🔍

BF Utilities Limited (BFUTILITIE)

₹470.00 +1.03% last close, 16 Oct

📊 NSE: BFUTILITIE 🏢 Power Generation And Supply 📢 Latest filing: 06 Oct 2026 📝 Analysis written: 13 Dec 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, BF Utilities' revenue was ₹5.9 Cr (+2.0% year on year, +252.1% on the previous quarter), and net profit ₹-5.0 Cr (against a profit a year earlier); the operating margin was -95.0%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹5.9	+2.0%	+252.1%
Operating profit	₹-5.6	loss widened	loss widened
Net profit	₹-5.0	to loss	loss widened
EPS (₹)	-1.34	to loss	loss widened
Operating margin	-95.0%	—	—

Full quarterly financials → Results calendar →

BFUTILITIE delivery percentage

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 29.66% of the BFUTILITIE shares traded on NSE were taken to delivery, against the stock's own 20-session average of 41.01%. That is lower than usual for this stock. Volume was 0.3 times its average, well below normal.

29.66%Delivery, 16 Oct

41.01%Own 20-session average

0.3×Volume vs its average

₹470.00NSE close · +1.03%

Delivery in the last 5 sessions: 49.5% · 51.6% · 44.2% · 23.9% · 29.7%

Delivery across the market →

A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed

📢 Recent Corporate Announcements

BF Utilities Submits Reg 74(5) Demat Compliance Certificate for Q2 Ended September 30, 2026

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 06 Oct 2026, 02:47 PM

BF Utilities Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate from Registrar and Transfer Agent MUFG Intime India Private Limited confirms that security certificates received for dematerialisation were processed, confirmed or rejected, and mutilated within prescribed timelines. This is a standard quarterly administrative filing with no financial or operational impact on the company.

Compliance certificate submitted under Regulation 74(5) of SEBI Regulations, 2018
Covers the quarter ended September 30, 2026
Issued by Registrar and Transfer Agent MUFG Intime India Private Limited on October 06, 2026

💡 No action required. Investors should track upcoming Q2 FY27 earnings announcements for operational and financial performance updates.

BF Utilities Faces Exchange Fines Over Delayed Q1 FY27 Results and Board Norms

🔴 NEGATIVE ⭐ 6/10

REGULATORY 📅 30 Sep 2026, 05:39 PM

BF Utilities placed exchange notices before its Board regarding non-compliance with SEBI LODR Regulations 33 and 17(1) for the quarter ended June 30, 2026. Non-submission of consolidated financial results was attributed to delays by key subsidiaries NICE and NECE, resulting in an escalating fine from NSE reaching Rs 2,53,700 across 43 days of default. Separately, a fine of Rs 1,82,900 was levied for delayed appointment of an Independent Director, which was rectified effective September 7, 2026. The exchange has warned of freezing promoter shareholding if the Regulation 33 non-compliance and fine payments are not resolved within 10 days of the September 28, 2026 notice.

Regulation 33 fine of Rs 2,53,700 (inclusive of 18% GST) levied by NSE for 43 days of default as of September 28, 2026
Regulation 17(1) fine of Rs 1,82,900 (inclusive of 18% GST) levied for 31 days delay in Independent Director appointment
Consolidated Q1 results delayed due to non-submission of financials by subsidiaries NICE and NECE
Company appointed an Independent Director for a 5-year term from September 7, 2026 to September 6, 2031
NSE issued final 10-day reminder warning of freezing promoter shareholding upon continued failure

💡 Track the filing of consolidated Q1 results following subsidiary submissions and verify that penalties are settled to avoid promoter demat freezing or trading shifts to the 'Z' category.

BF Utilities Faces Exchange Fines Over Delayed Q1 FY27 Results and Board Norms

🔴 NEGATIVE ⭐ 6/10

REGULATORY 📅 30 Sep 2026, 05:36 PM

Regulation 33 fine of Rs 2,53,700 (inclusive of 18% GST) levied by NSE for 43 days of default as of September 28, 2026
Regulation 17(1) fine of Rs 1,82,900 (inclusive of 18% GST) levied for 31 days delay in Independent Director appointment
Consolidated Q1 results delayed due to non-submission of financials by subsidiaries NICE and NECE
Company appointed an Independent Director for a 5-year term from September 7, 2026 to September 6, 2031
NSE issued final 10-day reminder warning of freezing promoter shareholding upon continued failure

💡 Track the filing of consolidated Q1 results following subsidiary submissions and verify that penalties are settled to avoid promoter demat freezing or trading shifts to the 'Z' category.

