BLUESTARCO

Blue Star share price & financials

Price
₹1,668.3
Market cap
₹31.2k Cr
Sector
Consumer Durables
Calls analysed
7
Latest concall · Q1 FY27 · call held 07 Aug 2026

Blue Star Q1 FY27

Revenue from Operations ₹3,378 cr +13%

What went well

  • Revenue from operations grew 13.3% to ₹3,378 crores in Q1 FY27, compared to ₹2,982 crores in Q1 FY26.
  • Segment I (Electro-Mechanical Projects and Commercial Air Conditioning) revenue grew 15.1% to ₹1,625 crores.
  • Order inflow for Segment I was strong at ₹2,435 crores, a 24% growth YoY, primarily driven by data centers.

What to watch

  • PBT before exceptional items dropped 23.7% to ₹125.6 crores in Q1 FY27.
  • Segment II (Unitary Products) EBIT margins significantly dropped by 300 basis points from 5.8% in Q1 FY26 to 2.9% in Q1 FY27.
Read the full call →

What Blue Star does

Blue Star Limited is an Indian air conditioning, refrigeration and MEP (mechanical, electrical, plumbing) solutions provider founded in 1943, operating an integrated business model spanning R&D, manufacturing, trading, EPC contracting and after-sales service. It runs three segments: Electro-Mechanical Projects and Commercial Air Conditioning Systems, which designs and executes cooling/MEP infrastructure for buildings, data centers and factories; Unitary Products, which makes and sells room air conditioners and commercial refrigeration equipment (deep freezers, cold rooms, storage water coolers) through a channel-partner network; and Professional Electronics and Industrial Systems, covering industrial solutions for automotive/steel customers, data security solutions and med-tech equipment. The company manufactures across facilities in India, has a commercial presence in 18+ countries, and is expanding internationally as a contract design and manufacturing (CDM) partner for other OEMs in the US and Europe.

Segments

  • Electro-Mechanical Projects and Commercial Air Conditioning Systems
  • Unitary Products
  • Professional Electronics and Industrial Systems
Manufacturing facilities
7 (India)
Countries with commercial presence
18+
Channel partners
4,000+
Sri City room-AC plant capacity
~9 lakh (900,000) units/year, operating near full capacity
AC & refrigeration equipment maintained (installed/serviced base)
~2 million tonnes
Operating segments
3
Founded 1943Headquarters Mumbai, Maharashtra, India Company website

Guidance record · Q1 FY27

what the last two calls moved 21 tracked 4 delivered 3 missed 14 open
  • Room AC Market Share missed said Q3 FY25 Promised: 15% by FY25 Q1 FY27: This target for FY25 was missed and is now superseded by the FY27 target.
  • Room AC Market Share at risk said Q4 FY25 Promised: 15% market share quickly Q1 FY27: in Q1, room air conditioners market in volume terms grew by 21% is my estimate, and Blue Star grew by 18%. We had a market share loss of 50 basis points in April... we bounced back with a 10 basis point market share in tertiary sales... and another 50 basis points in June.
  • Total Capex on track said Q3 FY25 Promised: ₹750-800 crores over a period of around three years Q1 FY27: In Q1, the capex has been in the region of around Rs.60 Crore to Rs.70 Crore. And annually... should be in the region of around Rs.300 Crore to Rs.350 Crore. This is consistent with the long-term target.

All 21 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 13.3%, net profit down 14.9% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue2,276 2,807 4,019 2,982 2,422 +6%2,925 +4%4,072 +1%3,378 +13%
EBITDA149 209 279 199 182 +22%220 +5%326 +17%175 −12%
Net profit96 132 194 121 99 +3%81 −39%227 +17%103 −15%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −17.6% 1Y

₹1.4k₹1.6k₹1.8k₹2.0kSept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 6 Nov 2025Q3 FY26 — 30 Jan 2026Q4 FY26 — 7 May 2026Q1 FY27 — 7 Aug 2026

1Y: ₹1,889.7 on 10 Sept 2025 → ₹1,558. High ₹2,016.7 (18 Feb 2026), low ₹1,445.3 (2 Sept 2026).

