Blue Star logo

Blue Star

BLUESTARCO NSE

Key Fundamentals

SmallcapHousehold AppliancesConsumer Goods
Market Cap
₹30,723 Cr
Volatility
Moderate
P/E Ratio
58.93
EBITDA
₹992 Cr
Return on Equity
15.36%
Debt to Equity
0.24
Book Value
₹166.89
EPS
₹24.34
52W High
₹2,032.9
52W Low
₹1,432.3

Tapetide Score

Data-driven rating, 0–100. How it works →

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 8.75 times its book value

Growth Rate

Revenue Growth
3.5% lower than 3Y
Net Income Growth
-10.82% lower than 3Y
Cash Flow Change
-77.65% lower than 3Y
ROE
-20.29% lower than 3Y
ROCE
-16.93% lower than 3Y
EBITDA Margin (Avg.)
0.76% lower than 3Y

AI Analysis — Bull vs Bear

6d ago
AI opinion · based on fundamentals
Risk medium

Blue Star Ltd has a market capitalisation of about ₹31,105 crore. Over five years, profit grew at a 50% CAGR and sales at a 24% CAGR, and return on equity (ROE) has held at 19-20% over 3, 5 and 10 years. Recent numbers are weaker: trailing twelve-month (TTM) sales growth slowed to 6%, TTM profit fell 1%, and the stock is down 17% over one year. It trades at 61.6 times earnings and 9.14 times book value.

Bull Case 7
  • Profit compounded at a 49.6% CAGR over the last 5 years and 26% over 3 years. This shows strong earnings growth over a multi-year period.
  • Sales grew at a 24% CAGR over 5 years and 16% over 3 years, well above the 13% 10-year CAGR. Growth sped up in the recent multi-year period.
  • Over 3 years, profit grew at a 26% CAGR while sales grew at 16%. Profit growing faster than sales suggests margins widened or the business gained operating leverage.
  • ROE has stayed steady at 19% over 3 years, 20% over 5 years and 19% over 10 years. This points to consistent capital efficiency across business cycles.
  • The company pays out about 33.0% of profit as dividends, returning cash to shareholders while keeping most earnings to fund growth.
  • The stock has returned a 28% CAGR over 5 years, 21% over 3 years and 19% over 10 years, showing sustained long-term value creation.
  • Profit grew at an 18% CAGR over 10 years, ahead of the 13% sales CAGR. This shows long-term improvement in profitability.
Bear Case 7
  • The P/E of 61.6 is a steep multiple while TTM profit growth is -1%. It prices in a strong earnings recovery, which leaves little room for disappointment.
  • The stock trades at 9.14-9.38 times book value, a high premium for a company with 17-20% ROE.
  • TTM profit growth is -1%, compared with a 50% 5-year CAGR. This is a sharp slowdown in earnings momentum.
  • TTM sales growth has slowed to 6%, against 16% over 3 years and 24% over 5 years. This points to softer demand or a high base.
  • ROE for the last year was 17%, below the 5-year average of 20% and the 3-year average of 19%. This is a mild decline in returns.
  • The stock is down 17% over one year, a clear break from its 28% 5-year CAGR. This may reflect the market re-rating the stock as growth slows.
  • The dividend yield is only 0.56%, and an earnings yield of about 1.6% (1/61.6) gives little valuation cushion or income support.

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

1d ago
Headwinds 4
  • Input cost gap still unbridged Sep 29

    MD B Thiagarajan said Blue Star needed 18-19% in price hikes over the past year. Only about 5% of a planned 13% summer hike went through, which leaves an 8% gap even after the latest 8% increase. Over the year, copper rose 41% to $14,450, aluminium 21% to $3,250/t, steel to ₹64,000 from ₹49,200, and HDPE to ₹134/kg from ₹91.

  • Weak Q2 margins guided Sep 15

    Management expects margin pressure to continue through Q2 (Jul-Sep 2026) after unitary cooling margins fell to about 3%, hit by raw material costs and currency. Shares fell 4.69% (₹73.20) to close at ₹1,486.80 on BSE.

  • Price hikes risk festive demand Sep 29

    This is the industry's third round of price hikes in 2026, with AC prices rising 5-8% just before the festive season. Rivals like Epack say 7-8% hikes still won't cover costs, so another round may be needed before next summer.

  • W.J. Towell challenges Oman arbitration award Sep 15

    Oman-based W.J. Towell filed an annulment petition in the Dubai Court of Appeal against the ICC award of Jul 23, 2026, which dismissed all its claims against Blue Star over the Oct 1, 2015 Blue Star Oman shareholders' agreement. Blue Star calls the grounds baseless and notes annulment is limited to procedural grounds.

