Noida Toll Bridge Company

What Noida Toll Bridge Company does

Noida Toll Bridge Company Limited (NTBCL) operates and maintains the DND Flyway, a 9 km urban toll bridge corridor connecting Delhi and Noida across the Yamuna River under a Build Own Operate Transfer (BOOT) concession signed with the New Okhla Industrial Development Authority (NOIDA) in November 1997. The asset, which opened to the public on 7 February 2001 and completed 25 years of operations in 2026, comprises an 8-lane dual carriageway, a 552-metre main bridge plus three minor bridges, grade-separated cloverleaf and trumpet interchanges, and a 32-lane fully computerized toll plaza. It serves approximately 3,00,000 vehicles daily as the only direct grade-separated connector between the two cities, and NTBCL maintains the corridor to a reported 99.6% rideability uptime through resurfacing, milling and recarpeting, line marking, drainage cleaning, LED street lighting upkeep, noise barriers, and horticulture.

NTBCL's primary revenue model is usage-based tolling, but toll collection has been suspended since October 2016 following an Allahabad High Court order that struck down Articles 13 and 14 of the Concession Agreement; the Supreme Court dismissed NTBCL's application on 20 December 2024 and rejected its review petition on 9 May 2025, leaving the tolling route legally foreclosed. Under the still-valid concession, NTBCL has shifted to monetising advertising spaces on the flyway via competitive tender processes, awarding multi-year licences (Times Innovative Media was the H-1 bidder under a February 2023 LOA for a 5-year term) and sharing a portion of revenue with NOIDA — ₹3.40 crore was shared in FY26. Development rights on adjoining land, contemplated under the concession and recommended by an independent auditor in 2001, remain unactivated.

NTBCL is publicly listed on NSE (NOIDATOLL) and BSE (532481), was incorporated in 1996 as an IL&FS-promoted special purpose vehicle, and has over 60,000 public shareholders holding approximately 70% of equity after IL&FS Transportation & Networks Limited divested its stake in June 2024. The company reported FY26 consolidated revenue of ₹58.84 crore (up 38.09% YoY, attributable to one-time exceptional income) and a profit after tax of ₹27.24 crore, a turnaround from a Loss after Exceptional Items of ₹244.19 crore in FY25. As of June 30, 2025, NTBCL carried ₹43 crore of outstanding secured loans and ₹74 crore of non-accrued interest, sheltered by an NCLAT-granted interest moratorium under the IL&FS Resolution Framework.

Name

Noida Toll Bridge Company

Legal name

Noida Toll Bridge Company Limited

Website

https://ntbcl.com

Company type

Public

Founded year

1996

Operating status

Operating

Headcount range

11–50 employees

Short description

Noida Toll Bridge Company Limited operates and maintains the 9 km DND Flyway, a BOOT-concession toll bridge connecting Delhi and Noida across the Yamuna, serving roughly 3,00,000 daily commuters. With tolling suspended since 2016, NTBCL now monetises advertising rights on the corridor and ancillary concessions under its still-valid agreement with NOIDA.

Ownership category

akta.pro rank

Product category

Toll Road Infrastructure & Operations

akta.pro primary industry

Roadway Structures & Geotechnical Asset Maintenance (Retaining Walls, Slopes, Rockfall) (TLAJAAAI)

akta.pro secondary industry

Road & Tunnel Operations/Construction Interfaces (Tolling Infrastructure, Ventilation/Fire-Life-Safety Civil Works) (IMAFAEAL)

Keywords

• Toll road operations
• Urban infrastructure
• BOOT concession
• Advertising licensing
• Road maintenance services

Headquarters

HQ city

Delhi

HQ country

India

HQ region

Asia

Offices2 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Operations, Infrastructure, Others, Personnel

Revenue model

1. Toll / User Fee Collection (Historical — Suspended): NTBCL operated and collected toll/user fees from commuters crossing the DND Flyway as the primary revenue stream under the Concession Agreement. Toll collection was discontinued following the Allahabad High Court order (October 2016) upheld by the Supreme Court. Despite the toll suspension, NTBCL continues to own and maintain the asset under the Concession Agreement.
2. Advertising Revenue: NTBCL monetises advertising spaces on the DND Flyway corridor by awarding multi-year licences to third-party advertising agencies through competitive tender processes. Revenue is shared with NOIDA Authority — ₹3.40 crore was shared during FY26.
3. Development Rights (Under Concession — Not Yet Activated): The Concession Agreement contemplated development rights on land adjoining the flyway as an alternate revenue stream to compensate for traffic shortfalls. These rights were recommended by an independent auditor in 2001 but were never granted by NOIDA, contributing to the project's financial stress.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels4 records

Core offering

NTBCL operates the DND Flyway—a 9-km, 8-lane dual carriageway urban toll bridge connecting Delhi and Noida across the Yamuna River—under a Build Own Operate Transfer (BOOT) concession with NOIDA. Following the suspension of toll collection in October 2016, the company maintains the corridor for free public use while monetising advertising spaces on the flyway through competitive tenders awarding multi-year licences to third-party advertising agencies.