How the price took the results

close before → close after

Q1 FY27
−3.6%
7 Aug
Q4 FY26
−3.2%
7 May
Q3 FY26
+4.9%
30 Jan
Q2 FY26
−6.9%
6 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 15.8% a year over 3 years, FY23 to FY26. Operating margin widened to 7.5%.

Year endingFY23FY24FY25FY26
Revenue₹8.0k Cr₹9.7k Cr₹12.0k Cr₹12.4k Cr
Operating profit₹492 Cr₹665 Cr₹875 Cr₹927 Cr
Operating margin6.2%6.9%7.3%7.5%
Interest₹55 Cr₹58 Cr₹49 Cr₹72 Cr
Depreciation₹85 Cr₹97 Cr₹128 Cr₹178 Cr
Net profit₹400 Cr₹414 Cr₹591 Cr₹528 Cr
Net margin5.0%4.3%4.9%4.3%
ROCE25.0%26.0%26.0%21.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹19 Cr₹19 Cr₹19 Cr₹41 Cr₹41 Cr₹41 Cr
Reserves₹866 Cr₹998 Cr₹1.3k Cr₹2.6k Cr₹3.1k Cr₹3.4k Cr
Borrowings₹510 Cr₹554 Cr₹662 Cr₹243 Cr₹1.0k Cr₹810 Cr
Other liabilities₹2.2k Cr₹2.7k Cr₹3.5k Cr₹3.8k Cr₹3.8k Cr₹4.3k Cr
Total liabilities₹3.5k Cr₹4.3k Cr₹5.4k Cr₹6.6k Cr₹7.9k Cr₹8.6k Cr
Fixed assets₹384 Cr₹433 Cr₹859 Cr₹1.2k Cr₹1.7k Cr₹1.7k Cr
Capital work in progress₹72 Cr₹152 Cr₹83 Cr₹127 Cr₹60 Cr₹137 Cr
Investments₹295 Cr₹162 Cr₹148 Cr₹267 Cr₹360 Cr₹457 Cr
Other assets₹2.8k Cr₹3.6k Cr₹4.4k Cr₹5.1k Cr₹5.8k Cr₹6.3k Cr
Total assets₹3.5k Cr₹4.3k Cr₹5.4k Cr₹6.6k Cr₹7.9k Cr₹8.6k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, DIIs added +4.87 pp while FIIs trimmed −3.46 pp. The shareholder count shrank 19% to 1,20,369.

