Integrated Filing — IndAS



General information about company

Scrip Code 532710
NSE Symbol SADBHAV
MSEI Symbol NOTLISTED
ISIN INE226H01026
Name of company SADBHAV ENGINEERING 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 30-05-2026
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 Half Yearly
Reporting Quarter Yearly
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 The segment reporting is in accordance with its internal financial reports derived from SAP system which is reviewed by Chief Operating Decision Maker (CODM), CFO. Consequently, the Company has considered business as whole as a single operating segment in accordance with Indian Accounting Standard (‘Ind AS’) 108.
Start date and time of board meeting 30-05-2026   21:00:00
End date and time of board meeting 30-05-2026   23:30:00
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 NA
(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. NA
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 14-02-2025
Indicate Company website link for updated RPT policy of the Company www.sadbhaveng.com
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? Yes



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 01-10-2025 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 5,883.09 16,783.53
Other income (533.16) 3,656.80
Total income 5,349.93 20,440.33
2 Expenses
(a) Cost of materials consumed 240.11 282.58
(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 1,215.90 2,395.37
(e) Finance costs 6,204.39 17,739.77
(f) Depreciation, depletion and amortisation expense 36.30 360.73
(f) Other Expenses
1 Construction Expenses 4,047.69 7,734.33
2 Other Expenses 2,188.22 4,382.39
Total other expenses 6,235.91 12,116.72
Total expenses 13,932.61 32,895.17
3 Total profit before exceptional items and tax (8,582.68) (12,454.84)
4 Exceptional items 17,445.87 19,143.14
5 Total profit before tax 8,863.19 6,688.30
6 Tax expense
7 Current tax (140.17) (708.82)
8 Deferred tax 6,059.27 6,059.27
9 Total tax expenses 5,919.10 5,350.45
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 2,944.09 1,337.85
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 2,944.09 1,337.85
17 Other comprehensive income net of taxes 6.36 13.78
18 Total Comprehensive Income for the period 2,950.45 1,351.63
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 1,715.71 1,515.71
Face value of equity share capital 1 1
27 Details of debt securities
22 Reserves excluding revaluation reserve 1,02,053.48
23 Earnings per share
i Earnings per equity share for continuing operations
Basic earnings (loss) per share from continuing operations 1.72 0.78
Diluted earnings (loss) per share from continuing operations 1.72 0.78
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 1.72 0.78
Diluted earnings (loss) per share from continuing and discontinued operations 1.72 0.78
24 Debt equity ratio 0 0
25 Debt service coverage ratio 0 0
26 Interest service coverage ratio 0 0
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 2,237.81
Capital work-in-progress 0.00
Investment property 0.00
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 63,743.90
Trade receivables, non-current 5,237.39
Loans, non-current 5,914.82
Other non-current financial assets
1 Other non-current financial assets 11,594.94
Total of other non-current financial assets 11,594.94
Total non-current financial assets 86,491.05
Deferred tax assets (net) 0.00
Other non-current assets
1 Other non-current assets 0.00
Total of other non-current assets 0.00
Total non-current assets 88,728.86
2 Current assets
Inventories 110.78
Current financial asset
Current investments 0.00
Trade receivables, current 26,751.65
Cash and cash equivalents 2,156.61
Bank balance other than cash and cash equivalents 460.70
Loans, current 39,825.21
Other current financial assets
Total of other current financial assets 4,104.19
Total current financial assets 73,298.36
Current tax assets (net) 638.23
Other current assets
1 Other current assets 79,151.61
Total of other current assets 79,151.61
Total current assets 1,53,198.98
3 Non-current assets classified as held for sale
4 Regulatory deferral account debit balances and related deferred tax Assets
Total assets 2,41,927.84
Equity and liabilities
1 Equity
Equity attributable to owners of parent
Equity share capital 1,715.71
Other equity 1,02,053.48
Total equity attributable to owners of parent 1,03,769.19
Non controlling interest
Total equity 1,03,769.19
2 Liabilities
Non-current liabilities
Non-current financial liabilities
Borrowings, non-current 78,043.25
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 78,043.25
Provisions, non-current 0.00
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 78,043.25
Current liabilities
Current financial liabilities
Borrowings, current 27,147.50
Trade payables, current
(A) Total outstanding dues of micro enterprises and small enterprises 509.57
(B) Total outstanding dues of creditors other than micro enterprises and small enterprises 20,445.40
Total Trade payable 20,954.97
Other current financial liabilities
1 Other current financial liabilities 8,887.53
Total of other current financial liabilities 8,887.53
Total current financial liabilities 56,990.00
Other current liabilities 3,125.40
1 Other current liabilities 3,125.40
Total of other current liabilities 3,125.40
Provisions, current 0.00
Current tax liabilities (Net) 0.00
Deferred government grants, Current 0.00
Total current liabilities 60,115.40
3 Liabilities directly associated with assets in disposal group classified as held for sale 0.00
4 Regulatory deferral account credit balances and related deferred tax liability 0.00
Total liabilities 1,38,158.65
Total equity and liabilites 2,41,927.84
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 01-10-2025 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 01-10-2025 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 (6.36) (13.78)
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 6.36 13.78



