BF UTILITIES LIMITED (BFUTILITIE): Financials & Fundamentals History

Share price

Closing priceAdjusted for splits and bonus issues.

3M1Y3YAll

₹442.05 latest close · −24.6% over the last 90 sessions

₹442.05 month-end · −30.1% over 12 months

₹442.05 month-end · −32.2% over 3 years

₹442.05 month-end · +120.2% since Jan '19

52-week range ₹368.70 to ₹736.00 · 1-year volatility 44.8%

Was the rally earned?

1 year3 years

-30%share price, 1 yearMultiple-driven

Mostly the multiple.

Most of the fall came from investors paying a lower multiple (P/E 16.1x to 11.3x); per-share earnings added 0 points.
The share count rose 2%.

Net profit growth+2 ptsNet profit rose about 2%, which lifts the price.

P/E change-30 ptsThe P/E fell from 16.1x to 11.3x, which lowers the price.

Share count change-2 ptsShare count rose 2%, which lowers the price.

-32%share price, 3 yearsLower P/E held it back

Earnings helped, the multiple did not.

Per-share earnings added 19 points, but investors now pay less per rupee of profit (P/E 21.0x to 11.3x), which took 52 points back.
The share count rose 15%.

Net profit growth+31 ptsNet profit rose about 45%, which lifts the price.

P/E change-52 ptsThe P/E fell from 21.0x to 11.3x, which lowers the price.

Share count change-11 ptsShare count rose 15%, which lowers the price.

What do "pts" mean?

"pts" are percentage points of the share price return. The parts add up to the total shown for each period. Because price = P/E × net profit ÷ share count, higher profit pushes the price up, a higher P/E pushes it up, and more shares push it down.

Example: if the price rose 34% and profit growth accounts for +58 pts while a lower P/E accounts for -24 pts, then 58 - 24 = 34. The +58 is not the profit growth rate itself: it is the part of the price move that profit growth explains.

Not shown for 5 years: earnings were negative at one end, or there is not enough history.

Net profit is trailing twelve months as reported with a 60-day lag.

Compare this with LARSEN AND TOUBRO

How rough has the ride been?

Maximum drawdown-66.6%not yet recovered

1-year volatility44.8%annualised

Beta vs sector index1.083-year daily, correlation 0.49

Volume spikes7last 90 sessions, 5x the 50-day median

Drawdown from peak

Largest drawdowns

-66.6% (2024-10 peak to 2026-03 low, not yet recovered)

-61.2% (2019-12 peak to 2020-05 low, recovered 2021-06)

-49.8% (2021-06 peak to 2022-06 low, recovered 2023-08)

Most recent volume spikes

2026-09-11: 6.3x the 50-day median, price +0.8% that day

2026-09-10: 11x the 50-day median, price +4.3% that day

2026-09-04: 6.2x the 50-day median, price -0.3% that day

Beta is the slope of daily returns against a market-cap-weighted index of the sector's other listed companies, built from today's constituents (so it excludes companies no longer listed).

Is it expensive against its own past and its peers?

11.3xP/E todayNear its historic low

Against its own history5th percentile

CheapestMedian 21.1xDearest

Usual range 13.4x to 45.7x since 2019-01.

Against Industrial Services11.3x vs 14.0x

This company

11.3x

Sector median

14.0x

20% below the Industrial Services median.

P/EP/BP/S

P/E (this company)10th to 90th percentile of its own historyIts medianIndustrial Services median

The chart loads when you open this tab.

P/B (this company)10th to 90th percentile of its own historyIts medianIndustrial Services median

The chart loads when you open this tab.

P/S (this company)10th to 90th percentile of its own historyIts medianIndustrial Services median

How to read this

Shaded band: 10th to 90th percentile of the company's own P/E history; dotted line: its median; orange line: sector median (companies with a positive multiple, at least 5 in the sector).

Sector figures are built from today's listed companies, so they exclude companies that are no longer listed.

All terms explained in the glossary →

How Industrial Services is valued

Where does it rank among Industrial Services peers?

Each cell is the company's percentile rank among its Industrial Services peers (non-financial companies) that month.
Darker is better-ranked.
Rows marked ↓ are inverted (lower debt, shorter cash cycle and a lower P/E rank higher).

