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Setubandhan Infrastructure Limited (SETUINFRA)

₹0.41 -2.38% last close, 16 Oct

📊 NSE: SETUINFRA 🏢 Construction 📢 Latest filing: 19 Aug 2026 📝 Analysis written: 14 Dec 2025

Latest quarterly results (Q2 FY24)

In its latest reported quarter, Q2 FY24, Setubandhan Infrastructure's revenue was ₹0.0 Cr (-100.0% year on year), and net profit ₹-0.5 Cr (against a profit a year earlier).

Q2 FY24 (₹ Cr)	Value	YoY vs Q2 FY23	QoQ
Revenue	₹0.0	-100.0%	—
Operating profit	₹-0.2	to loss	—
Net profit	₹-0.5	to loss	loss narrowed
EPS (₹)	-0.04	to loss	—

Full quarterly financials → Results calendar →

SETUINFRA exchange data

NSE end-of-day data for Fri, 16 Oct 2026

It closed at its lower price band (circuit) on 16 Oct, one of 15 band closes in about the last 20 sessions.

₹0.41NSE close · -2.38%

Circuit stocks →

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

Setuinfra Delays Q1 FY27 Results; Books Unavailable as NCLAT Appeal on Plan Rejection Pends

🔴 NEGATIVE ⭐ 7/10

REGULATORY 📅 19 Aug 2026, 05:12 PM

Setubandhan Infrastructure Limited informed exchanges that it is unable to submit its unaudited financial results for the quarter ended June 30, 2026, due to the non-availability of financial records and books of accounts to the Resolution Professional (RP). The company is undergoing Corporate Insolvency Resolution Process (CIRP), where the NCLT rejected the CoC-approved resolution plan on March 24, 2025. An appeal against the rejection was filed before the NCLAT on July 09, 2025, and remains pending adjudication. With total debt of ₹72 crore against a market cap of ₹6 crore, the company's financial viability hinges entirely on the resolution process.

Unable to submit financial results for the quarter ended June 30, 2026 due to non-availability of accounting records
NCLT rejected the CoC-approved resolution plan on March 24, 2025
Appeal against the NCLT rejection order filed before NCLAT on July 09, 2025, currently pending adjudication
Company admitted to CIRP under Section 7 of IBC on November 28, 2022

💡 Track the outcome of the NCLAT proceedings regarding the rejected resolution plan and check for subsequent filings regarding the recovery of financial records and audit completion.

Setubandhan Infra Fails to Submit Q1 Results as RP Denied Access to Books; CIRP in NCLAT

🔴 NEGATIVE ⭐ 6/10

REGULATORY 📅 19 Aug 2026, 05:11 PM

Setubandhan Infrastructure has failed to submit its unaudited financial results for the quarter ended June 30, 2026, under Regulation 33 of SEBI LODR. The Resolution Professional (RP) stated that financial records and books of accounts have not been made available despite repeated efforts. The company was admitted into CIRP on November 28, 2022, following an SBI petition. After the NCLT rejected the CoC-approved resolution plan on March 24, 2025, an appeal was filed before the NCLAT on July 9, 2025, which remains pending.

Admitted to CIRP by NCLT Mumbai on November 28, 2022 upon SBI application
CoC-approved resolution plan rejected by NCLT Mumbai on March 24, 2025
Appeal against NCLT plan rejection filed before NCLAT on July 09, 2025 and remains pending
Unaudited results for quarter ended June 30, 2026 not finalized due to non-availability of records

💡 Track the outcome of the NCLAT appeal regarding the rejected resolution plan, as well as regulatory notices or trading restrictions from exchanges for delayed quarterly reporting.

Setubandhan Infra reports non-compliance as NCLT rejects Resolution Plan; NCLAT appeal pending

🔴 NEGATIVE ⭐ 9/10

LEGAL 📅 21 Jul 2026, 03:34 PM

Setubandhan Infrastructure remains under Corporate Insolvency Resolution Process (CIRP) since November 2022, with a massive debt of ₹72 cr against a market cap of just ₹6 cr. The NCLT Mumbai rejected the company's proposed Resolution Plan on March 24, 2025, leading to an appeal at the NCLAT filed on July 09, 2025. Due to unpaid fees to NSDL, CDSL, and the RTA by previous management, the company is currently unable to file mandatory shareholding and audit reports for the quarter ended June 30, 2026. This operational paralysis and legal deadlock significantly increase the risk of liquidation.

