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 ₹ 31,064 Cr.
  • Current Price ₹ 1,511
  • High / Low ₹ 2,050 / 1,450
  • Stock P/E 58.7
  • Book Value ₹ 167
  • Dividend Yield 0.56 %
  • ROCE 21.2 %
  • ROE 17.2 %
  • Face Value ₹ 2.00
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Pros

  • Company has delivered good profit growth of 49.6% CAGR over last 5 years
  • Company has been maintaining a healthy dividend payout of 33.0%

Cons

  • Stock is trading at 9.03 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

Consolidated Figures in Rs. Crores / View Standalone

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
2,226 1,890 2,241 3,328 2,865 2,276 2,807 4,019 2,982 2,422 2,925 4,072 3,378
2,081 1,768 2,086 3,086 2,628 2,127 2,599 3,740 2,784 2,240 2,705 3,746 3,203
Operating Profit 145 123 155 242 238 149 209 279 199 182 220 326 175
OPM % 7% 6% 7% 7% 8% 7% 7% 7% 7% 8% 8% 8% 5%
9 13 13 13 24 19 21 24 16 10 -44 45 30
Interest 18 18 10 12 8 6 16 19 10 17 22 23 13
Depreciation 23 23 23 28 28 30 35 35 41 43 46 48 57
Profit before tax 114 95 134 214 226 131 179 249 163 132 108 300 135
Tax % 27% 26% 25% 25% 25% 27% 26% 22% 26% 25% 25% 24% 24%
83 71 100 160 169 96 132 194 121 99 81 227 103
EPS in Rs 4.33 3.44 4.88 7.81 8.21 4.68 6.45 9.42 5.88 4.82 3.92 11.04 4.99
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

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
3,182 3,798 4,385 4,639 5,235 5,360 4,264 6,064 7,977 9,685 11,968 12,402 12,798
3,014 3,631 4,162 4,372 4,887 5,077 4,024 5,717 7,478 9,017 11,089 11,469 11,894
Operating Profit 168 167 223 266 348 283 240 347 500 669 879 933 903
OPM % 5% 4.4% 5% 6% 7% 5% 6% 6% 6% 7% 7% 8% 7%
-34 66 34 22 26 40 62 36 195 44 83 21 41
Interest 49 43 38 29 48 29 65 46 55 58 49 72 76
Depreciation 43 57 61 64 75 88 92 86 85 98 128 179 194
Profit before tax 43 132 159 196 251 206 145 251 555 557 785 703 674
Tax % -18% 21% 23% 25% 17% 32% 32% 33% 28% 26% 25% 25%
54 106 123 144 190 144 101 168 401 414 591 527 509
EPS in Rs 3.01 5.82 6.44 7.50 9.87 7.44 5.21 8.71 20.79 20.18 28.75 25.66 24.77
Dividend Payout % 83% 56% 58% 67% 51% 67% 38% 57% 29% 35% 31% 33%
Compounded Sales Growth
10 Years: 13%
5 Years: 24%
3 Years: 16%
TTM: 6%
Compounded Profit Growth
10 Years: 18%
5 Years: 50%
3 Years: 26%
TTM: -1%
Stock Price CAGR
10 Years: 20%
5 Years: 30%
3 Years: 27%
1 Year: -21%
Return on Equity
10 Years: 19%
5 Years: 20%
3 Years: 19%
Last Year: 17%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

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 438 612 738 774 854 763 866 998 1,311 2,569 3,024 3,390
398 365 221 376 348 520 510 554 662 243 381 810
1,322 1,530 1,672 2,068 2,130 2,137 2,154 2,741 3,455 3,758 4,803 4,325
Total Liabilities 2,175 2,525 2,650 3,236 3,351 3,439 3,549 4,313 5,447 6,611 8,249 8,567
257 259 356 392 400 444 384 433 859 1,165 1,536 1,697
CWIP 22 16 34 25 41 67 72 152 83 127 123 137
Investments 36 242 11 13 15 17 295 162 148 267 432 457
1,860 2,007 2,250 2,806 2,895 2,911 2,799 3,565 4,357 5,053 6,158 6,276
Total Assets 2,175 2,525 2,650 3,236 3,351 3,439 3,549 4,313 5,447 6,611 8,249 8,567

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
215 257 159 19 258 457 350 87 243 289 688 154
-49 -48 69 -88 -65 -88 -238 -67 -178 -524 -463 -354
-190 -195 -203 51 -181 -167 -70 -82 -76 365 -162 137
Net Cash Flow -24 13 25 -18 13 202 42 -62 -11 130 63 -63
Free Cash Flow 180 208 52 -73 180 376 367 -131 26 -144 319 -169
CFO/OP 143% 173% 70% 24% 84% 192% 150% 36% 67% 64% 99% 35%

Ratios

Consolidated Figures in Rs. Crores / View Standalone

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 82 76 78 75 78 57 69 72 71 74 60 63
Inventory Days 79 104 97 152 119 116 143 125 127 106 131 131
Days Payable 146 211 191 228 211 211 260 223 223 198 209 177
Cash Conversion Cycle 15 -31 -16 -2 -14 -38 -48 -26 -25 -18 -18 16
Working Capital Days -12 -17 6 8 8 -13 -1 6 2 20 16 20
ROCE % 15% 20% 20% 20% 25% 19% 13% 20% 25% 26% 26% 21%

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 ・Standalone data
Carry Forward Order Book (EMP Segment)
INR Crore
Order Inflow (EMP Segment)
INR Crore
R&D Expenditure (Percentage of Turnover)
% ・Standalone data

Extracted by Screener AI

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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