Where it ranks today

ROCE86thflat vs a year ago
Op. margin98thflat vs a year ago
Revenue growth26th▲ 3 pts vs a year ago
EPS growth46thflat vs a year ago
Debt/equity ↓1stflat vs a year ago
Cash cycle ↓80th▲ 3 pts vs a year ago
P/E ↓62nd▲ 6 pts vs a year ago
12M momentum41st▲ 10 pts vs a year ago

Rank history

ROCE

Op. margin

Revenue growth

EPS growth

Debt/equity ↓

Cash cycle ↓

P/E ↓

12M momentum

Dec '21Jul '22Jan '23Jul '23Jan '24Jul '24Jan '25Jul '25Jan '26Jul '26Nov '26

Lower rank Higher rank Not enough data

Percentiles use today's listed companies in the sector and need at least 5 peers with a value; grey cells have too few.
ROE is computed from net profit and book value where the source does not report it.

The Industrial Services sector page Watch it move against Industrial Services in the Observatory

What is the price implying?

~15%annual earnings growth implied by the price

At a P/E of 19.4x, the price would imply about 14.9%/yr earnings growth for 10 years under the same assumptions, but it is not ranked.

Earnings figures have not updated recently, so the company is left out of the lists.

“Implied growth” is what the current price would require under our stated assumptions, not what we expect.

What prices imply across Industrial Services The market-wide Expectations lists

Key figures

Share Priceclose 9 Nov: ₹442.05
P/E: 11.3x
ROCE: 30.0%
Market Cap: ₹1665 cr
Revenue (TTM): ₹870 cr
P/S: 1.9x
P/B: 8.2x
ROE: 73.3%
Operating Margin: 73.0%
Debt / Equity: 4.6x
Promoter Holding: 56.7%
12M Momentum: -30.1%

52-week range

₹368.70₹736.00

20% of the way from its 52-week low to its high

Price risk

1Y volatility

44.8%

Beta vs sector

1-year daily

1.03

Balance sheet & cash

Interest cover

operating profit ÷ interest

4.7x

Cash from profit, 3Y

operating cash flow ÷ net profit

1.73x

Share count, 1Y

unchanged

Are profits backed by cash?

6 of 6checks within rangeAll clear

Other income reliance5%Within range

Other income as a share of pre-tax profit (trailing twelve months): 5.0%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate26%Within range

Median quarterly effective tax rate over about 2.5 years: 26.0%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.

Cash conversion1.73xWithin range

Operating cash flow divided by net profit over the last three fiscal years: 1.73x (cash from operations ₹1,559 cr, net profit ₹899 cr). Bands: 0.8x and above, 0.5x to 0.8x, below 0.5x.

Free cash flow5 of 5 yrsWithin range

Fiscal years with positive free cash flow in the last 5: 5. Bands: at least 80% of years, 40% to 80%, below 40%.

Receivable days vs history+2 daysWithin range

Debtor days are above the median of the previous three fiscal years by 2 days (3 vs 1). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress6% of fixed assetsWithin range

Capital work-in-progress is 6% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.

Payable days—Not enough data

Not enough reported data to compute this.

Tap a check to see how it is measured

How to read this

Each check is a named rule with fixed thresholds, not a score. Annual statements are the latest restated figures, so a past year may differ from what was originally reported.

All terms explained in the glossary →

Who has been buying and selling?

Over 3 years, FIIs added 0.7 pts.
The number of shareholders rose from 44,259 to 46,840 (+6%) between Sep 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupSep '23Jun '26Change

Promoters56.7%56.7%0.0 pts

FIIs0.9%1.6%+0.7 pts

DIIs0.1%0.1%-0.1 pts

Public and others42.2%41.6%-0.6 pts

Number of shareholders

46,840shareholders+6% since Sep '23

Quarterly shareholding as reported, labelled by the quarter it covers (it becomes visible about two months later).
Shareholder counts are only available for recent quarters.

This quarter's smart-money board

What happened next to similar setups

+10.1%typical 12-month return vs the marketNot meaningfully different from the base rate

We found 50 past situations where a non-financial company looked like BF UTILITIES LIMITED today on valuation, return on capital, margins, debt, growth, price momentum, size and volatility.
Over the following 12 months the middle half of them returned −17% to +45% vs the market, against +1% for all non-financial companies in the same months.
The gap against the base rate (+9.3%, 80% range −4.4% to +17.7%) is within what chance and overlapping periods produce.

