Blue Star logo

Blue Star

BLUESTARCO NSE

Key Fundamentals

SmallcapHousehold AppliancesConsumer Goods
Market Cap
₹31,110 Cr
Volatility
Moderate
P/E Ratio
62.9
EBITDA
₹992 Cr
Return on Equity
15.36%
Debt to Equity
0.24
Book Value
₹166.89
EPS
₹24.34
52W High
₹2,032.9
52W Low
₹1,432.3

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Strengths

2
  • Company has delivered good profit growth of 49.6% CAGR over last 5 years
  • Company has been maintaining a healthy dividend payout of 33.0%

Weaknesses

1
  • Stock is trading at 9.34 times its book value

Growth Rate

Revenue Growth
3.5% lower than 3Y
Net Income Growth
-10.82% lower than 3Y
Cash Flow Change
-77.65% lower than 3Y
ROE
-20.29% lower than 3Y
ROCE
-16.93% lower than 3Y
EBITDA Margin (Avg.)
0.76% lower than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 2d ago
AI opinion · based on fundamentals
Risk high

Blue Star Ltd commands a market cap of ₹31,110 Cr at a PE of 61.1x and PB of 9.07x, reflecting premium valuation. The company has delivered strong 5-year profit CAGR of ~50% and 5-year sales CAGR of 24%, though TTM sales growth has moderated to 6% and TTM profit growth has turned slightly negative at -1%.

Bull Case 7
  • Exceptional 5-year compounded profit growth of 50% CAGR, significantly outpacing broader market earnings growth
  • Robust 5-year sales CAGR of 24%, indicating sustained top-line momentum over a meaningful period
  • Consistent ROE averaging 19-20% over 3, 5, and 10-year periods, reflecting efficient capital allocation
  • Healthy dividend payout ratio of 33.0%, demonstrating shareholder return discipline with a current yield of 0.56%
  • Strong long-term stock price CAGR of 29% over 5 years and 20% over 10 years, reflecting sustained wealth creation
  • 10-year compounded sales growth of 13% and profit growth of 18% show the company has compounded steadily across multiple business cycles
  • 3-year profit CAGR of 26% and sales CAGR of 16% indicate the recent growth acceleration is not a one-off event
Bear Case 8
  • PE ratio of 61.1x is significantly elevated, leaving limited margin of safety if earnings growth disappoints
  • PB ratio of 9.07x is very high, meaning the stock prices in substantial future growth already
  • TTM profit growth has turned negative at -1%, signalling a potential earnings deceleration after years of strong growth
  • TTM sales growth has slowed sharply to 6% compared to the 5-year CAGR of 24%, raising concerns about demand softening
  • Stock price has declined 20% over the past 1 year, indicating the market is already repricing growth expectations lower
  • Last year ROE of 17% has dipped below the 3-year average of 19% and 5-year average of 20%, suggesting returns on equity may be under pressure
  • At current valuations, even modest earnings misses could trigger sharp price corrections given the premium multiple
  • Dividend yield of just 0.56% offers minimal income cushion during periods of capital depreciation

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 2h ago
Headwinds 3
  • EBITDA drops 12%, margins compress Aug 18

    Q1 EBITDA fell 12% to ₹175 crore vs Street estimate of ₹247 crore, with margin contracting to 5.2% from 6.7% YoY. Revenue of ₹3,378 crore also missed the poll estimate of ₹3,547 crore.

  • Weak monsoon drags cooling demand Aug 20

    Blue Star flagged below-normal monsoon conditions as a key headwind for cooling products, potentially compressing the selling season and moderating volume offtake.

  • Stock down 23% YTD, underperforms Voltas Aug 18

    Blue Star shares have corrected 23% YTD versus 8% for Voltas, reflecting ongoing market concerns about margin pressures and competitive positioning. Stock was trading 0.3% lower at ₹1,503.2 on Aug 18.

Positives 3
  • HSBC upgrades to buy, ₹1,780 target Aug 18

    HSBC upgraded Blue Star from hold to buy with a ₹1,780 price target implying 18% upside, citing strong order book, data centre play, and scope for margin expansion.

