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Strong Revenue Growth: Revenue up ↑ 14.2% to ₹2,312.91 crore in FY25 (from ₹2,025.45 crore in FY24), reflecting better collections and operational efficiency.
Consistent Revenue Surplus: NMC has maintained a healthy revenue surplus (₹646.35 crore in FY25 vs 471.79 Crore in FY24), indicating strong operating performance and sound financial management.
Healthy Cash Position: Closing cash and bank balance stood at ₹915.17 crore in FY25 ( vs 868.11 crore in FY24 & 732.53 crore in FY23), providing strong liquidity to fund infrastructure and development projects.
Strong escrowed revenue-backed structure: Entire own-revenue collections (tax and non-tax) are escrowed with a clearly defined waterfall; escrow revenues increased to ₹663.60 Cr. in FY25 (FY24: ₹448.50 Cr.), providing adequate cover for debt servicing.
Consistent operating surplus and low debt profile: Revenue surplus maintained over FY21-FY25 (FY25 surplus: ₹687.90 Crore); NMC was debt-free for over five years prior to the current bond issuance, supporting strong DSCR comfort.
Trustee-monitored payment discipline: All escrow, Interest payment A/c (IPA) and Sinking Fund Account (SFA) accounts are monitored by the debenture trustee, ensuring strong control on cash flows and timely servicing of bond obligations.
Superior liquidity position: Cash balances and unencumbered investments stood at ₹1700.7 crore as of FY25; internal policy to maintain liquidity equivalent to three months of operating expenses; no principal repayment obligations in FY26-FY27.
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