Noida Metro Rail Corporation

What Noida Metro Rail Corporation does

Noida Metro Rail Corporation Limited (NMRC) is a joint venture between the Government of India and the Government of Uttar Pradesh, established under the Companies Act 2013 to operate mass rapid transit in the Noida-Greater Noida region. Headquartered in Noida with a depot station in Greater Noida, the company employs 501-1,000 staff and operates the 29.707 km Aqua Line metro corridor with 21 elevated stations (15 in Noida, 6 in Greater Noida), which became operational on 26 January 2019. NMRC is governed by senior IAS officers, with its Managing Director serving concurrently as CEO of Noida Authority and the Chairman functioning as Joint Secretary in the Ministry of Housing and Urban Affairs.

The core product is the Aqua Line metro rail service, supported by an open-loop EMV-based automated fare collection (AFC) system, QR code ticketing, the NMRC mobile application (Android and iOS), and the co-branded SBI NMRC City 1 contactless smart card offering 10% journey discounts. Cross-network QR interoperability with Delhi Metro Rail Corporation (DMRC) was launched in September 2025, with UPI-based smart card recharge at ticket vending machines added in May 2025. NMRC also operates Cashless Ticket Vending Machines at all 21 stations. Average daily ridership has grown from 11,625 at inauguration to 74,370 as of September 2025, a 6.5-year compounded increase of ~442%.

NMRC generates revenue through two streams: fare-box revenue from tickets and smart cards (station-based pricing of Rs 10-50 with smart card discounts and reduced Sunday/holiday fares), and non-fare box revenue from commercial space leasing across 21 stations, parking facilities at 15 stations, kiosks at 6 stations, rooftop advertising, and 30-year co-branding PPP contracts. All 21 stations hold IGBC Platinum sustainability certification. Three major extensions are approved or under procurement — Sector 142 to Botanical Garden (11.56 km, Rs 2,254.35 crore), Sector 51 to Knowledge Park-V (17.435 km), and Depot to Boraki (2.6 km, Rs 416 crore) — with a planned total network of 61.62 km.

Name

Noida Metro Rail Corporation

Legal name

Noida Metro Rail Corporation Limited

Website

https://nmrcnoida.com

Company type

Private

Founded year

2015

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Noida Metro Rail Corporation is a GoI-GoUP joint venture operating the 29.7 km Aqua Line metro with 21 elevated stations in Noida and Greater Noida. It serves daily commuters and IT/corporate employees via fare-box revenue, smart cards, commercial leasing, parking, and co-branding.

Ownership category

akta.pro rank

Product category

Urban Metro Rail Transit

NAICS

Urban Transit Systems (4851), Interurban and Rural Bus Transportation (4852)

SIC

Local & Suburban Transit & Interurban Hwy Passenger Trans (4100)

akta.pro primary industry

Metro/Urban Rail Operators (Integrated Multimodal Agencies) (TLAFAEAG)

akta.pro secondary industries

Metro/Subway Stations (THAIALAB), Public Transit Bus Operators (Municipal/Regional) (TLAFAAAI)

Keywords

• Urban metro rail
• Mass transit services
• Public transportation
• Metro ticketing systems
• Automated fare collection

Headquarters

HQ city

Noida

HQ country

India

HQ region

Asia

Offices2 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Infrastructure, Operations, Personnel, Technology or R&D, Supply Chain

Revenue model

1. Fare Box Revenue: Revenue from ticket sales including QR tickets, smart cards, and paper QR codes for metro travel. Fare is calculated based on number of stations travelled with discounts for smart card usage.
2. Non-Fare Box Revenue: Revenue from commercial spaces, kiosks, parking facilities, advertising rights, and co-branding partnerships. NMRC has achieved 20% growth in non-fare box revenue.
3. Licensing Revenue: Revenue from licensing commercial spaces at metro stations, including ground floor, concourse, and platform level spaces, as well as rooftop advertising and parking rights.

