BF Utilities Limited has announced its unaudited consolidated financial results for the third quarter of fiscal year 2026, demonstrating robust operational performance with significant revenue growth and improved profitability metrics. The company's board meeting concluded on February 28, 2026, approving the financial results for the quarter ended December 31, 2025.

Financial Performance Highlights

The company delivered strong financial performance across key metrics during the third quarter. Revenue from operations showed substantial growth compared to the previous year, reflecting the company's strengthened market position and operational efficiency.

Segment-wise Revenue Performance

The company operates through two primary business segments, with Infrastructure contributing the majority of revenue while Wind Mills showed significant improvement in performance metrics.

Board Meeting and Compliance

The Board of Directors meeting was conducted on February 28, 2026, at the company's Pune location, starting at 10:00 hours and concluding at 11:45 hours. The board approved and took on record the unaudited consolidated financial results along with the Limited Review Report issued by statutory auditors G. D. Apte & Co., Chartered Accountants.

Corporate Structure and Subsidiaries

BF Utilities Limited operates under CIN L40108PN2000PLC015323 as part of the Kalyani Group. The consolidated financial results include subsidiaries Nandi Infrastructure Corridor Enterprise Ltd. (74.52% ownership), Nandi Highway Developers Ltd. (69.53% ownership), Nandi Economic Corridor Enterprises Ltd. (42.16% ownership as step-down subsidiary), and BFUL Resources Pvt. Ltd. (100.00% ownership). The financial results have been prepared in accordance with Indian Accounting Standards (Ind AS) as prescribed under Section 133 of the Companies Act, 2013.

Auditor's Review and Key Matters

The statutory auditors G. D. Apte & Co., Chartered Accountants, have issued an adverse conclusion on the consolidated financial results, highlighting several material matters including classification issues related to the step-down subsidiary NECE, ongoing arbitration proceedings, and concerns regarding asset impairment assessments. Company Secretary and Compliance Officer Pragati S. Rai signed the formal communication, ensuring regulatory compliance and transparency in corporate governance.

BF Utilities Limited has disclosed receiving a Settlement Order from the Securities and Exchange Board of India (SEBI) dated February 23, 2026, in compliance with Regulation 30 of SEBI Listing Obligations and Disclosure Requirements (LODR) Regulations, 2015.

Settlement Order Details

The company received Settlement Order No. SO/JS/DP2025-26/7871-7873 dated February 23, 2026, which addresses Settlement Application No. 7873/2024 filed by BF Utilities Limited under the SEBI Settlement Proceedings Regulations, 2018. The settlement order is accessible on SEBI's official website at www.sebi.gov.in .

Alleged Violations

The settlement order addresses alleged violations by BF Utilities Limited of multiple regulatory provisions. The company was alleged to have contravened three specific clauses of SEBI circulars and related regulations:

• Clause 49(VII)(D) of SEBI Circular CIR/CFD/POLICY CELL/2/2014 dated April 17, 2014, read with SEBI Circular CIR/CFD/POLICY CELL/7/2014 dated September 15, 2014, along with Regulation 103 of LODR Regulations and Section 21 of Securities Contracts (Regulations) Act, 1956
• Clause 49(VII)(E) of the same SEBI circulars with identical regulatory cross-references
• Clause 49(VIII)(A)(1) of the aforementioned SEBI circulars with similar regulatory provisions

Financial Impact

The primary financial impact on BF Utilities Limited is the settlement amount of ₹36,28,050 paid to SEBI. According to the company's disclosure, there are no other implications arising from the settlement order beyond this monetary payment.

Regulatory Compliance

The disclosure was made pursuant to Regulation 30 read with Schedule III of the LODR Regulations and SEBI Master Circular No. HO/49/14/14(7)2025-CFD-POD2/1/3762/2026 dated January 30, 2026. The company secretary Pragati S. Rai signed the disclosure document digitally on February 23, 2026.

BF Utilities Limited, part of the Kalyani Group, is headquartered in Pune, Maharashtra, and operates under CIN L40108PN2000PLC015323. The settlement represents a resolution of regulatory matters without admission of guilt under SEBI's settlement framework.