Sadbhav Infra Q3 FY26: Net Loss Widens to ₹920 Crore on Exceptional Items
Sadbhav Infrastructure Project Limited reported a consolidated net loss of ₹920.06 crore for Q3 FY26, a sharp increase from ₹67.28 crore profit in Q3 FY25, due to ₹1,398.27 crore in exceptional items. Nine-month net loss was ₹408.41 crore. Auditors expressed a qualified opinion on investments in subsidiaries and noted a material uncertainty regarding the company's ability to continue as a going concern.
The widening net loss, significant exceptional items, qualified auditor's opinion, and the material uncertainty regarding the going concern status are all critical factors that will likely have a substantial negative impact on investor confidence and the company's stock price.
The company reported a significant increase in net loss on a consolidated basis due to substantial exceptional items. Additionally, the auditors raised concerns about the company's ability to continue as a going concern and were unable to corroborate the carrying value of certain investments, indicating potential financial instability.
Sadbhav Infrastructure Project Limited announced its standalone and consolidated unaudited financial results for the quarter and nine months ended December 31, 2025. The Board of Directors approved these results during their meeting held on February 12, 2026.
On a consolidated basis, the company reported a net loss of ₹920.06 crore for the quarter ended December 31, 2025, a significant increase from the net profit of ₹67.28 crore in the same period last year. This widening loss was primarily due to exceptional items amounting to ₹1,398.27 crore. Finance costs remained substantial at ₹741.26 crore, while depreciation and amortization expenses were ₹333.20 crore.
For the nine months ended December 31, 2025, the consolidated net loss stood at ₹408.41 crore, compared to a net profit of ₹375.16 crore in the corresponding period of the previous year. Revenue from operations for the nine months increased to ₹5,728.79 crore from ₹5,042.16 crore in the prior year.
The statutory auditors have expressed a qualified conclusion on the unaudited standalone financial results, particularly concerning the recoverable value of the company's investments and loans in subsidiaries like Rohtak Panipat Tollway Private Limited and Rohtak Hissar Tollway Private Limited. They were unable to corroborate the management's assessment of realizing the carrying value of these investments, amounting to ₹8,043.45 million.
Furthermore, the auditors highlighted a material uncertainty related to the company's ability to continue as a going concern, citing significant reductions in revenue, substantial losses, and demands for payment from debenture holders. The company's management, however, believes the going concern assumption is appropriate based on projected cash flows from asset monetization, claim realizations, and cost control measures.
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