BFUTILITIE

BF Utilities Limited

Infrastructure investment company in Finolex group ecosystem

Services›Services›Transport Infrastructure›Road Assets–Toll, Annuity, Hybrid-Annuity

bfutilities.com(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-19

Stock price
₹462.85
Market cap
1,743 Cr
Stock P/E
12.7
P/B
4.96
Dividend yield
0.3%
ROE (FY26)
10.5%
ROCE (FY26)
28.1%
Operating margin (FY26)
56.2%
Debt / equity (FY26)
2.12
OCF / EBITDA (FY26)
101.1%
OCF / EBITDA (3Y)
96.2%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

BF Utilities is an infrastructure holding company with two reporting segments, wind mills and infrastructure, the latter housing road-project subsidiaries such as Nandi Highway Developers.

Company snapshot

1stBy market cap

Ranked among 7 companies in Road Assets–Toll, Annuity, Hybrid-Annuity.

Segment mix

Reportable segments as of 2024-12-31 (Standalone). Revenue share = segment revenue ÷ total revenue.

Largest segment: 155.4% of revenue

SegmentRevenue shareRevenuePBTAssets
Infrastructure—0 Cr-0.04 Cr141 Cr
Wind mills
155.4%
3 Cr-0.10 Cr67 Cr

Shares add up to 155% because segment revenues are before inter-segment eliminations.

What we see

Positives
  • ✓Net margin of 35.9% — the business keeps a healthy share of every rupee it earns.
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Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricMar 2023Jun 2023Sept 2023Dec 2023Mar 2024Jun 2024Sept 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026
Sales232 Cr263 Cr218 Cr246 Cr242 Cr197 Cr221 Cr208 Cr212 Cr232 Cr235 Cr270 Cr
Operating expenses (approx.)110 Cr135 Cr69 Cr97 Cr88 Cr46 Cr54 Cr61 Cr45 Cr55 Cr56 Cr162 Cr
EBITDA122 Cr129 Cr149 Cr149 Cr154 Cr152 Cr167 Cr147 Cr167 Cr177 Cr179 Cr108 Cr
OPM %52.5%48.8%68.3%60.6%63.6%76.9%75.6%70.7%78.8%76.3%76.2%39.9%
Other income5 Cr4 Cr5 Cr5 Cr5 Cr5 Cr6 Cr7 Cr6 Cr7 Cr9 Cr23 Cr
Interest51 Cr38 Cr36 Cr35 Cr32 Cr32 Cr30 Cr24 Cr22 Cr20 Cr19 Cr19 Cr
Depreciation15 Cr15 Cr16 Cr17 Cr18 Cr18 Cr18 Cr17 Cr17 Cr18 Cr18 Cr44 Cr
Profit before tax61 Cr80 Cr102 Cr101 Cr109 Cr108 Cr126 Cr113 Cr134 Cr146 Cr149 Cr68 Cr
Tax %12.6%24.2%14.7%25.0%26.5%26.4%27.5%26.4%27.9%32.8%31.2%37.5%
Net profit53 Cr61 Cr87 Cr76 Cr80 Cr79 Cr91 Cr84 Cr97 Cr98 Cr103 Cr42 Cr
EPS (₹)₹7.44₹8.03₹11.27₹9.91₹9.91₹9.82₹10.39₹9.48₹10.19₹11.28₹11.05₹3.95

