Sadbhav Infrastructure Project financials and balance sheet

NSE: SADBHINBSE: 539346Transport InfrastructureSmall Cap

₹2.32₹0.00 (0.00%)BSE ₹2.27

Share price at the NSE close on 23 Oct 2026. Previous close ₹2.32.

52-week range of traded prices to 23 Oct 2026

₹2.06Low, 2 Apr 2026₹4.79High, 11 Feb 2026

Market cap: ₹82 Cr2,853rd largest listed
P/E: 53.9
P/E without one-offs: 0.8
P/B: Net worth zero or below
Dividend yield: Nonein the last 12 months
ROE: Assets held for saleon the latest balance sheet
ROCE: Assets held for saleon the latest balance sheet
Debt to equity: Assets held for saleon the latest balance sheet
Volume, NSE: 49,68385.1% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Sadbhav Infrastructure Project annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings
Loss

Back to profit in the year to Mar 2026, ₹45 CrA loss in 8 of the 10 years shown

Operating and net margin, per cent

Operating margin
Net margin

The years either side of a change of basis do not compare. From the year to Mar 2019, the company's revenue for that year, ₹3,548 Cr, differs from its quarters added, ₹3,497 Cr.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue775
Employee costs−26
Other expenses−255
Operating profit493
Depreciation−136
Other income+53
One-off items−85
Finance costs−264
Profit before tax62
Net profit45

What the company owns

Plant, investments and other assets₹4,188 Cr
Receivables₹82 Cr
Cash and bank₹72 Cr