CIRP initiated on November 28, 2022, following an application by State Bank of India under Section 7 of IBC.
NCLT Mumbai rejected the CoC-approved Resolution Plan on March 24, 2025, stalling the recovery process.
An appeal against the rejection was filed with the NCLAT on July 09, 2025, and remains pending adjudication.
Company is unable to submit Q1 FY27 shareholding patterns due to non-payment of fees to depositories (NSDL/CDSL).
Total debt of ₹72 cr is 12x the current market capitalization of ₹6 cr, indicating extreme financial distress.

💡 Investors should closely monitor the NCLAT proceedings regarding the rejected resolution plan; failure to secure a reversal could lead to the company's liquidation.

Setubandhan Infra: RP Reports Promoter Non-Disclosure for FY26; Contact Details Unavailable

🔴 NEGATIVE ⭐ 7/10

REGULATORY 📅 03 Jul 2026, 04:33 PM

The Resolution Professional (RP) of Setubandhan Infrastructure has reported a regulatory breach as promoters failed to submit mandatory annual disclosures regarding share encumbrances for the financial year ended March 31, 2026. The RP noted that contact details for the current promoters are unavailable to both previous and current management. The company remains in a precarious state following the NCLT's rejection of its Resolution Plan on March 24, 2025. An appeal against this rejection is currently pending before the NCLAT, with the company having been under the Corporate Insolvency Resolution Process (CIRP) since November 2022.

Promoters failed to provide Regulation 31(4) disclosures for the financial year ended March 31, 2026
NCLT Mumbai Bench rejected the company's Resolution Plan on March 24, 2025
An appeal against the plan rejection was filed with the NCLAT on July 9, 2025, and remains pending
The company has been under CIRP since the initial NCLT order dated November 28, 2022
RP confirmed that contact details for current promoters are not available with the company officials

💡 Investors should closely monitor the NCLAT's decision regarding the rejected resolution plan, as this will determine if the company proceeds toward liquidation or a new resolution attempt.

Setubandhan Infrastructure Closes Trading Window from July 1, 2026; CIRP Appeal Pending

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 27 Jun 2026, 06:38 PM

Setubandhan Infrastructure has announced the closure of its trading window effective July 1, 2026, for the declaration of unaudited financial results for the quarter ended June 30, 2026. The company is currently undergoing a Corporate Insolvency Resolution Process (CIRP) initiated by the State Bank of India. A critical update in the filing notes that the NCLT rejected the company's Resolution Plan on March 24, 2025, and an appeal is currently pending before the NCLAT. With a TTM revenue of Rs 65 Cr and debt of Rs 72 Cr, the company's operational future remains tied to these legal proceedings.

Trading window for all designated persons closed from July 1, 2026, until 48 hours after result approval.
NCLT Mumbai Bench rejected the previously CoC-approved Resolution Plan on March 24, 2025.
An appeal against the rejection was filed with the NCLAT on July 09, 2025, and is pending adjudication.
Company has been under CIRP since the original NCLT order dated November 28, 2022.
TTM revenue stands at Rs 65 Cr against a total debt of Rs 72 Cr.

💡 Investors should monitor the NCLAT's decision regarding the rejected resolution plan, as this will determine if the company proceeds toward liquidation or a new resolution attempt.

Setubandhan Infra Delays Q4 & FY26 Results Due to CIRP and Data Non-Availability

🔴 NEGATIVE ⭐ 8/10

REGULATORY 📅 30 May 2026, 12:28 PM

Setubandhan Infrastructure Limited has failed to submit its audited financial results for the quarter and year ended March 31, 2026, missing the May 30 deadline. The company is currently undergoing Corporate Insolvency Resolution Process (CIRP) initiated by State Bank of India in November 2022. The Resolution Professional (RP) reports that the suspended management and promoters have failed to provide the necessary books of accounts and financial records. Furthermore, a previously approved resolution plan was rejected by the NCLT in March 2025, and the matter is currently pending before the NCLAT.

