5327102026-01-012026-03-315327102026-03-315327102025-03-315327102025-04-012026-03-315327102026-01-012026-03-31in-capmkt:OtherExpenses1Member5327102026-01-012026-03-31in-capmkt:OtherExpenses2Member5327102025-04-012026-03-31in-capmkt:OtherExpenses1Member5327102025-04-012026-03-31in-capmkt:OtherExpenses2Member5327102026-03-31

OtherNoncurrentFinancialAssetsDomain1

5327102026-03-31

OtherNoncurrentFinancialAssetsDomain2

5327102026-03-31

OtherNoncurrentAssetsDomain1

5327102026-03-31

OtherCurrentFinancialAssetsDomain1

5327102026-03-31

OtherCurrentFinancialAssetsDomain2

5327102026-03-31

OtherCurrentAssetsDomain1

5327102026-03-31

OtherNoncurrentFinancialLiabilitiesDomain1

5327102026-03-31

OtherCurrentFinancialLiabilitiesDomain1

5327102026-03-31

OtherCurrentLiabilitiesDomain1

5327102026-01-012026-03-31

AuditorDomain1

5327102026-01-012026-03-31in-capmkt:AuditedMember5327102026-03-31in-capmkt:AuditedMember5327102026-01-012026-03-31in-capmkt:AdjustedMember5327102026-03-31in-capmkt:AdjustedMember5327102026-01-012026-03-31

AuditQualification1

5327102026-01-012026-03-31

AuditQualification2

5327102026-01-012026-03-31

AuditQualification3

5327102026-01-012026-03-31

AuditQualification4

5327102026-01-012026-03-31

AuditQualification5

5327102026-01-012026-03-31

AuditQualification6

iso4217:INRiso4217:INRxbrli:shares

532710

SADBHAV

NOTLISTED

INE226H01026

SADBHAV ENGINEERING LIMITED

Main Board

Equity

2025-04-01

2026-03-31

2026-05-30

2026-05-20

INR

Lakhs

Quarterly

Fourth quarter

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.

2026-05-30

21:00:00

2026-05-30

23:30:00

true

Cash Flow Indirect

Statement on impact of audit qualification

2026-01-01

2026-03-31

Audited

Consolidated

2709415000

-308716000

2400699000

24012000

184350000

698469000

389850000

1787777000

3084458000

-683759000

2297017000

1613258000

-76610000

466890000

390280000

-9674000

1213304000

-2252000

1211052000

811394000

411574000

809142000

404152000

171571000

4.73

2025-04-01

2026-03-31

Audited

Consolidated

9727285000

933788000

10661073000

28258000

504007000

4145235000

1391853000

3881464000

9950817000

710256000

1068474000

1778730000

316610000

515225000

831835000

-10572000

936323000

-2096000

934227000

263120000

683765000

261024000

675289000

171571000

-1280421000

1.53

Construction Expenses

1084115000

Other Expenses

703662000

Construction Expenses

2542035000

Other Expenses

1339429000

227561000

8380000

265300000

410480000

12022000

247033000

1430000

4396414000

4656899000

18720000

12930000

5600270000

11078000

2798015000

796691000

442540000

103048000

25499731000

29640025000

95483000

10016415000

39763001000

13239510000

58602781000

171571000

-1280421000

-1108850000

1017542000

-91308000

8417958000

6180000

8424138000

6960000

334380000

8765478000

24220739000

64057000

2920514000

2984571000

10922682000

38127992000

308713000

559726000

38996431000

10932180000

58694089000

58602781000

Others

1159564000

Receivable under service concession agreement

3236850000

Other non-current assets

12930000

Other current financial assets

24395621000

Receivable under Service Concession Arrangement

1104110000

Other current assets

10016415000

Other

6180000

Other current financial liabilities

10922682000

Other current liabilities

308713000

4145235000

25336000

-1674682000

5223860000

657870000

91621000

372602000

-106255000

-587563000

-91798000

1391853000

-291282000

-1155962000

-44310000

254058000

-1410760000

-472406000

5819301000

7598031000

107768000

-4000

7490259000

723380000

634000

254058000

-235511000

-704199000

2581346000

3838358000

626000

-6420330000

365730000

430961000

796691000

2252000

2096000

-2252000

-2096000

Audited

Qualified opinion

MANUBHAI & SHAH LLP

true

2028-02-29

10661073000

9950817000

946895000

1.53

45363271000

58694089000

-91308000

1. We refer to Note No 10 of the accompanying Consolidated Financial Results, regarding expected recoverability of Contract Assets amounting to Rs 35,019.32 lakhs outstanding as at March 31, 2026, relating to closed, substantially closed, or 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.

