BF Utilities Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2025 • Infrastructure: 97.4% • Wind Mills: 2.6%
AI Sector View
AI GENERATEDPower
Operationally, power remains one of the strongest sectors in the dataset. Power generation rose 8.0% YoY (2026-07), IIP-electricity was 10.0% YoY (2026-06), electricity core output was 9.0% YoY (2026-07), and coal offtake increased 10.0% YoY (2026-07). FPI outflows are a headwind at INR -10736 crore over 3 months to 2026-08-31, but the fundamental demand signal is strong enough to retain a positive stance.
PROS
- Company has delivered good profit growth of 65.3% CAGR over last 5 years
- Company has a good return on equity (ROE) track record: 3 Years ROE 87.7%
- Company has a healthy return on capital (ROCE) of 39.1%
- Operating margins have improved to 74.0% from 66.5%
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.74x)
CONS
- Company has a high debt-to-equity of 4.62x
- Receivables are growing faster than sales - a possible quality concern
- Working capital days have increased from 60 to 104 days
- Stock is trading at 14.0x its book value
- Though reporting repeated profits, the company pays out little dividend (0.0%)
- Growth is decelerating - 3Y profit CAGR (53.7%) trails the 5Y trend (65.3%)
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| ADANIPOWER | 213.00 | 28.82 | 410764.00 | 0.00 | 4866.60 | 47.24 | 18901.89 | 33.97 | 17.79 | 42.67 |
| NTPC | 337.00 | 11.77 | 326777.65 | 2.67 | 6896.44 | -88.71 | 50740.96 | 7.81 | 8.52 | 33.23 |
| POWERGRID | 272.00 | 15.91 | 252976.42 | 3.31 | 3598.42 | -0.89 | 11496.72 | 2.68 | 9.74 | 82.97 |
| ADANIGREEN | 1308.00 | 120.77 | 215450.64 | 0.00 | 983.00 | 19.30 | 4431.00 | 16.61 | 9.90 | 91.24 |
| ADANIENSOL | 1393.00 | 58.36 | 170357.56 | 0.00 | 1236.56 | 129.44 | 9711.08 | 42.41 | 9.71 | 31.27 |
| TATAPOWER | 367.00 | 30.35 | 117268.96 | 0.68 | 1400.86 | 10.98 | 19051.26 | 5.63 | 11.63 | 21.53 |
| JSWENERGY | 532.00 | 49.58 | 97541.28 | 0.38 | 532.70 | -36.27 | 5207.13 | 1.24 | 8.50 | 55.22 |
| NHPC | 76.40 | 20.21 | 76744.07 | 2.11 | 1178.09 | 4.15 | 3808.31 | 18.50 | 6.16 | 61.80 |
| NTPCGREEN | 87.74 | 121.81 | 73932.62 | 0.00 | 304.84 | 38.26 | 1106.86 | 62.72 | 3.73 | 91.95 |
| TORNTPOWER | 1295.65 | 28.09 | 65288.26 | 1.54 | 661.85 | -10.75 | 8124.15 | 2.75 | 14.37 | 18.93 |
| NLCINDIA | 270.40 | 11.68 | 37494.65 | 1.42 | 436.33 | -48.01 | 4716.75 | 23.29 | 11.27 | 32.83 |
| BFUTILITIE | 544.25 | 12.96 | 2050.06 | 0.00 | 102.76 | 22.43 | 234.97 | 11.98 | 46.19 | 74.39 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 166 | 232 | 263 | 218 | 246 | 242 | 197 | 221 | 210 | 208 | 212 | 232 | 235 | |
| 48 | 110 | 135 | 69 | 97 | 88 | 46 | 54 | 57 | 61 | 45 | 55 | 56 | |
| Operating Profit | 118 | 122 | 129 | 149 | 149 | 154 | 152 | 167 | 153 | 147 | 167 | 177 | 179 |
| OPM % | 70.95% | 52.51% | 48.83% | 68.33% | 60.62% | 63.59% | 76.93% | 75.62% | 72.82% | 70.74% | 78.80% | 76.26% | 76.25% |
| 12 | 5 | 4 | 5 | 5 | 5 | 5 | 6 | 7 | 7 | 6 | 7 | 6 | |
| Interest | 45 | 51 | 38 | 36 | 35 | 32 | 32 | 30 | 28 | 24 | 22 | 20 | 19 |
| Depreciation | 15 | 15 | 15 | 16 | 17 | 18 | 18 | 18 | 18 | 17 | 17 | 18 | 18 |
| Profit before Tax | 71 | 61 | 80 | 102 | 101 | 109 | 108 | 126 | 114 | 113 | 134 | 146 | 149 |
| Tax % | 5.54% | 12.57% | 24.19% | 14.68% | 24.96% | 26.54% | 26.37% | 27.54% | 26.38% | 26.37% | 27.86% | 32.76% | 31.15% |
| Net Profit | 0 | 0 | 0 | 0 | 0 | 80 | 79 | 91 | 84 | 84 | 97 | 98 | 103 |
| 8.50 | 7.44 | 8.03 | 11.27 | 9.91 | 9.91 | 9.82 | 10.39 | 9.21 | 9.48 | 10.19 | 11.28 | 11.05 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 301 | 336 | 401 | 448 | 535 | 371 | 513 | 759 | 969 | 837 | 886 | |
| 93 | 86 | 100 | 117 | 238 | 142 | 194 | 262 | 390 | 217 | 217 | |
| Operating Profit | 209 | 250 | 301 | 331 | 297 | 229 | 319 | 498 | 579 | 619 | 670 |
| OPM % | 69.24% | 74.49% | 75.13% | 73.81% | 55.44% | 61.71% | 62.11% | 65.54% | 59.77% | 74.01% | 75.57% |
| 15 | 8 | 11 | 6 | 4 | 23 | 22 | 17 | 21 | 25 | 26 | |
