Blue Star, on Wednesday, reported a 3.6 per cent rise in consolidated revenue from operations to ₹12,402 crore for FY26, even as net profit declined to ₹527 crore from ₹591 crore in the previous year, weighed down by a one-time exceptional charge related to new labour codes.
The Mumbai-based air conditioning and refrigeration company recorded its highest-ever quarterly revenue in Q4FY26, with revenue from operations at ₹4,072 crore, up 1.3 per cent year on year. Quarterly net profit rose 17.1 per cent to ₹227 crore, aided by a reversal of ₹17.52 crore from an earlier over-provisioned gratuity and leave encashment liability. Operating profit for the quarter jumped 16.8 per cent to ₹326 crore, with margins improving to 8 per cent (7 per cent).
For the full year, operating profit (PBIDTA excluding other income) rose 6.2 per cent to ₹930 crore, reflecting tighter cost controls. However, profit before exceptional items and tax slipped 3.9 per cent to ₹742 crore. The company recognised ₹38.83 crore as an exceptional item under new labour code provisions, which dented the bottom line. Earnings per share fell to ₹25.65 (₹28.76). The board has recommended a dividend of ₹8.50 per share (₹9).
The Electro-Mechanical Projects and Commercial Air Conditioning segment was the standout performer, with revenue growing 12.8 per cent to ₹6,763 crore, driven by demand from data centres, factories and government projects. The Unitary Products segment, which includes room ACs, saw revenue contract 5.1 per cent to ₹5,332 crore after unseasonal rains hurt Summer sales in Q1FY26. The Professional Electronics and Industrial Systems segment revenue fell 12 per cent to ₹307 crore, though margins improved sharply.
Order-book growth
The company’s order-book grew 10.5 per cent to ₹6,923 crore. Net cash position, however, fell sharply to ₹175 crore (₹640 crore), as working capital requirements rose.
Chairman and Managing Director Vir S. Advani said early Summer onset in April 2026 was already lifting room AC sales, and expressed cautious optimism for FY27, flagging rising input costs, currency volatility and West Asia supply chain risks as potential headwinds.
Blue Star shares closed at ₹1,806.60 on the NSE on Wednesday, up 0.24 per cent, giving the company a market capitalisation of approximately ₹37,113 crore.
Published on May 6, 2026