Consumer Durables
Valuation | |
|---|---|
| Market Cap | 37.04 kCr |
| Price/Earnings (Trailing) | 67.82 |
| Price/Sales (Trailing) | 3.01 |
| EV/EBITDA | 40.06 |
| Price/Free Cashflow | 127.34 |
| MarketCap/EBT | 50.96 |
| Enterprise Value | 37.8 kCr |
Fundamentals | |
|---|---|
Growth & Returns | |
|---|---|
| Price Change 1W | -0.80% |
| Price Change 1M | 4.2% |
| Price Change 6M | 0.10% |
| Price Change 1Y | -10.5% |
| 3Y Cumulative Return | 43.6% |
| 5Y Cumulative Return | 34.7% |
| 7Y Cumulative Return | 28.9% |
| 10Y Cumulative Return | 25.6% |
| Revenue (TTM) |
| 12.29 kCr |
| Rev. Growth (Yr) | 6% |
| Earnings (TTM) | 546.06 Cr |
| Earnings Growth (Yr) | 2.8% |
Profitability | |
|---|---|
| Operating Margin | 6% |
| EBT Margin | 6% |
| Return on Equity | 17.54% |
| Return on Assets | 6.91% |
| Free Cashflow Yield | 0.79% |
Cash Flow & Liquidity |
|---|
| Cash Flow from Investing (TTM) | -463.99 Cr |
| Cash Flow from Operations (TTM) | 688.07 Cr |
| Cash Flow from Financing (TTM) | -162.18 Cr |
| Cash & Equivalents | 86.65 Cr |
| Free Cash Flow (TTM) | 316.04 Cr |
| Free Cash Flow/Share (TTM) | 15.37 |
Balance Sheet | |
|---|---|
| Total Assets | 7.9 kCr |
| Total Liabilities | 4.79 kCr |
| Shareholder Equity | 3.11 kCr |
| Current Assets | 5.8 kCr |
| Current Liabilities | 4.55 kCr |
| Net PPE | 1.3 kCr |
| Inventory | 2.43 kCr |
| Goodwill | 0.00 |
Capital Structure & Leverage | |
|---|---|
| Debt Ratio | 0.11 |
| Debt/Equity | 0.27 |
| Interest Coverage | 10.78 |
| Interest/Cashflow Ops | 14.43 |
Dividend & Shareholder Returns | |
|---|---|
| Dividend/Share (TTM) | 9 |
| Dividend Yield | 0.50% |
| Shares Dilution (1Y) | 0.00% |
| Shares Dilution (3Y) | 6.7% |
Growth: Good revenue growth. With 67.5% growth over past three years, the company is going strong.
Size: Market Cap wise it is among the top 20% companies of india.
Past Returns: Outperforming stock! In past three years, the stock has provided 43.6% return compared to 12.8% by NIFTY 50.
Balance Sheet: Reasonably good balance sheet.
Smart Money: Smart money is taking extra interest in the stock as they increase their holdings.
No major cons observed.
Growth: Good revenue growth. With 67.5% growth over past three years, the company is going strong.
Size: Market Cap wise it is among the top 20% companies of india.
Past Returns: Outperforming stock! In past three years, the stock has provided 43.6% return compared to 12.8% by NIFTY 50.
Balance Sheet: Reasonably good balance sheet.
Smart Money: Smart money is taking extra interest in the stock as they increase their holdings.
No major cons observed.
Investor Care | |
|---|---|
| Dividend Yield | 0.50% |
| Dividend/Share (TTM) | 9 |
| Shares Dilution (1Y) | 0.00% |
| Earnings/Share (TTM) | 26.56 |
Financial Health | |
|---|---|
| Current Ratio | 1.28 |
| Debt/Equity | 0.27 |
Technical Indicators | |
|---|---|
| RSI (14d) | 53.09 |
| RSI (5d) | 43.76 |
| RSI (21d) | 56.9 |
| MACD Signal | Buy |
| Stochastic Oscillator Signal | Hold |
| SharesGuru Signal | Buy |
| RSI Signal | Hold |
| RSI5 Signal | Hold |
| RSI21 Signal | Hold |
| SMA 5 Signal | Sell |
| SMA 10 Signal |
Updated May 5, 2025
Summary of Blue Star's latest earnings call, featuring management's outlook on business performance, financial results, and analyst Q&A sessions that highlight key strategic initiatives and market challenges.
