Company Overview

Sadbhav Infrastructure Project Limited (SIPL) was incorporated on January 18, 2007, as an asset holding company for road and other Infrastructure BOT (Build, Operate, Transfer) projects. The Company obtained a Certificate for Commencement of Business on February 7, 2007. Sadbhav Infrastructure Project Limited is a subsidiary of Sadbhav Engineering Limited. The company's registered office is located at Sadbhav House, Opp Law Garden, Police Chowki, Ellisbridge, Ahmedabad, Gujarat, 380006.

Sadbhav Infrastructure Project Limited engages in the development, construction, operation, and maintenance of infrastructure projects in India. It develops highways and roads on a Build, Operate, Transfer (BOT) and Hybrid Annuity Model (HAM) basis. The company also offers related consulting, advisory, and project management services. It primarily serves government agencies such as the National Highways Authority of India, Ahmedabad Urban Development Authority, PWD, and others.

Business Operations and Project Portfolio

SIPL undertakes infrastructure development projects through Special Purpose Vehicles (SPVs) as per concession agreements. It is involved in the development, operation, and maintenance of road infrastructure assets, including national and state highways and roads across several Indian states such as Maharashtra, Gujarat, Rajasthan, Karnataka, Haryana, and Telangana, as well as border check posts in Maharashtra.

The Company currently has 10 BOT projects with a total lane kilometer of approximately 2,595.92. Out of these, six are operational, one is partially operational, and three are under development. Nine of the ten BOT projects are toll projects, while the remaining one is an annuity project. The Company operates through a single segment: Build Operate and Transfer (BOT)/Hybrid Annuity Projects and its related activities.

Initial Public Offering and Market Listing

The company entered the capital market with an Initial Public Offering (IPO) of 4,12,62,135 equity shares of ₹10 each, priced at a premium of ₹93 per share. The IPO was open for subscription from August 31, 2015, to September 2, 2015. The company's shares were listed on the BSE Limited (BSE) and National Stock Exchange of India Limited (NSE) on September 16, 2015. The IPO was oversubscribed by 2.327 times.

Key Financial Metrics

Based on recent market data as of July 2025:

- Market Capitalisation: ₹163 Crore (as of May 19, 2025)

- 52-Week High Share Price: ₹8.54

- 52-Week Low Share Price: ₹3.88

- Current PE Ratio: -1.14

- Current PB Ratio: 0.42

Recent Financial Performance

The company's recent quarterly performance shows mixed results:

- Revenue for Q3 FY25: ₹204.30 Crore, down 2.85% compared to the same period last year.

- Net Loss for Q3 FY25: ₹3.74 Crore.

- For the quarter ended 2024: The company reported a profit of ₹6.73 Crore on a total income of ₹204.30 Crore.

- For the year ended 2024: Sadbhav Infrastructure Projects Ltd posted a loss of ₹-533.25 Crore on total income of ₹778.89 Crore.

Corporate Governance and Management

- Chairman: Shashin Vishnubhai Patel

- Company Secretary: Hardik Modi

- Auditor: SGDG & Associates LLP

Promoter Holding: Promoter holding in Sadbhav Infrastructure Projects Ltd has decreased to 70.25% as of March 2025 from 70.31% as of June 2024. Promoters have pledged 71.4% of their holding.

Recent Developments and Challenges

In May 2025, the company reported audited FY25 results with a qualified opinion due to over ₹8,000 million in doubtful investments and arbitration claims against NHAI. Sadbhav's FY25 audited results were issued with a modified opinion due to recoverability issues in subsidiaries and ongoing major arbitration claims.

The company faces several operational challenges, including a low interest coverage ratio and poor sales growth of -20.9% over the past five years. Additionally, the company has contingent liabilities amounting to ₹1,084 Crore.

Corporate Promoter Background

SEL, the corporate promoter for the company, has an established track record of executing projects and possesses over 30 years of experience in construction activities across the transport, mining, and irrigation sectors since its incorporation in 1988. This extensive experience provides a strong foundation for SIPL's infrastructure development capabilities and project execution expertise in the Indian market.