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Consequently, the Company has considered business as whole as a single operating segment in accordance with Indian Accounting Standard (‘Ind AS’) 108.2026-05-3021:00:002026-05-3023:30:00trueCash Flow IndirectStatement on impact of audit qualificationtruetrueNANAfalsetrue2025-02-14www.sadbhaveng.comfalsetrue2025-10-012026-03-31AuditedStandalone588309000-53316000534993000240110000012159000062043900036300006235910001393261000-8582680001744587000886319000-140170006059270005919100000294409000000029440900063600029504500017157100011.721.72001.721.720002025-04-012026-03-31AuditedStandalone16783530003656800002044033000282580000023953700017739770003607300012116720003289517000-12454840001914314000668830000-708820006059270005350450000133785000000013378500013780001351630001515710001102053480000.780.78000.780.78000Construction Expenses404769000Other Expenses218822000Construction Expenses773433000Other Expenses43823900022378100000000006374390000523739000591482000115949400086491050000088728860001107800002675165000215661000460700003982521000410419000732983600063823000791516100015319898000241927840001715710001020534800010376919000103769190007804325000000780432500000078043250002714750000509570002044540000209549700088875300056990000003125400000006011540000001381586500024192784000Other non-current financial assets1159494000Other non-current assets0Other current financial assets410419000Other current assets7915161000Other current financial liabilities888753000Other current liabilities31254000000-40439000-253420000689842000999310000171429000040139000014146790000360730000000000076823000137800000000223643500029052650000-1516688000359736000227442000-3323955000123029200000000000205175000-247910000000000000000000003597360000-167755000421947000000000030962600001782516000-153210000000-1457569000194670000019467000020991000215661000-636000-1378000006360001378000SADBHAV ENGINEERING LIMITED******Shashin V Patel******Executive Director of SubsidiaryAny other transactionRemuneration10000000No Remarks1400000030000000SADBHAV ENGINEERING LIMITED******Jatin Thakkar******Executive Director and CFO OF SubsidiaryAny other transactionRemuneration5000000No Remarks000SADBHAV ENGINEERING LIMITED******HARDIK JIGNESHKUMAR MODI******Key Management PersonnelRemuneration2000000No Remarks181900046900024000SADBHAV ENGINEERING LIMITED******SHASHIN VISHNUBHAI PATEL******Promoters GroupLoan1000000No Remarks0-14326366000-14326366000SADBHAV ENGINEERING LIMITED******SHASHIN VISHNUBHAI PATEL******Promoters GroupInterest paid60000000No Remarks57136000-1076797000-1133933000SADBHAV ENGINEERING LIMITED******SADBHAV FINSTOCK PRIVATE LIMITED******PROMOTER GROUPLoan1000000No Remarks0947000947000SADBHAV ENGINEERING LIMITED******SADBHAV FINSTOCK PRIVATE LIMITED******PROMOTER GROUPAny other transactionReimbursement of Sxpenses100000000No Remarks09124600091246000SADBHAV ENGINEERING LIMITED******SADBHAV-PIPL (JV)******PROMOTER GROUPAny other transactionSecurity Deposit/Retention Money Deducted by Clients40000000No Remarks03438400034384000SADBHAV ENGINEERING LIMITED******SADBHAV-PIPL (JV)******Joint VentureAny other transactionReceivable5000000No Remarks484400048440000SADBHAV ENGINEERING LIMITED******SEL-GKC JOINT VENTURE******Joint VentureAny other transactionSecurity Deposit/Retention Money Deducted by Clients350000000No Remarks5209000345929000340719000SADBHAV ENGINEERING LIMITED******SADBHAV-VISHNUSHIVA JOINT VENTURE******Joint VentureAny other transactionSecurity Deposit/Retention Money Deducted by Clients25000000No Remarks02039100020391000SADBHAV ENGINEERING LIMITED******SADBHAV VAISHNOVI CONSTRUCTIONS JOINT VENTURE******Joint VentureAny other transactionReceivable1000000No Remarks0102000102000SADBHAV ENGINEERING LIMITED******SADBHAV VAISHNOVI CONSTRUCTIONS JOINT VENTURE******Joint VentureAny other transactionSecurity Deposit/Retention Money Deducted by Clients300000000No Remarks10500000296666000286166000SADBHAV ENGINEERING LIMITED******CORSAN CORVIAM CONSTRUCCION SA SADBHAV ENGINEERING LIMITED JV******Joint VentureAny other transactionReceivable1000000No Remarks0-3882000-3882000SADBHAV ENGINEERING LIMITED******CORSAN CORVIAM CONSTRUCCION SA SADBHAV ENGINEERING LIMITED JV******Joint VentureAny other transactionSecurity Deposit/Retention Money Deducted by Clients50000000No Remarks6730004437800043704000SADBHAV ENGINEERING LIMITED******SEL-SPSCPL JOINT VENTURE******Joint VentureAny other transactionReceivable Mobilization/Material /Machinery Advance Received1000000No Remarks000SADBHAV ENGINEERING LIMITED******SEL-SPSCPL JOINT VENTURE******Joint VentureAny other transactionAdvance Received40000000No Remarks188110003009000011279000SADBHAV ENGINEERING LIMITED******SEL-SPSCPL JOINT VENTURE******Joint VentureAny other transactionSecurity Deposit/Retention Money Deducted by Clients2000000No Remarks012040001204000SADBHAV ENGINEERING LIMITED******SADBHAV-ANNAPURNA JV******Joint VentureAny other transactionSecurity Deposit/Retention Money Deducted by Clients200000000No Remarks11599000182439000170839000124591000AuditedQualified opinionManubhai & Shah LLPtrue2028-02-2920440330002044033000328951700032895170001337850001337850000.780.782419278500024192785000138158650001381586500010376919000103769190001 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. <br></br> <br></br> 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. <br></br> 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. <br></br> Qualified opinionRepetitiveNA1. 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. <br></br> <br></br> 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. <br></br> <br></br> 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 <br></br> NANA2. 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. <br></br> <br></br> 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 <br></br> <br></br> 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 <br></br> <br></br> 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. <br></br> Qualified opinionRepetitiveNA2. 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. <br></br> <br></br> 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). <br></br> <br></br> 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. <br></br> <br></br> 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. <br></br> <br></br> 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. <br></br> NANA3. 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. <br></br> <br></br> The financial impact of this non-compliance is not ascertainable <br></br> Qualified opinionRepetitiveNA3. 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, 2015NANA4. 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. <br></br> <br></br> 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. <br></br> <br></br> 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. <br></br> <br></br> Our Audit Report on financial statements for the financial year. <br></br> <br></br> 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 <br></br> Qualified opinionRepetitiveNA4. 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. <br></br> <br></br> 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.NANASHASHIN PATELHITESH CHELANISHEFALI MANOJBHAI PATELManubhai & Shah LLPDevansh GandhiAhmedabad2026-05-301931000000The 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. <br></br> <br></br> 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.1931000000640520000008336200000