Blue Star Ltd
BLUESTARCOBlue Star Ltd is printing record margins on a fuller multiple. From here the earnings must do all the lifting.
The sharpest disagreement: Foreign institutions moved −4.3 points over 8 quarters while the operating story went the other way — someone close to the numbers is not convinced.
The price is in a downtrend (12 weeks in) while the P/E sits at the 63rd percentile of its own 10-year range. Underneath, the last four quarters read improving — profit +17.0% year on year, and 74% of the last 3 years' profit arrived as cash. What settles it: whether the register turns back in the story’s favour.
Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.
Blue Star Ltd trades at ₹1,687, in a downtrend and 12 weeks into that stage. That is −3.4% against its own 200-day average. It sits at 33% of a 52-week range of ₹1,528 to ₹2,006. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (7 weeks and counting).
Today the stock is in a downtrend — week 12 of stage 4, confirmed. At ₹1,687 it trades −3.4% versus its 200-day average and sits at 33% of its 52-week range (₹1,528–₹2,006).
Against the market, two honest reads. Cumulative: over the last 10.4 years the stock moved +968% while the NIFTY 500 moved +280% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (7 weeks and counting; last ahead the week of 2026-06-17) — the ribbon below is that same metric, week by week.
What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.
→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/E sits at the 63rd percentile of its own range.
Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.
Blue Star Ltd trades at 60.2× P/E, mid-range by its own standards (63rd percentile). Its long-run median P/E is 52.7×, measured across 10.4 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.
Today's P/E of 60.2× is mid-range by its own standards (63rd percentile), against a long-run median of 52.7× measured over 10.4 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.
Why the multiple sits where it does: over the past year annual EPS moved −10.7% against a −8.6% price move — the price outran earnings, pushing the multiple UP its own range.
The price move, decomposed: over 5y, of the +31.3%/yr price move, ~+47.6%/yr came from earnings growth and ~−16.3 pp from the multiple (compressing); over 10y, of the +22.5%/yr price move, ~+15.3%/yr came from earnings growth and ~+7.2 pp from the multiple (expanding). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.
Put together: the multiple is unremarkable against its own past, so the story rests on the earnings line underneath it, not the multiple.
→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.
Stage: Deteriorating Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).
Blue Star Ltd reads as deteriorating on its fundamental arc. Deteriorating — profit and EPS growth are shrinking (profit growth −10.7% latest against +90.8% at its 12-quarter best), ROCE slipping at 22.1%. The read is built from 12 quarters across 4 curves, on full evidence.
🚨 Why it matters: falling curves mean every cheap-looking ratio below needs a discount for direction.
| 1yr | 3yr | 5yr | 10yr | |
|---|---|---|---|---|
| Revenue | +3.6% | +15.8% | +23.8% | +12.6% |
| Profit | −10.8% | +9.5% | +39.2% | +17.4% |
| EPS | −10.7% | +7.3% | +37.6% | +16.0% |
| Share price | −8.6% | +28.6% | +31.3% | +22.5% |
→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.
4-Factor Sector Score
55.9/100 — rank 4 of 13 in Consumer Electronics · 86% evidence confidence
Blue Star Ltd scores 55.9 out of 100 against the 13 companies it is compared with in Consumer Electronics, ranking 4. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
The four contributions add to the total exactly: 20.4 + 16.8 + 9.8 + 8.9 = 55.9. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.
What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.
Revenue Revenue is the top line: everything the company billed its customers in the period.
Blue Star Ltd reported ₹4,072 Cr of revenue in the Mar 26 quarter, +1.3% year on year. That is the 12th straight quarter of year-on-year growth. Over 10 years it has compounded at 12.6% a year. The last full year, FY26, came in at ₹12,402 Cr. The last four reported quarters add to ₹12,401 Cr.
Blue Star Ltd reported ₹4,072 Cr of revenue in the Mar 26 quarter, +1.3% year on year. That is the 12th straight quarter of year-on-year growth. Over 10 years it has compounded at 12.6% a year. The last full year, FY26, came in at ₹12,402 Cr. The last four reported quarters add to ₹12,401 Cr.
