Larsen & Toubro Ltd.
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Industrials · Engineering & Construction
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Research updated
Blue Star Ltd.
NSE: BLUESTARCOIndustrialsBuilding Products & Equipment
- Last close
- ₹1,499.00
- Day change
- −₹65.50 (−4.19%)vs
- Market cap
- ₹33,183 crIndian rupees
- Research updated
- 1 report
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About Blue Star
Blue Star Ltd. is a prominent name in the air conditioning and commercial refrigeration industry in India. The company's primary function revolves around designing, manufacturing, and marketing a diverse range of cooling and refrigeration products. With a legacy that spans over seven decades, Blue Star Ltd. caters to both residential and commercial sectors, supplying air conditioners, water purifiers, cold storage solutions, and specialized cooling systems tailored to various industry requirements. Its long-standing reputation is built on innovation, quality, and a commitment to energy efficiency, making it a trusted choice among consumers and businesses alike. Aside from its robust domestic presence, Blue Star Ltd. also exports products, contributing to its significant role in both national and international markets. The company actively engages in the HVAC manufacturing industry, influencing trends and setting benchmarks through technological advancements and sustainable practices. With a strong distribution network and customer-centric approach, Blue Star Ltd. continues to advance its market significance, emphasizing the creation of environmentally conscious refrigeration solutions.
- Sector
- Industrials
- Industry
- Building Products & Equipment
- Listing
- NSE: BLUESTARCO
- Next results
- Employees
- 3,655
- Headquarters
- Mumbai, India
- ISIN
- INE472A01039
- Website
- bluestarindia.com
Public research · Report of
Business model & financial foundation
Blue Star (NSE: BLUESTARCO), HVAC and refrigeration; electro-mechanical projects: revenue of ₹12,402 crore in FY26 (+3.6% on FY25), an EBITDA margin of 7.5%, net profit of ₹527.7 crore and net cash of ₹210.5 crore.
- Revenue, FY26 (₹ crore)
- 12,402
- consolidated
- Revenue growth, FY26
- +3.6%
- on FY25
- EBITDA margin, FY26
- 7.5%
- EBITDA (Operating EBITDA excluding other income) / revenue
- Net profit, FY26 (₹ crore)
- 527.7
- to owners
- Return on equity, FY26
- 16.2%
- on average equity
- Net debt, FY26 (₹ crore)
- -210.5
- Net debt including all bank balances and liquid investments
- Market capitalisation (₹ crore)
- 30,921
- at the close of 14 Oct 2026
Company profile
Blue Star earns from engineered cooling systems and MEP execution, branded room air conditioners and commercial refrigeration, and a smaller electronics/industrial systems distribution business. Project revenue depends on execution and customer-funded working capital; consumer products depend on seasonal demand, channel inventory and input-cost recovery. This mix diversifies revenue but does not insulate margin from commodity and currency pressure.
