Setubandhan Infrastructure Ltd (SETUINFRA)

Construction · Construction · NSE · Updated 1 September 2026

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

₹0.5 ↓ 33.33% (1Y)

🎯 Key Takeaways

Setubandhan Infrastructure Ltd is currently in a distressed phase, trapped in unresolved insolvency proceedings since November 2022 following the rejection of its resolution plan by the NCLT. The company remains under the Corporate Insolvency Resolution Process (CIRP) with an appeal pending before NCLAT, and has been unable to file financial results for multiple periods due to missing records and suspended management.
Revenue grew 19% QoQ to ₹20 in Q3FY23.
⚠️ Ongoing insolvency with no resolution plan approved and appeal pending creates extreme legal and execution uncertainty.

Market Cap

₹6

P/B Ratio

0.13

ROE

-4.1%

ROCE

-1.5%

Debt/Equity

1.59

Promoter

27.4%

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📖 The Story

Setubandhan Infrastructure Ltd is currently in a distressed phase, trapped in unresolved insolvency proceedings since November 2022 following the rejection of its resolution plan by the NCLT. The company remains under the Corporate Insolvency Resolution Process (CIRP) with an appeal pending before NCLAT, and has been unable to file financial results for multiple periods due to missing records and suspended management. There has been no operational or financial recovery momentum, and governance compliance has significantly deteriorated.

📰 What's Happening

The most recent development is the rejection of the resolution plan by the NCLT on March 24, 2025, with an appeal still pending before NCLAT as of August 2026. Management, through the Resolution Professional, has repeatedly stated that financial results cannot be submitted due to the unavailability of audited records and lack of access to books of accounts. Despite being under CIRP since November 2022, no resolution has been approved, and there is no public timeline for closure. Shareholding disclosures have also been halted due to non-payment of fees by former management, preventing regulatory filings.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Mar 2022	Jun 2022	Sep 2022	Dec 2022
Revenue	20	8	17	20
Operating Profit	-4	-0	1	1
OPM %	-19.3%	-4.6%	6.2%	3.1%
Net Profit	-3	-0	1	0
EPS	₹-0.26	₹-0.03	₹0.09	₹0.03

The company's quarterly revenue peaked in December 2022 at ₹20 crore but showed volatility, with operating losses widening in March 2022 (-₹4 crore) and net losses of ₹-3 crore in the same period. Earlier quarters showed mixed performance, including a small profit in September 2022 (₹1 crore OP, ₹1 crore NP), but these were not sustained. There is no evidence of revenue recovery or margin improvement, and the absence of financial filings since March 2026 indicates a complete breakdown in reporting and likely ongoing operational stagnation.

🔮 Management Outlook & What's Next

Management, via the Resolution Professional, has indicated that financial results will be submitted 'at the earliest' subject to audit and resolution of the insolvency process, but has provided no timeline or recovery plan. There is no forward guidance on business revival, capital restructuring, or operational resumption. The company has not disclosed any new orders, project pipelines, or strategic initiatives, and all commentary centers on compliance delays and legal appeals rather than recovery.

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

🏦 Balance Sheet (₹ Cr)

Item	Mar 2021	Mar 2022	Mar 2022	Mar 2023	Mar 2023
Equity Capital	13	13	13	13	13
Reserves	43	38	37	38	37
Borrowings	78	79	79	78	79
Total Liabilities	182	230	207	192	207
Fixed Assets	32	32	31	30	30
Investments	0	0	0	1	0
Total Assets	182	230	207	192	207

The balance sheet shows stable equity of ₹13 crore and reserves around ₹37–38 crore over multiple periods, but total assets have declined slightly from ₹207 crore to ₹192 crore between 2022 and 2023. Borrowings remain high at ₹78–79 crore, indicating continued leverage despite distress. However, the lack of recent filings prevents assessment of current asset quality, cash positions, or liability restructuring, making capital allocation strategy opaque and potentially risky.

💰 Cash Flow Statement (₹ Cr)

Item	Mar 2022
Operating	0
Investing	0
Financing	0
Net Cash Flow	0

👥 Shareholding Pattern

Category	Q4FY24	Q1FY25	Q2FY25	Q3FY25
Promoters	27.4%	27.4%	27.4%	27.4%
FII	0.0%	0.0%	0.0%	0.0%
DII	0.0%	0.0%	0.0%	0.0%
Public	60.7%	61.3%	61.3%	61.5%
# Shareholders	22,317	22,338	22,725	23,498

Promoter holding remains unchanged at 27.42% across all disclosed quarters, with no FII or DII holdings reported. Public shareholding has slightly increased over time, but the number of shareholders has grown from ~22,000 to ~23,500, suggesting retail dispersion. However, shareholding disclosures have been halted since Q1 FY26 due to depositories blocking filings over unpaid fees, leaving investors unable to track ownership changes or institutional activity.

⚖️ Peer Comparison — Construction

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
MANINFRA	4,944	22.8	13.0%	9.5%	0.03
PSPPROJECT	3,482	47.4	9.1%	5.8%	0.25
MBEL	1,534	15.8	29.0%	31.5%	0.61
508929	1,271	—	1.4%	-12.9%	2.38
BLKASHYAP	1,258	2790.0	8.4%	0.1%	0.60
BLAL	694	303.1	88.2%	204.1%	0.00
CCCL	650	—	0.8%	-2.2%	0.00
511634	600	—	—	—	-1.28
544656	491	—	—	—	1.92
HILINFRA	320	12.0	22.5%	22.8%	0.64

🔗 Peer Stock Analyses

MANINFRA PSPPROJECT MBEL 508929 BLKASHYAP

⚠️ Risk Factors

1. Ongoing insolvency with no resolution plan approved and appeal pending creates extreme legal and execution uncertainty. 2. Inability to file financial results for multiple periods undermines transparency and investor confidence. 3. Suspended management and halted shareholding disclosures prevent accountability and governance oversight. 4. High debt levels (D/E of 1.59) persist without any visible deleveraging or restructuring progress.

📋 Recent Filings

🧠 Analyst's Read

The company remains in a state of operational and financial limbo with no clear path to resolution. Investors should monitor developments in the NCLAT appeal and any attempts to restart financial reporting, but significant uncertainty and potential for further defaults or delistings remain. No operational revival signals have emerged to date.

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 2026-09-01.

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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