NSE: BFINVEST · BSE: 533303
BF INVESTMENT LIMITED
Functions as a holding company that earns from investments in associates, joint ventures and other financial assets rather than direct operations. For FY26, consolidated profit after tax was Rs 2,820.10 million, including a share of profits from associates and joint ventures of Rs 3,102.07 million, confirming that the bulk of profitability comes from portfolio holdings. Standalone total income was Rs 2,074.23 million and standalone PAT was Rs 1,465.44 million in FY26. The balance sheet is investment-heavy, with total assets of Rs 9,393.842 cr and consolidated reserves of Rs 85,198.12 million. The cost structure reflects this holding-company model: 0% materials, 0.4% employee costs, 0.4% depreciation, 15.7% other operating expenses and 0% capex. The Board declared a final dividend of Rs 10 per equity share (200% on Rs 5 face value) for FY26. The company is linked to the Kalyani Group; director Amit Kalyani is also Vice-Chairman and Joint Managing Director of Bharat Forge Ltd. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Standalone investment and other income, Share of profits from associates and joint ventures. Holding company; investment-driven with minimal direct operations
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 20 | 31 | 42 | 62 | 76 |
| EBITDA (ex other income) | 16 | 26 | 36 | 55 | 64 |
| margin % | 78.4 | 82.0 | 85.2 | 88.4 | 83.9 |
| Owners' profit | 198 | 259 | 434 | 222 | 282 |
| EPS, as reported (₹) | 22.82 | 68.84 | 115.15 | 59.01 | 74.87 |
| ROE % · ROCE % | 4.9 · — | 5.5 · — | 7.0 · — | 3.2 · — | 3.3 · — |
| Debt / equity (x) | — | — | — | — | — |
| Cash from operations | 6 | (0) | 9 | 21 | 33 |
| Capex | 0 | 0 | (0) | (0) | 0 |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 19 | 9 | 26 | 9 | 19 | 10 | 37 | 11 |
| Profit before tax | 18 | 9 | 21 | 9 | 17 | 9 | 30 | 10 |
| Net profit | 36 | 7 | (3) | 38 | 40 | 89 | 114 | 146 |
| EPS (₹) | 9.56 | 1.86 | (0.88) | 10.20 | 10.61 | 23.73 | 30.33 | 38.76 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| BAJAJ FINSERV LTD. | 2,64,611 | 26.0 | 1.88 | — | 14.0 | — | 20.0 | 40.8 |
| BAJAJ HOLDINGS & INVS LTD | 1,16,414 | 13.1 | 1.41 | — | 11.9 | — | 21.8 | 92.9 |
| CHOICE INTERNATIONAL LTD | 16,267 | 62.9 | 8.92 | 39.9 | 13.0 | 13.9 | 46.0 | 36.8 |
| EDELWEISS FIN SERV LTD | 11,971 | 16.8 | 2.01 | — | 11.4 | — | 2.2 | 29.3 |
| JM FINANCIAL LIMITED | 10,849 | 10.4 | 0.96 | — | 10.6 | — | 5.1 | 60.3 |
| RANE HOLDINGS LIMITED | 2,078 | 24.6 | 1.46 | 6.0 | 9.6 | 11.7 | 23.7 | 7.5 |
| BF INVESTMENT LIMITED ◆ | 1,486 | 3.8 | 0.17 | — | 3.3 | — | 36.0 | 90.4 |
| BALMER LAWRIE INVSTS. L | 1,384 | 10.7 | 0.62 | — | 12.4 | — | 12.2 | 18.2 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 3.8 | 10.7 | 2 of 13 | 92% |
| P/B | 0.2 | 1.4 | 1 of 14 | 100% |
| ROE | 3.3 | 10.1 | 11 of 14 | 23% |
| EBITDA margin | 90.4 | 29.6 | 2 of 14 | 92% |
| Revenue growth | 19.7 | 18.6 | 7 of 15 | 57% |
| Profit growth | 279.8 | 18.1 | 2 of 15 | 93% |
| Market cap | 1486 | 1203 | 7 of 16 | 60% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 6 Oct 2026 · Routine quarterly certificate from registrar on dematerialisation of shares | compliance | minimal | — | — |
| 6 Oct 2026 · Reminder notice on physical share transfer window filed | compliance | minimal | — | — |
| 28 Sept 2026 · Trading window closed from Oct 1 for Q2 results | compliance | minimal | — | — |
| 14 Aug 2026 · Q1 FY27 Results: Consolidated PAT jumps nearly four times to Rs 1,460 million | results | high | — | — |
| 13 Aug 2026 · Special window for re-lodgement of physical share transfer requests | compliance | minimal | — | — |
| 4 Aug 2026 · Board Meeting on Aug 14 to Consider Q1 FY27 Unaudited Results | results | low | — | — |
| 31 Jul 2026 · BF Investment 17th AGM - all resolutions passed with strong majority | board shareholder meetings | low | — | — |
| 30 Jul 2026 · BF Investment 17th AGM proceedings, four resolutions tabled including dividend | board shareholder meetings | low | — | — |
| 14 Jul 2026 · BF Investment clarifies on volume spike, says it is market-driven | regulatory legal | medium | — | — |
| 13 Jul 2026 · Exchange seeks clarification on volume movement | regulatory legal | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.