CFO resigns; board clears Q2 results with going concern flag

CFO resignedManagement Changes View source PDF Explain this filing

SADBHIN · price

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Price reactionminutes from the announcement price · days from the prior close

-4.6%Reaction day

₹3.88

prior close

₹3.88

announcement price

After-mkt

timing

Nifty Microcap 250market · in no size index; the smallest one is used-0.1%-4.5% vs market

Road Assets - Toll Annuity Hybrid-Annuity peers, median of 5sector+4.5%-9.1% vs sector

On the reaction day the stock moved 4.5 pts less than Nifty Microcap 250 and 9.1 pts less than its Road Assets - Toll Annuity Hybrid-Annuity peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.

Minutes after the announcementfrom the announcement price · no benchmark

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Sessions after the filingfrom the prior close

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Reaction day

-4.6-0.1-4.5+4.5-9.1

Next day

-4.9-0.2-4.7-0.7-4.2

-3.9+0.4-4.3-1.9-2.0

-3.6-0.4-3.2-2.5-1.1

-4.6-0.6-4.1-3.1-1.6

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15d

-4.9-3.9-1.0-12.4+7.5

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-6.2-7.8+1.6-12.1+5.9

-2.1-7.2+5.2-24.6+22.6

UpDownMarket · Nifty Microcap 250Sector · Road Assets - Toll Annuity Hybrid-Annuity peers, median of 5Pending

Minute windows have no benchmark: there is no intraday index history to compare against.

AI summary

Sadbhav Infrastructure Project's board on Nov 12, 2025 approved unaudited Q2 FY26 results. Standalone loss for the quarter was Rs 58.62 million and H1 loss Rs 79.75 million. CFO Jatin Thakkar resigned for personal reasons, effective Nov 12. Kedar Pandya was appointed as Company Secretary. Auditor issued a qualified review report citing unrecoverable exposure of about Rs 8,046.85 million in two toll subsidiaries and flagged material uncertainty on going concern due to accumulated losses and debenture holder legal action.

Likely market impact

CFO exit and qualified audit opinion with going concern warning raise red flags. Expect negative sentiment; stock may stay volatile till succession and subsidiary resolution.