Mirae Asset Sharekhan's research report on Blue Star
Q1FY2026 revenue grew marginally by 4.1% to Rs. 2,982 crore, lagging our estimates. EMP segment led growth, compensated by a fall in UCP and professional segments. Operating profit fell 16% to Rs. 200 crore, with margins declining 159 bps. Adjusted PAT fell 28%, on lower other income and higher depreciation cost. Strong demand traction seen from factories, data centers and healthcare sector. Commercial AC business are also driving strong growth.
Outlook
Stock trades at 53x/44x its FY2026/FY2027 EPS, respectively. We retain our Buy rating and for a PT of Rs. 2,050.
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