BLUESTARCO · Consumer Durables
Blue Star Ltd. reported revenue of ₹2,931 cr for July to September 2026, +21.0% on the year and −13.2% on the quarter. That is faster than this quarter has grown in recent years (+13.4% on average), so the year-on-year number is not just the season. Over the last four quarters revenue comes to ₹13,306 cr, +8.8% on the four before.
Operating profit (EBITDA) was ₹203 cr, a margin of 6.9%, −59 bps on the year and +175 bps on the quarter. Over the last 8 quarters the margin has ranged from 5.2% to 8.0%, averaging 7.0%. Operating costs grew +21.8%, faster than revenue at +21.0%, so operating profit grew less than sales.
Net profit was ₹124 cr, +25.3% on the year and +20.4% on the quarter, with earnings per share of ₹6.03. Profit before other income, one-offs and tax fell 3.3%, so 29 points of the headline growth came from outside the core business. The tax rate of 21% is in line with its recent average. Profit over the last four quarters totals ₹535 cr, −2.0% on the four before.
Of the 17 companies in Consumer discretionary and retail that have reported Q2 FY27 so far, Blue Star Ltd. ranks 5th on revenue growth; the sector median is +16.4%. Its margin moved −59 bps on the year against a sector median of +133 bps.
Retail growth comes from new stores and from sales at existing stores; the statements show the total, the filing shows how much each contributed. The quarterly statements do not carry same-store sales, stores added and revenue per square foot; those come with the filing read.
On earnings per share of ₹25.98 over the last four quarters, the stock at ₹1,577.50 trades at 60.7 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
Headline profit grew much faster than core profit. What made up the difference?
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹2,241 cr | ₹3,328 cr | ₹2,865 cr | ₹2,276 cr | ₹2,807 cr | ₹4,019 cr | ₹2,982 cr | ₹2,422 cr | ₹2,925 cr | ₹4,072 cr | ₹3,378 cr | ₹2,931 cr |
| YoY | — | — | +29% | +20% | +25% | +21% | +4% | +6% | +4% | +1% | +13% | +21% |
| EBITDA margin | 6.9% | 7.3% | 8.3% | 6.5% | 7.4% | 6.9% | 6.7% | 7.5% | 7.5% | 8.0% | 5.2% | 6.9% |
| Other income, % of PBT | 10% | 6% | 11% | 15% | 12% | 10% | 10% | 8% | −41% | 15% | 22% | 25% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 25% | 25% | 25% | 27% | 26% | 22% | 26% | 25% | 25% | 24% | 24% | 21% |
| Net profit | ₹100 cr | ₹160 cr | ₹169 cr | ₹96.0 cr | ₹132 cr | ₹194 cr | ₹121 cr | ₹99.0 cr | ₹81.0 cr | ₹227 cr | ₹103 cr | ₹124 cr |
| YoY | — | — | +104% | +35% | +32% | +21% | −28% | +3% | −39% | +17% | −15% | +25% |
| Core profit YoY | — | — | +92% | +37% | +31% | +12% | −27% | +9% | −4% | +13% | −29% | −3% |
| EPS | ₹4.88 | ₹7.81 | ₹8.21 | ₹4.68 | ₹6.45 | ₹9.42 | ₹5.88 | ₹4.82 | ₹3.92 | ₹11.04 | ₹4.99 | ₹6.03 |
| Flags | · | · | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | 1 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Blue Star Ltd. reported revenue of ₹2,931 cr (+21.0% on the year) and net profit of ₹124 cr (+25.3% on the year) for July to September 2026.
Profit before other income, exceptional items and tax moved −3.3% on the year, against +25.3% for reported profit.
1 check raised a question: Headline profit grew much faster than core profit. What made up the difference?
No. FinMinutes reports what was filed and the questions the numbers raise. It does not recommend buying, selling or holding any security.
Numbers as filed with the exchanges, read by rules. Every flag is a question with its source, not an accusation. FinMinutes is a financial data and analytics platform; nothing here is a recommendation to buy, sell or hold any security. How each check works.