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Blue Star Ltd (BLUESTARCO)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 500067 NSE: BLUESTARCO Air Conditioners | Small Cap | Blue Star Share Price

₹1,560.05 46.45 (3.07%)

As on 11-Sep'26 14:38

Blue Star Ltd (BLUESTARCO)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 500067 NSE: BLUESTARCO Air Conditioners | Small Cap | Blue Star Share Price

₹1,560.05 46.45 (3.07%)

As on 11-Sep'26 14:38

Key Metrics
Valuation Multiples
Market Cap
₹31,122 Cr.
Current Price
₹1,560.1
52-Week Low / High
₹1,432 / 2,032
TTM EPS
₹24.8
TTM Sales
₹12,798 Cr.
Book Value per Share
₹171.3
P/E Ratio
61.12
Lower than its 5-year historical median
Industry PE
109.4
Price to Book (P/B)
8.83
Lower than its 5-year historical median
Price to Sales (P/S)
2.43
Lower than its 5-year historical median
EV/EBITDA
32.25
Lower than its 5-year historical median
Dividend Yield
0.54%
Profitability Efficiency
Return on Equity (ROE)
16.27%
Outperforms industry median
Return on Capital Employed (ROCE)
21.17%
Outperforms industry median
Return on Assets (ROA)
6.27%
Operating Profit Margin
7.4%
Net Profit Margin
4.25%
Gross Profit Margin
7.4%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
4%
Operating Profit Growth (1 Year)
Slowing versus 3-year growth rate
5.77%
Net Profit Growth (1 Year)
Slowing versus 3-year growth rate
-10.82%
Asset Quality
Promoter Holding
36.50%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹3,482 Cr.
Equity
₹41.1 Cr.
Face Value
₹2
All Time Low / High
₹1.87 / 2419.95

Blue Star stock performance

Key Ratios
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Quality

Very Good
Check detailed performance

Valuation

Somewhat Overvalued

Check Valuation charts

Price Trend

Semi Strong
Check Price chart
Q.1 Is Blue Star Ltd a good quality company?
Blue Star Ltd is a good quality company, based on a consistently good multi-year financial track record.

This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

View More

We have analysed the performance of the company on the following:

  • How has it performed on generating Profits?

    By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.

  • How efficiently has it utilized Capital?

    By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.

  • How is it managing its Debt?

    By checking its Debt to Equity and Cash Flow from Operations.

View More
How does Blue Star Ltd performance compare with that of its Peers?
Q.1 Revenue growth of Blue Star Ltd vs industry peers?
Blue Star Ltd revenue CAGR is 23.81%, compared to the industry median CAGR of 22.31%, indicating faster growth and gaining its market share.
Q.1 Promoter shareholding and pledge status of Blue Star Ltd?
Promoters hold 36.50% of the Blue Star Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Q.1 Stock return of Blue Star Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 19.5% based on the current price.
View More

10 Year X-Ray :

Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Blue Star Ltd has performed well in majority of the past ten years indicating its past ten year financial track record is very good

Value Creation ⓘ

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
ROCE % ⓘ16.2%17.5%17.3%15%11.7%16.2%34.1%24.3%23.7%17.2%-
Value Creation
Index ⓘ		0.20.30.30.1-0.10.21.51.21.10.5-

Growth Parameters ⓘ
Sales ⓘ4,0874,3034,7844,7863,8425,3957,3538,99911,32611,77912,131
Sales YoY Gr.-5.3%11.2%0.1%-19.7%40.4%36.3%22.4%25.9%4%-
Adj EPS ⓘ5.76.36.46.82.46.813.3182420.116.8
YoY Gr.-10.4%2.7%5.6%-65.1%187.3%95.5%35%33.7%-16.2%-
BVPS (₹) ⓘ47.749.249.944.147.752.466.4122.2138.7148.3151.7
Adj Net
Profit ⓘ		10812012413145.6131256369494414346
Cash Flow from Ops. ⓘ129-2914739230858.830424766241.4-
Debt/CF from Ops. ⓘ1.2-112.51.31.99.21.610.517.8-

