it can keep funding itself at all — is the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:01 pm

Understanding the Business

Company site ↗

The 60-second version of Noida Toll Bridge Company Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Noida Toll Bridge Company Limited engages in the development, establishment, construction, operation, and maintenance of Delhi Noida toll bridge on a build-own-operate-transfer basis in India. It also provides space rentals for advertisements and offices.

IndustryInfrastructure Operations

SectorIndustrials

Employees3

Annual revenue₹43 Cr

How does it make money?

Turns over ₹43 Cr a year. Of every ₹100 of sales, about ₹63 reaches shareholders as profit, with ₹29 left at the operating level before interest, tax and depreciation. Each of its 3 employees supports ₹14.29 Cr of revenue a year, the signature of a capital- or asset-led business.

Revenue / employee₹14.29 Cr

Who are its competitors?

The closest listed comparisons in its industry are LARSEN & TOUBRO LTD., ADANI PORT & SEZ LTD. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

What is its competitive advantage?Some evidence

ROCE of 172.2% is above what capital typically costs, which suggests some pricing power, though not yet the sustained, wide gap that marks a durable advantage.

Peer median ROE15.2%

What has been driving growth?

Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved +81% while net margin moved -143% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+81%

Margin effect-143%

DalalBaazaar Score

27/ 100

Weak

Weighted across six categories. Every point is explained below.

✗ Shareholders' equity is negative — accumulated losses exceed the capital in the business

Quality vs. Valuation

Company Quality

29/ 100

Weak

How good the business is, ignoring the share price entirely.

Valuation

30/ 100

Expensive

What you are being asked to pay, ignoring how good the business is.

Weak on business quality and not cheap enough to compensate.

Historical Valuation

Current P/E

2.5x

Sector Median

30.0x

median of 2 sector peers

🟢Against its sector it trades 92% below the peer median of 30.0x.

vs. its own history

Not enough price and earnings history

vs. sector peers

Cheap

30.0x median of 2 peers · -92%

vs. generic bands

N/A

Multiples unreliable — equity base is negative

EV/EBITDA

9.0x

PEG

0.08

What's Good / What's Bad

🟢 What's Going Well3

Margins are improving
EBITDA margin is up from 12.7% to 29.3% over 3 years.
Debt is being paid down
Total debt is down 36% over 3 years.
Cash generation is improving
Free cash flow is up 52% over 3 years.

🔴 What Needs Attention0

Nothing stands out as clearly deteriorating on the years of data available.

Red Flags

2 items require attention · 2 high

🔴Negative shareholders' equityFinancial
Liabilities exceed assets — accumulated losses have wiped out the company's net worth.
🔴Receivables growing faster than salesFinancial
Receivables up 222% against revenue up 81% — sales are being booked faster than they are collected.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Margin expansion has further to run
EBITDA margin has risen from 12.7% to 29.3%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
Deleveraging frees up earnings
Debt is down 36% over 3 years. Every rupee of interest not paid drops to the bottom line, so profit can grow even if revenue does not.
Cheaper than its peers
It trades 92% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.

🔴 Bear CaseWhat could go wrong?

Solvency comes before everything else
Liabilities exceed assets. Until net worth is rebuilt, the equity is a claim on a business that owes more than it owns, and further losses or a funding squeeze can leave shareholders with nothing.
The debt load needs earnings to hold up
Debt is 3.4x EBITDA. At that level a downturn in earnings turns a manageable balance sheet into a refinancing problem, and lenders get paid before shareholders.
Sales are being booked faster than collected
Receivables are up 222% against revenue up 81%. If customers keep taking longer to pay, reported profit will not turn into cash — and write-offs follow if some never do.
Earnings are hard to forecast
Profit has swung sharply from year to year, so any single year — good or bad — is a weak guide to the next. Cyclical earnings deserve lower multiples for that reason.
Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1Revenue growth stays above 16% a year✓ 21.8% CAGR
Latest reported year was 8.2%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 27%✓ 29.3%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Debt / EBITDA falls below 3x✗ 3.4x
Already stretched, so this is a reduction target rather than a level to hold. Around 3x is where lenders typically start attaching conditions.
4Free cash flow remains positive✓ ₹36 Cr
Profit that never becomes cash eventually stops being profit.