Where the 50 outcomes landed

Each dot is one past situation (hover or tap for details) · Solid dots are the closest matches, listed below · Shaded is the middle half of all companies in the same months · 5 beyond the range shown, drawn at the edge

Similar setups' median

+10.1%

All companies' median

+0.8%

Beat the market

54% vs 51%

50 past situations · 50 companies · 34 months · 2020–2025

The closest matches

Company	When	P/E	ROCE	12M mom.	Drawdown	Next 12 months
TRF Producer Manufacturing	May 2025	15x	38%	−31%	−40%	−39%
RADIOCITY Consumer Services	Mar 2024	9x	22%	+50%	−34%	−46%
STEELXIND Non-Energy Minerals	Aug 2025	32x	—	−38%	−39%	+13%
BIRLAMONEY Finance	Mar 2020	11x	—	−59%	−65%	+18%
NDTV Consumer Services	Oct 2020	11x	24%	−11%	−42%	+70%

Show the other 3 matches

Company	When	P/E	ROCE	12M mom.	Drawdown	Next 12 months
ASHOKA Industrial Services	Sep 2021	10x	20%	+53%	−16%	−21%
FACT Process Industries	Sep 2022	20x	33%	−15%	−28%	+326%
BHARATWIRE Producer Manufacturing	Aug 2025	12x	19%	−40%	−43%	−1%

How reliable is this?

Matched on P/E, P/S, ROCE, operating margin, debt/equity, interest cover, revenue growth, 12-month momentum, drawdown from 12-month high, size and volatility. Closest on: drawdown from 12-month high, 12-month momentum and interest cover. One match per company and at most 7 from any one month.

Independent periods: the matches fall in 6 distinct 12-month windows. Matches from nearby months share the same market conditions, so fewer windows means less evidence.

How this is built

This is history, not a forecast. These are past situations where other companies had broadly similar reported numbers and price trends. What happened to them does not tell you what will happen to BF UTILITIES LIMITED. The comparison covers only 2020–2025, a single market period, and only companies still listed today. Companies that were delisted or went bankrupt are missing, which makes past outcomes look better than they were. Returns exclude dividends and are measured against an ApnaFunda-built index, not an official benchmark. Fundamentals are matched on a 60-day assumed reporting lag, not actual announcement dates. Its historical skill has not yet been measured. Past patterns may not repeat.

Methodology

How historical analogs are built

Data as of 2026-11-09. Outcome pool: Jan 2020 to Oct 2025.

For every company we look at the situation it is in today (valuation, return on capital, margins, debt, growth, 12-month price momentum, drawdown, size and volatility) and find past company-months that looked most like it. We then show what happened to those past situations over the following 12 months, measured against the ApnaFunda All index and against the base rate. It describes history. It does not predict anything.

What is compared

Feature	Weight	Non-financial	Financial
P/E	1	yes	yes
P/S	1	yes	—
P/B	1	—	yes
ROCE	1	yes	—
operating margin	1	yes	—
ROE	1	—	yes
debt/equity	0.75	yes	—
interest cover	0.5	yes	—
revenue growth	0.75	yes	yes
12-month momentum	1	yes	yes
drawdown from 12-month high	0.75	yes	yes
size	0.75	yes	yes
volatility	0.5	yes	yes

Weights were set by judgement before any outcome was looked at and are never tuned on results. Loss-making companies (negative P/E or net profit) are only matched with other loss-making companies. Banks, NBFCs and insurers are compared only with each other and use a different feature set. Every feature is converted, month by month, to its rank among companies in the same pool in that month, so a P/E of 30 in a hot market and a P/E of 22 in a cold one can match if both were equally expensive for their time. Only that month's data is used.

How closeness and the sample are defined

Distance is the weighted root-mean-square gap between the standardised features both companies have. A match needs at least 70% of the query's feature weight, a distance of at most 0.9, and 30 matches at minimum to be shown. We keep up to 50 matches with these exclusions: never the company itself, one match per company (its closest month), and at most 7 from any one calendar month so a single market episode cannot dominate.