CAGR ⓘ

9 Years 5 Years 3 Years 1 Years
Sales ⓘ12.5%25.1%17%4%
Adj EPS ⓘ15.1%53.4%14.8%-16.2%
BVPSⓘ13.4%25.5%30.7%7%
Share Price 19.9% 30.3% 24.7% -17.3%

Key Financial Parameters ⓘ

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
Return on
Equity % ⓘ		12.612.91314.45.213.622.419.518.41411.2
Op. Profit
Mgn % ⓘ		4.84.46.34.75.15.56.26.56.565.6
Net Profit
Mgn % ⓘ		2.72.82.62.71.22.43.54.14.43.52.9
Debt to
Equity ⓘ		0.20.30.40.60.60.50.40.10.10.2-
Working Cap
Days ⓘ		15818218918521617416215714916084
Cash Conv.
Cycle ⓘ		112415143182624253213

Valuation of Blue Star - Consolidated

YTD 1Y 3Y 5Y 10Y Max
mw4me loader

YTD 1Y 3Y 5Y 10Y Max
mw4me loader

YTD 1Y 3Y 5Y 10Y Max
mw4me loader

YTD 1Y 3Y 5Y 10Y Max
mw4me loader

mw4me loader

Analyst's Notes

data not found
No data found!

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Financials

PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Sales4,3854,6395,2355,3604,2646,0647,9779,68511,96812,402
Operating Expenses ⓘ + 4,1634,4204,8885,0774,0245,7187,4859,02011,11011,495
Manufacturing Costs1,1251,0641,3251,3361,0621,4472,1702,6703,2713,662
Material Costs2,2492,4492,6602,7382,2553,3454,1044,8365,9756,052
Employee Cost 339398421485382509591749919918
Other Costs ⓘ 450510482519326417620765945863
Operating Profit ⓘ 222219347283240346493665857907
Operating Profit Margin (%) 5.1%4.7%6.6%5.3%5.6%5.7%6.2%6.9%7.2%7.3%
Other Income ⓘ + 35642545623631479385
Exceptional Items ⓘ 053-400171013-39
Interest ⓘ 38294829654655584972
Depreciation ⓘ 6164758892868598128179
Profit Before Tax ⓘ 159196251206148251555557785703
Tax ⓘ 374942654783155143194176
Profit After Tax 122146209141101168401414591527
PAT Margin (%) 2.8%3.2%4.0%2.6%2.4%2.8%5.0%4.3%4.9%4.3%
Adjusted EPS (₹)6.47.59.97.45.28.720.820.228.825.7
Dividend Payout Ratio (%)58.20%66.70%50.70%67.20%38.40%57.40%28.90%34.70%31.30%33.10%
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26

Equity and Liabilities

Shareholders Fund + 7507908737828851,0181,3312,6103,0613,420
Share Capital ⓘ 19191919191919414141
Reserves ⓘ 7317708547638669981,3112,5693,0203,379
Debt +216370345449452303371167199627
Long Term Debt2026948349242162000
Short Term Debt19634433640110261210167199627
Minority Interest1222333332
Trade Payables1,1771,5331,5351,5821,6052,0422,5112,6173,4282,943
Others Liabilities ⓘ 3974294895425589201,2231,2151,5581,574
Total Liabilities ⓘ 2,5433,1233,2433,3583,5024,2855,4396,6118,2498,567