Missed the statutory deadline of May 30, 2026, for filing Audited Standalone and Consolidated Financial Results.
Company has been under CIRP since November 28, 2022, following a Section 7 application by State Bank of India.
NCLT rejected the CoC-approved Resolution Plan on March 24, 2025; an appeal was filed with NCLAT on July 9, 2025.
Resolution Professional is unable to finalize accounts as suspended management has not provided financial records or data backups.
The powers of the Board of Directors remain suspended and are exercised by the RP, Sandeep D. Maheshwari.

💡 Investors should exercise extreme caution as the company is in a state of insolvency with no clear resolution and a total lack of financial transparency. Avoid any fresh exposure and monitor NCLAT updates regarding the resolution plan appeal.

Setubandhan Infra Fails to Submit FY26 Audited Results Due to Ongoing CIRP and Data Unavailability

🔴 NEGATIVE ⭐ 9/10

LEGAL 📅 30 May 2026, 12:25 PM

Setubandhan Infrastructure Limited has failed to submit its audited standalone and consolidated financial results for the quarter and year ended March 31, 2026, missing the May 30, 2026, deadline. The company is currently under the Corporate Insolvency Resolution Process (CIRP) initiated by the State Bank of India. The Resolution Professional (RP) reported that the suspended management and promoters have not provided the necessary financial records or data backups despite multiple requests. Furthermore, a previously approved resolution plan was rejected by the NCLT in March 2025, and an appeal is currently pending before the NCLAT.

Non-submission of audited financial results for the year ended March 31, 2026, violating SEBI LODR Regulation 33.
Resolution Professional (RP) cites non-cooperation from suspended management and promoters for the lack of financial data.
NCLT Mumbai rejected the company's Resolution Plan on March 24, 2025; an appeal was filed with NCLAT on July 9, 2025.
The company has been under CIRP since the NCLT order dated November 28, 2022, following an application by State Bank of India.
RP is taking legal steps to secure records, but the timeline for publishing audited results remains uncertain.

💡 Investors should exercise extreme caution as the company is in a state of insolvency with no current financial transparency and a rejected resolution plan. The stock remains highly risky until the NCLAT provides a favorable ruling or a new resolution process is successfully concluded.

Setubandhan Infra Cites Missing Records for Non-Submission of Consolidated Q1 FY24 Results

🔴 NEGATIVE ⭐ 8/10

REGULATORY 📅 23 May 2026, 03:08 AM

Setubandhan Infrastructure Limited, currently under Corporate Insolvency Resolution Process (CIRP), responded to NSE/BSE queries regarding missing consolidated financial results for the quarter ended June 30, 2023. The Resolution Professional (RP) stated that essential financial records and books of accounts have not been made available despite repeated efforts, preventing the preparation of consolidated or segment-wise data. Furthermore, the NCLT rejected a previously approved Resolution Plan in March 2025, and an appeal is currently pending at the NCLAT. This highlights severe governance and operational risks as the company remains in a state of legal and financial limbo.

Company admitted to CIRP on November 28, 2022, following an application by State Bank of India under Section 7 of IBC.
NCLT rejected the Committee of Creditors' approved Resolution Plan on March 24, 2025.
Resolution Professional unable to compile consolidated results for Q1 FY24 due to non-availability of financial records.
An appeal against the NCLT's rejection of the resolution plan was filed with NCLAT on July 9, 2025, and is pending adjudication.
The company is operating with limited information, making comprehensive financial reporting impossible at this stage.

💡 Investors should exercise extreme caution as the company is in insolvency and lacks basic financial transparency. The rejection of the resolution plan and pending legal appeals suggest significant uncertainty regarding any potential recovery for equity shareholders.