  • RAC industry grew 25% in Q1 Aug 18

    The room AC industry grew 25% in the June quarter with volume growth of 20-22%, providing a strong sectoral tailwind for Blue Star's core cooling business.

  • MedTech divestiture completed for ₹40 crore Sep 5

    Blue Star completed the slump sale of its MedTech business to Cyrix Healthcare for up to ₹40 crore, effective Sep 1, 2026. The division contributed just 0.33% of consolidated operations, sharpening focus on core business.

Neutral 1
  • Analyst consensus remains mixed Aug 18

    Of 27 analysts covering Blue Star, 13 have a buy rating, 9 hold, and 5 sell, reflecting divided views on the stock's near-term outlook despite the HSBC upgrade.

TL;DR: Blue Star is navigating a tough patch with Q1 margins compressing sharply to 5.2% and the stock down 23% YTD, though the underlying RAC industry remains strong at 25% growth. The HSBC upgrade to buy with an ₹1,780 target and the MedTech divestiture signal confidence in the core business focus and data centre opportunity. Key risks remain weak monsoon impact on cooling demand and competitive pressure from Voltas. The trend is cautiously improving on valuation grounds, but margin recovery in coming quarters will be the critical signal to watch.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
2,226
1,890
2,241
3,328
2,865
2,276
2,807
4,019
2,982
2,422
2,925
4,072
3,378
Expenses
2,081
1,768
2,086
3,086
2,628
2,127
2,599
3,740
2,784
2,240
2,705
3,746
3,203
Operating Profit
145
123
155
242
238
149
209
279
199
182
220
326
175
OPM %
7%
6%
7%
7%
8%
7%
7%
7%
7%
8%
8%
8%
5%
Other Income
9
13
13
13
24
19
21
24
16
10
-44
45
30
Interest
18
18
10
12
8
6
16
19
10
17
22
23
13
Depreciation
23
23
23
28
28
30
35
35
41
43
46
48
57
PBT
114
95
134
214
226
131
179
249
163
132
108
300
135
Tax %
27%
26%
25%
25%
25%
27%
26%
22%
26%
25%
25%
24%
24%
Net Profit
83
71
100
160
169
96
132
194
121
99
81
227
103
EPS in Rs
4.33
3.44
4.88
7.81
8.21
4.68
6.45
9.42
5.88
4.82
3.92
11.04
4.99
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
3,182
3,798
4,385
4,639
5,235
5,360
4,264
6,064
7,977
9,685
11,968
12,402
12,798
Expenses
3,014
3,631
4,162
4,372
4,887
5,077
4,024
5,717
7,478
9,017
11,089
11,469
11,894
Operating Profit
168
167
223
266
348
283
240
347
500
669
879
933
903
OPM %
5%
4.4%
5%
6%
7%
5%
6%
6%
6%
7%
7%
8%
7%
Other Income
-34
66
34
22
26
40
62
36
195
44
83
21
41
Interest
49
43
38
29
48
29
65
46
55
58
49
72
76
Depreciation
43
57
61
64
75
88
92
86
85
98
128
179
194
PBT
43
132
159
196
251
206
145
251
555
557
785
703
674
Tax %
-18%
21%
23%
25%
17%
32%
32%
33%
28%
26%
25%
25%
—
Net Profit
54
106
123
144
190
144
101
168
401
414
591
527
509
EPS in Rs
3.01
5.82
6.44
7.5
9.87
7.44
5.21
8.71
20.79
20.18
28.75
25.66
24.77
Div. Payout %
83%
56%
58%
67%
51%
67%
38%
57%
29%
35%
31%
33%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
18
18
19
19
19
19
19
19
19
41
41
41
Reserves
438
612
738
774
854
763
866
998
1,311
2,569
3,024
3,390
Borrowings
398
365
221
376
348
520
510
554
662
243
381
810
Other Liabilities
1,322
1,530
1,672
2,068
2,130
2,137
2,154
2,741
3,455
3,758
4,803
4,325
Total Liabilities
2,175
2,525
2,650
3,236
3,351
3,439
3,549
4,313
5,447
6,611
8,249
8,567
Fixed Assets
257
259
356
392
400
444
384
433
859
1,165
1,536
1,697
CWIP
22
16
34
25
41
67
72
152
83
127
123
137
Investments
36
242
11
13
15
17
295
162
148
267
432
457
Other Assets
1,860
2,007
2,250
2,806
2,895
2,911
2,799
3,565
4,357
5,053
6,158
6,276
Total Assets
2,175
2,525
2,650
3,236
3,351
3,439
3,549
4,313
5,447
6,611
8,249
8,567
Figures in ₹ Crores

