Blue Star Limited (BLUESTARCO)

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Blue Star Limited (BLUESTARCO) · mywealthgrid

About

Blue Star Limited manufactures household appliances in India's consumer discretionary sector. With a market cap of ₹31,004 Cr and ROE of 16.25%, it is an established player with regular dividend distributions spanning 2023–2026.

Face value: ₹2

Market cap

₹30,009 Cr

P/E

58.9×

P/B

8.7×

Dividend yield

1.2%

ROE

16.2%

ROCE

23.2%

Debt / equity

0.18

OPM

7.5%

EPS (TTM)

₹24.8

Book value

₹166.9

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Valuation multiple: PE of 60.89 is elevated; verify what justifies it relative to growth prospects and earnings trajectory
Margin volatility: OPM ranged from 3.99% to 8.01% across recent quarters; verify if Q1 weakness is seasonal or indicates structural cost pressures
Stock underperformance: down 17.48% over 1 year despite 16.25% ROE; assess whether this reflects valuation concerns or business headwinds
Cyclical exposure: household appliances are discretionary; verify sector resilience during economic slowdowns or rising interest rate environments

Generated analysis · source review pending

Growth drivers

Margin and revenue normalization: if recent quarterly weakness (OPM 3.99%, revenue ₹3,198 Cr in Jun vs ₹4,072 Cr in Mar) is seasonal, recovery would expand profitability
Financial capacity: low D/E of 0.18 combined with ROE of 16.25% provides headroom to fund growth or higher shareholder returns
Household appliance demand: verify whether Indian urbanization and rising household incomes are expanding market volume and opportunity
Cash generation: consistent dividend distributions (2023–2026) indicate sustainable profitability available for reinvestment or returns

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹1,459.6-4.6%1Y

Quick read

rule-based

Pros

+Strong return on equity of 19.4% (3-yr avg)
+High return on capital employed of 26.2%
+Profit CAGR of 39.3% over the last 5 years
+Revenue CAGR of 23.8% over the last 5 years
+Comfortable interest coverage of 11.3×
+Dividend payout of 70.7% of profit

Cons

−Thin operating margin of 7.5%
−Trading at 8.7× book value

Research score

Structured signal from quality, growth, valuation and momentum.

35/100

Business quality: 56
Growth

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY MIDCAP 150 NIFTY 200 NIFTY MIDSMALLCAP 400 NIFTY 500 NIFTY TOTAL MARKET

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Lg Electronics India LimitedLGEINDIALGEINDIA	₹1,16,876 Cr	₹1,16,876 Cr	₹25,575 Cr	₹2,593 Cr	9.8%	₹1,825 Cr	6.9%	31%	24.7%	30
Voltas LimitedVOLTASVOLTAS	₹34,850 Cr	₹35,817 Cr	₹14,979 Cr	₹734 Cr	4.5%	₹449 Cr	2.6%	11.4%	5.8%	19
Blue Star LimitedBLUESTARCOBLUESTARCO	₹30,009 Cr	₹30,636 Cr	₹12,798 Cr	₹905 Cr	7.5%	₹509 Cr	4.3%	23.2%	16.2%	33
Amber Enterprises India LimitedAMBERAMBER	₹22,945 Cr	₹25,647 Cr	₹12,625 Cr	₹1,008 Cr	7.8%	₹96 Cr	1.9%	12.6%	5.3%	53
Crompton Greaves Consumer Electricals LimitedCROMPTONCROMPTON	₹13,052 Cr	₹13,052 Cr	₹8,332 Cr	₹849 Cr	10.2%	₹-224 Cr	-2.9%	18.2%	-7.6%	-24
V-Guard Industries LimitedVGUARDVGUARD	₹12,869 Cr	₹12,878 Cr	₹6,310 Cr	₹594 Cr	8.8%	₹365 Cr	5.2%	17.9%	13.8%	60
Whirlpool Of India LimitedWHIRLPOOLWHIRLPOOL	₹10,934 Cr	₹10,934 Cr	₹8,329 Cr	₹409 Cr	6%	₹251 Cr	3.7%	9.9%	7.2%	9
Ttk Prestige LimitedTTKPRESTIGTTKPRESTIG	₹6,938 Cr	₹6,993 Cr	₹3,178 Cr	₹317 Cr	9.3%	₹190 Cr	5.3%	12.4%	8.1%	119
Eureka Forbes LimitedEUREKAFORBEUREKAFORB	₹6,817 Cr	₹6,817 Cr	₹2,802 Cr	₹321 Cr	11.6%	₹181 Cr	6%	4.8%	3.6%	80
Bosch Home Comfort India LimitedBOSCH-HCILBOSCH-HCIL	₹5,351 Cr	₹5,411 Cr	₹2,942 Cr	₹72 Cr	2.5%	₹5 Cr	-0.1%	4.5%	-0.5%	18
Ifb Industries LimitedIFBINDIFBIND	₹4,723 Cr	₹4,739 Cr	₹5,866 Cr	₹344 Cr	5.7%	₹160 Cr	2.6%	19.5%	15.6%	-10
Symphony LimitedSYMPHONYSYMPHONY	₹3,928 Cr	₹4,072 Cr	₹1,058 Cr	₹149 Cr	11%	₹-139 Cr	-12.5%	24.2%	-21.6%	162

