Integrated Filing — IndAS



General information about company

Scrip Code 532430
NSE Symbol BFUTILITIE
MSEI Symbol NOTLISTED
ISIN INE243D01012
Name of company BF UTILITIES LIMITED
Type of company Main Board
Class of security Equity
Date of start of financial year 01-04-2025
Date of end of financial year 31-03-2026
Date of board meeting when results were approved 28-05-2026
Date on which prior intimation of the meeting for considering financial results was informed to the exchange 21-05-2026
Description of presentation currency INR
Level of rounding used in financial results Lakhs
Reporting Type Quarterly
Reporting Quarter Fourth quarter
Nature of report standalone or consolidated Standalone
Whether results are audited or unaudited for the quarter ended Audited
Whether results are audited or unaudited for the Year to date for current period ended/year ended Audited
Segment Reporting Multi segment
Description of single segment
Start date and time of board meeting 28-05-2026   11:45:00
End date and time of board meeting 28-05-2026   14:40:00
Whether cash flow statement is applicable on company Yes
Type of cash flow statement Cash Flow Indirect
Declaration of unmodified opinion or statement on impact of audit qualification Statement on impact of audit qualification
Whether the company has any related party? Yes
Whether the company has entered into any Related Party transaction during the selected half year for which it wants to submit disclosure? Yes
(I) We declare that the acceptance of fixed deposits by the bans/Non-Banking Finance Company are at the terms uniformly applicable/offered to all shareholders/public NA
(II) We declare that the scheduled commercial bank, as per RBI circular RBI/DBR/2015-16/19 dated March 03, 2016, has allowed additional interest of one per cent per annum, over and above the rate of interest mentioned in the schedule of interest rates on savings or a term deposits of banks staff and their exclusive associations as well as on deposits of Chairman, Chairman & Managing Director, Executive Director or such other Executives appointed for a fixed tenure. NA
Whether the company is a high value debt listed entity according to regulation 15 (1A)? No
(a) If answer to above question is Yes, whether complying with proviso to regulation 23 (9), i.e., submitting RPT disclosures on the day of results publication?
(b) If answer to above question is No, please explain the reason for not complying.
Whether the updated Related Party Transactions (RPT) Policy (in compliance with Reg. 23 of SEBI LODR) has been uploaded on the website of the Company? Yes
Latest Date on which RPT policy is updated 28-08-2026
Indicate Company website link for updated RPT policy of the Company http://www.bfutilities.com/pdf/Policies%20and%20Terms/BFUL_Related%20Party%20Transaction%20Policy%2028052026.pdf
Whether statement on deviation or variation for proceeds of public issue, rights issue, preferential issue, qualified institutions placement etc. is applicable to the company for the current quarter? No
No. of times funds raised during the quarter
Whether the disclosure for the Default on Loans and Debt Securities is applicable to the entity? No
NA



Financial Results Ind-AS

Amount in (Lakhs)

