Financial Performance (Consolidated Q2FY27)
- Revenue from operations: ₹2,930.95 crore, up 21.0% from ₹2,422.37 crore in Q2FY26
- EBIDTA (excluding other income): ₹202.58 crore (6.9% margin) vs ₹183.41 crore (7.6% margin) in Q2FY26
- PBT (before share of Profit/(Loss) of JV and exceptional items): ₹133.61 crore vs ₹133.16 crore in Q2FY26
- Tax expense: ₹33.39 crore (same as Q2FY26)
- Net profit: ₹123.91 crore, up 25.4% from ₹98.78 crore in Q2FY26
- Carried-forward order book: ₹7,229.22 crore as of September 30, 2026 (vs ₹7,120.44 crore as of September 30, 2025; ₹6,923.00 crore as of March 31, 2026)
- Capital employed: ₹3,200.36 crore as of September 30, 2026 (vs ₹3,530.88 crore as of September 30, 2025)
- Net Cash Position: ₹289.43 crore as of September 30, 2026 (vs Net Borrowings of ₹417.06 crore as of September 30, 2025)
Segment-wise Performance Q2FY27
Segment I: Electro-Mechanical Projects & Commercial Air Conditioning Systems
- Revenue: ₹1,935.99 crore, up 16.3% from ₹1,664.21 crore in Q2FY26
- Segment result: ₹133.15 crore (6.9% of revenue) vs ₹147.14 crore (8.8% of revenue) in Q2FY26
Electro-Mechanical Projects Business:
- Order inflows mainly from Data Centers
- Good enquiry inflows from Factories
- Execution delays experienced in few projects
- Order book: ₹5,141.78 crore as of September 30, 2026 (up 6.2% from ₹4,840.46 crore as of September 30, 2025)
Commercial Air Conditioning Systems:
- Strong revenue growth driven by healthcare, education, and industrial segments
- Launched new generation VRFs and Ducted Systems
- Maintains market leadership position
International Business:
- Growing acceptance of heat pump solutions in US market
- Supply chain and logistics challenges continue
- Product development and testing for OEMs in US and Europe ongoing
Segment II: Unitary Products
- Revenue: ₹897.66 crore, up 29.4% from ₹693.81 crore in Q2FY26
- Segment result: ₹20.74 crore (2.3% of revenue) vs ₹42.72 crore (6.2% of revenue) in Q2FY26
Cooling and Purification Products Business:
- Extended summer supported strong Room AC demand
- Maintained market share
- Periodic price increases implemented but unable to fully pass on material cost escalations
- Product portfolio rejig program initiated with differentiated and cost-optimized SKUs
Commercial Refrigeration Business:
- Revival in demand observed
- Margins under pressure due to inability to pass on material cost escalations
Segment III: Professional Electronics and Industrial Systems
- Revenue: ₹97.30 crore, up 51.2% from ₹64.35 crore in Q2FY26
- Segment result: ₹23.10 crore (23.7% of revenue) vs ₹6.17 crore (9.6% of revenue) in Q2FY26
MedTech Business Divestment:
- Sold MedTech business for total consideration of ₹35.65 crore
- Transaction completed on August 31, 2026
- Warranty obligation provisions written back, improving profitability
Other Businesses:
- Industrial solutions: Strong growth momentum from manufacturing and testing demand
- Data Security Solutions: Steady performance driven by BFSI and large enterprises demand
Business Outlook
- Robust Room AC demand expected during festival season
- Many Data Center MEP project orders expected to be finalized in coming months
- Revival of demand for Commercial Air Conditioning and Refrigeration products
- Potential headwinds: monsoon shortfall, drop in farm income, interest rate hike
- Potential tailwinds: conclusion of US trade deal, resolution of West Asia crisis
- Focus on improving margins through price revisions and product cost optimization in H2FY27
Contacts
- Nikhil Sohoni (Blue Star Limited): Tel: 022-6654 4000, nikhilsohoni@bluestarindia.com
- Snighter Albuquerque (AdFactors PR): Tel: 98191 23804, snighter.a@adfactorspr.com
Safe Harbour Statement
The document contains forward-looking statements subject to risks and uncertainties including fiscal policy, competition, inflationary pressures, and general economic conditions. The company does not undertake to update any forward-looking statements.