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	3,562	4,422	4,750	5,235	5,360	4,264	6,046	7,977	9,685	11,968	12,402
COGS	—	—	3,247	3,931	4,018	3,271	4,715	6,182	7,392	9,074	9,542
Gross profit	—	—	1,503	1,304	1,342	992	1,331	1,796	2,293	2,893	2,860
	3,372	4,200	1,229	976	1,056	750	983	1,302	1,628	2,019	1,929
	190	222	274	328	286	242	348	493	665	875	931
OPM %	5.3%	5%	5.8%	6.3%	5.3%	5.7%	5.8%	6.2%	6.9%	7.3%	7.5%
Depreciation	55	61	64	75	88	92	86	85	98	128	179
Interest	36	38	29	48	29	65	46	55	58	49	72
	40	18	22	27	41	62	36	202	47	88	23
Profit before tax	—	—	204	232	209	148	251	555	557	785	703
Tax	26	37	55	42	65	47	83	155	143	194	176
Tax %	—	—	26.8%	18.1%	31.3%	31.9%	33%	27.9%	25.6%	24.7%	25%
	127	123	149	190	144	101	168	401	414	591	527
PAT margin %	3.6%	2.8%	3.1%	3.6%	2.7%	2.4%	2.8%	5%	4.3%	4.9%	4.3%
EPS (₹)	—	—	15.6	19.8	14.9	10.4	17.4	41.6	20.8	28.8	25.7
EPS adjusted (₹)	7.1	—	—	—	7.5	5.2	8.7	20.8	20.2	28.8	25.7
	—	—	64.2%	50.6%	67.2%	38.4%	57.3%	14.4%	33.7%	31.3%	33.1%
Annual report	Annual report for Mar 2016	Annual report for Mar 2017	Annual report for Mar 2018	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	Mar 2016	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	18	19	19	19	19	41	41	41
Reserves	472	—	866	998	1,311	2,569	3,024	3,390
Minority interest	—	—	3	3	3	3	3	2
	363	—	455	478	578	167	199	627
	1,737	—	2,207	2,814	3,488	3,839	4,991	4,515
Total equity & liabilities	2,590	—	3,549	4,313	5,399	6,618	8,258	8,576
	268	381	372	422	765	1,073	1,348	1,517
CWIP	6	—	68	145	61	108	73	65
Investments	65	—	307	173	158	477	439	464
	2,250	—	2,803	3,572	4,415	4,960	6,397	6,530
Total assets	2,590	—	3,549	4,313	5,399	6,618	8,258	8,576

