Integrated Filing — IndAS



General information about company

Scrip Code 539346
NSE Symbol SADBHIN
MSEI Symbol NA
ISIN INE764L01010
Name of company SADBHAV INFRASTRUCTURE PROJECT LIMITED
Type of company Main Board
Class of security Equity
Date of start of financial year 01-04-2025
Date of end of financial year 31-03-2026
Date of board meeting when results were approved 27-05-2026
Date on which prior intimation of the meeting for considering financial results was informed to the exchange 20-05-2026
Description of presentation currency INR
Level of rounding used in financial results Lakhs
Reporting Type Quarterly
Reporting Quarter Fourth quarter
Nature of report standalone or consolidated Standalone
Whether results are audited or unaudited for the quarter ended Audited
Whether results are audited or unaudited for the Year to date for current period ended/year ended Audited
Segment Reporting Single segment
Description of single segment INFRASTRUCTURE
Start date and time of board meeting 27-05-2026   21:00:00
End date and time of board meeting 27-05-2026   23:55:00
Whether cash flow statement is applicable on company Yes
Type of cash flow statement Cash Flow Indirect
Declaration of unmodified opinion or statement on impact of audit qualification Statement on impact of audit qualification
Whether the company has any related party? Yes
Whether the company has entered into any Related Party transaction during the selected half year for which it wants to submit disclosure? Yes
(I) We declare that the acceptance of fixed deposits by the bans/Non-Banking Finance Company are at the terms uniformly applicable/offered to all shareholders/public No
(II) We declare that the scheduled commercial bank, as per RBI circular RBI/DBR/2015-16/19 dated March 03, 2016, has allowed additional interest of one per cent per annum, over and above the rate of interest mentioned in the schedule of interest rates on savings or a term deposits of banks staff and their exclusive associations as well as on deposits of Chairman, Chairman & Managing Director, Executive Director or such other Executives appointed for a fixed tenure. No
Whether the company is a high value debt listed entity according to regulation 15 (1A)? No
(a) If answer to above question is Yes, whether complying with proviso to regulation 23 (9), i.e., submitting RPT disclosures on the day of results publication?
(b) If answer to above question is No, please explain the reason for not complying.
Whether the updated Related Party Transactions (RPT) Policy (in compliance with Reg. 23 of SEBI LODR) has been uploaded on the website of the Company? Yes
Latest Date on which RPT policy is updated 27-05-2026
Indicate Company website link for updated RPT policy of the Company https://www.sadbhavinfra.co.in/en/pdf/policy-on-related-party-transaction.pdf
Whether statement on deviation or variation for proceeds of public issue, rights issue, preferential issue, qualified institutions placement etc. is applicable to the company for the current quarter? No
No. of times funds raised during the quarter
Whether the disclosure for the Default on Loans and Debt Securities is applicable to the entity? No
Not Applicable



Financial Results Ind-AS

Amount in (Lakhs)

