BLUESTARCO · price
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Blue Star reported FY26 revenue of Rs 12,402 crores (3.6% growth) and PBIDTA of Rs 930 crores (6.2% growth), but Net Profit declined 10.8% to Rs 527 crores due to higher finance costs (Rs 72 crores vs Rs 49 crores), lower other income, and increased working capital requirements. Q4FY26 showed stronger profitability with Net Profit up 17.1% to Rs 227 crores, driven by cost rationalisation. The order book grew 10.5% to Rs 6,923 crores, providing revenue visibility. Segment-wise, Electro-Mechanical Projects and Commercial AC grew 12.8%, while Unitary Products (Room ACs and refrigeration) declined 5.1% due to unseasonal weather. The Board recommended dividend of Rs 8.5 per share, down from Rs 9 in FY25. Net cash position weakened significantly to Rs 175 crores from Rs 640 crores.
The mixed results show operational resilience through cost management, but the net profit decline and weaker cash position are concerns. The strong order book growth and Q4 recovery in Room ACs signal improving momentum. Shareholders may view the dividend cut and profit decline negatively in the short term.