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs. ROCE uses that annual result divided by segment assets less liabilities.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities	Capital employed	ROCE %
Electro-mechanical projects and commercial air conditioning systems	6,762.8	501.91	3,690.38	2,607.56	1,082.82	46.35
Unitary products	5,332.36	434.82

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	24.9%	25%	23.3%	22%	22.5%	23.7%	24.2%	23.1%
EBITDA margin %	6.6%	5.3%	5.6%	5.7%	6.2%	6.9%	7.3%	7.5%
EBIT margin %	5.2%	3.6%	3.5%	4.3%	5.1%	5.9%	6.2%	6.1%
PAT margin %	3.6%	2.7%	2.4%	2.8%	5%	4.3%	4.9%	4.3%
Working capital
Receivable days	—	—	69	72	71	74	60	63
Inventory days	—	—	98	89	85	69	86	83
Payable days	—	—	179	158	148	129	138	113
NWC days	—	—	-11	2	7	14	8	33
Leverage
Current ratio	—	—	1.26	1.17	1.12	1.3	1.28	1.31
Debt to EBITDA	—	—	1.9	1.38	1.17	0.25	0.23	0.67
Debt to equity	—	—	0.51	0.47	0.43	0.06	0.07	0.18
Interest coverage	6.2	8.1	3.2	6.4	8	10.6	16.9	11.3
Asset turnover	—	—	1.2	1.4	1.48	1.46	1.45	1.45
Return ratios
Return on assets %	—	—	2.8%	3.9%	7.4%	6.3%	7.2%	6.1%
Return on capital employed %	—	—	16.3%	22.5%	29.7%	28.2%	27.2%	23.2%
Return on equity %	—	—	11.4%	16.5%	30.1%	15.9%	19.3%	15.4%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	36.49%	36.49%	36.49%	36.52%	36.46%	36.46%	36.47%	36.49%	36.49%	36.49%	36.49%	36.5%
	14.89%	15.38%	15.93%	17.05%	18.06%	18.49%	16.94%	16.21%	16.05%	14.66%	13.8%	12.75%
	25.24%	24.83%	24.69%	23.57%	22.85%	22.2%	23.14%	23.37%	25.32%	26.76%	27.79%	28.25%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	23.38%	23.3%	22.89%	22.86%	22.63%	22.85%	23.45%	23.92%	22.13%	22.08%	21.91%	22.49%
No. of shareholders	—	—	—	—	—	—	—	—	1,17,734	1,11,215	1,11,852	1,20,369

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F&O

Current futures and options contracts with compact option-chain pages.

End of day 30 Sept 2026 · underlying ₹1,518.0 · volume and open interest in contracts

3

Expiry	Close	Chg	% Chg	Settlement	Open interest	Change in OI	Volume	Lot size
27 Oct 2026	₹1,469.5	-18.5	-1.2%	₹1,469.5	20,376	+247	2,632	325
23 Nov 2026	₹1,442.3	-19.7	-1.3%	₹1,442.3	245	+49	109	325
29 Dec 2026	₹1,430.0	-122.2	-7.9%	₹1,430.0	7	+7	7	325

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 13 fund houses

Held by these funds

15.94%

of the company's equity

All mutual funds

21.62%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

75 schemes · 13 fund houses

		Shares
Portfolio of Kotak Mid Cap FundNEW	Kotak Mahindra Mutual Fund	52.91 L	774.52	1.09%	2.574%	—
MultiCap Fund	SBI Mutual Fund	25.1 L	367.41	1.5%	1.221%	-0
Small Cap Fund	Axis Mutual Fund	24.28 L	355.47	1.13%	1.181%	-0
SMALL CAP FUND	Nippon India Mutual Fund	20.02 L	293.12	0.35%	0.974%	-0
Portfolio of Kotak Large & Mid Cap FundNEW	Kotak Mahindra Mutual Fund	20 L	292.76	0.91%	0.973%	—
Multi Cap FundNEW	Nippon India Mutual Fund	19.81 L	289.99	0.52%	0.964%	—
Growth Mid Cap FundNEW	Nippon India Mutual Fund	18.1 L	264.95	0.51%	0.88%	—
Flexi Cap FundNEW	ICICI Prudential Mutual Fund	18.08 L	264.69	1.02%	0.879%	—

1–8 of 75

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

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Events

Upcoming dates and the company’s corporate-action history.