Positives 3
  • Fresh 8% price hike taken Sep 29

    Blue Star raised prices by about 8%, alongside Godrej, Haier, Daikin and SPPL, as the industry passes on costs from Oct 1. This should partly restore pricing power heading into Q3.

  • Margin roadmap to 6.5% by Q4 Sep 15

    Management expects a small improvement in room AC margins in Q3 and is targeting about 6.5% by Q4 FY27. New product launches in late Q3 and Q4 should help, and demand has held up better than expected.

  • GST cut cushions consumer impact Sep 29

    Thiagarajan said the 10% GST reduction limits the effective consumer burden to about 5%, even if total prices rise 13-15% after the latest hike.

Neutral 3
  • MedTech business sold to Cyrix Sep 2

    Blue Star completed the slump sale of its MedTech business to Cyrix Healthcare for up to ₹40 crore, effective Sep 1, 2026, with tranche payments due by Mar 31, 2027. The unit contributed ₹42.13 crore in FY26 income, or 0.33% of consolidated operations.

  • Analyst meets on Sep 22 and 24 Sep 16

    Blue Star scheduled institutional investor meetings at the Anand Rathi forum on Sep 22 and the J.P. Morgan forum on Sep 24, 2026.

  • Panchal proposed as independent director Sep 16

    A postal ballot seeks shareholder approval to appoint Nikhilesh Panchal as an independent director for 5 years. E-voting runs from Sep 17 to Oct 16, 2026.

TL;DR: Demand for Blue Star's cooling products has held up better than expected, and the company is raising prices repeatedly, including the latest 8% hike, to recover margins. The main risk is a severe cost squeeze: copper is up 41% and steel about 30%, unitary cooling margins have fallen to about 3%, and an 8% pricing gap remains, which sent the stock down 4.69% on Sep 15. In the near term the trend is getting worse, with Q2 called a painful quarter. A recovery depends on making the price hikes stick through the festive season and reaching the 6.5% margin target by Q4 FY27.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 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
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
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%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
3,406
3,758
4,803
4,325
Total Liabilities
2,175
2,525
2,650
3,236
3,351
3,439
3,549
4,313
5,399
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
4,309
5,053
6,158
6,276
Total Assets
2,175
2,525
2,650
3,236
3,351
3,439
3,549
4,313
5,399
6,611
8,249
8,567
Figures in ₹ Crores

Cash Flow

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
215
257
159
19
258
450
350
87
247
289
688
154
Investing
-49
-48
69
-88
-65
-81
-238
-67
-179
-524
-463
-354
Financing
-190
-195
-203
51
-181
-167
-70
-82
-91
365
-162
137
Net Cash Flow
-24
13
25
-18
13
202
42
-62
-22
130
63
-63
Free Cash Flow
180
208
52
-73
180
369
367
-131
65
-144
319
-169
CFO/OP
143
173
70
24
84
189
150
36
68
64
99
35
Figures in ₹ Crores

Ratios

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
124
106
131
131
Days Payable
146
211
191
228
211
211
260
223
217
198
209
177
Cash Conversion Cycle
15
-31
-16
-2
-14
-38
-48
-26
-22
-18
-18
16
Working Capital Days
-12
-17
6
8
8
-13
-1
6
4
20
16
20
ROCE %
15%
20%
20%
20%
25%
19%
13%
20%
24%
26%
26%
21%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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Shareholding Pattern

DIIs28.25%Promot.36.50%Others5.88%FIIs12.75%Public16.62%As ofJun 2026

Documents

Frequently Asked Questions about Blue Star

What does Blue Star Ltd do?
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...
Where is Blue Star Ltd (BLUESTARCO) listed?
Blue Star Ltd trades as BLUESTARCO on the NSE and under code 500067 on the BSE.
Which sector does Blue Star Ltd belong to?
Blue Star Ltd is classified under the Consumer Goods sector, in the Household Appliances industry.
What is the market capitalisation of Blue Star Ltd?
Blue Star Ltd has a market capitalisation of ₹30,723 Cr, which places it in the Large Cap band.
What is the PE ratio of Blue Star Ltd?
Blue Star Ltd trades at a PE ratio of 58.93, on earnings per share of ₹24.34, against a book value of ₹166.89 per share.
What is the 52-week high and low of Blue Star Ltd?
Over the last 52 weeks Blue Star Ltd has traded between ₹1,432.3 and ₹2,032.9.
Does Blue Star Ltd pay dividends?
Blue Star Ltd has a dividend yield of 0.56%.
What is the Return on Equity (ROE) of Blue Star Ltd?
Blue Star Ltd reported a return on equity of 15.36%. Its debt-to-equity ratio is 0.24.

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]

Website bluestarindia.com
CEO Mr. Vir S. Advani B.A., B.S.
Employees 3,576
Listed 2000-06-15
Face Value ₹ 2
Issued Size 20,56,14,788

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