Blue Star Ltd

BLUESTARCO

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Market Cap

₹ 37,141 Cr

P/E

69.18

Turned 1 L into 4.68 L in last 5 Years

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Performance

STEADY PERFORMER

Valuation

OVERVALUED

Growth

STABLE

Profitability

MODERATE MARGIN

Technicals

Bearish

Risk

MODERATE RISK

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Price

PE Ratio

Price

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Overview

Detailed Summary

Blue Star Limited, established in 1943, specializes in air conditioning, refrigeration, and MEP solutions, catering to diverse sectors like residential, commercial, and infrastructural. It has a strong legacy with over 80 years of operation.

The company's growth strategy includes expanding presence in international markets, notably the USA and Europe, indicating a focus on global market penetration.

Recent financials reflect modest growth amidst external challenges, with a 6.4% increase in revenue to ₹2,422 crore for Q2 FY26 compared to Q2 FY25, highlighting resilience in a tough market.

Strategically, the company is expanding its product portfolio, notably investing in energy-efficient and IoT-enabled commercial refrigeration products, aiming to penetrate Tier 2 and 3 markets further.

The consistent emphasis on governance and diversified board representation shows Blue Star's commitment to strong ethical practices and strategic oversight.

Sector

Consumer Durables

Industry

Air-conditioners

Market Cap

37,141 Cr

Volatility

High Risk

P/E Ratio

69.2

Industry P/E

76.9

PEG Ratio

4.7

P/B Ratio

11.9

52W High

2,419.95

52W Low

1,521.20

Sales CAGR

23.56%

28.04%

18.80%

10Y

13.72%

Profit CAGR

42.71%

55.99%

32.03%

10Y

16.06%

ROE

TTM

17.55%

20.05%

18.77%

10Y

18.64%

ROCE

TTM

18.66%

26.85%

24.94%

10Y

25.70%

Technicals

‌

Forecasts

No. of Analysts

29

1Y Price Target

1910.70 ▲ 5.24%

Q3 EPS Estimate

Q3 Revenue Estimate

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Price, EPS and Revenue Projections

Strong SellSellHoldBuyStrong Buy

Hold

Strong Buy

Buy

Hold

Sell

Strong Sell

updated on

Nov 14, 2025

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
VOLTAS	1390.00	45,967 Cr	83.89	7.22	0.50	8.60	10.53	4.18
BLUESTARCO	1804.25	37,141 Cr	69.18	11.94	0.50	17.55	18.66	6.91
KAYNES	4199.00	28,148 Cr	74.33	6.01	0.00	8.09	10.39	5.62
AMBER	6802.45	23,911 Cr	107.25	6.56	0.00	6.11	8.65	2.51
CROMPTON	253.50	16,291 Cr	33.42	4.79	1.19	13.91	19.05	8.05
PGEL	565.35	16,130 Cr	63.38	5.56	0.04	8.77	12.23	5.48
EUREKAFORB	650.60	12,604 Cr	68.03	2.79	0.00	4.12	5.34	2.74

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	2,226	1,890	2,241	3,328	2,865	2,276	2,807	4,019	2,982	2,422
Expenses	2,081	1,768	2,086	3,086	2,628	2,127	2,598	3,740	2,782	2,239
Operating Profit	145	123	155	242	238	149	209	279	200	183
OPM %	6.51	6.49	6.93	7.27	8.30	6.56	7.46	6.95	6.71	7.57
Other Income	9.40	13	13	13	24	18	21	24	15	9.02
Interest	18	18	10	12	7.64	6.48	16	19	10	17
Depreciation	23	23	23	28	28	30	35	35	41	43
Profit Before Tax	114	95	134	214	226	131	179	249	163	132
Tax %	26.62	25.53	25.25	25.41	25.33	26.73	26.00	22.03	25.98	25.26
Net Profit	83	71	100	160	169	96	132	194	121	99
EPS in Rs	4.06	3.65	4.89	7.77	8.21	4.67	6.44	9.44	5.88	4.80

