WEBSITE BSE:539189 NSE: ADHBHUTIN Inc. Year: 1985 Industry: Engineering - Construction My Bucket: Add Stock
Last updated: 11:18
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1. Business Overview
Adhbhut Infrastructure Ltd. operates in the Engineering - Construction sector in India. The company's core business involves undertaking various infrastructure development projects. This typically includes civil construction, engineering, procurement, and construction (EPC) services for a range of clients, primarily government bodies, public sector undertakings, and occasionally private developers. The company generates revenue by successfully bidding for and executing projects across different infrastructure segments, recognizing revenue based on project completion stages and associated costs plus margins.
2. Key Segments / Revenue Mix
Without specific company data, typical revenue segments for an Indian engineering and construction firm like Adhbhut Infrastructure Ltd. would include:
Roads & Highways: Construction, widening, and maintenance of national and state highways.
Buildings: Commercial, residential, institutional, or industrial buildings.
Water & Sanitation: Water treatment plants, pipelines, sewerage networks.
Railways: Track laying, station development, bridge construction.
Other Infrastructure: Potentially power transmission lines, urban infrastructure, or specialized structures.
The revenue mix would depend on the specific projects secured in a given period, with infrastructure projects often forming a significant portion due to government impetus.
3. Industry & Positioning
The Indian Engineering - Construction industry is highly competitive, fragmented, and cyclical, heavily influenced by government expenditure and private sector investment. It is characterized by the presence of a few large, diversified players and numerous mid-to-small-sized regional contractors. Adhbhut Infrastructure Ltd. likely positions itself by leveraging its execution capabilities, competitive bidding strategies, and a focus on specific geographical regions or project types. Its standing relative to peers would depend on its order book size, execution track record, financial health, and ability to secure large-scale or specialized projects.
4. Competitive Advantage (Moat)
For a general engineering and construction company, strong competitive advantages (moats) can be challenging to build and sustain. Potential advantages for Adhbhut Infrastructure Ltd. could include:
Execution Track Record & Reputation: A history of timely and quality project delivery can build trust with clients, especially government agencies, leading to repeat business or preference in bidding.
Relationships & Local Expertise: Strong relationships with government officials, local bodies, and suppliers, coupled with understanding of local regulations and land acquisition processes, can be critical.
Operational Efficiency & Cost Control: Effective project management, optimized resource utilization, and cost-efficient procurement can lead to better margins in a competitive bidding environment.
Access to Skilled Workforce & Equipment: Availability of experienced engineers, skilled labor, and a well-maintained fleet of construction equipment.
5. Growth Drivers
Key factors that can drive growth for Adhbhut Infrastructure Ltd. over the next 3-5 years include:
Government Infrastructure Push: Continued focus and allocation towards infrastructure development under initiatives like the National Infrastructure Pipeline (NIP) and Gati Shakti program.
Urbanization & Industrialization: Growing demand for urban infrastructure (roads, housing, utilities) and industrial facilities driven by economic growth.
Increased Private Sector CAPEX: Revival in private sector investment across manufacturing, logistics, and real estate sectors.
Diversification into New Segments: Successful expansion into emerging infrastructure areas like green infrastructure, smart cities, or specialized transportation.
Technological Adoption: Adoption of modern construction techniques (e.g., pre-fabrication, digital construction) to improve efficiency and project turnaround times.
6. Risks
Project Delays & Cost Overruns: Issues like land acquisition problems, regulatory hurdles, environmental clearances, and unforeseen site conditions can lead to project delays and increase costs, impacting profitability.
Raw Material Price Volatility: Fluctuations in prices of key raw materials like cement, steel, and bitumen can erode project margins, especially for fixed-price contracts.
Intense Competition: The fragmented nature of the industry leads to aggressive bidding, potentially pressuring profit margins for new projects.
Working Capital Management & Payment Delays: Infrastructure projects are capital-intensive, requiring significant working capital. Delays in payments from clients, particularly government agencies, can strain liquidity.
Regulatory & Policy Changes: Changes in government policies, taxation, environmental regulations, or tender processes can impact project viability and execution.
Interest Rate Risk: High debt levels, common in capital-intensive businesses, make the company vulnerable to interest rate fluctuations.
7. Management & Ownership
In India, many infrastructure companies are promoter-driven. Adhbhut Infrastructure Ltd. likely has a significant promoter shareholding, indicating a close-knit management structure where key decisions are often influenced by the founding family or individuals. Management quality is crucial, focusing on strong project execution capabilities, effective risk management, astute financial planning, and robust client relationships. The remaining ownership would typically be held by institutional investors (domestic and foreign) and the public, contributing to the free float.
8. Outlook
Adhbhut Infrastructure Ltd. operates in a sector poised for significant growth driven by India's national development agenda and massive government investments in infrastructure. This provides a strong tailwind for order book expansion and revenue growth. However, the company faces inherent challenges typical of the construction industry, including intense competition, sensitivity to commodity prices, working capital management complexities, and potential payment delays from clients. Its ability to capitalize on growth opportunities will depend on its operational efficiency, prudent financial management, consistent project execution, and strategic diversification while effectively mitigating risks associated with project delivery and regulatory environments.