Particulars 3 months/ 6 months ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
A Date of start of reporting period 01-01-2026 01-04-2025
B Date of end of reporting period 31-03-2026 31-03-2026
C Whether results are audited or unaudited Audited Audited
D Nature of report standalone or consolidated Standalone Standalone
1 Income
Revenue from operations 166.56 1,886.07
Other income 84.39 1,448.18
Total income 250.95 3,334.25
2 Expenses
(a) Cost of materials consumed 0.00 0.00
(b) Purchases of stock-in-trade 0.00 0.00
(c) Changes in inventories of finished goods, work-in-progress and stock-in-trade (0.55) 0.49
(d) Employee benefit expense 58.82 262.88
(e) Finance costs 0.05 0.05
(f) Depreciation, depletion and amortisation expense 13.72 63.87
(f) Other Expenses
1 Other Expenses 643.15 2,344.36
Total other expenses 643.15 2,344.36
Total expenses 715.19 2,671.65
3 Total profit before exceptional items and tax (464.24) 662.60
4 Exceptional items 129.13 (88.99)
5 Total profit before tax (335.11) 573.61
6 Tax expense
7 Current tax 0.00 385.00
8 Deferred tax 28.95 (34.79)
9 Total tax expenses 28.95 350.21
10 Net movement in regulatory deferral account balances related to profit or loss and the related deferred tax movement 0.00 0.00
11 Net Profit Loss for the period from continuing operations (364.06) 223.40
12 Profit (loss) from discontinued operations before tax 0.00 0.00
13 Tax expense of discontinued operations 0.00 0.00
14 Net profit (loss) from discontinued operation after tax 0.00 0.00
15 Share of profit (loss) of associates and joint ventures accounted for using equity method 0.00 0.00
16 Total profit (loss) for period (364.06) 223.40
17 Other comprehensive income net of taxes 2.49 5.81
18 Total Comprehensive Income for the period (361.57) 229.21
19 Total profit or loss, attributable to
Profit or loss, attributable to owners of parent
Total profit or loss, attributable to non-controlling interests
20 Total Comprehensive income for the period attributable to
Comprehensive income for the period attributable to owners of parent
Total comprehensive income for the period attributable to owners of parent non-controlling interests
21 Details of equity share capital
Paid-up equity share capital 1,883.38 1,883.38
Face value of equity share capital 5 5
27 Details of debt securities
22 Reserves excluding revaluation reserve 14,774.34
23 Earnings per share
i Earnings per equity share for continuing operations
Basic earnings (loss) per share from continuing operations -0.97 0.59
Diluted earnings (loss) per share from continuing operations -0.97 0.59
ii Earnings per equity share for discontinued operations
Basic earnings (loss) per share from discontinued operations 0 0
Diluted earnings (loss) per share from discontinued operations 0 0
ii Earnings per equity share
Basic earnings (loss) per share from continuing and discontinued operations -0.97 0.59
Diluted earnings (loss) per share from continuing and discontinued operations -0.97 0.59
24 Debt equity ratio
25 Debt service coverage ratio
26 Interest service coverage ratio
27 Disclosure of notes on financial results Textual Information(1)



Disclosure of notes on financial results

Textual Information(1) Notes: Please refer signed results



Remarks

Debt equity ratio
Debt service coverage ratio
Interest service coverage ratio


Statement of Asset and Liabilities

Amount in (Lakhs)

Particulars Year ended (dd-mm-yyyy)
Date of start of reporting period 01-04-2025
Date of end of reporting period 31-03-2026
Whether results are audited or unaudited Audited
Nature of report standalone or consolidated Standalone
Assets
1 Non-current assets
Property, plant and equipment 189.13
Capital work-in-progress 0.00
Investment property 0.00
Goodwill 0.00
Other intangible assets 0.00
Intangible assets under development 0.00
Biological assets other than bearer plants 0.00
Investments accounted for using equity method 0.00
Non-current financial assets
Non-current investments 11,095.66
Trade receivables, non-current 0.00
Loans, non-current 0.00
Other non-current financial assets
1 Deferred tax assets (net) 226.34
2 Other financial assets 133.76
3 Right to use assets 7.19
Total of other non-current financial assets 367.29
Total non-current financial assets 11,462.95
Deferred tax assets (net) 0.00
Other non-current assets
1 Other non-current assets 3,700.00
Total of other non-current assets 3,700.00
Total non-current assets 15,352.08
2 Current assets
Inventories 3.65
Current financial asset
Current investments 14.05
Trade receivables, current 0.00
Cash and cash equivalents 22.95
Bank balance other than cash and cash equivalents 4,334.60
Loans, current 0.00
Other current financial assets
Total of other current financial assets 376.02
Total current financial assets 4,747.62
Current tax assets (net) 0.00
Other current assets
1 Other current assets 93.21
Total of other current assets 93.21
Total current assets 4,844.48
3 Non-current assets classified as held for sale 0.00
4 Regulatory deferral account debit balances and related deferred tax Assets 0.00
Total assets 20,196.56
Equity and liabilities
1 Equity
Equity attributable to owners of parent
Equity share capital 1,883.38
Other equity 14,774.34
Total equity attributable to owners of parent 16,657.72
Non controlling interest
Total equity 16,657.72
2 Liabilities
Non-current liabilities
Non-current financial liabilities
Borrowings, non-current 0.00
Trade payables, non-current
(A) Total outstanding dues of micro enterprises and small enterprises 0.00
(B) Total outstanding dues of creditors other than micro enterprises and small enterprises 0.00
Total Trade payable 0.00
Other non-current financial liabilities
1 Other non-current financial liabilities 2,101.01
2 Lease liabilities 3.52
Total of other non-current financial liabilities 2,104.53
Total non-current financial liabilities 2,104.53
Provisions, non-current 1.83
Deferred tax liabilities (net) 0.00
Deferred government grants, Non-current 0.00
Other non-current liabilities
Total of other non-current liabilities
Total non-current liabilities 2,106.36
Current liabilities
Current financial liabilities
Borrowings, current 0.00
Trade payables, current
(A) Total outstanding dues of micro enterprises and small enterprises 11.67
(B) Total outstanding dues of creditors other than micro enterprises and small enterprises 306.27
Total Trade payable 317.94
Other current financial liabilities
1 Lease liabilities 3.56
2 Other current financial liabilities 13.18
Total of other current financial liabilities 16.74
Total current financial liabilities 334.68
Other current liabilities 9.83
1 Other current liabilities 9.83
Total of other current liabilities 9.83
Provisions, current 947.65
Current tax liabilities (Net) 140.32
Deferred government grants, Current 0.00
Total current liabilities 1,432.48
3 Liabilities directly associated with assets in disposal group classified as held for sale 0.00
4 Regulatory deferral account credit balances and related deferred tax liability 0.00
Total liabilities 3,538.84
Total equity and liabilites 20,196.56
Disclosure of notes on assets and liabilities



