Blue Star Ltd.

NSE: BLUESTARCO · Household Appliances

52W Range₹1,450 ₹2,040

Snapshot

Unlock Blue Star Ltd.'s vital signs

Growth · Profitability · Valuation · Strength · Conviction

Company Overview

Business

Blue Star Limited is a prominent Indian company specialising in central air conditioning, commercial refrigeration, and professional electronics. The firm provides end-to-end solutions ranging from design and installation to maintenance, alongside a diverse portfolio of unitary products like room air conditioners and water purifiers.

Business Model

The company generates revenue through a combination of project-based contracting, product manufacturing, and after-sales service agreements. It leverages an extensive distribution network of approximately 7,000 stores to reach both residential and commercial customers across India and international markets.

  • Retail Presence:7,000 stores
  • International Reach:18 countries

Growth Outlook

Growth is driven by the expansion of the unitary products segment and the increasing demand for cold chain infrastructure and commercial refrigeration. The company continues to focus on strengthening its market position through product innovation and geographical expansion into Middle Eastern, African, and Asian markets.

Key Risks

  • Input Cost Volatility. Fluctuations in the prices of raw materials like copper, steel, and refrigerants can significantly impact manufacturing margins.
  • Competitive Intensity. The household appliance sector faces aggressive competition from both domestic and international players, which may exert pressure on pricing power.
  • Economic Cyclicality. The electro-mechanical projects segment is sensitive to the overall health of the construction and infrastructure sectors, which are prone to economic cycles.
  • Geopolitical Risks. Export operations in the Middle East and Africa are subject to regional geopolitical instability and currency fluctuations.

Price

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Key Metrics

REVENUE

₹12,402 Cr

TTM · consolidated

+3.6%YoY

NET PROFIT

₹527 Cr

TTM · consolidated

-10.8%YoY

EPS

₹25.65

TTM · consolidated

-10.8%YoY

RETURN ON EQUITY

16.7%

TTM · consolidated

-5.0 ppYoY

RETURN ON CAPITAL EMPLOYED

22.7%

TTM · consolidated

-6.3 ppYoY

P/E

67.9x

Q4 FY26 · consolidated

67.9 vs 80.5x5Y avg

EV/EBITDA

36.3x

Q4 FY26 · consolidated

36.3 vs 66.8x5Y avg

EBITDA MARGIN

8.0%

TTM · consolidated

+0.1 ppYoY

NET PROFIT MARGIN

5.6%

Q4 FY26 · consolidated

+0.8 ppYoY

DEBT TO EQUITY

0.2x

Q4 FY26 · consolidated

+0.11xYoY

Peers · Household Appliances

CompanyMkt Cap (Cr)P/EEV/EBITDARev Gr YoYEBITDA MgnROEROCE1Y Return
Blue Star Ltd.BLUESTARCO
34,13267.9036.353.6%8.0%16.7%22.7%-6.4%
Voltas Ltd.VOLTAS
43,127120.9451.60-7.6%6.2%5.7%10.9%-1.7%
Amber Enterprises India Ltd.AMBER
22,815155.3628.6622.2%8.8%8.1%14.4%+5.5%
Crompton Greaves Consumer Electricals Ltd.CROMPTON
15,334-69.4118.842.9%10.9%-7.0%-1.1%-25.7%
V-Guard Industries Ltd.VGUARD
14,08942.7823.847.0%9.2%14.2%17.6%-23.7%
Whirlpool of India Ltd.WHIRLPOOL
10,07933.5513.591.4%8.5%7.4%9.5%-43.5%

As of Q4 FY26

Financials