Sadbhav Infrastructure posts ₹185.86 million loss as auditor flags survival
The company recorded ₹845.8 million in consolidated exceptional losses, while its auditor questioned its ability to continue as a going concern.
— 1 earlier story on Sadbhav Infrastructure Project Ltd. →What's new
- Standalone net loss of ₹185.86 million for FY26.
- Consolidated exceptional losses of ₹845.8 million from asset write-downs.
- Auditor issued a qualified opinion and flagged going-concern uncertainty.
Why this matters
The company is struggling with the fallout from two terminated toll road projects. With the auditor formally questioning the firm's viability, the focus shifts to whether it can survive its current debt and asset-recovery challenges.
What we're watching
- Any progress on recovering the ₹8,043.9 million tied to terminated SPVs.
- The impact of the new CFO, Kaivan Vora, on the company's financial restructuring.
- Future auditor comments regarding the going-concern status.
The full read
Sadbhav Infrastructure Project is in deep distress. For the year ended March 2026, the company reported a standalone net loss of ₹185.86 million on total income of ₹190.2 million. The consolidated picture is worse, with ₹845.8 million in exceptional losses stemming from asset write-downs and the transfer of two highway projects. The auditor has issued a qualified opinion, citing the uncertain recoverability of ₹8,043.9 million in loans and investments tied to two terminated toll road operators. These subsidiaries, Rohtak Panipat Tollway and Rohtak Hissar Tollway, lost their concession agreements in 2021. The auditor also flagged material uncertainty regarding the company's ability to continue as a going concern. Amid this, the board appointed Kaivan Vora as CFO. The numbers confirm a long-standing trend of decline for this firm. The open question is whether the company has any path to recovery for its trapped capital.
Questions answered
- Why did the auditor issue a qualified opinion?
- The auditor cannot confirm the recoverability of ₹8,043.9 million in loans and investments provided to two subsidiaries, Rohtak Panipat Tollway and Rohtak Hissar Tollway, which had their concession agreements revoked in 2021.
- What is the company's current financial position?
- Sadbhav reported a standalone net loss of ₹185.86 million for the year ended March 2026, against a total income of ₹190.2 million. Consolidated results include ₹845.8 million in exceptional losses from asset write-downs and project transfers.
- Is the company a going concern?
- The auditor has flagged a material uncertainty regarding the company's ability to continue as a going concern. This warning stems from the ongoing financial distress and the significant unrecovered investments in terminated projects.
- Who is the new CFO?
- The board appointed Kaivan Vora as the new chief financial officer, effective May 27, 2026.
Story so far
All notes on SADBHIN →- 28 May 2026 · 1:43 AM IST Sadbhav Infrastructure posts ₹185.86 million loss as auditor flags survival
- today Sadbhav Infrastructure auditors issue modified opinion on FY26 results