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BF Utilities CEO, MD, chairman, board of directors and AGM

NSE: BFUTILITIEBSE: 532430Transport InfrastructureSmall Cap

Last close ₹404.70down ₹24.60 (5.73%)BSE ₹405.45

Share price at the NSE close on 23 Oct 2026. Previous close ₹429.30.

52-week range of traded prices to 23 Oct 2026
₹368.70Low, 30 Mar 2026₹789.00High, 23 Oct 2025
Market cap
₹1,524 Cr1,146th largest listed
P/E
Lossover the last 12 months
P/B
9.2
Dividend yield
Nonein the last 12 months
ROE
−5.6%
ROCE
−6.8%
Debt to equity
0.00
Volume, NSE
67,06148.6% delivered

BF Utilities board of directors

At the end of the quarter to Jun 2026, as the company filed it; changes since are in its announcements.Their trades in its shares

  • ChairpersonAMIT BABASAHEB KALYANI
  • Chief executiveBHALCHANDRA SHANKAR MITKARI
  • Company Secretary and Compliance OfficerPragati S. Rai

5 directors2 independent1 executive2 non-executive

  • AMIT BABASAHEB KALYANI · ChairpersonNon-executive · joined Aug 2005 · 6 listed boards · 2 committee seats
  • BHALCHANDRA SHANKAR MITKARI · Chief executiveExecutive · joined Apr 2019 · reappointed Apr 2022 · 2 listed boards · 1 committee seat
  • JAYANT KUMODCHANDRA HEMADEIndependent · joined Nov 2023 · reappointed Nov 2023 · 31 months as independent · 1 listed board · 1 as independent · 4 committee seats, 2 as chair
  • MADAN UMAKANT TAKALENon-executive · joined May 2025 · 3 listed boards · 3 committee seats, 1 as chair
  • MUGDHA RAJESH VARTAKIndependent · joined Mar 2026 · 3 months as independent · 2 listed boards · 2 as independent · 3 committee seats

An independent director has no business or family tie to the company, its promoters or its managers beyond the seat. Listed boards counts the boards of listed companies the director sits on, this one included, and "as independent" how many of those seats are independent ones. Committee seats are audit and stakeholder committee seats across those companies. Months as independent is filed for independent directors only, whose terms the rules cap. Disqualified is the company's own mark that a director may not serve under company law.

3 directors who left
  • SHRIKRISHNA KIRAN ADIVAREKAR, left 30 May 2026: Tenure Completion
  • AARTI ARUN SATHE, left 15 Aug 2025: Others
  • BABASAHEB NEELKANTH KALYANI, left 30 May 2025: Others

Committees and meetings

Who sits on each, and how often they met.Board meeting notices and outcomes

  • Board

    • 28 May 20266 of 6 present3 independent · 71 days in between
    • 17 Mar 20264 of 5 present1 independent · 16 days in between
    • 28 Feb 20265 of 5 present2 independent · 4 days in between
    • 23 Feb 20264 of 5 present2 independent · 9 days in between
    1 earlier meeting
    • 13 Feb 20265 of 5 present2 independent

  • Audit Committee

    Chair JAYANT KUMODCHANDRA HEMADE

    AMIT BABASAHEB KALYANI, MUGDHA RAJESH VARTAK

    • 28 May 20264 of 4 present3 independent · 88 days in between
    • 28 Feb 20263 of 3 present2 independent · 4 days in between
    • 23 Feb 20262 of 3 present2 independent · 9 days in between
    • 13 Feb 20263 of 3 present2 independent

  • Nomination and remuneration committee

    Chair JAYANT KUMODCHANDRA HEMADE

    MADAN UMAKANT TAKALE, MUGDHA RAJESH VARTAK

    • 28 May 20264 of 4 present3 independent · 71 days in between
    • 17 Mar 20262 of 3 present1 independent · 31 days in between
    • 13 Feb 20263 of 3 present2 independent

  • Stakeholders Relationship Committee

    Chair JAYANT KUMODCHANDRA HEMADE

    MADAN UMAKANT TAKALE, MUGDHA RAJESH VARTAK

    • 28 May 20264 of 4 present3 independent · 103 days in between
    • 13 Feb 20262 of 3 present1 independent

  • Risk Management Committee

    Chair JAYANT KUMODCHANDRA HEMADE

    AMIT BABASAHEB KALYANI, MUGDHA RAJESH VARTAK

    No meeting listed in the filing.

  • Corporate Social Responsibility Committee

    Chair JAYANT KUMODCHANDRA HEMADE

    AMIT BABASAHEB KALYANI, MADAN UMAKANT TAKALE

    No meeting listed in the filing.