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Market Cap ₹15 Cr.
Stock P/E -23.5
P/B -2
Current Price ₹13.8
Book Value ₹ -7
Face Value 10
52W High ₹23.7
Dividend Yield 0%
52W Low ₹ 11.3
Price goes above X
Price falls below X
PE goes above X
PE falls below X
₹ | |
| #(Fig in Cr.) | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Income | 1 | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Expenditure | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Profit | 1 | 0 | 1 | 0 | 0 | -0 | -0 | 0 | 0 | 0 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 0 | -0 | 0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 |
| Provision for Tax | 0 | -0 | 0 | 0 | 0 | -0 | 0 | 0 | 0 | 0 |
| Profit After Tax | 0 | 0 | 0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 0 | 0 | 0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 |
| Adjusted Earnings Per Share | 0.2 | 0 | 0.1 | -0.1 | -0.2 | -0 | -0.4 | -0.3 | -0.3 | -0.3 |
| #(Fig in Cr.) | Jun 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 3 | 2 | 3 | 1 | 0 |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 |
| Total Income | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 3 | 3 | 3 | 1 | 0 |
| Total Expenditure | 0 | 1 | 1 | 0 | 0 | 0 | 0 | 3 | 1 | 0 | 0 | 0 |
| Operating Profit | 1 | -0 | -0 | -0 | -0 | 0 | 0 | -1 | 2 | 2 | 0 | 0 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 1 | 0 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | -9 | -4 | 0 | -13 | 0 | 0 | 0 |
| Profit Before Tax | 1 | -0 | -0 | -0 | -0 | -9 | -4 | -1 | -11 | 1 | -1 | 0 |
| Provision for Tax | 0 | 0 | 0 | -0 | 0 | 0 | 0 | 0 | 0 | 0 | -0 | 0 |
| Profit After Tax | 1 | -0 | -0 | -0 | -0 | -9 | -4 | -1 | -12 | 1 | -1 | 0 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 1 | -0 | -0 | -0 | -0 | -9 | -4 | -1 | -12 | 1 | -1 | 0 |
| Adjusted Earnings Per Share | 0.8 | -0.3 | -0.4 | -0.1 | -0.2 | -8.2 | -3.5 | -1 | -10.6 | 0.8 | -0.6 | -1.3 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | -67% | -31% | 0% | 0% |
| Operating Profit CAGR | -100% | 0% | 0% | -100% |
| PAT CAGR | -200% | 0% | 0% | NAN% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -30% | -64% | -41% | -12% |
| ROE Average | 0% | 0% | -14% | -12% |
| ROCE Average | 0% | -280% | -178% | -86% |
| #(Fig in Cr.) | Jun 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 21 | 21 | 19 | 19 | 19 | 10 | 6 | 5 | -7 | -6 | -7 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 0 | 0 | 2 | 2 | 2 | 2 | 2 | 2 | 3 | 3 | 3 |
| Other Non-Current Liabilities | 2 | 2 | 2 | 2 | 2 | 0 | 0 | 35 | 35 | 35 | 34 |
| Total Current Liabilities | 35 | 33 | 34 | 36 | 36 | 34 | 36 | 1 | 1 | 1 | 1 |
| Total Liabilities | 58 | 56 | 56 | 59 | 58 | 45 | 44 | 43 | 32 | 32 | 32 |
| Fixed Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 52 | 49 | 49 | 52 | 52 | 43 | 43 | 43 | 30 | 29 | 28 |
| Total Current Assets | 6 | 6 | 7 | 7 | 7 | 2 | 1 | 0 | 3 | 4 | 4 |
| Total Assets | 58 | 56 | 56 | 59 | 58 | 45 | 44 | 43 | 32 | 32 | 32 |
| #(Fig in Cr.) | Jun 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash Flow from Operating Activities | -0 | -2 | 1 | -1 | 0 | 0 | 0 | 0 | 0 | 0 | -0 |
| Cash Flow from Investing Activities | 1 | 2 | 0 | 0 | 0 | 0 | 0 | 0 | -0 | 0 | -0 |
| Cash Flow from Financing Activities | 0 | 0 | 0 | 0 | 0 | -0 | 0 | 0 | 0 | 0 | 0 |
| Net Cash Inflow / Outflow | 0 | -0 | 1 | -1 | 0 | 0 | 0 | 0 | 0 | 0 | -0 |
| Closing Cash & Cash Equivalent | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| # | Jun 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 0.75 | -0.3 | -0.35 | -0.13 | -0.16 | -8.17 | -3.54 | -0.96 | -10.61 | 0.79 | -0.58 |
