Blue Star Ltd.

•

bluestarindia.comBSE: 500067NSE: BLUESTARCO

Market Cap₹ 29,933 Cr.

Current Price

High / Low₹ 2,033 / 1,432

Stock P/E86.5

Book Value₹ 152

Price to Book10.86

Dividend Yield0.58 %

ROCE17.2 %

ROE13.1 %

Face Value₹ 2

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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 GENERATED

Consumer Durables

Buy

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.

Confidence

76%

View full sector analysis →

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

Consumer DurablesConsumer DurablesAir Conditioners

Part ofNIFTYLARGEMIDCAP250 NIFTYMIDCAP150 NIFTY MIDCAP 100 NIFTY MIDCAP 150 NIFTY TOTAL MKT

S.No.	Name
1.	VOLTAS	1141.80	84.11	37780.42	0.35	212.76	51.31	4673.50	19.46	8.75	4.88
2.	BLUESTARCO	1455.80	58.78	29933.40	0.58	102.51	-15.15	3377.92	13.27	21.17	5.17
3.	AMBER	7245.95	266.06	25554.85	0.00	3.09	-97.09	3887.72	12.72	9.95	8.01
4.	BOSCH-HCIL	1780.95	1036.95	4842.56	2.02	22.79	49.44	1095.52	28.49	14.36	3.74
5.	EPACK	188.30	115.00	1812.89	0.00	118.18	416.27	8860.24	1237.61	4.67	5.95

Detailed Comparison with:

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

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	36.52	36.46	36.46	36.47	36.49	36.49	36.49	36.49	36.50
	17.02	18.00	18.42	16.89	16.15	15.99	14.61	13.76	12.75
	23.56	22.84	22.19	23.13	23.37	25.32	26.76	27.78	28.25
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	22.86	22.63	22.86	23.45	23.93	22.13	22.10	21.93	22.50

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-05

Analysts/Institutional Investor Meet/Con. Call Updates

2026-09-05 - Blue Star Limited has informed the Exchange about Schedule of meet

2026-09-02

Disclosure of material issue

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

Sale or disposal

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

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-13 - Blue Star Limited has informed the Exchange about Transcript

2026-08-07

General Updates

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

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-07 - Blue Star Limited has informed the Exchange about Link of Recording

2026-08-07

Shareholders meeting

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

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-07 - Blue Star Limited has informed the Exchange about Presentation

2026-08-07

Updates

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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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

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

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%

-45

Interest

Depreciation

Profit before Tax

103

192

197

114

129

210

147

222

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

144

146

157

109

163

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

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%

-3

201

Interest

Depreciation

142

157

Profit before Tax

144

181

180

168

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

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%

—

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Equity Capital

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

110

215

220

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

1,800

1,817

1,950

Cash & Bank

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

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

125

175

465

320

385

247

662

Cash from Investing

-66

-73

-58

-246

-7

-86

-699

-495

-176

Cash from Financing

-215

-105

-138

-147

-248

539

-126

127

-14

-22

-30

196

-95

-30

-7

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

36.52

36.46

36.47

36.49

36.50

17.02

18.00

18.42

16.89

16.15

15.99

14.61

13.76

12.75

23.56

22.84

22.19

23.13

23.37

25.32

26.76

27.78

28.25

Government

0.00

22.86

22.63

22.86

23.45

23.93

22.13

22.10

21.93

22.50

Blue Star Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

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Blue Star Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI