Blue Star Ltd — earnings calls

Blue Star reported Q1 FY27 revenue growth of 13.3% to Rs.3,378 Crore, with segment II (Unitary Products) EBIT margin dropping to 2.9% from 5.8% a year earlier due to commodity cost increases and rupee depreciation that could not be fully passed on to consumers. Management said the company lost some market share in April before regaining it through consumer finance schemes and promotions in May and June, ending the quarter with a market share erosion of about 30 basis points in tertiary sales. The company highlighted continued strength in data center MEP project orders and a net cash position of Rs.900 Crore, up from Rs.371 Crore a year earlier.

Blue Star reported consolidated Q4 FY26 revenue of Rs.4,072 crore, up 1.3%, with EBITDA margin improving to 8% from 7% a year earlier, while full-year FY26 revenue grew 3.6% to Rs.12,402 crore as net profit declined to Rs.527.3 crore from Rs.591.3 crore in FY25. Management described FY26 as a year with multiple headwinds including a weak summer, GST-related disruption, an energy label change, and trade-war related supply chain effects, before demand picked up from mid-April 2026. Segment-wise, Electromechanical Projects and Commercial AC revenue grew 12.8% for the year while Unitary Products revenue declined 5.1%, and management discussed price increases, capacity utilisation, and margin outlook for FY27 during the Q&A.