Blue Star Q4 FY26 Results: PAT Rs 227 Crore Up 17% YoY While Full Year Profit Falls 10.8% on Room AC Headwinds

The Blue Star Q4 results for the quarter ended March 31, 2026, were announced on May 6, 2026, with the company reporting a quarterly net profit of Rs 227.05 crore against Rs 194.00 crore in the corresponding quarter last year. Revenue from operations for Q4 FY26 stood at Rs 4,072.06 crore, compared to Rs 4,018.96 crore in Q4 FY25. For the full year FY26, Blue Star reported PAT of Rs 527.33 crore on revenue of Rs 12,401.99 crore. Ankit Jaiswal, Senior Research Analyst at Univest, and Kunal Singla, Associate Director at Univest, have analysed the Blue Star Q4 results in detail to assess the key takeaways for investors.

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Blue Star Q4 FY26 Key Financial Metrics

Parameter	Q4 FY26	Comparison Period	Change
Net Profit (PAT)	Rs 227.05 crore	Rs 194.00 crore	See analysis below
Revenue / Total Income	Rs 4,072.06 crore	Rs 4,018.96 crore	See analysis below
FY26 Annual PAT	Rs 527.33 crore	FY25 base	YoY improvement
FY26 Annual Revenue	Rs 12,401.99 crore	FY25 base	See analysis
Dividend	Rs 8.50 per share (final, face value Rs 2); record date July 17, 2026	N/A	N/A
NSE Ticker	BLUESTARCO	Sector	Air Conditioning / Cooling / Commercial HVAC

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Blue Star Q4 Results Analysis

Strong Q4 Led by Projects Business and Improved Room AC Demand

The Blue Star Q4 results for Q4 FY26 were the strongest quarter of FY26, with revenue of Rs 4,072.06 crore and PAT of Rs 227.05 crore, up 17.1 percent YoY from Rs 194 crore in Q4 FY25. EBITDA grew 16.85 percent YoY to Rs 326.25 crore with margin improving to 8 percent from 6.9 percent. A Rs 18.80 crore reversal of excess gratuity provisions following reassessment of labour code liabilities contributed to the improved Q4 profitability. The Electro-Mechanical Projects and Commercial Air Conditioning segment grew 12.8 percent in FY26 to Rs 6,762.80 crore, driven by data centres, factories, and healthcare projects. Room AC demand improved towards Q4’s end as summer approached. Jaiswal considers the 10.5 percent order book growth to Rs 6,923 crore the most forward-looking positive in the Blue Star Q4 results.

Full Year FY26 PAT Contracts Despite Revenue Growth

Despite the strong Q4, FY26 full year consolidated PAT fell 10.8 percent to Rs 527.33 crore from Rs 591.28 crore in FY25, even as revenue grew 3.6 percent to Rs 12,401.99 crore. The decline was driven by: a 5.1 percent fall in Unitary Products (Room AC) revenue to Rs 5,332.36 crore due to early monsoon onset and mild summer in Q1 FY26, a 17.5 percent fall in other income including treasury income, and higher finance costs rising to Rs 72.14 crore from lower FY25 levels due to higher working capital borrowing. Net cash fell significantly to Rs 175.45 crore from Rs 640.35 crore in FY25. Singla flags this full-year profit contraction alongside the Q4 improvement as the key contextual nuance in the Blue Star Q4 results for investors. Track AC sector peers on the Univest Screener.

Order Book Growth and FY27 Outlook

The carried-forward order book grew 10.5 percent to Rs 6,923 crore as of March 31, 2026, from Rs 6,263.36 crore a year earlier, driven by data centres, manufacturing, and infrastructure projects. Chairman and MD Vir S. Advani noted that the onset of summer from mid-April 2026 has led to a steady pickup in Room AC consumer sales. The company targets revenue growth in FY27 while maintaining operational efficiency. However, rising input and commodity costs along with volatile exchange rates may present margin challenges. The company also launched a wide new Room AC range in Q4 FY26 compliant with new BEE norms effective January 1, 2026.

