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Blue Star Q2 results: Profit rises 26% to ₹124 crore, beating estimates on 21% revenue growth - Published OnOct 29, 2026 | 16:45 IST - Last Updated OnOct 29, 2026 | 16:45 IST Blue Star’s September-quarter revenue rose 21% to ₹2,931 crore, beating estimates, while profit exceeded the poll forecast. Higher material costs kept operating margins under pressure. Home and commercial appliances manufacturer Blue Star reported a 25.5% year-on-year rise in consolidated profit attributable to owners of the company to ₹123.92 crore in the September quarter of financial year 2026-27 (Q2 FY27), beating the CNBC-TV18 poll estimate of ₹70 crore. Revenue from operations grew 21% year on year to ₹2,930.95 crore from ₹2,422.37 crore, ahead of the poll estimate of ₹2,760 crore. Operating profit, measured as earnings before interest, tax, depreciation and amortisation (EBITDA) excluding other income, increased 10.4% to ₹202.58 crore from ₹183.41 crore, compared with the poll estimate of ₹147 crore. The EBITDA margin stood at 6.9%, below 7.6% in the year-ago quarter but above the CNBC-TV18 poll estimate of 5.3%. The company recognised an exceptional gain of ₹23.02 crore during the quarter from the sale of its MedTech business. Total expenses rose 22.3% to ₹2,813.13 crore from ₹2,299.22 crore, while Other income increased to ₹15.79 crore from ₹10.01 crore in the year-ago quarter, which the company attributed to higher surplus levels. The company’s carried-forward order book stood at ₹7,229.22 crore as of September 30, 2026, compared with ₹7,120.44 crore a year earlier. Blue Star also reported a net cash position of ₹289.43 crore at the end of the quarter, against net borrowings of ₹417.06 crore as of September 30, 2025. Also read: Godrej Consumer beats revenue estimates in Q2, profit jumps 14% to ₹523 crore; margins contract Blue Star Q2FY27 segment performance Blue Star’s electro-mechanical projects, commercial air conditioning systems, service and international business segment recorded revenue growth of 16.3% to ₹1,935.99 crore from ₹1,664.21 crore a year earlier. Segment profit before interest and tax declined to ₹133.15 crore from ₹147.14 crore. The unitary products segment, which includes room air conditioners and commercial refrigeration, reported a 29.4% increase in revenue to ₹897.66 crore from ₹693.81 crore. However, segment profit fell to ₹20.74 crore from ₹42.72 crore. The company said a delayed monsoon and an extended summer supported room air conditioner demand, while higher material costs and limited pass-through of these increases kept margins under pressure. Revenue from the professional electronics and industrial systems segment rose 51.2% to ₹97.30 crore from ₹64.35 crore. Segment profit increased to ₹23.10 crore from ₹6.17 crore. Blue Star said the write-back of warranty provisions following the sale of its MedTech business contributed to improved profitability in the segment. Also read: Financials, CDMOs or IT? Where Bandhan AMC sees investment opportunities Speaking on the outlook, Vir S Advani, Chairman and Managing Director of Blue Star, said, “We continue to see strong demand for Room ACs through the festive season, while a healthy pipeline of Data Centre MEP projects is expected to translate into significant order inflows in the coming months.” He added that the company was witnessing a revival in demand across commercial air conditioning and commercial refrigeration. Advani also flagged potential near-term demand risks from a deficient monsoon and higher interest rates, while saying the company remained focused on calibrated price revisions, product cost optimisation and operational efficiencies to strengthen margins. Shares of Blue Star closed 4.69% higher at ₹1,673 on October 29, gaining ₹75 during the session. More from Earnings MAS Financial to tighten lending checks amid borrower stress concerns, says CMD Kamlesh Gandhi Oct 29, 2026 Container business margins to hold for two quarters on higher double stacking: Gateway Distriparks Oct 29, 2026 Trent Q2 Results: EBITDA jumps 30%, margin beats estimates on strong Zudio expansion Oct 29, 2026
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