Noida Tollbridg. (NOIDATOLL)

Score breakdown: P/E: 3/3 · ROCE: 0/2 · Growth: 2/2 · Dividend: 0/1

Key Financials

Strengths

• Price-to-book of 0.37 offers a wide margin on stated book value of ₹10.41.
• Low reported P/E of 2.54 with ROE of 14.15% suggests statistically cheap earnings.
• Piotroski F-score of 6/9 indicates moderately sound fundamentals, not a distressed wreck.
• Sales grew 6.86%, showing some revenue stability despite operational concerns.

Concerns

• ROCE is deeply negative at -8.55%, implying core operations may not earn their cost of capital.
• Latest quarter net profit of ₹15 Cr exceeds sales of ₹11 Cr, signaling earnings quality is questionable and possibly non-recurring.
• Dividend yield is 0%, so shareholders receive no cash return while awaiting value realisation.
• Promoter holding of only 26.37% is low, reducing alignment with minority investors.
• Debt/Equity is stated as N/A, leaving balance-sheet leverage and repayment risk unclear.

AI Analysis

Let me start with what I like. Noida Tollbridg is selling at ₹3.84, against a book value of ₹10.41. That is a price-to-book of 0.37. In the simplest Graham sense, the market is offering a rupee of stated net worth for just 37 paise. The reported P/E is 2.54, and the ROE is 14.15%. On those metrics alone, it looks statistically cheap. But I did not build a fortune on ratios alone; I look for a business that can genuinely earn its cost of capital. Here the alarm bells ring: ROCE is minus 8.55%. That tells me the underlying road asset may not be earning its keep operationally. The positive ROE and a quarterly net profit of ₹15 crore against sales of only ₹11 crore suggest the bottom line is being propped up by something other than toll collection. I cannot ignore that. The 431% profit growth and PEG of 0.01 are statistical artifacts, not a moat. With zero dividend and promoters holding only 26.37%, this is not a compounder run with minority shareholders firmly in mind. Debt/equity is unavailable, so I cannot fully judge leverage risk. The Piotroski score of 6/9 keeps it from being a complete wreck, but Graham would demand hard evidence of durable earning power before treating book value as a floor. This is a deep value asset play candidate only for those who understand that a toll road concession is not a liquid asset. If that ₹15 crore profit is not repeated, today's price may be fair rather than cheap.

Data from BSE/NSE filings. AI analysis is for educational purposes only — not investment advice. Scoring methodology · Disclaimer