Setubandhan Infra Reports Non-Compliance as NCLT Rejects Resolution Plan

🔴 NEGATIVE ⭐ 9/10

LEGAL 📅 21 Apr 2026, 04:25 PM

Setubandhan Infrastructure Limited remains under the Corporate Insolvency Resolution Process (CIRP) since November 2022 following an application by State Bank of India. The company's recovery efforts faced a major setback as the NCLT rejected its Resolution Plan on March 24, 2025, which is currently being appealed in the NCLAT. Due to non-payment of fees to depositories (NSDL/CDSL) and the RTA by previous management, the company is unable to file mandatory shareholding and audit reports for the period ending March 31, 2026. The Resolution Professional has informed the exchanges of these regulatory defaults and the pending litigation status.

Company has been under CIRP since November 28, 2022, following SBI's insolvency application.
NCLT Mumbai Bench rejected the proposed Resolution Plan on March 24, 2025.
An appeal against the plan rejection was filed in NCLAT on July 9, 2025, and remains pending.
Failed to submit Shareholding Pattern and Share Capital Audit for the quarter/year ended March 31, 2026.
Depositories (NSDL/CDSL) and RTA have stopped providing data services due to outstanding fee defaults.

💡 Investors should be extremely cautious as the rejection of the resolution plan and ongoing NCLAT appeal indicate a high risk of liquidation or total capital loss. The lack of regulatory filings and depository services further complicates any potential exit or valuation of the stock.

Setubandhan Infrastructure Closes Trading Window from April 1 for FY26 Audited Results

🔵 WATCH ⭐ 3/10

ROUTINE 📅 27 Mar 2026, 01:00 PM

Setubandhan Infrastructure has announced the closure of its trading window starting April 1, 2026, for the declaration of audited financial results for Q4 and the full year ending March 31, 2026. The company remains under the Corporate Insolvency Resolution Process (CIRP) initiated by State Bank of India in November 2022. A previously approved resolution plan was rejected by the NCLT on March 24, 2025, and an appeal is currently pending before the NCLAT since July 2025. The trading window will remain closed until 48 hours after the Resolution Professional Committee approves the results.

Trading window closure effective from April 1, 2026, for Q4 and FY26 audited results
Company under CIRP since November 28, 2022, following an order by NCLT Mumbai Bench
NCLT rejected the resolution plan on March 24, 2025; appeal filed with NCLAT on July 9, 2025
Results to be approved by the RP Committee in lieu of the suspended Board of Directors

💡 Investors should exercise extreme caution as the company is undergoing insolvency proceedings and its resolution plan was recently rejected. Monitor NCLAT updates for any developments regarding the company's future status.

Setubandhan Infra FY25 Results: Net Loss of ₹1.51 Cr Amid Ongoing Insolvency & Audit Qualifications

🔴 NEGATIVE ⭐ 8/10

EARNINGS 📅 13 Mar 2026, 12:06 PM

Setubandhan Infrastructure reported a net loss of ₹1.51 crore for the financial year ended March 31, 2025, on a total income of just ₹23.22 lakhs. The company is currently undergoing a Corporate Insolvency Resolution Process (CIRP), and the NCLT rejected its previously approved resolution plan in March 2025. Significant audit qualifications exist due to the non-availability of bank statements and financial records from the suspended management. An appeal against the NCLT's rejection is currently pending before the NCLAT, leaving the company's future uncertain.

Reported a Net Loss of ₹1.51 crore for FY25 against a total income of ₹23.22 lakhs.
Total Assets and Liabilities are reported at ₹169.70 crore, though values are not revalued as per CIRP requirements.
The NCLT Mumbai Bench rejected the CoC-approved resolution plan on March 24, 2025.
Auditors issued a qualified opinion due to missing bank statements and lack of balance confirmations for assets/liabilities.
An appeal against the resolution plan rejection was filed with the NCLAT on July 09, 2025, and is currently sub-judice.

💡 Investors should remain extremely cautious as the company is in a critical stage of insolvency with a rejected resolution plan. The lack of reliable financial data and ongoing legal battles at NCLAT suggest a high risk of total capital loss.

