Blue Star · Research view

Blue Star Ltd

NSE: BLUESTARCOBSE: 500067ISIN INE472A01039Face value ₹2consolidated

₹1,475

−2.80% · 2026-10-01 · 52-wk ₹1,445–₹2,017

Financials to FY2026 · 8 years of history · prices to 2026-10-01consolidated standalone

Section 02 · Synthesis

What stands out?

The strongest observations the engine found, ranked. Every line is generated from the filed numbers by a fixed rule — no opinion, no estimate.

StrengthConcernWatchContext

WatchTalking point

Debt rising as profit falls

Total debt rose 214.4% while net profit fell 10.8% — worth checking how the balance sheet is being funded.

Importance 77 / 95 · financial health

WatchTalking point

Profit lagging revenue

Revenue grew 3.6% but profit declined 10.8%, so the company kept less of each rupee of revenue as profit.

Importance 66 / 95 · growth

WatchTalking point

Cash conversion trending down

Cash conversion (CFO ÷ profit) has averaged 0.72× over the last 3 profit-making years versus 1.55× before that.

Importance 59 / 95 · cash quality

Concern

Weak cash conversion

Operating cash flow was only 0.29× reported profit (FY2026).

Importance 56 / 95 · cash quality

Section 03 · The company

Who is this company?

Classified by the exchange under Consumer Discretionary › Consumer Durables › Consumer Durables › Household Appliances.

Market cap: ₹30,326 cr
FY2026 revenue: ₹12,402 cr
FY2026 net profit: ₹527 cr
Net worth: ₹3,434 cr
Total debt: ₹627 cr
EPS (basic): ₹25.65
Listed: NSE · BSE
Reporting: Ind-ASApr–Mar

Peer set used on this page: 3 household appliances.

Section 04 · Business performance

Is the business growing?

Revenue & net profit — FY19 to FY26₹ crore · consolidated

RevenueNet profit

Watch

Revenue grew 3.6% but profit declined 10.8%, so the company kept less of each rupee of revenue as profit.

Rule PROFIT_SLOWER_THAN_REVENUE

Revenue growth per year: +13.1%over 7 years
Revenue growth: +3.6%vs last year
Net profit growth: −10.8%vs last year
Change in net profit since FY19: +177%

Revenue compounded at 13.1% a year over 7 years (₹5,235 → ₹12,402).

Net profit fell 10.8% year on year (FY2025 → FY2026).

Section 05 · Recent activity

What changed recently?

Quarterly results, the trailing-twelve-months snapshot, and verified corporate actions — kept separate from each other and from the annual story above. Every figure traces to a filed number; nothing here is external news or commentary.

Concern

Q1 FY27 net profit was ₹103 cr, down 15.2% from ₹121 cr a year earlier.

Rule QTR_PROFIT_GROWTH_YOY

Watch

Q1 FY27 net profit declined 15.2% while revenue grew 13.3% vs the same quarter last year — a gap of 28.4 percentage points.

Rule QTR_PROFIT_VS_REVENUE_GROWTH

Strength

Q1 FY27 revenue was ₹3,378 cr, up 13.3% from ₹2,982 cr in Q1 FY26 a year earlier.

Rule QTR_REVENUE_GROWTH_YOY

A. Quarterly results

Latest quarters — Q2 '25 to Q1 '27₹ crore · consolidated

RevenueNet profit

Quarter	Revenue	YoY	Net profit	YoY	Net margin
Q2 FY25	2,276	—	96	—	4.2%
Q3 FY25	2,807	+25.3%	132	+31.9%	4.7%
Q4 FY25	4,019	+20.8%	194	+21.5%	4.8%
Q1 FY26	2,982	+4.1%	121	−28.4%	4.1%
Q2 FY26	2,422	+6.4%	99	+2.8%	4.1%
Q3 FY26	2,925	+4.2%	81	−39.2%	2.8%
Q4 FY26	4,072	+1.3%	227	+17.1%	5.6%
Q1 FY27	3,378	+13.3%	103	−15.2%	3.0%

B. TTM snapshot

Trailing twelve months to 30 Jun 2026 · sum of the last 4 contiguous quarters

Revenue: ₹12,798 crTTM
EBITDA: ₹972 crTTM
EBIT: ₹778 crTTM
PBT: ₹673 crTTM
Net profit: ₹509 crTTM

