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Model Note · BF UTILITIES LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
BF UTILITIES LIMITED Discounted cash flow · base FY25
BF UTILITIES LIMITED
Value per share, this model₹1,011
CMP 2026-09-10₹549.00
Difference84.2%
Growth the CMP implies(16.8)%/yr
This note states the assumptions and the arithmetic of one model of BF UTILITIES LIMITED, built on its filed FY25 consolidated statements. The value is the outcome of the assumptions below and nothing else; it is not a fair value, a target or a recommendation.
Assumptions
Input
This model
Filed reference
Revenue growth, 5 years
-5% a year
FY25 (13.7)% · 5-yr CAGR 9.4%
EBITDA margin
74%
FY25 74.0% · 5-yr average 64.7%
Depreciation · capex, % of revenue
8.4% · 3.9%, fading to 1.2× depreciation
FY25 8.4% · 3.9%
Working capital, % of added revenue · tax
29.1% · 26.7%
106 working-capital days · effective 26.7%
Discount rate
11.00%
1-yr beta 1.41
After FY30
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹873 · ₹0 · ₹0 cr
FY25 net debt ₹873 cr
Shares
3.77 crore
3.77 crore today
Source: SEBI results XBRL as filed with BSE/NSE, exchange prices; the reader's assumptions.
Projected cash flow to the firm
₹ crore
FY25
FY26
FY27
FY28
FY29
FY30
Revenue
837
795
755
717
682
648
growth %
(13.7)
(5.0)
(5.0)
(5.0)
(5.0)
(5.0)
EBITDA
619
588
559
531
504
479
Depreciation
(70)
(67)
(63)
(60)
(57)
(54)
NOPAT
402
382
363
345
328
311
less capex
(33)
(31)
(41)
(50)
(58)
(65)
less working-capital build
—
12
12
11
10
10
Free cash flow to firm
—
430
397
366
337
310
Present value
408
340
282
234
194
Source: the model; base year as filed.
Every figure is the reader's model over filed numbers · No rating, target or fair value is expressedmarketping.in
Model Note · BF UTILITIES LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
1,458
PV of the terminal value (69% of EV)
3,224
Enterprise value
4,682
less net debt
(873)
less non-controlling interest
0
add non-operating investments
0
Equity value
3,809
÷ 3.77 crore shares
₹1,011
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
1,050
1,135
1,237
1,362
1,519
10.5%
959
1,030
1,114
1,214
1,337
11.0%
882
942
1,011
1,093
1,192
11.5%
815
865
924
992
1,073
12.0%
756
800
849
907
974
Source: the model; n/a where terminal growth reaches the discount rate.
Statement
This note is the reader's own model over publicly filed information: SEBI results XBRL filed with BSE and NSE and exchange price data, assembled by MarketPing software; every assumption above is the reader's. It contains no research recommendation, no price target and no opinion by MarketPing 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). Historical per-share figures are on the current share count. Where a figure is unavailable the table shows a dash rather than an estimate. Nothing here constitutes investment advice, an offer or a solicitation.
Every figure is the reader's model over filed numbers · No rating, target or fair value is expressedmarketping.in
