Blue Star Ltd
Blue Star Ltd
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BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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41 extracted metrics + investor summaries across FY14–FY26.
Tapetide Score
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Technical Indicators
Key Insights
Strengths
2- 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%
Weaknesses
1- Stock is trading at 9.04 times its book value
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 5d agoBlue Star Ltd is a Rs 30,653 Cr market cap company trading at a PE of 60.1x with strong historical profit growth of ~50% CAGR over 5 years, but recent TTM profit growth has turned negative at -1% and sales growth has decelerated to 6% TTM from a 5-year CAGR of 24%.
- Exceptional 5-year compounded profit growth of 50% CAGR demonstrates strong earnings trajectory over a meaningful period
- Consistent ROE averaging 19-20% over 3, 5, and 10-year periods indicates efficient capital deployment
- 5-year stock CAGR of 29% reflects sustained long-term wealth creation for shareholders
- 10-year stock CAGR of 20% shows the company has compounded value across multiple market cycles
- Healthy dividend payout ratio of 33.0% signals shareholder-friendly capital allocation policy
- 3-year compounded sales growth of 16% indicates solid revenue expansion in recent years
- 5-year compounded sales growth of 24% demonstrates the company has been gaining market share in its segment
- 3-year compounded profit growth of 26% confirms sustained earnings momentum over medium term
- PE ratio of 60.1x is significantly elevated, pricing in substantial future growth that must materialize to justify current valuation
- Price-to-book of 8.93x is extremely rich, leaving limited margin of safety for investors
- TTM profit growth has turned negative at -1%, a sharp deceleration from the 5-year CAGR of 50%
- TTM sales growth has slowed dramatically to 6% versus 5-year CAGR of 24%, suggesting demand moderation
- 1-year stock return of -15% indicates the market is already repricing growth expectations downward
- Dividend yield of just 0.57% provides minimal income cushion against capital losses at current prices
- Last year ROE of 17% has declined from the 3-year average of 19% and 5-year average of 20%, suggesting return compression
- The gap between 60.1x PE and 17% last-year ROE implies the stock is priced for re-acceleration that has yet to appear in reported numbers
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 19h ago- Q1 profit down 15% YoY Aug 6
Consolidated net profit fell 15% YoY to ₹102.51 crore in Q1FY27, driven by weaker unitary product margins despite 13% revenue growth to ₹3,377.92 crore.
- US export growth stalled by tariffs Aug 7
Blue Star disclosed it cannot scale US-bound export volumes due to tariff uncertainty, constraining its USD 100 mn/yr export target from FY28.
- Commercial sector inventory buildup Aug 7
Company reported increased inventory levels and sluggish demand in its commercial segment, signaling a supply-demand mismatch in the near term.
- Sales expected low in Sep-Oct Aug 7
Blue Star indicated sales will remain subdued during September and October, reflecting weak near-term demand visibility.
- Med Tech revenue decline Aug 7
Revenue dropped in the Med Tech segment due to ongoing sectoral issues and unclear regulatory policies affecting business momentum.
- Data centre MEP orders surging Aug 10
Data center MEP order inflows projected at ₹3,000 crore for FY27 and ₹4,500 crore for FY28, with revenues of ₹1,350 crore and ₹2,100 crore respectively.
- ₹8.5 dividend approved at AGM Aug 7
Shareholders approved a final dividend of ₹8.5 per share at the 78th AGM on August 6, 2026, with near-unanimous support across all resolutions.
- Arbitration win dismisses OMR 2.1M claim Jul 23
ICC arbitration dismissed all claims by W.J. Towell & Co LLC, voiding the OMR 2,11,80,748 claim against Blue Star, though interest and costs are reserved for a future award.
- Revenue grew 13% YoY in Q1 Aug 6
Consolidated revenue rose 13% YoY to ₹3,377.92 crore in Q1FY27, indicating continued topline momentum despite margin pressure.
- FY28 export target USD 100 mn Aug 10
Concall guidance targets USD 100 mn/yr in export revenue from FY28 led by the US market, with Segment 1 margins guided at 6.5-7% and annual capex of ₹300-350 crore.
- Nikhilesh Panchal appointed director Aug 6
Nikhilesh Panchal appointed as Independent Director for a five-year term starting August 14, 2026, subject to shareholder postal ballot approval.
- Analyst meet at Nirmal Bang conference Aug 5
Blue Star will hold an in-person analyst meet on August 10, 2026, in Mumbai as part of the Nirmal Bang Semi-Annual Investor Conference.
- Q1FY27 earnings call hosted Aug 7
Audio recording of Q1FY27 earnings conference call held on July 30, 2026 released for investor access.
TL;DR: Blue Star is delivering solid topline growth (13% YoY revenue) and has a strong data centre MEP order pipeline (₹4,500 crore by FY28), but profitability is under pressure with Q1 net profit down 15% on weak unitary margins. Key risks include US tariff uncertainty stalling export ambitions, sluggish commercial demand with inventory buildup, and expected soft sales in Sep-Oct. The trend is mixed — growth drivers are intact but near-term margin headwinds and demand softness need monitoring through H1FY27.
Quarterly Results
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 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 |
| Expenses | 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% |
| Other Income | 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 |
| PBT | 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% |
| Net Profit | 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 |
Profit & Loss
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 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 |
| Expenses | 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% |
| Other Income | -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 |
| PBT | 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% | — |
| Net Profit | 54 | 106 | 123 | 144 | 190 | 144 | 101 | 168 | 401 | 414 | 591 | 527 | 509 |
| EPS in Rs | 3.01 | 5.82 | 6.44 | 7.5 | 9.87 | 7.44 | 5.21 | 8.71 | 20.79 | 20.18 | 28.75 | 25.66 | 24.77 |
| Div. Payout % | 83% | 56% | 58% | 67% | 51% | 67% | 38% | 57% | 29% | 35% | 31% | 33% | — |
Balance Sheet
| 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 |
| Borrowings | 398 | 365 | 221 | 376 | 348 | 520 | 510 | 554 | 662 | 243 | 381 | 810 |
| Other Liabilities | 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 |
| Fixed Assets | 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 |
| Other Assets | 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 Flow
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | 215 | 257 | 159 | 19 | 258 | 457 | 350 | 87 | 243 | 289 | 688 | 154 |
| Investing | -49 | -48 | 69 | -88 | -65 | -88 | -238 | -67 | -178 | -524 | -463 | -354 |
| Financing | -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
| 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% |
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Company Information
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]