Promoters
36.5%
FIIs
12.8%
DIIs
28.2%
Public
22.5%
Others
0.0%

Since Jun 2025

  • DIIs +4.87 pp
  • FIIs −3.46 pp
  • Public −1.42 pp

How it drifted, 12 quarters

Over this window DIIs went from 25.2% to 28.2% — +3.0 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 36.5%, FIIs 14.9%, DIIs 25.2%, Public 23.4%.Dec '23: Promoters 36.5%, FIIs 15.4%, DIIs 24.8%, Public 23.3%.Mar '24: Promoters 36.5%, FIIs 15.9%, DIIs 24.7%, Public 22.9%.Jun '24: Promoters 36.5%, FIIs 17.0%, DIIs 23.6%, Public 22.9%.Sep '24: Promoters 36.5%, FIIs 18.1%, DIIs 22.8%, Public 22.6%.Dec '24: Promoters 36.5%, FIIs 18.5%, DIIs 22.2%, Public 22.9%.Mar '25: Promoters 36.5%, FIIs 16.9%, DIIs 23.1%, Public 23.4%.Jun '25: Promoters 36.5%, FIIs 16.2%, DIIs 23.4%, Public 23.9%, Others 0.0%.Sep '25: Promoters 36.5%, FIIs 16.1%, DIIs 25.3%, Public 22.1%, Others 0.0%.Dec '25: Promoters 36.5%, FIIs 14.7%, DIIs 26.8%, Public 22.1%, Others 0.0%.Mar '26: Promoters 36.5%, FIIs 13.8%, DIIs 27.8%, Public 21.9%, Others 0.0%.Jun '26: Promoters 36.5%, FIIs 12.8%, DIIs 28.2%, Public 22.5%, Others 0.0%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 4 holders trimming and 0 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of Blue Star above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Vistra ITCL (India) Limited as a Trustee of Ashok M Advani Family Private Trust 11.63%unchanged
Vistra ITCL (India) Limited as a Trustee of SMA Family Private Trust 7.57%unchanged
Kotak Midcap Fund Mutual fund4.48%unchanged
Nippon Life India Trustee Ltd-A/C Nippon India Small Cap Fund Mutual fund3.18%+0.30 pp
Axis Mutual Fund Trustee Limited A/C Axis Mutual Fund A/C Axis Small Cap Fund Mutual fund2.86%−0.70 pp
ICICI Prudential Multicap Fund Mutual fund2.41%+0.10 pp
Vistra ITCL (India) Limited as a Trustee of SNA Family Trust 2.24%unchanged
Vistra ITCL (India) Limited as a Trustee of NSA Family Trust 2.24%unchanged
Rohina Lulla 2.12%unchanged
Anissa Khanna 2.07%unchanged
SBI Life Insurance Co. Ltd Insurer1.76%−0.18 pp
Life Insurance Corporation Of India Insurer1.40%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

Mutual funds in BLUESTARCO

Filings to Aug 2026

0 new, 9 added, 1 trimmed, 1 sold out — net +6.75 L shares (+6.2%).

Held by funds
₹1.7k Cr
18 schemes
Biggest holder
SBI MultiCap Fund
₹367 Cr · 1.5% of that fund
SchemeHoldingLast month
SBI MultiCap Fund SBI Mutual Fund₹367 Crheld
Nippon India Small Cap Fund Nippon India Mutual Fund₹293 Crheld
Nippon India Multi Cap Fund Nippon India Mutual Fund₹290 Cr+7.85 L
Nippon India Growth Mid Cap Fund Nippon India Mutual Fund₹265 Crheld
HDFC Large and Mid Cap Fund HDFC Mutual Fund₹139 Crheld
HDFC Multi Cap Fund HDFC Mutual Fund₹128 Cr+0.65 L
Nippon India Vision Large & Mid Cap Fund Nippon India Mutual Fund₹95 Crheld
Nippon India ELSS Tax Saver Fund Nippon India Mutual Fund₹49 Crheld

HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.

Mutual funds Aug 2026

9 added, 1 trimmed — net +6.75 L shares (+6.2%)

Funds are sitting on
+31%
vs est. average cost
Held by funds
₹1.7k Cr
18 schemes · ≈ 6.1% of the company
Biggest holder
SBI MultiCap Fund
₹367 Cr · 1.5% of that fund

Shares held by these funds −36%

Aug '23 1.09 cr shares Jul '26

What the price assumes

Expensive

To justify its price of ₹1558, this stock must grow earnings at 36% every year for 7 years. Our analysis caps realistic growth at ~26%. At that growth it is worth ₹932 — downside of 40%.

Growth the price implies
36.1% a year
for 7 years, fading to 4%
It has actually compounded at
28.5% a year
net profit, FY23–FY26 · EPS 25.6%
The gap
0.1 pp
-40% downside if it only repeats history
Price today ₹1,558 Value at the reference growth ₹931.76

Change the assumptions yourself →

All earnings calls (7)

Read the Q1 FY27 call →

Learn to analyse Blue Star

Guides on how to read this kind of business and the numbers that matter.