Scans

Tools

Home

Charts

Watchlist

Products

BF Investment Ltd

BFINVEST

NSE

₹424.30-2.08%19 Oct 2026

Reports

Finance and Investments Others

BF Investment Ltd

BFINVEST

NSE

₹424.30

-2.08%

19 Oct 2026

SOICxStockScans Reports

Ask AI

Finance and Investments Others

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Forensic Report: Accounting quality and red flags.Deep Dive Report: In-depth business analysis.

BF Investment is a holding company - a listed shell whose entire value comes from the stakes it owns, not from anything it makes or sells. It was created in 2009 inside the Pune-based Kalyani Group to gather and hold long-term equity positions in the group’s industrial companies, and it runs with just two permanent employees. The recurring logic is simple: it collects dividends from those operating companies and passes the value through to its own shareholders, so its fortunes rise and fall entirely with the businesses it holds.

Business segments

Two engines that feed each other - a portfolio of strategic industrial stakes that generates dividends, and a related-party lending book that puts surplus cash to work inside the group.

1. Strategic investment portfolio: the group’s equity vault

The company holds minority stakes in eight Kalyani Group industrial companies and lives off the dividends they declare - it is a pure play on the group’s operating performance.

Dividends are the paycheck - the company’s main source of income is dividends from these investee companies, which typically arrive in the second quarter of the financial year. It also earns a small amount of interest on bank fixed deposits, but the dividend cheque is what keeps the lights on.
Held, not traded - the stakes are classified as strategic, long-term investments and are accounted at cost less accumulated impairment. The company made no fresh investments during FY26, so the portfolio is effectively a static set of legacy positions.
The risk is the group’s risk - because income depends mainly on dividends declared by Kalyani Group companies, any downturn in their businesses - specialty steel, auto components, defence - directly reduces the cash flowing up to BF Investment.

2. Inter-corporate deposits: lending inside the family

The company lends surplus cash to other Kalyani Group entities through interest-free inter-corporate deposits - it is a funding conduit, not a profit-centre lender.

Loans to related parties only - 100% of the company’s loans and advances in the nature of loans are to related parties, with borrowers including BF Utilities and two infrastructure-corridor companies. The lending is entirely intra-group.
No interest, no fixed terms - as of March 2025, the outstanding net loans of about Rs. 233 million were all non-interest bearing and carried no specified repayment terms. That makes this a capital-allocation tool for the group rather than a conventional moneymaking loan book.
Credit risk sits with the borrowers’ health - the company’s stated mitigation is to analyse the financial performance of the borrowing entities, but the loans are unsecured, so a default by a group company would hit BF Investment directly.

Group structure and partners

BF Investment is a tightly held Kalyani Group vehicle with no subsidiaries, eight associate and joint-venture stakes, and a promoter group that has previously attempted to take it private.

The promoter group held about 74% of the shares in December 2022, when an acquirer entity launched a voluntary delisting offer through a reverse book-building process - an attempt to remove the company from the stock exchanges.
The Chairperson, Amit B. Kalyani, is also Vice-Chairman and Joint Managing Director of Bharat Forge, the group’s flagship, and BF Investment holds a 3.27% stake in that company.
A non-compete restriction imposed in February 2026 bars BF Investment from undertaking the ferrous casting business in India except through a specific joint-venture entity, though it may explore opportunities outside India if that entity’s board declines them.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

Charts

Documents

Edit Ratios

Mkt Cap

Market Capitalization

₹1,600Cr

Close Price

₹424.70

Industry

Finance and Investments Others

Price To Earnings

4.11

Price To Sales

20.46

Revenue

₹78Cr

Rev Gr TTM

Revenue Growth TTM

22.65%

PAT Gr TTM

PAT Growth TTM

398.67%

Consolidated

Standalone

Numbers

Percentage

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	15	9	13	8	19	9	26	9	19	10	37	11
Growth YoY Revenue Growth YoY%	6.8	15.1	149.6	32.2	27.2	2.3	104.7	22.1	4.1	9.2	41.4	19.6
Expenses ExpensesCr	1	1	4	1	1	0	5	1	3	1	7	1
Operating Profit Operating ProfitCr	14	8	9	7	17	9	22	8	17	9	30	10
OPM OPM%	93.0	93.0	70.8	92.2	93.6	95.0	81.3	85.2	86.0	89.1	81.0	90.4
Other Income Other IncomeCr	0	0	0	0	1	0	0	2	0	0	0	0
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation DepreciationCr	0	0	0	0	0	0	0	0	0	0	0	0
PBT PBTCr	92	77	334	243	55	10	-6	51	53	120	152	195
Tax TaxCr	23	19	84	60	19	3	-2	13	13	30	37	49
PAT PATCr	69	58	250	183	36	7	-3	38	40	89	114	146
Growth YoY PAT Growth YoY%	35.0	-1.9	119.3	224.3	-48.0	-87.9	-101.3	-79.0	10.9	1,178.7	3,530.6	279.8
NPM NPM%	474.2	640.0	1,935.3	2,365.4	193.9	75.5	-12.6	407.6	206.5	884.1	305.1	1,294.2
EPS EPS₹	18.4	15.4	66.4	48.5	9.6	1.9	-0.9	10.2	10.6	23.7	30.3	38.8