Base rate

The base rate is the distribution of 12-month returns, relative to the market, of every eligible company-month in the same pool, with each month weighted to match the months the analogs came from. It answers: how did a random company do in these same months? Because matches from nearby months share the same market conditions, we also report the number of distinct 12-month windows behind a result, and a bootstrap that resamples months decides whether the analog median differs from the base rate at all. "Not meaningfully different" is the usual outcome and the page copy is written for it.

Limits you should know

One market period. The outcome pool covers 2020–2025 only (70 months), including the 2020 crash and the 2020–21 rally.
Survivorship. Only companies listed today are included. Delisted and bankrupt companies are missing, which flatters past outcomes, particularly for distressed-looking setups.
Price return only. Dividends are excluded, and the benchmark is an ApnaFunda market-cap-weighted index of the same listed companies, not an official index.
Reporting lag. Fundamentals are matched on an assumed 60-day lag after the quarter end, not on real announcement dates.
Pools: non-financial: 98,395 company-months from 2019 companies; financial: 5,659 company-months from 108 companies. 2349 companies currently have a result; the rest are suppressed because too few comparable situations exist.

Does it work? A walk-forward check

The walk-forward check has not been run for this build, so skill is shown as not yet measured.

Disclaimer

This is history, not a forecast. These are past situations where other companies had broadly similar reported numbers and price trends. What happened to them does not tell you what will happen to any company shown. The comparison covers only 2020–2025, a single market period, and only companies still listed today. Companies that were delisted or went bankrupt are missing, which makes past outcomes look better than they were. Returns exclude dividends and are measured against an ApnaFunda-built index, not an official benchmark. Fundamentals are matched on a 60-day assumed reporting lag, not actual announcement dates. Its historical skill has not yet been measured. Past patterns may not repeat.

What else looks like this?

Companies with the most similar financial profile today, regardless of industry.

EFC IEFCIL

Distribution Services

75%similar

promoter holdingdebt/equity

BHARAT WIRE ROPESBHARATWIRE

Producer Manufacturing

65%similar

revenue growthP/E

SAI SILKS KALAMANDIRKALAMANDIR

Retail Trade

63%similar

market caprevenue growth

SIGNPOST INDIASIGNPOST

Commercial Services

60%similar

ROCEpromoter holding

CREDO BRANDS MARKETINGMUFTI

Retail Trade

48%similar

promoter holdingP/E

SUYOG TELEMATICSSUYOG

Industrial Services

43%similar

operating marginP/E

SURAJ ESTATE DEVELOPERS LIMITESURAJEST

Industrial Services

39%similar

volatilityP/E

KNOWLEDGE MARINE AND ENG WORKSKMEW

Industrial Services

35%similar

market capoperating margin

Similarity is statistical, based on reported metrics; it does not imply similar business quality or future returns.

What changed?

30 events since Jun '23

2026
SepPriceVolume reached 101.9x its 50-day median on 2026-09-03; price +8.7% that day.
JulValuationP/E fell below the 10th percentile of its own history to date (14.5x).
JunPeer rankSlipped to the 3rd quartile of Industrial Services on EPS growth (from the 2nd quartile).
JunPriceVolume reached 11.4x its 50-day median on 2026-06-12; price +7.5% that day.
MarPriceFell 67% from the Oct 2024 peak to the Mar 2026 low.
MarPeer rankMoved into the 2nd quartile of Industrial Services on EPS growth (from the 3rd quartile).
MarPriceVolume reached 17.7x its 50-day median on 2026-03-04; price -4.1% that day.
JanDebtDebt / equity halved over 12 months to 4.61x.

