Blue Star Ltd
Blue Star Q3 FY26 earnings call: Revenue & Margins
Q3 FY26 earnings call: what management guided on revenue, margins and order book.
The short version
Export revenue is targeted to reach 15% of total revenue within three years, addressing a currently weak export footprint. Segment-I (Electro-Mechanical Projects & Commercial Air Conditioning): - Expected single-digit revenue growth (8-10% CAGR) in FY27 due to slowed order inflows, though order book shows signs of bottoming out with improving inquiries.
From Blue Star Ltd's Q3 FY26 earnings-call transcript · updated 23 Aug 2026.
Revenue & Sales Performance
- Export revenue is targeted to reach 15% of total revenue within three years, addressing a currently weak export footprint.
- Electro-Mechanical Projects (EMP) business, including Commercial Air Conditioning, is expected to grow at a CAGR of 8%-10%.
- Commercial Air Conditioning and B2B segment growth is projected at 10%-12% CAGR.
- Room Air-Conditioners are expected to grow at a higher CAGR of around 19%, driven by low market penetration.
- Order inflows in the project business have bottomed out with signs of recovery, including a record January order book (~Rs. 400 cr).
- Commercial Refrigeration segment modeled for a 12%-15% CAGR medium-term growth.
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Profitability & Margins
See what Blue Star Ltd said on profitability & margins — free account, 30 seconds.
Capital Expenditure Plans
- Blue Star Limited is focused on expanding distribution reach and continuing to invest in R&D, manufacturing, and digitalization to support robust growth in FY2027. (Page 6)
- The company is investing in its own R&D and manufacturing to become globally competitive, especially for exports and heat pump products that have been successfully tested abroad. (Page 18)
- For data center market solutions, Blue Star is exploring multiple strategic tie-ups (subject to NDAs) for liquid cooling and Cooling Distribution Units (CDUs), with in-house chillers development ongoing. Commercial readiness of new models is expected within approximately 12 months. (Page 15)
- Supply chain resilience is a key focus, with increased localization of components and efforts to secure domestic manufacturing capacities, especially for compressors mandated to be manufactured in India from July 1, 2026. (Page 11)
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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 Ltd said on fundraising & capital structure — free account, 30 seconds.
Order Book & Pipeline
- As of December 31, 2025, the carried-forward order book was Rs. 6,898.74 crore, a 1.3% increase from Rs. 6,810.00 crore as of December 31, 2024. (Page 4)
- Electro-Mechanical Projects (EMP) order book stood at Rs. 4,777.34 crore as of December 31, 2025, down 7.2% from Rs. 5,146.27 crore a year earlier. (Page 5)
- EMP order inflow for Q3FY26 was 16.5% lower than the previous quarter, with the quarter order book at Rs. 1,459.57 crore versus Rs. 1,748.37 crore in Q3FY25. (Page 4)
- January 2026 marked a record month with close to Rs. 400 crore worth of new orders, indicating a potential bottoming out and revival in order inflows. (Page 16)
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Blue Star Ltd — 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 →
- Q2 FY26 earnings call analysis →
- Q3 FY25 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 Ltd Q3 FY26 results?
Export revenue is targeted to reach 15% of total revenue within three years, addressing a currently weak export footprint. Segment-I (Electro-Mechanical Projects & Commercial Air Conditioning): - Expected single-digit revenue growth (8-10% CAGR) in FY27 due to slowed order inflows, though order book shows signs of bottoming out with improving inquiries.
What is Blue Star Ltd share price analysis?
Blue Star Ltd currently shows a neutral. The stock trades at a P/E of 61.3 with a market cap of ₹34,235 Cr. Investors should review the full earnings analysis for detailed insights.
Is Blue Star Ltd planning capital expenditure?
Blue Star Limited is focused on expanding distribution reach and continuing to invest in R&D, manufacturing, and digitalization to support robust growth in FY2027.
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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.