Particulars 3 months/ 6 months ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
A Date of start of reporting period 01-01-2026 01-04-2025
B Date of end of reporting period 31-03-2026 31-03-2026
C Whether results are audited or unaudited Audited Audited
D Nature of report standalone or consolidated Standalone Standalone
1 Income
Revenue from operations 0.00 0.00
Other income 897.30 1,902.00
Total income 897.30 1,902.00
2 Expenses
(a) Cost of materials consumed 0.00 0.00
(b) Purchases of stock-in-trade 0.00 0.00
(c) Changes in inventories of finished goods, work-in-progress and stock-in-trade 0.00 0.00
(d) Employee benefit expense 162.90 660.60
(e) Finance costs 1,366.40 7,340.30
(f) Depreciation, depletion and amortisation expense 0.20 1.00
(f) Other Expenses
1 Other Expenses 3,357.80 3,583.10
Total other expenses 3,357.80 3,583.10
Total expenses 4,887.30 11,585.00
3 Total profit before exceptional items and tax (3,990.00) (9,683.00)
4 Exceptional items 21,541.60 11,541.60
5 Total profit before tax 17,551.60 1,858.60
6 Tax expense
7 Current tax 0.00 0.00
8 Deferred tax (0.80) (0.80)
9 Total tax expenses (0.80) (0.80)
10 Net movement in regulatory deferral account balances related to profit or loss and the related deferred tax movement 0.00 0.00
11 Net Profit Loss for the period from continuing operations 17,552.40 1,859.40
12 Profit (loss) from discontinued operations before tax 0.00 0.00
13 Tax expense of discontinued operations 0.00 0.00
14 Net profit (loss) from discontinued operation after tax 0.00 0.00
15 Share of profit (loss) of associates and joint ventures accounted for using equity method 0.00 0.00
16 Total profit (loss) for period 17,552.40 1,859.40
17 Other comprehensive income net of taxes 22.70 22.70
18 Total Comprehensive Income for the period 17,575.10 1,882.10
19 Total profit or loss, attributable to
Profit or loss, attributable to owners of parent
Total profit or loss, attributable to non-controlling interests
20 Total Comprehensive income for the period attributable to
Comprehensive income for the period attributable to owners of parent
Total comprehensive income for the period attributable to owners of parent non-controlling interests
21 Details of equity share capital
Paid-up equity share capital 35,222.50 35,222.50
Face value of equity share capital 10 10
27 Details of debt securities
22 Reserves excluding revaluation reserve 30,352.00
23 Earnings per share
i Earnings per equity share for continuing operations
Basic earnings (loss) per share from continuing operations 4.98 0.53
Diluted earnings (loss) per share from continuing operations 4.98 0.53
ii Earnings per equity share for discontinued operations
Basic earnings (loss) per share from discontinued operations 0 0
Diluted earnings (loss) per share from discontinued operations 0 0
ii Earnings per equity share
Basic earnings (loss) per share from continuing and discontinued operations 4.98 0.53
Diluted earnings (loss) per share from continuing and discontinued operations 4.98 0.53
24 Debt equity ratio
25 Debt service coverage ratio
26 Interest service coverage ratio
27 Disclosure of notes on financial results



Remarks

Debt equity ratio
Debt service coverage ratio
Interest service coverage ratio


Statement of Asset and Liabilities

Amount in (Lakhs)

Particulars Year ended (dd-mm-yyyy)
Date of start of reporting period 01-04-2025
Date of end of reporting period 31-03-2026
Whether results are audited or unaudited Audited
Nature of report standalone or consolidated Standalone
Assets
1 Non-current assets
Property, plant and equipment 4.00
Capital work-in-progress 0.00
Investment property 28.80
Goodwill 0.00
Other intangible assets 0.00
Intangible assets under development 0.00
Biological assets other than bearer plants 0.00
Investments accounted for using equity method 0.00
Non-current financial assets
Non-current investments 91,444.30
Trade receivables, non-current 0.00
Loans, non-current 14.30
Other non-current financial assets
1 Other non-current financial assets 126.50
Total of other non-current financial assets 126.50
Total non-current financial assets 91,585.10
Deferred tax assets (net) 0.00
Other non-current assets
Total of other non-current assets
Total non-current assets 91,617.90
2 Current assets
Inventories 0.00
Current financial asset
Current investments 0.00
Trade receivables, current 572.90
Cash and cash equivalents 271.60
Bank balance other than cash and cash equivalents 248.70
Loans, current 514.90
Other current financial assets
Total of other current financial assets 4,697.50
Total current financial assets 6,305.60
Current tax assets (net) 111.80
Other current assets
1 Other current assets 1,731.90
Total of other current assets 1,731.90
Total current assets 8,149.30
3 Non-current assets classified as held for sale 13,072.30
4 Regulatory deferral account debit balances and related deferred tax Assets
Total assets 1,12,839.50
Equity and liabilities
1 Equity
Equity attributable to owners of parent
Equity share capital 35,222.50
Other equity 30,352.00
Total equity attributable to owners of parent 65,574.50
Non controlling interest
Total equity 65,574.50
2 Liabilities
Non-current liabilities
Non-current financial liabilities
Borrowings, non-current 5,914.80
Trade payables, non-current
(A) Total outstanding dues of micro enterprises and small enterprises 0.00
(B) Total outstanding dues of creditors other than micro enterprises and small enterprises 0.00
Total Trade payable 0.00
Other non-current financial liabilities
Total of other non-current financial liabilities
Total non-current financial liabilities 5,914.80
Provisions, non-current 69.70
Deferred tax liabilities (net) 0.00
Deferred government grants, Non-current 0.00
Other non-current liabilities
Total of other non-current liabilities
Total non-current liabilities 5,984.50
Current liabilities
Current financial liabilities
Borrowings, current 30,681.40
Trade payables, current
(A) Total outstanding dues of micro enterprises and small enterprises 131.00
(B) Total outstanding dues of creditors other than micro enterprises and small enterprises 1,048.60
Total Trade payable 1,179.60
Other current financial liabilities
1 Other current financial liabilities 9,080.80
Total of other current financial liabilities 9,080.80
Total current financial liabilities 40,941.80
Other current liabilities 310.60
1 Other current liabilities 310.60
Total of other current liabilities 310.60
Provisions, current 28.10
Current tax liabilities (Net) 0.00
Deferred government grants, Current 0.00
Total current liabilities 41,280.50
3 Liabilities directly associated with assets in disposal group classified as held for sale
4 Regulatory deferral account credit balances and related deferred tax liability
Total liabilities 47,265.00
Total equity and liabilites 1,12,839.50
Disclosure of notes on assets and liabilities



