BF Utilities Share Price

Infrastructure player BF Utilities Ltd (BFUL) is a part of the Kalyani Group, a leading industrial house in India whose flagship firm is Bharat Forge Ltd.

Incorporated on September 15, 2000, BF Utilities was born out of a scheme of demerger with Bharat Forge. Under the scheme, the investments (listed and unlisted) and windmills division of Bharat Forge were demerged and transferred to BF Utilities, effective March 1, 2001.

Pune-headquartered BF Utilities initially operated in two business segments – infrastructure business and investment business. In 2010, the company went through business restructuring by way of a composite scheme of arrangement.

Under the restructuring, the infrastructure business was vested in BF Utilities and the investment undertaking was transferred to BF Investment Ltd.

As of December 31, 2023, promoter shareholding in BF utilities stood at 56.74%, while public shareholding was 43.26%.

The market capitalisation of BF Utilities Ltd is over ₹3,474 crore as of February 26, 2024. BF Utilities share price has gained over 230% in three years.

Business operations

BF Utilities operates through three subsidiaries and one step-down subsidiary as explained below:

Nandi Infrastructure Corridor Enterprise:

BF Utilities’ subsidiary Nandi Infrastructure Corridor Enterprise Ltd (NICE) is implementing the Bangalore Mysore Infrastructure Corridor (BMIC) Project. It consists of –

• A 164-km tolled expressway connecting Bengaluru and Mysuru.
• 5 new township developments along the Expressway between Bengaluru and Mysuru.
• Concomitant development at the interchanges along the Peripheral Road and Link Road.
• Rights to supply power, water, telecommunication services, sewage and wastewater management.
• Single planning authority –Bangalore Mysore Infrastructure Corridor Area Planning Authority (BMICAPA) – for the entire project.

Nandi Economic Corridor Enterprises Ltd (NECE) is a 64.77% subsidiary of NICE, and a step-down subsidiary of BF Utilities, which has been assigned the right to develop a part of the BMIC Project.

Nandi Highway Developers Ltd

Another subsidiary Nandi Highway Developers Ltd (NHDL) has built and is operating a 30 km bypass road connecting the twin cities of Hubli and Dharwad in North Karnataka. The project is located right in the middle of the Pune-Bengaluru stretch of the NH4, in the state of Karnataka. This bypass helps to avoid city traffic and congestion. It is notified as part of the NH4 (Pune-Bengaluru), also part of the visionary Golden Quadrilateral Road Project of India.

Wind energy project:

Under the Kalyani Group initiative to generate green energy, an 18.33 MW wind farm was set up from 1998 to 2001. The wind farm is spread over an expanse of 300 acres at the site known as Thosegar in Satara district of Maharashtra. The wind farm consists of 51 wind energy generators. The power generated is being utilised by Bharat Forge Ltd at its plant in Pune.

BF Utilities Financial Highlights

• Revenue: BF Utilities reported revenue of ₹861.70 crore in FY25 vs ₹988.54 crore in FY24. It showed a decrease of 12.83% on a yearly basis.
• Operating Profit: BF Utilities reported an operating profit of ₹460.85 crore in FY25 vs ₹391.94 crore in FY24. It showed an increase of 17.58% on a year-on-year basis.
• Net Profit: BF Utilities reported a net profit of ₹337.85 crore in FY25 vs ₹303.51 crore in FY24. It showed an increase of 11.31% on a yearly basis.

BF Utilities Quarterly Result Highlights

• BF Utilities reported revenue of ₹243.60 crore in Dec 2025, compared with ₹238.54 crore in Sep 2025, representing an increase of 2.12% on a quarter-on-quarter (QoQ) basis.
• BF Utilities reported an operating profit of ₹149.25 crore in Dec 2025, compared with ₹146.37 crore in Sep 2025, representing an increase of 1.97% on a quarter-on-quarter (QoQ) basis.
• BF Utilities reported a profit of ₹102.76 crore in Dec 2025, compared with ₹98.42 crore in Sep 2025, reflecting an increase of 4.41% on a QoQ basis.
• The earnings per share (EPS) of BF Utilities stood at ₹38.89 during Dec 2025.