Bf Utilities Limited (BFUTILITIE)

Loading page…

Bf Utilities Limited (BFUTILITIE) · mywealthgrid

About

BF Utilities Limited operates road toll assets under annuity and hybrid-annuity contractual models in the transport infrastructure sector. With a market cap of ₹2,011.67 Cr, the company operates at material scale. The business centers on toll revenue generation from its road asset portfolio.

Face value: ₹5

Market cap

₹1,903 Cr

P/E

12.0×

P/B

9.4×

Dividend yield

ROE

114%

ROCE

28%

Debt / equity

4.62

OPM

74%

EPS (TTM)

₹42.0

Book value

₹53.5

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Last two quarters (Mar 2026, Jun 2026) posted net losses of -₹3.64 Cr and -₹5.03 Cr with revenue of ₹1.67 Cr and ₹5.88 Cr against ₹211–235 Cr in prior quarters; cause and reversal timeline are unresolved
Debt-to-equity of 4.62 is elevated for toll infrastructure; verify debt maturity, refinancing rates, and cash flow adequacy to service obligations
Stock declined 27% over 1 year and trades near 52-week low (₹371.7 vs. peak ₹857.65) despite historical operating margins of 76%; investigate operational sustainability and investor concerns
Shareholding concentrated (promoter 56.72%, public 41.6%) with minimal institutional presence (FII 1.61%, DII 0.07%); limits analyst coverage and capital sources

Generated analysis · source review pending

Growth drivers

Core toll asset quarters (Sep/Dec 2025) generated ₹231–235 Cr revenue with 76–79% OPM; operational normalization and margin stability would support valuation recovery from -27% 1y return
Historical ROE of 114.05% demonstrates capital efficiency when operations perform; verify contract profitability and sustainability of returns
Annuity and hybrid-annuity models provide recurring toll revenues; identify new project awards or toll rate indexation mechanisms that could expand asset base and cash flow

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹504.8-0.8%1Y

Quick read

rule-based

Pros

+Strong return on equity of 161.7% (3-yr avg)
+High return on capital employed of 26.7%
+Healthy operating margin of 74%
+Profit CAGR of 49.3% over the last 5 years

Cons

−Modest revenue growth of 9.4% a year over the last 5 years
−Heavily leveraged (debt/equity 4.6)
−Trading at 9.4× book value

Research score

Structured signal from quality, growth, valuation and momentum.

67/100

Business quality: 61
Growth: 65

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Bf Utilities LimitedBFUTILITIEBFUTILITIE	₹1,903 Cr	₹2,835 Cr	₹886 Cr	₹670 Cr	74%	₹158 Cr	40.4%	28%	114%	401
Innovision LimitedINNOVISIONINNOVISION	₹602 Cr	₹726 Cr	₹981 Cr	₹55 Cr	5.6%	₹37 Cr	3.7%	19.5%	12.6%	58
Highway Infrastructure LimitedHILINFRAHILINFRA	₹323 Cr	₹427 Cr	₹799 Cr	₹18 Cr	4.3%	₹26 Cr	5.2%	20%	13.9%	91
Atlantaa LimitedATLANTAAATLANTAA	₹291 Cr	₹606 Cr	₹78 Cr	₹32 Cr	49%	₹-5 Cr	-2.3%	3.1%	-0.8%	2,888
Noida Toll Bridge Company LimitedNOIDATOLLNOIDATOLL	₹66 Cr	₹109 Cr	₹44 Cr	₹12 Cr	28.1%	₹28 Cr	63.5%	398.1%	—	26
Gayatri Highways LimitedGAYAHWSGAYAHWS	₹41 Cr	₹445 Cr	₹22 Cr	₹-1 Cr	-10.5%	₹-2 Cr	-8.4%	14.3%	—	33
Mep Infrastructure Developers LimitedMEPMEP	—	—	₹41 Cr	₹-142 Cr	-914.3%	₹-259 Cr	—	-73.6%	—	-16,374