Management's outlook for Blue Star Limited highlights a cautious yet optimistic perspective amid current market challenges. Mr. B. Thiagarajan, the Managing Director, emphasized the following points regarding the company's future:
Modest Growth Expectations: The company anticipates that the second half of FY26 may improve compared to the first half, but significant shortfalls in the initial half may not be fully compensated. The industry is expected to decline by approximately 15% year-over-year, with Blue Star aiming to perform better than this average, reflecting a cautious optimism.
Current Inventory Levels: The inventory on hand stands around 65 days of sales, significantly higher than the ideal 45 days. This elevated level indicates potential challenges in selling existing stock before the upcoming energy label changes scheduled for January 1, 2026.
Profit Margin Projections: Management projects that margins can stabilize around 7% to 7.5% for the remaining financial year, contingent on market conditions and sales performance, particularly in February and March, which are critical for the summer season.
Positive Market Dynamics: Despite short-term challenges, such as weather disruptions and GST impacts affecting demand, the fundamentals of the air conditioning industry remain strong. The management noted a five-year CAGR exceeding 15%, reinforcing long-term confidence.
Order Book Stability: The carried-forward order book increased by 7.9% to Rs.7,120 crores as of September 30, 2025, revealing some resilience in order intake despite current market headwinds.
Expectation of Revival: Management believes there will be a revival in the Commercial Air-Conditioning and Commercial Refrigeration segments, supported by recent GST reductions which should stimulate demand in the upcoming quarters.
Overall, while the near-term outlook reflects caution due to various market pressures, management remains committed to maintaining market share and profitability amidst these challenges.
Understand Blue Star ownership landscape with insights into key distribution patterns, offering investors a clear view of stakeholder dynamics.
| Shareholder Name | Holding % |
|---|---|
| Vistra ITCL (India) Limited as a Trustee of Ashok M Advani Family Private Trust | 11.63% |
| Vistra ITCL (India) Limited as a Trustee of SMA Family Private Trust | 7.57% |
| Kotak Emerging Equity Scheme | 4.49% |
| Nippon Life India Trustee Ltd-A/C Nippon India Small Cap Fund | 2.54% |
| Vistra ITCL (India) Limited as a Trustee of NSA Family Trust | 2.24% |
| Vistra ITCL (India) Limited as a Trustee of SNA Family Trust |
Detailed comparison of Blue Star against industry peers, highlighting key financial metrics, valuation ratios, and performance indicators to provide competitive context within the sector.
Ticker | Name | Mkt Cap | Revenue | Price %, 1M | Returns, 1Y | P/E | P/S | Rev 1-Yr | Inc 1-Yr |
|---|---|---|---|---|---|---|---|---|---|
| HAVELLS | Havells India | 91.88 kCr | 21.96 kCr | +5.40% | -10.10% | 62.79 | 4.18 | - | - |
| VOLTAS | Voltas | 48.53 kCr | 14.44 kCr |
Comprehensive comparison against sector averages
BLUESTARCO metrics compared to Consumer
| Category | BLUESTARCO | Consumer |
|---|---|---|
| PE | 67.82 | 59.52 |
| PS | 3.01 | 2.27 |
| Growth | 14 % | 3.8 % |
Blue Star is a prominent Household Appliances company based in India, operating under the stock ticker BLUESTARCO. With a substantial market capitalization of Rs. 35,908.6 Crores, the company specializes in heating, ventilation, air conditioning, and commercial refrigeration (HVAC&R).
The company is structured into three main segments:
Electro-Mechanical Projects and Commercial Air Conditioning Systems: This segment is involved in the design, manufacturing, installation, commissioning, and maintenance of central air conditioning systems as well as providing comprehensive contracting services that include mechanical works, electrification, plumbing, and fire-fighting. They also offer after-sales services such as revamps, retrofits, upgrades, and operational support.
