BF Utilities Limited is a comprehensive infrastructure and renewable energy company incorporated in 2000, engaged in the generation of electricity through wind mills and Infrastructure activities. The company is part of the USD 3 billion Kalyani Group and was incorporated on September 15, 2000, in Maharashtra to satiate the power requirements of the Kalyani Group companies and also to lessen the burden on the Electricity Board.
The company was born out of a scheme of demerger with Bharat Forge Limited (BFL), with the Scheme of Arrangement approved by the Hon'ble High Court of Judicature at Bombay on January 17, 2001. Under the said Scheme, the Investments (listed as well as unlisted) and Wind Mills Division of the BFL were demerged and transferred to the Company, effective from March 1, 2001.
BF Utilities Limited is principally engaged in the generation of electricity through windmills and infrastructure activities, operating through two segments: Wind Mills, and Infrastructure. The company primarily generates wind power which is then utilised by Bharat Forge Ltd. at its plant in Pune.
The company's infrastructure portfolio includes significant projects in road development and tolling. BF Utilities develops the Bangalore Mysore Infrastructure Corridor Project, a 164-kilometer tolled expressway connecting Bengaluru and Mysuru; and operates a 30-kilometer bypass road connecting the twin cities of Hubli and Dharwad in North Karnataka.
The company operates 11 machines of 600 kW for wind power with an overall capacity of 18.33 MW, using Enercon India Ltd. technology from Enercon GmbH Germany. BFUL is eligible for a variety of government incentives and benefits for renewable energy projects as they are recognized as an industry with 100% accelerated depreciation, 100% tax rebate, sales tax deferral equal to 1/6th of the investment cost for 10 years, and other such concessions.
The company has delivered good profit growth of 27.0% CAGR over the last 5 years, demonstrating consistent performance in its core business segments.
BF Utilities reported its financial performance for the quarter ended December 31, 2024 (Q3 FY25), with revenue from operations standing at ₹209.83 crore, marking a 14.5% year-on-year decline compared to ₹245.53 crore in the same quarter last year. Despite the dip in revenue, the company posted a net profit of ₹83.93 crore in Q3 FY25, up 10.4% from ₹76.03 crore in Q3 FY24.
The improvement in profitability can be attributed to a significant reduction in total expenses, which declined to ₹102.34 crore in Q3 FY25 from ₹149.34 crore in the year-ago period. Profit before tax rose to ₹113.99 crore, up from ₹101.32 crore in the corresponding period of the previous year.
BF Utilities announced its results for the year ended March 2024, with operating income during the year rising 27.7% on a year-on-year basis and the company's operating profit increasing by 16.4% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 59.8% in FY24 as against 65.5% in FY23.
• Q3 FY2025 Performance: Revenue from operations ₹209.83 crore, Net Profit ₹83.93 crore
• FY2024 Performance: Revenue growth 27.7% YoY, Operating profit growth 16.4% YoY, Net profit growth 18.3% YoY
• Market Capitalization: ₹2,908.61 Crore (as of 16th June 2025)
• P/E Ratio: 181.90
• P/B Ratio: 4.07
• 52-Week High/Low: ₹1,129.10 / ₹573
• Promoter Holding: 56.72% (as of Mar 2025)
The market cap of BF Utilities Ltd (BFUTILITIE) is ₹2,908.61 Cr as of 16th June 2025. The 52-week high of BF Utilities Ltd (BFUTILITIE) is ₹1,129.10 and the 52-week low is ₹573.
The P/E (price-to-earnings) ratio of BF Utilities Ltd (BFUTILITIE) is 181.90 and the P/B (price-to-book) ratio is 4.07. Promoter holding in BF Utilities Ltd has gone down to 56.72 per cent as of Mar 2025 from 56.74 per cent as of Jun 2024.
In 2006, the company entered into a joint venture with Singapore Technologies Kinetics Ltd (ST Kinetics) to create an even larger impact in the energy sector. The company's strategic focus on renewable energy positions it well to benefit from India's growing emphasis on clean energy initiatives.
The company's dual focus on infrastructure development and renewable energy generation provides diversified revenue streams and positions it favorably for long-term growth. BF Utilities continues to leverage its position within the Kalyani Group ecosystem while expanding its infrastructure and renewable energy portfolio to capitalize on India's growing infrastructure needs and renewable energy transition.
