Sadbhav Infra Q1 results, auditor resigns, going concern flagged
SADBHIN · price
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Board approved Q1 FY26-27 results. Standalone swung to profit of INR 175.94 mn (vs loss of 171 mn) on INR 280 mn exceptional recovery from SHAPL; operating revenue stayed nil. Consolidated revenue rose 7.5% to INR 2,002.62 mn, PAT up sharply. Auditor SGDG resigned Aug 12 citing operational inactivity. Review report has qualified opinion on INR 8,044.51 mn exposure to two toll subsidiaries, plus going concern uncertainty and emphasis of matter on MBCPNL termination and trade payables litigation. Two independent directors appointed.
Auditor exit, qualified opinion, and going concern flag raise governance risks. Exceptional gain masks weak core operations. Subsidiary monetisation continues.