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	15	9	13	8	19	9	26	9	19	10	37	11
Growth YoY Revenue Growth YoY%	6.8	15.1	149.6	32.2	27.2	2.3	104.7	22.1	4.1	9.2	41.4	19.6
Expenses ExpensesCr	1	1	4	1	1	0	5	1	3	1	7	1
Operating Profit Operating ProfitCr	14	8	9	7	17	9	22	8	17	9	30	10
OPM OPM%	93.0	93.0	70.8	92.2	93.6	95.0	81.3	85.2	86.0	89.1	81.0	90.4
Other Income Other IncomeCr	0	0	0	0	1	0	0	2	0	0	0	0
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation DepreciationCr	0	0	0	0	0	0	0	0	0	0	0	0
PBT PBTCr	92	77	334	243	55	10	-6	51	53	120	152	195
Tax TaxCr	23	19	84	60	19	3	-2	13	13	30	37	49
PAT PATCr	69	58	250	183	36	7	-3	38	40	89	114	146
Growth YoY PAT Growth YoY%	35.0	-1.9	119.3	224.3	-48.0	-87.9	-101.3	-79.0	10.9	1,178.7	3,530.6	279.8
NPM NPM%	474.2	640.0	1,935.3	2,365.4	193.9	75.5	-12.6	407.6	206.5	884.1	305.1	1,294.2
EPS EPS₹	18.4	15.4	66.4	48.5	9.6	1.9	-0.9	10.2	10.6	23.7	30.3	38.8

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	925	1,017	11	18	22	16	20	31	42	62	76	78
Growth Revenue Growth%		10.0	-98.9	64.5	21.8	-25.8	21.5	56.5	36.0	46.2	23.1	22.6
Expenses ExpensesCr	862	946	3	4	6	6	4	6	6	7	12	12
Operating Profit Operating ProfitCr	63	71	8	14	16	11	16	26	36	55	64	66
OPM OPM%	6.8	7.0	70.0	75.7	73.2	64.5	78.4	82.0	85.2	88.4	83.9	84.7
Other Income Other IncomeCr	15	8	1	2	0	1	0	0	0	1	2	0
Interest Expense Interest ExpenseCr	2	0	0	0	0	0	0	0	0	0	0	0
Depreciation DepreciationCr	16	15	0	0	1	1	1	1	1	0	0	0
PBT PBTCr	59	63	192	148	230	357	264	344	579	302	375	519
Tax TaxCr	17	20	32	21	85	90	66	85	145	80	93	130
PAT PATCr	42	43	160	126	144	267	198	259	434	222	282	390
Growth PAT Growth%		1.3	272.3	-20.9	14.1	85.0	-25.9	31.1	67.3	-48.8	26.9	398.7
NPM NPM%	4.6	4.2	1,447.5	696.5	652.7	1,627.3	991.6	831.0	1,022.4	358.4	369.5	498.3
EPS EPS₹	35.1	35.9	42.4	33.6	38.3	70.9	52.5	68.8	115.2	59.0	74.9	103.4

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	925	1,017	11	18	22	16	20	31	42	62	76	78
Growth Revenue Growth%		10.0	-98.9	64.5	21.8	-25.8	21.5	56.5	36.0	46.2	23.1	22.6
Expenses ExpensesCr	862	946	3	4	6	6	4	6	6	7	12	12
Operating Profit Operating ProfitCr	63	71	8	14	16	11	16	26	36	55	64	66
OPM OPM%	6.8	7.0	70.0	75.7	73.2	64.5	78.4	82.0	85.2	88.4	83.9	84.7
Other Income Other IncomeCr	15	8	1	2	0	1	0	0	0	1	2	0
Interest Expense Interest ExpenseCr	2	0	0	0	0	0	0	0	0	0	0	0
Depreciation DepreciationCr	16	15	0	0	1	1	1	1	1	0	0	0
PBT PBTCr	59	63	192	148	230	357	264	344	579	302	375	519
Tax TaxCr	17	20	32	21	85	90	66	85	145	80	93	130
PAT PATCr	42	43	160	126	144	267	198	259	434	222	282	390
Growth PAT Growth%		1.3	272.3	-20.9	14.1	85.0	-25.9	31.1	67.3	-48.8	26.9	398.7
NPM NPM%	4.6	4.2	1,447.5	696.5	652.7	1,627.3	991.6	831.0	1,022.4	358.4	369.5	498.3
EPS EPS₹	35.1	35.9	42.4	33.6	38.3	70.9	52.5	68.8	115.2	59.0	74.9	103.4

