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Blue Star Q2 FY27 Share Price & Earnings Call Analysis

₹1,627.90-2.70% today
Market cap
₹33,463 Cr
P/E
63.24
ROE
17.20%
PEG
2.36
Price to sales
2.62
Debt to equity
0.24
52W high / low
₹2,017 / ₹1,445
Sales growth (5Y)
23.81%
EBITDA margin
7.06%
Net profit margin
4.50%
Promoter holding
36.49%
Sales (last year)
₹12,798 Cr

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]

Guidance scorecard · Q2 FY27 call

What Blue Star Ltd's management guided
and where it ranks in Consumer Durables

#45of 88 in
Consumer Durables
Revenue10–20%MarginsUp 0–2%CapexPlannedFundraisingWhat management saidOrder bookRising

RevenueQ1 FY27 call

10–20%
  • Room Air Conditioners (RAC) industry expected to grow at 18% CAGR over 5 years.
  • Blue Star's RAC volume growth in Q1 FY27 estimated at 18%, market grew by 21%.
  • Commercial Air Conditioning expected to grow around 10%, potentially up to 12% for a couple of years.
  • Electro-Mechanical Projects (MEP), especially data center segment, showing strong order inflow; order inflow for data center MEP projects expected at Rs.3,000 Crore in FY27, revenue about Rs.1,400 Crore.
  • Data center MEP projected to contribute ~20% of Blue Star’s revenue (~Rs.4,000 Crore) by FY29.
  • Export revenue targeted to scale up to USD100 million per annum by FY28.
  • Overall revenue growth for Q1 FY27 was 13.3%; Segment I grew 15.1%, Segment II grew 12.8%.

2 more points from Blue Star Ltd's call on revenue

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Full Q1 FY27 analysis

MarginsQ1 FY27 call

Up 0–2%

See what Blue Star Ltd said on margins — free account, 30 seconds.

Full Q1 FY27 analysis

CapexQ1 FY27 call

Planned
  • Q1 FY27 capex was around Rs. 60 Crore to Rs. 70 Crore.
  • Annual capex includes product development (R&D/intangibles) and digital spends.
  • Strategic investments in modernizing execution and improving efficiency, especially in data center MEP projects.
  • Investment in specialized human resources for project execution.

2 more points from Blue Star Ltd's call on capex

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Full Q1 FY27 analysis

FundraisingQ1 FY27 call

See what Blue Star Ltd said on fundraising — free account, 30 seconds.

Full Q1 FY27 analysis

Order bookQ1 FY27 call

Rising
  • Carry forward order book as on June 30, 2026: Rs.7,764 Crore (up 13.5% from Rs.6,843 Crore on June 30, 2025).
  • Carry forward order book as on March 31, 2026: Rs.6,923 Crore.
  • Strong order inflow in Q1 FY27: Rs.2,435 Crore (24% growth from Rs.1,963 Crore in Q1 FY26).
  • Order inflow driven mainly by Electro-Mechanical Projects (MEP), especially data centers.
  • Expected order inflow from data center MEP projects for full FY27: Rs.3,000 Crore.

2 more points from Blue Star Ltd's call on the order book

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Full Q1 FY27 analysis
Full Consumer Durables ranking

Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.

Potential multibaggers · Q2 FY27

Potential multibaggers in Consumer Durables
on management's own guidance

  1. Strong growth
    2
  2. Strong growth
    1
  3. Strong growth
    3
See all potential multibaggersWhere does Blue Star Ltd rank?

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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.

Peers

Consumer Durables companies ranked on guidance

#CompanyRevenue guidedMargin guidedMarket capP/E
140%+Up 2%+₹166 Cr20.3
240%+Up 2%+₹100 Cr12.7
340%+Up 0–2%₹3,249 Cr17.4
440%+Up 0–2%₹2,081 Cr18.8
540%+Flat₹2,429 Cr41.1
640%+Flat₹2,163 Cr25.6

Sign up free to see every company in the sector ranking and track Blue Star Ltd.

Pro shows every company guiding 40%+ revenue growth →Full Consumer Durables ranking

Financials of Blue Star Ltd

Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.

Shareholder Pattern

Blue Star Ltd

Shareholding breakup across reporting periods.

Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Promoters +36.50%36.50%36.53%36.46%36.46%36.47%36.48%36.48%36.48%36.48%36.49%36.49%
FIIs +15.38%15.93%17.04%18.06%18.48%16.94%16.21%16.05%14.66%13.80%12.75%12.29%
DIIs +24.82%24.69%23.56%22.84%22.19%23.13%23.37%25.32%26.76%27.78%28.24%29.12%
Public +23.29%22.89%22.85%22.63%22.86%23.44%23.91%22.12%22.08%21.92%22.49%22.09%
Others +0.00%0.00%0.00%0.00%0.00%0.00%0.01%0.01%0.01%0.01%0.01%0.01%
No. of Shareholders65,46572,94983,16794,6411,06,7761,29,5551,48,9321,17,7341,11,2151,11,8521,20,3691,18,413

Financials of Blue Star Ltd

Quarterly Results

Quarter-by-quarter operating performance

Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales +1,8902,2413,3282,8652,2762,8074,0192,9822,4222,9254,0723,3782,931
Expenses +1,7682,0863,0862,6282,1272,5993,7402,7842,2402,7053,7463,2032,728
Operating Profit123155242238149209279199182220326175203
OPM %6%7%7%8%7%7%7%7%8%8%8%5%7%
Other Income +131313241921241610-44453039
Interest181012861619101722231317
Depreciation23232828303535414346485768
Profit before tax95134214226131179249163132108300135157
Tax %26%25%25%25%27%26%22%26%25%25%24%24%21%
Net Profit +71100160169961321941219981227103124
EPS in Rs3.444.887.818.214.686.459.425.884.823.9211.044.996.03

Financials of Blue Star Ltd

Profit & Loss

Annual income statement trend

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales +3,1823,7984,3854,6395,2355,3604,2646,0647,9779,68511,96812,40213,306
Expenses +3,0143,6314,1624,3724,8875,0774,0245,7177,4789,01711,08911,46912,383
Operating Profit168167223266348283240347500669879933924
OPM %5%4.4%5%6%7%5%6%6%6%7%7%8%7%
Other Income +-346634222640623619544832170
Interest49433829482965465558497275
Depreciation43576164758892868598128179219
Profit before tax43132159196251206145251555557785703700
Tax %-18%21%23%25%17%32%32%33%28%26%25%25%
Net Profit +54106123144190144101168401414591527534
EPS in Rs3.015.826.447.509.877.445.218.7120.7920.1828.7525.6625.98
Dividend Payout %83%56%58%67%51%67%38%57%29%35%31%33%

Financials of Blue Star Ltd

Balance Sheet

Capital structure and asset base

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Sep 2026
Equity Capital18181919191919191941414141
Reserves4386127387748547638669981,3112,5693,0243,3903,446
Borrowings +398365221376348520510554662243381810780
Other Liabilities +1,3221,5301,6722,0682,1302,1372,1542,7413,4063,7584,8034,3254,219
Total Liabilities2,1752,5252,6503,2363,3513,4393,5494,3135,3996,6118,2498,5678,486
Fixed Assets +2572593563924004443844338591,1651,5361,6971,884
CWIP221634254167721528312712313773
Investments3624211131517295162148267432457548
Other Assets +1,8602,0072,2502,8062,8952,9112,7993,5654,3095,0536,1586,2765,981
Total Assets2,1752,5252,6503,2363,3513,4393,5494,3135,3996,6118,2498,5678,486

Financials of Blue Star Ltd

Cash Flows

Operating, investing and financing cash movement

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity +2152571591925845035087247289688154
Cash from Investing Activity +-49-4869-88-65-81-238-67-179-524-463-354
Cash from Financing Activity +-190-195-20351-181-167-70-82-91365-162137
Net Cash Flow-241325-181320242-62-2213063-63
Free Cash Flow18020852-73180369367-13165-144319-169
CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit143%173%70%24%84%189%150%36%68%64%99%35%

Financials of Blue Star Ltd

Ratios

Working capital efficiency and return ratios

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days827678757857697271746063
Inventory Days7910497152119116143125124106131131
Days Payable146211191228211211260223217198209177
Cash Conversion Cycle15-31-16-2-14-38-48-26-22-18-1816
Working Capital Days-12-17688-13-164201620
ROCE %15%20%20%20%25%19%13%20%24%26%26%21%

Guidance history

How Blue Star Ltd's guidance has moved, call by call

CallRevenueMarginsCapexFundraisingOrder book
Q1 FY27 call →10–20%Up 0–2%Planned—Rising
Q4 FY26 call →0–10%Down 0–2%Planned——
Q3 FY26 call →10–20%FlatPlanned—Flat
Q2 FY26 call →10–20%Down 0–2%Planned——

What management guided on each call, newest first. Not investment advice, and not a forecast of returns.

23out of 100

Momentum score · price trend

23 out of 100 — Cooling

Over the past year its share price has done worse than most of the stocks we track.

PeriodShare price changeBetter than … of 1,910 stocks
Last 12 months−17.0%42%
Last 6 months−8.6%41%
Last 3 months−3.2%61%

The price is 30.4% below its all-time high of ₹2,337.55 (3 Jan 2025). Stocks more than 20% below their peak have their score halved, so 45 became 23.

How we calculate it

“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).

The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Blue Star Ltd: 0.4 × 42 + 0.4 × 41 + 0.2 × 61 = 45, halved to 23 because the price is more than 20% below its all-time high.

Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.

Full methodology →

This describes only how the share price has moved up to 30 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.

Continue your research

What Blue Star Ltd's management said in earlier quarters

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