30-Oct-2026 11:31:02
BLUE STAR Q2 FY27: REVENUE UP 21% YOY; ₹7,229 CR ORDER BOOK, STRONG ORDER INFLOW EXPECTED & US HEAT PUMP EXPANSION
• Order Book: Carried-forward order book stood at ₹7,229.22 Cr, providing revenue visibility for the Electro-Mechanical Projects and Commercial Air Conditioning businesses • Future Order Inflows: Management expects significant growth in order inflows, supported by strong enquiries across commercial air conditioning and project businesses • US Business Expansion: Heat pump supplies to the US continued despite logistics and supply chain challenges, supported by growing market acceptance • Commercial AC Business: Revenue increased 16.3% YoY to ₹1,935.99 Cr, driven by strong product sales, while project execution remained subdued due to delays • Room AC Business: Extended summer supported strong demand, with Unitary Products revenue growing 29.4% YoY to ₹897.66 Cr • Commercial Refrigeration: Demand recovery emerging across deep freezers, bottled water dispensers and storage water coolers • Margin Pressure: Commercial AC segment EBIT margin declined to 6.9% from 8.8% YoY, while Unitary Products margin fell to 2.3% from 6.2%, due to material cost inflation and limited price pass-through • Industrial Solutions: Segment revenue surged 51.2% YoY to ₹97.30 Cr, supported by demand from manufacturing and testing industries • Quarterly Results: Revenue increased 21% YoY to ₹2,930.95 Cr, EBITDA grew 10.5% to ₹202.58 Cr and reported net profit rose 25.4% to ₹123.91 Cr • Exceptional Gain: Quarterly net profit includes ₹23.02 Cr exceptional gain from sale of the MedTech business, completed on August 31, 2026 • H1 Performance: Revenue increased 16.7% YoY to ₹6,308.87 Cr, while EBITDA declined 1.5% to ₹377.53 Cr • Balance Sheet: Net cash position improved to ₹289.43 Cr from net borrowings of ₹417.06 Cr in H1 FY26, strengthening financial flexibility • International Growth Plans: Company plans to strengthen its presence in the US and European markets, leveraging its existing international operations • Capacity & Sustainability: Operates seven manufacturing facilities in India, with 1.2 MWp captive solar capacity under commissioning alongside energy-efficiency initiatives • Future Guidance & Capex: Management expects stronger order inflows but has not disclosed specific FY27 revenue growth, margin or fresh capex guidance
BLUE STAR LIMITED