Unitary Products: This division provides a variety of room air conditioners suitable for both residential and commercial use, along with water purifiers, air purifiers, air coolers, and an array of commercial refrigeration products and cold chain equipment.
Professional Electronics and Industrial Systems: This segment focuses on trading and servicing a range of products including testing machines, medical and analytical devices, as well as data communication and industrial systems.
Founded in 1943 and headquartered in Mumbai, India, Blue Star has expanded its operations beyond domestic markets, exporting to regions such as the Middle East, Africa, SAARC, and ASEAN.
In terms of financial performance, Blue Star reported a revenue of Rs. 11,339.9 Crores over the trailing twelve months. The company rewards its investors with a dividend yield of 0.68% annually, distributing Rs. 13 per share in the last year. However, it has diluted shareholder holdings by approximately 6.7% over the past three years. Despite this, Blue Star has demonstrated significant growth, achieving a 107% revenue increase in the same period.
This is an informational page just to provide a quick 'first look' at the stock. You must do your own deeper research. Know your risk appetite. Consult a SEBI-registered financial advisor before making any investment decisions.
| Buy |
| SMA 20 Signal | Buy |
| SMA 50 Signal | Buy |
| SMA 100 Signal | Buy |
BLUESTARCO vs Consumer (2021 - 2026)
Earnings Call Transcript • 12 Nov 2025 Please find enclosed transcript of earnings call for Q2 and H1 of FY26 |
General • 06 Nov 2025 Please find enclosed intimation |
Investor Presentation • 06 Nov 2025 Please find enclosed intimation |
Analyst / Investor Meet • 06 Nov 2025 Please find enclosed intimation |
General • 06 Nov 2025 Please find enclosed intimation. |
Analyst / Investor Meet • 06 Nov 2025 Please find enclosed intimation. |
This information is AI-generated and may contain inaccuracies. Please verify from multiple sources.
1. Question by Natasha Jain:
Can you explain how margin expansion happened in Segment-I despite a slowdown in sales for Commercial AC?
Answer:
The margin expansion in Segment-I can be attributed to the mix of successful project segments, particularly manufacturing and data centers that maintain higher margins. While we faced challenges due to sales loss, this specific quarter's weightage from higher margin projects led to better overall margins despite the downturn. Our guidance remains at 7% to 7.5% for the year, as we are investing in product reliability rather than chasing drastically higher margins.
2. Question by Natasha Jain:
Regarding Segment-II, did we avail cash discounts that protected our UCP margins despite a revenue decline?
Answer:
Yes, our Q2 FY26 margins improved due to multiple cost-saving measures. After realizing the decline in sales, we focused on reducing advertising costs and seeking discounts from suppliers. While we previously had a 9% to 9.5% margin outlook, we now anticipate closing the year between 7% to 7.5% due to market conditions and inventory levels.
3. Question by Natasha Jain:
What changed that led to the cut in your guidance from positive 5% growth to flat, within a short span?
Answer:
Initially, we expected recovery in the second half due to festival sales. However, after the GST impact and subsequent sales dynamics, we noticed lower movement in secondary sales and significant inventory levels. Thus, our guidance reflected a shift to the likelihood of closing the year flat rather than the previous optimistic estimates.
4. Question by Bhoomika Nair:
What is the expected growth in the Commercial Refrigeration segment?
Answer:
Despite challenges last year, we anticipate a growth rate of around 7% to 8% in Commercial Refrigeration for the fiscal year, enabled by regulatory changes and increased customer investments due to GST benefits. While this segment is smaller than Room AC, it still shows potential for demand growth.
5. Question by Umang Mehta:
What is the outlook on the data center equipment that you are developing?
Answer:
Currently, we lead the data center MEP segment but developing new chillers and exploring liquid cooling partnerships will take time. We don't expect these high-tech products to make a significant contribution this financial year due to the complexity and necessary field trials.
6. Question by Sandeep Tulsiyan:
How has regional growth or market share varied between regions?