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

22 announcementsExport CSV

28 Sept 2026, 1:11 pmInsider Trading / SAST

Closure of Trading Window

Closure of Trading Window PDF

28 Sept 2026, 1:07 pmBoard Meeting

Board Meeting Intimation for Consideration And Approval Of The Un-Audited Standalone And Consolidated Financial Results (With Limited Review Report) For The Second Quarter And Half Year Ended On September 30, 2026,

Exchange filing PDF

16 Sept 2026, 6:42 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Notice of Postal Ballot

Postal Ballot PDF

16 Sept 2026, 5:42 pmCompany Update

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation

Analyst / Investor Meet PDF

15 Sept 2026, 5:14 pmCompany Update

Intimation Under Regulation 30 Of Securities And Exchange Board Of India (Listing Obligations And Disclosure Requirements) Regulations, 2015 ('Listing Regulations') - Update

General PDF

4 Sept 2026, 5:27 pmCompany Update

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation

Analyst / Investor Meet PDF

2 Sept 2026, 4:53 pmCompany Update

Announcement Under Regulation 30 (LODR) - Update On Completion Of Sale And Transfer Of Medtech Business Of Blue Star Engineering & Electronics Limited, A Wholly Owned Subsidiary Of The Company

General PDF

14 Aug 2026, 9:03 pmCompany Update

Announcement under Regulation 30 (LODR)-Restructuring

Restructuring PDF

Date	Category	Subject	Filing
28 Sept 2026, 1:11 pm	Insider Trading / SAST Closure of Trading Window	Closure of Trading Window	PDF
28 Sept 2026, 1:07 pm	Board Meeting	Board Meeting Intimation for Consideration And Approval Of The Un-Audited Standalone And Consolidated Financial Results (With Limited Review Report) For The Second Quarter And Half Year Ended On September 30, 2026,

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Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	24.9%	25%	23.3%	22%	22.5%	23.7%	24.2%	23.1%
EBITDA margin %	6.6%	5.3%	5.6%	5.7%	6.2%	6.9%	7.3%	7.5%
EBIT margin %	5.2%	3.6%	3.5%	4.3%	5.1%	5.9%	6.2%	6.1%
PAT margin %	3.6%	2.7%	2.4%	2.8%	5%	4.3%	4.9%	4.3%
Working capital
Receivable days	—	—	69	72	71	74	60	63
Inventory days	—	—	98	89	85	69	86	83
Payable days	—	—	179	158	148	129	138	113
NWC days	—	—	-11	2	7	14	8	33
Leverage
Current ratio	—	—	1.26	1.17	1.12	1.3	1.28	1.31
Debt to EBITDA	—	—	1.9	1.38	1.17	0.25	0.23	0.67
Debt to equity	—	—	0.51	0.47	0.43	0.06	0.07	0.18
Interest coverage	6.2	8.1	3.2	6.4	8	10.6	16.9	11.3
Asset turnover	—	—	1.2	1.4	1.48	1.46	1.45	1.45
Return ratios
Return on assets %	—	—	2.8%	3.9%	7.4%	6.3%	7.2%	6.1%
Return on capital employed %	—	—	16.3%	22.5%	29.7%	28.2%	27.2%	23.2%
Return on equity %	—	—	11.4%	16.5%	30.1%	15.9%	19.3%	15.4%