Investment Checklist

8 / 10 checks passed

✗ Shareholders' equity is positive (assets exceed liabilities)
✓ Strong return on capital employed (ROCE ≥ 15%)
✓ Healthy net margin (≥ 10%)
✓ Generates positive free cash flow
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✓ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

4 good · 5 neutral · 2 weak

Market Cap

₹70 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

2.5x

Cheap

Cheap against the generic band

P/B Ratio

Not available

No data

Source didn't return this field

EPS (TTM)

₹1.53

Profitable

Profitable on a per-share basis

ROE

Not meaningful

Negative equity

Return on equity can't be read when equity itself is negative

ROCE

172.2%

Distorted

Distorted by the negative net worth — read this alongside the solvency flag, not on its own

Debt/Equity

Not meaningful

Negative equity

Shareholders' equity is negative, so this ratio can't be read

Revenue Growth (YoY)

8.2%

Modest

Modest growth

Profit Growth (YoY)

31.8%

Healthy

Profits growing at a healthy clip

Dividend Yield

None

No dividend yield reported — usually means no payout, but verify if one was recently initiated

Free Cash Flow

₹36 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

Operating Margin

34.5%

Good

Healthy core-business profitability

Net Margin

64.8%

Good

Strong bottom-line conversion

Current Ratio

1.01

Adequate

Adequate, but no real cushion

Beta (vs Nifty)

0.89

Market-like

Moves roughly in line with the market

52W Range Position

19%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

3.8 / 4.0

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

42.3

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹24 Cr	₹21 Cr	₹40 Cr	₹43 Cr	+21.8%
EBITDA	₹3 Cr	₹4 Cr	₹245 Cr	₹13 Cr	+61.0%
EBITDA Margin	12.7%	19.0%	618.7%	29.3%	—
PAT (Net Profit)	-₹35 Cr	-₹32 Cr	-₹244 Cr	₹27 Cr	—
EPS	₹-1.89	₹-1.7	₹-13.11	₹1.46	—
ROE	-14.9%	-15.5%	—	—	—
ROCE	-15.0%	-15.5%	—	172.2%	—
Total Debt	₹67 Cr	₹67 Cr	₹43 Cr	₹43 Cr	-13.7%
Free Cash Flow	₹24 Cr	-₹4 Cr	₹15 Cr	₹36 Cr	+14.9%

🟢 Revenue has grown at 21.8% a year over 3 years.

🟢 EBITDA has grown at 61.0% a year over 3 years.

🟢 EBITDA Margin has risen from 12.7% to 29.3% over 3 years (+16.6 pts).

🟢 PAT (Net Profit) has turned positive, from -₹35 Cr to ₹27 Cr.

🟢 EPS has turned positive, from ₹-1.89 to ₹1.46.

🟢 ROCE has risen from -15.0% to 172.2% over 3 years (+187.2 pts).

🟢 Total Debt has shrunk at 13.7% a year over 3 years.

🟢 Free Cash Flow has grown at 14.9% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹107 Cr

Total Liabilities

₹119 Cr

Cash & Equivalents

₹0 Cr

Operating Cash Flow

₹37 Cr

Capex

-₹1 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

45.9%

Corporate Actions

Ex-Dividend Date

21 Sept 2016

Peer Comparison

Company	P/E	ROE
LARSEN & TOUBRO LTD.	30.1x	15.2%
ADANI PORT & SEZ LTD	29.9x	14.1%

Recent News

1 mixed5 general

Noida Toll Bridge gets Delhi HC order in NOIDA dispute; next hearing Dec 14

scanx.trade, 15 Oct

Noida Toll Bridge (NOIDATOLL.NS) Ticks Up 1.96% to ₹3.65, Nears Resistance Zone - Put Flow Alert

https://www.siam.in/, 29 Sept

Noida Toll Bridge Company Ltd. Shareholding Pattern – Promoters, FIIs & DIIs

Value Research, 30 Aug

Noida Toll Bridge Company Share Price Target 2026: Bull Case Rs 5

Univest, 01 JulAnalyst view

🟡Mixed / dependsBroker commentary — an opinion about the price rather than new information about the business.

Noida Toll Bridge Company Ltd leads gainers in 'B' group

Business Standard, 15 May

Noida Toll Bridge Stock Hits Upper Circuit: Are Technical Indicators Turning Positive?

Kalkine India, 20 May

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.
1 metric couldn't be retrieved for this stock — this is more common for smaller or thinly-covered listings.

DalalBaazaar Thesis

StrongGrowth

WeakBusiness Quality · Financial Health · Profitability · Valuation · Risk

Points for each in the Score ↑

Avoid until solvency is resolved

Noida Toll Bridge Company Limited owes more than it owns. Whatever the operating numbers show, the equity is a residual claim on a business with negative net worth, and that question has to be settled before any of the rest is worth weighing. 2 high-severity red flags sit above this conclusion and should be read first.

1 of 4 tripwires tripped — Debt / EBITDA falls below 3x · see Key things to watch ↑