Show 22 earlier events

2025
NovValuationP/E fell below the 10th percentile of its own history to date (16.1x).
SepResultsYear-on-year EPS growth turned negative.
SepPriceVolume reached 93.8x its 50-day median on 2025-09-23; price +10.2% that day.
JunDebtDebt / equity halved over 12 months to 4.61x.
JunPriceVolume reached 13.0x its 50-day median on 2025-06-10; price +5.0% that day.
MarPriceVolume reached 21.9x its 50-day median on 2025-03-27; price +18.5% that day.
FebValuationP/E fell below the 10th percentile of its own history to date (15.3x).
2024
DecPeer rankSlipped to the 3rd quartile of Industrial Services on EPS growth (from the 2nd quartile).
OctPriceVolume reached 15.1x its 50-day median on 2024-10-04; price +4.4% that day.
SepPeer rankMoved into the 2nd quartile of Industrial Services on EPS growth (from the 3rd quartile).
SepPriceVolume reached 24.3x its 50-day median on 2024-09-24; price +6.4% that day.
JunPeer rankSlipped to the 3rd quartile of Industrial Services on EPS growth (from the top quartile).
MayPriceRegained the 2024-03 peak, 2 months after the low.
MayPriceVolume reached 12.5x its 50-day median on 2024-05-30; price +2.3% that day.
MarPriceFell 27% from the Mar 2024 peak to the Mar 2024 low.
FebPriceRegained the 2023-09 peak, 1 month after the low.
FebPriceVolume reached 21.4x its 50-day median on 2024-02-07; price +10.7% that day.
JanPriceFell 29% from the Sep 2023 peak to the Jan 2024 low.
2023
AugPriceRegained the 2021-06 peak, 14 months after the low.
AugPriceVolume reached 21.1x its 50-day median on 2023-08-18; price +3.5% that day.
JunResultsYear-on-year EPS growth turned positive.
JunValuationP/E fell below the 10th percentile of its own history to date (11.1x).

Events are generated from the data by fixed rules.
The month shown is when the change became visible in the reported figures, assuming a 60-day lag after each quarter end; it is not an announcement date.

Where price and fundamentals disagree, market-wide Rewind the whole market to any month

