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Blue Star Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹1,730.64Fairly Valued by 3.96%vs CMP ₹1,802.00

P/E (69.2) × ROE (20.6%) × BV (₹151.00) × DY (0.50%)

₹742.58Overvalued by 58.79%vs CMP ₹1,802.00
MoS: -142.7% (Negative)Confidence: 63/100 (Moderate)Models: 1 Under, 8 Over
ModelCategoryValueWeightSignal
PE-ROEEarnings₹2,120.2623%Under (+17.7%)
Graham NumberEarnings₹285.7917%Over (-84.1%)
Earnings PowerEarnings₹129.0011%Over (-92.8%)
DCFCash Flow₹540.3111%Over (-70%)
Net Asset ValueAssets₹151.577%Over (-91.6%)
EV/EBITDAEnterprise₹538.569%Over (-70.1%)
Earnings YieldEarnings₹240.407%Over (-86.7%)
ROCE CapitalReturns₹273.889%Over (-84.8%)
Revenue MultipleRevenue₹583.096%Over (-67.6%)
Consensus (9 models)₹742.58100%Overvalued
Key Drivers: Wide model spread (₹129–₹2,120) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: 22.5%

*Investments are subject to market risks

Analyst Summary

Blue Star Ltd operates in the Air Conditioners segment, current market price is ₹1,802.00, market cap is 36,986 Cr.. At a glance, stock P/E is 69.2, ROE is 20.6 %, ROCE is 26.2 %, book value is 151, dividend yield is 0.50 %. The latest intrinsic value estimate is ₹742.58, around 58.8% below the current price, so expectations may already be running ahead of this modelled fair value. On operating trend, latest reported sales are about ₹11,968 Cr versus the prior period change of 23.6%, while latest net profit is about ₹591 Cr with a prior-period change of 42.8%. The 52-week range shown on this page is 2,050/1,450, which helps frame where the current quote sits within its recent trading band. Business context: About the Company - Qualitative AnalysisBlue Star Ltd. is a Public Limited Listed company incorporated on 20/01/1949 and has its registered office in the State of Maharashtra, India. Company's Corporate Identification Number(CIN) is L28920M…

This summary is generated from the stock page data available for Blue Star Ltd: Intrinsic Value & Share Price Analysis and is refreshed automatically when the underlying metrics change.

Investment Snapshot

67
Blue Star Ltd scores 67/100 (Average)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health83/100 · Strong
ROCE 26.2% ExcellentROE 20.6% ExcellentD/E 0.51 ModerateInterest Coverage 0.0x RiskyProfitable 5/5 years Consistent
Smart Money45/100 · Moderate
FII holding down -2.28% (6mo) SellingDII holding up 3.63% MF buyingPromoter holding at 36.5% Stable
Earnings Quality60/100 · Moderate
OPM stable around 7% SteadyWorking capital: 16 days (improving) Efficient
Quarterly Momentum50/100 · Moderate
Revenue (4Q): +10% YoY GrowingProfit (4Q): -11% YoY Declining
Industry Rank85/100 · Strong
P/E 69.2 vs industry 94.6 In-lineROCE 26.2% vs industry 20.0% Above peersROE 20.6% vs industry 15.3% Above peers3Y sales CAGR: 25% High growth

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Share Price and Basic Stock Data

Last Updated: May 4, 2026, 11:56 pm

Market Cap 36,986 Cr.
Current Price 1,802
Intrinsic Value₹742.58
High / Low 2,050/1,450
Stock P/E69.2
Book Value 151
Dividend Yield0.50 %
ROCE26.2 %
ROE20.6 %
Face Value 2.00
PEG Ratio3.07

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for Blue Star Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
Blue Star Ltd 36,986 Cr. 1,802 2,050/1,45069.2 1510.50 %26.2 %20.6 % 2.00
Bosch Home Comfort India Ltd 3,886 Cr. 1,432 1,854/1,021120 1762.51 %13.8 %9.96 % 10.0
Industry Average20,436.00 Cr1,617.0094.60163.501.51%20.00%15.28%6.00