Format for Reporting Segment wise Revenue, Results and Capital Employed along with the company results

Amount in (Lakhs)

Particulars 3 months/ 6 month ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
Date of start of reporting period 01-01-2026 01-04-2025
Date of end of reporting period 31-03-2026 31-03-2026
Whether results are audited or unaudited Audited Audited
Nature of report standalone or consolidated Standalone Standalone
1 Segment Revenue (Income)
(net sale/income from each segment should be disclosed)
Total Segment Revenue
Less: Inter segment revenue
Revenue from operations
2 Segment Result
Profit (+) / Loss (-) before tax and interest from each segment
Total Profit before tax
i. Finance cost
ii. Other Unallocable Expenditure net off Unallocable income
Profit before tax
3 (Segment Asset - Segment Liabilities)
Segment Asset
Total Segment Asset
Un-allocable Assets null null
Net Segment Asset null null
4 Segment Liabilities
Segment Liabilities
Total Segment Liabilities
Un-allocable Liabilities null null
Net Segment Liabilities null null
Disclosure of notes on segments



Other Comprehensive Income

Amount in (Lakhs)

Particulars 3 months/ 6 months ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
A Date of start of reporting period 01-01-2026 01-04-2025
B Date of end of reporting period 31-03-2026 31-03-2026
C Whether results are audited or unaudited Audited Audited
D Nature of report standalone or consolidated Standalone Standalone
Other comprehensive income [Abstract]
1 Amount of items that will not be reclassified to profit and loss
Total Amount of items that will not be reclassified to profit and loss
2 Income tax relating to items that will not be reclassified to profit or loss (22.70) (22.70)
3 Amount of items that will be reclassified to profit and loss
Total Amount of items that will be reclassified to profit and loss
4 Income tax relating to items that will be reclassified to profit or loss 0.00 0.00
5 Total Other comprehensive income 22.70 22.70



Cash flow statement, indirect

Amount in (Lakhs)