26 deals · 23 Sept 2021 – 16 Oct 2025

Date	Client	Type	Venue	Side	Quantity	Price	Value
16 Oct 2025	GOLDMAN SACHS BANK EUROPESE - ODI	Block	NSE	Buy	94,851	₹1,953.00	₹18.52 Cr
16 Oct 2025	GOLDMAN SACHS (SINGAPORE) PTE.- ODI	Block	NSE	Sell	94,851	₹1,953.00	₹18.52 Cr
23 Jan 2025	UBS PRINCIPAL CAPITAL ASIA LIMITED	Block	NSE	Sell	6,26,264	₹1,930.90	₹120.93 Cr
23 Jan 2025	UBS AG	Block	NSE	Buy	6,26,264	₹1,930.90	₹120.93 Cr
25 Oct 2022	ISHARES CORE EMERGING MARKETS MAURITIUS CO	Block	BSE	Sell	1,18,944	₹1,214.85	₹14.45 Cr
25 Oct 2022	ISHARES CORE MSCI EMERGING MARKETS ETF	Block	BSE	Buy	1,18,944	₹1,214.85	₹14.45 Cr
25 Oct 2022	ISHARES MSCI INDIA SMALL-CAP ETF	Block	BSE	Buy	17,145	₹1,214.85	₹2.08 Cr
25 Oct 2022	ISHARES INDIA SC MAURITIUS COMPANY	Block	BSE	Sell	17,145	₹1,214.85	₹2.08 Cr
17 Oct 2022	ISHARES CORE MSCI EMERGING MARKETS ETF	Block	BSE	Buy	1,18,829	₹1,166.15	₹13.86 Cr
17 Oct 2022	ISHARES CORE EMERGING MARKETS MAURITIUS CO	Block	BSE	Sell	1,18,829	₹1,166.15	₹13.86 Cr

1–10 of 26

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Bulk deals are a client trading over 0.5% of the equity in a session, aggregated across their trades; block deals are single negotiated trades in the exchange’s block window. Each is reported by the exchange it was crossed on, so NSE and BSE rows are separate trades rather than the same trade twice.

30

27 Oct 2026 23 Nov 2026 29 Dec 2026

Calls				Strike	Puts
OI	Chg OI	Volume	LTP	—	LTP	Volume	Chg OI	OI
0	0	0	₹0.0	1,200	₹2.5	3	+3	4
0	0	0	₹273.5	1,240	₹1.1	0	0	1
0	0	0	₹0.0	1,260	₹2.3	0	0	1
0	0	0	₹0.0	1,280	₹0.0	0	0	0
0	0	0	₹0.0	1,300	₹6.0	903	+156	225
0	0	0	₹0.0	1,320	₹8.3	29	+9	12
0	0	0	₹0.0	1,340	₹11.0	197	+29	42
0	0	0	₹0.0	1,360	₹14.2	314	+76	128

Shaded cells are in the money against the underlying close. Green and red mark the move against the previous close — on the premium for LTP, on the position for change in OI. Settlement prices are the exchange's, not the last trade.

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	257	159	19	258	450	350	92	247	289	688	154
	-65	69	-88	-65	-81	-240	-69	-182	-525	-464	-359
	-195	-203	51	-181	-167	-70	-87	-91	365	-162	137
Net cash flow	-3	25	-18	13	202	41	-64	-25	129	62	-68
Free cash flow	204	51	—	150	—	286	-126	-113	-152	316	-175
CFO / Operating profit %	134.9%	71.3%	6.8%	74.6%	159.1%	145.9%	26.5%	50.2%	43.5%	78.6%	16.5%

Blue Star Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Segment results

Ratios

Shareholding

F&O

3

Fund holders

Documents

Announcements

Events

Announcements

Announcements

3

Annual reports

Investor Presentation and earnings call

1

22

2

30

Segment results

Compounded sales growth

Compounded profit growth

Return on equity

EMP and Commercial Air Conditioning Systems · revenue

Blue Star Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

F&O

Futures3

Fund holders

Documents

Announcements

Events

Announcements

Ratio timeline

Announcements

Quarterly record

Futures3

Annual reports

Investor Presentation and earnings call

Upcoming and recent1

Dividends22

Board meetings2

Bulk & block deals

Board and management

Option chain30

Profit & loss

Balance sheet

Segment results

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

EMP and Commercial Air Conditioning Systems · revenue

3

3

1

22

2

30