All Competitor Stocks of Blue Star Ltd

Quarterly Result

MetricDec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales 1,7942,6242,2261,8902,2413,3282,8652,2762,8074,0192,9822,4222,925
Expenses 1,6902,4452,0811,7682,0863,0862,6282,1272,5993,7402,7842,2402,705
Operating Profit 104179145123155242238149209279199182220
OPM % 6%7%7%6%7%7%8%7%7%7%7%8%8%
Other Income 51799131313241921241610-44
Interest 141818181012861619101722
Depreciation 16232323232828303535414346
Profit before tax 8031711495134214226131179249163132108
Tax % 27%29%27%26%25%25%25%27%26%22%26%25%25%
Net Profit 582258371100160169961321941219981
EPS in Rs 3.0311.704.333.444.887.818.214.686.459.425.884.823.92

Last Updated: February 6, 2026, 11:16 am

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 23, 2026, 3:46 pm

MetricMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 2,9343,1823,7984,3854,6395,2355,3604,2646,0647,9779,68511,96812,349
Expenses 2,7843,0143,6314,1624,3724,8875,0774,0245,7177,4789,01711,08911,469
Operating Profit 150168167223266348283240347500669879880
OPM % 5%5%4%5%6%7%5%6%6%6%7%7%7%
Other Income 18-346634222640653619544836
Interest 54494338294829654655584968
Depreciation 3843576164758892868598128166
Profit before tax 7643132159196251206148251555557785652
Tax % 3%-18%21%23%25%17%32%32%33%28%26%25%
Net Profit 7854106123144190144101168401414591494
EPS in Rs 4.313.015.826.447.509.877.445.218.7120.7920.1828.7524.04
Dividend Payout % 46%83%56%58%67%51%67%38%57%29%35%31%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2014-20152015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)-30.77%96.30%16.04%17.07%31.94%-24.21%-29.86%66.34%138.69%3.24%42.75%
Change in YoY Net Profit Growth (%)0.00%127.07%-80.26%1.04%14.87%-56.15%-5.65%96.20%72.35%-135.45%39.51%

Blue Star Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2014-2015 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:14%
5 Years:17%
3 Years:25%
TTM:17%
Compounded Profit Growth
10 Years:20%
5 Years:32%
3 Years:52%
TTM:7%
Stock Price CAGR
10 Years:28%
5 Years:44%
3 Years:52%
1 Year:14%
Return on Equity
10 Years:20%
5 Years:20%
3 Years:21%
Last Year:21%

Last Updated: September 5, 2025, 1:10 am

Balance Sheet

Last Updated: December 4, 2025, 1:03 am

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 18181819191919191919414141
Reserves 4434386127387748547638669981,3112,5693,0243,070
Borrowings 5123983652213763485205105546622433811,030
Other Liabilities 1,3631,3221,5301,6722,0682,1302,1372,1542,7413,4553,7584,8033,759
Total Liabilities 2,3362,1752,5252,6503,2363,3513,4393,5494,3135,4476,6118,2497,901
Fixed Assets 2552572593563924004443844338591,1651,5361,680
CWIP 15221634254167721528312712360
Investments 333624211131517295162148267432360
Other Assets 2,0321,8602,0072,2502,8062,8952,9112,7993,5654,3575,0536,1585,801
Total Assets 2,3362,1752,5252,6503,2363,3513,4393,5494,3135,4476,6118,2497,901

Reserves and Borrowings Chart

Cash Flow

MonthMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity + 2152571591925845735092247289688154
Cash from Investing Activity + -49-4869-88-65-88-238-67-179-524-463-359
Cash from Financing Activity + -190-195-20351-181-167-70-87-91365-162137
Net Cash Flow -241325-181320242-62-2213063-68
Free Cash Flow 18020852-73180376367-12665-144322-169
CFO/OP 143%173%70%24%84%192%150%38%68%64%99%35%

