BF Utilities Ltd

BF Utilities Summary Chart Analysis Peers Quarters Profit & Loss Balance Sheet Cash Flow Ratios Investors Documents

BF Utilities Ltd

₹ 570 -3.67%
24 Apr - close price
bfutilities.com BSE: 532430 NSE: BFUTILITIE
About

Incorporated in 2000, BF Utilities Ltd is engaged in the generation of electricity through wind mills and Infrastructure activities. [1]

Key Points

Company Overview[1]
BF Utilities Ltd. (BFUL), part of the USD 3 billion Kalyani Group, originated from a demerger of Bharat Forge Ltd., approved by the Bombay High Court in January 2001. Under the scheme, investment holdings and the windmills division were transferred to BFUL, with shareholders receiving one BFUL equity share (₹5) for every Bharat Forge share (₹10) held. The company has since restructured through a Composite Scheme of Arrangement, retaining its Infrastructure Business while transferring the Investment Business to BF Investment Ltd.

Website BSE NSE
  • Market Cap ₹ 2,147 Cr.
  • Current Price ₹ 570
  • High / Low ₹ 899 / 369
  • Stock P/E 268
  • Book Value ₹ 45.7
  • Dividend Yield 0.00 %
  • ROCE 12.8 %
  • ROE 10.2 %
  • Face Value ₹ 5.00
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Pros

  • Company has reduced debt.
  • Company is almost debt free.
  • Company has delivered good profit growth of 44.7% CAGR over last 5 years

Cons

  • Stock is trading at 12.5 times its book value
  • Though the company is reporting repeated profits, it is not paying out dividend
  • The company has delivered a poor sales growth of -0.71% over past five years.
  • Company has a low return on equity of 7.32% over last 3 years.
  • Earnings include an other income of Rs.12.4 Cr.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025
2.96 2.05 5.36 10.29 1.37 2.38 5.45 8.92 1.84 2.37 5.77 7.97 3.46
3.42 3.12 5.76 9.15 2.77 3.51 5.38 8.13 3.05 2.93 7.80 6.30 4.97
Operating Profit -0.46 -1.07 -0.40 1.14 -1.40 -1.13 0.07 0.79 -1.21 -0.56 -2.03 1.67 -1.51
OPM % -15.54% -52.20% -7.46% 11.08% -102.19% -47.48% 1.28% 8.86% -65.76% -23.63% -35.18% 20.95% -43.64%
7.34 0.53 0.49 0.55 0.60 14.55 19.55 1.54 1.02 0.99 11.49 1.07 -1.10
Interest 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Depreciation 0.18 0.18 0.18 0.18 0.18 0.18 0.18 0.17 0.17 0.17 0.17 0.17 0.16
Profit before tax 6.70 -0.72 -0.09 1.51 -0.98 13.24 19.44 2.16 -0.36 0.26 9.29 2.57 -2.77
Tax % 11.64% 43.06% -55.56% 3.31% -26.53% 29.23% 9.98% 144.91% 72.22% 73.08% 30.89% 30.74% -15.88%
5.92 -1.02 -0.04 1.47 -0.72 9.38 17.50 -0.97 -0.62 0.07 6.42 1.79 -2.33
EPS in Rs 1.57 -0.27 -0.01 0.39 -0.19 2.49 4.64 -0.26 -0.16 0.02 1.70 0.47 -0.62
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Sep 2014 Sep 2015 Mar 2016 6m Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 TTM
23.47 19.07 5.21 21.25 14.85 17.81 19.25 14.59 18.38 18.03 19.40 18.58 19.57
11.87 8.62 3.63 7.41 11.27 16.85 16.83 16.42 18.16 19.09 21.19 19.49 22.00
Operating Profit 11.60 10.45 1.58 13.84 3.58 0.96 2.42 -1.83 0.22 -1.06 -1.79 -0.91 -2.43
OPM % 49.42% 54.80% 30.33% 65.13% 24.11% 5.39% 12.57% -12.54% 1.20% -5.88% -9.23% -4.90% -12.42%
1.73 4.24 0.04 4.10 18.40 31.94 4.51 2.43 6.60 8.58 16.19 23.10 12.45
Interest 5.84 5.61 0.41 5.85 3.57 2.45 1.09 0.56 0.21 0.04 0.00 0.00 0.00
Depreciation 6.11 4.79 1.94 3.87 3.86 3.86 3.87 3.57 2.02 0.71 0.71 0.68 0.67
Profit before tax 1.38 4.29 -0.73 8.22 14.55 26.59 1.97 -3.53 4.59 6.77 13.69 21.51 9.35
Tax % 5.80% -23.78% 38.36% 11.19% -8.73% -2.22% -27.92% -51.27% 38.34% 14.62% 26.30% 25.66%
1.29 5.31 -1.01 7.30 15.82 27.17 2.52 -1.72 2.83 5.77 10.09 15.99 5.95
EPS in Rs 0.34 1.41 -0.27 1.94 4.20 7.21 0.67 -0.46 0.75 1.53 2.68 4.24 1.57
Dividend Payout % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Compounded Sales Growth
10 Years: -2%
5 Years: -1%
3 Years: 0%
TTM: 5%
Compounded Profit Growth
10 Years: 29%
5 Years: 45%
3 Years: 78%
TTM: -68%
Stock Price CAGR
10 Years: 0%
5 Years: 20%
3 Years: 21%
1 Year: -26%
Return on Equity
10 Years: 7%
5 Years: 5%
3 Years: 7%
Last Year: 10%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Sep 2014 Sep 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Sep 2025
Equity Capital 18.83 18.83 18.83 18.83 18.83 18.83 18.83 18.83 18.83 18.83 18.83 18.83 18.83
Reserves 54.27 59.58 58.57 66.13 82.08 109.27 111.68 110.07 113.44 119.27 129.46 145.46 153.60
106.72 75.39 81.89 62.33 46.41 36.99 30.17 24.93 20.92 18.63 13.00 10.50 9.50
52.47 53.25 46.08 65.65 59.17 52.17 47.80 37.48 33.21 33.21 33.89 33.71 36.12
Total Liabilities 232.29 207.05 205.37 212.94 206.49 217.26 208.48 191.31 186.40 189.94 195.18 208.50 218.05
31.90 27.41 25.48 21.62 17.76 13.93 10.10 6.54 4.54 3.84 3.15 2.52 2.19
CWIP 2.87 7.44 7.82 11.19 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Investments 135.29 105.63 114.00 112.43 111.15 110.89 110.51 110.56 111.06 110.84 110.94 111.04 111.04
62.23 66.57 58.07 67.70 77.58 92.44 87.87 74.21 70.80 75.26 81.09 94.94 104.82
Total Assets 232.29 207.05 205.37 212.94 206.49 217.26 208.48 191.31 186.40 189.94 195.18 208.50 218.05