Meetings in the quarter filed and the one before it. The days in between are as the company files them, neither meeting's day counted; the rules allow at most 120. A quorum is the least number of members who must attend for the meeting to decide anything.

Statutory auditor

Named in the results for the quarter to Mar 2026.

  • G. D. Apte and Co.Peer-review certificate valid to Nov 2026

A statutory auditor checks the company's accounts and signs its results. Peer review is the accountants' institute's check of an audit firm's own work, which a listed company's auditor must hold a valid certificate of.

BF Utilities AGM and shareholder votes

Each resolution, how the votes went, and how institutions voted apart from the promoters. A postal ballot is a vote by post or online, held without a meeting.BF Utilities share news and announcements

Postal ballot, 17 Oct 2026

48,469 shareholders on the register on 11 Sep 2026; votes counted by Sridhar Mudaliar / SVD & Associates.The company's voting result (opens in a new tab)

  1. Appointment of Mr. Ajay Charuchandra Kirtane (DIN: 02711040) as a Non-Executive, Independent Director of the Company
    Special
    99.98% for0.02% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.24%

    Turnout: all 57.75% · promoters 93.89% · institutions 17.82% · other public 10.12%

For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.

Postal ballot, 6 May 2026, 1 resolution

49,085 shareholders on the register on 31 Mar 2026; votes counted by Sridhar Mudaliar / SVD & Associates.The company's voting result (opens in a new tab)

  1. Appointment of Mrs. Mugdha Rajesh Vartak (DIN: 11613408) as a Non-Executive, Independent Director of the Company
    Special
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.04%

    Turnout: all 57.80% · promoters 93.89% · institutions 20.45% · other public 10.10%

For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.

Annual general meeting, 24 Dec 2025, 3 resolutions

50,173 shareholders on the register on 17 Dec 2025; present: 8 promoters and 47 others; votes counted by Mr. Sridhar G Mudaliar / SVD & Associates.The company's voting result (opens in a new tab)

  1. To consider and adopt: a) The Audited Standalone Financial Statements of the Company for the Financial Year ended March 31,2025, and the reports of the Board of Directors along with its Annexures and Auditors thereon. b)The Audited Consolidated Financial Statements of the Company for the Financial Year ended March 31,2025 and the report of the Auditors thereon.MoreLess
    Ordinary
    99.45% for0.55% against

    Against: promoters 0.00% · institutions 93.31% · other public 0.00%

    Turnout: all 57.75% · promoters 93.89% · institutions 20.21% · other public 9.99%

  2. To appoint a Director in place of Mr. A. B. Kalyani (DIN: 00089430), who retires by rotation and being eligible, offers himself for re-appointment.
    OrdinaryPromoters have an interest in it
    99.45% for0.55% against

    Against: promoters 0.00% · institutions 93.31% · other public 0.00%

    Turnout: all 57.75% · promoters 93.89% · institutions 20.21% · other public 9.99%

  3. Appointment of M/s SVD & Associates, Company Secretaries as the Secretarial Auditors and fix their remuneration.
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.00%

    Turnout: all 57.75% · promoters 93.89% · institutions 20.21% · other public 9.99%

For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.

Postal ballot, 2 Aug 2025, 1 resolution

51,548 shareholders on the register on 27 Jun 2025; votes counted by Sridhar Mudaliar / SVD & Associates.The company's voting result (opens in a new tab)

  1. Appointment of Mr. Madan Umakant Takale (Din: 01291287) as Non-Executive, Non- Independent Director of the Company
    Ordinary
    99.42% for0.58% against

    Against: promoters 0.00% · institutions 93.28% · other public 0.71%

    Turnout: all 53.95% · promoters 93.89% · institutions 19.71% · other public 0.86%

For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.

Postal ballot, 5 Jun 2025, 1 resolution

52,000 shareholders on the register on 2 May 2025; votes counted by Sheetal S. Joshi / SVD & Associates.The company's voting result (opens in a new tab)

  1. Re-appointment of Mr. B S. Mitkari (DIN: 03632549) as a Whole-Time Director of the Company
    Special
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.02%

    Turnout: all 57.76% · promoters 93.89% · institutions 19.35% · other public 10.03%

For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.

