Blue Star

₹1416.5 28.6 | 2.1%

WEBSITE BSE:500067 NSE : BLUE STAR 10 May, 16:01

Market Cap ₹29125 Cr.

Stock P/E 69.2

P/B 11.2

Current Price ₹1416.5

Book Value ₹ 126.9

Face Value 2

52W High ₹1512.2

Dividend Yield 0.49%

52W Low ₹ 692.5

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.

Blue Star Share Price

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Peer Comparison

Blue Star Quarterly Results

#(Fig in Cr.)	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Net Sales	1506	2254	1977	1582	1794	2624	2226	1890	2241	3328
Other Income	13	6	11	9	5	7	9	13	13	12
Total Income	1520	2260	1988	1591	1799	2630	2235	1903	2254	3340
Total Expenditure	1416	2111	1854	1497	1689	2445	2081	1768	2086	3086
Operating Profit	104	149	134	94	110	186	154	136	168	254
Interest	12	13	11	12	14	18	18	18	10	12
Depreciation	22	23	22	24	16	23	23	23	23	28
Exceptional Income / Expenses	0	0	0	0	0	171	0	0	0	0
Profit Before Tax	70	113	101	58	80	316	114	95	134	214
Provision for Tax	23	38	26	15	22	92	30	24	34	54
Profit After Tax	47	76	75	43	59	224	83	71	100	159
Adjustments	0	1	-1	-0	-0	1	-0	-0	0	1
Profit After Adjustments	48	76	74	43	58	225	83	71	100	161
Adjusted Earnings Per Share	2.5	4	3.9	2.2	3	11.7	4.3	3.4	4.9	7.8

Blue Star Profit & Loss

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
Net Sales	2924	2934	3182	3593	4385	4639	5235	5360	4264	6064	7977	9685
Other Income	36	18	8	24	35	64	25	45	62	36	63	47
Total Income	2960	2952	3190	3617	4420	4703	5260	5405	4326	6100	8041	9732
Total Expenditure	2834	2784	3015	3403	4163	4420	4888	5077	4024	5718	7517	9021
Operating Profit	127	168	176	213	257	283	371	327	302	382	524	712
Interest	53	54	49	43	38	29	48	29	65	46	55	58
Depreciation	33	38	43	52	61	64	75	88	92	86	85	97
Exceptional Income / Expenses	0	-0	-41	-12	0	5	3	-4	0	0	171	0
Profit Before Tax	41	76	43	107	159	196	251	206	148	251	555	557
Provision for Tax	3	2	-8	24	37	49	42	65	47	83	155	142
Profit After Tax	38	74	51	83	122	146	209	141	101	168	401	413
Adjustments	1	4	4	22	1	-2	-19	3	-0	-0	-0	1
Profit After Adjustments	39	78	54	105	123	144	190	143	100	168	400	415
Adjusted Earnings Per Share	2.2	4.2	3	5.8	6.4	7.5	9.9	7.4	5.2	8.7	20.8	20.4

Growth Rates

#	1 Year	3 Year	5 Year	10 Year
Sales CAGR	32%	14%	11%	11%
Operating Profit CAGR	37%	17%	13%	15%
PAT CAGR	139%	42%	22%	27%

#	1 Year	3 Year	5 Year	10 Year
Share Price CAGR	101%	50%	30%	29%
ROE Average	34%	21%	21%	18%
ROCE Average	36%	24%	23%	19%

Blue Star Balance Sheet

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Shareholder's Funds	401	479	456	630	757	793	873	782	885	1018	1331
Minority's Interest	0	0	0	1	1	2	2	2	3	3	3
Borrowings	0	0	24	18	20	26	9	48	349	242	162
Other Non-Current Liabilities	351	370	365	-93	-92	-95	-89	-21	3	54	112
Total Current Liabilities	1753	1852	1688	1860	1856	2397	2449	2546	2261	2969	3784
Total Liabilities	2504	2701	2532	2417	2543	3123	3243	3358	3502	4285	5391
Fixed Assets	227	255	257	259	288	330	332	381	372	422	849
Other Non-Current Assets	583	597	650	269	233	214	251	325	271	380	292
Total Current Assets	1693	1848	1626	1886	2020	2573	2660	2651	2859	3478	4249
Total Assets	2504	2701	2532	2417	2543	3123	3243	3358	3502	4285	5391

Blue Star Cash Flow

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Opening Cash & Cash Equivalents	54	17	68	2	15	89	71	84	286	328	266
Cash Flow from Operating Activities	26	67	215	257	159	19	258	450	350	87	247
Cash Flow from Investing Activities	-20	11	-49	-65	69	-88	-65	-81	-240	-69	-182
Cash Flow from Financing Activities	-44	-26	-190	-195	-203	51	-181	-167	-70	-82	-91
Net Cash Inflow / Outflow	-37	52	-24	-3	25	-18	13	202	41	-64	-25
Closing Cash & Cash Equivalent	17	68	44	15	40	71	84	286	328	266	243

