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Blue Star Margin Trend — Quarter by Quarter

Blue Star's EBITDA margin moved from 7.6% in Q2 FY26 to 8.0% in Q4 FY26 across 3 quarters. Management commentary below explains the cost and pricing drivers mentioned on calls.

EBITDA Margin by Quarter

QuarterEBITDA Margin (%)YoY Change
Q4 FY268.0%+100 bps
Q3 FY267.5%0 bps
Q2 FY267.6%+100 bps

What management said about ebitda margin

G

Q4 FY26 · FY27 RAC Segment Margin Target 8-8.5%

Management expects unitary products segment margins to remain in the 8-8.5% range for FY27, assuming successful price pass-through.

G

Q3 FY26 · Unitary products margin target of 8.5% for FY27

Management targets 8.5% EBITDA margin for unitary products in FY27, with potential upside to 9% in a strong summer.

G

Q3 FY26 · Price hike of ~10% in Q4 FY26

Management plans to increase prices by ~10% to offset input cost inflation from commodities and forex.

G

Q2 FY26 · Segment 2 (UCP) margin guidance lowered to 7-7.5% for FY26

Management now expects unitary cooling products margin to be 7-7.5% for FY26, down from earlier 8.5-9% and initial 9-9.5%.

G

Q2 FY26 · Segment 1 margin guidance maintained at 7-7.5%

For electromechanical projects and commercial AC, management expects margins to remain in the 7-7.5% range for the rest of FY26.