Format for Reporting Segment wise Revenue, Results and Capital Employed along with the company results

Amount in (Lakhs)

Particulars 3 months/ 6 month ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
Date of start of reporting period 01-01-2026 01-04-2025
Date of end of reporting period 31-03-2026 31-03-2026
Whether results are audited or unaudited Audited Audited
Nature of report standalone or consolidated Standalone Standalone
1 Segment Revenue (Income)
(net sale/income from each segment should be disclosed)
1 Windmills 0.0025092 2,291.19
2 Infrastructure 0.00 1,042.88
Total Segment Revenue 250.92 3,334.07
Less: Inter segment revenue 0.00 0.00
Revenue from operations 250.92 3,334.07
2 Segment Result
Profit (+) / Loss (-) before tax and interest from each segment
1 Windmills (41.17) 400.80
2 Infrastructure (369.23) 368.15
Total Profit before tax (410.40) 768.95
i. Finance cost 0.05 0.05
ii. Other Unallocable Expenditure net off Unallocable income 53.79 106.30
Profit before tax (464.24) 662.60
3 (Segment Asset - Segment Liabilities)
Segment Asset
1 Windmills 5,986.86 5,986.86
2 Infrastructure 14,119.42 14,119.42
Total Segment Asset 20,106.28 20,106.28
Un-allocable Assets 90.30 90.30
Net Segment Asset 20,196.58 20,196.58
4 Segment Liabilities
Segment Liabilities
1 Windmills 3,380.11 3,380.11
2 Infrastructure 0.00 0.00
Total Segment Liabilities 3,380.11 3,380.11
Un-allocable Liabilities 158.75 158.75
Net Segment Liabilities 3,538.86 3,538.86
Disclosure of notes on segments



Other Comprehensive Income

Amount in (Lakhs)

Particulars 3 months/ 6 months ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
A Date of start of reporting period 01-01-2026 01-04-2025
B Date of end of reporting period 31-03-2026 31-03-2026
C Whether results are audited or unaudited Audited Audited
D Nature of report standalone or consolidated Standalone Standalone
Other comprehensive income [Abstract]
1 Amount of items that will not be reclassified to profit and loss
1 Gain /(loss) on remeasurement of defined benefit plan 6.79 1.20
2 Gain /(loss) on fair valuation of financial instruments (3.04) 5.66
Total Amount of items that will not be reclassified to profit and loss 3.75 6.86
2 Income tax relating to items that will not be reclassified to profit or loss 1.26 1.05
3 Amount of items that will be reclassified to profit and loss
Total Amount of items that will be reclassified to profit and loss
4 Income tax relating to items that will be reclassified to profit or loss 0.00 0.00
5 Total Other comprehensive income 2.49 5.81



Cash flow statement, indirect

Amount in (Lakhs)