Answer:
Preliminary estimates suggest a contraction in the industry by about 17%, while Blue Star's Room AC business is down only 12%. Growth has been consistent across regions, with northern regions performing slightly better due to previous lower penetration.
7. Question by Nirransh Jain:
Can you clarify the sales impact from the energy rating change?
Answer:
The demand we expect is primarily driven by consumers purchasing existing models before the new energy efficiency standards raise prices. Although the festive period showed weak secondary demand, we anticipate growth as inventory gets liquidated and the impending price changes drive purchases.
8. Question by Sucrit Patil:
What long-term strategies does Blue Star have to maintain market leadership amidst increasing competition?
Answer:
Our strategy focuses on maintaining product reliability, enhancing customer experience, and investing in innovative, energy-efficient products. Additionally, we're improving operational efficiency through digitalization to stay competitive and responsive to market needs.
9. Question by Keyur Pandya:
What is the expected growth for Segment-I over the next few quarters?
Answer:
For Segment-I, we expect a CAGR of about 12% over the next five years, driven by strong demand in the Commercial Air-Conditioning sector. We remain optimistic, as foundry and infrastructure projects are forecasted to present solid opportunities despite recent order intake fluctuations.
10. Question by Manoj Gori:
Is the current caution in guidance indicative of ongoing impacts into FY27?
Answer:
The caution stems from a weather-impacted FY26, particularly for Room AC sales, rather than a systemic issue affecting FY27. Future growth in Commercial AC should remain steady at around 12% to 15%. The long-term outlook remains positive, driven by market share gains and recovery expectations.
| 2.24% |
| Rohina Lulla | 2.12% |
| Anissa Khanna | 2.07% |
| Icici Prudential Multicap Fund | 1.4% |
| Suneel Mohan Advani | 1.19% |
| Nargis Suneel Advani | 1.11% |
| Fidelity Funds - India Focus Fund | 1.1% |
| Vir S Advani | 1.08% |
| Sunaina Murthy | 1.04% |
| Suneeta Nanik Vaswani | 0.8% |
| Dinesh Nanik Vaswani as a Trustee of Nanik Family Trust 2 | 0.57% |
| Dinesh Nanik Vaswani as a Trustee of Suneeta Family Trust 2 | 0.57% |
| Dinesh Nanik Vaswani as a Trustee of Suneeta Family Trust | 0.57% |
| Dinesh Nanik Vaswani as a Trustee of Nanik Family Trust | 0.57% |
| Ashok Mohan Advani as a Trustee of Suneeta Padmi Trust | 0.57% |
Distribution across major stakeholders
Distribution across major institutional holders
| +9.40% |
| -15.10% |
| 88.63 |
| 3.36 |
| - |
| - |
| CROMPTON | Crompton Greaves Consumer Electricals | 16.25 kCr | 7.81 kCr | +1.00% | -31.80% | 34.33 | 2.08 | - | - |
| WHIRLPOOL | Whirlpool of India | 10.72 kCr | 7.98 kCr | -8.40% | -50.30% | 30.61 | 1.34 | - | - |
| SYMPHONY | Symphony | 6.2 kCr | 1.2 kCr | +2.50% | -28.90% | 47.9 | 5.19 | - | - |