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels5 records

Core offering

Noida Metro Rail Corporation operates the Aqua Line, a 29.707 km elevated metro corridor connecting Noida and Greater Noida with 21 stations. Beyond passenger transit, NMRC sells fare media (QR tickets and co-branded smart cards), licenses commercial spaces, kiosks, parking facilities, and co-branding rights at stations, and offers the NMRC mobile app for ticketing and journey planning.

Product overview

Noida Metro Rail Corporation (NMRC) operates the Aqua Line metro rail system, a 29.707 km elevated corridor connecting Noida and Greater Noida with 21 stations. The core product is supplemented by three major extension projects currently underway: Sector-51 to Knowledge Park-V (17.4 km, 11 stations), Sector-142 to Botanical Garden (11.56 km, 8 stations), and Depot to Boraki (2.6 km, 2 stations). Digital offerings include the NMRC Mobile Application for QR ticketing with DMRC interoperability, and the SBI NMRC City 1 Card providing open-loop contactless fare payment with 10% discount. Non-fare revenue streams encompass commercial space leasing, kiosk licensing, parking facilities, and co-branding partnerships under PPP model. The network connects with Delhi Metro's Blue and Magenta lines at Botanical Garden and Sector-61 stations.

Differentiator

Problem solved

Functional benefit

Brands

• SBI NMRC City 1 Card: A contactless smart card for multiple journeys with 10% discount on every journey, valid for 1 year from last recharge.

Products and services

• Aqua Line Metro Rail Service The primary metro rail service on the Noida-Greater Noida corridor, spanning 29.707 km with 21 elevated stations from Sector-51 (Noida) to Depot Station (Greater Noida), with interchange to Delhi Metro at Botanical Garden. Serves daily commuters in the National Capital Region.
• NMRC Mobile Application Official NMRC mobile application enabling QR ticket purchase, smart card recharge, journey planning, fare calculation, and DMRC QR code interoperability for commuters travelling on the Aqua Line.
• SBI NMRC City 1 Smart Card Contactless open-loop EMV-based smart card for multiple metro journeys, offering a 10% discount versus QR tickets, with stored-value limits of Rs 2,000 and a one-year validity from last recharge.
• QR Ticket System Single-journey and return-journey QR code tickets sold at station counters, Cashless Ticket Vending Machines, and the NMRC mobile app, with 30-minute validity from purchase.
• Commercial Space Leasing Licensed commercial spaces at metro stations for retail, dining, and service outlets, available at ground floor, concourse and platform levels on 15-year license periods.
• Kiosk Licensing Licensed kiosk vending machine spaces at six metro stations for operating convenience stores and small retail outlets.
• Parking Facilities Park-and-ride facilities for cars and two-wheelers at 15 metro stations across the Aqua Line, with hourly and monthly pricing tiers.
• Co-Branding Partnerships Public-private partnership offering 30-year co-branding and naming rights at metro stations in exchange for private investment in station-associated infrastructure across existing and upcoming stations.
• Sector 51-52 Skywalk Air-conditioned elevated pedestrian skywalk with travelator connecting NMRC's Aqua Line Sector 51 station with DMRC's Blue Line Sector 52 station, easing interchange for transfer passengers.

Quantifiable outcome

• 400%+ ridership increase from 11,625 (Jan 2019) to 74,370 daily average (Sept 2025)
• +2 more outcomes

Named customers1 record

Segments2 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration3 records

Feature3 records

Partnerships

Six partnerships are on record, tiered core and major.