BF Utilities FY26 Consolidated PAT at ₹340.12 Cr; Appoints New Statutory Auditors

🟡 NEUTRAL ⭐ 6/10

EARNINGS 📅 30 Sep 2026, 05:23 PM

BF Utilities reported FY26 consolidated revenue from operations of ₹947.98 Cr, up from ₹836.84 Cr in FY25. Consolidated profit after tax reached ₹340.12 Cr compared to ₹337.85 Cr in the previous year, though net profit attributable to owners was ₹137.40 Cr. For Q4 FY26, consolidated revenue was ₹269.81 Cr with a net profit attributable to owners of ₹14.87 Cr. The board also approved the appointment of Kirtane & Pandit LLP as statutory auditors for a 5-year term, subject to shareholder approval, replacing G. D. Apte & Co.

FY26 consolidated revenue from operations stood at ₹94,798.12 Lakhs (₹947.98 Cr) vs ₹83,683.90 Lakhs in FY25
Consolidated PAT for FY26 stood at ₹34,012.42 Lakhs (₹340.12 Cr), with ₹13,739.71 Lakhs attributable to owners
Q4 FY26 revenue from operations reached ₹26,981.46 Lakhs, with profit attributable to owners at ₹1,487.03 Lakhs
Kirtane & Pandit LLP appointed statutory auditors for a 5-year period (FY 2026-27 to FY 2030-31)

💡 Track details around the statutory auditors' qualification/adverse remarks referenced in the filing and monitor approvals at the upcoming 26th AGM.

BF Utilities Appoints Kirtane & Pandit as Statutory Auditors for 5-Year Term; FY26 PAT at Rs 340 Cr

🟡 NEUTRAL ⭐ 5/10

MANAGEMENT 📅 30 Sep 2026, 04:54 PM

BF Utilities approved the appointment of Kirtane & Pandit LLP as Statutory Auditors for a 5-year term spanning FY 2026-27 to FY 2030-31, replacing retiring auditors M/s. G. D. Apte & Co. at the upcoming 26th AGM. Alongside this, the Board approved FY26 audited consolidated financial results, reporting revenue from operations of Rs 947.98 Cr and net profit after tax of Rs 340.12 Cr (up from Rs 337.85 Cr in FY25). For Q4 FY26, consolidated revenue was Rs 269.81 Cr with a net profit of Rs 42.36 Cr, down sequentially from Rs 102.76 Cr in Q3 FY26.

Appointment of Kirtane & Pandit LLP as Statutory Auditors for a 5-year term from FY 2026-27 to FY 2030-31
Incumbent auditors M/s. G. D. Apte & Co. retired after their 5-year term and declined reappointment due to pre-occupancies
Consolidated revenue from operations for FY26 reached Rs 94,798.12 Lakhs compared to Rs 83,683.90 Lakhs in FY25
Consolidated PAT for FY26 stood at Rs 34,012.42 Lakhs (attributable to owners: Rs 13,739.71 Lakhs)

💡 Track shareholder approval for the auditor appointment at the 26th AGM and review the full text of the auditor's qualification/adverse remarks referenced in the Annexures.

BF Utilities FY26 Consolidated PAT at ₹340.12 Cr; Appoints New Statutory Auditors

🟡 NEUTRAL ⭐ 6/10

EARNINGS 📅 30 Sep 2026, 04:50 PM

FY26 consolidated revenue from operations stood at ₹94,798.12 Lakhs (₹947.98 Cr) vs ₹83,683.90 Lakhs in FY25
Consolidated PAT for FY26 stood at ₹34,012.42 Lakhs (₹340.12 Cr), with ₹13,739.71 Lakhs attributable to owners
Q4 FY26 revenue from operations reached ₹26,981.46 Lakhs, with profit attributable to owners at ₹1,487.03 Lakhs
Kirtane & Pandit LLP appointed statutory auditors for a 5-year period (FY 2026-27 to FY 2030-31)

💡 Track details around the statutory auditors' qualification/adverse remarks referenced in the filing and monitor approvals at the upcoming 26th AGM.

