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Consolidated Standalone

Blue Star

₹1768.4 -16.6 | 0.9%

Market Cap ₹36361 Cr.

Stock P/E 61.5

P/B 11.7

Current Price ₹1768.4

Book Value ₹ 151.3

Face Value 2

52W High ₹2420

Dividend Yield 0.51%

52W Low ₹ 1521.2

Edit Ratio

Blue Star Research see more...

Overview Inc. Year: 1949Industry: Air Conditioners

Blue Star Ltd is an air-conditioning and business refrigeration company. The Company conducts diverse activities, inclusive of electrical, plumbing and fire-fighting offerings. The Company operates via three segments: Electro-Mechanical Projects and Commercial Air Conditioning Systems, Unitary Products and Professional Electronics and Industrial Systems. Its Electro-Mechanical Projects and Commercial Air-conditioning Systems segment consist central air-conditioning projects, electric contracting enterprise, and packaged air-conditioning corporations, along with production and after-sales provider. Its Unitary Products segments include cooling home equipment, cold storage products, together with manufacturing and after-sales service. Its Professional Electronics and Industrial Systems segments include trading and services for testing machines, medical, analytical, test and measuring, information communications, commercial merchandise and systems.

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Blue Star Share Price

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Peer Comparison

Blue Star Quarterly Results

#(Fig in Cr.) Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025
Net Sales 2226 1890 2241 3328 2865 2276 2807 4019 2982 2422
Other Income 9 13 13 12 24 19 9 24 16 10
Total Income 2235 1903 2254 3340 2889 2294 2816 4043 2998 2432
Total Expenditure 2081 1768 2086 3086 2628 2127 2598 3740 2782 2239
Operating Profit 154 136 168 254 262 168 218 303 216 193
Interest 18 18 10 12 8 6 16 19 10 17
Depreciation 23 23 23 28 28 30 35 35 41 43
Exceptional Income / Expenses 0 0 0 0 0 0 13 0 0 0
Profit Before Tax 114 95 134 214 226 131 180 249 165 133
Provision for Tax 30 24 34 54 57 35 47 55 42 33
Profit After Tax 83 71 100 159 169 96 133 194 122 100
Adjustments -0 -0 0 1 0 -0 -1 -1 -1 -1
Profit After Adjustments 83 71 100 161 169 96 133 194 121 99
Adjusted Earnings Per Share 4.3 3.4 4.9 7.8 8.2 4.7 6.4 9.4 5.9 4.8

Blue Star Profit & Loss

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 TTM
Net Sales 3182 3593 4385 4639 5235 5360 4264 6064 7977 9685 11968 12230
Other Income 8 24 35 64 25 45 62 36 31 47 93 59
Total Income 3190 3617 4420 4703 5260 5405 4326 6100 8008 9733 12061 12289
Total Expenditure 3015 3403 4163 4420 4888 5077 4024 5718 7485 9020 11110 11359
Operating Profit 176 213 257 283 371 327 302 382 524 712 951 930
Interest 49 43 38 29 48 29 65 46 55 58 49 62
Depreciation 43 52 61 64 75 88 92 86 85 98 128 154
Exceptional Income / Expenses -41 -12 0 5 3 -4 0 0 171 0 13 13
Profit Before Tax 43 107 159 196 251 206 148 251 555 557 785 727
Provision for Tax -8 24 37 49 42 65 47 83 155 143 194 177
Profit After Tax 51 83 122 146 209 141 101 168 401 414 591 549
Adjustments 4 22 1 -2 -19 3 -0 -0 -0 1 -0 -4
Profit After Adjustments 54 105 123 144 190 143 100 168 400 415 591 547
Adjusted Earnings Per Share 3 5.8 6.4 7.5 9.9 7.4 5.2 8.7 20.8 20.2 28.8 26.5

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR 24% 25% 17% 14%
Operating Profit CAGR 34% 36% 24% 18%
PAT CAGR 43% 52% 33% 28%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR -2% 43% 39% 26%
ROE Average 21% 25% 21% 20%
ROCE Average 28% 30% 25% 22%

Blue Star Balance Sheet

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Shareholder's Funds 456 630 757 793 873 782 885 1018 1331 2610 3065
Minority's Interest 0 1 1 2 2 2 3 3 3 3 3
Borrowings 24 18 20 26 9 48 349 242 162 0 0
Other Non-Current Liabilities 365 -93 -92 -95 -89 -21 3 54 112 120 237
Total Current Liabilities 1688 1860 1856 2397 2449 2546 2261 2969 3832 3878 4944
Total Liabilities 2532 2417 2543 3123 3243 3358 3502 4285 5439 6611 8249
Fixed Assets 257 259 288 330 332 381 372 422 849 1155 1529
Other Non-Current Assets 650 269 233 214 251 325 271 380 340 416 407
Total Current Assets 1626 1886 2020 2573 2660 2651 2859 3478 4249 5040 6313
Total Assets 2532 2417 2543 3123 3243 3358 3502 4285 5439 6611 8249

