BF Utilities Limited (BFUTILITIE.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+130.7%

₹996.24

vs ₹431.75 price

Levered DCF

₹2,868.78

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.64

Distress zone

Rating

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	10.19×	19.17×	20.91×	9×	22.86×	-372.73×	27.52×	19.57×
P/B	3.98×	13.93×	55.67×	-12.2×	-6.79×	-4.15×	-2.45×	-2.84×
P/S	1.48×	3.35×	3.18×	1.47×	2.26×	2.51×	1.01×	1.68×
EV / EBITDA	2.79×	5.71×	7.32×	5.04×	8.39×	10.75×	7.72×	7.65×
Gross margin	75.7%	78.8%	72.7%	92.1%	80.9%	86.9%	81.4%	68.8%
Operating margin	56.2%	65.6%	53.1%	91.7%	52.7%	46.7%	46.0%	64.0%
Net margin	14.5%	17.5%	15.2%	16.4%	9.9%	-0.7%	3.7%	8.6%
Current ratio	1.81×	1.62×	1.43×	1.31×	1.47×	1.67×	1.61×	1.83×
Debt / equity	2.12×	4.62×	23.44×	-16.16×	-9.53×	-7.68×	-7.74×	-6.64×
Interest coverage	6.71×	4.86×	3.63×	3.8×	1.48×	0.8×	1.16×	1.43×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	2.7%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	52.3%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	39.1%	72.7%	266.2%	-135.7%	-29.7%	1.1%	-8.9%	-14.5%
Return on invested capital	15.6%	18.4%	18.5%	32.8%	12.6%	8.9%	10.3%	13.9%
Return on assets	5.1%	6.0%	6.1%	5.6%	2.4%	-0.1%	0.9%	1.9%
Free cash flow yield	32.1%	14.7%	11.0%	28.9%	21.2%	21.4%	37.6%	53.2%
Earnings yield	9.8%	5.2%	4.8%	11.1%	4.4%	-0.3%	3.6%	5.1%
Enterprise value	₹17.6B	₹36.8B	₹43.3B	₹25.5B	₹27.8B	₹26.2B	₹22.3B	₹24.9B
Net debt / EBITDA	0.57×	1.36×	2.11×	2.83×	4.89×	6.94×	5.84×	5.34×
Cash conversion cycle (days)	420	502	298	1,131	666	1,327	639	306