Integrated Filing — IndAS



General information about company

Scrip Code 539346
NSE Symbol SADBHIN
MSEI Symbol NOTLISTED
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 Consolidated
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



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 Consolidated Consolidated
1 Income
Revenue from operations 20,167.90 77,455.80
Other income (2,651.80) 5,287.50
Total income 17,516.10 82,743.30
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 627.60 2,644.70
(e) Finance costs 1,048.80 26,350.20
(f) Depreciation, depletion and amortisation expense 3,862.20 13,557.80
(f) Other Expenses
1 Sub-contract charges and Operating Expenses 6,100.00 16,890.50
2 Other Expenses 5,038.00 8,597.40
Total other expenses 11,138.00 25,487.90
Total expenses 16,676.60 68,040.60
3 Total profit before exceptional items and tax 839.50 14,702.70
4 Exceptional items 5,520.80 (8,461.90)
5 Total profit before tax 6,360.30 6,240.80
6 Tax expense
7 Current tax (766.10) 3,166.10
8 Deferred tax (1,577.20) (1,575.10)
9 Total tax expenses (2,343.30) 1,591.00
10 Net movement in regulatory deferral account balances related to profit or loss and the related deferred tax movement (113.20) (143.50)
11 Net Profit Loss for the period from continuing operations 8,590.40 4,506.30
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 8,590.40 4,506.30
17 Other comprehensive income net of taxes (103.10) (119.50)
18 Total Comprehensive Income for the period 8,487.30 4,386.80
19 Total profit or loss, attributable to
Profit or loss, attributable to owners of parent 6,677.00 (1,990.80)
Total profit or loss, attributable to non-controlling interests 1,913.30 6,497.00
20 Total Comprehensive income for the period attributable to
Comprehensive income for the period attributable to owners of parent 6,635.60 (2,040.60)
Total comprehensive income for the period attributable to owners of parent non-controlling interests 1,851.60 6,427.30
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 (96,936.10)
23 Earnings per share
i Earnings per equity share for continuing operations
Basic earnings (loss) per share from continuing operations 1.9 -0.57
Diluted earnings (loss) per share from continuing operations 1.9 -0.57
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 1.9 -0.57
Diluted earnings (loss) per share from continuing and discontinued operations 1.9 -0.57
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 Consolidated
Assets
1 Non-current assets
Property, plant and equipment 37.80
Capital work-in-progress 0.00
Investment property 83.80
Goodwill 2,653.00
Other intangible assets 4,104.80
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 4,096.80
Trade receivables, non-current 0.00
Loans, non-current 14.30
Other non-current financial assets
1 Others 0.70
Total of other non-current financial assets 0.70
Total non-current financial assets 4,111.80
Deferred tax assets (net) 187.20
Other non-current assets
1 Other non-current assets 126.50
Total of other non-current assets 126.50
Total non-current assets 11,304.90
2 Current assets
Inventories 0.00
Current financial asset
Current investments 0.00
Trade receivables, current 8,151.40
Cash and cash equivalents 5,154.20
Bank balance other than cash and cash equivalents 2,064.70
Loans, current 18,720.50
Other current financial assets
Total of other current financial assets 2,41,671.40
Total current financial assets 2,75,762.20
Current tax assets (net) 296.20
Other current assets
1 Other current assets 14,426.00
Total of other current assets 14,426.00
Total current assets 2,90,484.40
3 Non-current assets classified as held for sale 1,32,395.10
4 Regulatory deferral account debit balances and related deferred tax Assets
Total assets 4,34,184.40
Equity and liabilities
1 Equity
Equity attributable to owners of parent
Equity share capital 35,222.50
Other equity (97,071.30)
Total equity attributable to owners of parent (61,848.80)
Non controlling interest 4,384.90
Total equity (57,463.90)
2 Liabilities
Non-current liabilities
Non-current financial liabilities
Borrowings, non-current 0.00
Trade payables, non-current
(A) Total outstanding dues of micro enterprises and small enterprises
(B) Total outstanding dues of creditors other than micro enterprises and small enterprises
Total Trade payable
Other non-current financial liabilities
Total of other non-current financial liabilities
Total non-current financial liabilities 0.00
Provisions, non-current 69.60
Deferred tax liabilities (net)
Deferred government grants, Non-current
Other non-current liabilities
Total of other non-current liabilities
Total non-current liabilities 69.60
Current liabilities
Current financial liabilities
Borrowings, current 2,59,217.60
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 7,779.80
Total Trade payable 7,910.80
Other current financial liabilities
1 Other current financial liabilities 1,09,230.70
Total of other current financial liabilities 1,09,230.70
Total current financial liabilities 3,76,359.10
Other current liabilities 1,772.30
1 Other current liabilities 1,772.30
Total of other current liabilities 1,772.30
Provisions, current 4,125.50
Current tax liabilities (Net)
Deferred government grants, Current
Total current liabilities 3,82,256.90
3 Liabilities directly associated with assets in disposal group classified as held for sale 1,09,321.80
4 Regulatory deferral account credit balances and related deferred tax liability
Total liabilities 4,91,648.30
Total equity and liabilites 4,34,184.40
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 Consolidated Consolidated
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 Consolidated Consolidated
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 103.10 119.50
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 (103.10) (119.50)