Setubandhan Infra Reports FY25 Net Loss of ₹1.51 Cr Amid NCLT Resolution Plan Rejection

🔴 NEGATIVE ⭐ 9/10

LEGAL 📅 11 Mar 2026, 12:44 PM

Setubandhan Infrastructure is currently undergoing a Corporate Insolvency Resolution Process (CIRP) following the rejection of its resolution plan by the NCLT in March 2025. For the financial year ended March 31, 2025, the company reported a net loss of ₹1.51 crores on a minimal turnover of ₹23.22 lakhs. The Resolution Professional (RP) has highlighted significant challenges, including the suspended management's failure to provide essential books of accounts and bank statements. An appeal against the NCLT's rejection order is currently pending before the NCLAT, leaving the company's future highly uncertain.

Reported a net loss of ₹1.51 crores and a total turnover of ₹23.22 lakhs for FY 2024-25.
The NCLT Mumbai Bench rejected the company's Resolution Plan on March 24, 2025.
An appeal against the plan rejection was filed with the NCLAT on July 09, 2025, and remains sub-judice.
Auditors issued a qualified opinion due to missing balance confirmations, bank statements, and lack of asset revaluation.
Total assets and liabilities are carried at historical values of ₹169.70 crores without restatement for CIRP claims.

💡 Investors should exercise extreme caution as the company is in insolvency and its resolution plan has been rejected, posing a high risk of liquidation. The lack of reliable financial records and ongoing legal battles suggest significant risk to any remaining equity value.

Setubandhan Infrastructure Delays Q3 FY26 Results Due to CIRP and Data Unavailability

🔴 NEGATIVE ⭐ 8/10

REGULATORY 📅 14 Feb 2026, 06:57 PM

Setubandhan Infrastructure Limited has failed to submit its financial results for the quarter ended December 31, 2025, citing the ongoing Corporate Insolvency Resolution Process (CIRP). The Resolution Professional (RP) stated that essential financial records and books of accounts have not been made available despite repeated efforts, preventing the finalization of statements. This follows a March 24, 2025, NCLT order that rejected a previously approved resolution plan, which is now under appeal at the NCLAT. The company remains in a state of severe legal and operational distress with no clear timeline for financial reporting.

Non-submission of financial results for the quarter ended December 31, 2025, violating SEBI LODR Regulation 33.
Company has been under CIRP since the NCLT order dated November 28, 2022, initiated by State Bank of India.
NCLT rejected the proposed Resolution Plan on March 24, 2025; an appeal was filed with NCLAT on July 9, 2025.
Resolution Professional reports that books of accounts and relevant data are currently unavailable for compilation.
The matter remains pending adjudication before the NCLAT, leaving the company's future uncertain.

💡 Investors should exercise extreme caution as the company is in insolvency and lacks basic financial transparency. The rejection of the resolution plan and unavailability of records indicate a high risk of total capital loss.

Setubandhan Infrastructure Fails to Submit Q3 FY26 Results Amid Ongoing Insolvency Proceedings

🔴 NEGATIVE ⭐ 9/10

REGULATORY 📅 14 Feb 2026, 06:56 PM

Setubandhan Infrastructure has failed to submit its unaudited financial results for the quarter ended December 31, 2025, as required by SEBI LODR regulations. The company is currently under the Corporate Insolvency Resolution Process (CIRP) following an application by State Bank of India in late 2022. The Resolution Professional (RP) reports that financial records and books of accounts are unavailable, preventing the finalization of statements. Additionally, the NCLT rejected a previously approved resolution plan on March 24, 2025, and an appeal is currently pending before the NCLAT.

Non-submission of financial results for the quarter ended December 31, 2025, due to unavailable financial records.
NCLT Mumbai Bench rejected the company's proposed Resolution Plan on March 24, 2025.
An appeal against the plan rejection was filed with the NCLAT on July 9, 2025, and remains pending.
The company has been under the Corporate Insolvency Resolution Process since November 28, 2022.
Resolution Professional is unable to compile or review financial statements as books of accounts have not been provided.

💡 Investors should exercise extreme caution as the company faces severe legal hurdles and a lack of financial transparency. The rejection of the resolution plan and missing financial data indicate a high risk of liquidation or total loss of equity value.

