Sadbhav Infrastructure Project Limited (SADBHIN)
₹2.48 +1.22% last close, 16 Oct
Latest quarterly results (Q4 FY26)
In its latest reported quarter, Q4 FY26, Sadbhav Infrastructure's revenue was ₹202 Cr (+1.0% year on year, -1.9% on the previous quarter), and net profit ₹86.0 Cr (against a loss a year earlier); the operating margin was 41.6%.
| Q4 FY26 (₹ Cr) | Value | YoY vs Q4 FY25 | QoQ |
|---|---|---|---|
| Revenue | ₹202 | +1.0% | -1.9% |
| Operating profit | ₹84.0 | -31.7% | -43.2% |
| Net profit | ₹86.0 | from loss | from loss |
| EPS (₹) | 1.90 | from loss | from loss |
| Operating margin | 41.6% | — | — |
SADBHIN delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 78.59% of the SADBHIN shares traded on NSE were taken to delivery, against the stock's own 20-session average of 77.69%. That is close to its usual level. Turnover was only ₹1 lakh, so a handful of trades can move this figure. Volume was 0.4 times its average, well below normal. It closed at a price band (circuit) on 1 session in about the last 20.
Delivery in the last 5 sessions: 69.7% · 82.7% · 84.6% · 78.1% · 78.6%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Sadbhav Infrastructure Project Limited disclosed voting results from its 20th Annual General Meeting held on September 30, 2026. All 9 resolutions were passed by requisite majorities, with overall voting participation of ~70.48% across 248.24 million polled shares. Crucially, shareholders approved special resolutions enabling the pledge of shares and giving of securities exceeding 20% of assets in key material subsidiaries (including SHAPL, SNHL, SRHL, and SVHL), as well as the disposal/sale of assets exceeding 20% or cessation of control in subsidiaries Sadbhav Maintenance Infrastructure and Sadbhav Infra Solutions. An ordinary resolution was also approved to appoint a Statutory Auditor to fill a casual vacancy.
- All resolutions in AGM notice dated September 5, 2026 approved by shareholders with ~70.48% voting turnout (248,235,038 votes polled)
- Special resolution approved to pledge shares and provide securities exceeding 20% of assets of material subsidiaries SHAPL, SNHL, SRHL, and SVHL (99.9987% in favour)
- Approved asset sale/transfer exceeding 20% of assets or disposal/liquidation leading to loss of control in Sadbhav Maintenance Infrastructure and Sadbhav Infra Solutions (99.9525% in favour)
- Appointment of Statutory Auditor to fill casual vacancy passed with 99.9987% approval
Sadbhav Infrastructure Project Limited conducted its 20th Annual General Meeting on September 30, 2026. Key agenda items placed for shareholder approval included special resolutions for pledging shares in material subsidiaries like MBCPNL, SHAPL, SNHL, SRHL, and SVHL. Additionally, shareholders voted on the disposal or sale of assets exceeding 20% in two material subsidiaries, Sadbhav Maintenance Infrastructure and Sadbhav Infra Solutions, including a potential complete exit and loss of control. Scrutinizer voting results are expected within two working days.
- Conducted 20th AGM on September 30, 2026, covering 9 ordinary and special resolutions
- Special resolution tabled to approve share pledge in material subsidiary Maharashtra Border Check Post Network Limited (MBCPNL)
- Resolution tabled to pledge shares and give securities exceeding 20% of assets across four HAM/highway subsidiaries (SHAPL, SNHL, SRHL, SVHL)
- Proposed sale/transfer of assets exceeding 20% or complete disposal/liquidation of two subsidiaries: Sadbhav Maintenance Infrastructure and Sadbhav Infra Solutions
- Voting results along with scrutinizer's report to be declared within 2 working days
Sadbhav Infrastructure Project Limited has issued the notice for its 20th Annual General Meeting scheduled for September 30, 2026. Key agenda items include the appointment of M/s. O R Maloo & Co. as statutory auditors following the resignation of SGDG & Associates LLP effective August 12, 2026. Shareholders will also vote on regularizing two independent directors and authorizing the pledge or disposal of shares in material subsidiary Maharashtra Border Check Post Network Limited (MBCPNL). The company remains financially stressed with a TTM net loss of Rs 26 Cr and debt of Rs 366 Cr against a market cap of Rs 120 Cr.
