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Blue Star Q2 FY27 results: net profit up 25.4% to ₹123.91 crore, revenue up 21.0%
Blue Star Limited reported Q2 FY27 consolidated revenue of ₹2,931 crore, up 21.0% from Q2 FY26. Net profit rose to ₹123.91 crore and basic EPS to ₹6.03, while EBITDA margin declined to 6.9% from 7.6%.
Key points
- Revenue rose 21.0% to ₹2,931 crore in Q2 FY27 from ₹2,422 crore in Q2 FY26.
- Net profit rose to ₹123.91 crore from ₹98.78 crore, while basic EPS increased to ₹6.03 from ₹4.80.
- EBITDA was ₹202.57 crore and the margin fell to 6.9% from 7.6% in the year-ago quarter.
- Against Q1 FY27, revenue fell 13.2% to ₹2,931 crore, while net profit rose 20.9% to ₹123.91 crore.
- The carried-forward order book was ₹7,229.22 crore on 30 September 2026, up 1.5% from 30 September 2025.
How did Blue Star perform in Q2 FY27?
Blue Star reported consolidated revenue of ₹2,931 crore in Q2 FY27, up 21.0% from ₹2,422 crore in Q2 FY26. Total income rose 21.1% to ₹2,946.74 crore, while EBITDA increased 10.4% to ₹202.57 crore. The EBITDA margin fell to 6.9% from 7.6%, while profit before tax rose 17.6% to ₹156.63 crore and net profit increased 25.4% to ₹123.91 crore.
Basic EPS rose to ₹6.03 from ₹4.80 in Q2 FY26. Against Q1 FY27, revenue fell 13.2% to ₹2,931 crore from ₹3,378 crore and EBITDA margin improved to 6.9% from 5.2%. EBITDA rose 15.8% to ₹202.57 crore, profit before tax increased 16.2% to ₹156.63 crore, and net profit rose 20.9% to ₹123.91 crore; basic EPS was ₹6.03 against ₹4.99.
On the standalone basis, Q2 FY27 revenue was ₹2,750.11 crore, up 19.9%, while profit after tax was ₹38.24 crore against ₹69.91 crore in the year-ago period. The board approved the unaudited standalone and consolidated results for the quarter and half year ended 30 September 2026 along with the limited review reports.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 2,931 | 3,378 | 2,422 | +21.0% | −13.2% |
| Other income | 15.79 | 20.76 | 10.01 | +57.7% | −23.9% |
| Total expenses | 2,813 | 3,273 | 2,299 | +22.4% | −14.1% |
| EBITDA | 202.57 | 174.95 | 183.42 | +10.4% | +15.8% |
| EBITDA margin | 6.9% | 5.2% | 7.6% | −0.7 pp | +1.7 pp |
| Profit before tax | 156.63 | 134.79 | 133.16 | +17.6% | +16.2% |
| Tax | 33.39 | 32.08 | 33.39 | +0.0% | +4.1% |
| Net profit | 123.91 | 102.51 | 98.78 | +25.4% | +20.9% |
| EPS (₹) | 6.03 | 4.99 | 4.80 | +25.6% | +20.8% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Blue Star's costs and profit?
Total expenses rose 22.4% to ₹2,813 crore in Q2 FY26, higher than revenue growth of 21.0%. Cost of materials increased 19.2% to ₹2,068 crore, employee cost rose 10.8% to ₹251.73 crore, and depreciation increased 56.6% to ₹67.90 crore. Other expenses rose 24.7% to ₹260.26 crore, while finance costs fell 0.4% to ₹16.85 crore.
Other income increased 57.7% to ₹15.79 crore from ₹10.01 crore. The quarter included an exceptional gain of ₹23.02 crore from the sale of the MedTech business, against no exceptional item in Q2 FY26. Tax expense was unchanged at ₹33.39 crore, and profit before tax rose 17.6% to ₹156.63 crore.
Blue Star said material-cost escalation could not be fully passed on, keeping margins under pressure. It also cited execution delays in the project business and wrote back MedTech warranty provisions after the sale of that business, which improved Segment 3 profitability. Against Q1 FY27, lower materials cost, other expenses and total expenses supported higher EBITDA and net profit.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 2,068 | 1,735 | +332.82 | +19.2% |
| Employee cost | 251.73 | 227.21 | +24.52 | +10.8% |
| Finance costs | 16.85 | 16.92 | −0.07 | −0.4% |
| Depreciation | 67.90 | 43.35 | +24.55 | +56.6% |
| Other expenses | 260.26 | 208.72 | +51.54 | +24.7% |
| Total expenses | 2,813 | 2,299 | +513.91 | +22.4% |
| Other income | 15.79 | 10.01 | +5.78 | +57.7% |
| Tax | 33.39 | 33.39 | 0 | +0.0% |
| Exceptional items | +23.02 (gain) | none |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
Revenue in the first half of FY27 rose 16.7% to ₹6,308.87 crore from ₹5,404.62 crore in H1 FY26, while total income increased 16.8% to ₹6,345.42 crore. Profit before tax fell 2.1% to ₹291.42 crore from ₹297.80 crore, but net profit rose 3.1% to ₹226.42 crore from ₹219.60 crore.