Setubandhan Infrastructure Closes Trading Window for Q3 Results Amid Ongoing Insolvency Process

🔵 WATCH ⭐ 4/10

ROUTINE 📅 27 Dec 2025, 05:04 PM

Setubandhan Infrastructure has announced the closure of its trading window from January 1, 2026, for the declaration of Q3 financial results. The company is currently undergoing Corporate Insolvency Resolution Process (CIRP) following an NCLT order dated November 28, 2022. A significant development is the NCLT's rejection of the proposed resolution plan on March 24, 2025, which is now under appeal at the NCLAT since July 9, 2025. The company remains under the management of a Resolution Professional while legal proceedings continue.

Trading window closure effective from January 1, 2026, for the quarter ending December 31, 2025
Company is under CIRP initiated by State Bank of India since November 2022
NCLT Mumbai Bench rejected the previously approved resolution plan on March 24, 2025
An appeal against the plan rejection was filed with NCLAT on July 9, 2025, and is pending adjudication

💡 Investors should remain highly cautious as the company is in insolvency and its resolution plan was recently rejected. Monitor NCLAT updates for any news regarding the company's potential liquidation or restructuring.

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💰 Financial Performance

Revenue Growth by Segment

Total revenue from operations was INR 6,998.83 Lakhs in FY23, representing a 36.47% decline from INR 11,017.51 Lakhs in FY22. Segment-specific growth percentages are not disclosed.

Profitability Margins

Net Profit Margin was 0.13% in FY23 (INR 9.13 Lakhs profit on INR 6,998.83 Lakhs revenue), improving from a net loss margin of -5.55% in FY22. Profitability is heavily constrained by construction expenses which account for 90.8% of revenue.

EBITDA Margin

EBITDA margin stood at 2.61% for FY23, reflecting core operational profitability, which improved from -3.22% in FY22.

Capital Expenditure

Property, Plant and Equipment (Net Block) was INR 2,961.27 Lakhs as of March 31, 2023. Specific planned capital expenditure is not disclosed.

Credit Rating & Borrowing

Total borrowings are INR 7,853.9 Lakhs, comprising INR 7,123.93 Lakhs in current borrowings and INR 729.97 Lakhs in non-current borrowings. Credit ratings and specific interest rate percentages are not disclosed.

⚙️ Operational Drivers

Raw Materials

Construction materials (including materials for infrastructure projects) represent 90.8% of the total revenue cost.

Raw Material Costs

Raw materials and construction expenses totaled INR 6,354.89 Lakhs, accounting for 90.8% of revenue. This represents a 43.00% YoY decrease in absolute cost terms due to reduced operational scale.

📈 Strategic Growth

Growth Strategy

The primary strategy for growth and survival is the successful completion of the Corporate Insolvency Resolution Process (CIRP) under the supervision of the Resolution Professional, Sandeep D. Maheshwari, to stabilize the balance sheet and address the INR 7,853.9 Lakhs debt.

Products & Services

Infrastructure construction services, commercial premises development, and Transferable Development Rights (TDR).

Brand Portfolio

Setubandhan Infrastructure Limited, Prakash Constrowell Limited.

Strategic Alliances

Strategic investments include the Godavari Partnership Firm (INR 36.62 Lakhs) and The North Infra (INR 8.84 Lakhs).

🌍 External Factors

Industry Trends

The infrastructure sector is currently seeing a consolidation phase where companies with high debt are entering insolvency resolution. Setubandhan is positioned in this restructuring phase, with its future dependent on the successful implementation of a resolution plan to address its INR 78.54 Cr debt.

⚖️ Regulatory & Governance

Industry Regulations

The company's operations are currently governed by the Insolvency and Bankruptcy Code (IBC) 2016 and the Corporate Insolvency Resolution Process (CIRP).

Taxation Policy Impact

The current tax rate was approximately 4.64% in FY23, based on a current tax expense of INR 2.54 Lakhs on a Profit Before Tax of INR 54.67 Lakhs.

Legal Contingencies

The company has not disclosed the impact of pending litigations on its financial position; no specific case values or details are available in the financial statements.

⚠️ Risk Analysis

Key Uncertainties

1. Outcome of the CIRP process (High impact). 2. Financial impact of undisclosed pending litigations. 3. Ability to secure new construction contracts without long-term agreements.