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Swing Capital

Blue Star Ltd

NSE: BLUESTARCO BSE: 500067

Blue star manufacturers air purifiers, air coolers, water purifiers, cold storage and speciality products. The Company offers turnkey solutions in MEP (Mechanical, Electrical, Plumbing, and Fire-fighting) Projects. It is the largest after-sales service provider for air conditioning and commercial refrigeration products in the country. [1] [2]

₹1,624
52W: ₹1450 — ₹2050
PE 81 · Book ₹149 · +990% vs book
Market Cap₹33,401 Cr
Stock P/E81Price to Earnings
ROCE17.3%Return on Capital
ROE14%Return on Equity
Div. Yield0.55%Face Value ₹2

Strengths

  • +Company has delivered good profit growth of 59.2% CAGR over last 5 years
  • +Company has been maintaining a healthy dividend payout of 40.9%

Weaknesses

  • −Stock is trading at 10.9 times its book value

Shareholding Pattern

Promoters36.48%
FIIs13.8%
DIIs27.78%
Public21.92%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters36.53%36.46%▼0.136.46%36.47%▲0.036.48%▲0.036.48%36.48%36.48%
FIIs17.04%18.06%▲1.018.48%▲0.416.94%▼1.516.21%▼0.716.05%▼0.214.66%▼1.413.8%▼0.9
DIIs23.56%22.84%▼0.722.19%▼0.623.13%▲0.923.37%▲0.225.32%▲1.926.76%▲1.427.78%▲1.0
Public22.85%22.63%▼0.222.86%▲0.223.44%▲0.623.91%▲0.522.12%▼1.822.08%▼0.021.92%▼0.2

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales2,0553,1232,7142,1262,6823,8052,8472,2952,7753,863
Expenses1,9332,9052,5081,9992,5163,5672,6722,1582,6103,617
Operating Profit122217205127166237175137165246
OPM %6%7%8%6%6%6%6%6%6%6%
Net Profit7714414685971571097044163
EPS ₹3.736.987.14.124.717.655.283.42.137.92

AI Insights

Revenue Trend

Mar 2026 revenue at ₹11,779Cr, up 4% YoY. OPM at 6%.

Debt Position

Borrowings at ₹918Cr. Debt-to-equity ratio: 0.30x. Healthy balance sheet.

Capex Cycle

CWIP at ₹62Cr (5% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 27.78% (+3.27pp change). FIIs: 13.8% (+2.74pp change). Promoters hold 36.48%.

Margin & Efficiency

ROCE improving from 15% (Mar 2015) to 17% (Mar 2026). Working capital days: 19.

Valuation

PE 81x with 17.3% ROCE. Price is 990% above book value of ₹149. Dividend yield: 0.55%.

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