Blue Star Ltd Q2FY26 Concall Decoded: Rain, GST & Air-Conditioners — The Great Indian Summer That Wasn’t
1. Opening Hook
Remember when summers sold air-conditioners, not excuses? Blue Star just reminded us that weather forecasts can wreck more than picnics. Between rain that wouldn’t stop and GST that dropped mid-season, the company had to navigate the monsoon blues with a wet spreadsheet and a dry smile.
Still, the management insists the movie’s second half (read: H2FY26) will have a better climax. Popcorn’s on standby — this AC story might just heat up yet. ☀️
2. At a Glance
Revenue up 6.4% – Growth so modest it probably didn’t need a CFO briefing.
EBITDA ₹183.4 Cr (vs ₹149.3 Cr) – Margins cooled at 7.6%, but still warmer than last year’s 6.6%.
Net Profit ₹99 Cr (+2.8%) – Barely beat inflation, but hey, it’s green.
PBT ₹133 Cr (+1.3%) – The accountant’s version of “meh.”
Order Book ₹7,120 Cr (+7.9%) – Projects waiting for clear skies and government paperwork.
Net Borrowing ₹417 Cr – From net cash to net debt, thanks to capex and climate chaos.
3. Management’s Key Commentary
“It was a tough quarter — a rain-interrupted match.” (Translation: The Duckworth-Lewis method now applies to AC sales too.) 🌧️
“We believe H2 will be better, but the shortfall may not be covered.” (Translation: Please don’t ask about FY guidance.)
“Inventory stands at 65 days; ideally, it should be 45.” (Translation: We’re running a warehouse, not just a brand.) 😏
“Commercial AC and Project business remain steady.” (Translation: The B2B guys saved the B2C party — barely.)
“We continue to gain market share even in a tough year.” (Translation: Everyone failed, we failed slightly less.)
“We’ll end happy if industry stays flat this year.” (Translation: The new definition of optimism.)
“Rain keeps interrupting; it’s all Duckworth-Lewis method.” (Translation: Weather apps are now part of business strategy.)
