Blue Star Q2 Revenue Up 21% to ₹2930.95 Crores

Revenue & Profitability:

Revenue from Operations: ₹2930.95 crores, up 21.0% from ₹2422.37 crores in Q2FY26
Operating Profit (EBITDA excluding Other Income): ₹202.58 crores, up 10.5% from ₹183.41 crores in Q2FY26
Operating Margin: 6.9% of Revenue compared to 7.6% in Q2FY26
Other Income: ₹15.79 crores compared to ₹10.01 crores in Q2FY26 due to higher surplus levels
Finance Costs: ₹16.85 crores, remained about the same as previous year due to lower borrowing levels
Tax Expense: ₹33.39 crores, same as Q2FY26
Profit Before Tax (before exceptional items and share of profit/loss from JV): ₹133.61 crores compared to ₹133.16 crores in Q2FY26
Net Profit: ₹123.91 crores, up 25.4% from ₹98.78 crores in Q2FY26
Exceptional Gain: ₹23.02 crores recognized on sale of MedTech business
Earnings Per Share (not annualized, face value ₹2.00): ₹6.03 compared to ₹4.80 in Q2FY26

Balance Sheet & Capital Structure:

Carried Forward Order Book as on September 30, 2026: ₹7229.22 crores compared to ₹7120.44 crores as on September 30, 2025
Capital Employed: ₹3200.36 crores as on September 30, 2026 compared to ₹3530.88 crores on September 30, 2025 due to normalized working capital levels
Net Cash Position: ₹289.43 crores as on September 30, 2026 compared to net borrowings of ₹417.06 crores as of September 30, 2025

Segment 1 - Electro-Mechanical Projects, Commercial Air Conditioning Systems, Service and International Business:

Revenue: ₹1935.99 crores, up 16.3% from ₹1664.21 crores in Q2FY26
Segment Result: ₹133.15 crores (6.9% of Revenue) compared to ₹147.14 crores (8.8% of Revenue) in Q2FY26
Order inflows primarily driven by data centers with strong enquiries from factory segment
Commercial Air Conditioning business showed strong revenue growth across healthcare, education and industrial segments
Company launched next-generation VRF and ducted systems
US heat pump supplies continued despite supply chain and logistics challenges
Product development and testing with additional OEMs in US and Europe underway

Unitary Products Segment - Room Air Conditioners and Commercial Refrigeration:

Revenue: ₹897.66 crores, up 29.4% from ₹693.81 crores in Q2FY26
Segment Result: ₹20.74 crores (2.3% of Revenue) compared to ₹42.72 crores (6.2% of Revenue) in Q2FY26
Delayed monsoon and extended summer supported strong demand for Room ACs
Margins under pressure due to material cost escalation with limited ability to pass through increases
Company rationalizing product portfolio through differentiated, cost-optimized models
Commercial Refrigeration showing signs of demand revival but margins remain under pressure

Professional Electronics and Industrial Systems Segment:

Revenue: ₹97.30 crores, up 51.2% from ₹64.35 crores in Q2FY26
Segment Result: ₹23.10 crores (23.7% of Revenue) compared to ₹6.17 crores (9.6% of Revenue) in Q2FY26
Completed sale of MedTech business for total consideration of ₹35.65 crores on August 31, 2026
Write-back of warranty provisions due to cessation of MedTech product-related obligations contributed to improved profitability
Industrial Solutions sustained strong growth driven by manufacturing and testing demand
Data Security Solutions maintained steady performance supported by demand from BFSI and large enterprises

Revenue from Operations: ₹6308.87 crores compared to ₹5404.62 crores in H1FY26, growth of 16.7%
Operating Profit (EBITDA excluding Other Income): ₹377.53 crores (6.0% of Revenue) compared to ₹383.41 crores (7.1% of Revenue) in H1FY26
Net Profit: ₹226.42 crores compared to ₹219.60 crores in H1FY26
Exceptional Gain: ₹32.19 crores comprising ₹23.02 crores from MedTech business sale and ₹9.17 crores profit on sale of property

Vir S Advani, Chairman & Managing Director, stated:

Strong demand for Room ACs expected through festive season
Healthy pipeline of Data Centre MEP projects expected to translate into significant order inflows in coming months
Revival in demand across Commercial Air Conditioning and Commercial Refrigeration businesses
Deficient monsoon may impact agricultural incomes and higher interest rates could affect near-term demand
Conclusion of US trade deal and resolution of West Asia crisis could provide growth tailwinds
Confidence in sustaining revenue growth momentum in H2FY27 with focus on strengthening profitability
Priorities include calibrated price revisions, product cost optimization, and operational efficiencies to enhance margins