Blue Star Q2FY27 Revenue Surges 21% to ₹2,930.95 Cr; Net Profit Up 25.4%
Blue Star's Q2FY27 revenue rose 21% to ₹2,930.95 crore. Net profit increased 25.4% to ₹123.91 crore, while EBIDTA grew to ₹202.58 crore. The company achieved a net cash position of ₹289.43 crore, up from net borrowings. Order book stood at ₹7,229.22 crore. Segment I revenue grew 16.3%, Segment II by 29.4%, and Segment III by 51.2%.
The substantial revenue and profit growth, along with the improved cash position, are material financial developments that are likely to have a significant impact on investor sentiment and the company's valuation.
The company reported strong revenue growth, significant increase in net profit, and a positive shift to a net cash position, indicating a healthy financial performance.
Blue Star Limited announced its financial results for the second quarter and half year ended September 30, 2026. The company reported a robust revenue growth of 21.0% to ₹2,930.95 crore in Q2FY27, compared to ₹2,422.37 crore in Q2FY26. EBIDTA (excluding other income) improved to ₹202.58 crore, representing 6.9% of revenue, up from ₹183.41 crore (7.6% of revenue) in the prior year quarter. Profit Before Tax (PBT) saw a marginal increase to ₹133.61 crore from ₹133.16 crore in Q2FY26. Net profit surged by 25.4% to ₹123.91 crore in Q2FY27, from ₹98.78 crore in the corresponding quarter of the previous year.
The carried-forward order book as of September 30, 2026, stood at ₹7,229.22 crore, a slight increase from ₹7,120.44 crore a year earlier. The company's capital employed decreased to ₹3200.36 crore as of September 30, 2026, from ₹3530.88 crore on September 30, 2025. Importantly, Blue Star transitioned from net borrowings of ₹417.06 crore to a net cash position of ₹289.43 crore by September 30, 2026.
In Segment I (Electro-Mechanical Projects & Commercial Air Conditioning Systems), revenue grew 16.3% to ₹1,935.99 crore. The Electro-Mechanical Projects business saw its order book grow 6.2% to ₹5,141.78 crore, primarily driven by Data Center inflows. The Commercial Air Conditioning business experienced strong demand and launched new VRF and Ducted Systems, maintaining market leadership. Segment II (Unitary Products) revenue increased by 29.4% to ₹897.66 crore, supported by strong demand for Room ACs during the extended summer. However, margins across segments were under pressure due to material cost escalations, with the company implementing cost optimization and price revision strategies.
Segment III (Professional Electronics and Industrial Systems) revenue grew significantly by 51.2% to ₹97.30 crore. This segment's profitability was boosted by the sale of the MedTech business for ₹35.65 crore on August 31, 2026, and a write-back of a related provision. Industrial solutions and Data Security Solutions also showed strong growth.
Looking ahead, Blue Star anticipates continued robust demand for Room ACs and expects significant order finalization for Data Center MEP projects. The company's focus remains on improving margins through price revisions and product cost optimization in the second half of FY27.
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