Sadbhav Infra Reports Q2 Loss, Appoints New CS, CFO Resigns Amidst Arbitration Challenges
Sadbhav Infra reported a Q2 loss of ₹61.70 crore. The CFO resigned, and a new Company Secretary was appointed. Auditors issued a qualified opinion on subsidiary investments amidst ongoing arbitration cases.
The announcement has a high impact due to significant financial losses, a qualified auditor's opinion on the recoverability of major investments in subsidiaries, and explicit mentions of 'going concern' issues. Changes in key managerial personnel further contribute to the high impact, signaling potential instability or strategic shifts.
The company reported significant standalone losses for the quarter and half-year. There were key management changes with the CFO's resignation. Most critically, the auditors expressed a qualified conclusion regarding the recoverability of substantial investments in subsidiaries due to ongoing arbitration and force majeure events, alongside concerns about the company's ability to continue as a going concern.
* The Board of Directors of Sadbhav Infrastructure Project Limited met on Wednesday, November 12, 2025, to approve and adopt the standalone and consolidated unaudited financial results for the quarter and half year ended September 30, 2025. * The company reported a standalone loss before tax of ₹61.70 crore (₹617.00 million) for the quarter ended September 30, 2025, and a loss before tax of ₹136.96 crore (₹1,369.62 million) for the half year ended September 30, 2025. * Mr. Kedar Pandya has been appointed as the Company Secretary and Compliance Officer, effective November 12, 2025. Mr. Pandya is a Member of the Institute of Company Secretaries of India (ICSI) with experience in Corporate Law and Listing Regulations. * Mr. Jatin Thakkar has resigned from the position of Chief Financial Officer (CFO) of the Company, effective November 12, 2025, due to personal reasons. * The statutory auditors have expressed a qualified conclusion on the unaudited standalone financial results regarding the recoverable value of the company's investments (including subordinate debt), loans, and trade & other receivables given to its subsidiaries, Rohtak Panipat Tollway Private Limited (RPTPL), Rohtak Hissar Tollway Private Limited (RHTPL), and Sadbhav Rudrapur Highway Limited (SRHL). * For RPTPL, an Arbitral Award was declared on January 23, 2025, for a net awarded amount of ₹1,080.54 crore (₹10,805.45 million), including principal and interest. Additionally, other arbitration awards have been settled for approximately ₹65 crore (₹650 million) under the Vivad se Vishwas II Scheme. * For RHTPL, arbitral proceedings are ongoing concerning claims of ₹1,928.71 crore (₹19,287.10 million) and counter-claims of ₹366.58 crore (₹3,665.80 million). * The company acknowledges incurring substantial losses and a significant reduction in income, raising concerns about its ability to continue as a going concern. However, management believes the liquidity position is improving through asset monetization, claims realization, and cost control measures.
What to do with a filing like this
Sadbhav Infrastructure Project Limited filed this with the NSE as a statutory disclosure, categorised under quarterly results. It is a primary document, not a recommendation, and the desk marks it high impact, which is the band that most often changes something.
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See the model portfoliosA plain-language summary of a public exchange filing by Sadbhav Infrastructure Project Limited. Read the original for the full detail.