| Interest | 194 | 222 | 208 | 205 | 214 | 215 | 183 | 183 | 142 | 113 | 84 |
| Depreciation | 23 | 60 | 63 | 52 | 53 | 57 | 55 | 58 | 66 | 70 | 69 |
| Profit before Tax | 6 | -23 | 41 | 80 | 34 | -20 | 103 | 274 | 392 | 461 | 543 |
| Tax % | 48.14% | -25.45% | 12.09% | 9.48% | 19.18% | -10.17% | 9.65% | 6.30% | 22.56% | 26.69% | 29.77% |
| Net Profit | 3 | -29 | 36 | 72 | 27 | -22 | 93 | 257 | 304 | 338 | 381 |
| EPS | 0.82 | -7.78 | 9.57 | 19.11 | 7.26 | -0.66 | 13.49 | 33.03 | 39.12 | 38.89 | — |
| Dividend Payout % | 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:
- —
- 5 Years:
- 9%
- 3 Years:
- 18%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- 49%
- 3 Years:
- 42%
STOCK PRICE CAGR
- 10 Years:
- 0%
- 5 Years:
- 6%
- 3 Years:
- -8%
- 1 Year:
- -32%
RETURN ON EQUITY
- 10 Years:
- 26%
- 5 Years:
- 53%
- 3 Years:
- 88%
- Last Year:
- 263%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| 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 |
| Minority Interest | 391 | 190 | 194 | 205 | 219 | 200 | 243 | 422 | 572 | 754 |
| -247 | -334 | -311 | -283 | -240 | -242 | -190 | -111 | 37 | 183 | |
| 1,880 | 1,883 | 1,818 | 1,855 | 1,868 | 1,859 | 1,811 | 1,578 | 1,325 | 922 | |
| Trade Payables | 16 | 21 | 28 | 56 | 50 | 46 | 47 | 36 | 38 | 35 |
| 182 | 95 | 95 | 147 | 255 | 263 | 218 | 288 | 434 | 514 | |
| Total Liabilities | 2,240 | 1,874 | 1,842 | 1,998 | 2,171 | 2,146 | 2,147 | 2,232 | 2,423 | 2,427 |
| 1,287 | 1,217 | 1,155 | 1,108 | 1,161 | 1,108 | 1,124 | 1,098 | 1,354 | 1,291 | |
| Capital Work in Progress | 161 | 35 | 35 | 35 | 35 | 35 | 35 | 36 | 36 | 36 |
| 29 | 23 | 9 | 143 | 198 | 226 | 161 | 55 | 62 | 66 | |
| 172 | 172 | 172 | 171 | 223 | 223 | 225 | 224 | 245 | 273 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4 | 6 | |
| Cash & Bank | 12 | 32 | 69 | 83 | 62 | 58 | 53 | 176 | 195 | 212 |
| 579 | 395 | 402 | 457 | 490 | 495 | 550 | 643 | 528 | 543 | |
| Total Assets | 2,240 | 1,874 | 1,842 | 1,998 | 2,171 | 2,146 | 2,147 | 2,232 | 2,423 | 2,427 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 226 | 256 | 296 | 389 | 324 | 211 | 336 | 455 | 583 | 540 | |
| Cash from Investing | -30 | 12 | -24 | -158 | -83 | -7 | -60 | -40 | -245 | -45 |
| Cash from Financing | -191 | -259 | -265 | -249 | -222 | -197 | -283 | -354 | -338 | -487 |
| 2 | 7 | -8 | -2 | 5 | -2 | -17 | 41 | 1 | 8 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-11 - BF Utilities Limited has informed the Exchange about Reg 30 intimation of fine
2026-09-07 - BF Utilities Limited has informed the Exchange regarding Change in Director(s) of the company.
2026-09-07 - BF Utilities Limited has informed the Exchange regarding appointment of Mr. Ajay Charuchandra Kirtane (DIN: 02711040) as an Additional, Non-Executive Independent Director of the Company
2026-09-02 - The Exchange has sought clarification from BF Utilities Limited for the quarter ended 30-Jun-2026 with respect to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. On basis of above the Company is required to clarify the following: -1. Consolidated Financial Results not submitted The response of the Company is awaited.
2026-08-26 - BF Utilities Limited has informed the Exchange about intimation of fine
2026-08-20 - BF Utilities Limited has informed the Exchange about Extension of time for holding Annual General Meeting for the financial year ended March 31, 2026
2026-08-15 - BF Utilities Limited has informed the Exchange about Copy of Newspaper Publication for Standalone Unaudited financial results for the quarter ended June 30, 2026
2026-08-14 - BF Utilities Limited has informed the Exchange about Board comments on fine levied by the Exchange
2026-08-14 - BF Utilities Limited has informed the Exchange about General Updates on consolidated Financial Results for the quarter ended June 30, 2026
News
Recent coverage and analyst commentary for BFUTILITIE
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BF Utilities Ltd.
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