Blue Star has reported strong financial results for the second quarter of FY27 (Q2FY27). Revenue from operations increased by 21.0% to ₹2,930.95 crore, compared to ₹2,422.37 crore in Q2FY26. Net profit surged by 25.4% to ₹123.91 crore. The company also highlighted a significant carried-forward order book of ₹7,229.22 crore, indicating robust future prospects.
Blue Star Reports Strong Q2 FY27 Performance
Blue Star Limited announced its financial results for the quarter and half-year ended September 30, 2026, showcasing robust growth across key financial metrics.
Financial Highlights – Q2 FY27
Revenue from Operations
Revenue from operations for Q2 FY27 stood at ₹2,930.95 crore, marking a substantial increase of 21.0% compared to ₹2,422.37 crore in the corresponding quarter of the previous year (Q2FY26).
EBITDA (Excluding Other Income)
EBITDA (excluding other income) grew by 10.5% to ₹202.58 crore, up from ₹183.41 crore in Q2FY26.
Profit Before Tax (PBT)
Profit Before Tax (PBT) saw a slight decrease of 1.6%, reported at ₹134.28 crore, compared to ₹132.16 crore in Q2FY26. Note: This figure is before exceptional items.
Net Profit
The company reported a significant jump in net profit, which increased by 25.4% to ₹123.91 crore, compared to ₹98.78 crore in Q2FY26. The net profit figure includes an exceptional gain of ₹23.02 crore on the sale of the MedTech business.
Earnings Per Share (EPS)
Earnings per share (EPS) rose by 25.4% to ₹6.03, from ₹4.80 in Q2FY26. This figure is not annualized.
Carried-Forward Order Book
Blue Star maintained a strong carried-forward order book of ₹7,229.22 crore as of September 30, 2026, showing a growth of 1.5% from ₹7,120.44 crore as of the same date in the previous year.
Segment Overview – Q2 FY27
Segment 1: Electro-Mechanical Projects and Commercial Air Conditioning Systems
- Revenue: ₹1,935.99 crore (up 16.3% YoY).
- Segment Result: ₹133.15 crore (down 9.5% YoY).
- EBIT Margin: 6.9% (down 190 bps YoY).
The segment experienced robust revenue growth in the product business, while project business remained subdued due to execution delays. Material cost escalations impacted margins, as they could not be fully passed on. Supply chain challenges for US heat pumps were managed, and order enquiry remains strong.
Segment 2: Unitary Products
- Revenue: ₹897.66 crore (up 29.4% YoY).
- Segment Result: ₹20.74 crore (down 51.4% YoY).
- EBIT Margin: 2.3% (down 390 bps YoY).
An extended summer supported strong demand for Room ACs. Despite price increases, only partial material cost escalation could be passed on, affecting margins. The Commercial Refrigeration business is seeing a revival in demand.
Segment 3: Professional Equipment & Industrial Solutions
- Revenue: ₹97.30 crore (up 51.2% YoY).
- Segment Result: ₹23.10 crore (up 274.4% YoY).
- EBIT Margin: 23.7% (up 1410 bps YoY).
The company completed the sale of its MedTech business on August 31, 2026. The write-back of warranty provisions related to the MedTech business cessation improved margins. The Industrial Solutions business saw steady growth, driven by demand from manufacturing and testing sectors.
Financial Highlights – H1 FY27
Revenue from Operations
For the first half of FY27 (H1FY27), revenue from operations grew by 16.7% to ₹6,308.87 crore, compared to ₹5,404.62 crore in H1FY26.
EBITDA (Excluding Other Income)
EBITDA (excluding other income) was ₹377.53 crore, a decrease of 1.5% from ₹383.41 crore in H1FY26.
Profit Before Tax (PBT)
PBT declined by 12.1% to ₹259.70 crore, from ₹295.40 crore in H1FY26. Note: This figure is before exceptional items.
Net Profit
Net profit increased by 25.4% to ₹226.42 crore, compared to ₹219.60 crore in H1FY26. This includes exceptional gains of ₹32.19 crore from the sale of the MedTech business and ₹9.17 crore from property sale.
Earnings Per Share (EPS)
EPS increased by 3.1% to ₹11.01, from ₹10.68 in H1FY26. This figure is not annualized.
Carried-Forward Order Book
The carried-forward order book remained stable at ₹7,229.22 crore as of September 30, 2026, with a 1.5% increase from ₹7,120.44 crore a year prior.
Balance Sheet Position – H1 FY27
Net Borrowings/(Cash Position)
The company transitioned from net borrowings of ₹417.06 crore in H1FY26 to a net cash position of ₹289.43 crore in H1FY27, a significant improvement of ₹706 crore.
Net Debt to Equity Ratio
The net debt to equity ratio improved from 0.13 in H1FY26 to -0.08 in H1FY27, indicating a stronger leverage position.
Net Worth
Net worth increased by ₹376 crore to ₹3,486.70 crore in H1FY27, up from ₹3,110.96 crore in H1FY26.
Capital Turns
Capital turns remained constant at 4.0x for both H1FY26 and H1FY27.
Source: BSE