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Sep 2014 Sep 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
6.81 7.17 3.64 22.18 10.77 0.82 0.48 -3.07 0.32 -2.45 -4.87 -23.68
-11.88 28.91 -8.73 -1.32 -3.96 9.66 22.59 -2.64 -2.83 3.82 11.53 24.95
5.36 -36.84 5.62 -14.30 -13.05 -12.16 -6.17 -3.77 -4.22 -2.32 -5.63 -2.50
Net Cash Flow 0.29 -0.75 0.52 6.55 -6.24 -1.68 16.89 -9.47 -6.74 -0.95 1.03 -1.23
Free Cash Flow 3.94 2.29 3.26 18.79 11.39 0.79 0.43 -3.07 0.30 -2.46 -4.89 -23.74
CFO/OP 75% 69% 232% 177% 390% -3% 38% 171% 255% 100% 63% 2,000%

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Sep 2014 Sep 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Debtor Days 1.24 49.19 49.04 155.62 41.05 37.30 6.64 0.00 0.60 0.00 0.00 0.00
Inventory Days
Days Payable
Cash Conversion Cycle 1.24 49.19 49.04 155.62 41.05 37.30 6.64 0.00 0.60 0.00 0.00 0.00
Working Capital Days -779.14 -1,085.43 -4,623.80 -1,335.30 -1,780.27 -1,336.63 -1,160.42 -952.15 -620.18 -577.16 -434.99 -392.50
ROCE % 4.13% 2.73% -0.19% 9.20% 12.09% 18.59% 1.88% -1.89% 3.13% 4.38% 8.61% 12.80%

Insights

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Sep 2015 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Net Power Generation
Million Units

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Toll Revenue
INR Million
Renewable Energy Certificates (REC) Inventory
Units
Wind Farm Installed Capacity
MW
Net Worth Improvement (Consolidated)
%

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Shareholding Pattern

Numbers in percentages

1 Recently
Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
56.74% 56.74% 56.74% 56.74% 56.74% 56.74% 56.73% 56.73% 56.73% 56.73% 56.73% 56.73%
0.39% 0.94% 0.78% 0.88% 0.90% 1.11% 1.54% 1.69% 1.55% 1.63% 1.57% 1.57%
0.09% 0.13% 0.09% 0.09% 0.09% 0.14% 0.09% 0.13% 0.14% 0.14% 0.10% 0.05%
42.77% 42.19% 42.39% 42.27% 42.26% 42.00% 41.63% 41.45% 41.59% 41.51% 41.60% 41.65%
No. of Shareholders 55,18944,25946,04454,73057,03850,58851,11750,64050,31548,87648,54247,824

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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