| JCHAC | Johnson Controls-Hitachi Air Conditioning India | 4.02 kCr | 2.65 kCr | +0.80% | -19.70% | 143.48 | 1.52 | - | - |
| -18.9% |
| 2,299 |
| 2,834 |
| 3,794 |
| 2,649 |
| 2,163 |
| 2,663 |
| Profit Before exceptional items and Tax | -19.5% | 133 | 165 | 249 | 167 | 131 | 226 |
| Exceptional items before tax | - | 0 | 0 | 0 | 13 | 0 | 0 |
| Total profit before tax | -19.5% | 133 | 165 | 249 | 180 | 131 | 226 |
| Current tax | -27.3% | 33 | 45 | 56 | 43 | 36 | 54 |
| Deferred tax | 73.4% | -0.01 | -2.8 | -1.24 | 3.71 | -1.19 | 3.5 |
| Total tax | -22% | 33 | 42 | 55 | 47 | 35 | 57 |
| Total profit (loss) for period | -18.3% | 99 | 121 | 194 | 132 | 96 | 169 |
| Other comp. income net of taxes | 622.1% | 6.56 | 1.77 | 2.29 | -0.71 | 2.61 | -0.63 |
| Total Comprehensive Income | -14.8% | 105 | 123 | 196 | 132 | 99 | 168 |
| Earnings Per Share, Basic | -22.1% | 4.8 | 5.88 | 9.44 | 6.44 | 4.67 | 8.21 |
| Earnings Per Share, Diluted | -22.1% | 4.8 | 5.88 | 9.44 | 6.44 | 4.67 | 8.21 |
| Debt equity ratio | 0.2% | 027 | 007 | 007 | 024 | 0 | 004 |
| Debt service coverage ratio | -235.2% | 0.1563 | 0.7483 | 0.2712 | 0.1767 | 0.58 | 1.123 |
| Interest service coverage ratio | -235.2% | 0.1563 | 0.7483 | 0.2712 | 0.1767 | 0.58 | 1.123 |
| 25.3% |
| 748 |
| 597 |
| 496 |
| 422 |
| 325 |
| 415 |
| Finance costs | -9.1% | 51 | 56 | 58 | 51 | 68 | 32 |
| Depreciation and Amortization | 28.4% | 96 | 75 | 80 | 80 | 88 | 84 |
| Other expenses | 28.2% | 1,010 | 788 | 650 | 445 | 350 | 550 |
| Total Expenses | 25.6% | 10,737 | 8,548 | 7,049 | 5,217 | 3,806 | 4,688 |
| Profit Before exceptional items and Tax | 32.2% | 650 | 492 | 334 | 196 | 98 | 172 |
| Exceptional items before tax | - | 0 | 0 | 171 | 0 | 0 | -4.03 |
| Total profit before tax | 32.2% | 650 | 492 | 505 | 196 | 98 | 168 |
| Current tax | 41.7% | 164 | 116 | 118 | 48 | 18 | 25 |
| Deferred tax | -105.9% | 0.59 | 8 | 20 | 20 | 14 | 22 |
| Total tax | 33.3% | 165 | 124 | 138 | 68 | 32 | 47 |
| Total profit (loss) for period | 31.9% | 485 | 368 | 367 | 128 | 66 | 121 |
| Other comp. income net of taxes | 4.1% | -1.57 | -1.68 | -0.16 | 0 | 3.47 | -1.73 |
| Total Comprehensive Income | 32.1% | 483 | 366 | 366 | 128 | 69 | 119 |
| Earnings Per Share, Basic | 29.5% | 23.58 | 18.43 | 19.03 | 6.63 | 3.425 | 6.275 |
| Earnings Per Share, Diluted | 29.5% | 23.58 | 18.43 | 19.03 | 6.63 | 3.425 | 6.275 |
| Debt equity ratio | 0% | 011 | 009 | 037 | 054 | 066 | 033 |
| Debt service coverage ratio | 22.2% | 0.2336 | 0.0146 | 0.0173 | 0.0588 | 0.0145 | 0.063 |
| Interest service coverage ratio | 11.3% | 0.2336 | 0.1358 | 0.0874 | 0.0588 | 0.0269 | 0.063 |
| 7.7% |
| 767 |
| 712 |
| 627 |
| 604 |
| 445 |
| 421 |
| Capital work-in-progress | -7.5% | 50 | 54 | 25 | 26 | 97 | 30 |
| Non-current investments | 0.5% | 822 | 818 | 810 | 767 | 539 | 330 |
| Loans, non-current | 10.5% | 22 | 20 | 9.02 | 5.53 | 5.28 | 4.32 |
| Total non-current financial assets | 2.5% | 891 | 869 | 848 | 799 | 568 | 354 |
