BF Utilities Ltd

₹ 442 -1.17%

09 Nov - 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 ₹ 1,666 Cr.
Current Price ₹ 442
High / Low ₹ 728 / 369
Stock P/E 10.9
Book Value ₹ 53.5
Dividend Yield 0.00 %
ROCE 29.9 %
ROE 113 %
Face Value ₹ 5.00

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Pros

Company has reduced debt.
Company has delivered good profit growth of 39.0% CAGR over last 5 years

Cons

Stock is trading at 8.27 times its book value
Though the company is reporting repeated profits, it is not paying out dividend

* 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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Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Sep 2025	Dec 2025
	194	161	166	232	263	218	246	242	197	221	210	232	235
YoY Sales growth	+145%	+41%	+17%	+30%	+36%	+36%	+48%	+5%	-25%	+1%	-15%	+5%	+12%
	54	49	48	110	135	69	97	88	46	54	57	55	56
Operating Profit	141	111	118	122	129	149	149	154	152	167	153	177	179
OPM %	72%	69%	71%	53%	49%	68%	61%	64%	77%	76%	73%	76%	76%
	1	5	12	5	4	5	5	5	5	6	7	7	6
Interest	43	44	45	51	38	36	35	32	32	30	28	20	19
Depreciation	14	14	15	15	15	16	17	18	18	18	18	18	18
Profit before tax	85	58	71	61	80	102	101	109	108	126	114	146	149
Tax %	4%	4%	6%	13%	24%	15%	25%	27%	26%	28%	26%	33%	31%
	81	55	67	53	61	87	76	80	79	91	84	98	103
EPS in Rs	9.94	7.14	8.49	7.43	8.02	11.26	9.90	9.90	9.81	10.38	9.20	11.27	11.05
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	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
	238	519	301	336	401	448	535	370	513	759	969	837
Sales growth	+21%	+118%	+27%	+12%	+19%	+12%	+19%	-31%	+38%	+48%	+28%	-14%
	92	145	93	85	99	117	238	142	193	261	389	217
Operating Profit	146	373	209	251	301	331	297	229	320	498	581	619
OPM %	61%	72%	69%	75%	75%	74%	55%	62%	62%	66%	60%	74%
	8	6	15	8	11	6	4	23	21	17	19	25
Interest	240	231	194	222	208	205	214	215	183	183	142	113
Depreciation	24	28	23	60	63	52	53	57	55	58	66	70
Profit before tax	-110	120	6	-23	41	80	34	-20	103	274	392	461
Tax %	1%	-0%	48%	25%	13%	9%	19%	10%	10%	6%	23%	27%
	-111	121	3	-29	36	72	27	-22	93	257	304	338
EPS in Rs	-13.81	16.31	0.81	0.88	6.38	10.19	5.23	-0.66	13.48	33.00	39.09	38.86
Dividend Payout %	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%

Compounded Sales Growth
10 Years:	13%
5 Years:	9%
3 Years:	18%
TTM:	-14%

Compounded Profit Growth
10 Years:	17%
5 Years:	39%
3 Years:	47%
TTM:	-1%

Stock Price CAGR
10 Years:	-1%
5 Years:	0%
3 Years:	-10%
1 Year:	-35%

Return on Equity
10 Years:	%
5 Years:	%
3 Years:	%
Last Year:	113%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Sep 2014	Sep 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	19	19	19	19	19	19	19	19	19	19	19	19
Reserves	-299	-247	-247	-334	-311	-283	-240	-242	-190	-111	37	183
	1,935	1,855	1,865	1,723	1,643	1,756	1,709	1,715	1,631	1,482	1,298	932
	595	610	602	466	491	509	683	656	690	841	1,070	1,294
Total Liabilities	2,250	2,237	2,240	1,874	1,842	2,000	2,171	2,147	2,150	2,232	2,423	2,427
	1,324	1,299	1,287	1,217	1,155	1,108	1,162	1,108	1,124	1,098	1,354	1,291
CWIP	159	165	161	55	46	44	44	44	53	133	54	78
Investments	32	2	29	23	9	143	198	226	161	55	62	66
	736	771	764	579	632	705	767	769	813	946	953	991
Total Assets	2,250	2,237	2,240	1,874	1,842	2,000	2,171	2,147	2,150	2,232	2,423	2,427

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Sep 2014	Sep 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	170	331	223	254	281	405	311	202	326	436	583	540
	-17	25	-30	12	-24	-158	-83	-7	-60	-40	-245	-45
	-182	-352	-191	-259	-265	-249	-222	-197	-283	-354	-338	-487
Net Cash Flow	-28	4	2	7	-8	-2	5	-2	-17	41	1	8
Free Cash Flow	121	322	223	250	278	400	204	199	246	323	340	507
CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit	120%	90%	108%	102%	98%	118%	109%	92%	105%	91%	104%	95%

Ratios

Consolidated / View Standalone

	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	2	1	10	2	2	0	0	1	1	1	3
Inventory Days
Days Payable
Cash Conversion Cycle	1	2	1	10	2	2	0	0	1	1	1	3
Working Capital Days	60	90	143	91	37	-33	-54	-67	-42	-54	-33	-12
ROCE %	6%	17%	9%	11%	16%	18%	15%	11%	16%	26%	28%	30%

Insights

In beta

Mar 2016

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Mar 2026

Power Generation (Net)
Million Units ・Standalone data

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Shareholding Pattern

Numbers in percentages

4 Recently

	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
	56.74%	56.74%	56.74%	56.74%	56.73%	56.73%	56.73%	56.73%	56.73%	56.73%	56.73%	56.73%
	0.78%	0.88%	0.90%	1.11%	1.54%	1.69%	1.55%	1.63%	1.57%	1.57%	1.61%	1.38%
	0.09%	0.09%	0.09%	0.14%	0.09%	0.13%	0.14%	0.14%	0.10%	0.05%	0.06%	0.02%
	42.39%	42.27%	42.26%	42.00%	41.63%	41.45%	41.59%	41.51%	41.60%	41.65%	41.59%	41.88%
No. of Shareholders	46,044	54,730	57,038	50,588	51,117	50,640	50,315	48,876	48,542	47,824	46,840	46,983

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Sep 2026
	66.39%	56.72%	56.73%	56.73%	56.74%	56.74%	56.74%	56.74%	56.74%	56.73%	56.73%	56.73%
	0.46%	0.73%	0.94%	0.50%	0.29%	0.28%	0.43%	0.43%	0.88%	1.69%	1.57%	1.38%
	0.24%	0.75%	0.39%	0.66%	1.07%	0.10%	0.09%	0.09%	0.09%	0.13%	0.05%	0.02%
	32.91%	41.80%	41.94%	42.12%	41.90%	42.88%	42.74%	42.74%	42.27%	41.45%	41.65%	41.88%
No. of Shareholders	43,879	49,134	44,745	48,141	44,091	46,868	57,565	56,186	54,730	50,640	47,824	46,983

* 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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BF Utilities Ltd

BF Utilities Ltd

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flows

Ratios

Insights

Shareholding Pattern

Documents

Announcements

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