Fixed Assets

Net Fixed Assets ⓘ +2883303323813724228491,1551,5291,690
Gross Block3594545216507108381,3291,7202,1562,474
Accumulated Depreciation72124190269338416481565628783
CWIP ⓘ 342541677215283127123137
Investments ⓘ 11131517295162148267432457
Inventories5961,0178698708821,1441,4331,4072,1492,166
Trade Receivables9399501,1128388111,1901,5491,9531,9592,140
Cash Equivalents 9781101294332270243377432402
Others Assets ⓘ 5797067738917389451,1341,3251,6241,574
Total Assets ⓘ 2,5433,1233,2433,3583,5024,2855,4396,6118,2498,567
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Cash Flow From Operating Activity ⓘ + 1591925845035087243289688154
PBT ⓘ 159196251206145251555557785703
Adjustment ⓘ 566091122110112-7145136180
Changes in Working Capital ⓘ -59-191-48207105-237-212-276-52-557
Tax Paid ⓘ 2-45-35-85-10-39-93-136-182-172
Cash Flow From Investing Activity ⓘ + 69-88-65-81-240-69-182-525-464-359
Capex -106-92-79-8117-218-353-436-350-322
Net Investments 159-300-27613725-101-130-48
Others ⓘ 1681411912146121611
Cash Flow From Financing Activity ⓘ + -20351-181-167-70-82-76365-162137
Net Proceeds from Shares ⓘ 7131000001,00000
Net Proceeds from Borrowing ⓘ 50-14729765-82-36900
Interest Paid ⓘ -38-28-48-31-40-41-66-64-33-51
Dividend Paid ⓘ -2-86-115-230-1-39-96-116-144-185
Others ⓘ -175153-2747-326-68169-8715373
Net Cash Flow ⓘ 25-181320241-64-1412962-68
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Ratios
ROE (%)20.3118.9825.161712.0717.6634.1321.0320.8516.27
ROCE (%)19.9120.925.0319.1216.4520.9735.8526.2627.621.17
Asset Turnover Ratio1.781.641.641.621.241.561.641.611.611.48
PAT to CFO Conversion(x)1.30.131.233.193.470.520.610.71.160.29
Working Capital Days
Receivable Days71.4074.2071.9066.4070.6060.2062.706659.7060.30
Inventory Days46.7063.3065.8059.2075615953.5054.2063.50
Payable Days184202210.50207.80258180.90174.50169.10158.70164

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Blue Star Ltd FAQs

The current trading price of Blue Star on 11-Sep-2026 14:38 is ₹1,560.1.

Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 10-Sep-2026 the market cap of Blue Star stood at ₹31,121.9 Cr

The latest P/E ratio of Blue Star as of 10-Sep-2026 is 89.97.

The latest P/B ratio of Blue Star as of 10-Sep-2026 is 9.98.

The 52-week high of Blue Star is ₹2,032 and the 52-week low is ₹1,432.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Blue Star is ₹12,131 ( Cr.) .

Past 10 year's financial track record analysis by Moneyworks4me indicates that Blue Star Ltd is a good quality company.

The key valuation ratios of Blue Star Ltd's currently when compared to its past seem to suggest it is in the Somewhat overvalued zone.

The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of Blue Star Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.

About Blue Star Ltd

Blue Star is India's leading Air Conditioning, Commercial Refrigeration and MEP (Mechanical, Electrical, Plumbing and Fire-fighting) contracting company. 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. 

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. 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. Additionally, the company also offers expertise in allied contracting activities such as electrical, plumbing, fire-fighting and industrial projects, further enhancing its ability to deliver turnkey solutions.

Blue Star’s range of elegant and contemporary Air Purifiers packed with advanced features such as SensAir and nanoeTM or Plasma technologies, supported by a multi-stage filtration process, helps keep the air in homes pure, clean and healthy. Further, the company also rolled out its new innovative models: AC with in-built air purifier, which cools and purifies the air in the room at the same time; and next-gen Wi-Fi-enabled 5-star inverter split AC, which can be operated through voice commands in both English and Hindi by using an appropriate interface device. 

With a robust network of many offices, several modern manufacturing facilities across the country, and over thousands of employees, Blue Star operates retail outlets and maintains service centres across more many towns in India. Its expansive global footprint is complemented by ventures in marketing and maintenance of imported professional electronic equipment and services, as well as industrial products and systems. Blue Star places a strong emphasis on strengthening its R&D ecosystem to maintain its growth momentum in a highly competitive market, with state-of-the-art R&D centres. 

Business area of the company

Blue Star offers one of India’s widest range of air conditioning and commercial refrigeration products, as well as a comprehensive range of air purifiers, water purifiers, air coolers, cold storages and specialty products. The diverse air conditioning product range serves both commercial and residential segments, and includes a solution for every need. Blue Star’s AC&R range has been further augmented recently by the launch of product categories such as water purifiers, air purifiers and air coolers, each a complete range of technologically advanced solutions. The company’s Water Purifiers use RO+UV technology and a 3-stage filtration process along with unique features such as cold and hot water, touchscreen, speech assist and electronic dispensing to deliver absolutely safe and pure drinking water. 