| Item | Value |
|---|---|
| Legal name | Blue Star Limited |
| Exchange and ticker | NSE: BLUESTARCO; BSE: 500067 |
| ISIN | INE472A01039 |
| CIN | L28920MH1949PLC006870 |
| Sector | Industrials |
| Industry | HVAC and refrigeration; electro-mechanical projects |
| Headquarters | Mumbai, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Deloitte Haskins & Sells LLP |
| Market capitalisation | ₹30,921 crore (14 Oct 2026) |
| Shares outstanding | 20.56 crore shares (FY26) |
| Price | ₹1,594 (close, 14 Oct 2026) |
| 52-week range | ₹1,432 - ₹2,033 (to 14 Oct 2026) |
| Website | https://www.bluestarindia.com |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Blue Star Climatech Limited | 100% | Room AC manufacturing |
| Blue Star Engineering & Electronics Limited | 100% | Professional electronics and industrial systems |
| Blue Star International FZCO | 100% | International subsidiaries |
| Blue Star MEA Airconditioning LLC | 100% | HVAC sales, projects and after-sales, UAE |
| BSL AC&R (Singapore) Pte Ltd | 100% | HVAC sales and contracting |
| Blue Star Qatar WLL | 49% | MEP contracting, consolidated through management control; subsequent acquisition under review |
| Blue Star North America Inc | 100% | Custom HVAC&R for OEMs |
| Blue Star Europe BV | 100% | Custom HVAC&R for OEMs |
| Blue Star Innovation Japan LLC | 100% | Refrigeration controls R&D |
| Blue Star Air Conditioning & Refrigeration (U) Limited | 100% | Inactive Uganda entity; strike-off approved 14 October 2026 |
Holdings at 31 March 2026. Malaysia JV 49%; Oman JV 51%, with profit sharing 50:50. Uganda remains consolidated until strike-off.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 36.49% | 36.49% | 36.50% | |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | |
| Foreign institutions | 14.66% | 13.80% | 12.75% | |
| Domestic institutions | 26.76% | 27.78% | 28.24% | |
| of which mutual funds | 22.27% | 22.05% | 21.62% | |
| Retail | 16.56% | 16.62% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Blue Star earns from three reported segments. Electro-Mechanical Projects and Commercial AC (EMP & CAC) was 6,762.8 cr of FY26 revenue: MEP contracting (data centres, factories, infrastructure) executed from a carried-forward order book, plus packaged/VRF/chiller products. Unitary Products (room ACs and commercial refrigeration) was 5,332.4 cr: branded, seasonal, sold through dealers, built largely in Climatech plants (Himachal, Sri City). Professional Electronics and Industrial Systems was 306.8 cr and lost its MedTech division to a slump sale effective 1 Sep 2026. The company controls design, brand, distribution and project execution; it does not control copper, aluminium, the rupee or summer weather, and it passes costs on to consumers only with a lag. Consolidated is the basis: Climatech's manufacturing margin sits outside the standalone entity.
| Segment | revenue, FY26 (₹ crore) | Share | result, FY26 (₹ crore) | Share |
|---|---|---|---|---|
| Electro-Mechanical Projects & Commercial AC Systems | 6,763 | 54.5% | 501.9 | 51.7% |
| Unitary Products | 5,332 | 43.0% | 434.8 | 44.8% |
| Professional Electronics & Industrial Systems | 306.8 | 2.5% | 34.9 | 3.6% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Voltas (VOLTAS) | Closest branded room AC and MEP comparison |
| Havells India (HAVELLS) | Lloyd room AC; diversified consumer electricals |
| Amber Enterprises India (AMBER) | RAC manufacturing and component supply, different OEM economics |
| Whirlpool of India (WHIRLPOOL) | Consumer durables brand; different product and margin mix |
| PG Electroplast (PGEL) | RAC OEM/ODM, manufacturing economics comparator |
| Bosch Home Comfort India (BOSCH.HCIL) | Former JCHAC, branded room AC competitor |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 6,000 | 7,898 | 9,685 | 11,968 | 12,402 |
| Cost of revenue (vendor classification) * | 4,748 | 6,207 | 7,421 | 9,113 | 9,579 |
| Other operating costs (vendor classification) * | 382.4 | 583.5 | 672.9 | 903.2 | 795.8 |
| EBITDA (vendor classification) * | 375.1 | 512.9 | 728.6 | 931.6 | 987.3 |
| EBIT * | 291.2 | 602.4 | 608.3 | 824.8 | 766.3 |
| Finance cost | 40.3 | 47.0 | 58.1 | 48.8 | 72.1 |
| Profit before tax after exceptional items and JV share | 250.9 | 555.4 | 557.2 | 784.9 | 703.1 |
| Total tax expense: current plus deferred | 82.9 | 154.7 | 142.9 | 193.7 | 175.8 |
| Profit after tax including non-controlling interests | 168.0 | 400.7 | 414.3 | 591.3 | 527.3 |
| Diluted EPS (₹) | 8.71 | 20.79 | 20.77 | 28.76 | 25.65 |
| Materials, traded goods and inventory change | 7,392 | 9,074 | 9,542 | ||
| Employee benefits expense | 749.5 | 918.9 | 918.1 | ||
| Other expenses | 879.0 | 1,099 | 1,011 | ||
| Operating EBITDA excluding other income | 664.9 | 875.9 | 930.4 | ||
| Other income | 47.4 | 75.0 | 61.9 | ||
| Depreciation and amortisation | 97.6 | 128.4 | 178.8 | ||
| Exceptional items: signed profit impact | 0.00 | 12.5 | -38.8 | ||
| Non-controlling share of net profit (signed) | -0.64 | 0.04 | -0.35 | ||
| Share of profit or loss of joint ventures | 0.49 | -1.33 | 0.56 | ||
| Net profit attributable to owners | 415.0 | 591.2 | 527.7 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity * | 1,021 | 1,334 | 2,613 | 3,068 | 3,434 |
| Current and non-current borrowings, excluding leases | 553.7 | 662.0 | 166.6 | 199.4 | 626.8 |
| Cash, other bank balances and current investments | 265.7 | 239.4 | 626.3 | 846.0 | 837.3 |
| Trade receivables, net | 1,275 | 1,622 | 1,953 | 1,959 | 2,140 |
| Inventories | 1,144 | 1,433 | 1,407 | 2,149 | 2,166 |
| Trade payables, MSME plus other creditors | 2,042 | 2,511 | 2,617 | 3,428 | 2,943 |
| Net property, plant and equipment * | 380.1 | 789.6 | 1,062 | 1,415 | 1,535 |
| Capital work in progress * | 145.1 | 60.9 | 108.1 | 89.5 | 82.5 |
| Total assets * | 4,313 | 5,447 | 6,618 | 8,258 | 8,576 |
| Net debt including all bank balances and liquid investments | -459.7 | -646.7 | -210.5 | ||
| Net contract assets | 832.5 | 726.5 | |||
| Advances from customers | 595.4 | 561.6 | |||
| Lease liabilities | 181.6 | 183.2 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash generated from operating activities | -425.2 | -104.6 | 289.2 | 688.1 | 153.8 |
| Free cash flow (vendor definition) * | -130.5 | -117.1 | -151.7 | 316.0 | -175.2 |
| Dividends paid (the provider's sign: an outflow is negative) * | -38.8 | -96.4 | -115.8 | -143.9 | -184.8 |
| Purchase of PPE and intangibles (cash outflow negative) | -217.9 | -182.1 | -441.0 | -372.0 | -329.0 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding * | 19.26 | 19.26 | 19.94 | 20.56 | 20.56 |
| Unallocable expenditure net of income (deducted) | 138.2 | 169.3 | 158.1 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 2,276 | 2,807 | 4,019 | 2,982 | 2,422 | 2,925 | 4,072 | 3,378 |
| Cost of revenue (vendor classification) * | 1,674 | 2,122 | 3,090 | 2,284 | 2,257 | 3,197 | 2,646 | |
| Other operating costs (vendor classification) * | 232.9 | 241.5 | 383.0 | 265.7 | 223.8 | 313.1 | 307.4 | |
| EBITDA (vendor classification) * | 167.5 | 217.4 | 303.0 | 214.7 | 231.9 | 353.9 | 195.5 | |
| EBIT * | 137.6 | 194.9 | 267.6 | 173.3 | 129.7 | 323.2 | 148.1 | |
| Finance cost | 6.48 | 15.9 | 18.8 | 10.1 | 16.9 | 22.1 | 23.1 | 13.5 |
| Profit before tax after exceptional items and JV share | 131.1 | 179.0 | 248.8 | 163.2 | 132.2 | 107.6 | 300.1 | 134.6 |
| Total tax expense: current plus deferred | 35.0 | 46.5 | 54.8 | 42.4 | 33.4 | 27.1 | 72.9 | 32.1 |
| Profit after tax including non-controlling interests | 96.1 | 132.5 | 194.0 | 120.8 | 98.8 | 80.6 | 227.2 | 102.5 |
| Diluted EPS, not annualised (₹) | 4.67 | 6.44 | 9.44 | 5.88 | 4.80 | 3.92 | 11.05 | 4.99 |
| Materials, traded goods and inventory change | 1,674 | 2,122 | 3,090 | 2,284 | 1,803 | 2,257 | 3,197 | 2,646 |
| Employee benefits expense | 220.0 | 234.2 | 266.9 | 232.4 | 227.2 | 223.4 | 235.2 | 249.4 |
| Other expenses | 232.9 | 241.5 | 383.0 | 265.7 | 208.7 | 223.8 | 313.1 | 307.4 |
| Operating EBITDA excluding other income | 149.3 | 209.4 | 279.4 | 200.0 | 183.4 | 220.7 | 326.3 | 175.0 |
| Other income | 18.5 | 8.73 | 24.0 | 16.1 | 10.0 | 11.9 | 24.0 | 20.8 |
| Depreciation and amortisation | 30.0 | 35.0 | 35.4 | 41.4 | 43.4 | 45.9 | 48.2 | 56.6 |
| Exceptional items: signed profit impact | 0.00 | 12.5 | 0.00 | 0.00 | 0.00 | -56.4 | 17.5 | 9.17 |
| Non-controlling share of net profit (signed) | -0.13 | -0.11 | 0.36 | -0.14 | -0.23 | -0.11 | 0.13 | 0.01 |
| Share of profit or loss of joint ventures | -0.29 | -0.72 | -0.40 | -1.41 | -0.99 | -0.69 | 3.65 | -0.20 |
| Net profit attributable to owners | 96.2 | 132.6 | 193.6 | 121.0 | 99.0 | 80.7 | 227.1 | 102.5 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 41.7% | 31.7% | 22.6% | 23.6% | 3.6% |
| EBITDA margin | 6.9% | 7.3% | 7.5% | ||
| Net margin | 4.3% | 4.9% | 4.3% | ||
| Return on equity | 21.0% | 20.8% | 16.2% | ||
| Return on capital employed | 19.6% | 33.7% | 25.5% | 27.3% | 20.9% |
| Return on assets | 6.9% | 7.9% | 6.3% | ||
| Net debt (₹ crore) | -459.7 | -646.7 | -210.5 | ||
| Net debt / EBITDA | -0.69x | -0.74x | -0.23x | ||
| Interest cover | 7.23x | 12.8x | 10.5x | 16.9x | 10.6x |
| Asset turnover | 1.53x | 1.62x | 1.61x | 1.61x | 1.47x |
| Receivable days | 78 | 75 | 74 | 60 | 63 |
| Inventory days (on revenue) | 70 | 66 | 53 | 66 | 64 |
| Payable days (on revenue) | 124 | 116 | 99 | 105 | 87 |
| Cash conversion | 0.70x | 1.16x | 0.29x | ||
| Capex intensity | 3.6% | 2.3% | 4.6% | 3.1% | 2.7% |
| Free cash flow (₹ crore) | -643.1 | -286.7 | -151.7 | 316.0 | -175.2 |
| Dividend payout | 27.9% | 24.3% | 35.0% | ||
| EPS, diluted (₹) | 8.71 | 20.79 | 20.77 | 28.76 | 25.65 |
| Book value per share (₹) | 52.98 | 69.24 | 131.0 | 149.2 | 167.0 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Operating EBITDA excluding other income) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt including all bank balances and liquid investments; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (Operating EBITDA excluding other income).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 14 Oct 2026); market data at the close of 14 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on Blue Star includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Blue Star
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 14 Oct 2026; page updated 25 Oct 2026.
Mool’s research is written by AI agents and published by Mool Capital Private Limited, a SEBI-registered Research Analyst, registration INH000012449, which is responsible for it. This page shows factual company information and an excerpt of that research; it carries no rating and is not investment advice for any individual. Investment in securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Read the disclosures.