BF Utilities Limited has submitted to the Exchange, the Unaudited Standalone financial results for the period ended December 31, 2025.
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BF Utilities reported Q3 FY26 standalone revenue from operations of Rs. 345.79 lakhs, sharply lower than Rs. 797.15 lakhs in the previous quarter due to wind seasonality. For 9M FY26, revenue from operations rose to Rs. 1,719.51 lakhs from Rs. 1,621.49 lakhs YoY, but the Infrastructure segment reported zero revenue versus Rs. 1,927.18 lakhs a year ago. Standalone profit for 9M FY26 fell about 63% to Rs. 587.46 lakhs (from Rs. 1,591.25 lakhs in 9M FY25), and Q3 alone slipped into a loss of Rs. 233.43 lakhs after a Rs. 218.12 lakhs exceptional charge arising from the new Labour Codes' impact on gratuity. Auditor G. D. Apte & Co. issued a qualified conclusion flagging a Rs. 500 Crore plus 18% IRR arbitration claim from investor AIRRO Mauritius Holdings V, uncertainty over a Rs. 26.07 crores investment in subsidiary NHDL after its toll concession ended, and a Rs. 37 crores interest-free advance to step-down subsidiary NECE outstanding for over 14 years. The Board also approved re-appointment of G. D. Apte & Co. as Statutory Auditor for a second 5-year term (FY 2026-27 to FY 2030-31), subject to shareholder approval.
The qualified audit opinion and a potential Rs. 500 Crore arbitration liability create a meaningful overhang for the stock. A sharp drop in profitability and the one-time Labour Codes charge weigh on Q3, though the core Wind Mills business continues to grow modestly.