BF Utilities Appoints Kirtane & Pandit as Statutory Auditors for 5-Year Term; FY26 PAT at Rs 340 Cr

🟡 NEUTRAL ⭐ 5/10

MANAGEMENT 📅 30 Sep 2026, 04:46 PM

Appointment of Kirtane & Pandit LLP as Statutory Auditors for a 5-year term from FY 2026-27 to FY 2030-31
Incumbent auditors M/s. G. D. Apte & Co. retired after their 5-year term and declined reappointment due to pre-occupancies
Consolidated revenue from operations for FY26 reached Rs 94,798.12 Lakhs compared to Rs 83,683.90 Lakhs in FY25
Consolidated PAT for FY26 stood at Rs 34,012.42 Lakhs (attributable to owners: Rs 13,739.71 Lakhs)

💡 Track shareholder approval for the auditor appointment at the 26th AGM and review the full text of the auditor's qualification/adverse remarks referenced in the Annexures.

BF Utilities FY26 Consolidated PAT at ₹340.12 Cr; Appoints New Statutory Auditors

🟡 NEUTRAL ⭐ 6/10

EARNINGS 📅 30 Sep 2026, 04:37 PM

FY26 consolidated revenue from operations stood at ₹94,798.12 Lakhs (₹947.98 Cr) vs ₹83,683.90 Lakhs in FY25
Consolidated PAT for FY26 stood at ₹34,012.42 Lakhs (₹340.12 Cr), with ₹13,739.71 Lakhs attributable to owners
Q4 FY26 revenue from operations reached ₹26,981.46 Lakhs, with profit attributable to owners at ₹1,487.03 Lakhs
Kirtane & Pandit LLP appointed statutory auditors for a 5-year period (FY 2026-27 to FY 2030-31)

💡 Track details around the statutory auditors' qualification/adverse remarks referenced in the filing and monitor approvals at the upcoming 26th AGM.

BF Utilities Fined Rs 3.54 Lakh by NSE and BSE for Delayed Q1 FY27 Results Submission

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 29 Sep 2026, 06:20 PM

BF Utilities Limited received an intimation from NSE and BSE regarding fines totaling Rs 3,54,000 (inclusive of GST) for non-compliance with Regulation 33 due to delayed submission of consolidated financial results for the quarter ended June 30, 2026. The delay occurred because key infrastructure subsidiaries, NICE and NECE, have not yet submitted their unaudited quarterly results. NSE levied a fine of Rs 2,53,700 (of which Rs 1,53,400 was paid on September 11, 2026, and the remaining Rs 1,00,300 was paid on September 29, 2026), while BSE levied Rs 1,00,300, which was also settled on September 29, 2026. The company stated there is no material impact on its operations or financial position.

NSE and BSE levied fines of Rs 2,53,700 and Rs 1,00,300 respectively for Regulation 33 non-compliance.
Delay resulted from subsidiaries NICE and NECE not submitting June 30, 2026 financial results.
Rs 1,53,400 of NSE fine was previously paid on September 11, 2026; remaining Rs 1,00,300 was paid on September 29, 2026.
BSE fine of Rs 1,00,300 was paid on September 29, 2026, ahead of the October 13, 2026 due date.

💡 Monitor for the eventual submission of consolidated financial results for the quarter ended June 30, 2026, and any further operational updates from key subsidiaries NICE and NECE.

BF Utilities Pays Rs 1.53 Lakh Fine to BSE for Delayed Q1 FY27 Results Submission

🟡 NEUTRAL ⭐ 2/10

REGULATORY 📅 16 Sep 2026, 04:30 PM

BF Utilities Limited has paid a fine of Rs 1,53,400 (inclusive of GST) levied by BSE Limited on September 16, 2026. The penalty was imposed under Regulation 33 of SEBI Listing Regulations due to a delay in submitting Consolidated Financial Results for the quarter ended June 30, 2026. The company had received the order on September 11, 2026, and cleared the penalty ahead of the September 26, 2026 due date. Management stated that the fine has no material impact on the company's financials or operations.

Fine amount of Rs 1,53,400 (inclusive of GST) levied by BSE Limited
Penalty imposed for delay in submitting Consolidated Financial Results for the quarter ended June 30, 2026
Payment completed on September 16, 2026, well ahead of the September 26, 2026 due date
Order received on September 11, 2026, following prior company explanation letter dated August 14, 2026

💡 Track timely release and disclosures of subsequent quarterly results to ensure there are no persistent reporting or internal control bottlenecks.