Basic EPS for H1 FY27 was ₹11.01 against ₹10.68 in H1 FY26. The investor presentation reported first-half EBITDA excluding other income of ₹377.53 crore, compared with ₹383.41 crore a year earlier, and carried-forward order book of ₹7,229.22 crore as of 30 September 2026.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 6,309 | 5,405 | +16.7% |
| Profit before tax | 291.42 | 297.80 | −2.1% |
| Net profit | 226.42 | 219.60 | +3.1% |
| EPS (₹) | 11.01 | 10.68 | +3.1% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
Total assets stood at ₹8,485.88 crore on 30 September 2026, compared with ₹8,575.98 crore on 31 March 2026. Total equity rose to ₹3,489.79 crore from ₹3,433.86 crore, while borrowings fell to ₹483.63 crore from ₹626.80 crore and cash declined to ₹181.20 crore from ₹366.99 crore.
Inventories increased to ₹2,275.19 crore from ₹2,166.20 crore at the previous balance sheet date. Trade receivables fell to ₹1,674.71 crore from ₹2,139.70 crore, while trade payables declined to ₹2,718.32 crore from ₹2,942.86 crore. Blue Star reported a net cash position of ₹289.43 crore as of 30 September 2026.
Net cash from operating activities in H1 FY27 was ₹414.44 crore, compared with an outflow of ₹728.12 crore in H1 FY26. Investing cash flow was negative ₹224.58 crore against negative ₹37.31 crore, while financing cash flow was negative ₹378.28 crore against positive ₹426.77 crore. Capital expenditure was ₹135.83 crore against ₹130.46 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 8,486 | 8,576 |
| Total equity | 3,490 | 3,434 |
| Borrowings | 483.63 | 626.80 |
| Cash and equivalents | 181.20 | 366.99 |
| Inventories | 2,275 | 2,166 |
| Trade receivables | 1,675 | 2,140 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 414.44 | −728.12 |
| Cash from investing | −224.58 | −37.31 |
| Cash from financing | −378.28 | 426.77 |
| Capital expenditure | 135.83 | 130.46 |
Source: Company's results filing (XBRL).
How has Blue Star done over the last 8 quarters?
Revenue increased year on year in each of the last eight quarters. Across the reported period, revenue was highest at ₹4,072.06 crore in Q4 FY26 and lowest at ₹2,422.37 crore in Q2 FY26; Q2 FY27 revenue was ₹2,930.95 crore. Net profit was highest at ₹227.18 crore in Q4 FY26 and lowest at ₹80.55 crore in Q3 FY26, before rising to ₹123.91 crore in Q2 FY27.
The EBITDA margin bottomed at 5.2% in Q1 FY27 and peaked at 8.0% in Q4 FY26. It recovered to 6.9% in Q2 FY27 from 6.7% in Q1 FY26, while revenue and net profit moved above their Q2 FY26 levels. The latest quarter showed lower revenue than Q1 FY27 but higher profit and margin.
Which businesses drove the quarter?
Electro-mechanical projects and commercial air conditioning revenue rose 16.3% to ₹1,935.99 crore from ₹1,664.21 crore in Q2 FY26. Segment EBIT fell to ₹133.15 crore from ₹147.14 crore, while the EBIT margin declined to 6.9% from 8.8%. Blue Star said project billing was subdued because of execution delays, and material-cost escalation that could not be fully passed on kept margins under pressure.
Unitary products revenue rose 29.4% to ₹897.66 crore from ₹693.81 crore. Segment EBIT fell to ₹20.74 crore from ₹42.72 crore, and the EBIT margin declined to 2.3% from 6.2%. Blue Star attributed revenue growth to an extended summer supporting room-air-conditioner demand, while incomplete pass-through of material-cost increases and commercial refrigeration weakness affected margins.
Professional electronics and industrial systems revenue rose 51.2% to ₹97.30 crore from ₹64.35 crore. Segment EBIT increased to ₹23.10 crore from ₹6.17 crore, while the EBIT margin rose to 23.7% from 9.6%. The company said the write-back of MedTech warranty provisions after the business sale improved profitability, while industrial solutions continued to grow.
| Segment | Revenue | Revenue YoY | EBIT | EBIT margin |
|---|---|---|---|---|
| Electro - mechanical projects and commercial air conditioning systems | 1,936 | +16.3% | 133.15 | 6.9% |
| Unitary products | 897.66 | +29.4% | 20.74 | 2.3% |
| Professional electronics and industrial systems | 97.30 | +51.2% | 23.10 | 23.7% |
Source: Company's results filing (XBRL segment data).
