BF Utilities Q4 FY26 Results (NSE: BFUTILITIE)
Signal: Steady quarter
The read
The annual trajectory improved modestly, with FY revenue rising 10.9% to ₹94,798.12 lakh and FY PAT rising 0.7% to ₹34,012.42 lakh, but Q4 quality weakened: revenue grew 25.7% while derived EBITDA fell 15.3%, margin compressed 2,331bps, and depreciation rose 88.0%. The key inflection is the widening gap between infrastructure operating contribution and owner-attributable earnings, with non-controlling interest absorbing ₹2,748.52 lakh of Q4 PAT.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹269.81 Cr | +25.7% | +14.8% |
| EBIT | ₹85.89 Cr | -37.4% | |
| Net profit | ₹42.36 Cr | -49.3% | |
| EPS | ₹3.95 | -58.3% | |
| EBIT margin | 48.3% |
P&L walk
Q4 revenue rose 25.7% YoY to ₹26,981.46 lakh, but operating margin fell to 48.3% from 71.6% as depreciation increased 88.0% and other expenses rose to ₹9,527.84 lakh; PAT declined 49.3% to ₹4,235.55 lakh, with only ₹1,487.03 lakh attributable to owners.
Segments
Infrastructure generated ₹29,002.41 lakh of Q4 revenue and ₹8,681.54 lakh of segment result, while Wind Mills contributed only ₹251.48 lakh of revenue and a ₹38.96 lakh loss; the consolidated profit is therefore overwhelmingly infrastructure-led.
Key positives
- Q4 revenue rose 25.7% YoY to ₹26,981.46 lakh, with infrastructure revenue at ₹29,002.41 lakh versus ₹21,137.91 lakh a year earlier.
- FY operating cash flow increased to ₹63,710.25 lakh from ₹53,986.11 lakh, exceeding FY PAT of ₹34,012.42 lakh.
- Consolidated borrowings declined from ₹93,177.38 lakh to ₹74,581.23 lakh, while cash increased from ₹5,844.91 lakh to ₹7,518.04 lakh.
- Infrastructure segment result remained positive at ₹8,681.54 lakh despite declining 36.4% YoY, while the Wind Mills segment remained small and loss-making at ₹38.96 lakh.
Key concerns
- Q4 EBITDA margin compressed to 48.3% from 71.6% YoY as depreciation rose 88.0% to ₹4,445.97 lakh and other expenses rose to ₹9,527.84 lakh.
- Q4 consolidated PAT fell 49.3% to ₹4,235.55 lakh, while owner-attributable profit fell to ₹1,487.03 lakh because ₹2,748.52 lakh accrued to non-controlling interests.
- PPE and CWIP declined while depreciation surged, making the relationship between the asset base and depreciation expense a key earnings-quality concern.
- The toll operations of Nandi Highway Developers concluded on 7 September 2024, creating a continuing need to assess the durability of infrastructure cash generation.
Research and educational content only. Not investment advice.