Blue Star Ltd

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Blue Star Ltd

₹ 1,511 -0.08%
21 Aug 4:01 p.m.
bluestarindia.com BSE: 500067 NSE: BLUESTARCO
About

Blue star manufacturers air purifiers, air coolers, water purifiers, cold storage and speciality products. The Company offers turnkey solutions in MEP (Mechanical, Electrical, Plumbing, and Fire-fighting) Projects. It is the largest after-sales service provider for air conditioning and commercial refrigeration products in the country. [1] [2]

Key Points

Business Segments:
a) Electro-Mechanical Projects (54.5% of FY26 revenue)[1]:
This includes central air-conditioning projects, electrical contracting, packaged and ducted systems, VRF units, scroll, screw, centrifugal and data-centre chillers; also turnkey MEP and firefighting for buildings, factories, data centres, metro rail and substations.[2]
- Electro-Mechanical Projects carry-forward order book: 4,664.5 Cr at Mar-26[3].
- Data-centre MEP market estimated at ~3,500 Cr, with Blue Star doing ~1,000 Cr of business[4]

Website BSE NSE
  • Market Cap ₹ 31,023 Cr.
  • Current Price ₹ 1,511
  • High / Low ₹ 2,050 / 1,450
  • Stock P/E 86.3
  • Book Value ₹ 149
  • Dividend Yield 0.56 %
  • ROCE 17.4 %
  • ROE 14.0 %
  • Face Value ₹ 2.00
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Pros

  • Company has delivered good profit growth of 59.3% CAGR over last 5 years
  • Company has been maintaining a healthy dividend payout of 40.9%

Cons

  • Stock is trading at 10.2 times its book value

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Consumer Discretionary Consumer Durables Consumer Durables Household Appliances

Part of BSE Consumer Durables Nifty 500 Nifty Midcap 100 BSE 150 MidCap Index Nifty India New Age Consumption

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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 3,071
Operating Profit 127 115 122 217 205 127 166 237 175 137 165 246 128
OPM % 6% 7% 6% 7% 8% 6% 6% 6% 6% 6% 6% 6% 4.0%
9 12 10 10 21 16 6 19 16 10 -45 38 25
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 % 26% 25% 25% 25% 26% 26% 25% 25% 26% 26% 27% 27% 26%
77 70 77 144 146 85 97 157 109 70 44 163 69
EPS in Rs 4.00 3.42 3.73 6.98 7.10 4.12 4.71 7.65 5.28 3.40 2.13 7.92 3.37
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 TTM
3,081 3,530 4,110 4,303 4,784 4,786 3,842 5,395 7,353 8,999 11,326 11,779 12,131
2,906 3,340 3,909 4,072 4,485 4,571 3,650 5,104 6,904 8,415 10,586 11,055 11,455
Operating Profit 174 190 200 231 299 215 192 292 449 584 740 725 676
OPM % 6% 5% 4.9% 5% 6% 4.5% 5% 5% 6% 6% 7% 6% 6%
51 54 34 33 -5 69 62 36 194 39 58 16 27
Interest 43 36 31 23 45 32 68 51 58 56 51 76 77
Depreciation 39 55 55 61 69 84 88 80 80 75 96 142 157
Profit before tax 143 153 148 181 180 168 98 196 505 492 650 522 469
Tax % -7% 17% 24% 27% 32% 28% 33% 35% 27% 25% 25% 26%
153 127 112 132 122 121 66 128 367 368 485 385 346
EPS in Rs 8.48 7.05 5.86 6.89 6.32 6.28 3.42 6.63 19.03 17.87 23.58 18.73 16.82
Dividend Payout % 29% 46% 64% 73% 79% 80% 58% 75% 32% 39% 38% 45%
Compounded Sales Growth
10 Years: 13%
5 Years: 25%
3 Years: 17%
TTM: 6%
Compounded Profit Growth
10 Years: 15%
5 Years: 59%
3 Years: 19%
TTM: -20%
Stock Price CAGR
10 Years: 20%
5 Years: 30%
3 Years: 27%
1 Year: -20%
Return on Equity
10 Years: 15%
5 Years: 17%
3 Years: 17%
Last Year: 14%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Equity Capital 18 18 19 19 19 19 19 19 19 41 41 41
Reserves 607 783 899 929 942 830 900 989 1,259 2,470 2,813 3,019
332 286 149 319 364 558 631 611 564 312 500 918
1,236 1,446 1,553 1,931 1,914 1,906 1,930 2,423 3,003 3,344 4,351 3,977
Total Liabilities 2,193 2,533 2,620 3,199 3,240 3,314 3,480 4,042 4,846 6,168 7,706 7,955
218 231 319 347 359 406 345 377 560 764 992 1,139
CWIP 22 16 34 25 41 68 58 117 53 45 104 133
Investments 232 435 215 220 221 221 500 392 450 957 1,206 1,162
1,721 1,850 2,052 2,606 2,618 2,619 2,577 3,155 3,783 4,402 5,404 5,521
Total Assets 2,193 2,533 2,620 3,199 3,240 3,314 3,480 4,042 4,846 6,168 7,706 7,955

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
192 271 129 -29 147 392 308 59 304 247 662 41
-20 -73 73 -66 -73 -58 -246 -7 -86 -699 -495 -176
-199 -194 -215 73 -105 -138 15 -147 -248 539 -126 127
Net Cash Flow -27 4 -14 -22 -30 196 78 -95 -30 87 41 -8
Free Cash Flow 158 217 27 -109 71 309 322 -67 284 19 406 -241
CFO/OP 124% 158% 62% 7% 59% 216% 166% 32% 86% 63% 111% 25%

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Debtor Days 76 71 72 69 78 57 68 69 66 73 59 60
Inventory Days 111 78 98 166 133 133 159 143 121 98 112 113
Days Payable 201 156 187 237 221 226 267 235 208 191 199 167
Cash Conversion Cycle -15 -7 -17 -2 -11 -35 -40 -22 -21 -20 -28 7
Working Capital Days -11 -19 6 8 10 -16 -10 -1 -3 16 7 8
ROCE % 15% 16% 17% 16% 20% 15% 9% 15% 23% 24% 23% 17%

Insights

In beta
Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
RAC Market Share (Value)
%

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Channel Partners
count
After-Sales Service Equipment Maintained
million tonnes
Indian RAC Industry Volume
million units
Carry Forward Order Book (EMP Segment)
INR Crore
Order Inflow (EMP Segment)
INR Crore
R&D Expenditure (Percentage of Turnover)
%

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Shareholding Pattern

Numbers in percentages

Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
36.49% 36.50% 36.50% 36.53% 36.46% 36.46% 36.47% 36.48% 36.48% 36.48% 36.48% 36.49%
14.89% 15.38% 15.93% 17.04% 18.06% 18.48% 16.94% 16.21% 16.05% 14.66% 13.80% 12.75%
25.24% 24.82% 24.69% 23.56% 22.84% 22.19% 23.13% 23.37% 25.32% 26.76% 27.78% 28.24%
23.39% 23.29% 22.89% 22.85% 22.63% 22.86% 23.44% 23.91% 22.12% 22.08% 21.92% 22.49%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.01% 0.01% 0.01% 0.01% 0.01%
No. of Shareholders 59,44465,46572,94983,16794,6411,06,7761,29,5551,48,9321,17,7341,11,2151,11,8521,20,369

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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