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 6,688.30
Adjustments for reconcile profit (loss)
Adjustments for finance costs 0.00
Adjustments for decrease (increase) in inventories 0.00
Adjustments for decrease (increase) in trade receivables, current (404.39)
Adjustments for decrease (increase) in trade receivables, non-current (2,534.20)
Adjustments for decrease (increase) in other current assets 6,898.42
Adjustments for decrease (increase) in other non-current assets 999.31
Adjustments for other financial assets, non-current 0.00
Adjustments for other financial assets, current 1,714.29
Adjustments for other bank balances 0.00
Adjustments for increase (decrease) in trade payables, current 401.39
Adjustments for increase (decrease) in trade payables, non-current 0.00
Adjustments for increase (decrease) in other current liabilities 14,146.79
Adjustments for increase (decrease) in other non-current liabilities 0.00
Adjustments for depreciation and amortisation expense 360.73
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 0.00
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 768.23
Adjustments for fair value losses (gains) 13.78
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 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) 22,364.35
Net cash flows from (used in) operations 29,052.65
Dividends received 0.00
Interest paid (15,166.88)
Interest received 3,597.36
Income taxes paid (refund) 2,274.42
Other inflows (outflows) of cash (33,239.55)
Net cash flows from (used in) operating activities 12,302.92
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 2,051.75
Purchase of property, plant and equipment (247.91)
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 0.00
Interest received 3,597.36
Income taxes paid (refund) 0.00
Other inflows (outflows) of cash (1,677.55)
Net cash flows from (used in) investing activities 4,219.47
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 3,096.26
Proceeds from borrowings 0.00
Repayments of borrowings 17,825.16
Payments of lease liabilities (153.21)
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 (14,575.69)
Net increase (decrease) in cash and cash equivalents before effect of exchange rate changes 1,946.70
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 1,946.70
Cash and cash equivalents cash flow statement at beginning of period 209.91
Cash and cash equivalents cash flow statement at end of period 2,156.61





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 Manubhai & Shah LLP Yes 29-02-2028


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 20,440.33 20,440.33
2 Total Expenditure 32,895.17 32,895.17
3 Net Profit/(Loss) 1,337.85 1,337.85
4 Earnings Per Share 0.78 0.78
5 Total Assets 2,41,927.85 2,41,927.85
6 Total Liabilities 1,38,158.65 1,38,158.65
7 Net Worth 1,03,769.19 1,03,769.19


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)


Text Block

Textual Information(1) 1 We draw attention to Note 9 to the accompanying Standalone Financial Results regarding impairment assessment of investment of Rs. 54,864.44 Lakhs, stated at cost and outstanding loan (including interest accrued) of Rs. 32,938.49 lakhs as at March 31, 2026 to one of the subsidiary, Sadbhav Infrastructure Project Limited. It is noted that the subsidiarys consolidated net worth as at March 31, 2026, is substantially eroded. Management asserts that the investment and loan outstanding are fully recoverable, based on factors outlined in the said note.



However, we are unable to obtain sufficient appropriate audit evidence to substantiate the significant judgments and estimates made by management regarding the underlying assumptions adopted by the management for impairment assessment. Consequently, we are unable to provide a conclusive comment on the adjustments, if any, necessary to the carrying value of the said investment and loan and the consequential impact, if any, on the standalone financial position and standalone financial results of the Company as at reporting date and for the quarter and year ended on March 31, 2026.

Our Audit Report on financial statements for the year ended on March 31, 2025 and review reports on financial results for the quarter ended on June 30, 2025, September 30, 2025 and December 31, 2025 were also qualified with respect to this matter.