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales336 Cr401 Cr448 Cr535 Cr371 Cr513 Cr759 Cr969 Cr837 Cr948 CrSign in free for the trailing twelve months
Operating expenses (approx.)86 Cr100 Cr117 Cr238 Cr142 Cr193 Cr261 Cr389 Cr217 Cr318 CrSign in free for the trailing twelve months
EBITDA251 Cr301 Cr331 Cr297 Cr229 Cr320 Cr498 Cr581 Cr619 Cr630 CrSign in free for the trailing twelve months
OPM %74.6%75.1%73.8%55.4%61.7%62.4%65.6%59.9%74.0%66.5%Sign in free for the trailing twelve months
Other income8 Cr11 Cr21 Cr29 Cr23 Cr21 Cr17 Cr19 Cr25 Cr44 CrSign in free for the trailing twelve months
Interest222 Cr208 Cr205 Cr214 Cr215 Cr183 Cr183 Cr142 Cr113 Cr79 CrSign in free for the trailing twelve months
Depreciation60 Cr63 Cr52 Cr53 Cr57 Cr55 Cr58 Cr66 Cr70 Cr97 CrSign in free for the trailing twelve months
Profit before tax-23 Cr41 Cr80 Cr34 Cr-20 Cr103 Cr274 Cr392 Cr461 Cr497 CrSign in free for the trailing twelve months
Tax %-25.4%12.1%9.5%19.2%-10.2%9.7%6.3%22.6%26.7%31.6%Sign in free for the trailing twelve months
Net profit-29 Cr36 Cr72 Cr27 Cr-22 Cr93 Cr257 Cr304 Cr338 Cr340 CrSign in free for the trailing twelve months
EPS (₹)₹-7.78₹9.57₹19.11₹7.26₹-5.87₹13.49₹33.03₹39.12₹38.89₹36.48Sign in free for the trailing twelve months
Dividend payout %—————0.0%1.2%2.0%2.4%1.3%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital19 Cr19 Cr19 Cr19 Cr19 Cr19 Cr19 Cr19 Cr19 Cr19 Cr
Reserves-334 Cr-311 Cr-283 Cr-240 Cr-242 Cr53 Cr311 Cr37 Cr183 Cr333 Cr
Borrowings1,723 Cr1,643 Cr1,683 Cr1,641 Cr1,711 Cr1,628 Cr1,480 Cr1,297 Cr932 Cr746 Cr
Other liabilities276 Cr273 Cr377 Cr532 Cr462 Cr451 Cr427 Cr504 Cr541 Cr622 Cr
Total liabilities1,874 Cr1,817 Cr2,000 Cr2,171 Cr2,149 Cr2,151 Cr2,237 Cr2,427 Cr2,429 Cr2,676 Cr
Fixed assets (net)41 Cr35 Cr30 Cr26 Cr21 Cr18 Cr18 Cr24 Cr27 Cr26 Cr
CWIP35 Cr35 Cr35 Cr35 Cr35 Cr35 Cr36 Cr36 Cr36 Cr10 Cr
Investments23 Cr9 Cr143 Cr198 Cr226 Cr161 Cr55 Cr62 Cr66 Cr148 Cr
Loans & advances——————24 Cr24 Cr25 Cr24 Cr
Inventories172 Cr172 Cr171 Cr223 Cr223 Cr225 Cr224 Cr245 Cr273 Cr300 Cr
Trade receivables10 Cr2 Cr2 Cr0.71 Cr0.30 Cr1 Cr2 Cr4 Cr6 Cr3 Cr
Cash & bank32 Cr24 Cr22 Cr27 Cr25 Cr8 Cr50 Cr50 Cr58 Cr75 Cr
Other assets1,561 Cr1,540 Cr1,597 Cr1,660 Cr1,619 Cr1,704 Cr1,828 Cr1,982 Cr1,938 Cr2,090 Cr
Total assets1,874 Cr1,817 Cr2,000 Cr2,171 Cr2,149 Cr2,151 Cr2,237 Cr2,427 Cr2,429 Cr2,676 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity254 Cr281 Cr405 Cr311 Cr191 Cr326 Cr436 Cr583 Cr540 Cr637 Cr
Cash from investing12 Cr-24 Cr-158 Cr-83 Cr-7 Cr-59 Cr-40 Cr-245 Cr-45 Cr-366 Cr
Cash from financing-259 Cr-265 Cr-249 Cr-222 Cr-186 Cr-283 Cr-354 Cr-338 Cr-487 Cr-255 Cr
Net cash flow7 Cr-8 Cr-2 Cr5 Cr-2 Cr-17 Cr41 Cr0.63 Cr8 Cr17 Cr
Free cash flow (OCF − Capex)250 Cr276 Cr400 Cr204 Cr187 Cr246 Cr323 Cr340 Cr507 Cr525 Cr

Ratios

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %—————16.8%25.2%27.8%30.4%28.1%
ROE %—————129.5%37.7%23.5%15.3%10.5%
Debtor days10220011131
Inventory days186156139696473021916011094492119115
Days payable2223451525450463319430141516
Cash conversion cycle1741349654392801741279151579106100
OCF / EBITDA %101.2%93.3%122.4%104.7%83.4%101.8%87.6%100.4%87.2%101.1%
OCF / EBITDA % (3 years)——106.5%107.3%105.8%97.8%91.0%96.2%91.8%96.2%
Debt / equity—————22.644.4823.424.622.12
Current ratio1.871.981.831.541.671.441.311.471.641.81
Net debt / EBITDA6.74—————2.872.151.411.06