Cash Flow

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
215
257
159
19
258
457
350
87
243
289
688
154
Investing
-49
-48
69
-88
-65
-88
-238
-67
-178
-524
-463
-354
Financing
-190
-195
-203
51
-181
-167
-70
-82
-76
365
-162
137
Net Cash Flow
-24
13
25
-18
13
202
42
-62
-11
130
63
-63
Free Cash Flow
180
208
52
-73
180
376
367
-131
26
-144
319
-169
CFO/OP
143
173
70
24
84
192
150
36
67
64
99
35
Figures in ₹ Crores

Ratios

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
82
76
78
75
78
57
69
72
71
74
60
63
Inventory Days
79
104
97
152
119
116
143
125
127
106
131
131
Days Payable
146
211
191
228
211
211
260
223
223
198
209
177
Cash Conversion Cycle
15
-31
-16
-2
-14
-38
-48
-26
-25
-18
-18
16
Working Capital Days
-12
-17
6
8
8
-13
-1
6
2
20
16
20
ROCE %
15%
20%
20%
20%
25%
19%
13%
20%
25%
26%
26%
21%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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Shareholding Pattern

DIIs28.25%Promot.36.50%Others5.88%FIIs12.75%Public16.62%As ofJun 2026

Documents

Frequently Asked Questions about Blue Star

What does Blue Star Ltd do?
Blue star manufacturers air purifiers, air coolers, water purifiers, cold storage and speciality products. The Company offers turnkey solutions in MEP (Mechanical, Electrical, Plumbing, and Fire-fighting) Projects. It is the largest after-sales service provider for air conditioning and commercial...
Where is Blue Star Ltd (BLUESTARCO) listed?
Blue Star Ltd trades as BLUESTARCO on the NSE and under code 500067 on the BSE.
Which sector does Blue Star Ltd belong to?
Blue Star Ltd is classified under the Consumer Goods sector, in the Household Appliances industry.
What is the market capitalisation of Blue Star Ltd?
Blue Star Ltd has a market capitalisation of ₹31,110 Cr, which places it in the Large Cap band.
What is the PE ratio of Blue Star Ltd?
Blue Star Ltd trades at a PE ratio of 62.90, on earnings per share of ₹24.34, against a book value of ₹166.89 per share.
What is the 52-week high and low of Blue Star Ltd?
Over the last 52 weeks Blue Star Ltd has traded between ₹1,432.3 and ₹2,032.9.
Does Blue Star Ltd pay dividends?
Blue Star Ltd has a dividend yield of 0.56%.
What is the Return on Equity (ROE) of Blue Star Ltd?
Blue Star Ltd reported a return on equity of 15.36%. Its debt-to-equity ratio is 0.24.

Company Information

Blue star manufacturers air purifiers, air coolers, water purifiers, cold storage and speciality products. The Company offers turnkey solutions in MEP (Mechanical, Electrical, Plumbing, and Fire-fighting) Projects. It is the largest after-sales service provider for air conditioning and commercial refrigeration products in the country. [1] [2]

Website bluestarindia.com
CEO Mr. Vir S. Advani B.A., B.S.
Employees 3,576
Listed 2000-06-15
Face Value ₹ 2
Issued Size 20,56,14,788

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