Particulars Year ended (dd-mm-yyyy)
A Date of start of reporting period 01-04-2025
B Date of end of reporting period 31-03-2026
C Whether results are audited or unaudited Audited
D Nature of report standalone or consolidated Standalone
Statement of cash flows
Cash flows from used in operating activities
Profit before tax 573.61
Adjustments for reconcile profit (loss)
Adjustments for finance costs 0.00
Adjustments for decrease (increase) in inventories 0.50
Adjustments for decrease (increase) in trade receivables, current 0.00
Adjustments for decrease (increase) in trade receivables, non-current 0.00
Adjustments for decrease (increase) in other current assets (41.74)
Adjustments for decrease (increase) in other non-current assets 0.00
Adjustments for other financial assets, non-current 0.00
Adjustments for other financial assets, current (69.53)
Adjustments for other bank balances 0.00
Adjustments for increase (decrease) in trade payables, current (9.51)
Adjustments for increase (decrease) in trade payables, non-current 0.00
Adjustments for increase (decrease) in other current liabilities 3.42
Adjustments for increase (decrease) in other non-current liabilities 0.00
Adjustments for depreciation and amortisation expense 63.87
Adjustments for impairment loss reversal of impairment loss recognised in profit or loss 0.00
Adjustments for provisions, current 79.20
Adjustments for provisions, non-current 0.00
Adjustments for other financial liabilities, current (4.93)
Adjustments for other financial liabilities, non-current 0.00
Adjustments for unrealised foreign exchange losses gains 0.00
Adjustments for dividend income 1,043.05
Adjustments for interest income 404.78
Adjustments for share-based payments 0.00
Adjustments for fair value losses (gains) 0.00
Adjustments for undistributed profits of associates 0.00
Other adjustments for which cash effects are investing or financing cash flow 0.00
Other adjustments to reconcile profit (loss) 0.00
Other adjustments for non-cash items 0.04
Share of profit and loss from partnership firm or association of persons or limited liability partnerships 0.00
Total adjustments for reconcile profit (loss) (1,426.51)
Net cash flows from (used in) operations (852.90)
Dividends received 0.00
Interest paid 0.00
Interest received 0.00
Income taxes paid (refund) 292.02
Other inflows (outflows) of cash 0.00
Net cash flows from (used in) operating activities (1,144.92)
Cash flows from used in investing activities
Cash flows from losing control of subsidiaries or other businesses 0.00
Cash flows used in obtaining control of subsidiaries or other businesses 0.00
Other cash receipts from sales of equity or debt instruments of other entities 0.00
Other cash payments to acquire equity or debt instruments of other entities 0.00
Other cash receipts from sales of interests in joint ventures 0.00
Other cash payments to acquire interests in joint ventures 0.00
Cash receipts from share of profits of partnership firm or association of persons or limited liability partnerships 0.00
Cash payment for investment in partnership firm or association of persons or limited liability partnerships 0.00
Proceeds from sales of property, plant and equipment 0.00
Purchase of property, plant and equipment 0.33
Proceeds from sales of investment property 0.00
Purchase of investment property 0.00
Proceeds from sales of intangible assets 0.00
Purchase of intangible assets 0.00
Proceeds from sales of intangible assets under development 0.00
Purchase of intangible assets under development 0.00
Proceeds from sales of goodwill 0.00
Purchase of goodwill 0.00
Proceeds from biological assets other than bearer plants 0.00
Purchase of biological assets other than bearer plants 0.00
Proceeds from government grants 0.00
Proceeds from sales of other long-term assets 0.00
Purchase of other long-term assets (768.74)
Cash advances and loans made to other parties 0.00
Cash receipts from repayment of advances and loans made to other parties 0.00
Cash payments for future contracts, forward contracts, option contracts and swap contracts 0.00
Cash receipts from future contracts, forward contracts, option contracts and swap contracts 0.00
Dividends received 1,043.05
Interest received 360.03
Income taxes paid (refund) 0.00
Other inflows (outflows) of cash 0.00
Net cash flows from (used in) investing activities 2,171.49
Cash flows from used in financing activities
Proceeds from changes in ownership interests in subsidiaries 0.00
Payments from changes in ownership interests in subsidiaries 0.00
Proceeds from issuing shares 0.00
Proceeds from issuing other equity instruments 0.00
Payments to acquire or redeem entity's shares 0.00
Payments of other equity instruments 0.00
Proceeds from exercise of stock options 0.00
Proceeds from issuing debentures notes bonds etc 0.00
Proceeds from borrowings 0.00
Repayments of borrowings 1,050.00
Payments of lease liabilities 0.33
Dividends paid 0.00
Interest paid 0.00
Income taxes paid (refund) 0.00
Other inflows (outflows) of cash 0.00
Net cash flows from (used in) financing activities (1,050.33)
Net increase (decrease) in cash and cash equivalents before effect of exchange rate changes (23.76)
Effect of exchange rate changes on cash and cash equivalents
Effect of exchange rate changes on cash and cash equivalents 0.00
Net increase (decrease) in cash and cash equivalents (23.76)
Cash and cash equivalents cash flow statement at beginning of period 46.71
Cash and cash equivalents cash flow statement at end of period 22.95





