Sadbhav Infrastructure Project Limited reported a standalone net profit of ₹1,755.24 million for the financial year ended March 31, 2026, reversing from a net loss of ₹1,307.43 million in the previous year. The company’s revenue from operations for the quarter ended March 31, 2026, was ₹2,851 million, while total income for the year stood at ₹11,686 million. The board of directors approved the audited financial results during a meeting held on May 27, 2026.

The statutory auditors, S G D G & Associates LLP, issued a modified opinion on the standalone financial results. The qualification relates to the recoverability of investments, including subordinate debt, loans, and trade receivables aggregating to ₹8,043.91 million in subsidiaries Rohtak Panipat Tollway Private Limited and Rohtak Hissar Tollway Private Limited. The auditors stated they were unable to corroborate management’s contention regarding the realization of these amounts and could not comment on the appropriateness of their carrying value.

Financial Performance

The company’s total expenses for the year ended March 31, 2026, were ₹10,030.08 million. Exceptional items for the year included a gain of ₹2,416.52 million on the waiver of a loan from Ahmedabad Ring Road Infrastructure Projects Limited and provisions amounting to ₹1,000 million for impairment in the carrying value of investments in Sadbhav Rudrapur Highway Limited. The basic and diluted earnings per share (EPS) for the year was ₹49.88.

Consolidated Results

On a consolidated basis, the company reported a net loss of ₹342.56 million for the year ended March 31, 2026, compared to a net loss of ₹750.53 million in the previous year. Total revenue from operations for the year was ₹7,745.58 million. The consolidated results also included exceptional items, primarily losses from the harmonious substitution of concessionaires in subsidiaries such as Sadbhav Rudrapur Highway Limited and Sadbhav Kim Expressway Private Limited.

The auditors also highlighted a material uncertainty related to the group’s ability to continue as a going concern. The group’s accumulated losses exceeded its paid-up capital by ₹6,184.88 million as of March 31, 2026. Additionally, the auditors qualified their opinion regarding the financial statements of several subsidiaries, including Sadbhav Bangalore Highway Private Limited and Sadbhav Udaipur Highway Limited, citing material uncertainties about their ability to continue as going concerns and the realizability of GST tax credits.

Management Appointments

The board appointed Mr. Kaivan Vora as the Chief Financial Officer (CFO) of the company effective May 27, 2026, on the recommendation of the Nomination and Remuneration Committee. Mr. Vora holds a Master of Business Administration (MBA) in Finance and brings over 18 years of experience in corporate finance and treasury management.

Sadbhav Infrastructure Project Limited will pay fines imposed by stock exchanges for non-compliance with regulations regarding the composition of its Board of Directors. The decision follows notices received from BSE Limited and National Stock Exchange of India Ltd. regarding the lapse under Regulation 17(1) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The Board of Directors discussed the matter during its meeting held on May 27, 2026. The Board confirmed that the company will pay the fines as specified by the exchanges in their communications, which included an email from BSE and letters from NSE dated May 27, 2026.

To address the root cause of the non-compliance, the Board stated that it is actively searching for a suitable candidate for the post of director. The appointment is intended to ensure the company meets the requirements stipulated by the aforementioned regulations.

The intimation was signed by Shashin Patel, Executive Chairman of Sadbhav Infrastructure Project Limited. The company has requested the exchanges to take note of the Board's decision and the ongoing efforts to rectify the board composition.