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SETUINFRA - Setubandhan Inf.

📊 NSE: SETUINFRA 🏢 Construction 📅 Last Updated: 12/14/2025 13:02

📢 Recent Corporate Announcements

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.