Qualified opinion

Repetitive

4. One of the step down 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 Rs. 193792 lakhs 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 Rs. 62270 lakhs. 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 Rs. 108054.50 lakhs (principal of Rs. 77963.10 lakhs and interest of Rs. 30091.40 lakhs) 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 Rs. 85098 lakhs. 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 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 Rs. 89020 lakhs (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 Rs. 12119 lakhs. 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 ofNHAI amounting to Rs. 2034 lakhs. The interest on delayed payment is awarded at 7.4% simple interest, as on 15.10.2023 works out to Rs. 2479 lakhs. The dissenting note by the Minority of the Tribunal had stated to reject the claim ofNHAI. The Company has challenged the said Majority Award under Section 34 before the Delhi High Court, which is sub-judice. The Company hadchallenged 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 Rs. 6500 lakhs. Also, 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. During the quarter ended March 31, 2023, RPTPL has reversed interest of Rs. 10269.40 lakhs provided during the earlier period considering the fact that the project of RPTPL has been terminated and lenders have classified loans as Non Performing Assets. During the year ended March 31, 2025 and March 31, 2024 , RPTPL has not accounted for interest on Rupee Term Loan from banks and financial institutions as well as loan from group Company since the lenders of RPTPL has classified borrowing as NPA and financial statements are prepared on non going concern basis, for which the statutory auditors of RPTPL have expressed qualified opinion on financial statements in this regards. Notice on August 27, 2021, to 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 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 Rs. 192871 lakhs 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 NHAI had lodged its Counter Claims amounting to Rs. 3,6658 lakhs. 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. During the quarter ended on March 31, 2023, RHTPL has reversed interest of Rs. 12280.90 lakhs provided during the earlier period considering the fact that the project of RHTPL has been terminated and lenders have classified loans as Non Performing Assets (NPA). uring the year ended March 31, 2025 and March 31, 2024, RHTPL has not accounted for interest on Rupee Term Loan from banks and financial institutions as well as loan from group Company since the lenders of RHTPL has classified borrowing as NPA and financial statements are prepared on nongoing concern basis, for which the statutory auditors of RHTPL have expressed qualified opinion on the financial statements in this regards.

1. Contract Assets of Rs. 35019.32 lakhs and other non-current financial assets of Rs. 14789.09 outstanding as at March 31, 2025 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 ofnegotiations/ 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 results for the quarter and year ended March 31, 2025 in respect of above Contract Assets of Rs. 35019.32 lakhs.

2. The Holding 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 We have expressed qualified opinion on the standalone financial Results and Standalone financial statement of the Holding Company for the quarter and year ended on March 31, 2026 and March 31, 2025 and qualified conclusion on the Standalone financial results for the quarter ended on December 31, 2025 in respect of above matters.

Qualified opinion

Repetitive

4. As detailed in Note no. 4 & 5 to the accompanying Consolidated Financial Results, with respect to Rohtak Panipat Tollway Private Limited (RPTPL) and Rohtak Hisar Tollway Private Limited (RHTPL), step down subsidiaries of the Group in which interest on rupee term loan from banks and financial institutions have not been accounted considering the fact that both subsidiaries have issued termination notices and lenders of both step down 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 December 31, 2025 in respect of this matter.

2. 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.