Textual Information(2) NA
Textual Information(3) 1. The Company has investment in Sadbhav Infrastructure Project Limited (SIPL) amounting Rs. 54864.44 lakhs and loan given amounting Rs. 32938.49 lakhs as on March 31, 2026. As per the consolidated financial statements of the Sadbhav Infrastructure Project Limited (SIPL) and its subsidiaries, there is negative net worth of the Group of SIPL and its subsidiaries.



The management has carried out impairment assesment of these assets as on March 31, 2026 considering the projected cash flow from revenue of operating SPV's, arbitration award of SPV and realization of GST claims. Based on the assessment it is concluded receoverable amounts of these assets are more than the carrying value. Hence no impairment is required to the carrying value of investment in equity shares and loan to SIPL as on March 31, 2026.



The statutory auditors have expressed qualified opinion on financial statements for the year ended March 31, 2026 and March 31, 2025 and financial results for the quarter ended December 31, 2025 in respect of investment in equity shares of Sadbhav Infrastructure Project Limited (SIPL) and loan given to SIPL

Textual Information(4) NA
Textual Information(5) NA
Textual Information(6) 2. We draw attention to Note 5 to the accompanying Standalone Financial Results with respect to termination of concession agreement by Rohtak Panipat Tollway Private Limited step-down subsidiary of the Company. As at March 31, 2026, aggregate amount of Rs 20,178.30 lakhs is outstanding towards loan, trade receivable and reimbursement of expenses as receivable from the said step-down subsidiary (RPTPL). The said step-down subsidiary has 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 outstanding balance in this step-down subsidiary duly 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 loan, and other receivables balance is necessary as at March 31, 2026.



However, we have not been able to corroborate the managements contention of realizing the carrying value of loan and other receivables aggregating to Rs. 20,178.30 Lakhs as on the reporting date, related to the said step-down subsidiary



Accordingly, we are unable to comment on appropriateness of the carrying value of such loan and other receivable and the consequential impact on the standalone financial position and standalone financial result of the Company as at reporting date and for the quarter and year ended on March 31, 2026



Our Audit Report on financial statements for the financial year ended on March 31, 2025 and review reports on the financial results for the quarter ended on June 30, 2025, September 30, 2025 and December 31, 2025 were also qualified with respect to this matter.

Textual Information(7) NA
Textual Information(8) 2. The Company has outstanding loan, Trade and other receivable aggregating to of Rs. 20178.30 lakhs given to Rohtak Panipat Tollway Private Limited (RPTPL), a step-down subsidiary company which is engaged in construction, operation and maintenance of road projects under concession agreement with National Highways Authorities of India (NHAI). The net worth of RPTPL has fully eroded. RPTPL has issued the termination notice on July 27, 2021, to NHAI by exercising the criteria of Event of Defaults under the concession agreement.



In this regard the management of RPTPL has lodged total claims aggregating to Rs. 1,93,792 Lakhs relating to termination payments, O&M cost due to force majeure, Covid claim & demonetization etc. In respect of such claims, RPTPL has given notice invoking Arbitration vide letter dated March 27, 2023. The Arbitral proceedings for the same are completed and the Arbitral Award is declared on 23.01.2025 unanimously. Counter Claim of NHAI regarding Premium is rejected completely by Ld. Arbitrator. As per the said Majority award, the net awarded amount after deducting all dues of NHAI including Premium works out to Rs. 1,08,054.50 lakhs (principal of Rs. 77,963.10 lakhs and interest of Rs. 30,091.40 lakhs).



In respect of Arbitration Claim for competing road, the award by Majority was passed on May 30, 2023 against the RPTPL. The RPTPL has filed the application under section 34 of the Arbitration and Conciliation Act, 1996 before the Honourable Delhi High Court.



Considering the management assessment of probability and tenability of receiving above claims from NHAI as per the terms of concession agreement, which is backed by legal opinion and pendency of the matter before Honourable Delhi high Court, the management has assessed that there is no impairment in the value of loan given to RPTPL and consequently no provision/adjustment to the carrying value of loan and other receivable as at March 31, 2026 is considered necessary.



The statutory auditors have expressed qualified opinion on financial statements for the quarter and year ended March 31, 2026 and March 31,2025 in respect of above as regards recoverable value of Company's outstanding loan, Trade and other receivable to RPTPL.