Particulars Year ended (dd-mm-yyyy)
A Date of start of reporting period 01-04-2025
B Date of end of reporting period 31-03-2026
C Whether results are audited or unaudited Audited
D Nature of report standalone or consolidated Standalone
Statement of cash flows
Cash flows from used in operating activities
Profit before tax 1,858.60
Adjustments for reconcile profit (loss)
Adjustments for finance costs 5,063.00
Adjustments for decrease (increase) in inventories 0.00
Adjustments for decrease (increase) in trade receivables, current 1,102.00
Adjustments for decrease (increase) in trade receivables, non-current 0.00
Adjustments for decrease (increase) in other current assets (1,894.90)
Adjustments for decrease (increase) in other non-current assets 0.00
Adjustments for other financial assets, non-current 0.00
Adjustments for other financial assets, current 1,690.40
Adjustments for other bank balances 0.00
Adjustments for increase (decrease) in trade payables, current 0.00
Adjustments for increase (decrease) in trade payables, non-current 0.00
Adjustments for increase (decrease) in other current liabilities 0.00
Adjustments for increase (decrease) in other non-current liabilities 0.00
Adjustments for depreciation and amortisation expense 1.00
Adjustments for impairment loss reversal of impairment loss recognised in profit or loss 0.00
Adjustments for provisions, current (128.90)
Adjustments for provisions, non-current 0.00
Adjustments for other financial liabilities, current 1,528.20
Adjustments for other financial liabilities, non-current 0.00
Adjustments for unrealised foreign exchange losses gains 0.00
Adjustments for dividend income 0.00
Adjustments for interest income 0.00
Adjustments for share-based payments 0.00
Adjustments for fair value losses (gains) 0.00
Adjustments for undistributed profits of associates 0.00
Other adjustments for which cash effects are investing or financing cash flow 0.00
Other adjustments to reconcile profit (loss) (9,038.70)
Other adjustments for non-cash items 0.00
Share of profit and loss from partnership firm or association of persons or limited liability partnerships 0.00
Total adjustments for reconcile profit (loss) (1,677.90)
Net cash flows from (used in) operations 180.70
Dividends received (5.30)
Interest paid 2,277.30
Interest received 1,125.30
Income taxes paid (refund) 1.60
Other inflows (outflows) of cash 2,307.00
Net cash flows from (used in) operating activities 1,328.80
Cash flows from used in investing activities
Cash flows from losing control of subsidiaries or other businesses 0.00
Cash flows used in obtaining control of subsidiaries or other businesses 0.00
Other cash receipts from sales of equity or debt instruments of other entities 0.00
Other cash payments to acquire equity or debt instruments of other entities 0.00
Other cash receipts from sales of interests in joint ventures 0.00
Other cash payments to acquire interests in joint ventures 0.00
Cash receipts from share of profits of partnership firm or association of persons or limited liability partnerships 0.00
Cash payment for investment in partnership firm or association of persons or limited liability partnerships 0.00
Proceeds from sales of property, plant and equipment 0.00
Purchase of property, plant and equipment 0.00
Proceeds from sales of investment property 0.00
Purchase of investment property 0.00
Proceeds from sales of intangible assets 0.00
Purchase of intangible assets 0.00
Proceeds from sales of intangible assets under development 0.00
Purchase of intangible assets under development 0.00
Proceeds from sales of goodwill 0.00
Purchase of goodwill 0.00
Proceeds from biological assets other than bearer plants 0.00
Purchase of biological assets other than bearer plants 0.00
Proceeds from government grants 0.00
Proceeds from sales of other long-term assets 0.00
Purchase of other long-term assets 0.00
Cash advances and loans made to other parties 0.00
Cash receipts from repayment of advances and loans made to other parties 0.00
Cash payments for future contracts, forward contracts, option contracts and swap contracts 0.00
Cash receipts from future contracts, forward contracts, option contracts and swap contracts 0.00
Dividends received 5.30
Interest received 141.60
Income taxes paid (refund) 0.00
Other inflows (outflows) of cash 4,022.30
Net cash flows from (used in) investing activities 4,169.20
Cash flows from used in financing activities
Proceeds from changes in ownership interests in subsidiaries 0.00
Payments from changes in ownership interests in subsidiaries 0.00
Proceeds from issuing shares 0.00
Proceeds from issuing other equity instruments 0.00
Payments to acquire or redeem entity's shares 0.00
Payments of other equity instruments 0.00
Proceeds from exercise of stock options 0.00
Proceeds from issuing debentures notes bonds etc 0.00
Proceeds from borrowings 12,157.90
Repayments of borrowings 17,704.00
Payments of lease liabilities 0.00
Dividends paid 0.00
Interest paid 0.00
Income taxes paid (refund) 0.00
Other inflows (outflows) of cash 0.00
Net cash flows from (used in) financing activities (5,546.10)
Net increase (decrease) in cash and cash equivalents before effect of exchange rate changes (48.10)
Effect of exchange rate changes on cash and cash equivalents
Effect of exchange rate changes on cash and cash equivalents 0.00
Net increase (decrease) in cash and cash equivalents (48.10)
Cash and cash equivalents cash flow statement at beginning of period 0.00
Cash and cash equivalents cash flow statement at end of period (48.10)





Details of Impact of Audit Qualification

Amount in (Lakhs)