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 Consolidated
Statement of cash flows
Cash flows from used in operating activities
Profit before tax 6,240.80
Adjustments for reconcile profit (loss)
Adjustments for finance costs 25,771.50
Adjustments for decrease (increase) in inventories 0.00
Adjustments for decrease (increase) in trade receivables, current 3,639.10
Adjustments for decrease (increase) in trade receivables, non-current 52,428.20
Adjustments for decrease (increase) in other current assets 6,855.50
Adjustments for decrease (increase) in other non-current assets 0.00
Adjustments for other financial assets, non-current (6,609.00)
Adjustments for other financial assets, current 0.00
Adjustments for other bank balances 0.00
Adjustments for increase (decrease) in trade payables, current (3,512.80)
Adjustments for increase (decrease) in trade payables, non-current 0.00
Adjustments for increase (decrease) in other current liabilities 538.80
Adjustments for increase (decrease) in other non-current liabilities 0.00
Adjustments for depreciation and amortisation expense 13,557.80
Adjustments for impairment loss reversal of impairment loss recognised in profit or loss 0.00
Adjustments for provisions, current 0.00
Adjustments for provisions, non-current 0.00
Adjustments for other financial liabilities, current (218.80)
Adjustments for other financial liabilities, non-current 0.00
Adjustments for unrealised foreign exchange losses gains 0.00
Adjustments for dividend income (49.80)
Adjustments for interest income (1,117.90)
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) 0.00
Other adjustments for non-cash items 1,617.70
Share of profit and loss from partnership firm or association of persons or limited liability partnerships 0.00
Total adjustments for reconcile profit (loss) 95,235.70
Net cash flows from (used in) operations 1,01,476.50
Dividends received 0.00
Interest paid 0.00
Interest received 0.00
Income taxes paid (refund) 3,401.60
Other inflows (outflows) of cash 0.00
Net cash flows from (used in) operating activities 98,074.90
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 (9,013.10)
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 49.80
Interest received 1,117.90
Income taxes paid (refund) 0.00
Other inflows (outflows) of cash (2,156.30)
Net cash flows from (used in) investing activities (10,001.70)
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 0.00
Repayments of borrowings 59,261.40
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 (26,495.40)
Net cash flows from (used in) financing activities (85,756.80)
Net increase (decrease) in cash and cash equivalents before effect of exchange rate changes 2,316.40
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 2,316.40
Cash and cash equivalents cash flow statement at beginning of period 2,837.70
Cash and cash equivalents cash flow statement at end of period 5,154.10





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 S G D G & 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 77,455.80 77,455.80
2 Total Expenditure 68,041.20 68,041.20
3 Net Profit/(Loss) 4,390.70 4,390.70
4 Earnings Per Share -0.56 -0.56
5 Total Assets 4,34,184.40 4,34,184.40
6 Total Liabilities 4,91,648.30 4,91,648.30
7 Net Worth (61,848.80) (61,848.80)


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)
2 Textual Information(6) Qualified opinion Repetitive Textual Information(7) Textual Information(8) Textual Information(9) Textual Information(10)
3 Textual Information(11) Qualified opinion Repetitive Textual Information(12) Textual Information(13) Textual Information(14) Textual Information(15)
4 Textual Information(16) Qualified opinion Repetitive Textual Information(17) Textual Information(18) Textual Information(19) Textual Information(20)
5 Textual Information(21) Qualified opinion Repetitive Textual Information(22) Textual Information(23) Textual Information(24) Textual Information(25)
6 Textual Information(26) Qualified opinion Repetitive Textual Information(27) Textual Information(28) Textual Information(29) Textual Information(30)


Text Block

Textual Information(1) 1. As detailed in Note No. 6 & Note 7 to the accompanying Consolidated Financial Results, with respect to Rohtak Panipat Tollway Private Limited (RPTPL) and Rohtak Hissar Tollway Private Limited (RHTPL), subsidiaries of the Group in which interest on deferred premium obligation and interest on rupee term loan from banks and financial institutions as well as unsecured loans from Group companies have not been accounted considering the fact that both subsidiaries have issued termination notices and lenders of both subsidiaries have classified all the secured borrowings as non-performing assets. This has resulted in the understatement of finance cost and the related interest liability and corresponding understatement of losses, amount of which is unascertained. Further financial statement of RPTPL and RHTPL are prepared on non-going concern basis.



