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
| ₹ 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) |
| ₹ 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 |
| 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 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| BF UTILITIES LIMITED ◆ | 2,068 | 13.1 | 1.77 | 4.6 | 16.7 | 13.2 | 9.4 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 11 Sept 2026 · NSE fine of Rs 1.53 lakh for delayed financial results submission | regulatory legal | high | — | — |
| 7 Sept 2026 · BF Utilities appoints Ajay Kirtane as Independent Director for 5 years | management changes | medium | — | — |
| 7 Sept 2026 · BF Utilities appoints Ajay Kirtane as Independent Director | management changes | medium | — | — |
| 2 Sept 2026 · NSE seeks clarification from BF Utilities over missing Q1 FY27 results | regulatory legal | high | — | — |
| 26 Aug 2026 · Pays NSE and BSE fine for board composition non-compliance | regulatory legal | high | — | — |
| 20 Aug 2026 · AGM extension granted for FY26 by ROC Pune | regulatory legal | low | — | — |
| 14 Aug 2026 · Board notes NSE fine of about Rs 2.65 lakh for late FY26 audited results filing | regulatory legal | high | — | — |
| 14 Aug 2026 · Consolidated Q1 FY27 results delayed pending subsidiary submissions | results | medium | — | — |
| 14 Aug 2026 · Q1 loss widens as auditor flags unresolved asset and arbitration issues | results | high | — | — |
| 13 Aug 2026 · Newspaper notice on special window for physical share transfer requests | compliance | minimal | — | — |
| 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 |
| 79.0 |
| INNOVISION LIMITED | 617 | 21.9 | 2.10 | 11.3 | 12.4 | 15.1 | — | (2.5) |
| ATLANTAA LIMITED | 302 | — | 1.41 | 10.8 | (0.8) | (0.2) | (3.5) | 42.3 |
| BHARAT ROAD NETWORK LTD | 141 | — | 0.26 | 69.1 | (11.1) | (6.3) | (5.9) | (141.8) |
| SADBHAV ENGINEERING LTD | 136 | 4.5 | — | 4.5 | (1025.5) | 9.1 | (15.4) | 79.9 |
| SADBHAV INFRA PROJ LTD. | 90 | 51.0 | — | 5.7 | (7.8) | 12.0 | (9.6) | 73.7 |
| GAYATRI HIGHWAYS LIMITED | 46 | — | — | 12.0 | 0.2 | 8.1 | (29.1) | 14.6 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 13.1 | 16.3 | 4 of 11 | 70% |
| P/B | 1.8 | 1.8 | 6 of 11 | 50% |
| ROCE | 13.2 | 8.1 | 3 of 15 | 86% |
| ROE | 16.6 | 1.8 | 2 of 15 | 93% |
| Debt / Equity | 0.7 | 0.0 | 13 of 15 | 14% |
| 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 | 2068 | 350 | 5 of 15 | 71% |
| 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 |
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.