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	19	19	19	19	19	19	19	19	19	19	19
Reserves ReservesCr	980	1,125	2,421	2,033	1,692	3,279	4,019	4,671	6,182	6,881	8,520
Current Liabilities Current LiabilitiesCr	156	172	1	2	2	1	2	3	6	5	14
Non Current Liabilities Non Current LiabilitiesCr	4	3	133	145	217	300	354	415	606	695	841
Total Liabilities Total LiabilitiesCr	1,160	1,318	2,573	2,199	1,930	3,598	4,394	5,108	6,814	7,600	9,394
Current Assets Current AssetsCr	309	359	26	69	114	130	167	231	317	434	600
Non Current Assets Non Current AssetsCr	851	960	2,548	2,130	1,817	3,468	4,227	4,877	6,497	7,166	8,794
Total Assets Total AssetsCr	1,160	1,318	2,573	2,199	1,930	3,598	4,394	5,108	6,814	7,600	9,394

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	19	19	19	19	19	19	19	19	19	19	19
Reserves ReservesCr	980	1,125	2,421	2,033	1,692	3,279	4,019	4,671	6,182	6,881	8,520
Current Liabilities Current LiabilitiesCr	156	172	1	2	2	1	2	3	6	5	14
Non Current Liabilities Non Current LiabilitiesCr	4	3	133	145	217	300	354	415	606	695	841
Total Liabilities Total LiabilitiesCr	1,160	1,318	2,573	2,199	1,930	3,598	4,394	5,108	6,814	7,600	9,394
Current Assets Current AssetsCr	309	359	26	69	114	130	167	231	317	434	600
Non Current Assets Non Current AssetsCr	851	960	2,548	2,130	1,817	3,468	4,227	4,877	6,497	7,166	8,794
Total Assets Total AssetsCr	1,160	1,318	2,573	2,199	1,930	3,598	4,394	5,108	6,814	7,600	9,394

Consolidated

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	-55	51	-2	-25	-3	-6	6	0	9	21	33
Investing Cash Flow Investing Cash FlowCr	-41	-26	5	30	11	13	-27	7	18	-49	59
Financing Cash Flow Financing Cash FlowCr	-16	-6	0	0	0	0	0	0	0	0	0
Net Cash Flow Net Cash FlowCr	-112	19	3	5	8	6	-21	7	27	-28	92
Free Cash Flow Free Cash FlowCr	-53	51	-2	-24	-3	-6	6	0	9	21	33
CFO To PAT CFO To PAT%	-128.9	118.0	-1.3	-19.4	-2.1	-2.3	2.8	-0.1	2.1	9.6	11.7
CFO To EBITDA CFO To EBITDA%	-87.1	71.7	-27.7	-178.7	-18.9	-58.2	35.5	-0.7	25.1	38.7	51.4

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	-55	51	-2	-25	-3	-6	6	0	9	21	33
Investing Cash Flow Investing Cash FlowCr	-41	-26	5	30	11	13	-27	7	18	-49	59
Financing Cash Flow Financing Cash FlowCr	-16	-6	0	0	0	0	0	0	0	0	0
Net Cash Flow Net Cash FlowCr	-112	19	3	5	8	6	-21	7	27	-28	92
Free Cash Flow Free Cash FlowCr	-53	51	-2	-24	-3	-6	6	0	9	21	33
CFO To PAT CFO To PAT%	-128.9	118.0	-1.3	-19.4	-2.1	-2.3	2.8	-0.1	2.1	9.6	11.7
CFO To EBITDA CFO To EBITDA%	-87.1	71.7	-27.7	-178.7	-18.9	-58.2	35.5	-0.7	25.1	38.7	51.4

