Sadbhav Engineering Ltd
Incorporated in 1988, Sadbhav Engineering
Ltd is an EPC contractor of road construction, mining and irrigation[1]
- Market Cap ₹ 145 Cr.
- Current Price ₹ 8.44
- High / Low ₹ 18.0 / 5.87
- Stock P/E
- Book Value ₹ 48.8
- Dividend Yield 0.00 %
- ROCE 0.94 %
- ROE -19.4 %
- Face Value ₹ 1.00
Pros
- Stock is trading at 0.17 times its book value
Cons
- Company has low interest coverage ratio.
- The company has delivered a poor sales growth of -37.8% over past five years.
- Promoter holding is low: 25.5%
- Company has a low return on equity of -23.4% over last 3 years.
- Contingent liabilities of Rs.174 Cr.
- Promoters have pledged 42.7% of their holding.
- Earnings include an other income of Rs.76.1 Cr.
- Company has high debtors of 502 days.
- Promoter holding has decreased over last 3 years: -12.2%
- Working capital days have increased from 105 days to 187 days
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2,358 | 2,970 | 3,186 | 3,320 | 3,505 | 3,549 | 2,252 | 1,624 | 1,226 | 889 | 1,013 | 211 | 146 | |
| 2,104 | 2,659 | 2,850 | 2,962 | 3,089 | 3,121 | 1,969 | 1,412 | 1,762 | 1,164 | 1,129 | 227 | 140 | |
| Operating Profit | 254 | 311 | 337 | 358 | 417 | 428 | 282 | 211 | -535 | -275 | -116 | -17 | 6 |
| OPM % | 11% | 10% | 11% | 11% | 12% | 12% | 13% | 13% | -44% | -31% | -11% | -8% | 4% |
| -5 | 57 | 76 | 85 | 88 | 101 | 130 | 74 | 83 | 140 | 51 | 71 | 76 | |
| Interest | 119 | 140 | 151 | 153 | 191 | 175 | 194 | 190 | 188 | 165 | 171 | 157 | 158 |
| Depreciation | 47 | 82 | 97 | 100 | 98 | 96 | 108 | 94 | 69 | 44 | 26 | 9 | 5 |
| Profit before tax | 82 | 146 | 165 | 190 | 216 | 258 | 110 | 2 | -710 | -344 | -262 | -112 | -81 |
| Tax % | -30% | 22% | 20% | 1% | -2% | 28% | 22% | -2,548% | 1% | 1% | 1% | 37% | |
| 106 | 114 | 132 | 188 | 221 | 187 | 85 | 41 | -716 | -346 | -265 | -154 | -114 | |
| EPS in Rs | 7.00 | 6.63 | 7.70 | 10.95 | 12.86 | 10.89 | 4.96 | 2.39 | -41.75 | -20.19 | -15.43 | -8.95 | -6.63 |
| Dividend Payout % | 10% | 11% | 9% | 7% | 8% | 9% | 0% | 0% | 0% | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | -23% |
| 5 Years: | -38% |
| 3 Years: | -44% |
| TTM: | -68% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 20% |
| TTM: | 50% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | -29% |
| 5 Years: | -33% |
| 3 Years: | -5% |
| 1 Year: | -24% |
| Return on Equity | |
|---|---|
| 10 Years: | -4% |
| 5 Years: | -20% |
| 3 Years: | -23% |
| Last Year: | -19% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 15 | 17 | 17 | 17 | 17 | 17 | 17 | 17 | 17 | 17 | 17 | 17 | 17 |
| Reserves | 942 | 1,335 | 1,472 | 1,644 | 1,850 | 2,017 | 2,087 | 2,128 | 1,411 | 1,065 | 984 | 831 | 819 |
| 1,026 | 1,098 | 1,221 | 1,777 | 1,485 | 1,587 | 1,273 | 1,332 | 1,146 | 1,145 | 1,053 | 1,202 | 1,257 | |
| 1,042 | 1,075 | 785 | 582 | 1,019 | 977 | 1,259 | 1,103 | 1,244 | 1,131 | 784 | 650 | 570 | |
| Total Liabilities | 3,025 | 3,525 | 3,495 | 4,020 | 4,371 | 4,598 | 4,636 | 4,581 | 3,818 | 3,358 | 2,839 | 2,700 | 2,663 |
| 498 | 536 | 593 | 516 | 500 | 494 | 430 | 292 | 193 | 129 | 44 | 23 | 18 | |
| CWIP | 0 | 0 | 0 | 7 | 2 | 3 | 4 | 4 | 4 | 4 | 4 | 4 | 5 |
| Investments | 521 | 531 | 563 | 569 | 577 | 609 | 558 | 567 | 559 | 576 | 591 | 614 | 616 |
| 2,006 | 2,458 | 2,339 | 2,928 | 3,290 | 3,491 | 3,644 | 3,718 | 3,062 | 2,650 | 2,199 | 2,059 | 2,024 | |
| Total Assets | 3,025 | 3,525 | 3,495 | 4,020 | 4,371 | 4,598 | 4,636 | 4,581 | 3,818 | 3,358 | 2,839 | 2,700 | 2,663 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 462 | -36 | 162 | -51 | 653 | 200 | 143 | 197 | 183 | 21 | -28 | -30 | |
| -568 | -252 | -102 | 81 | -155 | -92 | 423 | -74 | 201 | 134 | 106 | 28 | |
| 157 | 237 | -59 | -35 | -499 | -92 | -575 | -128 | -375 | -166 | -79 | 3 | |
| Net Cash Flow | 51 | -52 | 1 | -5 | -1 | 16 | -8 | -5 | 9 | -11 | -1 | -0 |
| Free Cash Flow | 244 | -185 | 64 | -83 | 575 | 104 | 148 | 221 | 227 | 45 | 17 | -3 |
| CFO/OP | 201% | 7% | 68% | -21% | 177% | 64% | 69% | 95% | -20% | 4% | 15% | 257% |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 113 | 111 | 114 | 183 | 166 | 160 | 41 | 93 | 178 | 223 | 137 | 502 |
| Inventory Days | 158 | 105 | 54 | 55 | 56 | 85 | 142 | 148 | 187 | 98 | ||
| Days Payable | 361 | 225 | 142 | 184 | 203 | 207 | 533 | 542 | 897 | 1,283 | ||
