NOIDA TOLL BRIDGE (NOIDATOLL.BO)

Friday

3:21 AM

Thesis: Noida Toll Bridge: the story is balanced — Daily traffic volumes on DND Flyway, driven by NCR economic activity and commuter patterns

Revenue Outlook

Metric	FY2025	FY2026
Revenue	$402M	$429M
Rev. Growth	+93.1%	+6.5%
EPS	$-13.11	$1.46
EPS Growth	-671%	+111%
P/E	—	3.0×

What Moves the Stock

1Daily traffic volumes on DND Flyway, driven by NCR economic activity and commuter patterns
2Toll rate revisions and government policy on toll collection (periodic toll-free mandates significantly impact revenue)
3Concession agreement renewal terms and remaining concession life (critical for terminal value)
4Legal disputes or regulatory changes affecting toll collection rights
5Urban development and competing route infrastructure in Delhi-Noida corridor
6Toll collections from passenger vehicles and commercial traffic on DND Flyway (estimated 95%+ of revenue)
7Ancillary revenue from advertising and other commercial activities along the corridor (estimated <5%)

FY2026 Snapshot

Revenue: $429M
Rev. Growth: +6.5%
Gross Margin: 40.4%
Op. Margin: 26.4%
Net Margin: 63.4%
Net Income: $272M
NI Growth: +111%
EPS: $1.46
1Y Return: +23.7%

NOIDATOLL.BO Chart

My Notes

value - The 20.8% FCF yield and 3.3x EV/EBITDA suggest deep value characteristics…
Moderate sensitivity to Indian interest rates through refinancing risk and discount rate effects on valuation.
Watch on earnings: Average daily traffic volumes on DND Flyway (vehicles per day, segmented by vehicle type), Indian GDP growth rate and NCR regional economic indicators, Brent crude oil prices (BZUSD) as proxy for fuel costs affecting driving behavior.

One Sentence Summary:

Noida Toll Bridge: the story is balanced — daily traffic volumes on dnd flyway, driven by ncr economic activity and commuter patterns.

Auto-composed from Stock Alarm intelligence, financial statements, and analyst estimates. Not investment advice.

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