Product overview

Noida Toll Bridge Company Limited operates the DND Flyway as a single core infrastructure asset — a 9-kilometer toll bridge connecting Delhi and Noida across the Yamuna River. The company provides toll collection via its computerized 32-lane plaza, road maintenance services including resurfacing, LED lighting upgrades, and horticulture, and commercializes advertising spaces along the flyway corridor. All operations and maintenance are conducted by NTBCL as the concessionaire under a Build Own Operate Transfer (BOOT) model, with no public-facing digital products or SaaS offerings.

Differentiator

Problem solved

Functional benefit

Brands

• DND Flyway: The Delhi-Noida Direct Flyway - a 9km 8-lane dual carriageway connecting Noida Sector 15A with Ring Road near Maharani Bagh, including a 552 meter bridge across River Yamuna and 3 minor bridges.

Products and services

• DND Flyway (Toll Bridge Infrastructure) 9-kilometer, 8-lane dual carriageway toll bridge infrastructure connecting Noida Sector 15A with Ring Road near Maharani Bagh (Delhi), featuring a 552-metre main bridge across the Yamuna river, 3 minor bridges, grade-separated interchanges, and 8-lane approach road on embankment. Operated under a BOOT concession with NOIDA; serves 3,00,000 daily vehicles and provides free public access since toll suspension in October 2016.
• Advertising Spaces on DND Flyway Licensing of advertisement spaces (fixed MS and RCC structures along the carriageway) on the DND Flyway for commercial display by third-party advertising agencies; revenue is shared with NOIDA Authority (₹3.40 crore shared during FY26).
• Road Maintenance Services on DND Flyway Comprehensive infrastructure upkeep services including road resurfacing, milling and recarpeting, asphalt rolling, line marking, sweeping, drainage cleaning, pothole repair, LED lighting upgrades and horticulture/greenery maintenance for the DND Flyway corridor under NTBCL's concession obligation.

Quantifiable outcome

• 3,00,000 vehicles commute daily across the DND Flyway, making it a critical urban mobility corridor connecting Delhi and Noida.
• +3 more outcomes

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

One partnership is on record.

• Times Innovative MediaminorChannel Partner/ Reseller/ DistributorAwarded as H-1 bidder (Letter of Award issued February 2023) for the contract for display of advertisement on DND Flyway. The contract was for licensing of advertisement spaces for a period of 5 years, awarded through a competitive tender process.

Scale indicators12 records

Recent moves5 records

Expansion highlights4 records

Broad incumbents

• GMR Group: Diversified infrastructure operator with road and highway interests alongside airports, energy, and urban infrastructure verticals. Comparable to NTBCL as a broad infrastructure incumbent with operating experience on tolled corridors.
• Reliance Infrastructure Limited: Diversified infrastructure conglomerate with a significant road and highway BOT portfolio alongside power, metro and EPC businesses. Comparable to NTBCL as a broad incumbent with overlapping toll-road operations and concession expertise.
• Larsen & Toubro Limited: India's largest EPC conglomerate with a highway construction arm and select BOT operations across its infrastructure segment. Comparable to NTBCL as a broad incumbent operating in the same build-operate-transfer infrastructure space.

Direct peers

• Sadbhav Engineering Limited: Highway and toll-road operator combining EPC execution with BOT concessions. Directly comparable to NTBCL for its toll-concession cash-flow model on Indian state and national highway corridors.
• Ashoka Buildcon Limited: BOT and HAM road operator with an active toll-road portfolio across multiple Indian states. Directly comparable to NTBCL as it generates toll-based revenue from highway concessions granted by NHAI and state authorities under similar contractual structures.
• IRB InvIT Fund: Infrastructure investment trust holding operating toll-road concessions transferred from IRB Infrastructure Developers. Directly comparable to NTBCL as a dedicated vehicle monetising toll-collection rights under long-duration concession contracts.
• IRB Infrastructure Developers Limited: India's largest BOT toll road operator running multiple highway concessions under the same Build-Own-Operate-Transfer framework as NTBCL. Directly comparable as it monetises long-tenure toll concessions on urban and intercity corridors across India.
• Dilip Buildcon Limited: Road and highway builder with hybrid annuity model (HAM) and BOT toll projects. Directly comparable to NTBCL for its build-operate-toll franchise on Indian state and national highway concessions.
• MEP Infrastructure Developers Limited: Indian toll road operator with multiple BOT highway projects spanning Mumbai-Ahmedabad and other corridors. Directly comparable to NTBCL as a toll-road-focused concessionaire operating under similar long-dated revenue models.
• IndInfravit Trust: Indian toll-road trust operating highway concessions on a continuous revenue-yielding basis. Directly comparable to NTBCL as a fellow listed toll-road concession vehicle with structurally similar cash-flow profile.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/noida-toll-bridge-company-limited---india

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Noida Toll Bridge Company