1. At a Glance
BF Utilities is the corporate embodiment of that one plot of land in your extended family — technically valuable, theoretically income-generating, but mostly just tied up in disputes. On paper, they generate wind power and do some “infrastructure business”. In reality, the biggest source of movement lately has been in courtrooms, not turbines.
Current share price: ₹721. Market cap: ₹2,716 Cr. P/E ratio? A Himalayan554— not because the market thinks it’s the next Tesla, but because profits are so microscopic that dividing the price by them requires scientific notation.
2. Introduction
Let’s be honest — BF Utilities isn’t your standard operating business story. It’s part wind farm landlord, part infrastructure ghost, and part litigation saga.
The power generated is mostly used by Bharat Forge (yes, family connections), the infra activities are more “remembered fondly” than “currently booming”, and a₹37 Cr advance stuck in arbitrationis making the auditors squirm loudly in the notes.
3. Business Model (WTF Do They Even Do?)
BF Utilities has two official arms:
- Wind Power Generation– Mostly sold directly to Bharat Forge for its Pune plant. Not exactly competing with NTPC here.
- Infrastructure Activities– Which seems to be code for “owning road assets/toll rights and occasionally getting into disputes about them”.
If this was a Netflix series, it would be calledPower, Pavements & Petty Court Battles.
4. Financials Overview
Quarterly Snapshot (Standalone)– Q1 FY26 vs Q1 FY25 vs Q4 FY25
| Metric | Q1 FY26 | Q1 FY25 | Q4 FY25 | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue (₹ Cr) | 5.77 | 5.45 | 2.37 | 5.9% | 143.6% |
| EBITDA (₹ Cr) | -2.03 | 0.07 | -0.56 | — | — |
| PAT (₹ Cr) | 6.42 | 17.50 | 0.07 | -63.3% | 9,057% |
| EPS (₹) | 1.70 | 4.64 | 0.02 | -63.4% | 8,400% |
Commentary:Revenue rose a smidge YoY, but PAT cratered 63% because thebig “other income” jackpotfrom last year’s quarter (₹19.55 Cr) didn’t repeat. QoQ, profit exploded because Q4 FY25 was
basically flatlining.
5. Valuation (Fair Value RANGE Only)
Method 1 – P/E
- EPS (TTM) = ₹1.30
- Reasonable P/E for a utility/infrastructure asset with patchy profits: 15x–20x
- FV range = ₹19.5 – ₹26 per share (yes, way below CMP — because P/E 554 is bonkers).
Method 2 – EV/EBITDA
- EBITDA (TTM) = -₹3.01 Cr (negative) → this method politely refuses to work.
Method 3 – DCF (Optimistic)
- Assume FCF ~₹5 Cr/year, 3% growth, 12% discount rate → FV ≈ ₹50–₹60.
📌Final FV Range:₹20 – ₹60 (Educational purposes only, not investment advice).
6. What’s Cooking – News, Triggers, Drama
- ₹37 Cr Advance in Arbitration:Auditors have flagged it. This is the corporate equivalent of your CA writing “bro, you sure about this?” in your ITR notes.
- Litigation Ongoing:More pages in the notes than in the operations update.
- Standalone Results Out, Consolidated Delayed:Because subsidiaries haven’t sent in their homework.
7. Balance Sheet
| Item | FY24 (₹ Cr) | FY25 (₹ Cr) |
|---|---|---|
| Assets | 195.18 | 208.50 |
| Liabilities | 46.90 | 44.22 |
| Net Worth | 148.28 | 164.28 |
| Borrowings | 13.00 | 10.50 |
Auditor Roast: Borrowings are low — the only
