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SADBHAV INFRASTRUCTURE PROJECT (SADBHIN)

Industrial Services · Engineering & Construction · figures to Nov '26

Quality scoreHow the business itself ranks against its sector peers on profitability, 3-year growth and leverage. 50 is the middle of the sector.56 / 100
Profitability 80Growth 31
Compare withLARSEN AND TOUBROJSW INFRASTRUCTURERAIL VIKAS NIGAM

Share price

Closing priceAdjusted for splits and bonus issues.

₹3.23 latest close · +12.9% over the last 90 sessions

₹3₹3₹4Jul 3Jul 29Aug 24Sep 17Oct 14Nov 9 ₹3₹3₹4Jul 3Sep 4Nov 9

₹3.23 month-end · −15.7% over 12 months

₹2₹3₹4Nov '25Jan '26Apr '26Jun '26Sep '26Nov '26 ₹2₹3₹4Nov '25May '26Nov '26

₹3.23 month-end · −32.0% over 3 years

₹2₹4₹6₹8Nov '23Jun '24Jan '25Sep '25Apr '26Nov '26 ₹2₹4₹6₹8Nov '23May '25Nov '26

₹3.23 month-end · −96.2% since Jan '19

₹0₹25₹50₹75Jan '19Aug '20Mar '22Sep '23Apr '25Nov '26 ₹0₹25₹50₹75Jan '19Dec '22Nov '26

52-week range ₹2.04 to ₹4.79 · 1-year volatility 49.0%

How rough has the ride been?

Maximum drawdown-97.9%not yet recovered
1-year volatility49.0%annualised

Drawdown from peak

0%−50%−100%2020202120222023202420252026−97.8% 0%−50%−100%2020202220242026−97.8%
Largest drawdowns

-97.9% (2019-01 peak to 2026-04 low, not yet recovered)

Where does it rank among Industrial Services peers?

Each cell is the company's percentile rank among its Industrial Services peers (non-financial companies) that month.
Darker is better-ranked.
Rows marked ↓ are inverted (lower debt, shorter cash cycle and a lower P/E rank higher).

Where it ranks today

  • ROCE61st▲ 25 pts vs a year ago
  • Op. margin99thflat vs a year ago
  • Revenue growth43rd▲ 10 pts vs a year ago
  • Debt/equity ↓1stflat vs a year ago
  • Cash cycle ↓70th▼ 5 pts vs a year ago
  • P/E ↓6th
  • 12M momentum63rd▲ 39 pts vs a year ago

Rank history

ROCE
Op. margin
Revenue growth
Debt/equity ↓
Cash cycle ↓
P/E ↓
12M momentum
Dec '21Jul '22Jan '23Jul '23Jan '24Jul '24Jan '25Jul '25Jan '26Jul '26Nov '26
Lower rank Higher rank Not enough data

Percentiles use today's listed companies in the sector and need at least 5 peers with a value; grey cells have too few.
ROE is computed from net profit and book value where the source does not report it.

The Industrial Services sector page Watch it move against Industrial Services in the Observatory

What is the price implying?

~30%annual earnings growth implied by the price

At a P/E of 64.6x, the price would imply about 29.6%/yr earnings growth for 10 years under the same assumptions, but it is not ranked.

Fewer than six years of annual earnings are available, which is too little to measure delivered growth.

“Implied growth” is what the current price would require under our stated assumptions, not what we expect.

What prices imply across Industrial Services The market-wide Expectations lists

Key figures

Share Priceclose 9 Nov
₹3.23
P/E
64.6x
ROCE
18.0%
Market Cap
₹114 cr
Revenue (TTM)
₹789 cr
P/S
0.1x
Operating Margin
74.0%
Promoter Holding
70.3%
12M Momentum
-15.7%

52-week range

₹2.04₹4.79
43% of the way from its 52-week low to its high

Price risk

1Y volatility
49.0%
Beta vs sector
1-year daily
0.37

Balance sheet & cash

Interest cover
operating profit ÷ interest
1.4x
Cash from profit, 3Y
operating cash flow ÷ net profit
1.18x
Share count, 1Y
unchanged

Are profits backed by cash?

4 of 5checks within range1 near a threshold
Other income reliance-63%Within range

Other income as a share of pre-tax profit (trailing twelve months): -63.4%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate21%Within range

Median quarterly effective tax rate over about 2.5 years: 21.0%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.

Cash conversion—Not enough data

Not enough reported data to compute this.

Free cash flow5 of 5 yrsWithin range

Fiscal years with positive free cash flow in the last 5: 5. Bands: at least 80% of years, 40% to 80%, below 40%.

Receivable days vs history+20 daysNear threshold

Debtor days are above the median of the previous three fiscal years by 20 days (38 vs 18). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress0% of fixed assetsWithin range

Capital work-in-progress is 0% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.

Payable days—Not enough data

Not enough reported data to compute this.

Tap a check to see how it is measured

How to read this

Each check is a named rule with fixed thresholds, not a score. Annual statements are the latest restated figures, so a past year may differ from what was originally reported.

All terms explained in the glossary →

Who has been buying and selling?

  • Over 3 years, DIIs trimmed 0.7 pts.
  • The number of shareholders rose from 42,111 to 53,022 (+26%) between Dec 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupDec '23Jun '26Change
Promoters70.3%70.3%-0.1 pts
FIIs0.1%0.0%-0.1 pts
DIIs0.7%0.0%-0.7 pts
Public and others28.9%29.8%+0.8 pts

Number of shareholders

53,022shareholders+26% since Dec '23
42k46k50k53k Dec '23Sep '24Mar '25Sep '25Mar '26Jun '26
Dec '23: 42,111
Jun '24: 46,904
Sep '24: 48,972
Dec '24: 51,697
Mar '25: 52,117
Jun '25: 51,836
Sep '25: 52,883
Dec '25: 52,613
Mar '26: 53,215
Jun '26: 53,022
 42k46k50k53k Dec '23Dec '24Sep '25Jun '26
Dec '23: 42,111
Jun '24: 46,904
Sep '24: 48,972
Dec '24: 51,697
Mar '25: 52,117
Jun '25: 51,836
Sep '25: 52,883
Dec '25: 52,613
Mar '26: 53,215
Jun '26: 53,022

Quarterly shareholding as reported, labelled by the quarter it covers (it becomes visible about two months later).
Shareholder counts are only available for recent quarters.

This quarter's smart-money board

What happened next to similar setups

+31.0%typical 12-month return vs the marketAbove the base rate
  • We found 50 past situations where a non-financial company looked like SADBHAV INFRASTRUCTURE PROJECT today on valuation, return on capital, margins, debt, growth, price momentum, size and volatility.
  • Over the following 12 months the middle half of them returned −19% to +73% vs the market, against −1% for all non-financial companies in the same months.
  • The analogs' median sat above that base rate (gap +31.7%, 80% range +0.7% to +42.1%), but the matches cluster in only 6 distinct 12-month windows.

Where the 50 outcomes landed

−100%−50%0%+50%+100%
JETFREIGHT · Jan 2023: −43.9% vs market
VINEETLAB · Nov 2023: −39.5% vs market
AIROLAM · Jan 2025: −30.0% vs market
KANORICHEM · Apr 2023: −29.5% vs market
GLOBALVECT · Nov 2020: −26.8% vs market
SALSTEEL · Jan 2024: −25.2% vs market
AMBICAAGAR · Dec 2024: −24.8% vs market
MSPL · Jul 2021: −23.9% vs market
CORDSCABLE · Jun 2021: −22.8% vs market
GRPLTD · Oct 2020: −22.1% vs market
MALUPAPER · Jul 2024: −20.9% vs market
SHERA · May 2024: −19.9% vs market
MAHESHWARI · Mar 2022: −19.5% vs market
BALPHARMA · Feb 2024: −16.3% vs market
GREENCHEF · Jun 2025: −16.1% vs market
ROML · Nov 2023: −15.7% vs market
VIKASECO · May 2023: −11.1% vs market
MAWANASUG · Aug 2023: −11.0% vs market
AMDIND · Sep 2025: −3.0% vs market
BLBLIMITED · Sep 2025: −0.8% vs market
CENTEXT · Sep 2023: −0.2% vs market
ELGIRUBCO · May 2022: +13.6% vs market
NECCLTD · May 2020: +23.2% vs market
TEXRAIL · Feb 2022: +29.2% vs market
NDL · Jan 2024: +29.5% vs market
BEARDSELL · Feb 2021: +32.4% vs market
HPL · Apr 2022: +32.5% vs market
SARVESHWAR · Dec 2023: +37.1% vs market
GOKULAGRO · Feb 2020: +43.1% vs market
CEMPRO · Oct 2021: +43.6% vs market
RML · Mar 2020: +45.4% vs market
INCREDIBLE · Feb 2023: +48.4% vs market
MGEL · Mar 2024: +50.6% vs market
PENIND · Dec 2021: +52.3% vs market
INSPIRISYS · Feb 2021: +57.8% vs market
TVSELECT · Sep 2024: +68.4% vs market
TARIL · Apr 2020: +72.6% vs market
BSL · Oct 2021: +73.0% vs market
BBOX · Jun 2023: +78.2% vs market
IRISDOREME · Mar 2021: +78.3% vs market
REMSONSIND · Oct 2022: +85.8% vs market
SHIVAMILLS · Mar 2021: +93.9% vs market
RPPINFRA · Apr 2023: +102.0% vs market
RICOAUTO · Jun 2022: +102.6% vs market
CENTUM · May 2022: +108.9% vs market
SALONA · Oct 2020: +118.5% vs market
XPROINDIA · Mar 2020: +155.5% vs market
MADRASFERT · Dec 2021: +160.8% vs market
SANGAMIND · Nov 2020: +193.6% vs market
SKIPPER · Oct 2022: +206.7% vs market
Similar setups +31.0%All companies −0.7%← worse than the marketbetter than the market →

Each dot is one past situation (hover or tap for details) · Solid dots are the closest matches, listed below · Shaded is the middle half of all companies in the same months · 8 beyond the range shown, drawn at the edge

Similar setups' median
+31.0%
All companies' median
−0.7%
Beat the market
58% vs 49%

50 past situations · 50 companies · 37 months · 2020–2025

The closest matches

CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
TVSELECT
Electronic Technology		 Sep 2024 77x19% +17%−16% +68%
ROML
Process Industries		 Nov 2023 62x15% +16%−9% −16%
BSL
Process Industries		 Oct 2021 59x8% +134%−13% +73%
VINEETLAB
Process Industries		 Nov 2023 88x9% +19%−4% −40%
BALPHARMA
Health Technology		 Feb 2024 67x10% +58%−15% −16%
Show the other 3 matches
CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
GLOBALVECT
Industrial Services		 Nov 2020 35x8% +6%−23% −27%
BEARDSELL
Process Industries		 Feb 2021 41x9% +36%−13% +32%
MADRASFERT
Process Industries		 Dec 2021 159x13% +39%−17% +161%
How reliable is this?

Matched on P/E, P/S, ROCE, operating margin, interest cover, revenue growth, 12-month momentum, drawdown from 12-month high, size and volatility. Closest on: 12-month momentum, drawdown from 12-month high and interest cover. Not used (unavailable for this company): debt/equity. One match per company and at most 7 from any one month.

Independent periods: the matches fall in 6 distinct 12-month windows. Matches from nearby months share the same market conditions, so fewer windows means less evidence.

How this is built

This is history, not a forecast. These are past situations where other companies had broadly similar reported numbers and price trends. What happened to them does not tell you what will happen to SADBHAV INFRASTRUCTURE PROJECT. The comparison covers only 2020–2025, a single market period, and only companies still listed today. Companies that were delisted or went bankrupt are missing, which makes past outcomes look better than they were. Returns exclude dividends and are measured against an ApnaFunda-built index, not an official benchmark. Fundamentals are matched on a 60-day assumed reporting lag, not actual announcement dates. Its historical skill has not yet been measured. Past patterns may not repeat.

Methodology

How historical analogs are built

Data as of 2026-11-09. Outcome pool: Jan 2020 to Oct 2025.

For every company we look at the situation it is in today (valuation, return on capital, margins, debt, growth, 12-month price momentum, drawdown, size and volatility) and find past company-months that looked most like it. We then show what happened to those past situations over the following 12 months, measured against the ApnaFunda All index and against the base rate. It describes history. It does not predict anything.

What is compared

FeatureWeightNon-financialFinancial
P/E1yesyes
P/S1yes—
P/B1—yes
ROCE1yes—
operating margin1yes—
ROE1—yes
debt/equity0.75yes—
interest cover0.5yes—
revenue growth0.75yesyes
12-month momentum1yesyes
drawdown from 12-month high0.75yesyes
size0.75yesyes
volatility0.5yesyes

Weights were set by judgement before any outcome was looked at and are never tuned on results. Loss-making companies (negative P/E or net profit) are only matched with other loss-making companies. Banks, NBFCs and insurers are compared only with each other and use a different feature set. Every feature is converted, month by month, to its rank among companies in the same pool in that month, so a P/E of 30 in a hot market and a P/E of 22 in a cold one can match if both were equally expensive for their time. Only that month's data is used.

How closeness and the sample are defined

Distance is the weighted root-mean-square gap between the standardised features both companies have. A match needs at least 70% of the query's feature weight, a distance of at most 0.9, and 30 matches at minimum to be shown. We keep up to 50 matches with these exclusions: never the company itself, one match per company (its closest month), and at most 7 from any one calendar month so a single market episode cannot dominate.

Base rate

The base rate is the distribution of 12-month returns, relative to the market, of every eligible company-month in the same pool, with each month weighted to match the months the analogs came from. It answers: how did a random company do in these same months? Because matches from nearby months share the same market conditions, we also report the number of distinct 12-month windows behind a result, and a bootstrap that resamples months decides whether the analog median differs from the base rate at all. "Not meaningfully different" is the usual outcome and the page copy is written for it.

Limits you should know

  • One market period. The outcome pool covers 2020–2025 only (70 months), including the 2020 crash and the 2020–21 rally.
  • Survivorship. Only companies listed today are included. Delisted and bankrupt companies are missing, which flatters past outcomes, particularly for distressed-looking setups.
  • Price return only. Dividends are excluded, and the benchmark is an ApnaFunda market-cap-weighted index of the same listed companies, not an official index.
  • Reporting lag. Fundamentals are matched on an assumed 60-day lag after the quarter end, not on real announcement dates.
  • Pools: non-financial: 98,395 company-months from 2019 companies; financial: 5,659 company-months from 108 companies. 2349 companies currently have a result; the rest are suppressed because too few comparable situations exist.

Does it work? A walk-forward check

The walk-forward check has not been run for this build, so skill is shown as not yet measured.

Disclaimer

This is history, not a forecast. These are past situations where other companies had broadly similar reported numbers and price trends. What happened to them does not tell you what will happen to any company shown. The comparison covers only 2020–2025, a single market period, and only companies still listed today. Companies that were delisted or went bankrupt are missing, which makes past outcomes look better than they were. Returns exclude dividends and are measured against an ApnaFunda-built index, not an official benchmark. Fundamentals are matched on a 60-day assumed reporting lag, not actual announcement dates. Its historical skill has not yet been measured. Past patterns may not repeat.

What changed?

7 events since Jun '21

  1. SepResultsEPS (TTM) turned positive.
  2. JunPeer rankMoved into the 2nd quartile of Industrial Services on ROCE (from the 3rd quartile).
  3. AprPriceFell 98% from the Jan 2019 peak to the Apr 2026 low.
  4. AprPeer rankSlipped to the 3rd quartile of Industrial Services on ROCE (from the 2nd quartile).
  5. JunPeer rankSlipped to the 2nd quartile of Industrial Services on ROCE (from the top quartile).
  6. JunPeer rankMoved into the top quartile of Industrial Services on ROCE (from the 2nd quartile).
  7. JunPeer rankMoved into the 2nd quartile of Industrial Services on ROCE (from the 3rd quartile).

Events are generated from the data by fixed rules.
The month shown is when the change became visible in the reported figures, assuming a 60-day lag after each quarter end; it is not an announcement date.

Where price and fundamentals disagree, market-wide Rewind the whole market to any month