Details of Impact of Audit Qualification

Amount in (Lakhs)

Whether results are audited or unaudited Audited
Declaration of unmodified opinion or statement on impact of audit qualification Statement on impact of audit qualification
Auditor's opinion Qualified opinion
Declaration pursuant to Regulation 33 (3) (d) of SEBI (LODR) Regulation, 2015: The company declares that its Statutory Auditor/s have issued an Audit Report with unmodified opinion for the period on Standalone results
Sr No. Audit firm's name Whether the firm holds a valid peer review certificate issued by Peer Review Board of ICAI Certificate valid upto
1 G. D. Apte and Co. Yes 30-11-2026


Financial details

Amount in (Lakhs)

Sr. Particulars Audited Figures (as reported before adjusting for qualifications) Adjusted Figures (audited figures after adjusting for qualifications)
1 Turnover / Total income 3,334.25 3,334.25
2 Total Expenditure 2,760.64 9,067.83
3 Net Profit/(Loss) 223.40 (6,083.79)
4 Earnings Per Share 0.59 -16.15
5 Total Assets 20,196.56 13,889.37
6 Total Liabilities 3,538.84 3,538.84
7 Net Worth 16,657.72 10,350.53


Audit qualification

Amount in (Lakhs)

Sr. Details of Audit Qualification Type of Audit Qualification Frequency of qualification For Audit Qualification(s) where the impact is quantified by the auditor For Audit Qualification(s) where the impact is not quantified by the auditor
Management's Views (i) Management's estimation on the impact of audit qualification (ii) If management is unable to estimate the impact, reasons for the same Auditors' Comments on (i) or (ii) above
1 Textual Information(1) Qualified opinion Whether appeared first time Textual Information(2) Textual Information(3) Textual Information(4) Textual Information(5)
2 Textual Information(6) Qualified opinion Whether appeared first time Textual Information(7) Textual Information(8) Textual Information(9) Textual Information(10)
3 Textual Information(11) Qualified opinion Repetitive Textual Information(12) Textual Information(13) Textual Information(14) Textual Information(15)


