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BLUESTARCO · price
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On the reaction day the stock moved 4.1 pts less than Nifty Midcap 150 and 3.3 pts less than its Household Appliances peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Blue Star Limited reported consolidated revenue from operations of Rs 12,401.99 Cr for FY2026, up ~3.6% from Rs 11,967.65 Cr in FY2025. Profit after tax (PAT) declined to Rs 527.33 Cr from Rs 591.28 Cr (down ~10.8%) year-on-year, despite EBITDA margins expanding from 7.32% to 7.50%. The Q4 standalone PAT stood at Rs 162.93 Cr. The Board recommended a final dividend of Rs 8.50 per equity share (vs Rs 9.00 in the prior year), with Record Date set for July 17, 2026 and payment after August 6, 2026 AGM. Exceptional items for the year showed a net gain of Rs 38.83 Cr (reversal of over-provision for labor code impact and one-time expense), as disclosed in the audited results. Statutory auditors Deloitte Haskins & Sells LLP issued an unmodified audit opinion with no qualifications.
PAT decline of ~11% YoY is a concern despite revenue growth, driven partly by labor code-related exceptional adjustments in prior year comparison. The reduced dividend (Rs 8.5 vs Rs 9) may signal caution, though healthy debt-equity ratio of 0.18 and positive operating cash flow of Rs 153.81 Cr indicate a stable balance sheet. Margin expansion is a positive signal for operational efficiency.