| Cash Conversion Cycle | -89 | -8 | 26 | 54 | 19 | 38 | -350 | -301 | -532 | -962 | 137 | 502 |
| Working Capital Days | -17 | 34 | 81 | 79 | 91 | 59 | 163 | 247 | 162 | 55 | 72 | 187 |
| ROCE % | 14% | 13% | 12% | 11% | 12% | 12% | 8% | 6% | -17% | -6% | -4% | 1% |
Insights
In beta| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Block of Plant & Machinery Rs. Crores |
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| Toll Collection - MBCPNL Rs. Crores |
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| Order Book (Consolidated) Rs. Crores |
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| Toll Collection - Ahmedabad Ring Road (ARRIL) Rs. Crores |
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| Historical Road Lane Kilometers Constructed Lane Kilometers |
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Documents
Announcements
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Announcement under Regulation 30 (LODR)-Resignation of Company Secretary / Compliance Officer
2 Apr - Company Secretary and Compliance Officer Hardik Modi resigned effective 1 April 2026 for personal reasons.
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Intimation Of The Restructuring Plan As Per The Reserve Bank Of India (Commercial Banks- Resolution Of Stressed Assets) Directions, 2025.
1 Apr - Restructuring plan implemented 31/03/2026; PNB-led consortium approved (77.83% by value, 60% by number).
- Closure of Trading Window 31 Mar
-
Please Find Enclosed Announcement For Signing Of Master Restructuring Agreement By Sadbhav Engineering Limited With Majority Consortium Lenders.
26 Mar - MRA signed 25 Mar 2026 to restructure Rs.1,516.71 Crore debt; convert debts to debentures/equity; lender nominee rights.
-
Announcement under Regulation 30 (LODR)-Corporate Debt Restructuring
26 Mar - MRA signed 25-Mar-2026 to restructure Rs1,516.71 Crore debt; part to convert into equity.
Annual reports
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Financial Year 2025
from bse
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Financial Year 2024
from bse
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Financial Year 2023
from bse
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Financial Year 2022
from bse
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Financial Year 2021
from bse
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Financial Year 2020
from bse
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Financial Year 2019
from bse
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Financial Year 2018
from bse
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Financial Year 2017
from bse
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Financial Year 2016
from bse
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Financial Year 2015
from bse
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Financial Year 2014
from bse
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Financial Year 2013
from bse
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Financial Year 2012
from nse
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Financial Year 2012
from bse
Concalls
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Jul 2021TranscriptPPT
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Feb 2021TranscriptPPT
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Sep 2020TranscriptPPT
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Jul 2020TranscriptPPT
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Apr 2020Transcript PPT
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Feb 2018TranscriptPPT
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Nov 2017TranscriptPPT
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Aug 2017TranscriptPPT
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May 2017TranscriptPPT
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Nov 2016TranscriptPPT
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Sep 2016TranscriptPPT
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Apr 2016TranscriptPPT
Business Overview:[1]
SEL, part of the Sadhbhav Group in Ahmedabad, focuses on infrastructure development. Their services span canals, irrigation, roads, bridges, and mining, covering civil, electrical, and mechanical contracting. They operate on BOT, BOLT, and BOOT models and undertake EPC contracts with subsidiaries