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BF Utilities

Listed Wind — per-stock model.

As of 21 Aug 2026
Wind—
CMP ₹524NSE: 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

12.9×

Financials

Annual · ₹ crore · E = estimate.

Annual financials

₹ crore · FY25 → FY28E

PeriodRevenueEBITDAEBITDA %PATGross %ROE %ROCE %CapexNet debtEPS ₹WC days
FY1523814661.0%-111—————-13.8—
FY1651937372.0%121—————16.3—
FY1630120969.0%3—————0.8—
FY1733625175.0%-29—————0.9—
FY1840130175.0%36—————6.4—
FY1944833174.0%72—————10.2—
FY2053529755.0%27—————5.2—
FY2137022962.0%-22—————-0.7—
FY2251332062.0%93—————13.5—
FY2375949866.0%257—————33.0—
FY2496958160.0%304—————39.1—
FY2583761974.0%338—————38.9—
Source Market data (mid-2026) + company filings· As of 21 Aug 2026

Revenue, EBITDA & margin

Bars ₹cr (left) · margin % (right)

Source Market data (mid-2026) + company filings· As of 21 Aug 2026

Quarterly

₹ crore · recent quarters.

Quarterly financials

₹ crore

QuarterRevenueEBITDAEBITDA %PATPAT %
Q1FY2319414172.0%8141.8%
Q2FY2316111169.0%5534.2%
Q3FY2316611871.0%6740.4%
Q4FY2323212253.0%5322.8%
Q1FY2426312949.0%6123.2%
Q2FY2421814968.0%8739.9%
Q3FY2424614961.0%7630.9%
Q4FY2424215464.0%8033.1%
Q1FY2519715277.0%7940.1%
Q2FY2522116776.0%9141.2%
Q3FY2521015373.0%8440.0%
Q2FY2623217776.0%9842.2%
Q3FY2623517976.0%10343.8%
Source Market data (mid-2026) + company filings· As of 21 Aug 2026

Revenue & margin trend

Bars ₹cr (left) · margin % (right)

Source Market data (mid-2026) + company filings· As of 21 Aug 2026

Valuation

As of 21 Aug 2026

P/E

12.9×

EV / EBITDA

4.7×

P/B

9.8×

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 21 Aug 2026