| Total non-current assets | 13.3% | 2,261 | 1,995 | 1,886 | 1,637 | 1,416 | 1,087 |
| Total assets | -3.2% | 7,456 | 7,706 | 5,942 | 6,168 | 5,502 | 4,798 |
| Borrowings, non-current | - | 0 | 0 | 0 | 0 | 150 | 0 |
| Total non-current financial liabilities | 0% | 137 | 137 | 68 | 56 | 209 | 0 |
| Provisions, non-current | 16.7% | 29 | 25 | 16 | 16 | 12 | 11 |
| Total non-current liabilities | 2.7% | 189 | 184 | 107 | 83 | 230 | 86 |
| Borrowings, current | 207.5% | 979 | 319 | 325 | 235 | 584 | 477 |
| Total current financial liabilities | -7.3% | 3,308 | 3,568 | 2,351 | 2,691 | 2,267 | 2,760 |
| Provisions, current | 8.9% | 87 | 80 | 73 | 51 | 54 | 44 |
| Current tax liabilities | -10.6% | 43 | 48 | 55 | 43 | 0 | - |
| Total current liabilities | -5.4% | 4,416 | 4,668 | 3,239 | 3,573 | 2,979 | 3,433 |
| Total liabilities | -5.1% | 4,605 | 4,852 | 3,346 | 3,656 | 3,209 | 3,519 |
| Equity share capital | 0% | 41 | 41 | 41 | 41 | 41 | 19 |
| Total equity | -0.1% | 2,851 | 2,855 | 2,597 | 2,511 | 2,293 | 1,278 |
| Total equity and liabilities | -3.2% | 7,456 | 7,706 | 5,942 | 6,168 | 5,502 | 4,798 |
| 122.8% |
| 823 |
| 370 |
| 389 |
| 91 |
| - |
| - |
| Income taxes paid (refund) | 30.3% | 160 | 123 | 81 | 34 | - | - |
| Net Cashflows From Operating Activities | 168.7% | 662 | 247 | 308 | 57 | - | - |
| Cashflows used in obtaining control of subsidiaries | - | 0 | 0 | 83 | 27 | - | - |
| Proceeds from sales of PPE | -69.1% | 2.26 | 5.08 | 143 | 21 | - | - |
| Purchase of property, plant and equipment | 9.4% | 258 | 236 | 163 | 147 | - | - |
| Dividends received | - | 0 | 0 | 0 | 2.4 | - | - |
| Interest received | - | 0 | 0 | 10 | 10 | - | - |
| Other inflows (outflows) of cash | 48.8% | -239.03 | -467.99 | 36 | 137 | - | - |
| Net Cashflows From Investing Activities | 29.1% | -494.92 | -698.64 | -86.12 | -2.36 | - | - |
| Proceeds from issuing shares | -100.1% | 0 | 1,000 | 0 | 0 | - | - |
| Proceeds from borrowings | -74.3% | 44 | 168 | 152 | 30 | - | - |
| Repayments of borrowings | -100.3% | 0 | 325 | 215 | 69 | - | - |
| Payments of lease liabilities | 16% | 30 | 26 | 28 | 27 | - | - |
| Dividends paid | 24.3% | 144 | 116 | 96 | 39 | - | - |
| Interest paid | -43.3% | 35 | 61 | 61 | 45 | - | - |
| Other inflows (outflows) of cash | 137% | 39 | -101.64 | 0 | 0 | - | - |
| Net Cashflows from Financing Activities | -123.6% | -126.09 | 539 | -247.77 | -150.1 | - | - |
| Net change in cash and cash eq. | -53.5% | 41 | 87 | -25.79 | -95.13 | - | - |
Meeting Updates • 05 Nov 2025 Please refer outcome of Board Meeting for Q2FY26 |
Analysis of Blue Star's financial performance, highlighting revenue trends, growth patterns, and key metrics through quarterly analysis.
Last Updated: Sep 30, 2025
| Description | Share | Value |
|---|---|---|
| Electro - mechanical projects and commercial air conditioning systems | 68.7% | 1.7 kCr |
| Unitary products | 28.6% | 693.8 Cr |
| Professional electronics and industrial systems | 2.7% | 64.3 Cr |
| Total | 2.4 kCr |