Products

  • Room Air Conditioners
  • Air Coolers
  • Air Purifiers
  • Water Purifiers
  • Cassette Air Conditioners
  • Verticool Air Conditioners
  • Central Air Conditioning
  • Heat Pumps
  • Commercial Refrigeration
  • Cold Storages
  • Water Coolers
  • Speciality Products

Awards and recognitions

2016-17

  • Blue Star was recognised as the ‘MEP Company of the Year’ at the Annual Metro Rail India Summit 2017.
  • Blue Star Oman Electro-Mechanical Company LLC has won the ‘Most Promising MEP Contractor’ at the Dossier Construction’s Infrastructure Awards & Summit 2016.
  • Blue Star received the Brand Excellence Award in FMCG sector (Consumer Durables) in 2016.
  • Blue Star chillers were certified by the Air Conditioning, Heating, and Refrigeration Institute (AHRI) for achieving a 100% success rate in the performance testing of the air cooled as well as water cooled chillers in 2016.
  • The Company won the Water Digest Awards 2017 for the ‘Best Domestic RO+UV Purifier’ in the country.

2017-18

  • Blue Star was recognised as the MEP Contractor of the Year at the 'Construction Week India Awards 2017’.
  • Blue Star received a commendation, ‘Strong Commitment to Excel’ at ‘CII-EXIM Bank Awards for Business Excellence, 2017’.
  • Blue Star won the IDC Insight Awards for Operational Excellence 2017 for its mobile-based Preventive Maintenance Service app.
  • Blue Star won an award for its mobile field service app at the ‘12th Annual CIO 100 Symposium and Awards ceremony 2017’ and at the ‘Manufacturing IT Summit 2017’.

2018-19

  • Blue Star was recognised in “Best Brands 2019” by the Economic Times group.
  • Blue Star was felicitated at the YES Bank Best CFO & Digital Transformation Awards 2018, with an award for its remote monitoring project ‘rView’, under the category ‘Best Customer Excellence’.
  • Blue Star’s Air Conditioning and Refrigeration Service Group won a ‘Customer Excellence in Manufacturing and Engineering’ award for its Service Management Mobile app at the Indian Merchants’ Chambers Digital Technology Awards.
  • Blue Star’s Himachal Pradesh Plant won the ‘KK Pillar Best Kaizen’ award at the 11th National TPM Circle Competition organised by CII.
  • Blue Star Customer Service Group won the ‘Gold Plus’ award at the CII-EXIM Bank Awards for Business Excellence and was also commended with the ‘Gold Plus’ award at the 26th Quality Summit 2018.
  • Blue Star won the 'MEP Contractor of the Year' award at Construction Week India 2018 Awards for the third time at the 8th edition of the Construction Week India 2018 Awards.
  • Blue Star’s Water Purifier Division’s innovative product, Stella, was awarded the ‘Best Domestic RO+UV Water Purifier’ in the country for the third time in a row and Blue Star’s Research & Innovation Center (R&I)-WPD was awarded the 'Best Water R&D and Technological Breakthrough’ for its product, ‘Eternia’ at the 13th edition of Water Digest Awards.

2019-20

  • Wada Plant won the ‘Excellence Award’ for ‘5S’ Kaizen Implementation.
  • Dadra Plant won the first prize at the 31st Quality Circle Regional Finals organised by CII.
  • Won the prestigious Golden Peacock awards for Excellence in Corporate Governance-2019.
  • Won the prestigious Golden Peacock Award for Corporate Ethics-2019.
  • Best Governed Company award in the medium listed company category at the 19th ICSI National Awards for Excellence in Corporate Governance.
  • Won the ‘MEP Contractor of the Year’ award at Construction Week India 2019 Awards for the fourth time at the ninth edition of the Construction Week India 2019 Awards.
  • ‘Cold Room Manufacturer of the Century’ at the ‘Hall of Fame Awards’ by the Indian Food Service Equipment Council
  • Gold Award for quality concepts in the International Convention on Quality Concepts, Japan.
  • CIO Award for digital transformation.
  • Negative Temperature condensing unit adjudged ