Expenses rose 11.95% as Noida Toll margin fell 7.59 points
Consolidated revenue was nearly flat sequentially, while other income supplied 32.75% of pre-tax profit and the tax rate rose 4.48 percentage points.
Filed 12 Nov 2026, 16:58 IST · after market close · Noida Toll Bridge Company Ltd (NOIDATOLL)
Key takeaways
- Consolidated operating margin fell 7.59 percentage points sequentially to 28.49% as expenses grew +11.95% while revenue grew +0.18%.
- Net profit declined 18.95% sequentially as the tax rate rose 4.48 percentage points, while other income contributed 32.75% of pre-tax profit.
- Despite the sequential margin contraction, the company's 28.49% operating margin was 11.84 percentage points above the Services median across 65 reported peers.
Price around the results
Costs erased sequential operating leverage
Noida Toll Bridge's consolidated revenue was almost unchanged from Q1FY27, rising +0.18%, but expenses increased +11.95%. Costs therefore grew faster than revenue, cutting operating profit by 20.92% and narrowing operating margin by 7.59 percentage points to 28.49%.
Reported profit included meaningful non-operating support
Other income accounted for 32.75% of pre-tax profit, so the reported profit outcome was not driven solely by operations. The tax rate also rose 4.48 percentage points to 4.93%, contributing to the 18.95% sequential decline in net profit.
Margin remains above the Services peer median
The 28.49% operating margin was 11.84 percentage points above the 16.65% median for the 65 Services peers that had reported. The sequential direction was weaker, however, with margin down from 36.08% in Q1FY27. The consolidated results were filed after market close.
Q2FY27 at a glance
Consolidated figures as filed with NSE — filed ahead of third-party databases, not yet independently cross-checked.
| Line item | Q2FY27 | Q1FY27 | QoQ |
|---|---|---|---|
| Revenue | ₹11 cr | ₹11 cr | +0.18% |
| Other income | ₹1 cr | ₹1 cr | +4.20% |
| Expenses | ₹8 cr | ₹7 cr | +11.95% |
| Operating profit | ₹3 cr | ₹4 cr | -20.92% |
| Operating margin (%) | 28.49% | 36.08% | — |
| Interest | ₹0 cr | ₹0 cr | — |
| Depreciation | ₹0 cr | ₹0 cr | +5.56% |
| Profit before tax | ₹5 cr | ₹5 cr | -14.95% |
| Tax | ₹0 cr | ₹0 cr | +1000.00% |
| Net profit | ₹4 cr | ₹5 cr | -18.95% |
| EPS (₹) | ₹0.23 | ₹0.29 | -20.69% |
Operating margin of 28.49% compares with a Services sector median of 16.65% across 65 peers that have reported Q2FY27.
What to watch
- Whether expenses growth moderates from +11.95% sequentially.
- Whether operating margin recovers from 28.49% after falling from 36.08% in Q1FY27.
- Whether other income's contribution remains near 32.75% of pre-tax profit.