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Sadbhav Infrastructure Project Q2 FY27 results: net profit up 168.2% to ₹67.88 crore, revenue up 11.6%
Sadbhav Infrastructure Project Limited reported consolidated revenue of ₹201.99 crore and a net profit of ₹67.88 crore for Q2 FY27. Revenue rose 11.6% from Q2 FY26, while basic EPS increased to ₹1.32; the auditors flagged a material uncertainty related to going concern and a qualified opinion.
Key points
- Consolidated Q2 FY27 revenue was ₹201.99 crore, up ₹20.93 crore or 11.6% from Q2 FY26.
- EBITDA was ₹149.84 crore and the margin was 74.2%, up from 72.6% a year earlier.
- Net profit was ₹67.88 crore, up ₹42.57 crore or 168.2% from Q2 FY26; basic EPS was ₹1.32.
- H1 FY27 revenue was ₹402.25 crore and net profit was ₹120.83 crore, against ₹367.34 crore and ₹51.16 crore respectively in H1 FY26.
- Total assets were ₹4029.0 crore and total equity was negative ₹454.15 crore as of 30 September 2026; borrowings were ₹2424.09 crore and cash was ₹17.76 crore.
How did Sadbhav Infrastructure Project perform in Q2 FY27?
Consolidated revenue for Q2 FY27 was ₹201.99 crore, up ₹20.93 crore or 11.6% from ₹181.06 crore in Q2 FY26. EBITDA rose ₹18.48 crore or 14.1% to ₹149.84 crore, while the margin increased 1.6 percentage points to 74.2%. Net profit was ₹67.88 crore, compared with ₹25.31 crore, and basic EPS was ₹1.32 against ₹0.30.
Against Q1 FY27, revenue increased ₹1.73 crore or 0.9% to ₹201.99 crore, while EBITDA rose ₹2.16 crore or 1.5% to ₹149.84 crore and its margin increased 0.5 percentage points to 74.2%. Net profit increased ₹14.93 crore or 28.2% to ₹67.88 crore, and basic EPS rose ₹0.37 to ₹1.32. On the standalone basis, the company reported a net loss of ₹9.83 crore against a net loss of ₹19.86 crore in Q2 FY26.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 201.99 | 200.26 | 181.06 | +11.6% | +0.9% |
| Other income | 5.70 | 10.80 | 25.10 | −77.3% | −47.2% |
| Total expenses | 126.81 | 134.41 | 171.20 | −25.9% | −5.7% |
| EBITDA | 149.84 | 147.68 | 131.36 | +14.1% | +1.5% |
| EBITDA margin | 74.2% | 73.7% | 72.6% | +1.6 pp | +0.5 pp |
| Profit before tax | 80.88 | 65.81 | 34.96 | +131.4% | +22.9% |
| Tax | 13.01 | 12.85 | 9.65 | +34.8% | +1.2% |
| Net profit | 67.88 | 52.95 | 25.31 | +168.2% | +28.2% |
| EPS (₹) | 1.32 | 0.95 | 0.30 | +340.0% | +38.9% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Sadbhav Infrastructure Project's costs and profit?
Total expenses fell ₹44.39 crore or 25.9% from ₹171.20 crore in Q2 FY26 to ₹126.81 crore. Finance costs were the main lower line at ₹38.76 crore, down ₹51.47 crore or 57.0%, while employee costs fell ₹0.52 crore or 8.1% to ₹5.93 crore. Depreciation increased ₹4.63 crore or 14.8% to ₹35.90 crore, and other expenses rose ₹2.98 crore or 6.9% to ₹46.22 crore.
Other income fell ₹19.40 crore or 77.3% from ₹25.10 crore to ₹5.70 crore. There was no exceptional item in Q2 FY27, compared with no exceptional item in Q2 FY26. Tax expense increased ₹3.36 crore or 34.8% to ₹13.01 crore. The filing does not state a separate reason for the changes in finance costs, other income or depreciation.
Against Q1 FY27, total expenses were lower by ₹7.60 crore or 5.7%. Finance costs fell ₹6.31 crore or 14.0% to ₹38.76 crore and employee costs fell ₹1.20 crore or 16.8% to ₹5.93 crore, while other income declined ₹5.10 crore or 47.2% to ₹5.70 crore. Q1 FY27 included an exceptional charge of ₹10.86 crore; Q2 FY27 had no exceptional item. Tax expense was ₹13.01 crore, up ₹0.16 crore from Q1 FY27.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 0 | 0 | 0 | |
| Employee cost | 5.93 | 6.45 | −0.52 | −8.1% |
| Finance costs | 38.76 | 90.23 | −51.47 | −57.0% |
| Depreciation | 35.90 | 31.27 | +4.63 | +14.8% |
| Other expenses | 46.22 | 43.24 | +2.98 | +6.9% |
| Total expenses | 126.81 | 171.20 | −44.39 | −25.9% |
| Other income | 5.70 | 25.10 | −19.40 | −77.3% |
| Tax | 13.01 | 9.65 | +3.36 | +34.8% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
For H1 FY27, consolidated revenue was ₹402.25 crore, up ₹34.91 crore or 9.5% from ₹367.34 crore in H1 FY26. Total income was ₹418.75 crore, down ₹0.96 crore or 0.2% from ₹419.71 crore. Profit before tax increased ₹76.12 crore or 107.9% to ₹146.69 crore, while net profit rose ₹69.67 crore or 136.2% to ₹120.83 crore. Basic EPS increased ₹1.63 to ₹2.27 from ₹0.64.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 402.25 | 367.34 | +9.5% |
| Profit before tax | 146.69 | 70.57 | +107.9% |
| Net profit | 120.83 | 51.16 | +136.2% |
| EPS (₹) | 2.27 | 0.64 | +254.7% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
As of 30 September 2026, consolidated total assets were ₹4029.0 crore, compared with ₹4341.84 crore at 31 March 2026. Total equity remained negative but improved to negative ₹454.15 crore from negative ₹574.64 crore. Borrowings fell to ₹2424.09 crore from ₹2592.18 crore, while cash declined to ₹17.76 crore from ₹51.54 crore. Trade receivables rose to ₹114.74 crore from ₹81.51 crore, and trade payables fell to ₹46.03 crore from ₹79.11 crore.