What else did the company announce?
The board approved and recorded the unaudited standalone and consolidated financial results for the second quarter and half year ended 30 September 2026, together with limited review reports, on 29 October 2026. The board meeting began at 10:00 a.m. and concluded at 3:40 p.m. The same-day investor update stated that the carried-forward order book was ₹7,229.22 crore as of 30 September 2026.
Blue Star also filed an investor presentation and an investor update on 30 October 2026. The presentation recorded the MedTech sale as an exceptional gain of ₹23.02 crore and described the transaction as completed on 31 August 2026. A shareholder communication on 30 October 2026 linked to the results, press release and presentation. The available same-day filings did not state a dividend or fund-raising decision.
What did Blue Star's management say?
Management maintained FY27 Segment 2 margin guidance of at least 6.5%, conditional on price pass-through, product-portfolio changes, value engineering, scale and sustained demand. Management said room-air-conditioner revenue growth could reach 25% in FY27, with at least 5% from pricing and about 20% from volume. The company expected commercial refrigeration to return to growth in Q3 FY27 and deliver about 10% growth in H2 FY27.
Management maintained Segment 1 margin guidance of 7%-7.5% for FY27, while saying it could reach 8.5% as the data-centre mix increased. Management said data-centre order bookings could reach about ₹4,000 crore in FY27 and potentially ₹8,000 crore by 2030, with revenue rising from ₹2,000 crore to ₹4,000 crore in three years. FY27 capex was around ₹300 crore at maximum.
Management identified material-cost inflation, an estimated remaining 5% price-cost gap, and execution of price revisions and product-portfolio savings as risks to margin recovery. It also cited monsoon shortfall, weaker farm income, higher interest rates, project delays and cost overruns, and US tariff and supply-chain uncertainty. On the call, Managing Director B. Thiagarajan said, “The data center segment growth is unprecedented.”
How did Blue Star shares react?
Blue Star’s shares were down 2.5% within 5 minutes of the filing, down 2.8% after 15 minutes and down 2.5% after 30 minutes. The stock closed the reaction day down 2.7% from the previous close, against a 2.6% fall for the median Household Appliances stock. Blue Star therefore moved 0.1 percentage points less than the industry median.
| After the filing | Stock | Household Appliances median |
|---|---|---|
| 5 minutes | −2.5% | |
| 15 minutes | −2.8% | |
| 30 minutes | −2.5% | |
| Reaction day | −2.7% | −2.6% |
| Next day | −4.7% | −1.3% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 6 August 2026 | −4.6% |
| 6 May 2026 | −3.0% |
| 29 January 2026 | +5.4% |
| 5 November 2025 | −6.2% |
| 6 August 2025 | +1.9% |
| 7 May 2025 | −5.1% |
| 29 January 2025 | −3.2% |
| 6 November 2024 | −5.7% |
Source: MarketPing price-reaction measurement.
How did other Household Appliances companies do?
Twelve Household Appliances companies that had filed for the quarter were compared with Blue Star. Their median revenue growth was 15.1%, compared with Blue Star’s 21.0% growth in Q2 FY27. Eight peers grew more slowly than Blue Star, while four grew faster than the company.
Seven of the 12 peers reported higher profit. The peer comparison was as of 6 November 2026.
| Blue Star revenue growth (YoY) | +21.0% |
|---|---|
| Median of 12 other Household Appliances companies | +15.1% |
| Companies with slower revenue growth than Blue Star | 8 of 12 |
| Companies with faster revenue growth than Blue Star | 4 of 12 |
| Companies whose net profit rose | 7 of 12 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Blue Star's revenue in Q2 FY27?
Revenue from operations was ₹2,931 crore, up 21.0% from ₹2,422 crore in Q2 FY26 (consolidated).
Did Blue Star make a profit in Q2 FY27?
Yes. Net profit was ₹123.91 crore, against a net profit of ₹98.78 crore in Q2 FY26.
What was Blue Star's EPS in Q2 FY27?
Basic earnings per share were ₹6.03, against ₹4.80 in Q2 FY26.
How did Blue Star shares react to the Q2 FY27 results?
On the reaction day the stock moved −2.7% from the previous close; the median Household Appliances stock moved −2.6%.
When did Blue Star announce its Q2 FY27 results?
On 29 October 2026, in a filing to the BSE.
Sources
- Results - Financial Results For Sep 30 2026 (BSE, 29 October 2026) · PDF
- Board Meeting Outcome for Outcome Of The Board Meeting (BSE, 29 October 2026) · PDF
- Announcement under Regulation 30 (LODR)-Meeting Updates (BSE, 29 October 2026) · PDF
- Communication To Shareholders - Financial Results For The Second Quarter And Half Year Ended On September 30, 2026 (BSE, 30 October 2026) · PDF
- The earnings call (5 November 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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