FY26 revenue came in at ₹12,402 Cr (+3.6% on the year), capping 10 years at 12.6% compound. The latest quarter (Mar 26) printed ₹4,072 Cr, +1.3% year on year — the 12th consecutive quarter of year-over-year growth.
Pace check: the last four quarters averaged +4.0% growth against the decade's 12.6% — the current year is running slower than its own long-run rate.
Acceleration check: trailing-twelve-month revenue grew +3.6% over the last 4 quarters against +13.2%/yr over the last 8 — rolling over; TTM profit −10.7% vs +12.9%/yr — rolling over.
→ Revenue grew — did margins hold as it scaled? Next: 8.0% this quarter (+1.0 pp YoY).
Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.
Blue Star Ltd's operating margin is 8.0% in the Mar 26 quarter, +1.0 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across 13 fiscal years the operating margin has ranged 4.0% to 8.0%. The current quarter sits inside that band.
Blue Star Ltd's operating margin is 8.0% in the Mar 26 quarter, +1.0 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across 13 fiscal years the operating margin has ranged 4.0% to 8.0%. The current quarter sits inside that band.
The latest quarter's operating margin is 8.0%, +1.0 pp against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 4.0%–8.0%, and FY26's 8.0% is the top of that band — a record year.
Why the margin moved: operating margin went +1.1 pp year on year while gross margin went −1.6 pp — the gain came mostly from the gross line: input costs and pricing.
Worth repeating from the valuation section: cheap against its own history on record margins is not the same thing as cheap — a record margin flatters every ratio built on top of it.
→ Margins held — did that reach the bottom line? Next: profit +17.0% in the latest quarter.
Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.
Blue Star Ltd earned ₹227 Cr of net profit in the Mar 26 quarter, +17.0% year on year. Full-year FY26 profit was ₹527 Cr. The 10-year compound rate is 17.4%. That is 5.6% of the quarter's revenue. The same quarter a year earlier earned ₹194 Cr.
Blue Star Ltd earned ₹227 Cr of net profit in the Mar 26 quarter, +17.0% year on year. Full-year FY26 profit was ₹527 Cr. The 10-year compound rate is 17.4%. That is 5.6% of the quarter's revenue. The same quarter a year earlier earned ₹194 Cr.
Mar 26 profit was ₹227 Cr, +17.0% year on year. On the full year, FY26 printed ₹527 Cr (−10.8%), and the 10-year compound rate is 17.4%.
Why profit moved: revenue contributed +1.3% and the margin +1.0 pp — the quarter was revenue-led, with the margin roughly flat.
Pace comparison, last four quarters: profit −11.7% vs revenue +4.0%. Profit is growing slower than sales — costs are eating the growth before it reaches the bottom line.
→ Profit rose — but did the cash follow? Next: 74% of the last 3 years' profit arrived as cash.
Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.
Over the last 3 fiscal years 74% of Blue Star Ltd's reported profit arrived as operating cash — most of the profit is real cash. In FY26 that was ₹154 Cr of operating cash against ₹527 Cr of profit. After ₹354 Cr of capital spending, ₹−200 Cr was left as free cash.
FY26: operating cash of ₹154 Cr against reported profit of ₹527 Cr, leaving free cash of ₹−200 Cr after ₹354 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 74% of profit.
Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.
Why conversion sits at 74%: the cash cycle stretched 64 days between FY21 and FY26 — more of each rupee of profit waits inside the cycle before arriving.
Router verdict: conversion is below par and the cash cycle has stretched 64 days — the next section's job is to find where the cash is stuck.
→ So follow the cash to where it goes. Next: the 16-day cycle, in money terms.
Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).
Blue Star Ltd's cash conversion cycle runs 16 days in FY26, up from −48 days in FY21. Capital spending ran ₹1,297 Cr over the last 3 years. At FY26 sales of ₹12,402 Cr each day of that cycle holds about ₹34.0 Cr, so roughly ₹544 Cr sits inside the business at any moment.