BSE Levies ₹1.53 Lakh Fine on BF Utilities for Delayed Q1 FY27 Results

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 15 Sep 2026, 05:17 PM

BSE has imposed a fine of ₹1,53,400 (inclusive of GST) on BF Utilities for non-compliance with Regulation 33 due to delayed submission of consolidated financial results for the quarter ended June 30, 2026. The company clarified that the delay occurred because key infrastructure subsidiaries, NICE and NECE, have not yet submitted their unaudited financials. BF Utilities confirmed there is no material impact on operations or financials and is in the process of paying the fine by September 26, 2026.

BSE imposed a fine of ₹1,53,400 (inclusive of GST) under Regulation 33
Due date for payment of the fine is September 26, 2026
Delay caused by pending unaudited Q1 FY27 results from subsidiaries NICE and NECE
Company previously communicated the delay to exchanges on August 14, 2026

💡 Track the upcoming disclosure and submission of the delayed Q1 consolidated financial results, along with financial reporting timelines from subsidiaries NICE and NECE.

BF Utilities Clarifies Delay in Q1 FY27 Consolidated Results Due to Key Subsidiaries

🔵 WATCH ⭐ 4/10

REGULATORY 📅 15 Sep 2026, 03:17 PM

BF Utilities responded to an exchange query regarding non-submission of its consolidated financial results for the quarter ended June 30, 2026. The company stated that subsidiaries Nandi Infrastructure Corridor Enterprise Ltd. (NICE) and Nandi Economic Corridor Enterprises Ltd. (NECE) have not yet finalized and submitted their quarterly numbers. BF Utilities has already filed its standalone results on August 14, 2026, and will submit consolidated statements once subsidiary accounts are received. Given that NECE/infrastructure assets historically drive roughly 97.4% of total group revenue, consolidated figures are crucial for assessing overall performance.

Clarification submitted regarding non-filing of Q1 consolidated results for period ended June 30, 2026
Standalone financial results along with limited review report were filed on August 14, 2026
Subsidiaries NICE and NECE have yet to submit their Q1 results to the parent company
Consolidated results will be published once subsidiary data is made available

💡 Track when BF Utilities receives and publishes the consolidated financials for the June 30, 2026 quarter to gauge performance of its core infrastructure assets.

BF Utilities Issues Postal Ballot for 5-Year Appointment of Independent Director Ajay Kirtane

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 15 Sep 2026, 03:11 PM

BF Utilities Limited has issued a Postal Ballot notice seeking shareholder approval for the appointment of Mr. Ajay Charuchandra Kirtane as a Non-Executive Independent Director. The proposed tenure is for a 5-year term effective from September 07, 2026, to September 06, 2031. E-voting will begin on September 18, 2026, and close on October 17, 2026, with the cut-off date fixed at September 11, 2026. The appointment brings over 34 years of experience in financial management, debt syndication, and M&A to the board.

Appointment of Mr. Ajay Charuchandra Kirtane as Independent Director for a 5-year term (Sept 7, 2026 to Sept 6, 2031)
E-voting starts on September 18, 2026 (9:00 AM IST) and ends on October 17, 2026 (5:00 PM IST)
Voting cut-off date established as September 11, 2026
Voting results to be declared on or before October 20, 2026

💡 Track the declaration of postal ballot results on or before October 20, 2026, to confirm shareholder approval of the board appointment.

BF Utilities Fined ₹1.53 Lakh by NSE for Delay in Submitting Q1 FY27 Results

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 11 Sep 2026, 05:06 PM

BF Utilities Limited received an intimation from the National Stock Exchange of India (NSE) levying a fine of ₹1,53,400 (inclusive of GST) under Regulation 33. The penalty is due to a delay in submitting consolidated financial results for the quarter ended June 30, 2026. The company stated that subsidiaries NICE and NECE had not yet provided their unaudited financials, causing the delay. The company paid the ₹1,53,400 fine on September 11, 2026, and confirmed no material impact on operations.

NSE imposed a fine of ₹1,53,400 (inclusive of GST) under Regulation 33
Delay attributed to non-submission of results by subsidiaries NICE and NECE for the quarter ended June 30, 2026
Fine fully paid on September 11, 2026, ahead of the September 26, 2026 due date
Company stated there is no material financial or operational impact

💡 Monitor for the eventual release of the consolidated Q1 FY27 financial results and resolution of reporting issues from subsidiaries NICE and NECE.