3. Accompanying consolidated financial results include audited financial results / information of Sadbhav Infrastructure Project Limited, a subsidiary Company, whose audited consolidated financial results / financial information reflect total revenue of Rs 17,512.60 Lakhs and Rs 82,739.80 Lakhs , total net profit after tax of Rs 8,594.30 Lakhs and Rs 4,510.20 Lakhs and total comprehensive income of Rs 8,491.20 Lakhs and Rs 4,390.70 Lakhs for the quarter and year ended March 31, 2026

Qualified opinion

Repetitive

5. As detailed in Note No. 3.3 to the Consolidated Financial Results in respect of Sadbhav Udaipur Highway Limited (Concessionaire or SUDHL), step down subsidiary of the Group in which SUDHL has entered into endorsement agreement for harmonious substitution of the Concessionaire in favor 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. We have expressed qualified opinion on the financial statement of SUDHL for the year ended March 31, 2026 regarding material uncertainty relating to going concern.

3. 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

Qualified opinion

Repetitive

6. As detailed in Note No 13 to the accompanying statement, tax credits amounting to Rs 11,949.20 lakhs 6. As detailed in Note No 13 to the accompanying statement, tax credits amounting to Rs 11,949.20 lakhs are included in the consolidated Balance sheet under the Other Current Assets in respect of following step down subsidiaries. Sr No Name of Step Down Subsidiary Amount of Tax Credit in Lakhs 1 Sadbhav Vidarbh Highway Limited (SVHL) 5,034.50 2 Sadbhav Banglore Highway Private Limited (SBGHPL) 4,206.80 3 Sadbhav Jodhpur Ring Road Private Limited (SJRRPL) 1,521.50 4 Sadbhav Nainital Highway Limited (SNHL) 1,186.40 Total 11,949.20 The management is confident about the utilization of the credit as mentioned in Note no 13 to the accompanying statement. However, at present the Company does not have any business activity nor are we informed about the management plan for taking up other activity. In view of this, we are unable to comment about the utilization of tax credits in foreseeable future. In respect SBGHPL, we have qualified our audit opinion on 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 December 31, 2025. The auditors of SJRRPL, SVHL and SNHL have qualified their audit opinion on 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 December 31, 2025.

Qualified opinion

Repetitive

5. In case of Sadbhav Udaipur Highway Limited (SUDHL or concessionaire), step down subsidiary of the group which is engaged in construction, operation and maintenance of infrastructure project under concession agreement with National Highways Authority of India (NHAI, the project work has been completed and the subsidiary has received the Commercial Operation Date (COD) from NHAI dated July 19, 2024. However SUDHL has requested the NHAI & Lenders to allow harmonious substitution in terms of the NHAI Policy circular through a nominated company namely M/S Gawar Construction Limited (Nominated Company) and the Lenders' Representative to give its consent for allowing harmonious substitution of the SUDHL. The NHAI vide its letter dt December 27, 2023, conveyed its "InPrinciple" approval for substitution of Original Concessionaire with a new special purpose vehicle to be incorporated by the Nominated Company subject to certain conditions and final approval from the NHAI. Since the conditions precedent to the harmonious substition are under compliance, no adjustment to the carrying value of assets and liabilities related to this project have been made in these consolidated financial results, for which the statutory auditors of SUDHL have expressed qualified opinion of the financial statements for the year ended March 31, 2025 and qualified conclusion for the quarter and nine month ended December 31, 2025. The Final approval of the NHAI is received and company has signed endorsement agreement date February 27, 2026 with NHAI, Trustee of Lenders and SPV of nominated company. Accordingly all project assets and Liabilites has been transferred to nominated SPV. The Group has provided for Rs. 10000 lakhs in the books of accounts and disclosed as an exceptional item in the standalone audited financial results for the year ended March 31, 2025; written off Rs. 3367.60 lakhs towards subordinate debt and made impairment provision of Rs. 2696.60 lakhs towards investment in shares of the SUDHL during the quarter and year ended March 31, 2026.

Qualified opinion

Repetitive

6. GST tax credit receivables amounting to Rs. 11949.20 lakhs 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.

HITESH CHELANI

SHEFALI MANOJBHAI PATEL

MANUBHAI & SHAH LLP

SHASHIN PATEL - CHAIRMAN & MANAGING DIRECTOR

AHMEDABAD

2026-05-30