FY26: debtors at 63 days, inventory at 131 days — roughly 4.3 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 16 days, looser than FY21's −48.
The full loop: cash goes out to suppliers and production on day 0; stock waits 131 days to sell; customers pay about 63 days after that; and suppliers themselves are paid at 177 days — netting out to the 16-day cycle.
In money terms: at FY26 sales of ₹12,402 Cr, each day of the cycle holds about ₹34.0 Cr — so the 16-day loop keeps roughly ₹544 Cr sitting inside the business at any moment.
On the investment side: capital spending of ₹1,297 Cr over the last 3 fiscal years against ₹405 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹137 Cr (FY26) — capacity paid for but not yet earning.
The synthesis: the working-capital loop is the cash sink the router flagged — watch the cycle, not the P&L.
→ Does all this activity actually earn its cost of capital? Next: ROCE is 21% and the ROIC − WACC spread is +3.7 pp.
Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.
Blue Star Ltd earns a ROCE of 21% in FY26. That is up from a trough of 13% in FY21. Return on invested capital clears the cost of that capital by +3.7 percentage points, so growth here adds value rather than only size. The wiring behind it is 4.2% net margin on 1.45× asset turns.
FY26 ROCE is 21%, recovered from a FY21 trough of 13% — the full ladder below shows the fall and the climb, undoctored.
Why the return is what it is — the wiring (FY26): 4.2% net margin × 1.45× asset turns × 2.50× balance-sheet leverage ≈ 15.2% on equity. Margin does its share; leverage is a meaningful part of the equation.
The capstone test — ROIC − WACC: 15.7% − 12.0% = a +3.7 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. Positive but thin — value creation with little room for error.
→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 0.24.
Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.
Blue Star Ltd carries total debt of ₹810 Cr against shareholder equity of ₹3,434 Cr as of Mar 26, a debt-to-equity of 0.24 — effectively unlevered. On the annual view that ratio went from 0.54 in FY22 to 0.24 in FY26. The returns elsewhere on this page are therefore earned rather than borrowed.
Mar 26: total debt of ₹810 Cr against shareholder equity of ₹3,434 Cr — a debt-to-equity of 0.24. On the annual view, debt-to-equity went from 0.54 (FY22) to 0.24 (FY26). The returns on this page are earned, not borrowed.
→ Who owns this, and are they adding or leaving? Next: Domestic institutions added 4.7 points over 8 quarters.
Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.
Domestic institutions added 4.7 points of Blue Star Ltd over 8 quarters, the biggest move on the register. That takes domestic institutions to 28.2% of the company. Foreign institutions moved −4.3 points over the same window, to 12.8%. The register is read on the four disclosed classes only; nothing is inferred between filings.
The register over the last two years — Domestic institutions: +4.7 points over 8 quarters to 28.2%; Foreign institutions: −4.3 points over 8 quarters to 12.8%; Promoters: +0.0 points over 8 quarters to 36.5%.
Why the register moved: rotation — foreign institutions −4.3 points against domestic institutions +4.7 points over 8 quarters, with promoters holding steady — one class of institutions handing the register to the other, not a verdict change by the people closest to the numbers.
→ One last check: does the safety math agree? Next: the balance-sheet safety line.
Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.
Blue Star Ltd: the Z-score reads 6.63. A Z-score above roughly 3 reads as safe and below roughly 1.8 as the distress zone, so this sits well clear of distress. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure.
Why it matters: a Z-score of 6.63 sits well clear of the distress zone — the balance sheet is not the risk here.