C. Corporate actions

17 Jul 2026DividendFinal Dividend - Rs. - 8.5000 — ₹8.50/share

18 Jul 2025DividendFinal Dividend - Rs. - 9.0000 — ₹9.00/share

19 Jul 2024DividendFinal Dividend - Rs. - 7.0000 — ₹7.00/share

21 Jul 2023DividendFinal Dividend - Rs. - 6.0000 — ₹6.00/share

20 Jun 2023Bonus issueBonus issue 1:1 — 1:2

21 Jul 2022DividendFinal Dividend - Rs. - 10.0000 — ₹10.00/share

22 Jul 2021DividendFinal Dividend - Rs. - 4.0000 — ₹4.00/share

19 Mar 2020DividendInterim Dividend - Rs. - 10.0000 — ₹10.00/share

1 Aug 2019DividendFinal Dividend - Rs. - 10.0000 — ₹10.00/share

26 Jul 2018DividendFinal Dividend - Rs. - 8.5000 — ₹8.50/share

26 Jul 2018DividendSpecial Dividend - Rs. - 1.5000 — ₹1.50/share

26 Jul 2017DividendDividend - Rs. - 7.5000 — ₹7.50/share

22 Mar 2016DividendInterim Dividend - Rs. - 6.5000 — ₹6.50/share

10 Jul 2015DividendDividend - Rs. - 5.0000 — ₹5.00/share

10 Jul 2014DividendDividend - Rs. - 4.0000 — ₹4.00/share

5 Jul 2013DividendDividend - Rs. - 2.0000 — ₹2.00/share

5 Jul 2013DividendSpecial Dividend - Rs. - 1.0000 — ₹1.00/share

16 Jul 2012DividendDividend - Rs. - 1.0000 — ₹1.00/share

14 Jul 2011DividendDividend - Rs. - 7.0000 — ₹7.00/share

12 Jul 2010DividendDividend - Rs. - 8.0000 — ₹8.00/share

13 Jul 2009DividendFinal Dividend - Rs. - 7.0000 — ₹7.00/share

14 Jul 2008DividendDividend - Rs. - 7.0000 — ₹7.00/share

23 Jul 2007DividendDividend - Rs. - 0.6000 — ₹0.60/share

20 Sept 2006Otherother

19 Jun 2001DividendDividend - Rs. - 5.5000 — ₹5.50/share

Section 06 · Business performance

Is it becoming more profitable?

Margins — FY19 to FY26% of revenue · consolidated

EBITDA marginNet margin

Strength

ROE of 16.2% is well above the household appliances median of 11.0%.

Rule ROE_ABOVE_PEER_MEDIAN

EBITDA margin now: 8.0%
8-year range: 6.1–8.0%
ROE FY2026: 16.2%
ROCE FY2026: 22.2%

ROE declined from 20.8% to 16.2% year on year.

Section 07 · Financial health

Is financial health improving?

Net worth — FY19 to FY26₹ crore · consolidated

Net worth (shareholders' funds)

Watch

Total debt rose 214.4% while net profit fell 10.8% — worth checking how the balance sheet is being funded.

Rule DEBT_UP_EARNINGS_DOWN

Operating cash flow vs net profit₹ crore · FY21–FY26

Operating cash flowNet profit

Total debt: ₹627 cr
Operating cash flow ÷ net profit: 0.29×FY2026
Free cash flow: ₹−169 cr
Current ratio: 1.31×

Cash conversion (CFO ÷ profit) has averaged 0.72× over the last 3 profit-making years versus 1.55× before that.

Operating cash flow was only 0.29× reported profit (FY2026).

Net worth compounded at 21.6% a year over 7 years (₹875 → ₹3,434) — though FY2024 saw a one-off step-change of 96% (a merger, restructuring or a recovery off a low base), so the compounding is uneven.

Section 08 · Relative position

How does it compare with peers?

Ranked against 3 household appliances (FY2026, consolidated). No peer-relative rule fired for this company.

EBITDA margin

BLUESTARCO · 2nd of 3 · set median 8.0%

Return on equity

BLUESTARCO · 2nd of 3 · set median 16.2%

P/E ratio

BLUESTARCO · 1st of 3 · set median 64.0×

P / E: 59.6×TTM to Jun 26
P / B: 8.8×latest book
P / S: 2.4×TTM sales
Earnings yield: 1.7%TTM to Jun 26

On the trailing twelve months. Last full year: P/E 57.5× · P/S 2.4× · ROE 16.2%.

Section 09 · The stock

How has the stock performed?

Adjusted close — 2020-01 to 2026-10₹ per share · split / bonus adjusted

Context

Over 5 years profit compounded at 39.3% a year while the stock returned 26.5% a year — but FY2021 profit (₹101) was well below the through-cycle level (~₹296), so this rate is inflated by the recovery from a low base.

Rule STOCK_LAGGED_EARNINGS · recovery

Business vs stock — 5-year compound annual rate

1-year return: −21.5%
3-year return: +68.5%
5-year return: +224.4%
From 52-wk high: −26.9%

Section 10 · Technical data

What does the technical data say?

Price-action indicators as of 2026-10-01. Secondary to the fundamentals above — included for timing context, not as a signal.

vs 50-day avg: Below₹1,542
vs 200-day avg: Below₹1,699
RSI (14): 42.0neutral
MACD histogram: -0.1
From 52-wk high: −26.9%
From 52-wk low: +2.1%
30-day volatility: 31.8%ann.
6-month return: −8.4%

RSI (14) · 0–10042.0 — neutral

Section 11 · Open questions

What should I investigate further?

Observations the engine tagged watch or deteriorating — prompts for your own research, not conclusions.

Watch
Debt rising as profit falls
Total debt rose 214.4% while net profit fell 10.8% — worth checking how the balance sheet is being funded.
DEBT_UP_EARNINGS_DOWN · conviction 77
Watch
Profit lagging revenue
Revenue grew 3.6% but profit declined 10.8%, so the company kept less of each rupee of revenue as profit.
PROFIT_SLOWER_THAN_REVENUE · conviction 66
Watch
Cash conversion trending down
Cash conversion (CFO ÷ profit) has averaged 0.72× over the last 3 profit-making years versus 1.55× before that.
CASH_CONVERSION_DETERIORATING · conviction 59
Concern
Weak cash conversion
Operating cash flow was only 0.29× reported profit (FY2026).
WEAK_CASH_CONVERSION · conviction 56
Concern
Returns declining
ROE declined from 20.8% to 16.2% year on year.
ROE_DETERIORATED_YOY · conviction 45
Concern
Profit fell
Net profit fell 10.8% year on year (FY2025 → FY2026).
PROFIT_DECLINED_YOY · conviction 42

Cash-flow-statement facts are unavailable for FY2019, FY2020 — those filings predate SEBI's Cash Flow Statement disclosure requirement. All other loaded years carry full P&L, balance sheet and cash-flow data.

Section 12 · Reference

The numbers

The full statements, kept deliberately secondary. Every figure traces to a BSE Integrated Filing (inline XBRL); ratios are recomputed from the normalised facts.

Income & balance sheet — ₹ crore, consolidated
Metric	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Revenue	5,235	5,360	4,264	6,046	7,977	9,685	11,968	12,402
Total income	5,260	5,405	4,326	6,081	8,008	9,733	12,043	12,464
EBITDA	371	327	302	382	524	712	951	992
Profit before tax	251	206	145	250	555	557	786	703
Net profit	190	144	101	168	401	414	591	527
EPS (₹)	19.8	14.9	10.4	17.4	41.6	20.8	28.8	25.6
Net worth	875	785	888	1,021	1,334	2,613	3,068	3,434
Total debt	345	449	452	478	578	167	199	627
Operating cash flow	—	—	350	92	247	289	688	154
Free cash flow	—	—	286	−126	65	−147	319	−169

Key ratios — consolidated
Ratio	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Growth
Revenue growth YoY	—	2.4	-20.5	41.8	32.0	21.4	23.6	3.6
Profit growth YoY	—	-24.5	-30.0	66.9	138.5	3.4	42.7	-10.8
Profitability
EBITDA margin %	7.1	6.1	7.1	6.3	6.6	7.4	7.9	8.0
Net margin %	3.6	2.7	2.3	2.8	5.0	4.3	4.9	4.2
Return on equity %	21.8	17.3	12.0	17.6	34.0	21.0	20.8	16.2
Return on capital %	24.3	19.5	16.3	20.9	25.7	26.2	27.2	22.2
Leverage & cash
Debt to equity	0.39	0.57	0.51	0.47	0.43	0.06	0.06	0.18
Cash flow ÷ profit	—	—	3.48	0.55	0.62	0.70	1.16	0.29
Current ratio	1.09	1.04	1.26	1.17	1.12	1.30	1.28	1.31