| CEPS(Rs) | 0.76 | -0.29 | -0.35 | -0.13 | -0.16 | -8.08 | -3.47 | -0.96 | -9.97 | 1.75 | 0.37 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 17.73 | 17.45 | 17.2 | 17.07 | 16.91 | 8.74 | 5.21 | 4.24 | -6.37 | -5.57 | -6.16 |
| Core EBITDA Margin(%) | 91.35 | -47.91 | -71.76 | 0 | -16.97 | 8.08 | -25.29 | -32.7 | 49.1 | 83.56 | 45.45 |
| EBIT Margin(%) | 90.93 | -15.2 | -72.21 | 0 | -16.97 | -4884.2 | -5681.67 | -32.51 | -530.73 | 52.05 | -80.9 |
| Pre Tax Margin(%) | 90.92 | -15.2 | -111.98 | 0 | -148.42 | -4990.66 | -5983.14 | -40.38 | -541.42 | 41.92 | -115.19 |
| PAT Margin (%) | 71.8 | -39.09 | -117.77 | 0 | -148.42 | -4990.66 | -5983.14 | -40.38 | -551.48 | 34.12 | -77.84 |
| Cash Profit Margin (%) | 72.21 | -38.9 | -117.32 | 0 | -148.42 | -4940.5 | -5879.41 | -40.32 | -518.51 | 75.08 | 49.54 |
| ROA(%) | 1.39 | -0.57 | -0.7 | -0.24 | -0.3 | -17.32 | -8.69 | -2.42 | -30.85 | 2.7 | -2.01 |
| ROE(%) | 4.33 | -1.68 | -2.04 | -0.73 | -0.95 | -63.67 | -50.69 | -20.39 | 0 | 0 | 0 |
| ROCE(%) | 5.09 | -0.61 | -1.16 | -0.36 | -0.1 | -54.6 | -37.51 | -11.4 | -840.19 | 0 | 0 |
| Receivable days | 619.06 | 547.97 | 1356.97 | 0 | 2654.88 | 1409.84 | 2222.41 | 21.83 | 195.51 | 355.91 | 1465.43 |
| Inventory Days | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Payable days | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| PER(x) | 24.41 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 38.8 | 0 |
| Price/Book(x) | 1.04 | 2.65 | 0 | 0 | 7.12 | 0 | 37.47 | 0 | -29.64 | -5.52 | -2.57 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 18.59 | 62.78 | 34.65 | 0 | 1118.1 | 72.88 | 3334.39 | 5.08 | 99.28 | 14.19 | 24.81 |
| EV/Core EBITDA(x) | 20.35 | -418.21 | -48.29 | -172.76 | -6590.47 | 803.81 | 0 | -15.65 | 103.44 | 15.25 | 53.39 |
| Net Sales Growth(%) | 12.14 | -27.67 | -60.33 | -100 | 0 | 50 | -63.89 | 3937.08 | -19.36 | 20.86 | -67.7 |
| EBIT Growth(%) | 161.88 | -112.09 | -88.49 | 69.35 | 72.18 | 0 | 57.99 | 76.9 | -1216.47 | 111.85 | -150.21 |
| PAT Growth(%) | 200.05 | -139.38 | -19.51 | 64.57 | -29.09 | -4943.74 | 56.71 | 72.75 | -1001.35 | 107.48 | -173.69 |
| EPS Growth(%) | 0 | -139.38 | -19.52 | 64.57 | -29.08 | -4944.16 | 56.71 | 72.75 | -1001.32 | 107.48 | -173.68 |
| Debt/Equity(x) | 0 | 0 | 0.08 | 0.09 | 0.1 | 0.23 | 0.38 | 0.51 | -0.37 | -0.47 | -0.46 |
| Current Ratio(x) | 0.18 | 0.19 | 0.21 | 0.19 | 0.19 | 0.07 | 0.03 | 0.46 | 2.05 | 3.56 | 4.82 |
| Quick Ratio(x) | 0.18 | 0.19 | 0.21 | 0.19 | 0.19 | 0.07 | 0.03 | 0.46 | 2.05 | 3.56 | 4.82 |
| Interest Cover(x) | 0 | 0 | -1.82 | -0.51 | -0.13 | -45.88 | -18.85 | -4.13 | -49.67 | 5.14 | -2.36 |
| Total Debt/Mcap(x) | 0 | 0 | 0 | 0 | 0.01 | 0 | 0.01 | 0 | 0.01 | 0.08 | 0.18 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 73.49 | 73.49 | 73.49 | 73.49 | 73.49 | 73.49 | 73.49 | 73.49 | 73.49 | 73.49 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 26.51 | 26.51 | 26.51 | 26.51 | 26.51 | 26.51 | 26.51 | 26.51 | 26.51 | 26.51 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.81 | 0.81 | 0.81 | 0.81 | 0.81 | 0.81 | 0.81 | 0.81 | 0.81 | 0.81 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.29 | 0.29 | 0.29 | 0.29 | 0.29 | 0.29 | 0.29 | 0.29 | 0.29 | 0.29 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 1.1 | 1.1 | 1.1 | 1.1 | 1.1 | 1.1 | 1.1 | 1.1 | 1.1 | 1.1 |
* The pros and cons are machine generated.
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