Whether results are audited or unaudited Audited
Declaration of unmodified opinion or statement on impact of audit qualification Statement on impact of audit qualification
Auditor's opinion Qualified opinion
Declaration pursuant to Regulation 33 (3) (d) of SEBI (LODR) Regulation, 2015: The company declares that its Statutory Auditor/s have issued an Audit Report with unmodified opinion for the period on Standalone results
Sr No. Audit firm's name Whether the firm holds a valid peer review certificate issued by Peer Review Board of ICAI Certificate valid upto
1 SGDG and Associates LLP Yes 31-10-2026


Financial details

Amount in (Lakhs)

Sr. Particulars Audited Figures (as reported before adjusting for qualifications) Adjusted Figures (audited figures after adjusting for qualifications)
1 Turnover / Total income 1,902.00 1,902.00
2 Total Expenditure 11,585.00 11,585.00
3 Net Profit/(Loss) 1,859.50 1,859.50
4 Earnings Per Share 0.53 0.53
5 Total Assets 1,12,839.50 1,12,839.50
6 Total Liabilities 47,265.10 47,265.10
7 Net Worth 65,574.50 65,574.50


Audit qualification

Amount in (Lakhs)

Sr. Details of Audit Qualification Type of Audit Qualification Frequency of qualification For Audit Qualification(s) where the impact is quantified by the auditor For Audit Qualification(s) where the impact is not quantified by the auditor
Management's Views (i) Management's estimation on the impact of audit qualification (ii) If management is unable to estimate the impact, reasons for the same Auditors' Comments on (i) or (ii) above
1 Textual Information(1) Qualified opinion Repetitive Textual Information(2) Textual Information(3) Textual Information(4) Textual Information(5)


Text Block

Textual Information(1) We draw attention to Note 4 and Note 5 to the accompanying Standalone Audited Financial Results with respect to investments in (including subordinate debt), loan & advances to and trade and other receivables aggregating to INR 8,043.91 million with respect to Rohtak Panipat Tollway Private Limited and Rohtak Hissar Tollway Private Limited, subsidiaries of the Company. Both the subsidiaries have issued notice of termination of concession agreement to National Highway Authority of India (NHAI) on account of Force Majeure Event as per concession agreement. As explained in the said note, the Company has carried out impairment assessment of investment in these subsidiaries considering the expected payment arising out of aforesaid termination and other claims filed with NHAI and based on the above assessment, management has concluded that no impairment / adjustment to the carrying value of the investments (including subordinate debt) and loan & advances, trade and other receivables is necessary as at March 31, 2026.



We have not been able to corroborate the managements contention of realising the carrying value of investments (including subordinate debt), loans and advances, trade and other receivables related to both subsidiaries aggregating to INR 8,043.91 million as at March 31, 2026.



Accordingly, we are unable to comment on the appropriateness of the carrying value of such investments (including subordinate debt), loans and advances, trade and other receivables and their consequential impact on the financial results and financial position of the Company as at and for the quarter and year ended on March 31, 2026.



Our Audit Opinion on the financial statements for the year ended on March 31, 2025 and review conclusion on the financial results for the quarter ended June 30, 2025, September 30, 2025 and December 31, 2025 were also qualified in respect of this matter.
Textual Information(2) NA
Textual Information(3) The Company has investments of INR 217.74 million and subordinate debts of INR

4,688.73 million and trade & other Receivables of INR 87.91 millions as at March 31,

2025 in one of the subsidiary namley Rohtak Panipat Tollway Private Limited (RPTPL)

which is engaged in construction, operation and maintenance of infrastructure projects

under concession agreement with National Highways Authorities of lndia(NHAI). The

net worth of this subsidiary company has fully eroded.

From December 25, 2020, the toll collection was forcefully suspended due to agitation

and protest held by farmers and other unions against agri-marketing laws. Accordingly,

the Company was not able to collect toll user fees from December 25, 2020. The

Company had sent various communications to authorities for such forceful suspension

of toll including revenue loss claim. Accordingly, the Company had issued notice of

termination of Concession Agreement to NHAI on July 27, 2021 under Force Majeure

Event of Concession Agreement. The Termination Payment and other payments due

from NHAI were pending for the long time. The company had attempted conciliation of

the issues of the Project for amicable settlement. Due to non-progress of the same, the

Company vide letter dated 27.03.2023 had notified the Conciliation Committee and

NHAI regarding the failure of the Conciliation Proceedings. The said matters were

referred to Arbitration by the Company. The Company has lodged a total claim

amounting to INR 19,379.20 Million relating to termination payment, Force Majeure

Costs due to Force Majeure event of Farmer's Agitation, COVID-19, & Demonetization,

and NPV of extension entitled due to Force Majeure event of Farmers agitation and

Covid19 .The Arbitral proceedings for the same are completed and the Arbitral Award

is declared on 23.01.2025 unanimously, except for Counter Claim of NHAI regarding

Premium that one Ld. Arbitrator has rejected it completely. As on the date of the said Majority award, the net awarded amount after deducting all dues of NHAI including

Premium works out to INR 10,805.45 millions (principal of INR 7,796.31 millions and

interest of INR 3,009.14 millions}.

