| Metric | Value (₹ Cr) | Q1 FY26 | Q2 FY25 |
|---|---|---|---|
| Revenue | 2.4K | 18.8% | 6.4% |
| Total Income | 2.4K | 18.9% | 6.0% |
| Expenditure | 2.3K | 18.9% | 6.3% |
| PBT | 133.16 | 19.1% | 1.4% |
| Net Profit | 98.78 | 18.2% | 2.8% |
| OPM | 7.57% | 0.86pp | 4.21pp |
| NPM | 4.06% | 0.03pp | 0.14pp |
| EPS | 4.80 | 18.4% | 2.8% |
Blue Star Ltd Reports Modest Growth in Q2FY26 Amidst Challenges
06 Nov 2025 · 6 Nov 2025, 11:41 am
Summary
Blue Star Ltd reported modest growth in Q2FY26 amidst multiple challenges. The Room Air Conditioner segment witnessed demand slowdown due to prolonged rains, lower temperatures, and GST rate reduction announcement. Project businesses saw steady execution but subdued new order inflows. The capital employed increased to 73530.88 cr as of September 30, 2025. The overall sentiment is cautiously optimistic with expectations of demand revival in Commercial Air Conditioning and Commercial Refrigeration businesses.
Key Highlights
- 1
Revenue from operations for Q2FY26 grew 6.4% to 22,422.37 cr
- 2
EBIDTA for Q2FY26 improved to 2183.41 cr (EBITDA margin 7.6% of revenue)
- 3
PBT grew 1.3% to 2133.16 cr in Q2FY26
- 4
Net profit grew 2.8% to 798.78 cr in Q2FY26
- 5
Carried-forward order book grew by 7.9% to 27,120.44 cr as of September 30, 2025
- 6
Capital employed increased to 73530.88 cr as of September 30, 2025
- 7
Net borrowings of 3417.06 cr as on September 30, 2025
Management Comments
Management of Blue Star Ltd
We are optimistic about the prospects of Room AC business as the benefits of GST rate rationalization will spur the demand in Q3 FY26. However, unseasonal rains in several parts of the country continue to be a matter of concern. While the order inflow in Electro-Mechanical Projects business continues to slow, we expect demand revival in Commercial Air Conditioning and Commercial Refrigeration businesses. Several initiatives have been undertaken for reducing both operating costs as well as working capital in order to substantially improve the H2FY26 performance.
Informational and educational content only. Not investment advice.