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Edge14 Nov 2025
Ball: The King of Cans
From a 19th-century glass-jar legacy to a global plant network, Ball is now a pure-play aluminum can partner to the world's biggest beverage brands.
Blue Star (500067) investor relations material
Blue Star Q2 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 25/26 earnings summary6 Nov, 2025
Executive summary
Q2 FY26 revenue grew to ₹2,422 crore, with EBITDA up 23% and net profit at ₹99 crore, despite weak demand from a poor summer, GST changes, and persistent rains impacting room air conditioners and some commercial segments.
H1 FY26 revenue rose 5% year-over-year, but profit before tax dropped 17% and net profit declined to ₹219.60 crore.
The business model remains diversified across air conditioning, refrigeration, and MEP solutions, with operations in over 18 countries.
Inventory levels remain elevated, with liquidation a key focus before new energy efficiency norms take effect in January 2026.
The Board approved unaudited standalone and consolidated financial results for the quarter and half-year ended September 30, 2025.
Financial highlights
Q2 FY26 revenue from operations was ₹2,422 crore, up 6.4% year-over-year; EBITDA rose to ₹183.4 crore (margin 7.6%) from ₹149.3 crore (margin 6.6%).
Net profit for Q2 FY26 was ₹99 crore, with EPS at ₹4.80; net profit margin was 4.06%.
Carried forward order book as of September 30, 2025, was ₹7,120 crore, up 7.9% year-over-year.
Capital employed rose to ₹3,531 crore, with net borrowings at ₹417 crore versus a net cash position last year.
H1 FY26 revenue was ₹5,405 crore, up 5% year-over-year; EBITDA: ₹383 crore, down 1%.
Outlook and guidance
H2 FY26 is expected to be better, but full-year growth is likely to be flat or slightly negative compared to the previous year.
Room air conditioner business faces margin pressure due to high inventory and upcoming energy label changes; year-end margin guidance is 7–7.5%.
Commercial air conditioning and refrigeration expected to see demand revival in H2, aided by GST rate rationalization and new product launches.
International business growth potential is linked to India-US trade developments.
Long-term industry CAGR remains strong at 15–19%, with the company aiming to outpace the market.
What portion of consolidated revenue is from entities not fully reviewed by Deloitte?
Unitary products segment profitability trend
Drivers of H1 2025 negative operating cash flow
RAC inventory: Q4 margin pressure due to label change
Triggers for recent RAC full-year guidance cut
Working capital: Path to net cash position
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Q3 25/2629 Jan, 2026
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