Sadbhav Infrastructure Approves FY2026 Financial Results; Appoints CFO

Sadbhav Infrastructure Approves FY2026 Financial Results; Appoints CFO​

Sadbhav Infrastructure Project Limited (SIPL) announced the approval of its standalone and consolidated audited Financial Results for the quarter and year ended March 31, 2026. In addition to reviewing the financial performance, the company's Board of Directors also approved the appointment of a new Chief Financial Officer (CFO) effective May 27, 2026.

The Board meeting was held on Wednesday, May 27, 2026, where the company considered and adopted the audited financial results for the fiscal period.

Key Management Appointment​

On the recommendation of the Nomination and Remuneration Committee, the Board approved the appointment of Mr. Kaivan Vora as the Chief Financial Officer (CFO) of the Company. Mr. Vora brings over 18 years of experience in corporate finance, treasury management, and project finance, having worked with organizations including Sadbhav group, Otsuka Pharmaceutical India Private Limited, and ICICI Bank Limited.

Financial Performance​

The company’s audited financial results for the year ended March 31, 2026, reflect substantial exceptional items, including multiple provisions and written-back finance costs related to subsidiary projects.

A summary of the key financial results in millions (INR) demonstrates the following trends:


The consolidated audited statement of financial results showed total assets at 13,239.51 million (INR) as at March 31, 2026, compared to 52,400.06 million (INR) as at March 31, 2025.

Operational Updates and Subsidiary Status​

Significant operational details pertain to multiple subsidiaries that have undergone changes in ownership, concession agreements, and legal challenges, resulting in several exceptional items reported in the financial results.

• Rohtak Panipat Tollway Private Limited (RPTPL): The subsidiary issued a termination notice to the National Highways Authority of India (NHAI) on July 27, 2021, due to Force Majeure Events. RPTPL has submitted claims totaling INR 19,379.20 million relating to termination payment, Force Majeure costs (due to farmer agitation, COVID-19, and demonetization), and NPV of extension entitlement. The arbitral award declared on January 23, 2025, amounted to INR 10,805.45 million, though both NHAI and the Company have challenged the award before the Delhi High Court.
• Rohtak Hissar Tollway Private Limited (RHTPL): RHTPL also issued a termination notice to NHAI on August 27, 2021, due to Force Majeure Events. The company lodged a total claim amounting to INR 19,287.10 million. The status of these arbitral proceedings remains ongoing, and RHTPL received an assignment of outstanding debt and financial assets from the consortium of lenders via National Asset Reconstruction Company Limited (NARCL) on April 8, 2024.
• Sadbhav Udaipur Highway Limited (SUDHL): The company initiated the harmonious substitution of the concessionaire, with the final approval from NHAI received on February 27, 2026. Project assets and liabilities have since been transferred to a nominated SPV.
• Sadbhav Nainital Highway Limited (SNHL): The subsidiary approved the harmonious substitution of the Concessionaire, for which a consideration of INR 900 million was specified.
• Sadbhav Rudrapur Highway Limited (SRHL): The company entered into an Endorsement Agreement on February 9, 2026, with NHAI for the harmonious substitution of the Concessionaire with a nominated SPV.

Audit Qualifications and Financial Reporting​

Statutory auditors expressed a qualified opinion on the Standalone Audited Financial Results for the quarter and year ended March 31, 2026. The basis for the qualified opinion centered on the recoverable value of investments, subordinate debt, and receivables given to RPTPL and RHTPL, aggregating to INR 8,043.91 million.

The auditors stated they were unable to corroborate the management's contention of realizing the carrying value of these assets and are unable to comment on their appropriateness or their consequential impact on the company's financial results and position.

Consolidated Cash Flow Activity​

The Consolidated Audited Statement of Cash Flows shows the following net cash movements:


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Note: All financial figures are presented in Million Indian Rupees (INR) and are accurate to the data provided in the source text.

SADBHIN Stock Price Movement​

On Wednesday, Sadbhav Infrastructure Project Limited shares shed value, closing at ₹2.65, down 0.01% for the session. The stock saw trading activity on a volume of 148,746 shares, finding its price range between a low of ₹2.64 and a high of ₹2.73.