SBA Infra Projects reports Rs 93.42 crore revenue in FY26

SBA Infra Projects Private Limited reported revenue from operations of Rs 93.42 crore for the year ended March 31, 2026, compared with Rs 16.23 crore a year earlier, while profit after tax rose to Rs 1.69 crore from Rs 68.43 lakh. The financial profile was disclosed in connection with its proposed acquisition of Rishabh Digha.

What is SBA acquiring from Rishabh Digha?

SBA has agreed to acquire 40,76,701 Rishabh Digha shares, representing 74.31% of its voting share capital, under a share purchase agreement dated October 29, 2026. SBA held no Rishabh Digha shares as of the disclosure date, meaning the proposed transaction would transfer control through the agreed share purchase.

SBA has also made an open offer for up to 14,09,699 shares, or 25.69% of Rishabh Digha's voting share capital, at Rs 47 per share in cash. The offer is unconditional and has no minimum acceptance condition, so SBA will accept valid shares tendered up to the stated maximum. The public announcement was made on October 29, 2026, and the detailed public statement was published on November 5, 2026.

SBA said it has no current plan for major changes to Rishabh Digha's existing business other than in the ordinary course. It may diversify Rishabh Digha into infrastructure with prior shareholder approval and may reorganise its capital structure accordingly. SBA also stated that it does not intend to delist Rishabh Digha through the open offer.

What business does SBA operate in?

SBA is set up to execute, develop, operate and maintain infrastructure and civil-construction projects. Its stated scope includes roads, highways, bridges, buildings, water-supply and sewage systems, irrigation, railways, metro systems, airports, ports, power plants and industrial parks.

SBA can act as a contractor, sub-contractor, developer, consultant or project manager. Its disclosed models include engineering, procurement and construction (EPC), build-operate-transfer (BOT), build-own-operate-transfer (BOOT), public-private partnership (PPP) and joint ventures. The company can also acquire land, property and construction equipment needed for projects.

SBA was incorporated on October 10, 2020 as S.B.A. Realtors & Developers Private Limited and adopted its current name on August 26, 2025. It is not listed on an Indian or overseas stock exchange and is not part of any group, according to the offer document.

How fast did SBA's revenue and profit grow?

SBA's revenue from operations rose to Rs 93.42 crore in FY26 from Rs 16.23 crore in FY25 and Rs 5.33 crore in FY24. Total revenue in FY26 was also Rs 93.42 crore, as other income was Rs 27,000, compared with Rs 2.99 lakh in FY25 and Rs 21.01 lakh in FY24.

SBA's purchase of stock in trade was Rs 98.93 crore in FY26, compared with Rs 21.24 crore in FY25. A Rs 20.20 crore change in inventories reduced the FY26 expense total, while other expenses increased to Rs 11.19 crore from Rs 1.98 crore. These items contributed to total expenses of Rs 90.55 crore in FY26, against Rs 15.35 crore a year earlier.

Profit before tax was Rs 2.87 crore in FY26, compared with Rs 91.52 lakh in FY25 and Rs 3.17 lakh in FY24. After current tax of Rs 1.18 crore and deferred tax of Rs 2 lakh, SBA reported FY26 profit after tax of Rs 1.69 crore. For the unaudited six months ended September 30, 2026, SBA reported revenue from operations of Rs 26.73 crore and profit after tax of Rs 81.36 lakh.

What does SBA's balance sheet show about borrowings and working capital?

SBA reported long-term borrowings of Rs 86.38 crore as at March 31, 2026, compared with Rs 11.80 crore at March 31, 2025 and Rs 6.38 crore at March 31, 2024. Short-term borrowings were Rs 4.75 crore at March 31, 2026. The unaudited balance sheet at September 30, 2026 reported short-term borrowings of Rs 28.34 crore, without a long-term-borrowing figure for that date.

Shareholders' funds increased to Rs 3.36 crore at March 31, 2026 from Rs 1.68 crore a year earlier, and were Rs 14.18 crore at September 30, 2026. SBA's paid-up share capital was Rs 17.43 lakh as of the disclosure date, while its securities premium account was Rs 49.84 crore. Total assets were Rs 176.23 crore at March 31, 2026, compared with Rs 23.60 crore at March 31, 2025.

Short-term loans and advances were Rs 96.71 crore, trade receivables were Rs 47.46 crore and inventories were Rs 28.55 crore at March 31, 2026. At September 30, 2026, short-term loans and advances were Rs 51.48 crore, receivables were Rs 44.85 crore and closing inventory was Rs 16.57 crore. Trade payables were Rs 74.43 crore at September 30, 2026, while the March 2026 table recorded Rs 81.33 crore due to other trade payables.

Who owns and manages SBA?

Chips & Bytes (India) Private Limited held 1,64,259 SBA shares, or 94.26% of equity, while Nexsa A Realtors & Developers Limited held 9,999 shares, or 5.74%. Gauri Bhupesh Agarwal held one share. Together, the three disclosed promoter and promoter-group holders owned all 1,74,259 issued, subscribed and paid-up shares.

Narendra Bankeybihari Agarwal and Tanuja Narendra Agrawal are the disclosed ultimate beneficial owners of both Chips & Bytes (India) Private Limited and Nexsa A Realtors & Developers Limited. Narendra Bankeybihari Agarwal and Tanuja Narendra Agrawal were appointed as directors on February 27, 2025, while Gauri Bhupesh Agarwal has been a director since October 1, 2024.

The filing describes Narendra Bankeybihari Agarwal as having experience in business operations, strategic planning, infrastructure development, and project planning and execution oversight. It describes Tanuja Narendra Agrawal as having experience in commercial strategy, stakeholder engagement, revenue generation and market expansion. Gauri Bhupesh Agarwal's disclosed experience includes business management, governance, board oversight, client outreach and strategic partnerships.

Conclusion

SBA's disclosed FY26 accounts show revenue from operations rising to Rs 93.42 crore and profit after tax increasing to Rs 1.69 crore, alongside long-term borrowings of Rs 86.38 crore at March 31, 2026. The proposed purchase of 74.31% of Rishabh Digha, combined with an open offer for up to 25.69%, would place the privately held infrastructure-focused company in control if completed on the stated terms.

The next matters to watch are the open-offer process and any post-closing changes at Rishabh Digha. SBA has said it may diversify Rishabh Digha into infrastructure only with prior shareholder approval, and it has undertaken to reduce non-public shareholding to 75.00% within 12 months if the transaction causes public shareholding to fall below 25.00%.