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UTILITIES LIMITEDMain BoardEquity2025-04-012026-03-312026-05-282026-05-21INRLakhsQuarterlyFourth quarterMulti segment2026-05-2811:15:002026-05-2814:40:00trueCash Flow IndirectStatement on impact of audit qualificationtruetrueNANAfalsetrue2026-05-28http://www.bfutilities.com/pdf/Policies%20and%20Terms/BFUL_Related%20Party%20Transaction%20Policy%2028052026.pdffalsefalseNA2026-01-012026-03-31AuditedStandalone1665600084390002509500000-550005882000500013720006431500071519000-4642400012913000-335110000289500028950000-364060000000-36406000249000-361570001883380005-0.97-0.9700-0.97-0.97Notes: Please refer signed results2025-04-012026-03-31AuditedStandalone1886070001448180003334250000049000262880005000638700023443600026716500066260000-88990005736100038500000-34790003502100002234000000002234000058100022921000188338000514774340000.590.59000.590.59Other Expenses64315000Other Expenses234436000189130000000000110956600000367290001146295000037000000015352080003650001405000022950004334600000376020004747620000932100048444800000201965600018833800014774340001665772000166577200000002104530002104530001830000021063600001167000306270003179400016740003346800098300094765000140320000143248000003538840002019656000Deferred tax assets (net)22634000Other financial assets13376000Right to use assets719000Other non-current assets370000000Other current financial assets37602000Other current assets9321000Other non-current financial liabilities210101000Lease liabilities352000Lease liabilities356000Other current financial liabilities1318000Other current liabilities983000Windmills25092000Infrastructure0Windmills229119000Infrastructure104288000250920003334070000025092000333407000Windmills-4117000Infrastructure-36923000Windmills40080000Infrastructure36815000-410400007689500050005000537900010630000-4642400066260000Windmills598686000Infrastructure1411942000201062800090300002019658000Windmills338011000Infrastructure03380110001587500035388600005000000-417400000-69530000-951000034200006387000079200000-49300000104305000404780000000040000-142651000-85290000000292020000-11449200000000000033000000000000000-7687400000001043050003600300000217149000000000000105000000330000000-105033000-23760000-237600046710002295000Gain /(loss) on remeasurement of defined benefit plan679000Gain /(loss) on fair valuation of financial instruments-304000375000Gain /(loss) on remeasurement of defined benefit plan120000Gain /(loss) on fair valuation of financial instruments56600068600012600010500000249000581000BF UTILITIES LIMITED******Bharat Forge Limited******Enterprise under Common controlSale of goods or services500000000Approved4979800000BF UTILITIES LIMITED******Bharat Forge Limited******Enterprise under Common controlAny other transactionRembursement of Expenses200000000Approved3680500000BF UTILITIES LIMITED******Bharat Forge Limited******Enterprise under Common controlAny other transactionSecurity Deposit20000000Approved0-200000000-200000000BF UTILITIES LIMITED******BF Investment Limited******Enterprise under Common controlLoan100000000Approved-95000000-1050000000Loan00Unsecuredworking capitalBF UTILITIES LIMITED******Nandi Economic Corridore Enterprises Limited******Subsidiary CompanyAdvance500000000Approved0370000000370000000Advance00Unsecuredworking capitalBF UTILITIES LIMITED******Mr. B. S. Mitkari******KMPRemuneration30000000Approved12309000-5760000BF UTILITIES LIMITED******Mr. Amit B. Kalyani******Promoter Group, Non Independent DirectorAny other transactionSitting Fees1000000Approved9000000BF UTILITIES LIMITED******Mr. S. K. Adivarekar******Independent DirectorAny other transactionSitting Fees1000000Approved9000000BF UTILITIES LIMITED******Mr. J. K. Hemade******Independent DirectorAny other transactionSitting Fees1000000Approved10500000BF UTILITIES LIMITED******Mr. M. U. Takale******Non Independent DirectorAny other transactionSitting Fees1000000Approved10500000BF UTILITIES LIMITED******BFUL Resources Private Limited******Subsidiary CompanyAny other transactionRent1000000Approved-433000-969000-1298000BF UTILITIES LIMITED******Kalyani Strategic Management Services Limited******Enterprise under Common controlAny other transactionBrand Fees Paid1000000Approved-295000-270000-540000BF UTILITIES LIMITED******Ms. P. S. Rai******KMPRemuneration2000000Approved574000-490000BF UTILITIES LIMITED******Jaypatri Investments Pvt Ltd******Companies under same management controlAny other transactionRembursement of Expenses10000000Approved98290000553100013977000AuditedQualified opinionG. D. Apte and Co.true2026-11-3033342500033342500027606400090678300022340000-6083790000.59-16.152019656000138893700035388400035388400016657720001035053000One 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 NECEs 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.Qualified opinionWhether appeared first timeNot applicable since the auditor has not quantified the impact in amount.As mentioned in e.(ii) belowOne 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 NECEs 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.Refer Qualified Opinion aboveThe 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 Companys investments in equity shares of NHDL amounting to Rs. 26.07 crores.Qualified opinionWhether appeared first timeThe 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 Companys books.NANARefer Qualified Opinion aboveThe 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.Qualified opinionRepetitiveThe 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.NANARefer Qualified Opinion aboveB. S. MitkariB. S. MitkariS. K. AdivarekarAnagha M. NanivadekarPune2026-05-28