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]
Business Segments1Electro-Mechanical Projects: Large central AC & ventilation projects, Fire-fighting projects, Water projects, Plumbing projects, Electrical projects and Railway electrification.[1]2Commercial Air Conditioning: Blue Star is the market leader in Conventional and Inverter Ducted Air Conditioning Systems and Scroll Chillers and is at the second position in VRFs and Screw Chillers3Unitary products: ACs, Air Coolers, Water Purifiers, Commercial Refrigeration etc. Products available in 8,800 outlets in 650+ locations.4Professional Electronics and Industrial Systems (PE&IS): Specialized Technology Solutions, Engineered Turnkey Projects, Value-Enhancing Services, MedTech Solutions, DataSecurity Solutions, Industrial Solutions.[2]
| S.No. | Name | Current Price (Rs.) | Price to Earning | Market Capitalization (Rs.Cr.) | Dividend yield (%) | Net Profit latest quarter (Rs.Cr.) | YOY Quarterly profit growth (%) | Sales latest quarter (Rs.Cr.) | YOY Quarterly sales growth (%) | Return on capital employed (%) | Sales (Rs.Cr.) | OPM (%) | Profit after tax (Rs.Cr.) | Profit after tax latest quarter (Rs.Cr.) | Price to book value | Return on assets (%) | Debt to equity |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1. | LG Electronics | 1375.30 | 45.34 | 93351.53 | 0.00 | 389.43 | -27.30 | 6174.03 | 0.98 | 56.83 | 24366.64 | 12.78 | 2200.92 | 389.43 | – | 21.99 | 0.07 |
| 2. | Voltas | 1415.40 | 85.49 | 46833.47 | 0.49 | 31.50 | -74.41 | 2347.32 | -10.38 | 17.64 | 14158.57 | 4.61 | 547.90 | 34.29 | 7.36 | 6.56 | 0.28 |
| 3. | Blue Star | 1801.60 | 85.64 | 37043.53 | 0.50 | 69.91 | -17.42 | 2294.52 | 7.93 | 22.81 | 11627.37 | 6.15 | 432.65 | 69.91 | 12.97 | 7.03 | 0.41 |
| 4. | Amber Enterp. | 6132.95 | 96.79 | 21570.84 | 0.00 | -32.15 | -271.15 | 1647.01 | -2.24 | 14.49 | 10983.17 | 6.97 | 222.95 | -32.86 | 5.87 | 3.37 | 0.77 |
| 5. | Crompton Gr. Con | 250.55 | 33.08 | 16133.22 | 1.18 | 75.42 | -31.79 | 1915.57 | 1.02 | 19.01 | 7743.80 | 10.36 | 486.80 | 85.19 | 4.79 | 9.09 | 0.05 |
| 6. | V-Guard Industri | 304.40 | 45.74 | 13282.30 | 0.50 | 65.29 | 3.00 | 1340.92 | 3.63 | 19.50 | 5613.73 | 8.55 | 290.49 | 65.29 | 6.08 | 9.57 | 0.07 |
| 7. | Eureka Forbes | 557.45 | 58.55 | 10781.27 | 0.00 | 61.59 | 38.40 | 773.45 | 14.95 | 5.04 | 2591.57 | 11.32 | 184.13 | 61.59 | 2.45 | 2.55 | 0.02 |
| – | Median: 23 Co. | 557.45 | 45.54 | 5022.85 | 0.31 | 19.0 | -0.1 | 702.61 | 3.63 | 15.04 | 2621.99 | 6.97 | 92.42 | 21.36 | 4.08 | 5.56 | 0.13 |
Standalone figures in ₹ crores
| Sep 2022 | Dec 2022 | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 1,417 | 1,655 | 2,427 | 2,081 | 1,741 | 2,055 | 3,123 | 2,714 | 2,126 | 2,682 | 3,805 | 2,847 | 2,295 |
Expenses | 1,347 | 1,559 | 2,266 | 1,953 | 1,626 | 1,933 | 2,905 | 2,508 | 1,999 | 2,516 | 3,567 | 2,672 | 2,158 |
Operating Profit | 70 | 95 | 161 | 127 | 115 | 122 | 217 | 205 | 127 | 166 | 237 | 175 | 137 |
Other Income | 8 | 6 | 178 | 9 | 12 | 10 | 10 | 21 | 16 | 6 | 19 | 16 | 10 |
Profit before tax | 41 | 70 | 302 | 103 | 94 | 103 | 192 | 197 | 114 | 129 | 210 | 147 | 94 |
Tax % | 26% | 26% | 28% | 26% | 25% | 25% | 25% | 26% | 26% | 25% | 25% | 26% | 26% |
Net Profit | 30 | 52 | 217 | 77 | 70 | 77 | 144 | 146 | 85 | 97 | 157 | 109 | 70 |
EPS in Rs | 1.56 | 2.70 | 11.27 | 4.00 | 3.42 | 3.73 | 6.98 | 7.10 | 4.12 | 4.71 | 7.65 | 5.28 | 3.40 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 2,790 | 3,081 | 3,530 | 4,110 | 4,303 | 4,784 | 4,786 | 3,842 | 5,395 | 7,353 | 8,999 | 11,326 | 11,627 |