What pays for it: net worth and liabilities

Borrowings₹2,592 Cr
Other liabilities₹1,671 Cr
Owed to suppliers₹79 Cr

Profit and loss

Consolidated, ₹ crore, years to March.Sadbhav Infrastructure Project quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 1 Jun	Mar 2020Filed 7 Jul	Mar 2021Filed 3 Jul	Mar 2022Filed 10 Jun	Mar 2023Filed 28 May	Mar 2024Filed 12 Jun	Mar 2025Filed 12 Jun	Mar 2026Filed 18 Jul
Revenue from operations	1,348	2,276	3,548	2,270	1,281	962	825	779	704	775
	479	1,218	2,500	1,414	899	775	446	446	270	281
Materials and goods bought	–	15	2	0	0	0	0	0	0	0
Employee costs	–	–	53	49	31	31	29	31	29	26
Other expenses	–	–	2,444	1,365	868	744	417	415	241	255
Operating profit before depreciation	869	1,058	1,048	856	382	187	379	333	434	493
Operating margin	64.5%	46.5%	29.5%	37.7%	29.8%	19.5%	45.9%	42.7%	61.6%	63.7%
Materials, % of revenue	–	–	0.1%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Employee costs, % of revenue	–	–	1.5%	2.2%	2.4%	3.2%	3.5%	4.0%	4.2%	3.4%
Other expenses, % of revenue	–	–	68.9%	60.1%	67.8%	77.3%	50.6%	53.3%	34.2%	32.9%
Depreciation and amortisation	221	261	296	293	117	98	86	101	118	136
Operating profit after depreciation	648	797	752	564	265	90	292	231	316	358
Other income	56	46	182	312	329	875	268	98	56	53
Finance costs	1,056	1,141	1,175	1,276	877	850	547	429	335	264
Profit before one-off items and tax	−352	−297	−241	−400	−283	114	14	−99	36	147
One-off items	0	0	53	1,503	43	−152	−399	−459	−46	−85
Profit before tax	−352	−297	−187	1,103	−240	−38	−386	−558	−10	62
	8	41	61	73	38	−16	−21	−25	24	–
Current tax	–	–	61	22	8	10	21	17	30	–
Deferred tax	–	–	0	52	30	−26	−42	−42	−6	–
	−353	−338	−248	1,029	−278	−21	−365	−533	−34	45
Belonging to the company's shareholders	−353	−338	−245	1,034	−278	−21	−375	−543	−75	−20
Belonging to outside owners of subsidiaries	–	–	−3	−4	0	0	10	10	41	65
Other comprehensive income	–	–	0	0	0	1	0	0	0	−1
Total comprehensive income	–	–	−248	1,029	−278	−21	−365	−534	−34	44
Net margin	−26.2%	−14.8%	−7.0%	45.3%	−21.7%	−2.2%	−44.2%	−68.5%	−4.9%	5.8%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the years to Mar 2017 and Mar 2018 they do not, so they are left blank. Tax is left blank for the year to Mar 2026: profit before tax less the tax charge stated does not come to the profit after tax the same statement states, so the tax charge is not shown.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 1 Jun	Mar 2020Filed 7 Jul	Mar 2021Filed 3 Jul	Mar 2022Filed 10 Jun	Mar 2023Filed 28 May	Mar 2024Filed 12 Jun	Mar 2025Filed 12 Jun	Mar 2026Filed 18 Jul
	−550	466	187	146	−238	−629	−567	−575
	−549	466	187	229	−165	−567	−545	−618
Share capital	352	352	352	352	352	352	352	352
Reserves	−901	114	−165	−123	−517	−919	−898	−971
Belonging to outside owners of subsidiaries	−2	0	0	−83	−72	−62	−22	44
	9,460	5,728	5,688	5,148	4,069	3,291	3,206	2,592
Repayable after a year	8,816	5,287	5,036	2,690	1,731	930	642	59
Repayable within a year	644	441	652	2,458	2,338	2,361	2,564	2,533
	2,730	1,937	2,985	4,487	3,991	3,654	3,883	3,763
Trade payables	716	606	728	552	332	137	130	79
Other financial liabilities	646	538	1,164	1,143	1,108	1,050	1,094	1,092
Other liabilities	479	341	426	288	147	16	12	18
Provisions	221	3	3	35	50	64	70	41
Tax owed	24	8	10	12	15	27	12	–
	10,817	6,653	6,403	2,813	1,870	1,082	653	60
Other financial liabilities	1,709	1,123	1,099	35	80	135	–	–
Other liabilities	0	29	0	0	0	0	0	–
Provisions	217	137	174	1	1	1	1	1
Deferred tax	75	77	94	86	58	16	10	–
Liabilities going with businesses held for sale	–	243	168	1,471	2,075	1,413	1,272	1,093
	12,997	9,299	9,743	8,918	7,699	5,519	5,240	4,342
Held for sale or for a demerger	–	333	318	1,414	2,216	1,384	1,362	1,324
	11,548	7,650	7,868	3,683	2,088	983	948	113
Plant in use, after depreciation	17	7	6	2	2	1	0	0
Intangible assets	9,010	3,997	3,908	189	160	125	87	41
Goodwill	204	27	27	27	27	27	27	27
Intangible assets being developed	93	96	96	0	0	0	0	0
Property held to earn rent	2	1	1	1	1	1	1	1
Investments	0	724	719	176	122	41	41	41
Loans given	0	0	0	1	1	119	132	0
Other financial assets	18	9	16	0	0	0	0	0
Deferred tax	0	2	0	0	0	0	0	2
Trade receivables	2,167	2,714	3,039	3,279	1,758	665	660	0
Other assets	37	74	55	8	19	5	0	1
	1,449	1,317	1,557	3,822	3,395	3,152	2,931	2,905
Trade receivables	450	31	39	12	384	38	45	82
Cash and cash equivalents	73	72	98	121	46	37	28	52
Other bank balances	0	9	4	46	6	5	17	21
Current investments	98	0	7	0	0	0	0	0
Loans given	17	88	20	0	33	70	163	187
Other financial assets	205	508	530	2,815	2,408	2,737	2,453	2,417
Tax paid in advance	4	11	852	8	14	32	10	3
Other assets	603	598	8	819	504	234	214	144
Net debt	9,290	5,647	5,580	4,981	4,017	3,250	3,160	2,520