The auditors of RPTPL and RHTPL have expressed qualified opinion on the financial statements for the year ended March 31, 2026 and March 31, 2025, as well as qualified review conclusion on financial results for the quarter ended June 30, 2025, September 30, 2025 and December 31, 2025 in respect of this matter.
Textual Information(2) NA
Textual Information(3) 1. One of the subsidiary of the Group namely Rohtak Panipat Tollways Private Limited (RPTPL) has issued the termination notice on July 27, 2021, to National Highway Authority of India (NHAI) by exercising the criteria of "Event of Defaults" under the concession agreement. Since the project of the Company has been terminated, the management of RPTPL is of the view that going concern assumption for preparation of accounts is not appropriate and accounts have been drawn accordingly on non-going concern basis.



The management of RPTPL 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 Covid 19.The NHAI had lodged its counter Claims amounting to INR 6,227.00 Million. The Company had submitted its reply on such counter claims 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 Million (principal ofINR 7,796.31 Million and interest of INR 3,009.14 Million).



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 8,509.80 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 Hi h Court to set aside the Majority Award dated 30.05.2023. The same is sub-judice before

Hon'ble Delhi 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 in its Judgment dated 16.02.2023, the value of award payable by NHAI to RPTPL as

on 15.10.2023 works out to INR 1,211.9 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 on account of ongoing Vivad se Vishwas II settlement proposal.



NHAI had claimed on RPTPL a claim on account of negative FRL which was referred to Arbitration. The Majority Award on 31.10.2020 by Tribunal was in favour of NHAI amounting to INR 203.40 Million. The interest on delayed payment is awarded at 7.4% simple interest, as on 15.10.2023 works out to INR

247.90 Million. The dissenting note by the Minority of the Tribunal had stated to

reject the claim of NHAI. The Company has challenged the said Majority Award under Section 34 before the Delhi High Court, which is sub-judice. The Company had challenged the said Majority Award under Section 34 before the Delhi High Court.



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 JNR. 650 millions.

Textual Information(4) NA
Textual Information(5) NA
Textual Information(6) 2. As detailed in Note No. 12 to the accompanying Consolidated Financial Results, with respect to Sadbhav Jodhpur Ring Road Private Limited (SJRRPL), subsidiary of the Group in which Tax credit receivables are carried in the Balance sheet at INR 152.15 Million under Other Current assets. However, during financial year 2025-2026, the SJRRPL does not have any business activity nor are we informed about the management plan for taking up other business activities. These circumstances indicate a material uncertainty that may cast significant doubt on the SJRRPLs ability to continue as a going concern, and therefore it may be unable to realize its assets and discharge its liabilities in the normal course of business.

Our audit opinion on financial statements of SJRRPL for the year ended on March 31, 2026 and March 31, 2025 as well as our 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(7) NA
Textual Information(8) 2. One of the subsidiary of the group namely Rohtak Hissar Tollways Private Limited (RHTPL) has issued the termination notice on August 27, 2021, to NHAl by exercising the criteria of "Event of Defaults" under the concession agreement. Since the project of the Company has been terminated, the management of RHTPL is of the view that going concern assumption for preparation of accounts is not appropriate and accounts have been drawn accordingly on non-going concern basis.



In this regard the management of RHTPL has lodged total claim amounting to INR

19,287.10 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

Covidl 9. The NHAI had lodged its Counter Claims amounting to INR 3,665.80 Million. The Company had submitted its reply on such counter claims. The

Arbitral proceedings for the same are currently ongoing. The current stage of

arbitral proceeding is of Arguments which are ongoing.



Also, RHTPL 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 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 RHTPL in favour of NARCL and NARCL acting in its capacity as trustee

of NARCL Trust.

Textual Information(9) NA
Textual Information(10) NA
Textual Information(11) 3. As detailed in Note No. 12 to the accompanying Consolidated Financial Results, with respect to Sadbhav Bangalore Highway Private Limited (SBGHPL), subsidiary of the Group in which Tax credit receivables are carried in the Balance sheet at INR 420.68 Million under the Other Current assets. However, during financial year 2025-2026, SBGHPL does not have any business activity nor are we informed about the management plan for taking up other business activity. These circumstances indicate a material uncertainty that may cast significant doubt on the Companys ability to continue as a going concern, and therefore it may be unable to realize its assets and discharge its liabilities in the normal course of business.