Text Block

Textual Information(1) One of the Investors (i.e. AIRRO Mauritius Holdings V) of Nandi Economic Corridor Enterprises Ltd., (NECE), a step down subsidiary of the Company and the transferee Soinfra Enterprises Private Limited (“Claimants”) have filed a notice of arbitration before the Singapore International Arbitration Centre (“SIAC”), based on Clause 24.2 (Arbitration Clause) of the SHA against Sponsors and Promoters (named in the SHA) and NECE. The Company being one of the Promoters in relation to NECE under the SHA received the said notice of arbitration on 27th March 2025. In this notice of arbitration, the Company has been named as the 4th respondent along with other respondents. The Claimants claim that the promoters and sponsors have allegedly failed to provide an exit. The Company along with Sponsors and Promoters have denied the alleged breaches of SHA and /or the alleged failure to provide an exit, by filing an appropriate response to the said notice of arbitration with SIAC. As of date, the arbitral tribunal has been duly constituted in the matter, and the Claimants have submitted their statement of claim on 26th September 2025 claiming damages and other reliefs for alleged breach of SHA and failure to provide exit options such as share swap and default put option under the SHA. The Claimants have claimed damages for an amount equal to investment of Rs. 500 Crore along with 18% IRR thereon from the date of investment. Further, the Claimants have sought damages in respect of NECE’s shares subsequently acquired by AIRRO Mauritius Holdings V for a sum of INR 70.90 Crores under a separate transaction with one of the other Respondents by way of a separate Share Purchase Agreement. It is the position of the Company and other Promoters and Sponsors that since these shares form part of a separate agreement, no claim in respect of the same can form subject matter of arbitration under the SHA. The Claimants have also sought pre-award and post-award interest @ 18% p.a. on any monetary amount that may be awarded to the Claimants by the arbitral tribunal. Sponsors and Promoters including the Company have been legally advised that the claim filed by the Claimants lack merits on several counts and that they have strong defenses and a good case on merits to contest the Claimants’ claim. Company along with other Promoters and Sponsors (named in the SHA) have filed a statement of defence to the statement of claim on 24th December 2025.
Textual Information(2) Not applicable since the auditor has not quantified the impact in amount.
Textual Information(3) As mentioned in e.(ii) below
Textual Information(4) One of the Investors (i.e. AIRRO Mauritius Holdings V) of Nandi Economic Corridor Enterprises Ltd., (NECE), a step-down subsidiary of the Company and the transferee Soinfra Enterprises Private Limited (“Claimants”) have filed a notice of arbitration before the Singapore International Arbitration Centre (“SIAC”), based on Clause 24.2 (Arbitration Clause) of the SHA against Sponsors and Promoters (named in the SHA) and NECE. The Company being one of the Promoters in relation to NECE under the SHA received the said notice of arbitration on 27th March 2025. In this notice of arbitration, the Company has been named as the 4th respondent along with other respondents. The Claimants claim that the promoters and sponsors have allegedly failed to provide an exit. The Company along with Sponsors and Promoters have denied the alleged breaches of SHA and /or the alleged failure to provide an exit, by filing an appropriate response to the said notice of arbitration with SIAC. As of date, the arbitral tribunal has been duly constituted in the matter, and the Claimants have submitted their statement of claim on 26th September 2025 claiming damages and other reliefs for alleged breach of SHA and failure to provide exit options such as share swap and default put option under the SHA. The Claimants have claimed damages for an amount equal to investment of Rs. 500 Crore along with 18% IRR thereon from the date of investment. Further, the Claimants have sought damages in respect of NECE’s shares subsequently acquired by AIRRO Mauritius Holdings V for a sum of INR 70.90 Crores under a separate transaction with one of the other Respondents by way of a separate Share Purchase Agreement. It is the position of the Company and other Promoters and Sponsors that since these shares form part of a separate agreement, no claim in respect of the same can form subject matter of arbitration under the SHA. The Claimants have also sought pre-award and post-award interest @ 18% p.a. on any monetary amount that may be awarded to the Claimants by the arbitral tribunal. Sponsors and Promoters including the Company have been legally advised that the claim filed by the Claimants lack merits on several counts and that they have strong defences and a good case on merits to contest the Claimants’ claim. Company along with other Promoters and Sponsors (named in the SHA) have filed a statement of defence to the statement of claim on 24 December, 2025.
Textual Information(5) Refer Qualified Opinion above
Textual Information(6) The toll operations of one of the Material Subsidiaries viz. Nandi Highway Developers Limited (NHDL) have been successfully concluded w.e.f. September 07, 2024, due to end of term of Concession agreement dated February 05, 1998 and Supplementary agreement dated June 21, 2024 between NHDL, Government of India and Government of Karnataka. Considering the positive net worth of NHDL, the management of NHDL is of the view that the assets in the said subsidiary be considered good. However, since there is no operating revenue in NHDL after completion of tenure of Toll Operations, we are unable to ascertain whether any provision for impairment as per ‘IND AS 36 Impairment of Assets’ is required to be recognised in the Standalone Financial Results in respect of Company’s investments in equity shares of NHDL amounting to Rs. 26.07 crores.
Textual Information(7) The toll operations of one of our Material Subsidiaries viz. Nandi Highway Developers Limited (NHDL) have successfully concluded w.e.f. September 07, 2024, due to end of term of Concession agreement dated February 05, 1998 and Supplementary agreement dated June 21, 2024 between NHDL, Government of India and Government of Karnataka. Considering the positive net-worth of NHDL, the investment in NHDL is considered as good, not warranting any provisioning or impairment in the Company’s books.
Textual Information(8) NA
Textual Information(9) NA
Textual Information(10) Refer Qualified Opinion above
Textual Information(11) The interest free advance of Rs. 37 crores given by the Company to its step-down subsidiary viz. Nandi Economic Corridor Enterprises Ltd (NECE), for acquisition of land parcels is outstanding for more than fourteen years. In view of substantial delay in identification and allotment of the land parcels, we are unable to ascertain the nature and present status of utilisation of the advance by NECE. Further, the Company has not recognised provision for impairment in its financial statements in accordance with Ind AS 36, ‘Impairment of Assets.’
Textual Information(12) The Company has given advance of Rs. 3,700 Lakhs to NECE, a step-down subsidiary, towards acquisition of land parcels, which NECE Confirms on quarterly basis during the Audit / Limited Review of Financial Statements / Results. The Company is of the opinion that the advance is good and recoverable and needs no provision for impairment.
Textual Information(13) NA
Textual Information(14) NA
Textual Information(15) Refer Qualified Opinion above