Annual general meeting, 24 Dec 2024, 3 resolutions

Present: 6 promoters and 38 others.The company's voting result (opens in a new tab)

  1. To consider and adopt :na) the Audited Standalone Financial Statements of the Company for the Financial Year ended March 31,2024, and the reports of the Board of Directors and Auditors thereon.nb) the Audited Consolidated Financial Statements of the Company for the Financial Year ended March 31,2024 and the report of the Auditors thereon.nMoreLess
    Ordinary
    99.45% for0.55% against

    Against: promoters 0.00% · institutions 93.40% · other public 0.00%

    Turnout: all 57.73% · promoters 93.85% · institutions 19.78% · other public 9.97%

  2. To appoint a Director in place of Mr. A. B. Kalyani (DIN: 00089430), who retires by rotation and being eligible, offers himself for re-appointment
    OrdinaryPromoters have an interest in it
    99.45% for0.55% against

    Against: promoters 0.00% · institutions 93.40% · other public 0.00%

    Turnout: all 57.73% · promoters 93.85% · institutions 19.78% · other public 9.97%

  3. Approval of Related Party Transaction with Bharat Forge Limited
    OrdinaryPromoters have an interest in it
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.00%

    Turnout: all 4.48% · promoters 0.00% · institutions 19.78% · other public 9.97%

For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.

Postal ballot, 20 Jan 2024, 1 resolution

The company's voting result (opens in a new tab)

  1. Appointment of Mr. Jayant Kumodchandra Hemade (DIN: 10331350) as an Independent Director of the Company
    Special
    99.98% for0.02% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.23%

    Turnout: all 57.62% · promoters 93.87% · institutions 17.74% · other public 9.92%

For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.

Annual general meeting, 27 Sep 2023, 3 resolutions

Present: 7 promoters and 44 others.The company's voting result (opens in a new tab)

  1. To consider and adopt :na) the Audited Standalone Financial Statements of the Company for the Financial Year ended March 31, 2023, and the reports of the Board of Directors and Auditors thereon.nb) the Audited Consolidated Financial Statements of the Company for the Financial Year ended March 31, 2023 and the report of the Auditors thereonnMoreLess
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.00%

    Turnout: all 57.62% · promoters 93.87% · institutions 14.65% · other public 9.96%

  2. To appoint a Director in place of Mr. B. S. Mitkari (DIN: 03632549), who retires by rotation and being eligible, offers himself for re-appointment
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.00%

    Turnout: all 57.62% · promoters 93.87% · institutions 14.65% · other public 9.96%

  3. Re-appointment of Mr. B. N. Kalyani (DIN : 00089380) as Director of the Company
    SpecialPromoters have an interest in it
    99.75% for0.25% against

    Against: promoters 0.00% · institutions 86.23% · other public 0.00%

    Turnout: all 57.60% · promoters 93.83% · institutions 14.65% · other public 9.96%

For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.

How mutual funds voted

Fund houses must disclose how they vote at every meeting of a company they hold.

Mutual fund votes, meeting of 24 Dec 2025, 1 fund house

  • To consider and adopt: a) The Audited Standalone Financial Statements of the Company for the Financial Year ended March 31,2025, and the reports of the Board of Directors along with its Annexures and Auditors thereon. b)The Audited Consolidated Financial Statements of the Company for the Financial Year ended March 31,2025 and the report of the Auditors thereon.MoreLess
    1 for0 against
  • To appoint a Director in place of Mr. A. B. Kalyani (DIN: 00089430), who retires by rotation and being eligible, offers himself for re-appointment.
    1 for0 against
  • Appointment of M/s SVD & Associates, Company Secretaries as the Secretarial Auditors and fix their remuneration.
    1 for0 against

Mutual fund votes, meeting of 2 Aug 2025, 1 fund house

  • Appointment of Mr. Madan Umakant Takale (Din: 01291287) as Non-Executive, Non- Independent Director of the Company
    1 for0 against
1 earlier meeting

Mutual fund votes, meeting of 27 Sep 2023, 1 fund house

  • To consider and adopt :na) the Audited Standalone Financial Statements of the Company for the Financial Year ended March 31, 2023, and the reports of the Board of Directors and Auditors thereon.nb) the Audited Consolidated Financial Statements of the Company for the Financial Year ended March 31, 2023 and the report of the Auditors thereonnMoreLess
    1 for0 against
  • To appoint a Director in place of Mr. B. S. Mitkari (DIN: 03632549), who retires by rotation and being eligible, offers himself for re-appointment
    1 for0 against
  • Re-appointment of Mr. B. N. Kalyani (DIN : 00089380) as Director of the Company
    1 for0 against

Each fund house counted once, from its own disclosure; the reasons are its own words.

Investor complaints and compliance

Quarter by quarter.

Investor complaints received and resolved, the company's own count

  • Received
  • Resolved

Open at the quarter's end

None open at any quarter's end.
The board is made up as the listing rules require
Yes
The board has a regular chairperson
Yes
The company has a risk management committee
Yes
The chair is related to the managing director
No
The filing has a part on fines and penalties
No
The filing has a part on tax disputes
No
There was a cyber security incident in the quarter
No

The company's own answers in its filing.