Loading peers…

Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	535	371	513	759	969	837
COGS	-0	0	0	1	-0	0
	239	142	193	260	389	217
	297	229	320	498	581	619
OPM %	55.4%	61.7%	62.4%	65.6%	59.9%	74%
Depreciation	53	57	55	58	66	70
Interest	214	215	183	183	142	113
	4	23	21	17	19	25
Profit before tax	34	-20	103	274	392	461
Tax	6	2	10	17	88	123
Tax %	19.2%	10.2%	9.7%	6.3%	22.6%	26.7%
	27	-22	93	257	304	338
PAT margin %	5.1%	-6%	18.2%	33.8%	31.3%	40.4%
EPS (₹)	7.3	-5.9	13.5	33	39.1	38.9
EPS adjusted (₹)	5.2	-0.7	13.5	33	39.1	38.9
Annual report	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025

₹ Cr	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity capital	19	19	19	19	19	19
Reserves	—	-242	-190	-111	37	183
Minority interest	—	200	243	422	572	754
	—	1,711	1,628	1,480	1,297	932
	—	462	451	427	504	541
Total equity & liabilities	—	2,149	2,151	2,237	2,427	2,429
	1,155	1,108	1,124	1,096	1,353	1,291
CWIP	—	35	35	36	36	36
Investments	—	226	161	55	62	66
	—	780	832	1,049	976	1,036
Total assets	—	2,149	2,151	2,237	2,427	2,429

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	191	326	436	583	540
	-7	-60	-40	-245	-45
	-186	-283	-354	-338	-487
Net cash flow	-2	-17	41	1	8
Free cash flow	187	246	323	340	507
CFO / Operating profit %	83.4%	101.8%	87.6%	100.4%	87.2%

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs. ROCE uses that annual result divided by segment assets less liabilities.

Source XBRL ↗

Latest reported period · 31 Mar 2025 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities	Capital employed	ROCE %
Infrastructure	839.26	571.31	2,360.63	507.64	1,852.99	30.83
Wind Mills	22.41	3.2

Loading financials…

Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Margins
Gross margin %	—	—	—	—	—	—
EBITDA margin %	55.4%	61.7%	62.4%	65.6%	59.9%	74%
EBIT margin %	45.5%	46.4%	51.6%	58%	53.1%	65.6%
PAT margin %	5.1%	-6%	18.2%	33.8%	31.3%	40.4%
Working capital
Receivable days	—	0	1	1	1	3
Inventory days	—	574	425	313	230	458
Payable days	—	120	88	55	35	59
NWC days	—	455	338	259	196	401
Leverage
Current ratio	—	1.67	1.47	1.31	1.47	1.64
Debt to EBITDA	—	7.48	5.09	2.97	2.23	1.5
Debt to equity	—	-7.66	-9.51	-16.14	23.42	4.62
Interest coverage	1.3	0.9	1.6	2.5	3.8	5.1
Asset turnover	—	0.17	0.24	0.34	0.4	0.34
Return ratios
Return on assets %	—	-1%	4.3%	11.5%	12.5%	13.9%
Return on capital employed %	—	10.7%	15.7%	24.9%	27.3%	28%
Return on equity %	—	9.9%	-54.4%	-279.8%	548.2%	167.6%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

Loading ratios…

Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	56.74%	56.74%	56.74%	56.74%	56.74%	56.72%	56.72%	56.72%	56.72%	56.72%	56.72%	56.72%
	0.94%	0.78%	0.88%	0.9%	1.11%	1.54%	1.69%	1.55%	1.62%	1.57%	1.56%	1.61%
	0.13%	0.1%	0.1%	0.1%	0.15%	0.1%	0.14%	0.15%	0.15%	0.11%	0.06%	0.07%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	42.19%	42.38%	42.28%	42.26%	42%	41.64%	41.45%	41.58%	41.51%	41.6%	41.66%	41.6%
No. of shareholders	—	—	—	—	—	—	—	—	48,876	48,542	47,824	46,840

Promoter holding down 0.02 percentage points since Sep 2023.