Signatories detail

Name of CEO / Managing director B. S. Mitkari
Name of CFO B. S. Mitkari
Name of audit committee chairman S. K. Adivarekar
Name of statutory auditor Anagha M. Nanivadekar
Name of other signatory, if any, with designation
Place Pune
Date 28-05-2026


Amount in (Lakhs)

Format for Disclosure of Related Party Transactions (applicable only for half-yearly filings i.e., 2nd and 4th quarter)
Sr No. Additional disclosure of related party transactions - applicable only in case the related party transaction relates to loans, inter-corporate deposits, advances or investments made or given by the listed entity/subsidiary. These details need to be disclosed only once, during the reporting period when such transaction was undertaken.
Details of the party (listed entity/subsidiary) entering into the transaction Details of the counterparty Type of related party transaction Details of other related party transaction Value of the related party transaction as approved by the audit committee Remarks on approval by audit committee Value of the related party transaction ratified by the audit committee Date of Audit Committee Meeting where the ratification was approved Value of transaction during the reporting period In case monies are due to either party as a result of the transaction In case any financial indebtedness is incurred to make or give loans, inter-corporate deposits, advances or investments Details of the loans, inter-corporate deposits, advances or investments Notes
Name PAN Name PAN Relationship of the counterparty with the listed entity or its subsidiary Opening balance Closing balance Nature of indebtedness (loan/ issuance of debt/ any other etc.) Details of other indebtedness Cost Tenure Nature (loan/ advance/ intercorporate deposit/ investment ) Interest Rate (%) Tenure Secured/ unsecured Purpose for which the funds will be utilised by the ultimate recipient of funds (endusage)
1 BF UTILITIES LIMITED Bharat Forge Limited Enterprise under Common control Sale of goods or services 5,000.00 Approved 497.98 0.00 0.00
2 BF UTILITIES LIMITED Bharat Forge Limited Enterprise under Common control Any other transaction Rembursement of Expenses 2,000.00 Approved 368.05 0.00 0.00
3 BF UTILITIES LIMITED Bharat Forge Limited Enterprise under Common control Any other transaction Security Deposit 200.00 Approved 0.00 (2,000.00) (2,000.00)
4 BF UTILITIES LIMITED BF Investment Limited Enterprise under Common control Loan 1,000.00 Approved (950.00) (1,050.00) 0.00 Loan 0 0 Unsecured working capital Textual Information(1)
5 BF UTILITIES LIMITED Mr. B. S. Mitkari KMP Remuneration 300.00 Approved 123.09 (5.76) 0.00
6 BF UTILITIES LIMITED Mr. Amit B. Kalyani Promoter Group, Non Independent Director Any other transaction Sitting Fees 10.00 Approved 0.90 0.00 0.00
7 BF UTILITIES LIMITED Mr. S. K. Adivarekar Independent Director Any other transaction Sitting Fees 10.00 Approved 0.90 0.00 0.00
8 BF UTILITIES LIMITED Mr. J. K. Hemade Independent Director Any other transaction Sitting Fees 10.00 Approved 1.05 0.00 0.00
9 BF UTILITIES LIMITED Mr. M. U. Takale Non Independent Director Any other transaction Sitting Fees 10.00 Approved 1.05 0.00 0.00
10 BF UTILITIES LIMITED BFUL Resources Private Limited Subsidiary Company Any other transaction Rent 10.00 Approved (4.33) (9.69) (12.98)
11 BF UTILITIES LIMITED Kalyani Strategic Management Services Limited Enterprise under Common control Any other transaction Brand Fees Paid 10.00 Approved (2.95) (2.70) (5.40)
12 BF UTILITIES LIMITED Ms. P. S. Rai KMP Remuneration 20.00 Approved 5.74 (0.49) 0.00
13 BF UTILITIES LIMITED Jaypatri Investments Pvt Ltd Companies under same management control Any other transaction Rembursement of Expenses 100.00 Approved 98.29 0.00 55.31
14 Nandi Economic Corridore Enterprises Limited Mr. Shivkumar Kheny Relative of Subsidiary Any other transaction Rent 100.00 Approved 14.36 0.00 0.00