Blue Star Cash Flow

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Opening Cash & Cash Equivalents 68 2 15 89 71 84 286 328 239 227 357
Cash Flow from Operating Activities 215 257 159 19 258 450 350 87 243 289 688
Cash Flow from Investing Activities -49 -65 69 -88 -65 -81 -240 -69 -182 -525 -464
Cash Flow from Financing Activities -190 -195 -203 51 -181 -167 -70 -82 -76 365 -162
Net Cash Inflow / Outflow -24 -3 25 -18 13 202 41 -64 -14 129 62
Closing Cash & Cash Equivalent 44 15 40 71 84 286 328 266 227 357 420

Blue Star Ratios

# Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Earnings Per Share (Rs) 3.01 5.82 6.44 7.5 9.87 7.44 5.21 8.71 20.79 20.18 28.76
CEPS(Rs) 5.21 7.51 9.55 10.94 14.75 11.87 10.02 13.19 25.21 24.9 35
DPS(Rs) 2.5 3.25 3.75 5 5 5 2 5 6 7 9
Book NAV/Share(Rs) 25.33 25.06 39.27 41.13 45.33 40.62 45.96 52.83 69.09 126.95 148.9
Core EBITDA Margin(%) 5.21 5.24 5.03 4.7 6.62 5.28 5.62 5.71 6.18 6.87 7.17
EBIT Margin(%) 2.84 4.13 4.44 4.83 5.71 4.39 4.98 4.9 7.65 6.35 6.97
Pre Tax Margin(%) 1.33 2.94 3.59 4.21 4.8 3.84 3.47 4.14 6.96 5.75 6.56
PAT Margin (%) 1.58 2.29 2.76 3.14 4 2.62 2.36 2.77 5.02 4.28 4.94
Cash Profit Margin (%) 2.92 3.73 4.13 4.52 5.43 4.27 4.53 4.19 6.09 5.29 6.01
ROA(%) 1.93 3.36 4.92 5.16 6.57 4.26 2.93 4.31 8.24 6.88 7.96
ROE(%) 11.03 18.32 20.31 18.98 25.16 17 12.07 17.66 34.13 21.03 20.85
ROCE(%) 9.99 16.18 19.91 20.9 25.03 19.12 16.45 20.97 35.85 26.26 27.6
Receivable days 84.68 75.96 71.38 74.18 71.9 66.38 70.57 60.21 62.65 65.98 59.65
Inventory Days 53.7 51.02 46.65 63.32 65.76 59.21 75 60.99 58.97 53.52 54.23
Payable days 207.52 192.38 183.99 201.97 210.46 207.77 258 180.85 174.45 169.11 158.66
PER(x) 51.09 32.94 53.8 50.28 34.36 30.97 89.96 60.36 33.13 62.96 74.3
Price/Book(x) 6.08 7.66 8.82 9.17 7.48 5.67 10.2 9.95 9.97 10.01 14.35
Dividend Yield(%) 1.62 1.69 1.08 1.33 1.47 2.17 0.43 0.95 0.87 0.55 0.42
EV/Net Sales(x) 0.98 1.05 1.54 1.62 1.29 0.86 2.15 1.7 1.71 2.68 3.65
EV/Core EBITDA(x) 17.76 17.66 26.24 26.63 18.26 14.05 30.28 27.03 25.98 36.38 45.95
Net Sales Growth(%) 8.44 12.91 22.05 5.79 12.85 2.39 -20.46 42.23 31.55 21.41 23.56
EBIT Growth(%) -30.06 64.01 31.34 14.2 33.3 -21.25 -9.76 41.66 105.21 0.85 35.51
PAT Growth(%) -31.64 64.25 46.9 19.83 43.11 -32.74 -28.44 71.32 138.51 3.4 42.71
EPS Growth(%) -28.46 93.35 10.56 16.45 31.61 -24.63 -29.95 67.12 138.78 -2.93 42.48
Debt/Equity(x) 0.87 0.81 0.29 0.48 0.4 0.59 0.51 0.47 0.43 0.06 0.07
Current Ratio(x) 0.96 1.01 1.09 1.07 1.09 1.04 1.26 1.17 1.11 1.3 1.28
Quick Ratio(x) 0.68 0.73 0.77 0.65 0.73 0.7 0.87 0.79 0.73 0.94 0.84
Interest Cover(x) 1.88 3.49 5.2 7.8 6.25 7.99 3.28 6.41 11.15 10.59 17.08
Total Debt/Mcap(x) 0.14 0.11 0.03 0.05 0.05 0.1 0.05 0.05 0.04 0.01 0

Blue Star Shareholding Pattern

# Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025
Promoter 38.91 36.49 36.49 36.49 36.52 36.46 36.46 36.47 36.49 36.49
FII 11.06 14.89 15.38 15.93 17.03 18 18.42 16.88 16.15 15.99
DII 24.5 25.24 24.83 24.69 23.59 22.91 22.26 23.19 23.43 25.38
Public 25.53 23.38 23.3 22.89 22.86 22.63 22.86 23.45 23.93 22.14
Others 0 0 0 0 0 0 0 0 0 0
Total 100 100 100 100 100 100 100 100 100 100

Pros

  • Company has delivered good profit growth of 33% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 25%
  • Debtor days have improved from 169.11 to 158.66days.
  • Company is almost debt free.

Cons

  • Promoter holding is low: 36.49%.
  • Stock is trading at 11.7 times its book value.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Blue Star News

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