Expenses | 2,639 | 2,906 | 3,340 | 3,909 | 4,072 | 4,485 | 4,571 | 3,650 | 5,104 | 6,904 | 8,415 | 10,586 | 10,913 |
Operating Profit | 151 | 174 | 190 | 200 | 231 | 299 | 215 | 192 | 292 | 449 | 584 | 740 | 715 |
Other Income | 10 | 51 | 54 | 34 | 33 | -5 | 69 | 62 | 36 | 194 | 39 | 58 | 50 |
Interest | 50 | 43 | 36 | 31 | 23 | 45 | 32 | 68 | 51 | 58 | 56 | 51 | 65 |
Depreciation | 35 | 39 | 55 | 55 | 61 | 69 | 84 | 88 | 80 | 80 | 75 | 96 | 119 |
Profit before tax | 76 | 143 | 153 | 148 | 181 | 180 | 168 | 98 | 196 | 505 | 492 | 650 | 580 |
Net Profit | 76 | 153 | 127 | 112 | 132 | 122 | 121 | 66 | 128 | 367 | 368 | 485 | 433 |
EPS in Rs | 4.22 | 8.48 | 7.05 | 5.86 | 6.89 | 6.32 | 6.28 | 3.42 | 6.63 | 19.03 | 17.87 | 23.58 | 21.04 |
Dividend Payout % | 47% | 29% | 46% | 64% | 73% | 79% | 80% | 58% | 75% | 32% | 39% | 38% | – |
Standalone figures in ₹ crores
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 18 | 18 | 18 | 19 | 19 | 19 | 19 | 19 | 19 | 19 | 41 | 41 | 41 |
Reserves | 512 | 607 | 783 | 899 | 929 | 942 | 830 | 900 | 989 | 1,259 | 2,470 | 2,813 | 2,810 |
Borrowings | 447 | 332 | 286 | 149 | 319 | 364 | 558 | 631 | 611 | 564 | 312 | 500 | 1,162 |
Other Liabilities | 1,275 | 1,236 | 1,446 | 1,553 | 1,931 | 1,914 | 1,906 | 1,930 | 2,423 | 3,003 | 3,344 | 4,351 | 3,443 |
Total Liabilities | 2,251 | 2,193 | 2,533 | 2,620 | 3,199 | 3,240 | 3,314 | 3,480 | 4,042 | 4,846 | 6,168 | 7,706 | 7,456 |
Fixed Assets | 215 | 218 | 231 | 319 | 347 | 359 | 406 | 345 | 377 | 560 | 764 | 992 | 1,127 |
Gross Block | 483 | 518 | 261 | 389 | 469 | 546 | 673 | 663 | 770 | 1,014 | 1,282 | 1,554 | – |
Accumulated Depreciation | 268 | 300 | 30 | 70 | 122 | 187 | 267 | 318 | 393 | 454 | 518 | 562 | – |
CWIP | 15 | 22 | 16 | 34 | 25 | 41 | 68 | 58 | 117 | 53 | 45 | 104 | 50 |
Investments | 121 | 232 | 435 | 215 | 220 | 221 | 221 | 500 | 392 | 450 | 957 | 1,206 | 1,114 |
Other Assets | 1,899 | 1,721 | 1,850 | 2,052 | 2,606 | 2,618 | 2,619 | 2,577 | 3,155 | 3,783 | 4,402 | 5,404 | 5,165 |
Total Assets | 2,251 | 2,193 | 2,533 | 2,620 | 3,199 | 3,240 | 3,314 | 3,480 | 4,042 | 4,846 | 6,168 | 7,706 | 7,456 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Cash from Operating Activity | 84 | 192 | 271 | 129 | -29 | 147 | 392 | 308 | 59 | 304 | 247 | 662 |
Cash from Investing Activity | -24 | -20 | -73 | 73 | -66 | -73 | -58 | -246 | -7 | -86 | -699 | -495 |
Cash from Financing Activity | -8 | -199 | -194 | -215 | 73 | -105 | -138 | 15 | -147 | -248 | 539 | -126 |
Net Cash Flow | 52 | -27 | 4 | -14 | -22 | -30 | 196 | 78 | -95 | -30 | 87 | 41 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 89 | 76 | 71 | 72 | 69 | 78 | 57 | 68 | 69 | 66 | 73 | 59 |
Inventory Days | 125 | 111 | 78 | 98 | 166 | 133 | 133 | 159 | 143 | 121 | 98 | 112 |
Days Payable | 212 | 201 | 156 | 187 | 237 | 221 | 226 | 267 | 235 | 208 | 191 | 199 |
Cash Conversion Cycle | 2 | -15 | -7 | -17 | -2 | -11 | -35 | -40 | -22 | -21 | -20 | -28 |
Working Capital Days | -7 | -11 | -19 | 6 | 8 | 10 | -16 | -10 | -1 | -3 | 16 | 7 |
ROCE % | 15% | 15% | 16% | 17% | 16% | 20% | 15% | 9% | 15% | 23% | 24% | 23% |
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Stock Analysis
Blue Star Limited is a leading Indian company in air conditioning, refrigeration, and MEP (Mechanical, Electrical, Plumbing) projects, also offering water management and air purification solutions.
Currently no data available for Key Growth Triggers.
Currently no data available for Order Book.
The resignation of an Executive Director can be viewed as a governance event that investors will monitor for potential impact on business continuity.
Corporate Announcements
