BLUESTARCO

Blue Star Limited

HVAC&R products and EPC contracting services across commercial and residential cooling

Consumer Discretionary›Consumer Durables›Consumer Durables›Household Appliances

bluestarindia.com(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹1567.60
Market cap
32,200 Cr
Stock P/E
63.2
P/B
9.39
Dividend yield
0.6%
ROE (FY26)
15.4%
ROCE (FY26)
19.1%
Operating margin (FY26)
6.1%
Debt / equity (FY26)
0.18
OCF / EBITDA (FY26)
16.5%
OCF / EBITDA (3Y)
45.8%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

Blue Star sells room air conditioners and commercial refrigeration products, and executes electro-mechanical and commercial air-conditioning projects, including data centre MEP projects, for customers in India and abroad.

Company snapshot

3rdBy market cap

Ranked among 21 companies in Household Appliances.

Segment mix

Reportable segments as of 2024-12-31 (Consolidated). Revenue share = segment revenue ÷ total revenue.

Largest segment: 50.7% of revenue

SegmentRevenue shareRevenuePBTAssets
(a) EMP and commercial air conditioning systems
50.7%
4,030 Cr341 Cr—
(b) Unitary products
46.1%
3,661 Cr307 Cr—
(c) Professional electronics and industrial systems
3.2%
258 Cr21 Cr—

What we see

Positives
  • ✓Debt-to-equity of 0.18x — the company is largely funded by its own money, not borrowed funds.
Concerns
  • ✗Only 46% of operating profit came in as cash over the last three years — much of it is tied up in unpaid bills or stock.
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Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales1,890 Cr2,241 Cr3,328 Cr2,865 Cr2,276 Cr2,807 Cr4,019 Cr2,982 Cr2,422 Cr2,925 Cr4,072 Cr3,378 Cr
Operating expenses (approx.)1,768 Cr2,086 Cr3,086 Cr2,628 Cr2,127 Cr2,598 Cr3,740 Cr2,782 Cr2,239 Cr2,705 Cr3,746 Cr3,203 Cr
EBITDA123 Cr155 Cr242 Cr238 Cr149 Cr209 Cr279 Cr200 Cr183 Cr221 Cr326 Cr175 Cr
OPM %6.5%6.9%7.3%8.3%6.6%7.5%7.0%6.7%7.6%7.5%8.0%5.2%
Other income13 Cr13 Cr12 Cr24 Cr19 Cr9 Cr24 Cr16 Cr10 Cr12 Cr24 Cr21 Cr
Interest18 Cr10 Cr12 Cr8 Cr6 Cr16 Cr19 Cr10 Cr17 Cr22 Cr23 Cr13 Cr
Depreciation23 Cr23 Cr28 Cr28 Cr30 Cr35 Cr35 Cr41 Cr43 Cr46 Cr48 Cr57 Cr
Profit before tax95 Cr134 Cr214 Cr226 Cr131 Cr179 Cr249 Cr163 Cr132 Cr108 Cr300 Cr135 Cr
Tax %25.5%25.2%25.4%25.3%26.7%26.0%22.0%26.0%25.3%25.2%24.3%23.8%
Net profit71 Cr100 Cr160 Cr169 Cr96 Cr132 Cr194 Cr121 Cr99 Cr81 Cr227 Cr103 Cr
EPS (₹)₹3.65₹4.89₹7.77₹8.21₹4.67₹6.44₹9.44₹5.88₹4.80₹3.92₹11.05₹4.99