- 20th AGM scheduled for September 30, 2026 at 12:00 p.m. via Video Conferencing
- Shareholder approval sought for pledge/disposal of shares in subsidiary MBCPNL, potentially reducing stake below 50%
- Appointment of M/s. O R Maloo & Co. as Statutory Auditors through 2031 to fill casual vacancy from August 12, 2026 resignation
- Appointment of Ankit Kishorbhai Shah and Jaldeep Prakashbhai Patel as Independent Directors for 5-year terms till August 10, 2031
- Cost auditor remuneration for FY 2026-27 proposed at ₹ 25,000 per annum
Sadbhav Infrastructure Project Limited informed stock exchanges that its Board reviewed the non-compliance regarding Regulation 17(1) of SEBI LODR and the fines imposed by NSE and BSE at its meeting on September 05, 2026. The Board noted that the non-compliance has been resolved following the appointments of Mr. Jaldeep Patel and Mr. Ankit Shah as Additional Independent Directors effective August 11, 2026. The specific fine amount imposed by the exchanges was not disclosed in the filing. The company reported TTM revenue of ₹775 Cr and a TTM net loss of ₹26 Cr.
- Stock exchanges (NSE and BSE) imposed fines on the company for non-compliance with Regulation 17(1) of SEBI LODR regarding Board composition.
- Matter and exchange penalties were tabled and reviewed by the Board of Directors on September 05, 2026.
- Compliance restored following appointment of two Additional Independent Directors (Mr. Jaldeep Patel and Mr. Ankit Shah) effective August 11, 2026.
- Exact penalty quantum imposed by the stock exchanges was not disclosed in the announcement.
Sadbhav Infrastructure Project Limited has recommended appointing M/s. O R Maloo & Co as Statutory Auditor for a 5-year term (2026 to 2031) to fill the casual vacancy created by the resignation of M/s. S G D G & Associates LLP on August 12, 2026. The Board also approved the disposal or liquidation of its entire shareholding in two material subsidiaries: Sadbhav Maintenance Infrastructure Pvt Ltd and Sadbhav Infra Solutions Pvt Ltd. Both subsidiaries contributed nil turnover and negligible net worth (-(1.40) million and 0.27 million INR respectively) in FY 2025-26. The appointments and disposals are subject to shareholder approval at the AGM scheduled for September 30, 2026.
- Appointed M/s. O R Maloo & Co as Statutory Auditor for a 5-year term until the 25th AGM in 2031
- Casual vacancy arose from the resignation of previous auditor M/s. S G D G & Associates LLP on August 12, 2026
- Approved disposal/liquidation of 100% shareholding in Sadbhav Maintenance Infrastructure Pvt Ltd and Sadbhav Infra Solutions Pvt Ltd
- Target subsidiaries contributed NIL turnover in FY 2025-26
- AGM scheduled for September 30, 2026 to seek shareholder approval
Sadbhav Infrastructure Project Limited's Board has recommended the appointment of M/s. O R Maloo & Co. as Statutory Auditor for a 5-year term (2026–2031), filling a casual vacancy following the resignation of M/s SGDG & Associates LLP on August 12, 2026. The Board also approved the sale, disposal, or liquidation of two material subsidiaries: Sadbhav Maintenance Infrastructure Pvt Ltd and Sadbhav Infra Solutions Pvt Ltd. Both subsidiaries contributed NIL revenue in FY26, with net worth contributions of -₹1.40 million (-0.022%) and ₹0.27 million (0.004%) respectively. The 20th Annual General Meeting is scheduled for September 30, 2026.
- Appointment of M/s. O R Maloo & Co. as Statutory Auditor for a 5-year term from the 20th AGM (2026) to 25th AGM (2031)
- Auditor appointment fills casual vacancy caused by the resignation of previous auditors on August 12, 2026
- Approval for disposal/liquidation of Sadbhav Maintenance Infrastructure (Net Worth: -₹1.40 Million) and Sadbhav Infra Solutions (Net Worth: ₹0.27 Million)
- Both target subsidiaries contributed NIL revenue to consolidated turnover in FY 2025-26
- Annual General Meeting convened for September 30, 2026
Sadbhav Infrastructure Project Limited (SADBHIN) has announced the resignation of its statutory auditor, M/s. SGDG & Associates LLP, effective August 12, 2026, citing the company's reduced operational scale. The board has also sought shareholder approval for the sale, disposal, or pledge of assets in five material subsidiaries, including SHAPL and MBCPNL, to facilitate deleveraging. This comes as the company manages a debt of Rs 366 Cr against a market cap of Rs 121 Cr. Additionally, two new Independent Directors were appointed to the board effective August 11, 2026.
