NSE: BFUTILITIE · BSE: 532430
BF UTILITIES LIMITED
Operates in two segments: Windmills and Infrastructure. The Windmills segment generated Rs 22.9119 crore in FY26, accounting for 68.7% of segment revenue, from power generation through wind energy assets. The Infrastructure segment generated Rs 10.4288 crore, 31.3% of segment revenue, from toll road assets held through three subsidiaries — Nandi Infrastructure Corridor Enterprise (NICE), Nandi Economic Corridor Enterprises (NECE), and Nandi Highway Developers (NHDL). Toll operations at NHDL ended in September 2024, leaving uncertainty around a Rs 26.07 crore investment in that subsidiary. An Rs 37 crore advance to NECE has been outstanding for over 14 years. Other operating expenses at 124.3% of revenue are by far the largest cost line, against employee costs of 13.9% and depreciation of 3.4%. FY26 revenue was Rs 18.8607 crore with net profit of Rs 2.234 crore and EBITDA margin of 33.802%. The company has faced repeated exchange fines for delayed financial filings and prior non-compliance with board composition rules under SEBI LODR. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Windmills (69%), Infrastructure (31%). Asset-heavy holding company combining wind power generation with toll-road infrastructure
Exhibit 1: Financial summary, FY21–FY25 (all audited; no estimate years)
| ₹ crore · consolidated | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | 371 | 513 | 759 | 969 | 837 |
| EBITDA (ex other income) | 229 | 320 | 498 | 581 | 619 |
| margin % | 61.7 | 62.4 | 65.6 | 59.9 | 74.0 |
| Owners' profit | (2) | 51 | 124 | 147 | 146 |
| EPS, as reported (₹) | (5.87) | 13.49 | 33.03 | 39.12 | 38.89 |
| ROE % · ROCE % | 94.4 · 10.8 | 129.5 · 15.7 | 77.8 · 24.7 | 48.4 · 26.0 | 35.3 · 28.0 |
| Debt / equity (x) | (69.35) | 22.64 | 4.48 | 2.07 | 0.97 |
| Cash from operations | 191 | 326 | 436 | 583 | 540 |
| Capex | (3) | (79) | (113) | (243) | (33) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 242 | 197 | 221 | 210 | 208 | 212 | 232 | 235 |
| Profit before tax | 109 | 108 | 126 | 114 | 113 | 134 | 146 | 149 |
| Net profit | 80 | 79 | 91 | 84 | 84 | 97 | 98 | 103 |
| EPS (₹) | 9.91 | 9.82 | 10.39 | 9.21 | 9.48 | 10.19 | 11.28 | 11.05 |
Exhibit 3: Segment revenue, FY25
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Wind Mills | 10 | 1.1 |
| Infrastructure | 408 | 47.3 |
| Windmill | 13 | 1.5 |
| Infrastracture | 431 | 50.1 |
| Total, before eliminations | 862 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| BF UTILITIES LIMITED ◆ | 1,636 | 10.3 | 1.40 | 3.9 | 16.7 | 13.2 | 9.4 | 79.0 |
| INNOVISION LIMITED | 454 | 16.1 | 1.54 | 8.6 | 12.4 | 15.1 | — | (2.5) |
| ATLANTAA LIMITED | 257 | — | 1.20 | 10.0 | (0.8) | (0.2) | (3.5) | 42.3 |
| SADBHAV ENGINEERING LTD | 118 | 3.9 | — | 4.5 | (1025.5) | 9.1 | (15.4) | 79.9 |
| BHARAT ROAD NETWORK LTD | 114 | — | 0.21 | 65.0 | (11.1) | (6.3) | (5.9) | (141.8) |
| SADBHAV INFRA PROJ LTD. | 80 | 45.4 | — | 5.7 | (7.8) | 12.0 | (9.6) | 73.7 |
| GAYATRI HIGHWAYS LIMITED | 39 | — | — | 11.8 | 0.2 | 8.1 | (29.1) | 14.6 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 10.3 | 15.8 | 2 of 10 | 89% |
| P/B | 1.4 | 1.4 | 6 of 11 | 50% |
| ROCE | 13.2 | 6.7 | 3 of 14 | 85% |
| ROE | 16.6 | 12.4 | 2 of 11 | 90% |
| Debt / Equity | 0.7 | 0.4 | 9 of 11 | 20% |
| EBITDA margin | 79.0 | 39.5 | 2 of 15 | 93% |
| Revenue growth | 12.0 | 13.2 | 7 of 12 | 46% |
| Profit growth | 22.4 | 10.2 | 6 of 13 | 58% |
| Market cap | 1636 | 314 | 5 of 15 | 71% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 19 Oct 2026 · BF Utilities shareholders approve Ajay Kirtane as Independent Director | management changes | medium | — | — |
| 19 Oct 2026 · Postal ballot result: Independent Director appointed | management changes | medium | — | — |
| 17 Oct 2026 · Postal ballot for appointment of Independent Director concluded | board shareholder meetings | medium | — | — |
| 6 Oct 2026 · BF Utilities files Q2 FY27 dematerialisation compliance certificate | compliance | minimal | — | — |
| 6 Oct 2026 · Reminder: Special window for re-lodgement of physical share transfers | compliance | minimal | — | — |
| 1 Oct 2026 · BF Utilities Q4 FY26 results: revenue up, profit down | compliance | minimal | — | — |
| 30 Sept 2026 · Board notes exchange fines for late financial results and board composition | regulatory legal | high | — | — |
| 30 Sept 2026 · Board comments on NSE/BSE fines for listing non-compliance | regulatory legal | high | — | — |
| 30 Sept 2026 · BF Utilities FY26 results carry adverse audit opinion; director and auditor changes | management changes | medium | — | — |
| 30 Sept 2026 · FY26 results approved; auditor G.D. Apte retires, Kirtane and Pandit appointed | management changes | medium | — | — |
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.