NSE: SADBHIN · BSE: 539346
SADBHAV INFRA PROJ LTD.
Operates road infrastructure assets in India under the Hybrid-Annuity toll-road model, earning revenue through toll collection on highways and annuity payments from NHAI. The portfolio is held through subsidiaries and special purpose vehicles, including the Ahmedabad Ring Road (ARRIL), Rohtak-Panipat (RPTPL), Rohtak-Hissar (RHTPL), Sadbhav Udaipur Highway, and Sadbhav Rudrapur Highway projects; Sadbhav Kim Expressway was divested via slump sale. Two subsidiaries (RPTPL and RHTPL) have been under toll suspension since December 2020 with fully eroded net worth, and auditors have flagged recoverability of ₹8,043.91 million in investments, subordinate debt, and receivables from them. The company has multiple sub-judice arbitration claims against NHAI aggregating over ₹38,000 million. Sadbhav Engineering Limited is the promoter. Cost structure shows no materials cost, with depreciation at 17.5% of revenue and other operating expenses at 32.9%, consistent with an asset-heavy toll-road business. Total assets stood at ₹4,341.844 crore in FY26. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Toll and annuity income from road assets. Asset-heavy, regulated toll-road operator with Hybrid-Annuity model
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 962 | 825 | 779 | 704 | 775 |
| EBITDA (ex other income) | 36 | (21) | (126) | 387 | 409 |
| margin % | 3.7 | (2.5) | (16.2) | 55.0 | 52.8 |
| Owners' profit | (21) | (375) | (543) | (75) | (20) |
| EPS, as reported (₹) | (0.58) | (10.65) | (15.42) | (2.13) | (0.57) |
| ROE % · ROCE % | (14.5) · 18.3 | 153.6 · 4.3 | 84.7 · (6.9) | 6.0 · 24.0 | (7.8) · 62.8 |
| Debt / equity (x) | 35.15 | (17.13) | (5.23) | (5.65) | (4.51) |
| Cash from operations | (725) | 1,643 | 1,265 | 606 | 981 |
| Capex | 0 | 0 | 0 | 0 | 0 |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 174 | 200 | 186 | 181 | 206 | 202 | 200 | 202 |
| Profit before tax | 13 | (59) | 36 | 35 | (72) | 64 | 66 | 81 |
| Net profit | 7 | (72) | 26 | 25 | (92) | 86 | 53 | 68 |
| EPS (₹) | (0.11) | (2.44) | 0.34 | 0.30 | (3.10) | 1.90 | 0.95 | 1.32 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| BF UTILITIES LIMITED | 1,661 | 12.1 | 1.27 | 3.7 | 26.0 | 22.7 | 20.7 | 39.9 |
| INNOVISION LIMITED | 655 | 23.2 | 2.23 | 13.2 | 12.4 | 15.1 | — | (3.8) |
| ATLANTAA LIMITED | 287 | 16.9 | 1.30 | 16.3 | 0.1 | 0.1 | (3.5) | 45.6 |
| SADBHAV ENGINEERING LTD | 123 | 2.4 | 1.20 | 6.2 | 107.5 | 6.8 | (15.4) | 69.9 |
| BHARAT ROAD NETWORK LTD | 118 | — | 0.22 | — | (11.1) | (6.3) | (5.9) | (154.4) |
| SADBHAV INFRA PROJ LTD. ◆ | 114 | 3.0 | — | 5.4 | (26.6) | 21.1 | (9.6) | 74.2 |
| GAYATRI HIGHWAYS LIMITED | 45 | — | — | — | 0.2 | 8.1 | (29.1) | 7.1 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 3.0 | 14.7 | 2 of 11 | 90% |
| ROCE | 21.1 | 3.4 | 2 of 14 | 92% |
| EBITDA margin | 74.2 | 36.0 | 1 of 15 | 100% |
| Revenue growth | 11.6 | 12.4 | 8 of 12 | 36% |
| Profit growth | 168.2 | 18.0 | 1 of 13 | 100% |
| Market cap | 114 | 314 | 12 of 15 | 21% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 4 Nov 2026 · Newspaper publication of September 2026 quarterly and half-year results | compliance | minimal | — | — |
| 2 Nov 2026 · Sep 2026 consolidated quarter vs Sep 2025: revenue up 34%, profit up 168%; review qualified | results | high | — | — |
| 2 Nov 2026 · Consolidated Sep 2026 quarter YoY: revenue INR 2,019.9m vs 1,510.6m; PAT INR 678.8m vs 122.7m | results | high | — | — |
| 26 Oct 2026 · Board meeting to approve September 2026 quarter and half-year results | results | low | — | — |
| 8 Oct 2026 · Company Secretary Kedar Pandya resigns from Sadbhav Infrastructure | management changes | medium | — | — |
| 3 Oct 2026 · AGM results: all 9 resolutions passed with over 99.95 percent approval | board shareholder meetings | low | — | — |
| 30 Sept 2026 · 20th AGM held; resolutions on subsidiary share pledging and asset disposal passed | board shareholder meetings | low | — | — |
| 25 Sept 2026 · Trading window closed from Oct 15 ahead of Q2 and H1 FY27 results | compliance | minimal | — | — |
| 8 Sept 2026 · Notice of 20th AGM, e-voting details and book closure published | compliance | minimal | — | — |
| 7 Sept 2026 · 20th AGM Notice and Annual Report for FY 2025-26 submitted | board shareholder meetings | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.