BF Utilities Appoints Ajay C. Kirtane as Independent Director for a 5-Year Term

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 07 Sep 2026, 05:08 PM

BF Utilities has appointed Mr. Ajay Charuchandra Kirtane as an Additional, Non-Executive Independent Director for a 5-year term from September 07, 2026 to September 06, 2031. Mr. Kirtane is a Cost & Works Accountant with over 34 years of experience across financial management, debt syndication, and M&A. The appointment is subject to shareholder approval via postal ballot. This represents a routine board governance enhancement with no direct financial impact.

Appointed Mr. Ajay Charuchandra Kirtane as Additional, Non-Executive Independent Director.
Tenure set for 5 consecutive years from September 07, 2026 to September 06, 2031.
Appointee brings over 34 years of experience in financial management, debt syndication, and M&A.
Approval to be sought from shareholders via postal ballot.

💡 Monitor upcoming postal ballot filing and voting results for shareholder approval.

View All BFUTILITIE Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Consolidated revenue for the Infrastructure segment declined by 13.20% YoY to INR 839.26 Cr (INR 8,392.64 Million), while the Wind Mills segment grew by 3.36% YoY to INR 22.41 Cr (INR 224.09 Million).

Geographic Revenue Split

Not disclosed in available documents, though operations are primarily based in India (Pune).

Profitability Margins

Consolidated Net Profit Margin improved significantly from 30.70% in FY24 to 39.21% in FY25. This was driven by a 32.81% reduction in total consolidated expenditure, which fell from INR 596.60 Cr to INR 400.85 Cr.

EBITDA Margin

Consolidated Profit Before Tax (PBT) margin improved from 39.65% to 53.48% YoY. Core profitability grew 17.58% to INR 460.85 Cr (INR 4,608.48 Million) despite a 12.83% drop in total income.

Capital Expenditure

Estimated amounts of contracts remaining to be executed on capital account for step-down subsidiary NECE Ltd are INR 7.63 Cr (INR 76.32 Million) as of March 31, 2025.

⚙️ Operational Drivers

Raw Materials

Not disclosed in available documents; business is service and utility-oriented (Wind Power and Infrastructure).

📈 Strategic Growth

Growth Strategy

The company is focusing on cost optimization, as evidenced by a 32.81% reduction in consolidated expenditure. Growth is tied to the performance of its infrastructure assets (NECE Ltd) and renewable energy generation from wind mills.

Products & Services

Wind power generation and infrastructure services (toll roads and utility corridors via NECE Ltd).

Brand Portfolio

BF Utilities, NECE (Nandi Economic Corridor Enterprises).

Strategic Alliances

NECE Ltd (Step-down subsidiary) is the primary strategic asset for the infrastructure segment.

🌍 External Factors

Industry Trends

The industry is shifting toward renewable energy and sustainable infrastructure. BF Utilities' wind segment (INR 22.41 Cr revenue) aligns with the national push for green energy.

Competitive Moat

The company possesses a moat through long-term concession agreements for infrastructure projects (like toll roads), which create high entry barriers and geographic monopolies.

Macro Economic Sensitivity

Infrastructure and utility sectors are highly sensitive to GDP growth (affecting traffic and power demand) and interest rate fluctuations (affecting debt servicing costs).

Consumer Behavior

Traffic volume on infrastructure corridors is a key behavioral driver for the majority of the company's revenue.

Geopolitical Risks

Domestic infrastructure and wind energy have low direct geopolitical exposure but are subject to national regulatory shifts.

⚖️ Regulatory & Governance

Industry Regulations

Operations are subject to the Companies Act 2013, SEBI Listing Regulations, and specific infrastructure/energy sector norms.

Taxation Policy Impact

The consolidated effective tax rate for FY25 was approximately 26.7%, with a tax provision of INR 123.00 Cr (INR 1,230.00 Million).

Legal Contingencies

Pending legal matters include claims against the group not acknowledged as debt of INR 50.00 Cr (INR 500.02 Million) and income tax liabilities of INR 16.43 Cr (INR 164.27 Million).

⚠️ Risk Analysis

Key Uncertainties

The auditors issued a qualified opinion regarding internal financial controls for the Standalone Financial Statements, suggesting potential risks in financial reporting accuracy.