BLUE STAR Results Analysis-Q4FY26

Operating Revenue for Q4FY26 is Rs. 4,072 Crs. (best-ever quarterly revenue-helped by late pick-up in RAC demand), 1.32% flat growth YoY, Total Income is Rs. 4,096 Crs., 1.31% growth YoY, Gross Profit is Rs. 875 Crs., 5.89% Negative growth YoY, EBITDA is Rs. 326 Crs., 16.77% growth YoY, EBITDA Margin is 8.01% improved by 106 Basis points YoY, PBT Rs. 300 Crs. 20.57% growth YoY, PAT Rs. 227 Crs. 17.10% growth YoY. On QoQ basis Op. Revenue is up by 39.2%, Total Income is up by 39.45%, Gross Profit is up by 30.94%, EBITDA is up by 47.81%,, PBT is up by 178.76% and PAT is also up by 182.04%. Order book (carried forward): ₹6,923 Cr (+10.5% YoY). Data centers + manufacturing are the key structural growth drivers for Projects/Commercial HVAC. Data center MEP market ~₹3,500 Cr, Blue Star ~₹1,000 Cr revenue today. “This is likely to more than double within 3 years… MEP… potential to go to ₹3,000 Cr within 3 years.”