Blue Star (500067) Q4 24/25 earnings summary

Executive summary

• FY25 achieved record consolidated income exceeding INR 12,000 crore, with significant revenue and profitability growth across core segments.

• Net profit before exceptional items grew 40% to INR 581 crore; consolidated net profit reached INR 591.28 crore.

• Maintained a robust balance sheet, continued investments in manufacturing, R&D, and ESG initiatives.

• Board recommended a final dividend of INR 9 per share for FY25, up from INR 7 in FY24.

• Market share in room air conditioners increased by 100 basis points over three consecutive quarters.

Financial highlights

• FY25 consolidated revenue grew 23.6% year-over-year to INR 11,967.65 crore; Q4 revenue up 20.8% to INR 4,018.96 crore.

• EBITDA margin improved to 7.3% from 6.9% in FY24; EBITDA grew to INR 875.9 crore.

• Net profit rose to INR 591.28 crore (4.91% margin), up from INR 414.31 crore.

• EPS for FY25 was INR 28.76 (consolidated), up from INR 20.77 in FY24.

• Dividend of INR 9 per share recommended for FY25.

Outlook and guidance

• Optimistic outlook for FY26, supported by a strong order book and expected demand in room AC and data centers.

• Order book as of March 31, 2025, stands at INR 6,263 crore, up 9.9% year-over-year.

• Guidance for FY26 margins: segment one at 7.5%, segment two at 8.5%, with 9% as a stretch target.

• Plans to strengthen international presence, especially in the USA and Europe.

• Room air conditioner market expected to grow at 19% CAGR through 2030; commercial AC at 12-12.5% CAGR.