Blue Star Limited · NSE:BLUESTARCO
Blue Star — Q2 FY26 Earnings Presentation
20 slides from Blue Star's earnings presentation, November 2025
Slide 1: Investor Presentation Q2 FY26
Investor Presentation Q2 FY26
Slide 2: Forward Looking Statement
Forward Looking Statement Certain statements in this presentation regarding our business operations may constitute forward- looking statements. These include all statements other than statements of historical facts, including those regarding the financial position, business strategy, management plan
Slide 3: Our Values
Our Values VISION CREDO “To dream, to strive, to care “I am Blue Star. I take pride in and, above all to be the best in delivering a world-class everything we do.” customer experience.”
Slide 4: 8 Decades – A Growth Journey
8 Decades – A Growth Journey 1943 1947 1969 1993 EBITDA 1997 EBITDA 2005-07 1977 Reve Margin Earnings before Margin Earnings before Started Enters South- Mohan T Advani Listed on Forays into New Setinterest, up worldtaxes, Set up taxes, interest, founds Blue Star Central Air East Asia with depreciat
Slide 5: Snapshot
Snapshot Maintains c. 2 million Key end-markets, Air conditioning, Commenced operations in tonnes of air conditioning including Residential, Refrigeration and MEP 1943, with c. 80 years of and refrigeration Commercial, Industrial, solution provider operations in India equipment and Infrastructure. P
Slide 6: Strong governance is the key pillar of Blue Star
Strong governance is the key pillar of Blue Star through out its existence Chairmen Emeriti Ashok M Advani Suneel M Advani Board of Directors Vir S Advani* B Thiagarajan* P V Rao* Chairman & Managing Director Executive Managing Director Director Arvind K Singhal Rajiv R Lulla Sunaina Murthy Dinesh V
Slide 7: Manufacturing Facilities
Where Cooling Solutions are shaped Manufacturing Facilities Location: Himachal Pradesh 2 Location: Himachal Pradesh 1 Started in: 2011 Started in: 2005 Ahmedabad Started in: 2012 Dadra Started in: 1997 Location: Sri City Started in: 2023 Wada Started in: 2007
Slide 8: Business Overview – Q2 FY26
Business Overview – Q2 FY26
Slide 9: Segment - Electro-Mechanical Projects and Commercial Air Conditioning Systems
Segment 1 - Electro-Mechanical Projects and Commercial Air Conditioning Systems Electro-Mechanical Projects: TEXT TEXT ❑ The Projects business carried a healthy order book of ₹4,840 crore as of September 30, 2025. ❑ Orders from Buildings, Data Centers, and Factories remained strong, while we maintai
Slide 10: Segment - Unitary Products
Segment 2 - Unitary Products Room Air Conditioner: ❑ Revenue decline in Room Air Conditioning business was driven by: oExtended monsoon across India. oDeferred demand following GST rate reforms from mid-August until late September. ❑ Preparations are underway for new product launches ahead of Summer
Slide 11: Segment - Professional Equipment and Industrial Solutions
Segment 3 - Professional Equipment and Industrial Solutions ❑ Industrial solutions continued its strong growth momentum on the back of manufacturing and testing demand. ❑ Data Security Solutions continued with steady performance driven by robust demand from BFSI and large enterprises. ❑ MedTech Solu
Slide 12: Financial Highlights – Q2 FY26
Financial Highlights– Q2 FY26
Slide 13: Financial Highlights – Q2FY26
Financial Highlights – Q2FY26 Revenue (₹ cr) EBITDA (₹ cr) 7.6% 2276 2422 6.6% 183 149 Q2FY25 Q2FY26 Q2FY25 Q2FY26 Profit before tax (bei)^ (₹ cr) Earnings per share (EPS)* (₹) 131 133 4.67 4.80 Q2FY25 Q2FY26 Q2FY25 Q2FY26 *Not Annualized ^before share of Profit/(Loss) of JV and exceptional items
Slide 14: Segment Highlights – Q2FY26
Segment Highlights – Q2FY26 Segment 1: Electro- Segment 2: Unitary Segment 3: Professional Mechanical Projects and Products Electronics and Industrial Commercial Air Systems Conditioning Systems
Slide 15: Financial Highlights – H1FY26
Financial Highlights – H1FY26 Revenue (₹ cr) EBITDA (₹ cr) 7.5% 7.1% 5141 5405 387 383 H1FY25 H1FY26 H1FY25 H1FY26 Profit before tax (bei)^ (₹ cr) Earnings per share (EPS)* (₹) 357 12.88 298 10.68 H1FY25 H1FY26 H1FY25 H1FY26 *Not Annualized ^before share of Profit/(Loss) of JV and exceptional items
Slide 16: Balance Sheet Position – H1FY26
Balance Sheet Position – H1FY26 Net Borrowings / (Cash Position) (₹ cr) Debt Equity Ratio 0.13 417 (185) (0.07) H1FY25 H1FY26 H1FY25 H1FY26 Capital Turns (Times) ROCE (%) 4.6 4.0 32.2% 25.5% H1FY25 H1FY26 H1FY25 H1FY26
Slide 17: ESG Practices
ESG Practices
Slide 18: ESG Practices
ESG Practices Environmentally Social Responsibility Governance Responsible Operations & Community Impact Excellence Eco-Conscious Product Innovation Diversity & Inclusion Robust Compliance Framework Focus on energy-efficient and sustainable 10.4% of female representation in Code of Conduct and Whist
Slide 19: Industry recognition for achievements
Industry recognition for achievements Corporate governance and management Golden Peacock Award Winner of ICSI Best Golden Peacock Award Great Place to Work – for Corporate Governance Governed Company for Risk Management Certified Organization 2019/2020/2021 (Listed: Medium) 2020/2022/2023 2023 2019
Slide 20: Thank You
Thank You