BF Utilities Ltd. (BFUTILITIE) AI Stock Analysis

• Market Cap: ₹15.73B
• Dividend Yield: N/A
• Average Volume (3M): 2.67K
• Price to Earnings (P/E): 15.0
• Beta (1Y): 1.36
• Revenue Growth: -5.83%
• EPS Growth: -4.00%
• Country: IN
• Employees: 7
• Sector: Utilities
• Sector Strength: 65
• Industry: Renewable Utilities
• EPS (TTM): 11.05
• Shares Outstanding: 37,667,630
• 10 Day Avg. Volume: 5,750
• 30 Day Avg. Volume: 2,671
• PEG Ratio: -32.60
• Price to Book (P/B): 13.93
• Price to Sales (P/S): 3.35
• P/FCF Ratio: 6.79
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 54 Neutral
• Price Target: ₹429.00 ▼(-45.56% Downside)
• Action: Reiterated Date: 03/14/26
• Date: Action: Reiterated 03/14/26

The score is driven primarily by solid operating performance and cash flow, but is materially weighed down by high leverage (debt-to-equity 4.62) and weak technicals showing a strong downtrend (below all key moving averages with negative MACD). Valuation is reasonable (P/E ~15) but not enough to offset the balance-sheet and momentum risks.

Positive Factors

Revenue growth and high operating margins

Sustained 23.39% revenue growth combined with extremely high gross and EBIT margins signals a structurally efficient business model and pricing power in renewable utilities. These durable margin characteristics support long‑run cash generation and reinvestment capacity even over 2–6 months.

Robust cash flow conversion

Operating cash flow consistently exceeding net income and strong free cash flow conversion indicate high earnings quality and cash generation. This durable cash profile underpins debt servicing, capex funding and strategic flexibility over the medium term despite external shocks.

High return on equity

A 72.68% ROE reflects management’s ability to extract high returns from available equity through efficient operations. Over months, high ROE supports reinvestment and potential shareholder value creation, provided capital structure risks are managed and earnings remain stable.

Negative Factors

Very high leverage

A debt‑to‑equity ratio of 4.62 is a material structural weakness: it raises refinancing and interest‑rate sensitivity, limits strategic flexibility, and amplifies downside risk if cash flows weaken. This elevated leverage is a durable constraint on balance sheet resilience over months.

Low equity ratio / reliance on debt financing

A low equity ratio means the company depends heavily on borrowed capital, increasing vulnerability to funding disruptions and restricting ability to raise equity without dilution. Structurally, this reduces headroom for investment and makes the business more cyclical under stress.

Relatively lower net profit margin

Despite high gross/EBIT margins, a 17.51% net margin signals below‑the‑operating‑line drains—likely financial costs or taxes. Persistently compressed net margins reduce retained cash for growth or deleveraging and magnify the impact of rising interest costs over the medium term.

BF Utilities Ltd. Business Overview & Revenue Model

Company Description

BF Utilities Limited, together with its subsidiaries, primarily engages in the infrastructure business in India. It operates through Wind Mills and Infrastructure segments. The company develops the Bangalore Mysore Infrastructure Corridor Project, a 164 kilometers tolled expressway connecting Bengaluru and Mysuru; and operates a 30 kilometers bypass road connecting the twin cities of Hubli and Dharwad in North Karnataka. It also generates electricity through wind mills with an installed capacity of 38.789 GW. BF Utilities Limited was incorporated in 2000 and is based in Pune, India.

BF Utilities Ltd. Financial Statement Overview

Summary

Strong revenue growth (23.39%) and very high gross/EBIT margins (78.80%/68.58%) support performance, and cash flow conversion is healthy (operating cash flow at 116.71% of net income). Offsetting this, leverage is a major risk (debt-to-equity 4.62 and low equity ratio), which lowers overall financial strength despite strong ROE (72.68%).

Income Statement

BF Utilities Ltd. shows strong revenue growth with a 23.39% increase in the latest year, indicating robust demand in the renewable utilities sector. The company maintains high gross and EBIT margins at 78.80% and 68.58% respectively, reflecting efficient operations. However, the net profit margin is relatively lower at 17.51%, suggesting room for improvement in cost management or financial expenses.

Balance Sheet

The company has a high debt-to-equity ratio of 4.62, indicating significant leverage which could pose financial risks. Despite this, the return on equity is strong at 72.68%, showing effective use of equity. The equity ratio is low, suggesting reliance on debt financing, which could be a concern if interest rates rise or cash flows decrease.

Cash Flow

Operating cash flow is healthy, covering net income by 116.71%, and free cash flow is strong, covering 92.66% of net income. The free cash flow growth is positive, but the high leverage could impact future cash flow stability. The company demonstrates good cash flow management, but the high debt levels remain a potential risk.

