NSE: BLUESTARCO · BSE: 500067
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Electro-mechanical projects and commercial air conditioning systems (55%), Unitary products (43%), Professional electronics and industrial systems (3%). Cyclical, summer-driven consumer durables demand alongside project-based commercial AC work tied to infrastructure cycles
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 6,046 | 7,977 | 9,685 | 11,968 | 12,402 |
| EBITDA (ex other income) | 346 | 664 | 665 | 888 | 892 |
| margin % | 5.7 | 8.3 | 6.9 | 7.4 | 7.2 |
| Owners' profit | 168 | 400 | 414 | 591 | 528 |
| EPS, as reported (₹) | 17.44 | 41.60 | 20.77 | 28.76 | 25.65 |
| ROE % · ROCE % | 16.5 · 22.0 | 30.0 · 37.7 | 15.9 · 22.4 | 19.3 · 25.2 | 15.4 · 20.9 |
| Debt / equity (x) | 0.47 | 0.43 | 0.06 | 0.07 | 0.18 |
| Cash from operations | 92 | 247 | 289 | 688 | 154 |
| Capex | (218) | (360) | (441) | (372) | (329) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2,276 | 2,807 | 4,019 | 2,982 | 2,422 | 2,925 | 4,072 | 3,378 |
| Profit before tax | 131 | 180 | 249 | 165 | 133 | 108 | 296 | 135 |
| Net profit | 96 | 132 | 194 | 121 | 99 | 81 | 227 | 103 |
| EPS (₹) | 4.67 | 6.44 | 9.44 | 5.88 | 4.80 | 3.92 | 11.05 | 4.99 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Electro-mechanical projects and commercial air conditioning systems | 1,990 | 16.0 |
| Unitary products | 5,332 | 43.0 |
| Professional electronics and industrial systems | 307 | 2.5 |
| Electro - mechanical projects and commercial air conditioning systems | 4,773 | 38.5 |
| Total, before eliminations | 12,402 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| LG ELECTRONICS INDIA LTD | 1,14,787 | 62.9 | 14.97 | — | 22.0 | 27.2 | — | 13.8 |
| VOLTAS LTD | 33,490 | 74.6 | 5.23 | 39.3 | 5.8 | 9.9 | 13.8 | 7.6 |
| BLUE STAR LIMITED ◆ | 32,855 | 64.5 | 9.57 | 34.7 | 15.4 | 18.9 | 23.8 | 6.1 |
| AMBER ENTERPRISES (I) LTD | 21,873 | 227.3 | 3.77 | 23.6 | 3.9 | 5.3 | 32.1 | 6.1 |
| CROMPT GREA CON ELEC LTD | 13,161 | — | 3.83 | 95.3 | (6.7) | (2.1) | 11.0 | 11.0 |
| V-GUARD IND LTD. | 11,534 | 31.7 | 4.86 | 21.8 | 13.0 | 15.5 | 17.0 | 11.2 |
| WHIRLPOOL OF INDIA LTD | 10,555 | 42.1 | 2.54 | 15.3 | 7.1 | 8.1 | 6.4 | 7.6 |
| TTK PRESTIGE LTD | 7,280 | 37.7 | 3.69 | 23.1 | 7.9 | 10.2 | 6.3 | 13.0 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 64.5 | 42.1 | 13 of 19 | 33% |
| P/B | 9.6 | 4.4 | 22 of 23 | 5% |
| ROCE | 18.9 | 9.4 | 4 of 24 | 87% |
| ROE | 15.4 | 7.1 | 4 of 23 | 86% |
| Debt / Equity | 0.2 | 0.0 | 16 of 23 | 32% |
| EBITDA margin | 6.1 | 7.6 | 17 of 23 | 27% |
| Revenue growth | 13.3 | 15.4 | 14 of 22 | 38% |
| Profit growth | (15.2) | 38.1 | 15 of 21 | 30% |
| Market cap | 32855 | 3722 | 3 of 24 | 91% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 23 Oct 2026 · Blue Star schedules Q2 and H1 FY27 earnings call for October 30 | board shareholder meetings | low | — | — |
| 16 Oct 2026 · Postal ballot: Mr. Nikhilesh Panchal appointed as Independent Director | board shareholder meetings | low | — | — |
| 16 Oct 2026 · Blue Star Postal Ballot approves Nikhilesh Panchal as Independent Director | board shareholder meetings | medium | — | — |
| 14 Oct 2026 · Blue Star to strike off dormant Uganda step-down subsidiary | strategic transactions | medium | — | — |
| 12 Oct 2026 · RTA certificate under Regulation 74(5) for Q2 FY27 | compliance | minimal | — | — |
| 28 Sept 2026 · Board meeting on Oct 29 for Q2 FY27 results, trading window closed Oct 1-31 | results | low | — | — |
| 28 Sept 2026 · Board meeting on Oct 29 to consider Q2FY27 results | results | low | — | — |
| 16 Sept 2026 · Postal Ballot: Approval sought for independent director appointment | board shareholder meetings | low | — | — |
| 16 Sept 2026 · Blue Star schedules analyst meetings with Anand Rathi and J.P. Morgan | board shareholder meetings | low | — | — |
| 15 Sept 2026 · Blue Star update on WJT Oman arbitration annulment proceedings | regulatory legal | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.