BLUESTARCO
Mid CapBlue Star Limited
Consumer
Blue Star Limited, established in 1943, is an Indian air conditioning, refrigeration, and MEP solutions provider. It operates across residential, commercial, industrial, and infrastructure markets, with 7 manufacturing facilities in India and a presence in 18+ countries. It maintains ~2 million tonnes of AC & refrigeration equipment.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is acceptable, price trend argues for patience, and recent execution is mixed.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Good · 60/100Rev +1% YoY · PAT +17% YoY · margin expansion · +39% QoQ · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹4,072 Cr | +1.3% | +39.2% |
| EBITDA | ₹326 Cr | +16.8% | +48.2% |
| Operating margin | 8.0% | +100 bps | +0 bps |
| PAT | ₹227 Cr | +17.0% | +180.3% |
| PAT margin | 5.6% | +74 bps | +280 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Q4 FY26 revenue grew 1.3% YoY to 4072 cr, with EBITDA up 16.8% to 326 cr and PBT up 12.0% to 279 cr. EPS rose 17.1% to 11.05. Electro-Mechanical Projects order bookings grew 35%. Unitary Products EBIT margin improved to 10.4%, while Segment 1 EBIT margin contracted.
Blue Star delivered strong Q4 FY26 profit growth despite modest revenue expansion. Order bookings in Electro-Mechanical Projects surged 35%, indicating future revenue potential. Unitary Products and Professional Equipment saw EBIT margin improvement, offsetting contraction in Segment 1. International expansion is progressing, but Med-Tech faces regulatory headwinds.
Data Centers & Factories
Rising opportunities in data centers and factories giving confidence of continued growth prospects.
Government, Industrial & Retail Demand
Order inflow gained momentum during the quarter, supported by demand from government, industrial and retail segments.
International Expansion
Expansion in US is progressing well and supplies to Europe have also commenced.
Industrial Solutions
Industrial Solutions continue to grow, driven by strong demand in the automotive and steel industries.
Sri City Factory
Started commercial production at Sri City Factory (2023).
Captive Solar System
1.2 MWp captive under commissioning.
Strong Enquiry Momentum
This quarter saw strong enquiry momentum from Buildings, Data Centers, and Factories.
Government, Industrial & Retail Demand
Order inflow gained momentum during the quarter, supported by demand from government, industrial and retail segments.
Industrial Demand
Industrial Solutions continue to grow, driven by strong demand in the automotive and steel industries.
Tariff-related Uncertainties
Despite tariff-related uncertainties, the company’s expansion in US is progressing well.
Stagnant Commercial Refrigeration
The market for deep freezers and cold rooms remained stagnant.
Unclear Med-Tech Policy
The regulatory policy framework for the Med-Tech Solutions business still remains unclear, consequently the business has slowed down.
International Tariff Uncertainties
Despite tariff-related uncertainties, the company’s expansion in US is progressing well.
Med-Tech Regulatory Policy
The regulatory policy framework for the Med-Tech Solutions business still remains unclear.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Q4 results are compared to Q4 of the previous year, which is standard for seasonal businesses like air conditioning to account for cyclical demand patterns. Full-year results provide an annual performance overview.
Order Bookings Growth (Electro-Mechanical Projects)
Order bookings growing by 35%.
Room AC Demand
Room Air Conditioners business saw a reasonable growth as primary demand picked up in March for summer stocking.
Commercial Refrigeration Market
The market for deep freezers and cold rooms remained stagnant; however, storage water coolers witnessed double-digit growth.
EBIT Margin (Unitary Products)
Improved to 10.4% from 8.4%.
Confidence in Growth
Rising opportunities in data centers and factories giving confidence of continued growth prospects.
New Product Strategy
Launched a wide range of new room ACs this quarter in compliance with new BEE norms. The range includes premium flagship series covering all consumer segments and price points.
International Market Focus
Plans to strengthen presence in USA, Europe.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Order Bookings Growth (Segment 1) | 35% growth in Q4FY26. | Sustained momentum in order bookings from Buildings, Data Centers, and Factories. |
| Room AC Demand | Reasonable growth in Q4FY26, primary demand picked up in March. | Continued pickup in primary demand for Room ACs and market share gains from new product launches. |
| Med-Tech Solutions Revival | Business slowed down due to unclear regulatory policy. | Clarity in regulatory policy framework and revival of Med-Tech Solutions business. |
| International Business Performance | Expansion in US progressing well, supplies to Europe commenced despite tariff uncertainties. | Successful navigation of tariff uncertainties and sustained growth in international markets. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
42NeutralSMA20 -8.2% / mo · near 52W low
Technical chart
BLUESTARCOdaily · 3Y-11.8%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 39. Wait for confirmation.
- SMA20 falling (~11.3% over last month) — short-term momentum negative.
- RSI(14) at 39 — rising, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 23% off 52W high · 8% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 21.5%.
- Growth contributes 16/25 to the score.
Main drags
- Valuation is weaker at 6/30; verify the latest quarterly trend.
- Cash flow is weaker at 4/10; verify the latest quarterly trend.
- Quality is weaker at 10/20; verify the latest quarterly trend.
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +1 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 76th percentile of the scored universe and 77th percentile within Consumer. No major sub-score weakness stands out.
Healthy Trust Lite: Promoter pledge is zero. Key concern: 2 latest quarters had PAT decline worse than 25% YoY.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Consumer: 77th pctile, median 67 · Mid: 46th pctile, median 76
167 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸9 years of positive FCF.
- ▸ROCE is 21.2%.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸2 latest quarters had PAT decline worse than 25% YoY.
- ▸ROCE trend is -3.1%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 57.30
- P/B
- 9.29
- EV/EBITDA
- 29.49
- Market Cap
- 31895.00Cr
Profitability
- ROE
- 17.10%
- ROCE
- 21.20%
- ROA
- 6.15%
- Dividend Y
- 0.55%
Growth (CAGR)
- Revenue 5Y
- 24.00%
- EPS 5Y
- 49.00%
- Revenue 3Y
- 16.00%
- EPS 3Y
- 27.00%
Balance Sheet
- Debt/Equity
- 0.24
- Interest Coverage
- 12.92×
- Altman Z
- 6.22
- Book Value
- 167.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 9/5
- OCF
- 154.00 Cr
- EPS TTM
- 25.66
Shareholding
- Promoter Hold
- 36.48%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 17%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Consumer — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.