BF Utilities Limited has submitted to the Exchange, the financial results for the period ended September 30, 2025.
BFUTILITIE · price
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BF Utilities reported consolidated revenue from operations of Rs 23,162.78 lakhs for Q2 FY26, up from Rs 21,157.13 lakhs in Q1 FY26. On a half-year basis, revenue surged to Rs 44,319.91 lakhs versus Rs 22,134.03 lakhs in H1 FY25, roughly doubling year-on-year. Profit after tax for H1 FY26 stood at Rs 19,501.26 lakhs (EPS Rs 21.47), more than double H1 FY25's Rs 9,100.61 lakhs (EPS Rs 10.39). However, the statutory auditor G.D. Apte & Co. issued an Adverse Conclusion on the results, flagging concerns over the classification of certain equity instruments at step-down subsidiary NECE, a Rs 500 crore plus 18% IRR arbitration claim at Singapore International Arbitration Centre, an old Rs 3,700 lakh advance to NECE, and impairment uncertainties at subsidiary NHDL whose toll operations ended in September 2024. The auditor also issued an Emphasis of Matter on certain litigation reviews and a Karnataka High Court order related to the BMIC project (stayed by the Supreme Court).
Strong headline revenue and profit growth is a positive, but the auditor's adverse opinion — driven by significant unresolved legal, accounting classification, and impairment issues at subsidiaries — introduces material uncertainty. Shareholders should weigh the strong H1 earnings against potential contingent liabilities, especially the SIAC arbitration seeking damages of around Rs 570 crore plus interest, which could materially affect the company if decided adversely.