Breakdown	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	8.37B	9.69B	7.59B	5.13B	3.70B
Gross Profit	6.59B	7.04B	6.99B	4.15B	3.21B
EBITDA	6.44B	5.91B	5.06B	3.32B	2.43B
Net Income	1.46B	1.47B	1.24B	508.26M	-24.68M
Balance Sheet
Total Assets	24.29B	24.27B	22.37B	21.51B	21.49B
Cash, Cash Equivalents and Short-Term Investments	2.66B	2.49B	2.30B	2.13B	2.84B
Total Debt	9.32B	12.98B	14.82B	16.31B	17.15B
Total Liabilities	14.73B	18.00B	19.07B	20.80B	21.73B
Stockholders Equity	2.02B	553.61M	-917.07M	-1.71B	-2.23B
Cash Flow
Free Cash Flow	4.14B	3.40B	3.23B	2.46B	1.99B
Operating Cash Flow	4.47B	5.83B	4.36B	3.26B	2.02B
Investing Cash Flow	-594.09M	-2.45B	-402.61M	-595.01M	-74.46M
Financing Cash Flow	-3.79B	-3.38B	-3.54B	-2.83B	-1.97B

BF Utilities Ltd. Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 788.00
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Positive
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:BFUTILITIE, the sentiment is Negative. The current price of 788 is above the 20-day moving average (MA) of 467.58, above the 50-day MA of 521.97, and above the 200-day MA of 690.41, indicating a bearish trend. The MACD of -31.47 indicates Positive momentum. The RSI at 28.71 is Positive, neither overbought nor oversold. The STOCH value of 21.76 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:BFUTILITIE.

BF Utilities Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	66 Neutral	$17.65B	18.10	5.60%	3.62%	6.62%	11.55%
SUZLON	60 Neutral	₹563.26B	40.55	―	―	74.67%	229.31%
INOXWIND	57 Neutral	₹169.29B	45.47	―	―	71.99%	119.37%
INOXGREEN	55 Neutral	₹56.33B	79.81	―	―	24.33%	66.14%
BFUTILITIE	54 Neutral	₹15.73B	15.03	―	―	-5.83%	-4.00%
INDOWIND	50 Neutral	₹1.43B	121.42	―	―	26.90%	-67.65%
RTNPOWER	44 Neutral	₹44.46B	23.36	―	―	-5.68%	-99.16%

BF Utilities Ltd. Corporate Events

BF Utilities pays exchange fines over lapse in independent woman director appointment

BF Utilities Ltd. has disclosed that both NSE and BSE have imposed fines of Rs 271,400 each on the company for non-compliance with Regulation 17(1) of SEBI’s Listing Regulations, specifically relating to board composition and the failure to appoint an independent woman director after a prior resignation. The company has already paid the fines on March 2, 2026, stated there was no delay in payment, and emphasized that it is in the process of identifying a suitably qualified independent woman director to restore full compliance, adding that the penalties will not have any material impact on its financials or operations.

The move underscores ongoing regulatory pressure on Indian listed companies to strengthen board diversity and governance structures, particularly with respect to gender representation among independent directors. While the financial hit from the fines is minor, the episode highlights the reputational and compliance stakes for BF Utilities and serves as a reminder to stakeholders that adherence to corporate governance norms remains a key focus area for exchanges and the market regulator.

BF Utilities posts strong Q2 and H1 FY26 consolidated earnings

BF Utilities Ltd. reported unaudited consolidated financial results for the quarter and half year ended September 30, 2025, showing revenue from operations of ₹23,162.78 lakh for the September quarter and ₹44,319.91 lakh for the half year. Profit after tax stood at ₹9,842.30 lakh for the quarter and ₹19,501.26 lakh for the half year, with basic and diluted earnings per share of ₹11.28 for the quarter and ₹21.47 for the half year, indicating sustained profitability and a solid contribution from non-controlling interests.

Total comprehensive income reached ₹9,836.62 lakh for the quarter and ₹19,495.69 lakh for the half year, reflecting only minor movements in other comprehensive income items. The results, approved by the board and subject to a limited review by the statutory auditors, underscore a stable financial performance with growing revenues and earnings, which is likely to support investor confidence in the company’s ongoing operations and market standing.

BF Utilities Posts Robust Q2 FY26 Consolidated Earnings

BF Utilities Ltd., part of the Kalyani Group and based in Pune, operates in the utilities and infrastructure space, with activities that generate revenue from operations and related services. The company is listed on both the National Stock Exchange of India and BSE, giving it exposure to a broad base of public market investors in the Indian power and utilities sector.

For the quarter and half year ended September 30, 2025, BF Utilities reported strong unaudited consolidated results, with quarterly revenue from operations rising to Rs 23,162.78 lakh and profit after tax at Rs 9,842.30 lakh. The Board approved these results along with a limited review report from the statutory auditors, underscoring solid profitability, higher earnings per share and continued contribution from non-controlling interests, which together signal resilient operating performance and potential comfort for shareholders and creditors.

BF Utilities Issues Final Reminder on Closing of Special Window for Physical Share Transfer Re-lodgement

BF Utilities Limited has issued a final reminder that the special window for re-lodgement of transfer requests for physical shares, introduced pursuant to a SEBI circular, is closing. The six-month window, open from 7 July 2025 to 6 January 2026, allows investors whose physical share transfer deeds were lodged before 1 April 2019 but rejected, returned or left unattended due to documentation or process deficiencies to re-lodge their requests, with all such transfers to be completed only in demat form. The company and its registrar have set up focused teams to process these transfer-cum-demat requests, and have publicised the initiative through multiple newspaper notices and its website, aiming to safeguard investor rights and ease the transition from physical to dematerialised holdings as the facility ends on 7 January 2026.