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales—4,750 Cr5,235 Cr5,360 Cr4,264 Cr6,046 Cr7,977 Cr9,685 Cr11,968 Cr12,402 CrSign in free for the trailing twelve months
Operating expenses (approx.)—4,474 Cr4,888 Cr5,077 Cr4,024 Cr5,699 Cr7,485 Cr9,020 Cr11,092 Cr11,472 CrSign in free for the trailing twelve months
EBITDA—276 Cr347 Cr283 Cr240 Cr346 Cr493 Cr665 Cr876 Cr930 CrSign in free for the trailing twelve months
OPM %—5.8%6.6%5.3%5.6%5.7%6.2%6.9%7.3%7.5%Sign in free for the trailing twelve months
Other income—17 Cr25 Cr45 Cr62 Cr36 Cr31 Cr47 Cr75 Cr62 CrSign in free for the trailing twelve months
Interest—29 Cr48 Cr29 Cr65 Cr46 Cr55 Cr58 Cr49 Cr72 CrSign in free for the trailing twelve months
Depreciation—64 Cr75 Cr88 Cr92 Cr86 Cr85 Cr98 Cr128 Cr179 CrSign in free for the trailing twelve months
Profit before tax—204 Cr232 Cr209 Cr148 Cr251 Cr555 Cr557 Cr785 Cr703 CrSign in free for the trailing twelve months
Tax %—26.8%18.1%31.3%31.9%33.0%27.9%25.6%24.7%25.0%Sign in free for the trailing twelve months
Net profit—149 Cr190 Cr144 Cr101 Cr168 Cr401 Cr414 Cr591 Cr527 CrSign in free for the trailing twelve months
EPS (₹)—₹15.58₹19.75₹14.87₹10.42₹17.44₹41.60₹20.77₹28.76₹25.65Sign in free for the trailing twelve months
Dividend payout %————1.2%23.1%24.1%28.0%24.3%35.0%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital19 Cr19 Cr19 Cr19 Cr19 Cr19 Cr19 Cr41 Cr41 Cr41 Cr
Reserves738 Cr812 Cr854 Cr763 Cr866 Cr998 Cr1,311 Cr2,569 Cr3,024 Cr3,390 Cr
Borrowings216 Cr371 Cr345 Cr449 Cr452 Cr478 Cr578 Cr167 Cr199 Cr627 Cr
Other liabilities1,676 Cr1,980 Cr2,132 Cr2,206 Cr2,210 Cr2,814 Cr3,488 Cr3,839 Cr4,991 Cr4,515 Cr
Total liabilities2,650 Cr3,183 Cr3,351 Cr3,439 Cr3,549 Cr4,313 Cr5,399 Cr6,618 Cr8,258 Cr8,576 Cr
Fixed assets (net)244 Cr274 Cr281 Cr274 Cr269 Cr306 Cr706 Cr980 Cr1,234 Cr1,361 Cr
CWIP22 Cr18 Cr31 Cr56 Cr68 Cr145 Cr61 Cr108 Cr73 Cr65 Cr
Investments11 Cr13 Cr83 Cr80 Cr307 Cr173 Cr158 Cr477 Cr439 Cr464 Cr
Loans & advances——11 Cr15 Cr20 Cr3 Cr2 Cr3 Cr5 Cr5 Cr
Inventories596 Cr833 Cr869 Cr870 Cr882 Cr1,144 Cr1,433 Cr1,407 Cr2,149 Cr2,166 Cr
Trade receivables939 Cr1,100 Cr1,112 Cr838 Cr811 Cr1,190 Cr1,549 Cr1,953 Cr1,959 Cr2,140 Cr
Cash & bank97 Cr81 Cr84 Cr286 Cr328 Cr266 Cr243 Cr374 Cr426 Cr367 Cr
Other assets743 Cr863 Cr879 Cr1,021 Cr864 Cr1,086 Cr1,246 Cr1,317 Cr1,972 Cr2,008 Cr
Total assets2,650 Cr3,183 Cr3,351 Cr3,439 Cr3,549 Cr4,313 Cr5,399 Cr6,618 Cr8,258 Cr8,576 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity159 Cr24 Cr258 Cr457 Cr350 Cr92 Cr247 Cr289 Cr688 Cr154 Cr
Cash from investing69 Cr-92 Cr-65 Cr-88 Cr-240 Cr-69 Cr-182 Cr-525 Cr-464 Cr-359 Cr
Cash from financing-203 Cr49 Cr-181 Cr-167 Cr-70 Cr-87 Cr-91 Cr365 Cr-162 Cr137 Cr
Net cash flow25 Cr-20 Cr13 Cr202 Cr42 Cr-62 Cr-22 Cr130 Cr63 Cr-63 Cr
Free cash flow (OCF − Capex)51 Cr-75 Cr150 Cr371 Cr286 Cr-126 Cr-113 Cr-152 Cr316 Cr-175 Cr

Ratios

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %—19.3%23.0%19.3%15.9%19.8%31.9%22.1%25.5%19.1%
ROE %—17.9%21.8%18.3%11.4%16.4%30.0%15.9%19.3%15.4%
Debtor days—847757697271746063
Inventory days—135113102136114104849894
Days payable—251199186247203182155157127
Cash conversion cycle—-31-9-27-42-18-72129
OCF / EBITDA %—8.6%74.6%161.8%145.9%26.5%50.2%43.5%78.6%16.5%
OCF / EBITDA % (3 years)———81.7%122.6%103.4%63.9%41.8%60.2%45.8%
Debt / equity0.290.450.390.570.510.470.430.060.070.18
Current ratio1.091.101.091.041.261.171.121.301.281.31
Net debt / EBITDA——0.750.580.520.610.68-0.31-0.260.28