Sadbhav Engineering Ltd

₹ 27.2 2.33%

22 Nov - close price

About

Incorporated in 1988, Sadbhav Engineering
Ltd is an EPC contractor of road construction, mining and irrigation^[1]

Key Points

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

Website BSE NSE

Market Cap ₹ 467 Cr.
Current Price ₹ 27.2
High / Low ₹ 40.4 / 19.6
Stock P/E
Book Value ₹ 56.6
Dividend Yield 0.00 %
ROCE -3.63 %
ROE -24.2 %
Face Value ₹ 1.00

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Pros

Stock is trading at 0.48 times its book value
Debtor days have improved from 180 to 137 days.

Cons

Company has low interest coverage ratio.
The company has delivered a poor sales growth of -22.2% over past five years.
Promoter holding is low: 36.2%
Company has a low return on equity of -31.2% over last 3 years.
Contingent liabilities of Rs.712 Cr.
Promoters have pledged 50.9% of their holding.
Promoter holding has decreased over last 3 years: -8.64%

* 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

Sector: Infrastructure Developers & Operators Industry: Construction

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Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024
	262.48	340.93	359.98	270.17	214.54	209.91	194.55	404.83	218.84	114.70	275.06	113.16	30.98
	227.29	298.28	997.32	256.62	185.97	217.73	503.41	368.35	200.87	139.76	420.24	107.76	30.52
Operating Profit	35.19	42.65	-637.34	13.55	28.57	-7.82	-308.86	36.48	17.97	-25.06	-145.18	5.40	0.46
OPM %	13.41%	12.51%	-177.05%	5.02%	13.32%	-3.73%	-158.76%	9.01%	8.21%	-21.85%	-52.78%	4.77%	1.48%
	31.08	14.64	17.51	17.41	10.95	15.38	96.35	19.29	30.43	14.73	-13.54	14.91	29.81
Interest	46.35	45.83	53.62	40.84	38.87	43.15	42.07	41.82	42.01	45.49	41.39	39.65	33.77
Depreciation	19.33	16.23	13.27	12.49	12.09	10.52	9.37	7.61	6.95	6.08	5.36	2.79	2.30
Profit before tax	0.59	-4.77	-686.72	-22.37	-11.44	-46.11	-263.95	6.34	-0.56	-61.90	-205.47	-22.13	-5.80
Tax %	-633.90%	-33.12%	2.02%	-0.27%	3.32%	-6.16%	1.94%	83.28%	475.00%	-0.16%	-2.33%	0.00%	23.28%
	4.34	-3.20	-700.60	-22.31	-11.82	-43.27	-269.09	1.05	-3.22	-61.80	-200.70	-22.13	-7.14
EPS in Rs	0.25	-0.19	-40.83	-1.30	-0.69	-2.52	-15.68	0.06	-0.19	-3.60	-11.70	-1.29	-0.42
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	TTM
	1,811	2,358	2,970	3,186	3,320	3,505	3,549	2,252	1,624	1,226	889	1,013	534
	1,654	2,104	2,659	2,850	2,962	3,089	3,121	1,969	1,412	1,762	1,164	1,129	698
Operating Profit	157	254	311	337	358	417	428	282	211	-535	-275	-116	-164
OPM %	9%	11%	10%	11%	11%	12%	12%	13%	13%	-44%	-31%	-11%	-31%
	71	-5	57	76	85	88	101	130	74	83	140	51	46
Interest	85	119	140	151	153	191	175	194	190	188	165	171	160
Depreciation	32	47	82	97	100	98	96	108	94	69	44	26	17
Profit before tax	111	82	146	165	190	216	258	110	2	-710	-344	-262	-295
Tax %	33%	-30%	22%	20%	1%	-2%	28%	22%	-2,548%	1%	1%	1%
	74	106	114	132	188	221	187	85	41	-716	-346	-265	-292
EPS in Rs	4.91	7.00	6.63	7.70	10.95	12.86	10.89	4.96	2.39	-41.75	-20.19	-15.43	-17.01
Dividend Payout %	12%	10%	11%	9%	7%	8%	9%	0%	0%	0%	0%	0%

Compounded Sales Growth
10 Years:	-8%
5 Years:	-22%
3 Years:	-15%
TTM:	-48%

Compounded Profit Growth
10 Years:	%
5 Years:	%
3 Years:	%
TTM:	3%

Stock Price CAGR
10 Years:	-20%
5 Years:	-26%
3 Years:	-13%
1 Year:	32%

Return on Equity
10 Years:	-2%
5 Years:	-14%
3 Years:	-31%
Last Year:	-24%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Sep 2024
Equity Capital	15	15	17	17	17	17	17	17	17	17	17	17	17
Reserves	817	919	1,335	1,472	1,644	1,850	2,017	2,087	2,128	1,411	1,065	984	955
	763	1,026	1,098	1,221	1,777	1,485	1,587	1,273	1,332	1,146	1,145	1,053	1,155
	895	1,066	1,075	785	582	1,019	977	1,259	1,103	1,244	1,131	750	588
Total Liabilities	2,491	3,025	3,525	3,495	4,020	4,371	4,598	4,636	4,581	3,818	3,358	2,804	2,715
	330	498	536	593	516	500	494	430	292	193	129	44	30
CWIP	0	0	0	0	7	2	3	4	4	4	4	4	4
Investments	538	521	531	563	569	577	609	558	567	559	576	591	600
	1,622	2,006	2,458	2,339	2,928	3,290	3,491	3,644	3,718	3,062	2,650	2,165	2,081
Total Assets	2,491	3,025	3,525	3,495	4,020	4,371	4,598	4,636	4,581	3,818	3,358	2,804	2,715

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
	66	462	-36	162	-51	653	200	143	197	183	21	-28
	-332	-568	-252	-102	81	-155	-92	423	-74	201	134	107
	218	157	237	-59	-35	-499	-92	-575	-128	-375	-166	-80
Net Cash Flow	-48	51	-52	1	-5	-1	16	-8	-5	9	-11	-1

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Debtor Days	148	113	111	114	183	166	160	41	93	178	223	137
Inventory Days	139	158	105	54	55	56	85	142	148	187	98
Days Payable	448	361	225	142	184	203	207	533	542	897	1,283
Cash Conversion Cycle	-160	-89	-8	26	54	19	38	-350	-301	-532	-962	137
Working Capital Days	108	52	81	146	212	200	134	278	461	416	504	375
ROCE %	10%	14%	13%	12%	11%	12%	12%	8%	6%	-17%	-6%	-4%

Shareholding Pattern

Numbers in percentages

10 Recently

	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024
	44.86%	44.63%	40.57%	38.57%	37.69%	37.69%	37.69%	37.69%	37.79%	36.22%	36.22%	36.22%
	4.23%	3.37%	2.92%	0.96%	0.15%	0.10%	0.10%	0.10%	0.10%	0.30%	0.38%	1.95%
	14.73%	14.50%	13.84%	12.96%	10.95%	10.88%	10.88%	10.82%	9.20%	8.92%	8.92%	3.41%
	36.18%	37.51%	42.67%	47.52%	51.22%	51.32%	51.31%	51.39%	52.90%	54.57%	54.48%	58.42%
No. of Shareholders	65,562	66,405	70,545	71,064	72,137	70,649	68,542	66,609	61,442	64,398	64,283	65,371

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Sep 2024
	46.76%	46.47%	46.55%	46.81%	46.74%	44.63%	37.69%	36.22%	36.22%
	17.15%	15.54%	14.69%	11.06%	4.24%	3.37%	0.10%	0.30%	1.95%
	26.31%	22.35%	24.20%	30.56%	23.47%	14.50%	10.88%	8.92%	3.41%
	9.77%	15.64%	14.56%	11.57%	25.54%	37.51%	51.32%	54.57%	58.42%
No. of Shareholders	11,446	18,339	20,757	24,715	47,450	66,405	70,649	64,398	65,371

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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