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Blue Star has announced a board meeting to consider the financial results for the quarter and half-year.
Q4FY25 revenue rose 20.8% to Rs. 4,019 Cr, with EBITDA margin at 7.0% versus 7.3% YoY, and PBT before exceptional items up 16.2% at Rs. 249 Cr. FY25 revenue grew 23.6% to Rs. 11,977 Cr, EBITDA margin improved to 7.3% with 31.7% growth, and PBT increased 38.6% to Rs. 772 Cr. Order book hit a record Rs. 6,263 Cr (+9.9%).
Electro-Mechanical Projects and Commercial AC led with 30.6% quarterly growth and steady 7.6% margin. Unitary Products rose 14.7%, driven by Room AC (~14% market share), while Professional Electronics declined 19.2%.
Management flagged a weak April (industry down 15-20%), with Blue Star growing ~5%. Summer recovery and FY26 growth are expected, supported by a strong order book, Room AC sales of 1.53 million units, and Commercial Refrigeration pickup. Ongoing investments in R&D, digitalization, and capacity expansion continue.
Supply chain localization is improving; compressor manufacturing options are being explored. Pricing hikes of 3-5% in H1 FY25 saw limited demand impact.
Room AC market should grow ~19% CAGR through 2030; Commercial AC at 12-12.5%. Targeted margin expansion to ~9% may face competitive and investment pressures. Management remains confident but cautious on near-term demand volatility and focused on market share gains and operational excellence.