Consolidated

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	455	622	1,055	1,000	862	1,042	1,025	1,508	1,961	1,832	1,204	1,600
Price To Earnings Price To Earnings	3.4	4.6	6.6	7.9	6.0	3.9	5.2	5.8	4.5	8.2	4.3	4.1
Price To Sales Price To Sales	0.5	0.6	94.0	53.7	39.0	63.5	51.4	48.3	45.9	29.2	15.8	20.5
Price To Book Price To Book	0.5	0.5	0.4	0.5	0.5	0.3	0.3	0.3	0.3	0.3	0.1	0.2
EV To EBITDA EV To EBITDA	7.0	8.3	136.2	72.2	47.9	88.6	56.6	51.0	46.3	26.1	9.9	16.1
Profitability Ratios Profitability Ratios
GPM GPM%	67.9	68.9	100.0	100.0	100.0	100.0	100.0	100.0	100.0	100.0	100.0	100.0
OPM OPM%	6.8	7.0	70.0	75.7	73.2	64.5	78.4	82.0	85.2	88.4	83.9	84.7
NPM NPM%	4.6	4.2	1,447.5	696.5	652.7	1,627.3	991.6	831.0	1,022.4	358.4	369.5	498.3
ROCE ROCE%	6.1	5.5	7.9	7.2	13.4	10.8	6.5	7.3	9.3	4.4	4.4	4.4
ROE ROE%	4.2	3.8	6.5	6.2	8.4	8.1	4.9	5.5	7.0	3.2	3.3	3.3
ROA ROA%	3.6	3.3	6.2	5.8	7.5	7.4	4.5	5.1	6.4	2.9	3.0	3.0
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	455	622	1,055	1,000	862	1,042	1,025	1,508	1,961	1,832	1,204	1,600
Price To Earnings Price To Earnings	3.4	4.6	6.6	7.9	6.0	3.9	5.2	5.8	4.5	8.2	4.3	4.1
Price To Sales Price To Sales	0.5	0.6	94.0	53.7	39.0	63.5	51.4	48.3	45.9	29.2	15.8	20.5
Price To Book Price To Book	0.5	0.5	0.4	0.5	0.5	0.3	0.3	0.3	0.3	0.3	0.1	0.2
EV To EBITDA EV To EBITDA	7.0	8.3	136.2	72.2	47.9	88.6	56.6	51.0	46.3	26.1	9.9	16.1
Profitability Ratios Profitability Ratios
GPM GPM%	67.9	68.9	100.0	100.0	100.0	100.0	100.0	100.0	100.0	100.0	100.0	100.0
OPM OPM%	6.8	7.0	70.0	75.7	73.2	64.5	78.4	82.0	85.2	88.4	83.9	84.7
NPM NPM%	4.6	4.2	1,447.5	696.5	652.7	1,627.3	991.6	831.0	1,022.4	358.4	369.5	498.3
ROCE ROCE%	6.1	5.5	7.9	7.2	13.4	10.8	6.5	7.3	9.3	4.4	4.4	4.4
ROE ROE%	4.2	3.8	6.5	6.2	8.4	8.1	4.9	5.5	7.0	3.2	3.3	3.3
ROA ROA%	3.6	3.3	6.2	5.8	7.5	7.4	4.5	5.1	6.4	2.9	3.0	3.0
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	GCSL	GRANDOAK	PFS	BFINVEST	BLIL	PNBGILTS	FEDDERSHOL
Market CapitalizationMkt CapCr	1,808	1,736	1,685	1,600	1,431	1,305	1,205
Close PriceClose₹	723.00	33.45	26.24	424.70	64.48	72.48	59.84
IndustryIndustry	Finance and Investments Others	Finance and Investments Others	Finance and Investments Others	Finance and Investments Others	Finance and Investments Others	Finance and Investments Others	Finance and Investments Others
Price To EarningsPE	46.83	418.00	7.56	4.11	10.97	6.79	13.76
Price To SalesPS	9.32	7.09	3.54	20.46	0.51	0.75	3.58
RevenueRevenueCr	194	245	476	78	2,795	1,740	336
Revenue Growth TTMRev Gr TTM%	-19.6%	1,63,186.7%	-22.8%	22.6%	8.8%	-2.7%	-6.8%
PAT Growth TTMPAT Gr TTM%	1,039.8%	-95.2%	-27.9%	398.7%	3.6%	7.1%	151.8%

	GCSL	GRANDOAK	PFS	BFINVEST	BLIL	PNBGILTS	FEDDERSHOL
Market CapitalizationMkt CapCr	1,808	1,736	1,685	1,600	1,431	1,305	1,205
Close PriceClose₹	723.00	33.45	26.24	424.70	64.48	72.48	59.84
IndustryIndustry	Finance and Investments Others	Finance and Investments Others	Finance and Investments Others	Finance and Investments Others	Finance and Investments Others	Finance and Investments Others	Finance and Investments Others
Price To EarningsPE	46.83	418.00	7.56	4.11	10.97	6.79	13.76
Price To SalesPS	9.32	7.09	3.54	20.46	0.51	0.75	3.58
RevenueRevenueCr	194	245	476	78	2,795	1,740	336
Revenue Growth TTMRev Gr TTM%	-19.6%	1,63,186.7%	-22.8%	22.6%	8.8%	-2.7%	-6.8%
PAT Growth TTMPAT Gr TTM%	1,039.8%	-95.2%	-27.9%	398.7%	3.6%	7.1%	151.8%

FY2026

FY2025

FY2024

FY2023

FY2022

FY2021

FY2020

FY2026

Jun 26