Risks to the Blue Star Investment Thesis

• Weather Dependency in Room AC: Mild or shortened summers directly impact Unitary Products revenue and margins, as demonstrated by the FY26 Room AC revenue decline of 5.1 percent.
• Working Capital Deterioration: Net cash fell from Rs 640 crore to Rs 175 crore in FY26, reflecting higher working capital intensity that must be corrected in FY27.
• Rising Finance Costs: Finance costs rose to Rs 72.14 crore in FY26 and may remain elevated if working capital borrowing stays high.
• Valuation at Historical Premium: Blue Star trades at an elevated P/E multiple, providing limited margin of safety given the FY26 full-year PAT contraction.

Conclusion

The The Q4 FY26 results for FY26 deliver a tale of two stories: a strong Q4 with PAT up 17.1 percent and EBITDA margin improving to 8 percent, but a full year where PAT contracted 10.8 percent to Rs 527.33 crore despite 3.6 percent revenue growth. The 10.5 percent order book growth to Rs 6,923 crore and early summer demand recovery signal potential FY27 improvement. Ankit Jaiswal, Senior Research Analyst at Univest, considers the order book growth and Electro-Mechanical Projects segment momentum the most constructive forward signals from the The quarterly numbers. Kunal Singla, Associate Director at Univest, emphasises that restoring full-year PAT to and above the FY25 level of Rs 591 crore requires both sustained Room AC recovery and working capital discipline in FY27. The most important variable is whether the summer 2026 demand surge sustains through Q2 FY27 to drive a meaningful Unitary Products revenue recovery.

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DISCLAIMER: This article is for educational and informational purposes only and does not constitute investment advice. Univest analysts are SEBI-registered research analysts (SEBI RA: INH000012449). Investments in the securities market are subject to market risk. Consult a SEBI-registered financial advisor before making any investment decisions.

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Frequently Asked Questions on Blue Star Q4 FY26 Results

What was the PAT in BLUESTARCO results FY26?

The The Q4 FY26 results for Q4 FY26 showed a net profit of Rs 227.05 crore, compared to Rs 194.00 crore in the corresponding period of the previous year. Revenue for Q4 FY26 was Rs 4,072.06 crore. For the full year FY26, PAT stood at Rs 527.33 crore on revenue of Rs 12,401.99 crore. These results were approved at the board meeting held on May 6, 2026.

What dividend was declared after The quarterly numbers FY26?

The board declared or recommended a dividend of Rs 8.50 per share (final, face value Rs 2); record date July 17, 2026 following the BLUESTARCO results announcement. The dividend is subject to shareholder approval unless declared as an interim dividend and reflects the company’s cash generation capacity in FY26. Investors should verify the record date and payment timeline through the company’s official stock exchange filings on NSE or BSE.

What are the key highlights of The Q4 FY26 results FY26?

The key highlights from the The quarterly numbers include: Q4 EBITDA Rs 326.25 crore up 16.8%; EBITDA margin 8% vs 6.9%; FY26 revenue up 3.6%; FY26 PAT down 10.8% from Rs 591.28 crore due to lower other income and higher finance costs; order book Rs 6,923 crore up 10.5%; Electro-Mechanical Projects segment grew 12.8%; Unitary Products down 5.1%. These metrics were confirmed through official filings on NSE and BSE and verified from sources including EquityBulls, Business Standard, and ScanX on May 6 and 7, 2026.

What are the key risks after BLUESTARCO results FY26?

Investors reviewing the The Q4 FY26 results should monitor the risks specific to Blue Star’s business model in the Air Conditioning / Cooling / Commercial HVAC sector. These include macroeconomic sensitivity, sector-specific cyclicality, competitive pressures, and any company-specific operational risks outlined in the analysis above. Always consult a SEBI-registered financial advisor before making any investment decision based on quarterly results.

Where can I track Blue Star live stock price and analyst data after Q4 results?

Track Blue Star (NSE: BLUESTARCO) live price, FII and DII flows, analyst estimates, and peer comparisons on the Univest Screener. For deeper research reports and investment recommendations following the The quarterly numbers, subscribe to Univest Pro at univest.in. Download the Univest Android App or Univest iOS App for live alerts on this stock.

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