Earnings Review
Blue Star Q2 consol PAT up in low single digit but beats view
This story was originally published at 18:26 IST on 5 November 2025
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--Blue Star Jul-Sept consol net profit INR 990.1 mln
--Analysts saw Blue Star Jul-Sept consol net profit at INR 932 mln
--Blue Star Jul-Sept consol revenue INR 24.22 bln
--Analysts saw Blue Star Jul-Sept consol revenue at INR 24.54 bln
--Blue Star Jul-Sept consol PAT INR 990.1 mln vs INR 961.9 mln year ago
--Blue Star Jul-Sept consol revenue INR 24.22 bln vs INR 22.76 bln year ago
--Blue Star Apr-Sept consol PAT INR 2.20 bln vs INR 2.65 bln year ago
--Blue Star Apr-Sept consol revenue INR 54.05 bln vs INR 51.41 bln year ago
--Blue Star Jul-Sept consol operating margin 7.57% vs 6.56% year ago
--Blue Star Q2 consol electro mechanical projects revenue INR 16.64 bln
--Blue Star Q2 consol electro mechanical projects revenue up 16.5% on year
--Blue Star Q2 consol unitary pdts revenue INR 6.94 bln vs INR 7.67 bln
--Blue Star Q2 consol operating profit INR 1.83 bln vs INR 1.49 bln year ago
--Blue Star carried forward order book INR 71.2 bln on Sept 30, up 7.9% on yr
--Blue Star: Unitory pdt ops hit in Q2 by unfaourable weather conditions
--Blue Star: Unitory pdt business in Q2 hit by GST rate cuts
--Blue Star: Expect rise in demand for room ACs during Christmas, New Year
--Blue Star: Expect slower orders for electro-mechanical projects
--Blue Star: See demand reviving for commercial air-conditioning
--Blue Star: To focus on cost mgmt, optimising working capital level in H2
By Arundathi A R
MUMBAI – Blue Star Ltd. Wednesday posted a low-single-digit on-year rise in its bottom line and mid-single-digit growth in its top line for the September quarter. Even though revenue as well as expenses rose at a similar pace, the Mumbai-based company managed to beat the Street's estimate for net profit by a slight margin. However, its top line was lower than analysts' estimate.
The home appliances company reported an almost 3% on-year growth in its consolidated net profit to INR 990.1 million, which was higher than the Street's estimate of INR 932 million. Its revenue rose just a little over 6% on year to INR 24.22 billion, slightly lower than the INR 24.54 billion expected for the reporting quarter. The sequential growth picture was not rosy as the bottom line as well as the top line fell around 18% each.
Blue Star's total expenditure for the September quarter was INR 22.99 billion, up over 6% on year. Expenses rose primarily due to the 6% increase in cost of raw materials to INR 17.35 billion, accounting for 75% of the overall expenditure of the company. Its purchases of stock-in-trade declined 29% on year and 54% on quarter to INR 1.64 billion during the quarter. Other expenses also fell over 10% on year and over 21% on quarter to INR 2.09 billion.
For the half-year ended September, the company reported a consolidated net profit of INR 2.20 billion, down 17% on year. Its revenue for the period rose over 5% on year to INR 54.05 billion. Blue Star's consolidated operating margin for the September quarter rose by 101 basis points to 7.57%.
The company's consolidated revenue from electro-mechanical projects was INR 16.64 billion, up 16.5% on year. However, its revenue from unitary products, comprising room air conditioners and commercial refrigeration, fell almost 10% on year to INR 6.94 billion, due to unfavourable weather conditions. The operations of the unitary products segment were hit in the September quarter by the goods and services tax rate cuts as well.
Blue Star's operating profit for the reporting quarter, excluding other income, rose sharply on year to INR 1.83 billion. In the year-ago quarter, its operating profit was INR 1.49 billion. As on Sept. 30, the company carried forward an order book of INR 71.2 billion, up 8% on year.
The company expects rise in demand for room air conditioners during the festive season of Christmas and New Year, it said in a press release. Even though the company expects slower order inflows for electro-mechanical projects, its commercial air conditioning business is likely to see demand revival. Blue Star will focus on cost management and optimisation of working capital levels during the second half of 2025-26 (Apr-Mar), it said in the release.
On Tuesday, shares of Blue Star closed nearly 1% lower at INR 1,917 on the National Stock Exchange. End
Edited by Ashish Shirke
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