Angel Broking maintains a buy rating on Blue Star (BSL) with a target price of Rs867. BSL is one of the largest air-conditioning companies in India. With a mere 3 percent penetration level of ACs compared to 25 percent in China, the overall outlook for the room air-conditioner (RAC) market in India is favourable.
Aided by increasing contribution from the Unitary Products, Angel Broking expects the overall top-line to post revenue CAGR of 19 percent over FY2017-19E and margins to improve from 5.8 percent in FY2017 to 6.6% in FY2019E.
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