- Statutory Auditor M/s. SGDG & Associates LLP resigned effective August 12, 2026, citing a lack of operational activities.
- Board approved the sale or pledge of assets in 5 material subsidiaries: SHAPL, MBCPNL, SNHL, SRHL, and SVHL.
- Two new Independent Directors, Mr. Jaldeep Patel and Mr. Ankit Shah, appointed for 5-year terms starting August 11, 2026.
- The 20th Annual General Meeting (AGM) is scheduled for September 30, 2026, to seek shareholder approval for these changes.
- Company reported a TTM Net Loss of Rs 26 Cr and maintains a high Debt-to-Equity ratio of 0.56.
Sadbhav Infrastructure Project Limited (SIPL) has authorized the sale, disposal, or pledge of assets and shares in five material subsidiaries, including Maharashtra Border Check Post Ltd and Sadbhav Hybrid Annuity Projects Ltd, to address its financial stress. Concurrently, the statutory auditor, M/s. SGDG & Associates LLP, has resigned effective August 12, 2026, citing a lack of operational activities relative to their firm's scale. The company reported a TTM loss of Rs 26 Cr and carries a debt of Rs 366 Cr, which is over 3x its current market capitalization of Rs 121 Cr. The board also approved Q1 FY27 results with a 'modified opinion' from the auditors, indicating potential accounting concerns.
- Authorization to sell, dispose, or pledge shares in 5 material subsidiaries (SHAPL, MBCPNL, SNHL, SRHL, and SVHL).
- Statutory Auditor M/s. SGDG & Associates LLP resigned effective August 12, 2026, citing limited operational activity.
- Appointment of Mr. Jaldeep Prakash Patel and Mr. Ankit Kishorbhai Shah as Independent Directors for 5-year terms.
- 20th Annual General Meeting (AGM) scheduled for September 30, 2026.
- Q1 FY27 Unaudited Financial Results adopted with a 'Modified Opinion' in the Limited Review Report.
Sadbhav Infrastructure reported a consolidated net profit of Rs 2.16 Cr for Q1 FY27 on revenue of Rs 125.32 Cr. However, the statutory auditor, SGDG & Associates LLP, has resigned effective August 12, 2026, citing a 'prolonged absence of operational activities' and the company's small scale. The board has also approved the potential sale, disposal, or pledge of assets in five material subsidiaries, including the Maharashtra Border Check Post and Sadbhav Hybrid Annuity Projects, to facilitate deleveraging. These results were issued with a 'modified opinion' from the auditors, signaling accounting or valuation concerns.
- Consolidated revenue for 12 subsidiaries stood at INR 1,253.21 million (Rs 125.32 Cr) for Q1 FY27.
- Reported a consolidated net profit of INR 21.58 million (Rs 2.16 Cr) for the quarter ended June 30, 2026.
- Statutory Auditor SGDG & Associates LLP resigned citing lack of operational activity relative to their firm's resources.
- Board approved the sale or pledge of shares in material subsidiaries MBCPNL, SHAPL, SNHL, SRHL, and SVHL.
- The 20th Annual General Meeting (AGM) is scheduled for September 30, 2026, to approve these asset disposals.
Sadbhav Infrastructure Project Limited (SADBHIN) reported Q1 FY27 consolidated revenue of ‡125.32 cr and a net profit of ‡2.16 cr, though the results carry a modified auditor opinion. The statutory auditors, SGDG & Associates LLP, have resigned effective August 12, 2026, citing a lack of operational activities relative to their firm's resources. Furthermore, the board has sought shareholder approval to sell, dispose of, or pledge assets in five material subsidiaries, including SHAPL and MBCPNL. This indicates a significant push toward asset monetization amid financial stress.
- Consolidated revenue for Q1 FY27 stood at ‡125.32 cr with a net profit of ‡2.16 cr.
- Statutory auditors SGDG & Associates LLP resigned effective August 12, 2026.
- Board approved the potential sale or disposal of assets in 5 material subsidiaries (SHAPL, MBCPNL, SNHL, SRHL, SVHL).
- Two new Additional Independent Directors, Mr. Jaldeep Prakash Patel and Mr. Ankit Kishorbhai Shah, were appointed.
- The 20th Annual General Meeting is scheduled for September 30, 2026, with a cut-off date of August 28, 2026.