The safety line in one sentence: the Z-score reads 6.63.
| Company | P/E | Mkt cap | Revenue | EPS | ROCE | Stage |
|---|---|---|---|---|---|---|
| Blue Star Ltd this page | 60.2× | ₹33,663 Cr | Turning around | |||
| LG Electronics India Ltd | 61.5× | ₹1L Cr | No read | |||
| Havells India Ltd | 46.2× | ₹76,996 Cr | Consistent | |||
| Voltas Ltd | 112.0× | ₹43,918 Cr | Mixed | |||
| Crompton Greaves Consumer Electricals Ltd | 48.0× | ₹16,108 Cr | No read | |||
| Whirlpool of India Ltd | 31.2× | ₹9,788 Cr | Mixed | |||
| Eureka Forbes Ltd | 43.4× | ₹8,359 Cr | Mixed | |||
| Symphony Ltd | 240.0× | ₹4,648 Cr | No read | |||
| Orient Electric Ltd | 30.6× | ₹3,643 Cr | Improving | |||
| Bosch Home Comfort India Ltd | 278.0× | ₹3,624 Cr | No read | |||
| Wonder Electricals Ltd | 158.0× | ₹1,437 Cr | — | No read | ||
| Onida Electronics Ltd | — | ₹1,410 Cr | No read | |||
| MIRC Electronics Ltd | — | ₹1,394 Cr | No read |
Frequently asked questions
What is Blue Star Ltd's share price today?
Blue Star Ltd trades at ₹1,687, −8.6% over the past year. The company is valued at ₹33,663 Cr. The stock sits at 33% of its 52-week range of ₹1,528–₹2,006, −3.4% versus its 200-day average. On the tape, the price is in a downtrend, 12 weeks in. — as of 24 July 2026.
What were Blue Star Ltd's latest quarterly results?
Blue Star Ltd reported revenue of ₹4,072 Cr and net profit of ₹227 Cr for the Mar 26 quarter. Revenue rose 1.3% and profit rose 17.0% year on year. Earnings per share were ₹11.04. The operating margin was 8.0%, 1.0 pp higher than a year earlier. — as of 24 July 2026.
What is Blue Star Ltd's revenue?
Blue Star Ltd reported revenue of ₹4,072 Cr in the Mar 26 quarter, +1.3% year on year. For the full FY26 fiscal year, revenue was ₹12,402 Cr (+3.6%). Over the last 10 years revenue compounded at 12.6% a year. — as of 24 July 2026.
What is Blue Star Ltd's profit?
Blue Star Ltd earned ₹227 Cr of net profit in the Mar 26 quarter, +17.0% year on year. Full-year FY26 profit was ₹527 Cr. The operating margin ran 8.0% in the latest quarter. — as of 24 July 2026.
What is Blue Star Ltd's market cap?
Blue Star Ltd's market capitalisation is ₹33,663 Cr at a share price of ₹1,687. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 24 July 2026.
What is Blue Star Ltd's P/E ratio?
Blue Star Ltd trades at a P/E of 60.2×, at the 63rd percentile of its own 10-year range, against a long-run median of 52.7×. This is a comparison with the stock's own history, not a value call — as of 24 July 2026.
Does Blue Star Ltd pay a dividend?
Yes — Blue Star Ltd's dividend payout was 33% of profit in FY26, and it recorded a payout in each of its last 13 reported fiscal years. This page holds the payout ratio, not a per-share amount. — as of 24 July 2026.
Is Blue Star Ltd overvalued?
On its own history, Blue Star Ltd looks mid-range against its own history: its P/E of 60.2× sits at the 63rd percentile of its 10-year range (long-run median 52.7×). That is a percentile read against the stock's own past, not a price opinion or a direction call. One caveat: margins are the best this company has ever printed — cheap on record margins is not the same thing as cheap. — as of 24 July 2026.
Is Blue Star Ltd growing?
Yes — Blue Star Ltd is growing: latest-quarter revenue +1.3% year on year, profit +17.0%, and the margin +1.0 pp at 8.0%. The 10-year compound rates are 12.6% (revenue) and 17.4% (profit). The earnings engine currently reads: improving — as of 24 July 2026.
How is Blue Star Ltd performing?
Blue Star Ltd is in a downtrend, 12 weeks in. Its latest quarter's revenue rose 1.3% and profit rose 17.0% year on year. Against the NIFTY 500 it has been behind on a trailing-13-week view for 7 weeks. This describes what the data did, not a rating. — as of 24 July 2026.
What stage is Blue Star Ltd in?
