BF Utilities

Listed Wind — per-stock model.

As of 19 Oct 2026

Wind—

CMP ₹463NSE: BFUTILITIE

Latest concall

Q4/FY26 · 28 May 2026

Consolidated business dominated by Nandi (NICE) BOT toll road plus windmills
Q3 FY26 (latest granular) consol revenue ₹235 cr, PAT ₹103 cr (toll-road driven)
Standalone entity tiny and loss-making; Kalyani-group holding-company structure
FY25 consol revenue ₹837 cr, PAT ₹338 cr; wind is a small share of assets

Order-book execution

No EPC order book; NICE Bengaluru toll-road BOT concession operational and windmills generating.

Management guidance

No investor call held and no forward guidance issued (Kalyani-group holding company)

BSE FY26 results filing (board 28 May 2026); Screener consolidated financials — no concall held

Revenue FY26E

837₹ cr

EBITDA margin

74%

P/E

11.4×

Financials

Annual · ₹ crore · E = estimate.

Annual financials

₹ crore · FY25 → FY28E

Period	Revenue	EBITDA	EBITDA %	PAT	Gross %	ROE %	ROCE %	Capex	Net debt	EPS ₹	WC days
FY15	238	146	61.0%	-111	—	—	—	—	—	-13.8	—
FY16	519	373	72.0%	121	—	—	—	—	—	16.3	—
FY16	301	209	69.0%	3	—	—	—	—	—	0.8	—
FY17	336	251	75.0%	-29	—	—	—	—	—	0.9	—
FY18	401	301	75.0%	36	—	—	—	—	—	6.4	—
FY19	448	331	74.0%	72	—	—	—	—	—	10.2	—
FY20	535	297	55.0%	27	—	—	—	—	—	5.2	—
FY21	370	229	62.0%	-22	—	—	—	—	—	-0.7	—
FY22	513	320	62.0%	93	—	—	—	—	—	13.5	—
FY23	759	498	66.0%	257	—	—	—	—	—	33.0	—
FY24	969	581	60.0%	304	—	—	—	—	—	39.1	—
FY25	837	619	74.0%	338	—	—	—	—	—	38.9	—

Source Market data (mid-2026) + company filings· As of 19 Oct 2026

Revenue, EBITDA & margin

Bars ₹cr (left) · margin % (right)

Source Market data (mid-2026) + company filings· As of 19 Oct 2026

Quarterly

₹ crore · recent quarters.

Quarterly financials

₹ crore

Quarter	Revenue	EBITDA	EBITDA %	PAT	PAT %
Q1FY23	194	141	72.0%	81	41.8%
Q2FY23	161	111	69.0%	55	34.2%
Q3FY23	166	118	71.0%	67	40.4%
Q4FY23	232	122	53.0%	53	22.8%
Q1FY24	263	129	49.0%	61	23.2%
Q2FY24	218	149	68.0%	87	39.9%
Q3FY24	246	149	61.0%	76	30.9%
Q4FY24	242	154	64.0%	80	33.1%
Q1FY25	197	152	77.0%	79	40.1%
Q2FY25	221	167	76.0%	91	41.2%
Q3FY25	210	153	73.0%	84	40.0%
Q2FY26	232	177	76.0%	98	42.2%
Q3FY26	235	179	76.0%	103	43.8%

Source Market data (mid-2026) + company filings· As of 19 Oct 2026

Revenue & margin trend

Bars ₹cr (left) · margin % (right)

Source Market data (mid-2026) + company filings· As of 19 Oct 2026

Valuation

As of 19 Oct 2026

P/E

11.4×

EV / EBITDA

4.3×

P/B

8.7×

Operating & order mix

Unit economics and the order book.

Shareholding

% · as of 31 Dec 2025

Shareholding pattern

Source Market data (mid-2026) + company filings· As of 19 Oct 2026