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Blue Star
SectorConsumer Discretionary
Blue Star Limited is a heating, ventilation, air conditioning and commercial refrigeration company operating in three segments: Electro-Mechanical Projects and Commercial Air Conditioning Systems, Unitary Products, and Professional Electronics and Industrial Systems. The company manufactures and services central air-conditioning systems, packaged air conditioners, cooling appliances, cold storage products, and various electronics and industrial systems. Blue Star has manufacturing facilities in India and exports products to 18 countries in the Middle East, Africa, South Asia and other regions. The company offers a wide range of products including air conditioners, water purifiers, air purifiers, and commercial refrigeration equipment. Blue Star has expanded through acquisitions, joint ventures, and new product launches in recent years.
In the news
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HSBC upgrades Blue Star to 'buy' with ₹1,780 target
Blue Star Q1 Results: Net profit falls 15.26% to ₹102.50 crore amid rising costs
Blue Star dividend ex-date tomorrow: ₹8.50 per share payout
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Blue Star Surges 2.03% as Experts Recommend Long-term Hold
Blue Star Plans 8% More Price Hikes Amid Rising Costs
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Blue Star Q4 profit surges 17% to ₹227 crore despite revenue miss
Blue Star Q4 Results: Revenue up 3.6%, profit falls on charges
Blue Star Q4 profit jumps 17% to ₹227 cr, declares ₹8.5 dividend
Blue Star seeks good summer and monsoon for record growth
The Quarter story
The two most recent quarterly results, compared side-by-side.
Blue Star maintains strong revenue momentum and a recovering project pipeline, but early-year margins face seasonal and pricing headwinds.
Consolidated revenue grows from ₹2,422 Cr in Q2 FY26 to ₹3,377.92 Cr in Q1 2026-27, confirming sustained top-line momentum
Consolidated EBITDA margin slips from 8.0% in Q4 FY26 to 5.2% in Q1 2026-27, reflecting early-year pricing pressure
Electro-Mechanical order book recovers from ₹4,840 Cr in Q2 FY26 to ₹5,483.73 Cr in Q1 2026-27, signaling a robust project pipeline
Unitary Products EBIT margin contracts from 8.5% in Q3 FY26 to 2.9% in Q1 2026-27, signaling severe cost pressures
Professional Electronics EBIT margin expands from 9.1% in Q3 FY26 to 15.1% in Q1 2026-27, highlighting strong operational leverage
Consolidated EBITDA drops from ₹326 Cr in Q4 FY26 to ₹174.95 Cr in Q1 2026-27, indicating seasonal demand normalization
Company insights, generated from the most recent coverage.
Sri City's 34-supplier cluster lets Blue Star run 1.5-2 day component procurement instead of 5-7 days, which cuts the forecast accuracy it needs and sharply lowers obsolescence write-offs on seasonal AC inventory.
Co-location cuts Blue Star's cash conversion cycle from 25-57 days to 2-25 days, but DPO also falls from 45-60 to 30-45 days as local suppliers demand shorter credit — so the working-capital release is partly clawed back by weaker payables float.
Blue Star's Sri City ramp from 322,000 units (FY24) toward 1.6 million within five years, backed by a ₹200 Cr FY26 capex, is its lever to defend domestic share against capital-richer global entrants clustering in the same corridor.