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 3 Jul	Mar 2022Filed 10 Jun	Mar 2023Filed 28 May	Mar 2024Filed 12 Jun	Mar 2025Filed 12 Jun	Mar 2026Filed 18 Jul
	769	−725	1,643	1,265	606	981
	783	−718	1,677	1,289	649	1,015
	97	−1,750	1,228	872	174	531
Receivables	−392	−213	1,190	1,058	92	561
Payables	102	−174	−220	−91	−7	−35
Other working capital	388	−1,363	257	−95	89	6
Tax paid	−13	−6	−33	−24	−43	−34
Capital spending	0	0	0	0	0	0
Free cash flow	769	−725	1,643	1,265	606	981
	85	2,142	−191	−29	−299	−100
Plant and property sold	0	0	0	0	0	−90
Companies bought	0	0	0	0	0	0
Interest received	42	30	12	4	0	11
Dividends received	0	1	2	0	0	0
	−813	−1,394	−1,528	−1,246	−315	−858
Borrowings raised	0	0	0	0	−85	0
Borrowings repaid	−40	−540	−981	−789	−230	−593
Interest paid	−772	−850	−547	−457	0	0
Dividends paid	0	0	0	0	0	0
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	0	0	0	0
Net change in cash	42	23	−75	−10	−8	23

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.Sadbhav Infrastructure Project dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 1 Jun	Mar 2020Filed 7 Jul	Mar 2021Filed 3 Jul	Mar 2022Filed 10 Jun	Mar 2023Filed 28 May	Mar 2024Filed 12 Jun	Mar 2025Filed 12 Jun	Mar 2026Filed 18 Jul
Earnings per share	−₹10.05	−₹9.34	−₹6.97	₹29.35	−₹7.90	−₹0.58	−₹10.65	−₹15.42	−₹2.13	−₹0.56
Diluted earnings per share	−₹10.05	−₹9.34	−₹6.97	₹29.35	−₹7.90	−₹0.58	−₹10.65	−₹15.42	−₹2.13	−₹0.56
Dividend per share	–	₹0.50	₹0.50	–	–	–	–	–	–	–
Book value per share	–	–	−₹15.58	₹13.23	₹5.31	₹6.50	−₹4.69	−₹16.10	−₹15.48	−₹17.56
Shareholder yield	–	–	–	–	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Market cap at the year end (₹ crore)	3,364	4,669	3,066	479	689	317	106	243	149	76