The auditors of SBGHPL have expressed qualified opinion on the financial statements of SBGHPL for the year ended March 31, 2026 and March 31, 2025, as well as qualified review conclusion on financial results for the quarter ended June 30, 2025, September 30, 2025 and December 31, 2025 mentioning that they are unable to comment about the utilization of tax credits in foreseeable future

Textual Information(12) NA
Textual Information(13) 3. GST tax credit receivables amounting to INR 152.12 Million are included in the consolidated books of accounts as at March 31, 2026 in respect of following subsidiaries. The management of the Group is evaluating various option for utilising above mention tax credits and is confident about the utilization of the credit
Textual Information(14) NA
Textual Information(15) NA
Textual Information(16) 4. As detailed in Note No. 12 to the accompanying Consolidated Financial Results, with respect to Sadbhav Vidarbha Highway Limited (SVHL), subsidiary of the Group in which Tax credit receivables are carried in the Balance sheet at INR 503.45 Million under the Other Current assets. However, during financial year 2025-2026, the SVHPL does not have any business activity nor are we informed about the management plan for taking up other business activity.



The auditors of SVHL have expressed qualified opinion on the financial statements for the year ended March 31, 2026 and March 31, 2025, as well as qualified review conclusion on financial results for the quarter ended June 30, 2025, September 30, 2025 and December 31, 2025 mentioning that they are unable to comment about the utilization of tax credits in foreseeable future

Textual Information(17) NA
Textual Information(18) 4. GST tax credit receivables amounting to INR 420.65 Million are included in the consolidated books of accounts as at March 31, 2026 in respect of following

subsidiaries. The management of the Group is evaluating various option for utilising above mention tax credits and is confident about the utilization of the credit

Textual Information(19) NA
Textual Information(20) NA
Textual Information(21) 5. As detailed in Note No.12 to the accompanying Consolidated Financial Results, with respect to Sadbhav Nainital Highway Limited (SNHL), subsidiary of the Group in which realisability of GST Input tax credit receivables of INR 118.64 Million in other current assets. The management has contention that no adjustment required to be made in the carrying value of GST Input tax receivable as at March 31, 2026.



The auditors of SNHL have expressed qualified opinion on the financial statements of SNHL for the year ended March 31, 2026 and March 31, 2025, as well as qualified review conclusion on financial results for the quarter ended June 30, 2025 and December 31, 2025 mentioning that they are unable to comment about the utilization of tax credits in foreseeable future.
Textual Information(22) NA
Textual Information(23) 5. GST tax credit receivables amounting to INR 504.71 Million are included in the consolidated books of accounts as at March 31, 2026 in respect of following subsidiaries. The management of the Group is evaluating various option for utilising above mention tax credits and is confident about the utilization of the credit
Textual Information(24) NA
Textual Information(25) NA
Textual Information(26) 6. As detailed in Note No. 3.3 to the Consolidated Financial Results in respect of Sadbhav Udaipur Highway Limited (Concessionaire or SUDHL), subsidiary of the Group in which SUDHL has entered into endorsement agreement for harmonious substitution of the Concessionaire in favour of new concessionaire. Further, information regarding managements plans for undertaking alternative business activities is not available. There exists a material uncertainty that may cast significant doubt on the SUDHLs ability to continue as a going concern therefore it may be unable to realize its assets and discharge its liabilities in the normal course of business.



The auditors of SUDHL have expressed qualified opinion on the financial statement of SUDHL for the year ended March 31, 2026 regarding material uncertainty relating to going concern. Further, the auditors has also expressed qualified opinion on the financial statement of SUDHL for the year ended March 31, 2025, as well as qualified review conclusion on financial results for the quarter ended June 30, 2025, September 30, 2025

Textual Information(27) NA
Textual Information(28) 6. GST tax credit receivables amounting to INR 408.96 Million are included in the consolidated books of accounts as at March 31, 2026 in respect of following subsidiaries. The management of the Group is evaluating various option for utilising above mention tax credits and is confident about the utilization of the credit
Textual Information(29) NA
Textual Information(30) NA


Signatories detail

Name of CEO / Managing director NA
Name of CFO Kaivan Vora
Name of audit committee chairman SHEFALI MANOJBHAI PATEL
Name of statutory auditor MITTALI DAKWALA
Name of other signatory, if any, with designation SHASHIN PATEL - EXECUTIVE CHAIRMAN
Place AHMEDABAD
Date 27-05-2026