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	4,422	4,648	5,235	5,360	4,264	6,064	7,977	9,685	11,968	12,085
Expenses	4,163	4,373	4,888	5,077	4,024	5,718	7,485	9,020	11,092	11,246
Operating Profit	259	275	347	283	240	346	493	665	876	838
OPM %	5.87	5.92	6.62	5.28	5.62	5.71	6.18	6.87	7.32	6.94
Other Income	35	22	27	41	65	37	202	48	86	77
Interest	38	29	48	29	65	46	55	58	49	51
Depreciation	61	64	75	88	92	86	85	98	128	142
Profit Before Tax	159	196	251	206	148	251	555	557	785	722
Tax %	23.12	25.27	16.72	31.71	31.87	33.04	27.85	25.64	24.67	24.76
Net Profit	122	146	209	141	101	168	401	414	591	543
EPS in Rs	5.97	6.98	9.24	6.97	4.89	8.17	19.49	20.37	28.76	26.56
Dividend Payout %	58.41	66.75	50.62	67.25	38.39	57.41	57.69	33.70	31.29	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	18	19	19	19	19	19	19	19	41	41
Reserves	612	738	774	854	763	866	998	1,311	2,569	3,024
Borrowings	363	216	370	345	509	510	554	662	243	381
Other Liabilities	1,531	1,677	2,074	2,133	2,148	2,154	2,741	3,455	3,765	4,811
Total Liabilities	2,525	2,650	3,236	3,351	3,439	3,549	4,313	5,447	6,618	8,258
Fixed Assets	259	288	330	332	381	372	422	849	1,155	1,529
CWIP	16	34	25	41	67	72	152	83	127	123
Investments	242	79	75	83	80	307	173	158	277	439
Other Assets	2,007	2,250	2,806	2,895	2,911	2,799	3,565	4,357	5,060	6,167
Total Assets	2,525	2,650	3,236	3,351	3,439	3,549	4,313	5,447	6,618	8,258

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	257	159	19	258	450	350	87	243	289	688
Cash from Investing Activity	-49	69	-88	-65	-81	-240	-69	-182	-525	-464
Cash from Financing Activity	-195	-203	51	-181	-167	-70	-82	-76	365	-162
Net Cash Flow	13	25	-18	13	202	41	-64	-14	129	62

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	38.78%	38.78%	38.91%	36.49%	36.49%	36.49%	36.52%	36.46%	36.46%	36.47%	36.49%	36.49%
FIIs	10.96%	10.44%	11.06%	14.89%	15.38%	15.93%	17.05%	18.06%	18.49%	16.94%	16.21%	16.05%
DIIs	24.64%	25.13%	24.50%	25.24%	24.83%	24.69%	23.57%	22.85%	22.20%	23.14%	23.37%	25.33%
Public	25.62%	25.65%	25.53%	23.38%	23.30%	22.89%	22.86%	22.63%	22.86%	23.45%	23.92%	22.13%
Total Shareholders	48,109	56,940	58,546	59,444	65,465	72,949	83,167	94,641	1,06,776	1,29,555	1,48,932	1,17,734

Projection

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Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q2 FY26

Investor Presentation

Q1 FY26

Investor Presentation

Q4 FY25

Investor Presentation

Q3 FY25

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Q2 FY25

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Q2 FY25

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Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	2,226	1,890	2,241	3,328	2,865	2,276	2,807	4,019	2,982	2,422
Expenses	2,081	1,768	2,086	3,086	2,628	2,127	2,598	3,740	2,782	2,239
Operating Profit	145	123	155	242	238	149	209	279	200	183
OPM %	6.51	6.49	6.93	7.27	8.30	6.56	7.46	6.95	6.71	7.57
Other Income	9.40	13	13	13	24	18	21	24	15	9.02
Interest	18	18	10	12	7.64	6.48	16	19	10	17
Depreciation	23	23	23	28	28	30	35	35	41	43
Profit Before Tax	114	95	134	214	226	131	179	249	163	132
Tax %	26.62	25.53	25.25	25.41	25.33	26.73	26.00	22.03	25.98	25.26
Net Profit	83	71	100	160	169	96	132	194	121	99
EPS in Rs	4.06	3.65	4.89	7.77	8.21	4.67	6.44	9.44	5.88	4.80

Consolidated Profit Loss (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	4,422	4,648	5,235	5,360	4,264	6,064	7,977	9,685	11,968	12,085
Expenses	4,163	4,373	4,888	5,077	4,024	5,718	7,485	9,020	11,092	11,246
Operating Profit	259	275	347	283	240	346	493	665	876	838
OPM %	5.87	5.92	6.62	5.28	5.62	5.71	6.18	6.87	7.32	6.94
Other Income	35	22	27	41	65	37	202	48	86	77
Interest	38	29	48	29	65	46	55	58	49	51
Depreciation	61	64	75	88	92	86	85	98	128	142
Profit Before Tax	159	196	251	206	148	251	555	557	785	722
Tax %	23.12	25.27	16.72	31.71	31.87	33.04	27.85	25.64	24.67	24.76
Net Profit	122	146	209	141	101	168	401	414	591	543
EPS in Rs	5.97	6.98	9.24	6.97	4.89	8.17	19.49	20.37	28.76	26.56
Dividend Payout %	58.41	66.75	50.62	67.25	38.39	57.41	57.69	33.70	31.29	—