Sadbhav Infrastructure reported a standalone net profit of ₹17.59 Cr for Q1 FY27, a turnaround from a ₹17.10 Cr loss YoY, though this was entirely driven by a ₹28.00 Cr exceptional gain as operational revenue was zero. The Board approved the potential sale, disposal, or pledge of shares in five material subsidiaries, including Maharashtra Border Check Post Ltd, to facilitate deleveraging. Significantly, statutory auditor M/s. SGDG & Associates LLP resigned effective August 12, 2026, citing the company's diminished operational scale. Shareholders will vote on these asset disposals and new director appointments at the AGM on September 30, 2026.
- Reported a standalone net profit of ₹17.59 Cr for the quarter ended June 30, 2026, vs a loss of ₹17.10 Cr YoY.
- Recorded an exceptional gain of ₹28.00 Cr, which offset a standalone loss before exceptional items of ₹10.41 Cr.
- Statutory Auditor M/s. SGDG & Associates LLP resigned effective August 12, 2026, citing limited operational activities.
- Board approved the sale or disposal of assets in 5 material subsidiaries including SHAPL, MBCPNL, SNHL, SRHL, and SVHL.
- Standalone revenue from operations for Q1 FY27 was ₹0.00, reflecting a halt in direct operational billing.
Statutory auditor M/s. SGDG & Associates LLP has resigned from Sadbhav Infrastructure Project Limited effective August 12, 2026, citing a prolonged lack of operational activities relative to the audit firm's resources. In the same board meeting on August 11, 2026, the company adopted its Q1 (ended June 30, 2026) results with a modified review opinion. Additionally, the board approved the sale, disposal, and pledge of assets/shares in material subsidiaries including SHAPL, MBCPNL, SNHL, SRHL, and SVHL subject to shareholder approval at the upcoming AGM on September 30, 2026. The board also inducted two new Independent Directors, Jaldeep Prakash Patel and Ankit Kishorbhai Shah, for five-year tenures.
- Statutory auditor M/s. SGDG & Associates LLP tendered resignation effective August 12, 2026.
- Auditor cited prolonged absence of operational activities and scale mismatch as the reason for cessation.
- Limited review report for quarter ended June 30, 2026 issued with a modified opinion.
- Board approved disposal and pledging of shares/assets across 5 subsidiaries (SHAPL, MBCPNL, SNHL, SRHL, SVHL).
- 20th Annual General Meeting scheduled for September 30, 2026 with cut-off date of August 28, 2026.
Sadbhav Infrastructure Project Limited has announced the closure of its trading window for all insiders starting July 1, 2026. This action is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the declaration of unaudited financial results for the quarter ended June 30, 2026. The window will remain closed until 48 hours after the results are officially declared. This is a standard administrative procedure and does not reflect changes in business operations.
- Trading window closure effective from July 1, 2026
- Closure pertains to the unaudited financial results for the quarter ended June 30, 2026
- Window to re-open 48 hours after the results are announced
- Company reported a TTM revenue of Rs 775 Cr and TTM PAT of Rs -26 Cr
Sadbhav Engineering Limited, the promoter of Sadbhav Infrastructure Project Limited, has filed its annual disclosure under SEBI Takeover Regulations for the financial year ended March 31, 2026. The filing reveals that Sadbhav Engineering Limited holds 24.54 crore shares, with 13.73 crore shares (approximately 55.9% of its holding) currently encumbered. Individual promoter Shashin V. Patel holds 20.27 lakh shares with no encumbrances. The promoters have declared that no new encumbrances were created during the year other than those already disclosed.
- Sadbhav Engineering Limited holds 24,54,21,252 equity shares as of March 31, 2026.
- A total of 13,73,15,340 shares held by Sadbhav Engineering Limited are encumbered.
- Promoter Shashin V. Patel holds 20,27,484 shares with zero encumbrance.
- The disclosure confirms compliance with Regulation 31(4) of SEBI (SAST) Regulations, 2011.
- No additional undisclosed encumbrances were made during the 2025-26 financial year.
Sadbhav Infrastructure Project Limited has been fined by both the NSE and BSE for non-compliance with Regulation 17(1) of SEBI (LODR) Regulations, 2015, regarding the composition of its Board of Directors. The company received notices of these fines on May 27, 2026, and the Board has subsequently approved the payment of these penalties. To rectify the situation, the company is currently searching for a suitable candidate to fill the vacant director position. This regulatory lapse highlights ongoing governance challenges within the organization's leadership structure.
- Non-compliance with SEBI (LODR) Regulation 17(1) regarding Board of Directors composition.
- Fines imposed by NSE and BSE via notices dated May 27, 2026.
- Board of Directors officially resolved to pay the specified fines in a meeting held on May 27, 2026.
