📌 At a Glance:
Noida Toll Bridge posted ₹3.07 crore profit in FY25 and an EPS of ₹0.16. But the stock is rallying to ₹4.87 — riding 2% upper circuits like it’s 2007 again. Is there any real fuel left in this toll booth… or is this just a speculative pit stop?
🏢 About the Company
Noida Toll Bridge Company Ltd. (NTBCL) was originally built to do one thing: run the DND Flyway between Delhi and Noida, collect tolls, and smile politely.
But since tolls were suspended by the Allahabad High Court in 2016, the company basically survives on lease rentals, interest income, and scraps of legal hope.
In short — a one-road company without a road.
👨💼 Management Snapshot
- Chairman: Mr. K. Ramchand
- Promoter Holding: 74.94% (IL&FS Group – also bankrupt)
- Public Holding: 25.06%, mostly retail and confused traders
📊 FY25 Financials
| Metric | FY25 Value (₹ Cr) |
|---|---|
| Revenue from Operations | ₹40.24 |
| Other Income | ₹2.36 |
| Profit Before Tax | ₹4.10 |
| Net Profit (PAT) | ₹3.07 |
| EPS (18.61 Cr shares) | ₹0.165 |
🧮 Valuation Check
Let’s keep it simple:
- 10% growth assumed
- P/E = 12× (generous for a no-toll infra play)
Fair Value = ₹2.18
CMP = ₹4.87
Downside = –55.3%🧯 This stock is currently trading over 2x its fundamental fair value.
🔍 Why Is It Rallying Then?
A few reasons, none related to business:
✅ Tiny float + high promoter holding = volatility magnet
✅ Penny stock effect: anything under ₹5 feels “cheap” to retail
✅ Speculation on legal recovery: traders hope for toll reinstatement or compensation
✅ E-Surveillance Market (ESM): Even a little volume causes upper/lower circuits
But none of this = actual long-term value.
⚠️ The Reality Check
- ❌ No operating toll revenue
- ❌ Legal cases still unresolved
- ❌ Group company (IL&FS) under insolvency
- ❌ No growth triggers in sight
- ❌ CMP wildly exceeds EPS support
Even if they win a legal case, it’s not clear who gets paid — the company, IL&FS creditors, or NCLT-appointed resolution professionals.
🧠 EduInvesting Verdict
This is the kind of stock that rallies when people are bored and want to gamble.
It’s not a business. It’s a legal dispute listed on the stock exchange.
You’re not investing in a toll road. You’re betting on a courtroom outcome, a promoter mess, and a market that thinks ₹5 is still “early.”
📊 Final Scorecard
| Parameter | Value |
|---|---|
| EPS (FY25) | ₹0.165 |
| CMP | ₹4.87 |
| Fair Value | ₹2.18 |
| Overvaluation | +123% |
| Edu Score | ⭐⭐☆ (2/5) |
| Suitable For | Speculators only |
| NOT For | Investors or adults |
💬 Final Word
Noida Toll Bridge is proof that even a dead business can cause traffic — in trading volumes.
If you’re holding it for fun, fine. But if you’re calling this an investment?
You might as well buy toll tokens and hope they turn into NFTs.