• Government of India (GoI)coreStrategic or Co-development PartnerJoint venture partner with Government of Uttar Pradesh for establishing mass transit systems in Noida and Greater Noida. GoI holds equity stake in NMRC and provides regulatory oversight through Ministry of Housing and Urban Affairs.
• Government of Uttar Pradesh (GoUP)coreStrategic or Co-development PartnerJoint venture partner with Government of India. GoUP contributes equity through Noida Authority and Greater Noida Industrial Development Authority. Provides state government support and regulatory approvals.
• Delhi Metro Rail Corporation (DMRC)coreTechnology or IntegrationInterchange partner providing connectivity between NMRC Aqua Line and DMRC network at Botanical Garden station. Creates triple interchange connecting Aqua Line with Blue Line and Magenta Line.
• State Bank of India (SBI)majorChannel Partner/ Reseller/ DistributorCo-branding partner for SBI NMRC City 1 Card. Card available for purchase and recharge through SBI transit portal. Provides financial services infrastructure for metro ticketing.
• Noida AuthoritycoreStrategic or Co-development PartnerUrban development authority contributing equity to NMRC. Provides land and infrastructure support for metro stations and corridors in Noida region.
• Greater Noida Industrial Development Authority (GNIDA)coreStrategic or Co-development PartnerIndustrial development authority contributing equity to NMRC. Supports metro infrastructure development in Greater Noida region.

Scale indicators11 records

Recent moves10 records

Expansion highlights6 records

Direct peers

• Mumbai Metro One (MMOPL): Operates Mumbai Metro Line 1 (Versova-Andheri-Ghatkopar) as a PPP metro operator with comparable urban metro business model in India, including fare box revenue, station advertising, and commercial spaces.
• Hyderabad Metro Rail (HMRL/L&T Metro Rail): Public-private partnership metro system with 69 km operational across three corridors. Comparable on PPP structure, fare collection systems, station commercial development, and Indian urban metro operations.
• Delhi Metro Rail Corporation (DMRC): India's largest metro operator running ~390 km of network across Delhi NCR with similar mass-transit operations, fare media, and interchange business model. Directly comparable on urban rail operations, ridership scale, and government JV structure; NMRC has operational partnership with DMRC.
• Chennai Metro Rail (CMRL): JV between GoI and Government of Tamil Nadu operating metro rail in Chennai with similar regulatory, equity, and operational structure as NMRC. Comparable on fare media, station commercial leasing, and Indian urban mass transit operations.
• Bangalore Metro Rail Corporation (BMRCL): Operates Namma Metro in Bengaluru, a state-level JV metro operator with elevated and underground corridors, fare collection, and commercial development activities. Comparable on business model, government ownership structure, and Indian urban metro context.
• Kochi Metro Rail Limited (KMRL): Joint venture between GoI and Government of Kerala operating metro rail in Kochi. Comparable on JV ownership structure, fare collection systems, and Indian urban mass transit operations with similar scale.
• Jaipur Metro Rail Corporation (JMRC): Government of India and Government of Rajasthan JV operating metro in Jaipur with similar operational scale (~30 km) and structure to NMRC. Comparable on small-to-mid-size Indian urban metro operations and fare box model.
• Rapid Metro Gurgaon (Delhi Metro Rail Corporation subsidiary): Privately-developed metro in Gurgaon operating as feeder to DMRC, similar small-footprint elevated metro in NCR commercial hub. Comparable on urban metro business model in the same Delhi-NCR commuter catchment.

Regional players

• Lucknow Metro Rail Corporation (UPMRC): Operates metro in Lucknow under Government of Uttar Pradesh oversight — same state government (GoUP) is a JV partner in NMRC. Comparable on state-backed JV structure, operational model, and fare system within Uttar Pradesh urban transit context.
• National Capital Region Transport Corporation (NCRTC): Special purpose vehicle for RRTS (Regional Rapid Transit System) connecting Delhi to Meerut, Panipat, and Alwar in NCR. Comparable on government JV structure and regional rail operations in NCR, but focused on higher-speed regional connectivity rather than urban metro.

Market position

Strengths5 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/noidametrorail
• YouTubeyoutube.com/channel/UC2PkrQozcfFRnpzO5eLU0Qg?gl=IN
• Facebookfacebook.com/nmrc.noidametro.7?fref=ts
• LinkedInlinkedin.com/company/noida-metro-rail-corporation-limited

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Funding overview

Funding rounds

Investors

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M&A

Investments

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Frequently asked questions about Noida Metro Rail Corporation