BLUE STAR LIMITED

Manufactures and installs air conditioning and refrigeration equipment in India through three business lines. The electro-mechanical projects and commercial air conditioning systems segment, which made up 54.5% of segment revenue at Rs 6,762.8 crore in FY26, executes large MEP contracts for commercial buildings, data centres, and infrastructure clients, with an order book of Rs 6,923 crore at end-FY26 (up 10.5% year-on-year). The unitary products segment (43.0% at Rs 5,332.36 crore) sells room air conditioners through dealers, holding roughly 11.25% volume share and 14.25% value share of the Indian room AC market; the Sri City plant operates at about 100% utilisation producing roughly 9 lakh units annually. The smaller professional electronics and industrial systems segment (2.5% at Rs 306.83 crore) supplies specialised electronic and industrial equipment. Data centre MEP work alone contributed about Rs 1,000 crore in FY26 against an estimated Rs 3,500 crore market opportunity. Materials at 67.8% of revenue are by far the largest input cost, with employees at 7.4% and other operating expenses at 8.2%, producing an EBITDA margin of 7.7% in FY26.