Profit Par Regulatory Charges Ka Asar
Blue Star ne Q3 FY26 mein ₹80.66 Crore ka Net Profit report kiya hai, jo pichhle saal ke ₹132.57 Crore se kaafi kam hai. Is bade drop ka main reason hai naye labor codes ki wajah se laga ₹56.35 Crore ka exceptional charge. Ye charge gratuity aur leave encashment liabilities ko cover karne ke liye tha. Agar ye charge na hota, toh profit mein chhota sa drop dikhta.
Revenue Chala, Par Profit Ko Rok Liya
Is sab ke beech, company ka consolidated revenue 4.2% badhkar ₹2,925.31 Crore ho gaya. Operating profit margin bhi 7.5% pe stable raha. Electro-mechanical projects segment mein revenue 8.6% badha, lekin unitary products segment mein thodi kami aayi. Air conditioner (RAC) business mein recovery ke signs dikh rahe hain, kyunki dealers energy labeling regulations ke liye ready ho rahe hain.
Brokerage Ka Kya Hai Kehna?
Motilal Oswal jaise analysts ne stock par 'Neutral' rating maintain ki hai aur target price ₹2,000 rakha hai. Woh India ke HVAC market ko achha grow karta dekh rahe hain (12-16% CAGR), par company ko competitive pressures aur regulatory changes se deal karna pad raha hai.
Stock Performance Aur Future Plans
Blue Star ka share price filhaal ₹1,790 ke aas-paas hai. Stock pichhle ek saal mein lagbhag 12.7% gira hai. Company ne aage ke liye ₹250-350 Crore ka annual capex plan kiya hai manufacturing, product development aur digitalization ke liye. Management ko Q4 FY26 mein market revival ki umeed hai, lekin margin pressures aur regulatory impacts ek challenge ban sakte hain.