Blue Star financials and balance sheet

NSE: BLUESTARCOBSE: 500067Consumer DurablesMid Cap

₹1,499.00₹65.50 (4.19%)BSE ₹1,496.00

Share price at the NSE close on 23 Oct 2026. Previous close ₹1,564.50.

52-week range of traded prices to 23 Oct 2026

₹1,432.30Low, 9 Sep 2026₹2,032.90High, 24 Oct 2025

Next results date: the board meets on 29 Oct 2026 to consider: financial results.

Market cap: ₹30,822 Cr237th largest listed
P/E: 60.5
P/B: 9.0
Dividend yield: 0.57%
ROE: 15.7%
ROCE: 17.5%
Debt to equity: 0.18
Volume, NSE: 3,56,34441.6% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Blue Star annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 11.1% of operating profit in the first full year.

The years either side of a change of basis do not compare. From the year to Mar 2018, GST replaced excise duty on 1 Jul 2017, and revenue before that day includes the duty.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue12,402
Materials and goods−9,542
Employee costs−918
Other expenses−1,011
Operating profit930
Depreciation−179
Other income+62
One-off items−39
Finance costs−72
Profit before tax703
Tax−176
Joint ventures+0.6
Net profit527

What the company owns

Plant, investments and other assets₹3,433 Cr
Inventory₹2,166 Cr
Receivables₹2,140 Cr
Current investments₹435 Cr
Cash and bank₹402 Cr

What pays for it: net worth and liabilities

Net worth₹3,434 Cr
Owed to suppliers₹2,943 Cr
Other liabilities₹1,572 Cr
Borrowings₹627 Cr

Blue Star business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them.Blue Star segment results by quarter

Revenue by segment

₹12,402 CrTotal

Electro - mechanical projects and commercial air conditioning systems₹6,763 Cr54.5% of total
Unitary products₹5,332 Cr43.0% of total
Professional electronics and industrial systems₹307 Cr2.5% of total

Profit by segment

Electro - mechanical projects and commercial air conditioning systems₹502 Cr51.7% of total
Unitary products₹435 Cr44.8% of total
Professional electronics and industrial systems₹35 Cr3.6% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Electro - mechanical projects and commercial air conditioning systems
Revenue, ₹ crore
2,827
2,219
3,194
4,016
4,715
5,998
6,763
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
120
106
195
277
341
491
502
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Unitary products
Revenue, ₹ crore
2,269
2,301
1,868
2,604
3,627
4,592
5,621
5,332
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
186
162
109
156
282
360
471
435
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Professional electronics and industrial systems
Revenue, ₹ crore
218
233
177
247
335
378
349
307
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
44
54
34
42
51
52
30
35
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	5,235	5,360	4,264	6,046	7,977	9,685	11,968	12,402
Company revenue, as in its results	5,235	5,360	4,264	6,046	7,977	9,685	11,968	12,402
Revenue	–	2,827	2,219	3,194	4,016	4,715	5,998	6,763
Revenue growth	–	–	−21.5%	44.0%	25.7%	17.4%	27.2%	12.8%
Profit	–	120	106	195	277	341	491	502
Profit growth	–	–	−11.5%	82.9%	42.1%	23.2%	43.9%	2.2%
Margin	–	4.3%	4.8%	6.1%	6.9%	7.2%	8.2%	7.4%
Return on capital	–	26.8%	25.1%	58.5%	70.7%	51.3%	48.0%	46.4%
Assets	–	1,737	1,665	1,861	2,197	2,706	3,731	3,690
Liabilities	–	1,289	1,241	1,528	1,806	2,042	2,707	2,608
Capital employed	–	448	424	333	391	665	1,024	1,083
Revenue	2,269	2,301	1,868	2,604	3,627	4,592	5,621	5,332
Revenue growth	–	1.4%	−18.8%	39.4%	39.3%	26.6%	22.4%	−5.1%
Profit	186	162	109	156	282	360	471	435
Profit growth	–	−12.7%	−32.9%	43.2%	81.1%	27.6%	30.8%	−7.7%
Margin	8.2%	7.1%	5.8%	6.0%	7.8%	7.8%	8.4%	8.2%
Return on capital	39.7%	53.3%	47.5%	23.7%	37.7%	28.8%	40.4%	24.8%
Assets	1,188	1,001	987	1,655	2,154	2,685	2,902	3,169
Liabilities	720	697	758	999	1,406	1,434	1,736	1,415
Capital employed	469	304	229	656	748	1,251	1,166	1,754
Revenue	218	233	177	247	335	378	349	307
Revenue growth	–	7.0%	−24.2%	40.1%	35.3%	12.8%	−7.7%	−12.0%
Profit	44	54	34	42	51	52	30	35
Profit growth	–	24.1%	−37.8%	25.7%	18.9%	2.0%	−42.3%	17.4%
Margin	20.1%	23.3%	19.1%	17.2%	15.1%	13.6%	8.5%	11.4%
Return on capital	–	–	–	299.2%	121.4%	105.8%	299.9%	1,090.3%
Assets	58	76	62	156	224	205	148	154
Liabilities	86	84	79	142	182	156	139	151
Capital employed	−28	−7	−16	14	42	49	10	3
Revenue	2,748	–	–	–	–	–	–	–
Profit	151	–	–	–	–	–	–	–
Margin	5.5%	–	–	–	–	–	–	–
Return on capital	29.3%	–	–	–	–	–	–	–
Assets	1,728	–	–	–	–	–	–	–
Liabilities	1,213	–	–	–	–	–	–	–
Capital employed	515	–	–	–	–	–	–	–

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March.Blue Star quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 3 May	Mar 2020Filed 13 May	Mar 2021Filed 7 May	Mar 2022Filed 6 May	Mar 2023Filed 6 May	Mar 2024Filed 2 May	Mar 2025Filed 10 Jun	Mar 2026Filed 6 May
Revenue from operations	4,446	4,758	5,235	5,360	4,264	6,046	7,977	9,685	11,968	12,402
	4,202	4,474	4,888	5,077	4,024	5,699	7,485	9,020	11,092	11,472
Materials and goods bought	3,113	3,247	3,931	4,018	3,271	4,715	6,182	7,392	9,074	9,542
Employee costs	–	–	421	485	382	509	591	749	919	918
Other expenses	–	–	536	575	371	476	711	879	1,099	1,011
Operating profit before depreciation	244	284	347	283	240	346	493	665	876	930
Operating margin	5.5%	6.0%	6.6%	5.3%	5.6%	5.7%	6.2%	6.9%	7.3%	7.5%
Materials, % of revenue	–	–	75.1%	75.0%	76.7%	78.0%	77.5%	76.3%	75.8%	76.9%
Employee costs, % of revenue	–	–	8.1%	9.0%	9.0%	8.4%	7.4%	7.7%	7.7%	7.4%
Other expenses, % of revenue	–	–	10.2%	10.7%	8.7%	7.9%	8.9%	9.1%	9.2%	8.2%
Depreciation and amortisation	61	64	75	88	92	86	85	98	128	179
Operating profit after depreciation	183	220	272	195	148	260	408	567	748	752
Other income	13	9	25	45	62	36	31	47	75	62
Finance costs	38	29	48	29	65	46	55	58	49	72
Profit before one-off items and tax	159	201	248	210	145	250	384	557	774	741
One-off items	0	5	3	−4	0	0	171	0	13	−39
Profit before tax	159	206	251	206	145	250	555	557	786	703
	37	55	42	65	47	83	155	143	194	176
Current tax	44	43	39	37	28	63	135	135	189	158
Deferred tax	−8	12	3	28	19	20	20	8	5	18
Share of profit of joint ventures and associates	1	–	−19	3	3	1	0	0	−1	1
	123	149	190	144	101	168	401	414	591	527
Belonging to the company's shareholders	123	149	191	144	101	168	400	414	591	528
Belonging to outside owners of subsidiaries	–	–	0	0	0	0	0	–	0	0
Other comprehensive income	–	–	−3	2	2	3	9	−1	4	16
Total comprehensive income	–	–	187	146	103	171	410	414	595	544
Net margin	2.8%	3.1%	3.6%	2.7%	2.4%	2.8%	5.0%	4.3%	4.9%	4.3%
Net margin without joint ventures and associates	2.7%	–	4.0%	2.6%	2.3%	2.8%	5.0%	4.3%	5.0%	4.2%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the years to Mar 2017 and Mar 2018 they do not, so they are left blank.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 3 May	Mar 2020Filed 13 May	Mar 2021Filed 7 May	Mar 2022Filed 6 May	Mar 2023Filed 6 May	Mar 2024Filed 2 May	Mar 2025Filed 10 Jun	Mar 2026Filed 6 May
	875	785	888	1,021	1,334	2,613	3,068	3,434
	873	782	885	1,018	1,331	2,610	3,065	3,431
Share capital	19	19	19	19	19	41	41	41
Reserves	854	763	866	998	1,311	2,569	3,024	3,390
Belonging to outside owners of subsidiaries	2	2	3	3	3	3	3	2
	345	449	452	478	578	167	199	627
Repayable after a year	9	48	349	242	162	0	0	0
Repayable within a year	336	401	102	236	416	167	199	627
	2,449	2,546	2,261	2,969	3,784	3,880	4,944	4,866
Trade payables	1,535	1,582	1,605	2,042	2,511	2,617	3,428	2,943
Other financial liabilities	20	33	61	59	70	74	107	118
Other liabilities	466	459	442	559	706	881	1,024	989
Provisions	87	65	48	61	65	77	111	136
Tax owed	1	1	1	10	15	63	74	51
	27	109	400	323	281	126	245	276
Other financial liabilities	–	–	31	52	63	55	139	124
Other liabilities	–	39	–	12	37	41	51	57
Provisions	12	13	11	10	11	16	25	53
Deferred tax	–	–	0	0	–	7	13	32
	3,351	3,439	3,549	4,313	5,399	6,618	8,258	8,576
Held for sale or for a demerger	0	0	0	–	2	–	–	–
	690	788	690	829	1,148	1,578	1,945	2,188
Plant in use, after depreciation	281	274	269	306	706	980	1,234	1,361
Plant being built	31	56	68	145	61	108	73	65
Intangible assets	50	51	52	42	59	93	113	156
Intangible assets being developed	10	11	3	7	22	19	50	71
Property held to earn rent	68	63	12	11	10	10	7	7
Investments	0	0	0	0	0	201	0	22
Stakes in joint ventures and associates	15	17	16	17	18	18	18	0
Loans given	20	19	22	3	5	6	20	23
Other financial assets	4	5	6	16	20	25	31	99
Deferred tax	108	82	47	28	8	7	9	9
Other assets	103	210	193	255	239	111	389	374
	2,660	2,651	2,859	3,483	4,249	5,040	6,313	6,388
Inventories	869	870	882	1,144	1,433	1,407	2,149	2,166
Trade receivables	1,112	838	811	1,190	1,549	1,953	1,959	2,140
Cash and cash equivalents	84	286	328	266	243	374	426	367
Other bank balances	17	8	4	4	4	4	6	35
Current investments	0	0	279	145	130	249	414	435
Loans given	11	15	20	3	2	3	5	5
Other financial assets	–	–	0	19	14	40	44	62
Other assets	567	635	534	713	874	1,011	1,310	1,178
Net debt	244	155	−160	63	200	−460	−647	−211

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 7 May	Mar 2022Filed 6 May	Mar 2023Filed 6 May	Mar 2024Filed 2 May	Mar 2025Filed 10 Jun	Mar 2026Filed 6 May
	350	92	247	289	688	154
	360	131	340	426	870	326
	105	−232	−208	−276	−61	−557
Receivables	−13	−395	−406	−479	−44	−167
Inventories	−13	−262	−289	26	−742	−17
Payables	53	456	489	161	832	−462
Other working capital	77	−32	−1	16	−106	89
Tax paid	−10	−39	−93	−136	−182	−172
Capital spending	64	218	360	441	372	329
Free cash flow	286	−126	−113	−152	316	−175
	−240	−69	−182	−525	−464	−359
Plant and property sold	1	0	178	5	3	7
Interest received	7	11	9	9	13	9
	−70	−87	−91	365	−162	137
Borrowings raised	350	69	273	1,678	968	2,924
Borrowings repaid	−352	−47	−175	−2,094	−925	−2,500
Interest paid	−40	−41	−66	−64	−33	−51
Lease payments	−27	−29	−26	0	−28	−51
Dividends paid	1	39	96	116	144	185
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	0	1,000	0	0
Net change in cash	41	−64	−25	129	62	−68

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.Blue Star dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 3 May	Mar 2020Filed 13 May	Mar 2021Filed 7 May	Mar 2022Filed 6 May	Mar 2023Filed 6 May	Mar 2024Filed 2 May	Mar 2025Filed 10 Jun	Mar 2026Filed 6 May
	₹6.45	₹7.79	₹9.88	₹7.44	₹5.21	₹8.72	₹20.80	₹20.77	₹28.76	₹25.65
As stated that year	₹12.89	₹15.58	₹19.75	₹14.87	₹10.42	₹17.44	₹41.60	₹20.77	₹28.76	₹25.65
	₹6.42	₹7.77	₹9.87	₹7.44	₹5.21	₹8.72	₹20.80	₹20.77	₹28.76	₹25.65
As stated that year	₹12.84	₹15.53	₹19.74	₹14.87	₹10.42	₹17.44	₹41.60	₹20.77	₹28.76	₹25.65
	₹3.75	₹5.00	₹5.00	₹5.00	₹2.00	₹5.00	₹6.00	₹7.00	₹9.00	₹8.50
As declared that year	₹7.50	₹10.00	₹10.00	₹10.00	₹4.00	₹10.00	₹6.00	₹7.00	₹9.00	₹8.50
	–	–	₹45.33	₹40.62	₹45.96	₹52.83	₹69.09	₹126.95	₹149.08	₹166.90
On that year's share count	–	–	₹90.66	₹81.24	₹91.92	₹105.67	₹138.18	₹126.95	₹149.08	₹166.90
Dividend payout	58.3%	64.3%	50.5%	66.8%	38.1%	57.4%	28.9%	34.7%	31.3%	33.1%
Shareholder yield	–	–	–	–	0.0%	0.4%	0.7%	−3.4%	0.3%	0.6%