Consolidated Balance Sheet (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	18	19	19	19	19	19	19	19	41	41
Reserves	612	738	774	854	763	866	998	1,311	2,569	3,024
Borrowings	363	216	370	345	509	510	554	662	243	381
Other Liabilities	1,531	1,677	2,074	2,133	2,148	2,154	2,741	3,455	3,765	4,811
Total Liabilities	2,525	2,650	3,236	3,351	3,439	3,549	4,313	5,447	6,618	8,258
Fixed Assets	259	288	330	332	381	372	422	849	1,155	1,529
CWIP	16	34	25	41	67	72	152	83	127	123
Investments	242	79	75	83	80	307	173	158	277	439
Other Assets	2,007	2,250	2,806	2,895	2,911	2,799	3,565	4,357	5,060	6,167
Total Assets	2,525	2,650	3,236	3,351	3,439	3,549	4,313	5,447	6,618	8,258

Consolidated Cash Flows (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	257	159	19	258	450	350	87	243	289	688
Cash from Investing Activity	-49	69	-88	-65	-81	-240	-69	-182	-525	-464
Cash from Financing Activity	-195	-203	51	-181	-167	-70	-82	-76	365	-162
Net Cash Flow	13	25	-18	13	202	41	-64	-14	129	62

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
VOLTAS	1390.00	45,967 Cr	83.89	7.22	0.50	8.60	10.53	4.18
BLUESTARCO	1804.25	37,141 Cr	69.18	11.94	0.50	17.55	18.66	6.91
KAYNES	4199.00	28,148 Cr	74.33	6.01	0.00	8.09	10.39	5.62
AMBER	6802.45	23,911 Cr	107.25	6.56	0.00	6.11	8.65	2.51
CROMPTON	253.50	16,291 Cr	33.42	4.79	1.19	13.91	19.05	8.05
PGEL	565.35	16,130 Cr	63.38	5.56	0.04	8.77	12.23	5.48
EUREKAFORB	650.60	12,604 Cr	68.03	2.79	0.00	4.12	5.34	2.74

Oscillators

BearishNeutralBullish

Neutral

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bearish

Neutral

Bullish

Moving Averages

BearishNeutralBullish

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bearish

Neutral

Bullish

Overview

Detailed Summary

The company's growth strategy includes expanding presence in international markets, notably the USA and Europe, indicating a focus on global market penetration.

Recent financials reflect modest growth amidst external challenges, with a 6.4% increase in revenue to ₹2,422 crore for Q2 FY26 compared to Q2 FY25, highlighting resilience in a tough market.

The consistent emphasis on governance and diversified board representation shows Blue Star's commitment to strong ethical practices and strategic oversight.

Sector

Consumer Durables

Industry

Air-conditioners

Market Cap

37,141 Cr

Volatility

High Risk

P/E Ratio

69.2

Industry P/E

76.9

PEG Ratio

4.7

P/B Ratio

11.9

52W High

2,419.95

52W Low

1,521.20

Sales CAGR

23.56%

28.04%

18.80%

10Y

13.72%

Profit CAGR

42.71%

55.99%

32.03%

10Y

16.06%

ROE

TTM

17.55%

20.05%

18.77%

10Y

18.64%

ROCE

TTM

18.66%

26.85%

24.94%

10Y

25.70%

Blue Star Ltd

Blue Star Ltd

BLUESTARCO

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1910.70 ▲ 5.24%

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Consolidated Quarterly Results (in ₹ Crores)

Consolidated Profit Loss (in ₹ Crores)

Consolidated Balance Sheet (in ₹ Crores)

Consolidated Cash Flows (in ₹ Crores)

Shareholdings

Shareholding History

Projection

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Consolidated Quarterly Results (in ₹ Crores)

Consolidated Profit Loss (in ₹ Crores)

Consolidated Balance Sheet (in ₹ Crores)

Consolidated Cash Flows (in ₹ Crores)

Peers

Price Chart Comparison

Oscillators

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Overall

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Moving Averages

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Overall

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