Ratios

Consolidated, years to March.Sadbhav Infrastructure Project PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 1 Jun	Mar 2020Filed 7 Jul	Mar 2021Filed 3 Jul	Mar 2022Filed 10 Jun	Mar 2023Filed 28 May	Mar 2024Filed 12 Jun	Mar 2025Filed 12 Jun	Mar 2026Filed 18 Jul
Revenue growth	81.6%	68.8%	–	−36.0%	−43.6%	−24.9%	−14.3%	−5.6%	−9.6%	10.0%
Operating profit growth	82.0%	21.7%	–	−18.3%	−55.4%	−51.0%	102.2%	−12.2%	30.3%	13.8%
	–	–	44.7%	−2,502.9%	−85.2%	–	–	–	–	–
	–	–	–	−2,547.6 pts	2,417.7 pts	–	–	–	–	–
From the net margin	–	–	–	−339.2 pts	3,697.4 pts	–	–	–	–	–
From asset turnover	–	–	–	74.8 pts	−405.5 pts	–	–	–	–	–
From borrowing	–	–	–	−2,283.3 pts	−874.2 pts	–	–	–	–	–
Return on capital employed	–	–	8.4%	9.1%	4.5%	–	–	–	–	–
Cash conversion	–	–	–	–	–	–	–	–	–	2,174.5%
Interest cover	0.6	0.7	0.6	0.4	0.3	0.1	0.5	0.5	0.9	1.4
Debt to equity	–	–	–	12.29	30.42	–	–	–	–	–
Receivable days	–	–	46	5	11	–	–	–	–	–
Inventory days	–	–	0	0	–	–	–	–	–	–
Payable days	–	–	1,16,693	81,90,478	–	–	–	–	–	–
Cash conversion cycle, days	–	–	−1,16,646	−81,90,473	–	–	–	–	–	–
Working capital days	–	–	−83	−42	−252	–	–	–	–	–
Asset turnover	–	–	0.27	0.20	0.13	–	–	–	–	–
Assets per rupee of net worth	–	–	−23.69	−269.94	29.16	–	–	–	–	–
Sales per rupee of plant	–	–	204.16	336.81	197.17	486.02	471.81	635.31	2,697.15	2,049.10
Capital spending to depreciation	–	–	–	–	0.00	0.00	0.00	0.00	0.00	0.00
Plant being built, % of plant in use	–	–	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Debt to equity is left blank for the year to Mar 2019: net worth is below zero, so there is no shareholders' money to set the borrowings against. Revenue growth and operating profit growth are left blank for the year to Mar 2019: between the two periods the company restated its earlier figures, so the two are on different bases and the change is not worked out. Return on equity, asset turnover and assets per rupee of net worth are left blank for the years to Mar 2022, Mar 2023, Mar 2024, Mar 2025 and Mar 2026: a tenth or more of the assets on the balance sheet it is worked from are held for sale or for a demerger, so it would mix the business being kept with the part that is leaving. Change in return on equity, from the net margin, from asset turnover and from borrowing are left blank for the years to Mar 2022, Mar 2023, Mar 2024, Mar 2025 and Mar 2026: a tenth or more of the assets on the balance sheet it is worked from are held for sale or for a demerger, so it would mix the business being kept with the part that is leaving. Debt to equity, receivable days, inventory days, payable days, cash conversion cycle, days, return on capital employed and working capital days are left blank for the years to Mar 2022, Mar 2023, Mar 2024, Mar 2025 and Mar 2026: a tenth or more of the assets on the balance sheet it is worked from are held for sale or for a demerger, so it would mix the business being kept with the part that is leaving. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: −0.4%
Cash from operations against operating profit: 198.8%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	0.4%	−9.6%	−2.1%
Operating margin, average	44.1%	46.7%	56.0%
Net margin, average	−13.8%	−22.8%	−22.5%
Interest cover, average	0.6	0.7	0.9

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	3,770	2,852	981
Cash from investing	1,523	−428	−100
Cash from financing	−5,340	−2,419	−858
Capital spending	0	0	0
Dividends paid	0	0	0
Shares bought back	0	0	0
Shares issued for cash	0	0	0
Borrowings raised	–	–	0
Borrowings repaid	3,133	1,612	593

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	5	4	4	6	6	8
Altman Z-scorePublished threshold 1.1	−0.40	1.38	−0.56	0.10	−0.62	−1.40	−1.44	−1.64
Beneish M-scorePublished threshold −1.78	–	–	−2.24	−3.09	29.65	−5.05	−2.81	−2.93
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	−11.90	−15.41	−21.87	−26.78	−6.34	−17.44
Receivables growth less revenue growthOur threshold 0 percentage points	–	−57.20	72.46	−44.61	3,113.21	−84.49	27.66	70.62
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	13.43	21.30	234.11	−86.90	9.88	−46.35	−14.52
Assets under construction, years of additionsOur threshold 2 years of additions	–	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Effective tax ratePublished threshold 17.16 per cent	–	6.66	–	–	–	–	–	25.43
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	–	–	−29.08

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
24 Aug 2026	India Ratings and Research Private Limited (opens in a new tab)	Bank loan facilities	IND C(NCO); IND A4(NCO)Review, Other		300
12 Jun 2026	CARE Ratings Limited (opens in a new tab)	Fund-based/Non-fund-based-LT/ST	CARE C / CARE A4; ISSUER NOT COOPERATING*Review, Downgrade	Stable	200

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.