Textual Information(9) NA
Textual Information(10) NA
Textual Information(11) 3. The Company has not complied with the requirements of Section 203 of the Companies Act, 2013 read with the applicable rules framed thereunder due to the non-appointment of Chief Financial Officer (CFO) with effect from April 8, 2024.



The financial impact of this non-compliance is not ascertainable

Textual Information(12) NA
Textual Information(13) 3. To ensure effective financial and internal control and discipline in the company the board of directors have appointed Mr. Hitesh Chelani as a Chief Financial Officer (CFO) of the company w.e.f. 30-05-2026 under section 203 of companies Act, 2013 and relevant SEBI (LODR) Regulations, 2015
Textual Information(14) NA
Textual Information(15) NA
Textual Information(16) 4. We draw attention to Note 6 to accompanying Standalone Financial Results regarding expected recoverability of Contract Assets amounting to Rs 35,019.32 lakhs outstanding as at March 31, 2026 which represent receivables in respect of closed/ substantially closed/ suspended projects. The Company is at various stages of negotiation/ discussion with the clients or matters under arbitration/litigation in respect of aforementioned receivables.



Considering the contractual tenability, progress of negotiations/ discussions/ arbitration/litigations and as legally advised in certain contentious matters, the Management has represented that these contract assets amounting to Rs 35,019.32 lakhs are fully recoverable within a period of one year, based on factors detailed in the said note and hence classified under other current assets in the financial statement.



However, we were unable to obtain sufficient appropriate audit evidence to substantiate the significant judgments and estimates made by the management in relation to the expected recoverability of these contract assets within a period of one year. Accordingly, we are unable to determine whether any adjustments are required to the carrying value of the said contract assets and the consequential impact, if any, on the standalone financial position and results of the Company as at and for the quarter and year ended March 31, 2026.



Our Audit Report on financial statements for the financial year.



ended on March 31, 2025 and review reports on the financial results for the quarter ended on June 30, 2025, September 30, 2025 and December 31, 2025 were also qualified with respect to this matter

Textual Information(17) NA
Textual Information(18) 4. Contract Assets of Rs. 35019.32 lakhs and other non-current financial assets of Rs. 11300.60 lakhs outstanding as at March 31, 2026 which represents various claims raised on the Clients based on the terms and conditions implicit in the Engineering, Procurement & Construction Contracts/Mining Contract in respect of closed / suspended/under construction projects. These claims are mainly in respect of cost over run arising due to suspension of works, client caused delays, changes in the scope of work, deviation in design and other factors for which Company is at various stages of negotiation/ discussion with the clients or under Arbitration/ litigation. On the basis of the contractual tenability, progress of negotiations/ discussions/ arbitration/ litigations/ legal opinions, the Management is of the view that these receivables are recoverable.



The statutory auditors have expressed qualified opinion on financial statements for the quarter and year ended March 31, 2026 in respect of above Contract Assets of Rs. 35019.32 lakh.
Textual Information(19) NA
Textual Information(20) NA


Signatories detail

Name of CEO / Managing director SHASHIN PATEL
Name of CFO HITESH CHELANI
Name of audit committee chairman SHEFALI MANOJBHAI PATEL
Name of statutory auditor Manubhai & Shah LLP
Name of other signatory, if any, with designation Devansh Gandhi
Place Ahmedabad
Date 30-05-2026