Monthly history95 months · 2019-01 to 2026-11
MonthP/ERevenue (TTM)ROEROCEDebt / Equity
2026-1164.6x₹789 cr—18.0%—
2026-1045.6x₹789 cr—18.0%—
2026-0952.0x₹789 cr—18.0%—
2026-08—₹775 cr—18.0%—
2026-07—₹775 cr—18.0%—
2026-06—₹775 cr—18.0%—
2026-05—₹773 cr—14.0%—
2026-04—₹773 cr—14.0%—
2026-03—₹773 cr—14.0%—
2026-02—₹741 cr—14.0%—
2026-01—₹741 cr—14.0%—
2025-12—₹741 cr—14.0%—
2025-11—₹723 cr—14.0%—
2025-10—₹723 cr—14.0%—
2025-09—₹723 cr—14.0%—
2025-08—₹704 cr—14.0%—
2025-07—₹704 cr—14.0%—
2025-06—₹704 cr—14.0%—
2025-05—₹678 cr—10.0%—
2025-04—₹678 cr—10.0%—
2025-03—₹678 cr—10.0%—
2025-02—₹708 cr—10.0%—
2025-01—₹708 cr—10.0%—
2024-12—₹708 cr—10.0%—
2024-11—₹706 cr—10.0%—
2024-10—₹706 cr—10.0%—
2024-09—₹706 cr—10.0%—
2024-08—₹779 cr—10.0%—
2024-07—₹779 cr—10.0%—
2024-06—₹779 cr—10.0%—
2024-05—₹825 cr—12.0%—
2024-04—₹825 cr—12.0%—
2024-03—₹825 cr—12.0%—
2024-02—₹825 cr—12.0%—
2024-01—₹825 cr—12.0%—
2023-12—₹825 cr—12.0%—
2023-11—₹825 cr—12.0%—
2023-10—₹825 cr—12.0%—
2023-09—₹825 cr—12.0%—
2023-08—₹825 cr—12.0%—
2023-07—₹825 cr—12.0%—
2023-06—₹825 cr—12.0%—
2023-05—₹962 cr-14.0%16.0%22.5x
2023-04—₹962 cr-14.0%16.0%22.5x
2023-03—₹962 cr-14.0%16.0%22.5x
2023-02—₹962 cr-14.0%16.0%22.5x
2023-01—₹962 cr-14.0%16.0%22.5x
2022-12—₹962 cr-14.0%16.0%22.5x
2022-11—₹962 cr-14.0%16.0%22.5x
2022-10—₹962 cr-14.0%16.0%22.5x
2022-09—₹962 cr-14.0%16.0%22.5x
2022-08—₹962 cr-14.0%16.0%22.5x
2022-07—₹962 cr-14.0%16.0%22.5x
2022-06—₹962 cr-14.0%16.0%22.5x
2022-05—₹1281 cr-227.0%9.0%33.7x
2022-04—₹1281 cr-227.0%9.0%33.7x
2022-03—₹1281 cr-227.0%9.0%33.7x
2022-02—₹1281 cr-227.0%9.0%33.7x
2022-01—₹1281 cr-227.0%9.0%33.7x
2021-12—₹1281 cr-227.0%9.0%33.7x
2021-11—₹1281 cr-227.0%9.0%33.7x
2021-10—₹1281 cr-227.0%9.0%33.7x
2021-09—₹1281 cr-227.0%9.0%33.7x
2021-08—₹1281 cr-227.0%9.0%33.7x
2021-07—₹1281 cr-227.0%9.0%33.7x
2021-06—₹1281 cr-227.0%9.0%33.7x
2021-05—₹2270 cr337.2%11.0%12.7x
2021-04—₹2270 cr337.2%11.0%12.7x
2021-03—₹2270 cr337.2%11.0%12.7x
2021-02—₹2270 cr337.2%11.0%12.7x
2021-01—₹2270 cr337.2%11.0%12.7x
2020-12—₹2270 cr337.2%11.0%12.7x
2020-11—₹2270 cr337.2%11.0%12.7x
2020-10—₹2270 cr337.2%11.0%12.7x
2020-09—₹2270 cr337.2%11.0%12.7x
2020-08—₹2270 cr337.2%11.0%12.7x
2020-07—₹2270 cr337.2%11.0%12.7x
2020-06—₹2270 cr337.2%11.0%12.7x
2020-05—₹3548 cr—10.0%—
2020-04—₹3548 cr—10.0%—
2020-03—₹3548 cr—10.0%—
2020-02—₹3548 cr—10.0%—
2020-01—₹3548 cr—10.0%—
2019-12—₹3548 cr—10.0%—
2019-11—₹3548 cr—10.0%—
2019-10—₹3548 cr—10.0%—
2019-09—₹3548 cr—10.0%—
2019-08—₹3548 cr—10.0%—
2019-07—₹3548 cr—10.0%—
2019-06—₹3548 cr—10.0%—
2019-05—₹2262 cr—10.0%—
2019-04—₹2262 cr—10.0%—
2019-03—₹2262 cr—10.0%—
2019-02—₹2262 cr—10.0%—
2019-01—₹2262 cr—10.0%—

Methodology and data notes

Methodology

Methodology and data notes

All figures come from public exchange prices and screener.in financial statements. Quarterly and annual results are shown from 60 days after the period end, so a month never uses a result before it would plausibly have been published. Statements are the latest versions, which may include later restatements.

Sector medians, percentiles and indices use today's listed companies in the sector (survivorship bias). Prices are adjusted for splits and bonus issues; around a corporate action the fundamentals may lag the price by up to a month, and affected sections are hidden.

The return decomposition uses price = P/E × net profit ÷ share count. The reverse DCF uses a fixed 12% cost of equity, a 10-year horizon and a 15x terminal P/E, and is an illustration only. Events, flags and twins follow fixed rules and thresholds described next to each section.

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