Blue Star Ltd is an Indian multinational home appliances company, headquartered in Mumbai. It specializes in air conditioning, commercial refrigeration and MEP (mechanical, electrical, plumbing and firefighting). It is the country's second largest homegrown player in the air conditioning space. Blue Star Limited is India's leading air conditioning and commercial refrigeration company with over seven decades of experience in providing expert cooling solutions.
Blue Star was founded in 1943 by Mohan T Advani as a reconditioning company. Soon after inception, Blue Star ventured into the manufacturing of ice candy machines and bottle coolers and began the design, execution of central air conditioning projects, followed by the manufacturing of water coolers. The company later expanded into new product lines and began exporting to Dubai. It went public in 1969 with an initial public offering, listing on the Bombay Stock Exchange.
Blue Star operates through three primary business segments that showcase its comprehensive approach to the cooling industry. Electro-Mechanical Projects: Large central AC & ventilation projects, Fire-fighting projects, Water projects, Plumbing projects, Electrical projects and Railway electrification. Commercial Air Conditioning: Blue Star is the market leader in Conventional and Inverter Ducted Air Conditioning Systems and Scroll Chillers and is at the second position in VRFs and Screw Chillers Unitary products: ACs, Air Coolers, Water Purifiers, Commercial Refrigeration etc.
It fulfills the cooling requirements of a large number of corporate, commercial as well as residential customers, as well as offers products such as water purifiers, air purifiers and air coolers. It also provides expertise in allied contracting activities such as electrical, plumbing and fire-fighting services, in order to provide turnkey solutions, apart from execution of specialised industrial projects.
The Company offers a plethora of cooling solutions including chillers, ducted systems, VRFs, room ACs, deep freezers, water coolers, and cold rooms, amongst others. It has also made inroads into air purification, engineering facilities management, commercial kitchen and medical refrigeration.
It is the largest after-sales service provider for air conditioning and commercial refrigeration products in the country. Products available in 8,800 outlets in 650+ locations. The Company's integrated business model of a manufacturer; engineering, procurement and construction (EPC) services provider; and an after-sales service provider enables it to provide comprehensive solutions for the Residential, Commercial and Infrastructure segments, making it a key differentiator in the marketplace.
Blue Star has joint ventures in Qatar, Malaysia and Oman which undertake MEP (mechanical, electrical and plumbing) projects for residential, commercial and infrastructure buildings, and exports a range of products to the Middle East, Africa, SAARC and ASEAN regions.
The Company's manufacturing footprint spans more than 1 lakh sq. m, with a focus on product development and R&D centered on energy-efficiency, coupled with eco-friendly and sustainable products. Blue Star places a strong emphasis on strengthening its R&D ecosystem to maintain its growth momentum in a highly competitive market, with four state-of-the-art R&D centres. The recently established Ashok M Advani Innovation Centre in Bhiwandi, near Thane, is dedicated to the design and development of heat pumps and VRFs.
Mkt Cap: 37,858 Crore (up 7.97% in 1 year) as of July 2025. For the full year,net profit rose 42.48% to Rs 591.24 crore in the year ended March 2025 as against Rs 414.95 crore during the previous year ended March 2024. Sales rose 23.56% to Rs 11967.65 crore in the year ended March 2025 as against Rs 9685.36 crore during the previous year ended March 2024.
**Key Financial Highlights for FY25:**
- Revenue: 11,968 Cr
- Profit: 591 Cr
- The carried-forward order book as of 31 March 2025 grew by 9.9% to Rs 6,263.36 crore, compared to Rs 5,697.63 crore as of 31 March 2024.
- The company ended the fourth quarter of FY25 with a net cash position of Rs 640 crore compared to a net cash position of Rs 456 crore as of 31 March 2024.
Promoter Holding: 36.5% and Stock is trading at 12.4 times its book value as of July 2025. Given our record revenue and profits earned, a dividend of ` 7 per share is recommended by the Board of Directors of the Company. The company is listed on both BSE and NSE under the ticker symbol BLUESTARCO.
The Company's philosophy is rooted in the principles of 'Trust' and 'Excellence', which have served as the guiding force behind its remarkable journey of growth. Renowned for its customer-centric ethos, Blue Star is recognised for delivering innovative, value-driven products and solutions that strongly resonate in the market.
It is for all these reasons that our market capitalisation has grown five times in roughly five years, from around `6,700 crores on April 1, 2019, to over` 30,000 crores today. Blue Star continues to strengthen its position as a leading player in India's cooling solutions market, focusing on innovation, sustainability, and customer satisfaction while expanding its presence across domestic and international markets.
