5393462026-01-012026-03-315393462026-03-315393462025-03-315393462025-04-012026-03-315393462026-01-012026-03-31in-capmkt:OtherExpenses1Member5393462025-04-012026-03-31in-capmkt:OtherExpenses1Member5393462026-03-31OtherNoncurrentFinancialAssetsDomain15393462026-03-31OtherCurrentFinancialAssetsDomain15393462026-03-31OtherCurrentAssetsDomain15393462026-03-31OtherCurrentFinancialLiabilitiesDomain15393462026-03-31OtherCurrentLiabilitiesDomain15393462026-01-012026-03-31RelatedPartyTransactionDomain15393462025-12-31RelatedPartyTransactionDomain15393462026-03-31RelatedPartyTransactionDomain15393462026-01-012026-03-31RelatedPartyTransactionDomain25393462025-12-31RelatedPartyTransactionDomain25393462026-03-31RelatedPartyTransactionDomain25393462026-01-012026-03-31RelatedPartyTransactionDomain35393462025-12-31RelatedPartyTransactionDomain35393462026-03-31RelatedPartyTransactionDomain35393462026-01-012026-03-31RelatedPartyTransactionDomain45393462025-12-31RelatedPartyTransactionDomain45393462026-03-31RelatedPartyTransactionDomain45393462026-01-012026-03-31RelatedPartyTransactionDomain55393462025-12-31RelatedPartyTransactionDomain55393462026-03-31RelatedPartyTransactionDomain55393462026-01-012026-03-31RelatedPartyTransactionDomain65393462025-12-31RelatedPartyTransactionDomain65393462026-03-31RelatedPartyTransactionDomain65393462026-01-012026-03-31RelatedPartyTransactionDomain75393462025-12-31RelatedPartyTransactionDomain75393462026-03-31RelatedPartyTransactionDomain75393462026-01-012026-03-31RelatedPartyTransactionDomain85393462025-12-31RelatedPartyTransactionDomain85393462026-03-31RelatedPartyTransactionDomain85393462026-01-012026-03-31RelatedPartyTransactionDomain95393462025-12-31RelatedPartyTransactionDomain95393462026-03-31RelatedPartyTransactionDomain95393462026-01-012026-03-31RelatedPartyTransactionDomain105393462025-12-31RelatedPartyTransactionDomain105393462026-03-31RelatedPartyTransactionDomain105393462026-01-012026-03-31RelatedPartyTransactionDomain115393462025-12-31RelatedPartyTransactionDomain115393462026-03-31RelatedPartyTransactionDomain115393462026-01-012026-03-31RelatedPartyTransactionDomain125393462025-12-31RelatedPartyTransactionDomain125393462026-03-31RelatedPartyTransactionDomain125393462026-01-012026-03-31RelatedPartyTransactionDomain135393462025-12-31RelatedPartyTransactionDomain135393462026-03-31RelatedPartyTransactionDomain135393462026-01-012026-03-31RelatedPartyTransactionDomain145393462025-12-31RelatedPartyTransactionDomain145393462026-03-31RelatedPartyTransactionDomain145393462026-01-012026-03-31RelatedPartyTransactionDomain155393462025-12-31RelatedPartyTransactionDomain155393462026-03-31RelatedPartyTransactionDomain155393462026-01-012026-03-31RelatedPartyTransactionDomain165393462025-12-31RelatedPartyTransactionDomain165393462026-03-31RelatedPartyTransactionDomain165393462026-01-012026-03-31RelatedPartyTransactionDomain175393462025-12-31RelatedPartyTransactionDomain175393462026-03-31RelatedPartyTransactionDomain175393462026-01-012026-03-31AuditorDomain15393462026-01-012026-03-31in-capmkt:AuditedMember5393462026-03-31in-capmkt:AuditedMember5393462026-01-012026-03-31in-capmkt:AdjustedMember5393462026-03-31in-capmkt:AdjustedMember5393462026-01-012026-03-31AuditQualification1iso4217:INRiso4217:INRxbrli:shares539346SADBHINNAINE764L01010SADBHAV INFRASTRUCTURE PROJECT LIMITEDMain BoardEquity2025-04-012026-03-312026-05-272026-05-20INRMillionsQuarterlyFourth quarterSingle segmentINFRASTRUCTURE2026-05-2721:00:002026-05-2723:55:00trueCash Flow IndirectStatement on impact of audit qualificationtruetrueNoNofalsetrue2026-05-27https://www.sadbhavinfra.co.in/en/pdf/policy-on-related-party-transaction.pdffalsefalseNot Applicable2026-01-012026-03-31AuditedStandalone089730000897300000001629000013664000020000335780000488730000-399000000215416000017551600000-80000-800000175524000000001755240000227000017575100003522250000104.984.98004.984.982025-04-012026-03-31AuditedStandalone0190200000190200000000660600007340300001000003583100001158500000-96830000011541600001858600000-80000-8000001859400000000185940000227000018821000035222500001030352000000.530.53000.530.53Other Expenses335780000Other Expenses35831000040000002880000000009144430000014300001265000091585100000916179000000572900002716000024870000514900004697500006305600001118000017319000081493000013072300001128395000035222500003035200000655745000065574500005914800000005914800006970000005984500003068140000131000001048600001179600009080800004094180000310600002810000004128050000472650000011283950000Other non-current financial assets12650000Other current financial assets469750000Other current assets173190000Other current financial liabilities908080000Other current