- Company is actively seeking a new director candidate to ensure future regulatory compliance.
Financial Performance
Revenue Growth by Segment
Consolidated revenue from operations decreased by 76.3% YoY from INR 7,039.55 Million in FY24 to INR 1,668.24 Million in FY25. Standalone revenue from operations fell by 100% from INR 225.00 Million to INR 0.00 in the same period.
Geographic Revenue Split
Not disclosed in available documents; however, operations are centered around Indian highway projects such as the Sadbhav Rudrapur Highway.
Profitability Margins
Consolidated Profit Before Tax (PBT) showed a loss of INR 138.34 Million in FY25 compared to a loss of INR 102.22 Million in FY24. For H1 FY26, the company reported a consolidated PBT of INR 70.571 Million, representing a 99.5% increase over the INR 35.373 Million reported in H1 FY25.
EBITDA Margin
Not explicitly disclosed, but H1 FY26 consolidated finance costs of INR 170.525 Million (up 10.8% YoY) and depreciation of INR 63.637 Million (up 10.1% YoY) against a PBT of INR 70.571 Million indicate that debt servicing remains a significant burden on core profitability.
Credit Rating & Borrowing
Current standalone borrowings stood at INR 4,395.94 Million as of September 30, 2025, an increase of 6.8% from INR 4,114.96 Million in March 2025. Finance costs for H1 FY26 were INR 170.525 Million.
Operational Drivers
Raw Materials
Not applicable as the company is an infrastructure developer; primary costs involve periodic maintenance and O&M services. Provision for periodic maintenance was INR 7.30 Million in H1 FY26.
Capacity Expansion
The company is currently undergoing 'harmonious substitution' for the Sadbhav Rudrapur Highway Limited (SRHL) project as approved by NHAI in January 2024.
Raw Material Costs
Not applicable; however, finance costs represent a major operational outflow, totaling INR 170.525 Million for H1 FY26, which is approximately 8.3% of Q2 FY26 revenue.
Manufacturing Efficiency
Not applicable; efficiency is measured by toll collection and annuity receipts.
Strategic Growth
Growth Strategy
The company is focusing on deleveraging and monetizing assets. A key strategy involves the 'harmonious substitution' of concessionaires for projects like SRHL to manage stressed assets and comply with NHAI conditions.
Products & Services
Toll collection services, user fee collection, annuity receipts, operation and maintenance (O&M) services, advisory services, and project management services for highway projects.
Brand Portfolio
Sadbhav Infrastructure Project Limited (SIPL).
Market Expansion
Focus remains on Indian highway infrastructure through NHAI-led projects.
Strategic Alliances
Partnership with NHAI for highway concessions and substitution agreements.
External Factors
Industry Trends
The industry is seeing a trend of 'harmonious substitution' where NHAI allows for the replacement of concessionaires in stressed projects to ensure project completion and debt recovery.
Competitive Landscape
Operates in the competitive Indian road construction and BOT (Build-Operate-Transfer) sector.
Competitive Moat
Moat is based on long-term concession agreements (toll/annuity) for essential highway infrastructure, though this is currently weakened by financial instability and audit qualifications.
Macro Economic Sensitivity
Highly sensitive to government infrastructure spending and NHAI regulatory changes.
Consumer Behavior
Toll revenue is dependent on commercial and private vehicle traffic volumes on specific project stretches.
Regulatory & Governance
Industry Regulations
Operations are governed by NHAI concession agreements and the Companies Act 2013. The company is currently managing compliance for a substitution process initiated by NHAI in January 2024.
Taxation Policy Impact
Consolidated tax expense was INR 20.95 Million in FY25 compared to INR 240.34 Million in FY24.
Legal Contingencies
The company has disclosed pending litigations; however, the primary financial risk is the audit qualification regarding the uncertainty of realizing the carrying value of investments and loans to subsidiaries as of March 31, 2025.
Risk Analysis
Key Uncertainties
Audit qualification on the carrying value of investments and loans (Notes 43, 44, 45) suggests a potential for significant future write-downs if assets are not realized.
Geographic Concentration Risk
Concentrated in India, specifically in regions where projects like the Rudrapur Highway are located.
Third Party Dependencies
High dependency on NHAI for regulatory approvals and project substitutions.
Technology Obsolescence Risk
Low risk for physical road infrastructure, but internal financial control weaknesses were noted by auditors.
Credit & Counterparty Risk
Significant exposure to subsidiaries; auditors were unable to comment on the appropriateness of the carrying value of loans and advances to these entities.