Blue Star Ratios

#	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Earnings Per Share (Rs)	2.17	4.21	3.01	5.82	6.44	7.5	9.87	7.44	5.21	8.71	20.79
CEPS(Rs)	3.98	6.21	5.21	7.51	9.55	10.94	14.75	11.87	10.02	13.19	25.21
DPS(Rs)	1.5	2	2.5	3.25	3.75	5	5	5	2	5	6
Book NAV/Share(Rs)	22.28	25.6	25.33	25.06	39.27	41.13	45.33	40.62	45.96	52.83	69.09
Core EBITDA Margin(%)	3.06	5.07	5.21	5.24	5.03	4.7	6.62	5.28	5.62	5.71	5.77
EBIT Margin(%)	3.16	4.4	2.84	4.13	4.44	4.83	5.71	4.39	4.98	4.9	7.65
Pre Tax Margin(%)	1.38	2.57	1.33	2.94	3.59	4.21	4.8	3.84	3.47	4.14	6.96
PAT Margin (%)	1.29	2.49	1.58	2.29	2.76	3.14	4	2.62	2.36	2.77	5.02
Cash Profit Margin (%)	2.42	3.77	2.92	3.73	4.13	4.52	5.43	4.27	4.53	4.19	6.09
ROA(%)	1.55	2.84	1.93	3.36	4.92	5.16	6.57	4.26	2.93	4.31	8.28
ROE(%)	9.58	17.17	11.03	18.32	20.31	18.98	25.16	16.99	12.07	17.66	34.13
ROCE(%)	11.58	14.52	9.99	16.18	19.91	20.9	25.03	19.12	16.45	20.97	35.85
Receivable days	89.75	93.16	84.68	75.96	71.38	74.18	71.9	66.38	70.57	60.21	62.65
Inventory Days	59.05	60.01	53.7	51.02	46.65	63.32	65.76	59.21	75	60.99	58.97
Payable days	210.56	218.74	207.52	192.38	183.99	201.97	210.46	207.77	258	180.85	169.12
PER(x)	36.32	23.9	51.09	32.94	53.8	50.28	34.36	30.97	89.96	60.36	33.13
Price/Book(x)	3.54	3.93	6.08	7.66	8.82	9.17	7.48	5.67	10.2	9.95	9.97
Dividend Yield(%)	1.9	1.99	1.62	1.69	1.08	1.33	1.47	2.17	0.43	0.95	0.87
EV/Net Sales(x)	0.62	0.77	0.98	1.05	1.54	1.62	1.29	0.86	2.15	1.7	1.7
EV/Core EBITDA(x)	14.38	13.39	17.76	17.66	26.24	26.63	18.26	14.05	30.28	27.03	25.97
Net Sales Growth(%)	3.67	0.35	8.44	12.91	22.05	5.79	12.85	2.39	-20.46	42.23	31.55
EBIT Growth(%)	398.55	39.46	-30.06	64.01	31.34	14.2	33.3	-21.25	-9.76	41.66	105.21
PAT Growth(%)	136.47	93.87	-31.64	64.25	46.9	19.83	43.11	-32.74	-28.44	71.32	138.51
EPS Growth(%)	137.17	93.86	-28.46	93.35	10.56	16.45	31.61	-24.63	-29.95	67.12	138.78
Debt/Equity(x)	1.05	1.03	0.87	0.81	0.29	0.48	0.4	0.59	0.51	0.47	0.43
Current Ratio(x)	0.97	1	0.96	1.01	1.09	1.07	1.09	1.04	1.26	1.17	1.12
Quick Ratio(x)	0.68	0.75	0.68	0.73	0.77	0.65	0.73	0.7	0.87	0.79	0.74
Interest Cover(x)	1.77	2.4	1.88	3.49	5.2	7.8	6.25	7.99	3.28	6.41	11.15
Total Debt/Mcap(x)	0.3	0.27	0.14	0.11	0.03	0.05	0.05	0.1	0.05	0.05	0.04

Blue Star Shareholding Pattern

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	38.76	38.78	38.78	38.78	38.78	38.78	38.91	36.49	36.49	36.49
FII	11.09	11.83	12.25	11.79	10.96	10.44	11.06	14.89	15.38	15.93
DII	22.83	22.44	22.06	23.07	24.64	25.13	24.5	25.24	24.83	24.69
Public	27.32	26.96	26.92	26.36	25.62	25.65	25.53	23.38	23.3	22.89
Others	0	0	0	0	0	0	0	0	0	0
Total	100	100	100	100	100	100	100	100	100	100

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	3.73	3.73	3.73	3.73	3.73	3.73	7.5	7.5	7.5	7.5
FII	1.07	1.14	1.18	1.14	1.06	1.01	2.13	3.06	3.16	3.27
DII	2.2	2.16	2.12	2.22	2.37	2.42	4.72	5.19	5.1	5.08
Public	2.63	2.6	2.59	2.54	2.47	2.47	4.92	4.81	4.79	4.71
Others	0	0	0	0	0	0	0	0	0	0
Total	9.63	9.63	9.63	9.63	9.63	9.63	19.26	20.56	20.56	20.56

Pros

Company has delivered good profit growth of 22% CAGR over last 5 years
Company has a good return on equity (ROE) track record: 3 Years ROE 21%
Debtor days have improved from 180.85 to 169.12days.
Company has reduced debt.
Company is almost debt free.

Cons

Promoter holding is low: 36.49%.
Stock is trading at 11.2 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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Blue Star Research see more...

Overview Inc. Year: 1949Industry: Air Conditioners

Blue Star Share Price

Alert Data

Quarterly Price

Peer Comparison

Blue Star Quarterly Results

Blue Star Profit & Loss

Growth Rates

Blue Star Balance Sheet

Blue Star Cash Flow

Blue Star Ratios

Blue Star Shareholding Pattern

Blue Star News

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