Sadbhav Infrastructure Projects Ltd (SADBHIN)

Construction · Infrastructure Developers & Operators · NSE · Updated 17 September 2026

By StockFin Research Team • AI-Assisted Analysis • Source: BSE/NSE Filings

₹2.57 ↓ 38.52% (1Y)

🎯 Key Takeaways

Sadbhav Infrastructure Projects Ltd is in a turnaround phase, marked by volatile profitability and significant reserve erosion, despite stable promoter holding. The company has swung from net losses to modest profits and back, indicating operational instability rather than sustained growth or cash generation.
Revenue declined 0.7% QoQ to ₹200 in Q1FY27.
⚠️ 1) Persistent negative reserves and high leverage suggest underlying financial fragility despite recent profitability. 2) Volatile profitability, with

Market Cap

₹91

P/E Ratio

51.4

P/B Ratio

-0.15

ROE

-12.1%

ROCE

12.0%

Debt/Equity

-5.36

Promoter

70.3%

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📖 The Story

Sadbhav Infrastructure Projects Ltd is in a turnaround phase, marked by volatile profitability and significant reserve erosion, despite stable promoter holding. The company has swung from net losses to modest profits and back, indicating operational instability rather than sustained growth or cash generation.

📰 What's Happening

The most recent filing on 2026-06-30 notes a trading window closure ahead of unaudited Q1FY27 results, suggesting ongoing regulatory scrutiny around insider trading. Earlier filings show no operational updates, but the March 2026 quarter revealed a sharp rebound in operating profit to ₹111 crore with a 55.4% OPM, up from ₹45 crore and 22.5% OPM in the prior quarter. This margin expansion coincides with a return to profitability (₹53 crore NP) and EPS of ₹0.95, reversing the ₹92 crore loss in December 2025. The December quarter loss appears to have been a one-off, possibly seasonal or project-related, followed by a strong operational recovery in Q4FY26.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue	181	206	202	200
Operating Profit	100	115	45	111
OPM %	55.3%	56.0%	22.5%	55.4%
Net Profit	25	-92	86	53
EPS	₹0.30	₹-3.10	₹1.90	₹0.95

The company's financial trajectory shows a sharp recovery from a loss-making December 2025 quarter to robust profitability in March 2026, with operating margins improving significantly and net profit turning positive. This rebound aligns with management's apparent focus on project execution efficiency, though the lack of forward guidance makes it difficult to assess sustainability. The sharp improvement in OPM from 22.5% to 55.4% suggests operational stabilization, possibly due to project completion cycles or cost control, but the volatility in profitability raises concerns about consistency.

🔮 Management Outlook & What's Next

There is no available forward guidance or management commentary on future performance in the provided filing content. The most recent disclosures are procedural (trading window closure) and do not include strategic updates, capital allocation plans, or outlook statements. The absence of explicit guidance suggests management may be in a silent period or not actively communicating growth expectations.

Extracted from official company announcements. Not StockFin.ai's opinion.

🏦 Balance Sheet (₹ Cr)

Item	Mar 2025	Mar 2025	Mar 2026	Mar 2026
Equity Capital	352	352	352	352
Reserves	-904	-951	-875	-971
Borrowings	3,307	3,206	3,084	2,592
Total Liabilities	5,333	5,240	5,104	4,342
Fixed Assets	2	113	1	1
Investments	41	42	41	41
Total Assets	5,333	5,240	5,104	4,342

The balance sheet shows a stable equity base of ₹352 crore but persistent negative reserves, indicating cumulative losses have not been fully absorbed. Borrowings remain elevated at ₹2,592 crore as of March 2026, slightly down from ₹3,084 crore in the prior quarter, suggesting ongoing deleveraging efforts. Total assets have declined from ₹5,240 crore to ₹4,342 crore, reflecting possible asset sales or revaluation, but the company remains highly leveraged with a negative D/E ratio, implying either accounting nuances or aggressive financing.

💰 Cash Flow Statement (₹ Cr)

Item	Mar 2025
Operating	+606
Investing	-299
Financing	-315
Net Cash Flow	-8

👥 Shareholding Pattern

Category	Q2FY26	Q3FY26	Q4FY26	Q1FY27
Promoters	70.3%	70.3%	70.3%	70.3%
FII	0.0%	0.0%	0.0%	0.0%
DII	0.3%	0.1%	0.0%	0.0%
Public	23.1%	23.4%	23.9%	23.9%
# Shareholders	52,883	52,613	53,215	53,022

Promoter holding remains unchanged at 70.25% across all recent quarters, indicating no dilution or stake sale. Institutional (FII) and DII holdings are negligible or near-zero, with DII slightly increasing from 0.12% to 0.35% in Q2FY26, suggesting minimal institutional interest. The growing number of public shareholders (53,022 to 53,883) may reflect retail interest, but the lack of institutional accumulation signals limited confidence from sophisticated investors.

⚖️ Peer Comparison — Infrastructure Developers & Operators

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
LT	5.25 L Cr	31.7	17.8%	18.1%	0.90
RVNL	41,096	45.7	11.2%	9.1%	0.49
ACMESOLAR	29,505	42.6	13.8%	13.4%	2.31
KPIL	23,743	20.9	17.7%	14.5%	0.43
IRB	23,009	21.2	7.6%	4.5%	0.96
CEMPRO	21,248	35.3	31.4%	25.1%	0.40
JNPR	14,896	—	—	—	3.77
ENGINERSIN	14,638	18.7	32.7%	25.7%	0.00
WABAG	12,813	29.8	21.2%	15.3%	0.09
TECHNOE	11,294	26.2	13.7%	10.4%	0.02

🔗 Peer Stock Analyses

LT RVNL ACMESOLAR KPIL IRB

⚠️ Risk Factors

1) Persistent negative reserves and high leverage suggest underlying financial fragility despite recent profitability. 2) Volatile profitability, with sharp swings between loss and profit, indicates execution or demand risk in core infrastructure projects. 3) Absence of management guidance or strategic updates raises concerns about transparency or confidence in future performance. 4) Low institutional interest and negligible DII participation may limit liquidity and support during downturns.

📋 Recent Filings

🧠 Analyst's Read

Sadbhav Infrastructure is navigating a fragile recovery with improving quarterly margins but no clear trajectory for sustainable growth. The key watchpoints are whether the March 2026 profitability can be sustained and whether management provides clarity on project pipelines or capital plans in upcoming filings.

Based on filing content and financial data. Not a recommendation.

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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-17.

Editorial & Data Transparency Notice

This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.

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