The Arbitration matter of Competing Road was referred to Arbitration. In the said

matter, the majority award was passed on May 30, 2023 in favour of NHAI setting aside

claims of Company and Minority Award dated 05.06.2023 in favour of Company

amounting to INR 8509.80 Million. The Company has challenged the Majority Award

dated 30.05.2023 and filed a petition under Section 34 of Arbitration & Conciliation Act

1996 before the Hon'ble Delhi High Court to set aside the Majority Award dated

30.05.2023. The same is sub-judice before the Hon'ble High Court.



The dispute of Claim for Additional Cost on account of ban of quarrying of stone and

loss of Toll collection due to delayed issuance of Provisional Certificate was referred to

Arbitration. A unanimous Award dated 06.10.2017 by Arbitral Tribunal was awarded in

favour of Company amounting to INR 890.20 Million (amount inclusive of costs &

interest pendente lite}. This Award was challenged by NHAI under Section 34 before

the Delhi High Court. The Delhi High Court i~ its Judgment dated 16.02.2023, wherein

one claim is set aside (loss of Toll collection) and one claim was upheld (Additional cost

on account of ban of quarry of stone) along with pendente life interest and delayed

interests, etc. As per Delhi High court in the judgement dated 16.02.2023, the value of

award payable by NHAI to RPTPL as on 15.10.2023 works out to INR 1,211.90 millions.

NHAI had challenged the said award under Section 37 before Division Bench of Delhi

High Court. The said matter is now withdrawn by NHAI.



NHAI had lodged claim on RPTPL on account of negative Finished Road Level (FRL)

which was referred to Arbitration. The Majority Award on 31.10.2020 by Tribunal for

amount of INR 203.40 Million was in favour of NHAI. The interest on delayed payment

is awarded at 7.4% simple interest, as on 15.10.2023 works out to INR 247.90 Million

and further interest thereon. The dissenting note by the Minority of the Tribunal had

stated to reject the claim of NHAI. The Company had challenged the said Majority

Award under Section 34 before the Delhi High Court. The said matter is now withdrawn

by RPTPL on account of ongoing Vivad se Vishwas II scheme.



The Arbitration Award dated 06.10.2017 and Arbitration Award dated 31.10.2020 has

been settled through Settlement Agreement dated 20.03.2025 under Vivad se Vishwas

II Scheme of Govt. of India for the net settlement amount of about INR. 650 millions.



RPTPL has received intimation letter dated April 08, 2024 from National Asset

Reconstruction Company Limited (NARCL) intimating that the deed of assignment

dated March 22, 2024 under the provisions of Section 5 of the SARFASI Act, the

consortium of lenders except one Lender have assigned/ transferred the outstanding

debt /financial assets alongwith underline securities interest, pledged of shares,guarantees, receivables etc charge for such financial assistance granted to RPTPL in

favour of NARCL and NARCL acting in its capacity as trustee of NARCL Trust.



Considering the management assessment of probability and tenability of receiving

above claims from NHAI as per the terms of concession agreement, the management

has assessed that there is no impairment in the carrying value of investments made by

the Company in the RPTPL and consequently no provision/adjustment to the carrying

value of Investments and subordinate debts, loans and advances and trade and other

receivables as at March 31, 2026 is considered necessary.