Monthly history95 months · 2019-01 to 2026-11

Month	P/E	Revenue (TTM)	ROE	ROCE	Debt / Equity
2026-11	11.3x	₹870 cr	73.3%	30.0%	4.6x
2026-10	10.9x	₹870 cr	71.6%	30.0%	4.6x
2026-09	12.9x	₹870 cr	71.6%	30.0%	4.6x
2026-08	12.8x	₹870 cr	71.6%	30.0%	4.6x
2026-07	14.5x	₹870 cr	71.6%	30.0%	4.6x
2026-06	15.5x	₹870 cr	71.6%	30.0%	4.6x
2026-05	14.5x	₹870 cr	71.6%	30.0%	4.6x
2026-04	14.2x	₹870 cr	71.6%	30.0%	4.6x
2026-03	9.5x	₹870 cr	71.6%	30.0%	4.6x
2026-02	12.9x	₹870 cr	71.6%	30.0%	4.6x
2026-01	13.2x	₹870 cr	71.6%	30.0%	4.6x
2025-12	16.9x	₹870 cr	71.6%	30.0%	4.6x
2025-11	16.1x	₹870 cr	71.6%	30.0%	4.6x
2025-10	18.7x	₹870 cr	71.6%	30.0%	4.6x
2025-09	19.9x	₹870 cr	71.6%	30.0%	4.6x
2025-08	20.5x	₹870 cr	71.6%	30.0%	4.6x
2025-07	19.1x	₹870 cr	71.6%	30.0%	4.6x
2025-06	20.1x	₹870 cr	71.6%	30.0%	4.6x
2025-05	19.0x	₹870 cr	258.3%	28.0%	23.2x
2025-04	18.0x	₹870 cr	258.3%	28.0%	23.2x
2025-03	19.1x	₹870 cr	258.3%	28.0%	23.2x
2025-02	15.3x	₹906 cr	252.1%	28.0%	23.2x
2025-01	20.1x	₹906 cr	252.1%	28.0%	23.2x
2024-12	24.4x	₹906 cr	252.1%	28.0%	23.2x
2024-11	24.1x	₹903 cr	249.0%	28.0%	23.2x
2024-10	20.8x	₹903 cr	249.0%	28.0%	23.2x
2024-09	23.1x	₹903 cr	249.0%	28.0%	23.2x
2024-08	20.2x	₹969 cr	235.1%	28.0%	23.2x
2024-07	20.7x	₹969 cr	235.1%	28.0%	23.2x
2024-06	23.0x	₹969 cr	235.1%	28.0%	23.2x
2024-05	24.9x	₹959 cr	—	26.0%	—
2024-04	23.6x	₹959 cr	—	26.0%	—
2024-03	21.1x	₹959 cr	—	26.0%	—
2024-02	25.1x	₹879 cr	—	26.0%	—
2024-01	17.2x	₹879 cr	—	26.0%	—
2023-12	16.8x	₹879 cr	—	26.0%	—
2023-11	21.0x	₹822 cr	—	26.0%	—
2023-10	20.1x	₹822 cr	—	26.0%	—
2023-09	21.0x	₹822 cr	—	26.0%	—
2023-08	20.9x	₹753 cr	—	26.0%	—
2023-07	11.4x	₹753 cr	—	26.0%	—
2023-06	11.1x	₹753 cr	—	26.0%	—
2023-05	26.7x	₹513 cr	—	16.0%	—
2023-04	25.0x	₹513 cr	—	16.0%	—
2023-03	22.0x	₹513 cr	—	16.0%	—
2023-02	24.7x	₹513 cr	—	16.0%	—
2023-01	27.3x	₹513 cr	—	16.0%	—
2022-12	28.7x	₹513 cr	—	16.0%	—
2022-11	29.7x	₹513 cr	—	16.0%	—
2022-10	29.0x	₹513 cr	—	16.0%	—
2022-09	30.1x	₹513 cr	—	16.0%	—
2022-08	29.9x	₹513 cr	—	16.0%	—
2022-07	24.2x	₹513 cr	—	16.0%	—
2022-06	22.3x	₹513 cr	—	16.0%	—
2022-05	—	₹370 cr	—	11.0%	—
2022-04	—	₹370 cr	—	11.0%	—
2022-03	—	₹370 cr	—	11.0%	—
2022-02	—	₹370 cr	—	11.0%	—
2022-01	—	₹370 cr	—	11.0%	—
2021-12	—	₹370 cr	—	11.0%	—
2021-11	—	₹370 cr	—	11.0%	—
2021-10	—	₹370 cr	—	11.0%	—
2021-09	—	₹370 cr	—	11.0%	—
2021-08	—	₹370 cr	—	11.0%	—
2021-07	—	₹370 cr	—	11.0%	—
2021-06	—	₹370 cr	—	11.0%	—
2021-05	57.4x	₹535 cr	—	15.0%	—
2021-04	54.3x	₹535 cr	—	15.0%	—
2021-03	47.0x	₹535 cr	—	15.0%	—
2021-02	52.3x	₹535 cr	—	15.0%	—
2021-01	51.5x	₹535 cr	—	15.0%	—
2020-12	55.6x	₹535 cr	—	15.0%	—
2020-11	49.1x	₹535 cr	—	15.0%	—
2020-10	45.8x	₹535 cr	—	15.0%	—
2020-09	45.4x	₹535 cr	—	15.0%	—
2020-08	49.0x	₹535 cr	—	15.0%	—
2020-07	41.8x	₹535 cr	—	15.0%	—
2020-06	39.0x	₹535 cr	—	15.0%	—
2020-05	15.2x	₹448 cr	—	18.0%	—
2020-04	17.0x	₹448 cr	—	18.0%	—
2020-03	14.2x	₹448 cr	—	18.0%	—
2020-02	26.8x	₹448 cr	—	18.0%	—
2020-01	29.7x	₹448 cr	—	18.0%	—
2019-12	31.0x	₹448 cr	—	18.0%	—
2019-11	26.1x	₹448 cr	—	18.0%	—
2019-10	26.4x	₹448 cr	—	18.0%	—
2019-09	17.6x	₹448 cr	—	18.0%	—
2019-08	15.8x	₹448 cr	—	18.0%	—
2019-07	17.5x	₹448 cr	—	18.0%	—
2019-06	17.5x	₹448 cr	—	18.0%	—
2019-05	32.2x	₹401 cr	—	16.0%	—
2019-04	28.9x	₹401 cr	—	16.0%	—
2019-03	30.7x	₹401 cr	—	16.0%	—
2019-02	28.2x	₹401 cr	—	16.0%	—
2019-01	31.5x	₹401 cr	—	16.0%	—

Methodology and data notes