Free Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow-362.00-230.00-198.002.00-110.000.00-237.00-270.00-207.00-162.00426.00498.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 968276787578576972717460
Inventory Days 1257910497152119116143125127106131
Days Payable 222146211191228211211260223223198209
Cash Conversion Cycle -215-31-16-2-14-38-48-26-25-18-18
Working Capital Days -9-12-17688-13-1622016
ROCE %14%15%20%20%20%25%19%13%20%25%26%26%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Promoters 38.79%38.91%36.49%36.50%36.50%36.53%36.46%36.46%36.47%36.48%36.48%36.48%
FIIs 10.45%11.06%14.89%15.38%15.93%17.04%18.06%18.48%16.94%16.21%16.05%14.66%
DIIs 25.13%24.51%25.24%24.82%24.69%23.56%22.84%22.19%23.13%23.37%25.32%26.76%
Public 25.65%25.54%23.39%23.29%22.89%22.85%22.63%22.86%23.44%23.91%22.12%22.08%
Others 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.01%0.01%0.01%
No. of Shareholders 56,94058,54659,44465,46572,94983,16794,6411,06,7761,29,5551,48,9321,17,7341,11,215

Shareholding Pattern Chart

No. of Shareholders

Blue Star Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)Previous Number of SharesPrevious DatePercentage Change
Kotak Midcap Fund 5,291,126 1.63 961.34N/AN/AN/A
SBI Small Cap Fund 3,300,000 1.74 599.589,400,0002025-12-08 05:11:37-64.89%
Axis Small Cap Fund 2,603,151 1.85 472.975,097,6142025-12-08 05:11:37-48.93%
SBI Multicap Fund 2,510,000 1.98 456.044,550,2692025-12-08 00:00:23-44.84%
Nippon India Small Cap Fund 2,002,468 0.55 363.832,769,3952025-12-08 05:11:37-27.69%
Kotak Large & Midcap Fund 2,000,000 1.21 363.38N/AN/AN/A
Axis Midcap Fund 1,909,554 1.12 346.95N/AN/AN/A
Nippon India Growth Mid Cap Fund 1,686,498 0.73 306.42N/AN/AN/A
Kotak Small Cap Fund 1,389,161 1.54 252.41,468,2932026-02-23 00:16:12-5.39%
Canara Robeco Small Cap Fund 1,274,202 1.83 231.51N/AN/AN/A

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 2.002.002.002.002.00
Basic EPS (Rs.) 28.7620.7741.6017.4410.42
Diluted EPS (Rs.) 28.7620.7741.6017.4410.42
Cash EPS (Rs.) 35.0724.8850.3726.2619.77
Book Value[Excl.RevalReserv]/Share (Rs.) 149.08127.07138.51105.9792.20
Book Value[Incl.RevalReserv]/Share (Rs.) 149.08127.07138.51105.9792.20
Revenue From Operations / Share (Rs.) 582.08471.08828.38627.79442.74
PBDIT / Share (Rs.) 46.2534.6554.3839.6931.38
PBIT / Share (Rs.) 40.0129.9045.5730.7621.79
PBT / Share (Rs.) 38.2427.0857.6325.9415.07
Net Profit / Share (Rs.) 28.8220.1341.5717.3310.18
NP After MI And SOA / Share (Rs.) 28.7620.1841.5817.4210.42
PBDIT Margin (%) 7.947.356.566.327.08
PBIT Margin (%) 6.876.345.504.894.92
PBT Margin (%) 6.565.746.954.133.40
Net Profit Margin (%) 4.954.275.012.762.29
NP After MI And SOA Margin (%) 4.944.285.012.772.35
Return on Networth / Equity (%) 19.2815.8930.0916.4811.33
Return on Capital Employeed (%) 24.8222.4427.1622.0416.29
Return On Assets (%) 7.166.267.413.882.82
Long Term Debt / Equity (X) 0.000.000.120.230.39
Total Debt / Equity (X) 0.060.060.430.460.51
Asset Turnover Ratio (%) 1.611.611.611.421.11
Current Ratio (X) 1.281.301.121.171.26
Quick Ratio (X) 0.840.930.740.780.87
Inventory Turnover Ratio (X) 6.734.333.893.362.55
Dividend Payout Ratio (NP) (%) 24.3427.8524.0422.970.00
Dividend Payout Ratio (CP) (%) 19.9922.5419.8415.180.00
Earning Retention Ratio (%) 75.6672.1575.9677.030.00
Cash Earning Retention Ratio (%) 80.0177.4680.1684.820.00
Interest Coverage Ratio (X) 19.4912.279.578.244.67
Interest Coverage Ratio (Post Tax) (X) 12.898.135.204.602.52
Enterprise Value (Cr.) 43700.5925918.4213601.2910333.709149.76
EV / Net Operating Revenue (X) 3.652.681.701.712.15
EV / EBITDA (X) 45.9636.3825.9727.0430.28
MarketCap / Net Operating Revenue (X) 3.672.701.661.672.12
Retention Ratios (%) 75.6572.1475.9577.020.00
Price / BV (X) 14.3310.019.979.9510.20
Price / Net Operating Revenue (X) 3.672.701.661.672.12
EarningsYield 0.010.010.030.010.01