Textual Information(4) NA
Textual Information(5) NA


Signatories detail

Name of CEO / Managing director SHASHIN PATEL
Name of CFO KAIVAN VORA
Name of audit committee chairman SHEFALI MANOJBHAI PATEL
Name of statutory auditor SGDG & ASSOCIATES LLP
Name of other signatory, if any, with designation MITTALI DAKWALA
Place AHMEDABAD
Date 27-05-2026


Amount in (Lakhs)

Format for Disclosure of Related Party Transactions (applicable only for half-yearly filings i.e., 2nd and 4th quarter)
Sr No. Additional disclosure of related party transactions - applicable only in case the related party transaction relates to loans, inter-corporate deposits, advances or investments made or given by the listed entity/subsidiary. These details need to be disclosed only once, during the reporting period when such transaction was undertaken.
Details of the party (listed entity/subsidiary) entering into the transaction Details of the counterparty Type of related party transaction Details of other related party transaction Value of the related party transaction as approved by the audit committee Remarks on approval by audit committee Value of the related party transaction ratified by the audit committee Date of Audit Committee Meeting where the ratification was approved Value of transaction during the reporting period In case monies are due to either party as a result of the transaction In case any financial indebtedness is incurred to make or give loans, inter-corporate deposits, advances or investments Details of the loans, inter-corporate deposits, advances or investments Notes
Name PAN Name PAN Relationship of the counterparty with the listed entity or its subsidiary Opening balance Closing balance Nature of indebtedness (loan/ issuance of debt/ any other etc.) Details of other indebtedness Cost Tenure Nature (loan/ advance/ intercorporate deposit/ investment ) Interest Rate (%) Tenure Secured/ unsecured Purpose for which the funds will be utilised by the ultimate recipient of funds (endusage)
1 Sadbhav Udaipur Highway Private Limited Sadbhav Engineering Limited Ultimate Holding Purchase of goods or services NA 1,287.80 1,709.50 2,997.30
2 Rohtak Hissar Tollway Private Limited Sadbhav Engineering Limited Ultimate Holding Loan NA 0.00 2,624.80 2,624.80
3 Sadbhav Udaipur Highway Private Limited Sadbhav Engineering Limited Ultimate Holding Loan NA (1,282.30) 1,282.30 0.00
4 Sadbhav Udaipur Highway Private Limited Sadbhav Engineering Limited Ultimate Holding Interest received NA (620.40) 620.40 0.00
5 Sadbhav Infra Solutions Private Limited Sadbhav Engineering Limited Ultimate Holding Purchase of goods or services NA 0.00 4.80 4.80
6 Ahmedabad Ring Road Infrastructure Limited Sadbhav Engineering Limited Ultimate Holding Purchase of goods or services NA 6,198.40 4,682.50 10,880.90
7 Ahmedabad Ring Road Infrastructure Limited Sadbhav Engineering Limited Ultimate Holding Loan NA (15,307.10) 38,055.00 22,747.90
8 Rohtak Panipat Tollway Private Limited Sadbhav Engineering Limited Ultimate Holding Purchase of goods or services NA 0.00 5,554.20 5,554.20
9 Rohtak Panipat Tollway Private Limited Sadbhav Engineering Limited Ultimate Holding Loan NA 0.00 14,624.10 14,624.10
10 Sadbhav Rudrapur Highway Limited Sadbhav Engineering Limited Ultimate Holding Loan NA (1,486.30) 1,486.30 0.00
11 Sadbhav Rudrapur Highway Limited Sadbhav Engineering Limited Ultimate Holding Any other transaction Payable NA (631.60) 2,883.60 2,251.90
12 Sadbhav Infrastructure Project Limited Sadbhav Engineering Limited Ultimate Holding Purchase of goods or services NA 0.00 175.40 175.40
13 Sadbhav Infrastructure Project Limited Sadbhav Engineering Limited Ultimate Holding Loan NA (2,277.70) 26,453.10 24,175.40
14 Sadbhav Infrastructure Project Limited Sadbhav Engineering Limited Ultimate Holding Interest paid NA 1,401.40 1,446.90 2,848.30
15 Sadbhav Infrastructure Project Limited Sadbhav Engineering Limited Ultimate Holding Any other transaction Sitting Fee NA 1.50 0.00 0.00
16 Sadbhav Infrastructure Project Limited Sadbhav Engineering Limited Ultimate Holding Any other transaction Sitting Fee NA 1.50 0.00 0.00
17 Sadbhav Infrastructure Project Limited Sadbhav Engineering Limited Ultimate Holding Any other transaction Sitting Fee NA 1.50 0.00 0.00
Total value of transaction during the reporting period (12,713.30)