āagman

Not investment advice. Data and computed figures, for information only.

Blue Star Ltd

NSE: BLUESTARCOF&O
₹1,567.60
−₹24.40 (−1.53%)
NSE · 16 Oct 2026, close
NSE
As of 31 Mar 2026
Market Cap
₹32,364 Cr
CMP
₹1,567.60
52-wk High / Low
₹2,033 / 1,432
P/E
61.2
P/B
9.4
Book Value
₹167.0
Div Yield
0.54%
ROCE
21.0%
ROE
17.2%
Face Value
₹2
D/E
0.24

Price−18.0% over 1Y

āagman read

Computed by āagman
Derived from 12 years and 15 quarters of filings. Not reported by the company.
As of 16 Oct 2026
How we compute these
Piotroski F-Score
4
/ 9
4 of 9 F-score tests passed
Graham Number
₹311
√(22.5 × EPS × book value per share)
ROIC
13.3%
vs 12.3% sector median
Cash flow to profit
0.29
CFO / PAT
Above 1.0 = operating cash flow exceeded reported profit
Margin change
−149
bps OPM YoY
Operating margin vs the same quarter last year
Sustainable growth
11.5%
ROE × earnings retention ratio
ROE stability
5.5
pp σ
Standard deviation of ROE across periods. Lower = more stable
Holder deltas
QoQ
pp
Prom +0.01FII −1.05DII +0.46
Latest quarter vs the previous one
Cash-accrual divergence
4.4%
of assets
Low = accruals track cash flow
Strengths
+ROCE has stayed above the sector median for 5 consecutive years (weakest: 20% vs the 2022 sector median of 18%)
+FII holding rose by 2.3pp over the last year
Watch-outs
−Borrowings are up 121.9% since FY2016 (365 to 810)
−Price trades below its 200-day moving average (0.9x)
−Promoter holding fell by 2.3pp over the last year

Peer comparison

Peers
NameP/EMar Cap ₹ CrROCE %ROE %

Quarterly results

Consolidated basis (as filed) · ₹ Cr · 13 quarters
As of 30 Jun 2026
Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales2,2261,8902,2413,3282,8652,2762,8074,0192,9822,4222,9254,0723,378
Expenses2,0811,7682,0863,0862,6282,1272,5993,7402,7842,2402,7053,7463,203
Operating Profit145123155242238149209279199182220326175
OPM %6.5%6.5%6.9%7.3%8.3%6.5%7.4%6.9%6.7%7.5%7.5%8.0%5.2%
Other Income9131313241921241610−444530
Interest181810128616191017222313
Depreciation23232328283035354143464857
Profit before tax11495134214226131179249163132108300135
Net Profit8371100160169961321941219981227103
EPS (₹)4.333.444.887.818.214.686.459.425.884.823.9211.044.99

Profit & Loss

As of 30 Jun 2026
Consolidated · ₹ Cr · 12 years + TTM
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales3,1823,7984,3854,6395,2355,3604,2646,0647,9779,68511,96812,40212,798
Expenses3,0143,6314,1624,3724,8875,0774,0245,7177,4789,01711,08911,46911,894
Operating Profit168167223266348283240347500669879933903
OPM %5.3%4.4%5.1%5.7%6.6%5.3%5.6%5.7%6.3%6.9%7.3%7.5%7.1%
Other Income−346634222640623619544832141
Interest49433829482965465558497276
Depreciation43576164758892868598128179194
Profit before tax43132159196251206145251555557785703674
Net Profit54106123144190144101168401414591527509
EPS (₹)3.015.826.447.509.877.445.218.7120.7920.1828.7525.6624.77

Balance Sheet

As of 30 Jun 2026
Consolidated · ₹ Cr
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Jun 2026
Equity Capital181819191919191919414141—
Reserves4386127387748547638669981,3112,5693,0243,390—
Borrowings398365221376348520510554662243381810—
Other Liabilities1,3221,5301,6722,0682,1302,1372,1542,7413,4063,7584,8034,325—
Total Liabilities2,1752,5252,6503,2363,3513,4393,5494,3135,3996,6118,2498,567—
Fixed Assets2572593563924004443844338591,1651,5361,697—
CWIP2216342541677215283127123137—
Investments3624211131517295162148267432457—
Other Assets1,8602,0072,2502,8062,8952,9112,7993,5654,3095,0536,1586,276—
Total Assets2,1752,5252,6503,2363,3513,4393,5494,3135,3996,6118,2498,567—

Cash Flows

As of 31 Mar 2026
Consolidated · ₹ Cr
Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity672152571591925845035087247289688154
Cash from Investing Activity11−49−4869−88−65−81−238−67−179−524−463−354
Cash from Financing Activity−26−190−195−20351−181−167−70−82−91365−162137
Net Cash Flow52−241325−181320242−62−2213063−63

