Blue Star
Blue Star Q2 FY26 earnings call: Revenue & Margins
Q2 FY26 earnings call: what management guided on revenue, margins and order book.
The short version
Room Air-Conditioner (RAC) segment: - Q3 FY26 expected 10% growth over previous year despite challenges. Segment-I (Electro-Mechanical Projects and Commercial Air Conditioning): - Expected CAGR of 12% over next five years in Commercial Air-Conditioning.
From Blue Star's Q2 FY26 earnings-call transcript · updated 23 Aug 2026.
Revenue & Sales Performance
- Room Air-Conditioner (RAC) segment:
- Q3 FY26 expected 10% growth over previous year despite challenges.
- Potential for 7%-10% price increase post energy label change from Jan 1, 2026.
- Inventory high at 65 days; managing production to match sales.
- Long-term growth outlook positive despite short-term weather disruptions.
- Commercial Air-Conditioning (Segment-I):
- Expected CAGR of 12% over next 5 years.
- Projects business growth guidance at 10%-15%.
- No deceleration expected despite current muted order inflows.
- Commercial Refrigeration:
- Expected growth of 7%-8% in FY26.
- Expansion into Tier 2 and 3 markets, enhanced product range.
2 more points from Blue Star's call on revenue
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Profitability & Margins
See what Blue Star said on profitability & margins — free account, 30 seconds.
Capital Expenditure Plans
- Blue Star’s capex is ongoing and a significant factor alongside working capital in cash flow considerations.
- The company continues to invest in manufacturing capabilities, notably increasing local production to reduce import dependency and better manage inventory.
- Investments are being made to enhance reliability and digital sophistication of products, especially in Segment-I (Commercial Air-Conditioning).
- There is ongoing investment in product development, including high-tech chillers and exploration of liquid cooling solutions for data centers, though no launches expected before end of FY26.
2 more points from Blue Star's call on capex
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Top-ranked in Consumer Durables
Ranked on what management guided this quarter
Rank buckets describe management commentary on revenue and margin. Not investment advice, and not a forecast of returns.
Fundraising & Capital Structure
See what Blue Star said on fundraising & capital structure — free account, 30 seconds.
Order Book & Pipeline
- As of September 30, 2025, the carried-forward order book stood at Rs. 7,120 crore, a 7.9% increase compared to Rs. 6,598 crore on September 30, 2024.
- The carried-forward order book as of March 31, 2025, was Rs. 6,263 crore.
- Electro-Mechanical Projects carried-forward order book was Rs. 4,840 crore as of September 30, 2025, down 3.9% from Rs. 5,037 crore on September 30, 2024.
- Order inflow for Q2 FY26 was flat at Rs. 1,922 crore compared to Rs. 1,900 crore in Q2 FY25.
2 more points from Blue Star's call on order book
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Blue Star — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest (Q4 FY26): revenue ₹4.1K Cr, net profit ₹227 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.
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What Blue Star Ltd's management said in earlier quarters
- Q1 FY27 earnings call analysis →
- Q3 FY25 earnings call analysis →
- Q3 FY26 earnings call analysis →
- Q4 FY26 earnings call analysis →
- Q1 FY26 earnings call →
- Q4 FY25 earnings call →
- Q2 FY25 earnings call →
- Q1 FY25 earnings call →
- Q4 FY24 earnings call →
- Q3 FY24 earnings call →
- Q2 FY24 earnings call →
- Q1 FY24 earnings call →
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Frequently Asked Questions
What were Blue Star Q2 FY26 results?
Room Air-Conditioner (RAC) segment: - Q3 FY26 expected 10% growth over previous year despite challenges. Segment-I (Electro-Mechanical Projects and Commercial Air Conditioning): - Expected CAGR of 12% over next five years in Commercial Air-Conditioning.
What is Blue Star share price analysis?
Blue Star currently shows a neutral. The stock trades at a P/E of 58.8 with a market cap of ₹31,087 Cr. Investors should review the full earnings analysis for detailed insights.
Is Blue Star planning capital expenditure?
Blue Star’s capex is ongoing and a significant factor alongside working capital in cash flow considerations.
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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.