Deteriorating — profit and EPS growth are shrinking (profit growth −10.7% latest against +90.8% at its 12-quarter best), ROCE slipping at 22.1%. The read comes from the last 12 quarters of growth (revenue growth +3.6% latest, profit growth −10.7% latest, eps growth −10.8% latest) plus the ROCE curve, classified by deterministic rules — a trajectory read, not a buy or sell call — as of 24 July 2026.
Is Blue Star Ltd in an uptrend?
No — the price is in a downtrend (week 12 of stage 4), trading −3.4% versus its 200-day average and at 33% of its 52-week range. Price stages cycle base → advance → top → decline, and the stage names where this stock sits in that cycle — as of 24 July 2026.
Is Blue Star Ltd beating the market?
Not lately — on a trailing-13-week view Blue Star Ltd is currently behind the NIFTY 500 (7 weeks and counting; last ahead the week of 2026-06-17), the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 10.4 years the stock moved +968% against the NIFTY 500's +280% — ahead of the index over the full window. — as of 24 July 2026.
Will Blue Star Ltd's share price go up?
This page publishes no price forecast for Blue Star Ltd. What it measures instead: the share price is ₹1,687, the price is in a downtrend 12 weeks in. Its P/E of 60.2× sits at the 63rd percentile of its own 10-year range. — as of 24 July 2026.
Who owns Blue Star Ltd?
Promoters hold 36.5% of Blue Star Ltd, foreign institutions 12.8%, domestic institutions 28.2% and the public 22.5% (latest quarter). The biggest move on the register over the last two years: Domestic institutions added 4.7 points over 8 quarters. — as of 24 July 2026.
Does Blue Star Ltd have too much debt?
No — Blue Star Ltd's debt-to-equity is 0.24, and operating profit covers the interest bill 13×. FY26 borrowings were ₹810 Cr against equity of ₹3,431 Cr. The returns on this page are earned, not borrowed — as of 24 July 2026.
What is Blue Star Ltd's capex?
Blue Star Ltd spent ₹1,297 Cr on capital expenditure over the last 3 fiscal years, a figure derived from the change in fixed assets plus depreciation. In FY26 alone that was ₹354 Cr, with ₹137 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 24 July 2026.
What is Blue Star Ltd's cash flow?
Blue Star Ltd generated ₹154 Cr of operating cash flow in FY26 and ₹−200 Cr of free cash flow after ₹354 Cr of capital spending. Reported profit that year was ₹527 Cr, so operating cash ran behind profit. Cash-flow resolution for India is annual. — as of 24 July 2026.
Is Blue Star Ltd's profit real cash?
Mostly — over the last 3 fiscal years, 74% of Blue Star Ltd's reported profit arrived as operating cash. In FY26, operating cash was ₹154 Cr against reported profit of ₹527 Cr. The cash then goes mostly into the working-capital cycle. Cash-flow resolution is annual — as of 24 July 2026.
How financially safe is Blue Star Ltd?
On the balance sheet, the Z-score reads 6.63 — above roughly 3 is safe, below roughly 1.8 is the distress zone. That sits well clear of trouble. — as of 24 July 2026.
Where is Blue Star Ltd in its business cycle?
Blue Star Ltd's FY26 operating margin was 8.0%, against a 13-year band of 4.0%–8.0%: the top of the band — a record year. Record profitability is late-cycle territory: every ratio flatters at the top, and the story leans on margins holding. The latest quarter ran 8.0%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 24 July 2026.
What could break the Blue Star Ltd story?
The sharpest disagreement: Foreign institutions moved −4.3 points over 8 quarters while the operating story went the other way — someone close to the numbers is not convinced. Mechanically, two Friday closes in a row below the 200-day average would end the price trend — that is the exit rule this page tracks — as of 24 July 2026.
Is Blue Star Ltd a stock worth studying right now?
This is not investment advice. The machine read: Blue Star Ltd is printing record margins on a fuller multiple. From here the earnings must do all the lifting. The sharpest open question: whether the register turns back in the story’s favour. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 24 July 2026.