Blue Star (500067) Q2 26/27 earnings summary

Executive summary

• Q2 FY27 revenue from operations rose 21.0% YoY to ₹2,930.95 crore; EBITDA excluding other income increased 10.5% to ₹202.58 crore, and net profit was ₹123.91 crore.

• Material-cost escalation and project delays pressured margins; management maintained the FY27 Unitary Products margin target of at least 6.5%.

Financial highlights

• Consolidated H1 FY27 revenue rose 16.7% to ₹6,308.87 crore; EBITDA excluding other income declined 1.5% to ₹377.53 crore.

• Consolidated H1 net profit was ₹226.42 crore versus ₹219.60 crore; PBT before exceptional items fell 12.1% to ₹259.70 crore.

• Q2 PBT before exceptional items was ₹134.28 crore versus ₹132.16 crore; EPS was ₹6.03 versus ₹4.80. H1 EPS was ₹11.01 versus ₹10.68.

• Carried-forward order book reached ₹7,229.22 crore at September 30, 2026, up 1.5% YoY.

• Standalone H1 revenue rose to ₹5,948.38 crore from ₹5,141.15 crore; net profit fell to ₹107.60 crore from ₹178.47 crore.

Outlook and guidance

• FY27 Unitary Products margin target remains at least 6.5%, dependent on price realization, product optimization, demand and Q4 pre-summer sales.

• RAC revenue growth could reach 25% in FY27, with ~20% volume growth and at least 5% price realization; earlier summer could support 25%-30% volume growth.

• Segment one margin guidance is 7%-7.5%; data-center growth could lift it toward 8.5%, pending stronger evidence from peak project execution.

• FY27 CapEx is guided at up to ₹300 crore, including product R&D and digital expenditure; strong order enquiries support expectations of significant order-inflow growth.

• Plans include strengthening presence in the USA and Europe.