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A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
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Revenue
₹4,072 Cr
verified against source
Revenue YoY
1.3%
reported change
EBITDA
₹326.3 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Blue Star reported Q4 FY26 revenue of ₹4,720 crore (+1.3% YoY) and EBITDA margin of 8.0% (+100bps YoY), driven by cost rationalization and low ad spend. PAT grew 17.1% to ₹227.2 crore. The RAC business gained marginal market share despite a weak summer, while the MEP segment saw strong order inflow (+35.7% YoY) led by data centers and manufacturing. Management guided for 8-8.5% segment margins in FY27 but flagged margin pressure from commodity inflation and the need to pass on ~13% price hikes (only 8% realized so far). Key risk: if the ongoing summer season disappoints, price pass-through may stall, compressing margins further.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects unitary products segment margins to remain in the 8-8.5% range for FY27, assuming successful price pass-through.
- If summer progresses well, management expects Q1 FY27 industry primary sales to grow 25-30% YoY (15% volume, 10% price).
- Normal annual capex including maintenance, R&D, and digital investments will be in the range of ₹250-350 crore.
- Data center MEP revenue of ~₹1,000 crore is expected to more than double to ~₹3,000 crore within three years.
Risks flagged
- Only 8% of the required 13% price increase has been realized; failure to pass the remaining 5% could compress margins.
- Ongoing Middle East conflict may increase plastic and electronic component costs, adding further margin pressure.
- If the summer season underperforms, primary sales may lag, making price hikes difficult and inventory levels elevated.
- Higher prices may push consumers to lower-tier brands or lower-star ratings, impacting Blue Star's market share.
Key quotes
- We are not celebrating like it was 2024 summer. We have still two three weeks to go to assess how it is going to pan out.
- The margins will be under extreme pressure. It is again a function of how rapidly the demand builds up and what is going to happen to the commodity prices.
- This year will be about margins rather than inventory.
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