Ratios

As of 31 Mar 2026
13 periods
Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %14.015.020.020.020.025.019.013.020.024.026.026.021.0
ROE %————————————17.2
EPS (₹)4.313.015.826.447.509.877.445.218.7120.7920.1828.7525.66
Book Value (₹)————————————167.0
Face Value (₹)————————————2
P/E————————————61.2
Div Yield %————————————0.54
NPM %2.71.72.72.83.13.62.72.32.84.94.34.94.2
OPM %5.05.04.45.06.07.05.06.06.06.07.07.08.0
D/E1.110.870.580.290.470.400.660.580.540.500.090.120.24
P/B————————————9.4

Growth

As of 11 Oct 2026
Compounded sales growth
10 years+13.0%
5 years+24.0%
3 years+16.0%
TTM+6.0%
Compounded profit growth
10 years+18.0%
5 years+50.0%
3 years+27.0%
TTM−1.0%
Stock price CAGR
10 years+19.0%
5 years+28.0%
3 years+21.0%
Last year−19.0%
Return on equity
10 years19.0%
5 years20.0%
3 years19.0%
Last year17.0%

Shareholding pattern

As of 31 Mar 2026
Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters39.07%39.07%38.89%38.76%38.76%38.76%38.78%38.79%36.50%36.47%36.48%36.49%
FIIs9.87%9.87%7.81%7.52%8.80%11.08%11.83%10.45%15.93%16.94%13.80%12.75%
DIIs20.62%20.62%22.77%23.16%22.84%21.56%22.44%25.13%24.69%23.13%27.78%28.24%
Government0.00%0.00%0.26%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
Public30.44%30.44%30.28%30.56%29.60%28.59%26.96%25.65%22.89%23.44%21.92%22.49%
No. of shareholders25,55325,55339,69046,48851,87154,87656,50456,94072,9491,29,5551,11,8521,20,369
Change since Jun 2023 (pp)
Promoters −2.58FIIs +2.88DIIs +7.62Public −7.95

Documents

As of 11 Oct 2026
Announcements
Closure of Trading WindowBoard Meeting Intimation for Consideration And Approval Of The Un-Audited Standalone And Consolidated Financial Results (With Limited Review Report) For The Second Quarter And Half Year Ended On September 30, 2026,Shareholder Meeting / Postal Ballot-Notice of Postal BallotAnnouncement under Regulation 30 (LODR)-Analyst / Investor Meet - IntimationIntimation Under Regulation 30 Of SEBI (LODR) Regulations, 2015 ('Listing Regulations') - Update
Annual reports
Annual Report 2026Annual Report 2025Annual Report 2024Annual Report 2023Annual Report 2022
Credit ratings
Rating updateRating updateRating updateRating updateRating update
Concalls
Aug 2026TranscriptAug 2026PPTAug 2026RecordingMay 2026TranscriptMay 2026PPTFeb 2026TranscriptFeb 2026PPTNov 2025TranscriptNov 2025PPTNov 2025RecordingAug 2025TranscriptAug 2025PPTAug 2025Recording

Corporate actions

As of 17 Jul 2026
17 Jul 2026DIVIDENDDividend - Rs 8.50 Per Share—
18 Jul 2025DIVIDENDDividend - Rs 9 Per Share—
19 Jul 2024DIVIDENDDividend - Rs 7 Per Share—
21 Jul 2023DIVIDENDDividend - Rs 6 Per Share—
20 Jun 2023BONUSBonus 1:1—
21 Jul 2022DIVIDENDDividend - Rs 10 Per Share—
22 Jul 2021DIVIDEND Dividend - Rs 4 Per Share—
19 Mar 2020DIVIDEND Interim Dividend - Rs 10 Per Share—
1 Aug 2019DIVIDEND Annual General Meeting/Dividend - Rs 10 Per Share—
26 Jul 2018DIVIDEND Annual General Meeting/ Final Dividend- Rs 8.50 Per Share/ Special Dividend- Rs 1.50 Per Share—
26 Jul 2017DIVIDEND Annual General Meeting/Dividend - Rs 7.50 Per Share—
22 Mar 2016DIVIDEND Interim Dividend - Rs 6.50/- Per Share—
10 Jul 2015DIVIDENDAnnual General Meeting/Dividend - Rs 5/- Per Share—
10 Jul 2014DIVIDENDAnnual General Meeting / Dividend - Rs 4/- Per Share—
5 Jul 2013DIVIDENDAnnual General Meeting / Dividend Rs.2/- Per Equity Share + Special Dividend Re.1/- Equity Share—
16 Jul 2012DIVIDENDAnnual General Meeting/Dividend Re 1 Per Share—
14 Jul 2011DIVIDENDAnnual General Meeting And Dividend Rs.7/- Per Share—
12 Jul 2010DIVIDENDAnnual General Meeting And Dividend Rs.8/- Per Share—
Fundamentals from a third-party compiler of exchange filings; prices from the exchanges. Not investment advice.© 2026 āagman