BF Investment Limited (BFINVEST) share price

₹426.00 on NSE as of 2026-10-08. -2.98% on the day. market cap ₹1,605 Cr. P/E 4.1. 52-week range ₹317.70 to ₹535.25. Financial Services.

bfilpune.com

BF Investment FY26: ₹282 Cr Net Profit, 27% Growth, 5.6x P/E

At a glance

A Kalyani Group holding company reported net profit of ₹282 Cr for FY26 against ₹222 Cr the year before—a 27% jump. Revenue from the core business is negligible; what matters is dividend income of ₹1,699 Cr and other gains, totalling ₹2,074 Cr in total income.

The equity sits at ₹8,520 Cr in reserves. Market cap is ₹1,590 Cr. At a 5.6x P/E, the multiple sits among the tightest in the peer set (median 12.3x).

Working capital days halved from 147 to 79 over two years—a sign of better cash discipline, though the company's core activity is investment, not operations.

**What catches the eye?** The company holds ₹8,764 Cr in investments (consolidated) across associates like Kalyani Steels and Automotive Axles. The other income column spiked, driven partly by fair value gains. Whether those gains repeat is the unresolved tension.

Introduction

BF Investment Ltd was born in 2009 when the investment arm of BF Utilities was hived off. The company sits at the top of the Kalyani Group's family tree—a Pune-based USD 2.5 billion industrial conglomerate with roots in forging, specialty steel, automotive components, and infrastructure.

The group's flagship, Bharat Forge, is global. So is the group's reach: it exports from India and counts multinationals as partners in ventures like Automotive Axles (35.5% stake) and Meritor (HVS) India (49% stake).

BFIL's job is to hold equity and debt in group entities, collect dividends and interest, and book fair value changes. It's a treasury wrapper around a family portfolio. Consolidation pulls in the profits and assets of six associates and two joint ventures—a window into the group's overall health.

The board appointed a new CEO in May 2024 (Akshay Jagtap) and reappointed the incumbent director Mr. Amit Kalyani, who is Vice-Chairman of Bharat Forge. A regulatory ding in March 2026 (NSE/BSE fine of ₹2.71 lakh each for board non-compliance) was remedied; the firm appointed an independent woman director.

Business model

This is a holding company. It owns shares—lots of them.

The standalone P&L tells the story: revenue from operations is ₹316 Cr (mostly interest income on loans to group companies), other income is ₹312 Cr (mostly fair value gains on quoted shares). Expenses are a rounding error: ₹126 Cr across staff, depreciation, and other costs.

Operating profit margin on stated revenue is 84% (₹64 Cr operating profit on ₹76 Cr sales), but that's misleading because the "revenue" is really fee income. The real meat is dividend income.

Standalone net profit: ₹282 Cr. Consolidated net profit: ₹2,820 Cr. The gap of ₹2,538 Cr is the equity-method share of associate and JV profits. This is where the Kalyani Group's industrial operations hide inside BFIL's balance sheet.

Investment composition (consolidated balance sheet as of Mar 2026):

- Investments: ₹8,764 Cr

Quarterly results, balance sheet, cash flow, ratios, shareholding and the filings themselves are on the full page for BF Investment Limited.

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