BF Utilities Limited has submitted to the Exchange, the financial results for the period ended September 30, 2025.
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BF Utilities reported consolidated revenue from operations of Rs 23,163 lakhs for Q2 FY26, up about 9.5% from Rs 21,157 lakhs in Q1 FY26. Half-year revenue doubled year-on-year to Rs 44,320 lakhs versus Rs 22,134 lakhs in H1 FY25. Profit after tax for H1 FY26 came in at Rs 19,501 lakhs versus Rs 9,101 lakhs in H1 FY25, with Q2 standalone EPS at Rs 11.28. The Infrastructure segment (road projects via subsidiaries NICE, NHDL, NECE) drove almost all revenue, while the Wind Mills segment contributed a small Rs 905 lakhs. However, the statutory auditor G.D. Apte & Co. issued an Adverse Conclusion on the consolidated results, flagging concerns around classification of NECE equity (Rs 31,130 lakhs), an ongoing SIAC arbitration seeking damages of Rs 500 crore plus 18% IRR, a 14-year-old Rs 3,700 lakhs advance to NECE, and uncertainty over NHDL's assets after its toll concession ended in September 2024.
Headline earnings look strong with revenue and PAT roughly doubling year-on-year, which could be viewed positively. However, the auditor's adverse opinion and a Rs 500 crore-plus arbitration claim against a key step-down subsidiary (NECE) represent significant unresolved risks that may weigh on the stock. Shareholders should treat the reported numbers with caution until the NECE-related disputes and accounting classifications are resolved.