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

Blue Star Ltd. is a Public Limited Listed company incorporated on 20/01/1949 and has its registered office in the State of Maharashtra, India. Company's Corporate Identification Number(CIN) is L28920MH1949PLC006870 and registration number is 006870. Currently Company is involved in the business activities of Other electrical electrical installation. Company's Total Operating Revenue is Rs. 11325.75 Cr. and Equity Capital is Rs. 41.12 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
Air ConditionersKasturi Buildings, Mumbai Maharashtra 400020Contact not found
Management
NamePosition Held
Mr. Ashok M AdvaniChairman Emeritus
Mr. Suneel M AdvaniChairman Emeritus
Mr. Vir S AdvaniChairman & Managing Director
Mr. B ThiagarajanManaging Director
Mr. P V RaoExecutive Director - Projects
Ms. Sunaina MurthyNon Executive Director
Mr. Dinesh N VaswaniNon Executive Director
Mr. Rajiv R LullaNon Executive Director
Mr. Anil HarishIndependent Director
Mrs. Anita RamachandraIndependent Director
Mr. Sam BalsaraIndependent Director
Mr. Arvind K SinghalIndependent Director
Mr. G MurlidharIndependent Director
Mr. Vipin SondhiIndependent Director

FAQ

What is the intrinsic value of Blue Star Ltd and is it undervalued?

As of 09 May 2026, Blue Star Ltd's intrinsic value is ₹742.58, which is 58.79% lower than the current market price of ₹1,802.00, suggesting the stock is overvalued. This is calculated using the PE ratio method factoring in ROE (20.6 %), book value (₹151), dividend yield (0.50 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of Blue Star Ltd?

Blue Star Ltd is trading at ₹1,802.00 as of 09 May 2026, with a FY2026-2027 high of ₹2,050 and low of ₹1,450. The stock is currently in the middle of its 52-week range. Market cap stands at ₹36,986 Cr..

How does Blue Star Ltd's P/E ratio compare to its industry?

Blue Star Ltd has a P/E ratio of 69.2, which is below the industry average of 94.60. This is broadly in line with or below the industry average.

Is Blue Star Ltd financially healthy?

Key indicators for Blue Star Ltd: ROCE of 26.2 % indicates efficient capital utilization; ROE of 20.6 % shows strong shareholder returns. Dividend yield is 0.50 %.

Is Blue Star Ltd profitable and how is the profit trend?

Blue Star Ltd reported a net profit of ₹591 Cr in Mar 2025 on revenue of ₹11,968 Cr. Compared to ₹168 Cr in Mar 2022, the net profit shows an improving trend.

Does Blue Star Ltd pay dividends?

Blue Star Ltd has a dividend yield of 0.50 % at the current price of ₹1,802.00. The company pays dividends, though the yield is modest.

Last Updated: May 4, 2026, 11:56 pm
Author: Getaka|Social: XLinkedIn
Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in Blue Star Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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