For H1 FY27, operating cash flow was ₹318.76 crore, compared with ₹411.27 crore in H1 FY26. Investing cash flow was negative ₹57.4 crore against negative ₹148.69 crore, and financing cash flow was negative ₹295.14 crore against negative ₹270.49 crore. Capital expenditure was ₹0.01 crore, compared with no capital expenditure in H1 FY26.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 4,029 | 4,342 |
| Total equity | −454.15 | −574.64 |
| Borrowings | 2,424 | 2,592 |
| Cash and equivalents | 17.76 | 51.54 |
| Inventories | 0 | 0 |
| Trade receivables | 114.74 | 81.51 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 318.76 | 411.27 |
| Cash from investing | −57.40 | −148.69 |
| Cash from financing | −295.14 | −270.49 |
| Capital expenditure | 0.01 | 0 |
Source: Company's results filing (XBRL).
How has Sadbhav Infrastructure Project done over the last 8 quarters?
Across the last eight quarters, revenue peaked at ₹205.54 crore in Q3 FY26 and was lowest at ₹173.91 crore in Q3 FY25. It has remained above ₹200 crore in the latest three quarters, reaching ₹201.99 crore in Q2 FY27. Revenue has risen year on year in each of the last seven quarters.
Net profit was highest at ₹85.9 crore in Q4 FY26 and bottomed at a net loss of ₹92.01 crore in Q3 FY26. It recovered to ₹52.95 crore in Q1 FY27 and rose to ₹67.88 crore in Q2 FY27. Profit has increased year on year in each of the last two quarters, and the EBITDA margin reached 74.2% in Q2 FY27 after dipping to 41.7% in Q4 FY26.
What did the auditors point out?
The auditors included an emphasis of matter on trade-payable balances under litigation, the Maharashtra government’s termination notice for the concession agreement of Maharashtra Border Check Post Network Limited, and the recoverability of investment and loan receivables. They stated that their conclusion was not modified in respect of these matters.
The review report also stated that a material uncertainty exists that may cast significant doubt on the company’s ability to continue as a going concern, noting prior-period losses and a significant reduction in income from operations. The auditors said their conclusion was not modified in respect of this matter. Their review also referred to a qualified opinion on the financial statements for the year ended 31 March 2026 and a qualified conclusion for the quarter ended 30 June 2025.
How did Sadbhav Infrastructure Project shares react?
The results were announced after market hours on 2 November 2026. From the price when the filing appeared, SADBHIN was up 4.1% after 5 minutes, 3.3% after 15 minutes and 6.5% after 30 minutes. On the reaction day, the stock closed 8.0% above the previous close of ₹2.49; by the next day’s close, it was up 18.5% from that pre-results close.
The Road Assets - Toll Annuity Hybrid-Annuity industry median fell 1.4% on the reaction day and rose 3.7% by the next day’s close. SADBHIN therefore outperformed the industry median by 9.5 percentage points on the reaction day and 14.7 percentage points by the next day’s close. Earlier reaction-day moves were mixed, including 3.3% on 28 May 2026, 1.1% lower on 11 August 2026 and 6.6% lower on 12 February 2026.
| After the filing | Stock | Road Assets - Toll Annuity Hybrid-Annuity median |
|---|---|---|
| 5 minutes | +4.1% | |
| 15 minutes | +3.3% | |
| 30 minutes | +6.5% | |
| Reaction day | +8.0% | −1.4% |
| Next day | +18.5% | +3.7% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 11 August 2026 | −1.1% |
| 28 May 2026 | +3.3% |
| 12 February 2026 | −6.6% |
| 13 November 2025 | −4.6% |
| 12 August 2025 | −0.6% |
| 28 May 2025 | −0.8% |
| 12 February 2025 | +4.3% |
| 12 November 2024 | −4.1% |
Source: MarketPing price-reaction measurement.
Quick answers
What was Sadbhav Infrastructure Project's revenue in Q2 FY27?
Revenue from operations was ₹201.99 crore, up 11.6% from ₹181.06 crore in Q2 FY26 (consolidated).
Did Sadbhav Infrastructure Project make a profit in Q2 FY27?
Yes. Net profit was ₹67.88 crore, against a net profit of ₹25.31 crore in Q2 FY26.
What was Sadbhav Infrastructure Project's EPS in Q2 FY27?
Basic earnings per share were ₹1.32, against ₹0.30 in Q2 FY26.
How did Sadbhav Infrastructure Project shares react to the Q2 FY27 results?
On the reaction day the stock moved +8.0% from the previous close; the median Road Assets - Toll Annuity Hybrid-Annuity stock moved −1.4%.
When did Sadbhav Infrastructure Project announce its Q2 FY27 results?
On 2 November 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Prior Intimation Of Board Meeting Schedule To Be Held On November 02, 2026. (BSE, 26 October 2026) · PDF
- Board Meeting Outcome for Outcome Of Board Meeting Held On November 02, 2026. (BSE, 2 November 2026) · PDF
- Results - Financial Results For Quarter / Half Year Ended On September 30, 2026. (BSE, 2 November 2026) · PDF
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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