BF Utilities Limited has informed the Exchange about Outcome of Board Meeting for unaudited Consolidated Financial Results for the quarter ended December 31, 2025
BFUTILITIE · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
BF Utilities reported Q3 FY26 (Dec 2025) consolidated revenue of Rs 24,360 lakhs (revenue from operations Rs 23,497 lakhs) and profit after tax of Rs 10,276 lakhs, with EPS of Rs 11.05. For 9M FY26, total revenue came in at Rs 69,994 lakhs and PAT at Rs 29,777 lakhs, reflecting very strong year-on-year growth driven by the Infrastructure segment (largely NICE/NECE subsidiaries). Exceptional items of Rs 218 lakhs were booked for the impact of new Labour Codes on gratuity and leave encashment. However, statutory auditor G.D. Apte & Co. issued an Adverse Conclusion on the consolidated results, flagging five material issues: disputed classification of AIRRO's investment in NECE as equity versus a financial liability, an ongoing Singapore arbitration claiming Rs 500 crore plus 18% IRR from the company and other promoters, a 14-year-old interest-free Rs 3,700 lakh advance to NECE for land acquisition, uncertainty over impairment of NHDL assets after toll operations ended in Sept 2024, and lack of response from component auditors for three subsidiaries. The Karnataka High Court dismissed a petition on the Bangalore-Mysore expressway, and NECE has appealed to the Supreme Court.
Despite the strong topline and profit growth, the auditor's Adverse Conclusion and the large pending arbitration (potentially Rs 500 crore plus interest) create material uncertainty for shareholders. Investors should weigh the robust operational performance against significant contingent liabilities and ongoing legal disputes at the subsidiary level before drawing conclusions on valuation.