Blue Star Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2022 • Electro Mechanical Projects & Packaged Airconditioning Systems: 51.6% • Unitary Products: 48.4% • Professional Electronics & Industrial Systems: 0.0%
AI Sector View
AI GENERATEDConsumer Durables
Urban discretionary demand is mixed but investable. Credit card transactions rose 27.0% YoY (2026-06), urban CMIE sentiment was 109.5 (2026-07), and consumer spending remained large at INR 44743 billion (Jun/26), even though formal consumer confidence fell to 88.3 points (Jul/26) and debit card transactions were -9.0% YoY (2026-06). Heavy sector inflows of INR 13175 crore over 3 months to 2026-08-31 indicate strong investor positioning behind the theme.
PROS
- Company has delivered good profit growth of 42.3% CAGR over last 5 years
- Company has a healthy return on capital (ROCE) of 21.7%
- Company has delivered good sales growth of 25.1% CAGR over last 5 years
- Company has been maintaining a healthy dividend payout of 45.4%
- Company has a consistent dividend-paying track record
- Company comfortably covers its interest (7.9x coverage)
CONS
- Recent results are weak - TTM profit is down 39.1% versus prior year
- Total debt has risen sharply - up 131.1% year on year
- Stock is trading at 10.9x its book value
- Growth is decelerating - 3Y profit CAGR (1.7%) trails the 5Y trend (42.3%)
- Rich enterprise valuation - EV/EBITDA of 43.1x
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| VOLTAS | 1141.80 | 84.11 | 37780.42 | 0.35 | 212.76 | 51.31 | 4673.50 | 19.46 | 8.75 | 4.88 |
| BLUESTARCO | 1455.80 | 58.78 | 29933.40 | 0.58 | 102.51 | -15.15 | 3377.92 | 13.27 | 21.17 | 5.17 |
| AMBER | 7245.95 | 266.06 | 25554.85 | 0.00 | 3.09 | -97.09 | 3887.72 | 12.72 | 9.95 | 8.01 |
| BOSCH-HCIL | 1780.95 | 1036.95 | 4842.56 | 2.02 | 22.79 | 49.44 | 1095.52 | 28.49 | 14.36 | 3.74 |
| EPACK | 188.30 | 115.00 | 1812.89 | 0.00 | 118.18 | 416.27 | 8860.24 | 1237.61 | 4.67 | 5.95 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2,081 | 1,741 | 2,055 | 3,123 | 2,714 | 2,126 | 2,682 | 3,805 | 2,847 | 2,295 | 2,775 | 3,863 | 3,198 | |
| 1,953 | 1,626 | 1,933 | 2,905 | 2,508 | 1,999 | 2,516 | 3,567 | 2,672 | 2,158 | 2,610 | 3,617 | 3,130 | |
| Operating Profit | 127 | 115 | 122 | 217 | 205 | 127 | 166 | 237 | 175 | 137 | 165 | 246 | 68 |
| OPM % | 6.12% | 6.59% | 5.95% | 6.96% | 7.56% | 5.99% | 6.18% | 6.24% | 6.13% | 5.97% | 5.94% | 6.38% | 2.12% |
| 9 | 12 | 10 | 10 | 21 | 16 | 6 | 19 | 16 | 10 | -45 | 38 | 7 | |
| Interest | 15 | 16 | 11 | 13 | 8 | 6 | 17 | 20 | 11 | 17 | 23 | 24 | 13 |
| Depreciation | 18 | 18 | 18 | 22 | 21 | 23 | 26 | 26 | 32 | 35 | 37 | 39 | 47 |
| Profit before Tax | 103 | 94 | 103 | 192 | 197 | 114 | 129 | 210 | 147 | 94 | 60 | 222 | 93 |
| Tax % | 25.50% | 24.96% | 25.44% | 25.17% | 25.72% | 25.73% | 24.86% | 25.23% | 25.98% | 25.99% | 26.62% | 26.54% | 25.58% |
| Net Profit | 77 | 70 | 77 | 144 | 146 | 85 | 97 | 157 | 109 | 70 | 44 | 163 | 69 |
| 4.00 | 3.62 | 3.73 | 6.98 | 7.10 | 4.12 | 4.71 | 7.65 | 5.28 | 3.40 | 2.13 | 7.92 | 3.37 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 4,087 | 4,303 | 4,784 | 4,786 | 3,842 | 5,395 | 7,353 | 8,999 | 11,326 | 11,779 | 12,131 | |
| 3,891 | 4,114 | 4,486 | 4,572 | 3,650 | 5,104 | 6,911 | 8,417 | 10,609 | 11,080 | 11,515 | |
| Operating Profit | 195 | 189 | 297 | 215 | 192 | 292 | 442 | 582 | 717 | 699 | 616 |
| OPM % | 4.78% | 4.39% | 6.21% | 4.49% | 5.01% | 5.40% | 6.02% | 6.46% | 6.33% | 5.94% | 5.08% |
| 34 | 75 | -3 | 69 | 62 | 36 | 201 | 41 | 80 | 41 | 9 | |
| Interest | 31 | 23 | 45 | 32 | 68 | 51 | 58 | 56 | 51 | 76 | 77 |
| Depreciation | 55 | 61 | 69 | 84 | 88 | 80 | 80 | 75 | 96 | 142 | 157 |