15 Nandi Economic Corridore Enterprises Limited India International Infrastructure Engineers Limited Enterprises owned or significantly influenced by key management personnel or their relatives Any other transaction Professional Fees 500.00 Approved 144.78 0.00 0.00
16 Nandi Economic Corridore Enterprises Limited Mr. Ashokkumar Kheny KMP subsidiary Remuneration 1,000.00 Approved 103.70 0.00 0.00
17 Nandi Economic Corridore Enterprises Limited Mr. Ashokkumar Shetty KMP subsidiary Remuneration 200.00 Approved 117.13 0.00 0.00
18 Nandi Economic Corridore Enterprises Limited Mr. N. Balaji Naidu KMP subsidiary Remuneration 100.00 Approved 48.40 0.00 0.00
19 Nandi Economic Corridore Enterprises Limited India International Infrastructure Engineers Limited Enterprises owned or significantly influenced by key management personnel or their relatives Any other transaction Supplier advance 150.00 Approved 57.65 98.50 40.85 Advance 0 0 Unsecured working capital
20 Nandi Economic Corridore Enterprises Limited BF Investment Limited Enterprise under Common control Loan 200.00 Approved 568.01 (6,731.80) (7,113.79) Loan 0 0 Unsecured working capital
21 Nandi Economic Corridore Enterprises Limited Nandi Engineeing Ltd. Enterprises owned or significantly influenced by key management personnel or their relatives Loan 500.00 Approved 0.00 (11,635.26) (11,635.26) Loan 0 0 Unsecured working capital
22 Nandi Infrastructure Corridore Enterprise Limited Nandi Engineering Limited Enterprises owned or significantly influenced by key management personnel or their relatives Interest paid 500.00 Approved 105.79 0.00 0.00
23 Nandi Infrastructure Corridore Enterprise Limited Nandi Engineering Limited Enterprises owned or significantly influenced by key management personnel or their relatives Any other transaction Cumulative Redeemable Preference Shares 300.00 Approved 1,037.92 (1,038.70) (2,076.68)
24 Nandi Infrastructure Corridore Enterprise Limited Nandi Engineering Limited Enterprises owned or significantly influenced by key management personnel or their relatives Any other transaction Advance to supplier 300.00 Approved 6.85 2,457.00 2,450.15 Advance 0 0 Unsecured working capital
25 Nandi Infrastructure Corridore Enterprise Limited BF Investment Limited Enterprise under Common control Loan 200.00 Approved 0.00 (300.00) (300.00) Loan 0 0 Unsecured working capital
26 Nandi Highway Developers Limited Mr. Shivkumar Kheny KMP subsidiary Remuneration 100.00 Approved 46.10 0.00 0.00
27 Nandi Highway Developers Limited Ms. Ranjitha Thimmappa Bhat KMP subsidiary Remuneration 10.00 Approved 2.79 0.00 0.00
28 Nandi Highway Developers Limited Mr. Ashokkumar Kheny Director Any other transaction Sitting Fees 10.00 Approved 0.75 0.00 0.00
29 Nandi Highway Developers Limited Mr. A. B. Shiv Subramanayam Independent Director of subsidiary Any other transaction Sitting Fees 10.00 Approved 0.75 0.00 0.00
30 Nandi Highway Developers Limited AKK Entertainment Limited Enterprises owned or significantly influenced by key management personnel or their relatives Any other transaction Preference Shares 500.00 Approved 0.00 985.30 985.30
31 Nandi Highway Developers Limited Ashok Kheny Infrastructure Limited Enterprises owned or significantly influenced by key management personnel or their relatives Any other transaction Preference Shares 300.00 Approved 0.00 142.14 142.14
32 Nandi Highway Developers Limited Karanja Project Management Consultancy LLP Enterprises owned or significantly influenced by key management personnel or their relatives Any other transaction Advance to supplier 100.00 Approved 0.00 29.02 29.02 Advance 0 0 Unsecured working capital
33 Nandi Highway Developers Limited Nandi Infrastructure Capital Co. Ltd. Enterprises owned or significantly influenced by key management personnel or their relatives Any other transaction Advance to supplier 100.00 Approved 0.00 6.76 6.76
Total value of transaction during the reporting period 2,394.75



Text Block

Textual Information(1) Loan repaid