Market cap at the year end (₹ crore)	6,614	7,244	6,529	4,425	8,998	10,133	13,283	26,189	43,928	33,118

Every year is restated for later splits and bonuses, so they do not break the line. The figure the company stated that year is under each line it differs from.

Ratios

Consolidated, years to March.Blue Star PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 3 May	Mar 2020Filed 13 May	Mar 2021Filed 7 May	Mar 2022Filed 6 May	Mar 2023Filed 6 May	Mar 2024Filed 2 May	Mar 2025Filed 10 Jun	Mar 2026Filed 6 May
Revenue growth	17.9%	–	–	2.4%	−20.5%	41.8%	32.0%	21.4%	23.6%	3.6%
Operating profit growth	–	16.4%	22.1%	−18.4%	−15.2%	44.5%	42.2%	34.9%	31.7%	6.2%
Net profit growth	13.5%	21.3%	27.6%	−24.5%	−30.0%	66.9%	138.5%	3.4%	42.7%	−10.8%
Earnings per share growth	13.4%	20.9%	26.8%	−24.7%	−29.9%	67.4%	138.5%	−0.1%	38.5%	−10.8%
	–	–	21.8%	17.4%	12.1%	17.6%	34.1%	21.0%	20.8%	16.2%
	–	–	–	−4.4 pts	−5.3 pts	5.5 pts	16.5 pts	−13.1 pts	−0.2 pts	−4.6 pts
From the net margin	–	–	–	−5.7 pts	−2.1 pts	2.1 pts	14.3 pts	−5.0 pts	3.3 pts	−2.9 pts
From asset turnover	–	–	–	0.2 pts	−3.5 pts	3.7 pts	2.2 pts	−0.5 pts	0.0 pts	−1.5 pts
From borrowing	–	–	–	1.1 pts	0.3 pts	−0.3 pts	0.0 pts	−7.5 pts	−3.4 pts	−0.2 pts
Return on capital employed	–	–	22.3%	15.8%	11.0%	17.4%	21.3%	20.4%	22.9%	18.5%
Cash conversion	–	–	–	–	347.5%	54.6%	61.7%	69.8%	116.4%	29.2%
Interest cover	4.9	7.7	5.7	6.6	2.3	5.6	7.5	9.8	15.3	10.4
Debt to equity	–	–	0.39	0.57	0.51	0.47	0.43	0.06	0.07	0.18
Receivable days	–	–	78	57	69	72	71	74	60	63
Inventory days	–	–	81	79	98	89	85	69	86	83
Payable days	–	–	142	144	179	158	148	129	138	113
Cash conversion cycle, days	–	–	16	−8	−11	2	7	14	8	33
Working capital days	–	–	31	14	8	20	23	26	22	39
Asset turnover	–	–	1.56	1.58	1.22	1.54	1.64	1.61	1.61	1.47
Assets per rupee of net worth	–	–	3.84	4.10	4.19	4.13	4.14	3.05	2.62	2.59
Sales per rupee of plant	–	–	18.60	19.55	15.84	19.79	11.30	9.88	9.70	9.11
Capital spending to depreciation	–	–	–	–	0.69	2.53	4.25	4.52	2.90	1.84
Plant being built, % of plant in use	–	–	10.9%	20.5%	25.3%	47.5%	8.6%	11.0%	5.9%	4.8%

Revenue growth is left blank for the years to Mar 2018 and Mar 2019: between the two periods excise duty was taken out of revenue when GST replaced it, so the two are on different bases and the change is not worked out. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 6.3%
Cash from operations against operating profit: 16.5%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	12.6%	23.8%	15.8%
Profit growth, yearly rate	17.2%	39.2%	9.6%
Return on equity, average	–	22.0%	19.4%
Return on capital employed, average	–	20.1%	20.6%
Operating margin, average	6.3%	6.7%	7.2%
Net margin, average	3.6%	4.3%	4.5%
Asset turnover, average	–	1.58	1.56
Cash conversion cycle, days, average	–	13	18
Interest cover, average	7.6	9.7	11.8
Debt to equity, average	–	0.24	0.10

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	1,470	1,131	154
Cash from investing	−1,598	−1,347	−359
Cash from financing	162	340	137
Capital spending	1,720	1,142	329
Dividends paid	580	444	185
Shares bought back	0	0	0
Shares issued for cash	1,000	1,000	0
Borrowings raised	5,912	5,570	2,924
Borrowings repaid	5,740	5,519	2,500

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	5	6	7	5	7	4
Altman Z-scorePublished threshold 1.81	–	–	3.87	3.13	3.97	3.94	4.25	6.45	7.57	6.37
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.79	−1.94	−2.10	−2.21	−2.34	−2.15
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	−0.27	3.69	6.90	10.81	4.94	8.70
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	1.03	0.64	0.87	0.74
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	−27.07	17.27	4.91	−1.77	4.66	−23.22	5.57
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	−2.15	20.03	−14.45	−5.85	−21.41	29.97	−4.36
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	1.27	−2.35	3.26	1.96	1.69	2.53	−0.91
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.70	0.78	1.19	0.13	0.29	0.19	0.21
Effective tax ratePublished threshold 17.16 per cent	23.12	26.49	16.72	31.71	32.44	33.19	27.87	25.66	24.63	25.02
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	17.58	11.18	1.17	1.54	0.50

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
23 Sep 2026	CRISIL Ratings Limited (opens in a new tab)	Commercial Paper	Crisil A1+Review, Re-affirm		1,000
7 Jul 2026	CARE Ratings Limited (opens in a new tab)	Non-fund-based - ST-BG/LC	CARE A1+Review, Re-affirm		627
7 Jul 2026	CARE Ratings Limited (opens in a new tab)	Fund-based/Non-fund-based-LT/ST	CARE AA+ / CARE A1+Review, Re-affirm	Stable	4,201.75
7 Jul 2026	CARE Ratings Limited (opens in a new tab)	Fund-based - LT-Cash Credit	CARE AA+Review, Re-affirm	Stable	84.50
7 Jul 2026	CARE Ratings Limited (opens in a new tab)	Commercial Paper	CARE A1+Review, Re-affirm		500

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.