| Profit before Tax | 144 | 181 | 180 | 168 | 98 | 196 | 505 | 492 | 650 | 522 | 469 |
| Tax % | 24.21% | 26.91% | 32.28% | 27.91% | 32.96% | 34.74% | 27.35% | 25.26% | 25.39% | 26.29% | 26.25% |
| Net Profit | 109 | 132 | 122 | 121 | 66 | 128 | 367 | 368 | 485 | 385 | 346 |
| EPS | 11.68 | 13.74 | 12.65 | 12.55 | 6.85 | 13.26 | 19.03 | 17.87 | 23.58 | 18.73 | — |
| Dividend Payout % | 65.53% | 72.61% | 79.07% | 79.67% | 58.43% | 75.39% | 31.52% | 39.16% | 38.16% | 45.38% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 13%
- 5 Years:
- 25%
- 3 Years:
- 17%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 14%
- 5 Years:
- 42%
- 3 Years:
- 2%
STOCK PRICE CAGR
- 10 Years:
- 20%
- 5 Years:
- 29%
- 3 Years:
- 23%
- 1 Year:
- -20%
RETURN ON EQUITY
- 10 Years:
- 16%
- 5 Years:
- 19%
- 3 Years:
- 17%
- Last Year:
- 13%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 19 | 19 | 19 | 19 | 19 | 19 | 19 | 41 | 41 | 41 |
| 892 | 926 | 942 | 830 | 900 | 989 | 1,259 | 2,470 | 2,810 | 3,008 | |
| 153 | 326 | 371 | 546 | 617 | 422 | 378 | 300 | 473 | 875 | |
| Trade Payables | 1,109 | 1,432 | 1,425 | 1,439 | 1,456 | 1,843 | 2,256 | 2,400 | 3,157 | 2,727 |
| 342 | 388 | 405 | 421 | 444 | 745 | 929 | 957 | 1,226 | 1,304 | |
| Total Liabilities | 2,515 | 3,091 | 3,162 | 3,255 | 3,436 | 4,018 | 4,842 | 6,168 | 7,706 | 7,955 |
| 260 | 291 | 306 | 356 | 345 | 377 | 560 | 764 | 992 | 1,139 | |
| Capital Work in Progress | 22 | 18 | 31 | 57 | 54 | 110 | 30 | 26 | 54 | 62 |
| 215 | 220 | 221 | 221 | 500 | 392 | 450 | 957 | 1,206 | 1,162 | |
| 580 | 1,002 | 858 | 850 | 868 | 1,126 | 1,314 | 1,233 | 1,779 | 1,853 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1,800 | 1,817 | 1,950 | |
| Cash & Bank | 78 | 65 | 27 | 226 | 300 | 205 | 175 | 262 | 306 | 317 |
| 1,360 | 1,495 | 1,718 | 1,546 | 1,368 | 1,807 | 2,313 | 1,126 | 1,551 | 1,472 | |
| Total Assets | 2,515 | 3,091 | 3,162 | 3,255 | 3,436 | 4,018 | 4,842 | 6,168 | 7,706 | 7,955 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 125 | 15 | 175 | 465 | 320 | 93 | 385 | 247 | 662 | 41 | |
| Cash from Investing | 73 | -66 | -73 | -58 | -246 | -7 | -86 | -699 | -495 | -176 |
| Cash from Financing | -215 | 73 | -105 | -138 | 15 | -147 | -248 | 539 | -126 | 127 |
| -14 | -22 | -30 | 196 | 78 | -95 | -30 | 87 | 41 | -7 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-05 - Blue Star Limited has informed the Exchange about Schedule of meet
2026-09-02 - Blue Star Limited has informed regarding Update on completion of sale and transfer of MedTech business of Blue Star Engineering & Electronics Limited, a wholly owned subsidiary of the Company
2026-08-14 - Blue Star Limited has informed the Exchange about Execution of Business Transfer Agreement by Blue Star Engineering & Electronics Limited, a wholly owned subsidiary of the Company
2026-08-13 - Blue Star Limited has informed the Exchange about Transcript
2026-08-07 - Blue Star Limited has informed the Exchange about Communication to shareholders Financial Results for the First Quarter ended on June 30, 2026
2026-08-07 - Blue Star Limited has informed the Exchange about Link of Recording
2026-08-07 - Blue Star Limited has submitted the Exchange a copy Srutinizers report of Annual General Meeting held on August 06, 2026. Further, the company has informed the Exchange regarding voting results.
2026-08-07 - Blue Star Limited has informed the Exchange about Presentation
2026-08-07 - Blue Star Limited has informed the Exchange regarding 'Investor Update for the First Quarter ended on June 30, 2026'.
News
Recent coverage and analyst commentary for BLUESTARCO
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Blue Star Ltd.
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