liabilities3106000050630000001102000000-18949000000169040000000001000000-12890000015282000000000000-90387000000-16779000018070000-530000227730000112530000160000230700000132880000000000000000000000000000000530000141600000402230000416920000000000001215790000177040000000000-554610000-48100000-48100000-4810000-2270000-22700000022700002270000Sadbhav Udaipur Highway Private Limited******Sadbhav Engineering Limited******Ultimate HoldingPurchase of goods or servicesNA128780000170950000299730000Rohtak Hissar Tollway Private Limited******Sadbhav Engineering Limited******Ultimate HoldingLoanNA0262480000262480000Sadbhav Udaipur Highway Private Limited******Sadbhav Engineering Limited******Ultimate HoldingLoanNA-1282300001282300000Sadbhav Udaipur Highway Private Limited******Sadbhav Engineering Limited******Ultimate HoldingInterest receivedNA-62040000620400000Sadbhav Infra Solutions Private Limited******Sadbhav Engineering Limited******Ultimate HoldingPurchase of goods or servicesNA0480000480000Ahmedabad Ring Road Infrastructure Limited******Sadbhav Engineering Limited******Ultimate HoldingPurchase of goods or servicesNA6198400004682500001088090000Ahmedabad Ring Road Infrastructure Limited******Sadbhav Engineering Limited******Ultimate HoldingLoanNA-153071000038055000002274790000Rohtak Panipat Tollway Private Limited******Sadbhav Engineering Limited******Ultimate HoldingPurchase of goods or servicesNA0555420000555420000Rohtak Panipat Tollway Private Limited******Sadbhav Engineering Limited******Ultimate HoldingLoanNA014624100001462410000Sadbhav Rudrapur Highway Limited******Sadbhav Engineering Limited******Ultimate HoldingLoanNA-1486300001486300000Sadbhav Rudrapur Highway Limited******Sadbhav Engineering Limited******Ultimate HoldingAny other transactionPayableNA-63160000288360000225190000Sadbhav Infrastructure Project Limited******Sadbhav Engineering Limited******Ultimate HoldingPurchase of goods or servicesNA01754000017540000Sadbhav Infrastructure Project Limited******Sadbhav Engineering Limited******Ultimate HoldingLoanNA-22777000026453100002417540000Sadbhav Infrastructure Project Limited******Sadbhav Engineering Limited******Ultimate HoldingInterest paidNA140140000144690000284830000Sadbhav Infrastructure Project Limited******Sadbhav Engineering Limited******Ultimate HoldingAny other transactionSitting FeeNA15000000Sadbhav Infrastructure Project Limited******Sadbhav Engineering Limited******Ultimate HoldingAny other transactionSitting FeeNA15000000Sadbhav Infrastructure Project Limited******Sadbhav Engineering Limited******Ultimate HoldingAny other transactionSitting FeeNA15000000-1271330000AuditedQualified opinionSGDG and Associates LLPtrue2026-10-31190200000190200000115850000011585000001859500001859500000.530.5311283950000112839500004726510000472651000065574500006557450000We 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. <br></br> <br></br> 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. <br></br> <br></br> 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. <br></br> <br></br> 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. Qualified opinionRepetitiveNAThe Company has investments of INR 217.74 million and subordinate debts of INR <br></br> 4,688.73 million and trade & other Receivables of INR 87.91 millions as at March 31, <br></br> 2025 in one of the subsidiary namley Rohtak Panipat Tollway Private Limited (RPTPL) <br></br> which is engaged in construction, operation and maintenance of infrastructure projects <br></br> under concession agreement with National Highways Authorities of lndia(NHAI). The <br></br> net worth of this subsidiary company has fully eroded. <br></br> From December 25, 2020, the toll collection was forcefully suspended due to agitation <br></br> and protest held by farmers and other unions against agri-marketing laws. Accordingly, <br></br> the Company was not able to collect toll user fees from December 25, 2020. The <br></br> Company had sent various communications to authorities for such forceful suspension <br></br> of toll including revenue loss claim. Accordingly, the Company had issued notice of <br></br> termination of Concession Agreement to NHAI on July 27, 2021 under Force Majeure <br></br> Event of Concession Agreement. The Termination Payment and other payments due <br></br> from NHAI were pending for the long time. The company had attempted conciliation of <br></br> the issues of the Project for amicable settlement. Due to non-progress of the same, the <br></br> Company vide letter dated 27.03.2023 had notified the Conciliation Committee and <br></br> NHAI regarding the failure of the Conciliation Proceedings. The said matters were <br></br> referred to Arbitration by the Company. The Company has lodged a total claim <br></br> amounting to INR 19,379.20 Million relating to termination payment, Force Majeure <br></br> Costs due to Force Majeure event of Farmer's Agitation, COVID-19, & Demonetization, <br></br> and NPV of extension entitled due to Force Majeure event of Farmers agitation and <br></br> Covid19 .The Arbitral proceedings for the same are completed and the Arbitral Award <br></br> is declared on 23.01.2025 unanimously, except for Counter Claim of NHAI regarding <br></br> 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 <br></br> Premium works out to INR 10,805.45 millions (principal of INR 7,796.31 millions and <br></br> interest of INR 3,009.14 millions}. <br></br> The Arbitration matter of Competing Road was referred to Arbitration. In the said <br></br> matter, the majority award was passed on May 30, 2023 in favour of NHAI setting aside <br></br> claims of Company and Minority Award dated 05.06.2023 in favour of Company <br></br> amounting to INR 8509.80 Million. The Company has challenged the Majority Award <br></br> dated 30.05.2023 and filed a petition under Section 34 of Arbitration & Conciliation Act <br></br> 1996 before the Hon'ble Delhi High Court to set aside the Majority Award dated <br></br> 30.05.2023. The same is sub-judice before the Hon'ble High Court. <br></br> <br></br> The dispute of Claim for Additional Cost on account of ban of quarrying of stone and <br></br> loss of Toll collection due to delayed issuance of Provisional Certificate was referred to <br></br> Arbitration. A unanimous Award dated 06.10.2017 by Arbitral Tribunal was awarded in <br></br> favour of Company amounting to INR 890.20 Million (amount inclusive of costs & <br></br> interest pendente lite}. This Award was challenged by NHAI under Section 34 before <br></br> the Delhi High Court. The Delhi High Court i~ its Judgment dated 16.02.2023, wherein <br></br> one claim is set aside (loss of Toll collection) and one claim was upheld (Additional cost <br></br> on account of ban of quarry of stone) along with pendente life interest and delayed <br></br> interests, etc. As per Delhi High court in the judgement dated 16.02.2023, the value of <br></br> award payable by NHAI to RPTPL as on 15.10.2023 works out to INR 1,211.90 millions. <br></br> NHAI had challenged the said award under Section 37 before Division Bench of Delhi <br></br> High Court. The said matter is now withdrawn by NHAI. <br></br> <br></br> NHAI had lodged claim on RPTPL on account of negative Finished Road Level (FRL) <br></br> which was referred to Arbitration. The Majority Award on 31.10.2020 by Tribunal for <br></br> amount of INR 203.40 Million was in favour of NHAI. The interest on delayed payment <br></br> is awarded at 7.4% simple interest, as on 15.10.2023 works out to INR 247.90 Million <br></br> and further interest thereon. The dissenting note by the Minority of the Tribunal had <br></br> stated to reject the claim of NHAI. The Company had challenged the said Majority <br></br> Award under Section 34 before the Delhi High Court. The said matter is now withdrawn <br></br> by RPTPL on account of ongoing Vivad se Vishwas II scheme. <br></br> <br></br> The Arbitration Award dated 06.10.2017 and Arbitration Award dated 31.10.2020 has <br></br> been settled through Settlement Agreement dated 20.03.2025 under Vivad se Vishwas <br></br> II Scheme of Govt. of India for the net settlement amount of about INR. 650 millions. <br></br> <br></br> RPTPL has received intimation letter dated April 08, 2024 from National Asset <br></br> Reconstruction Company Limited (NARCL) intimating that the deed of assignment <br></br> dated March 22, 2024 under the provisions of Section 5 of the SARFASI Act, the <br></br> consortium of lenders except one Lender have assigned/ transferred the outstanding <br></br> debt /financial assets alongwith underline securities interest, pledged of shares,guarantees, receivables etc charge for such financial assistance granted to RPTPL in <br></br> favour of NARCL and NARCL acting in its capacity as trustee of NARCL Trust. <br></br> <br></br> Considering the management assessment of probability and tenability of receiving <br></br> above claims from NHAI as per the terms of concession agreement, the management <br></br> has assessed that there is no impairment in the carrying value of investments made by <br></br> the Company in the RPTPL and consequently no provision/adjustment to the carrying <br></br> value of Investments and subordinate debts, loans and advances and trade and other <br></br> receivables as at March 31, 2026 is considered necessary. <br></br> <br></br> NANASHASHIN PATELKAIVAN VORASHEFALI MANOJBHAI PATELSGDG & ASSOCIATES LLPMITTALI DAKWALAAHMEDABAD2026-05-27