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 ENGINEERING LIMITED Shashin V Patel Executive Director of Subsidiary Any other transaction Remuneration 100.00 No Remarks 140.00 30.00 0.00
2 SADBHAV ENGINEERING LIMITED Jatin Thakkar Executive Director and CFO OF Subsidiary Any other transaction Remuneration 50.00 No Remarks 0.00 0.00 0.00
3 SADBHAV ENGINEERING LIMITED HARDIK JIGNESHKUMAR MODI Key Management Personnel Remuneration 20.00 No Remarks 18.19 4.69 0.24
4 SADBHAV ENGINEERING LIMITED SHASHIN VISHNUBHAI PATEL Promoters Group Loan 10.00 No Remarks 0.00 (1,43,263.66) (1,43,263.66)
5 SADBHAV ENGINEERING LIMITED SHASHIN VISHNUBHAI PATEL Promoters Group Interest paid 600.00 No Remarks 571.36 (10,767.97) (11,339.33)
6 SADBHAV ENGINEERING LIMITED SADBHAV FINSTOCK PRIVATE LIMITED PROMOTER GROUP Loan 10.00 No Remarks 0.00 9.47 9.47
7 SADBHAV ENGINEERING LIMITED SADBHAV FINSTOCK PRIVATE LIMITED PROMOTER GROUP Any other transaction Reimbursement of Sxpenses 1,000.00 No Remarks 0.00 912.46 912.46
8 SADBHAV ENGINEERING LIMITED SADBHAV-PIPL (JV) PROMOTER GROUP Any other transaction Security Deposit/Retention Money Deducted by Clients 400.00 No Remarks 0.00 343.84 343.84
9 SADBHAV ENGINEERING LIMITED SADBHAV-PIPL (JV) Joint Venture Any other transaction Receivable 50.00 No Remarks 48.44 48.44 0.00
10 SADBHAV ENGINEERING LIMITED SEL-GKC JOINT VENTURE Joint Venture Any other transaction Security Deposit/Retention Money Deducted by Clients 3,500.00 No Remarks 52.09 3,459.29 3,407.19
11 SADBHAV ENGINEERING LIMITED SADBHAV-VISHNUSHIVA JOINT VENTURE Joint Venture Any other transaction Security Deposit/Retention Money Deducted by Clients 250.00 No Remarks 0.00 203.91 203.91
12 SADBHAV ENGINEERING LIMITED SADBHAV VAISHNOVI CONSTRUCTIONS JOINT VENTURE Joint Venture Any other transaction Receivable 10.00 No Remarks 0.00 1.02 1.02
13 SADBHAV ENGINEERING LIMITED SADBHAV VAISHNOVI CONSTRUCTIONS JOINT VENTURE Joint Venture Any other transaction Security Deposit/Retention Money Deducted by Clients 3,000.00 No Remarks 105.00 2,966.66 2,861.66
14 SADBHAV ENGINEERING LIMITED CORSAN CORVIAM CONSTRUCCION SA SADBHAV ENGINEERING LIMITED JV Joint Venture Any other transaction Receivable 10.00 No Remarks 0.00 (38.82) (38.82)
15 SADBHAV ENGINEERING LIMITED CORSAN CORVIAM CONSTRUCCION SA SADBHAV ENGINEERING LIMITED JV Joint Venture Any other transaction Security Deposit/Retention Money Deducted by Clients 500.00 No Remarks 6.73 443.78 437.04
16 SADBHAV ENGINEERING LIMITED SEL-SPSCPL JOINT VENTURE Joint Venture Any other transaction Receivable Mobilization/Material /Machinery Advance Received 10.00 No Remarks 0.00 0.00 0.00
17 SADBHAV ENGINEERING LIMITED SEL-SPSCPL JOINT VENTURE Joint Venture Any other transaction Advance Received 400.00 No Remarks 188.11 300.90 112.79
18 SADBHAV ENGINEERING LIMITED SEL-SPSCPL JOINT VENTURE Joint Venture Any other transaction Security Deposit/Retention Money Deducted by Clients 20.00 No Remarks 0.00 12.04 12.04
19 SADBHAV ENGINEERING LIMITED SADBHAV-ANNAPURNA JV Joint Venture Any other transaction Security Deposit/Retention Money Deducted by Clients 2,000.00 No Remarks 115.99 1,824.39 1,708.39
Total value of transaction during the reporting period 1,245.91





Format for Disclosing Outstanding Default on Loans and Debt Securities

Amount in (Lakhs)

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Sr. No. Particulars Amount Remarks
1. Loans / revolving facilities like cash credit from banks / financial institutions
A Total amount outstanding as on date 19,310.00 The company has enterd into a master restructuring agreement with the majority of lenders on 25.03.2026, pursuant to which NCDs to the tune of Rs. 713.25 Crores were issued and alloted.As on date the current outstanding of NCDs is Rs. 640.52 Crores. Balance Debentures will be issued and alloted to the remaining lenders upon receipt of their sanction wherein the existing debt obligations shall be converted into NCDs.
B Of the total amount outstanding, amount of default as on date 19,310.00
2. Unlisted debt securities i.e. NCDs and NCRPS
A Total amount outstanding as on date 64,052.00
B Of the total amount outstanding, amount of default as on date 0.00
3. Total financial indebtedness of the listed entity including short-term and long-term debt 83,362.00