49 deals · 18 Apr 2022 – 3 Sept 2026

Date	Client	Type	Venue	Side	Quantity	Price	Value
3 Sept 2026	NK SECURITIES RESEARCH PRIVATE LIMITED	Bulk	NSE	Buy	2,71,991	₹564.04	₹15.34 Cr
3 Sept 2026	NK SECURITIES RESEARCH PRIVATE LIMITED	Bulk	NSE	Sell	2,71,863	₹564.48	₹15.35 Cr
3 Sept 2026	MICROCURVES TRADING PRIVATE LIMITED	Bulk	NSE	Sell	1,94,104	₹571.64	₹11.10 Cr
3 Sept 2026	MICROCURVES TRADING PRIVATE LIMITED	Bulk	NSE	Buy	1,94,104	₹571.43	₹11.09 Cr
23 Sept 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	5,71,925	₹870.98	₹49.81 Cr
23 Sept 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	5,71,925	₹870.39	₹49.78 Cr
26 Sept 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	1,89,036	₹990.06	₹18.72 Cr
26 Sept 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	1,89,036	₹989.61	₹18.71 Cr
24 Sept 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	2,97,420	₹939.09	₹27.93 Cr
24 Sept 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	2,97,420	₹938.44	₹27.91 Cr

1–10 of 49

1 / 5

Mr. AMIT BABASAHEB KALYANINon-Executive - Non Independent Director-Chairperson
Mr. BHALCHANDRA SHANKAR MITKARIExecutive Director-CEO
Mr. JAYANT KUMODCHANDRA HEMADENon-Executive - Independent Director
Mr. MADAN UMAKANT TAKALENon-Executive - Non Independent Director
Mrs. MUGDHA RAJESH VARTAKNon-Executive - Independent Director
Ms. Pragati Suresh RaiCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

Loading shareholding…

F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

Loading f&o…

Fund holders

Mutual-fund schemes that disclosed a holding in the company.

No fund holdings on record

No scheme among the 32 fund houses on record reported a position in Bf Utilities Limited. Portfolios are published monthly by each AMC; coverage is still partial.

Loading fund holders…

Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Annual reports

Documents link to external sources (exchange filings, company investor pages).

Loading documents…

Events

Upcoming dates and the company’s corporate-action history.

1

Board meeting to consider results30 Sept 2026 · yesterdayresults

2

Board meeting to consider results30 Sept 2026
Board meeting to consider results14 Aug 2026

Loading events…

Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

131 announcementsExport CSV

1 Oct 2026, 3:04 pmCompany Update

Announcement under Regulation 30 (LODR)-Newspaper Publication

Newspaper Publication PDF

30 Sept 2026, 5:40 pmCompany Update

Comments Of Board

General PDF

30 Sept 2026, 5:38 pmCompany Update

Comments Of Board

General PDF

30 Sept 2026, 5:13 pmCompany Update

Announcement under Regulation 30 (LODR)-Change in Management

Change in Management PDF

30 Sept 2026, 4:48 pmCompany Update

Announcement under Regulation 30 (LODR)-Change in Management

Change in Management PDF

30 Sept 2026, 4:45 pmCompany Update

Announcement under Regulation 30 (LODR)-Appointment of Statutory Auditor/s

Appointment of Statutory Auditor/s PDF

30 Sept 2026, 4:41 pmResult

Results- Audited Consolidated Financial Results For Period Ended March 31, 2026

Financial Results PDF

30 Sept 2026, 4:33 pmBoard Meeting

Board Meeting Outcome for Audited Consolidated Financial Results For The Quarter And Year Ended March 31, 2026

Outcome of Board Meeting PDF

Date	Category	Subject	Filing
1 Oct 2026, 3:04 pm	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF
30 Sept 2026, 5:40 pm	Company Update General	Comments Of Board	PDF

Loading announcements…

Bf Utilities Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Segment results

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Annual reports

Events

1

2

Announcements

No fund holdings on record

1

2

Not in the F&O segment

Announcements

Annual reports

Segment results

Compounded sales growth

Compounded profit growth

Return on equity

Infrastructure · revenue

Bf Utilities Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Cash flow

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Annual reports

Events

Upcoming and recent1

Board meetings2

Announcements

Ratio timeline

No fund holdings on record

Upcoming and recent1

Board meetings2

Not in the F&O segment

Quarterly record

Bulk & block deals

Board and management

Announcements

Annual reports

Profit & loss

Balance sheet

Cash flow

Segment results

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Infrastructure · revenue

1

2

1

2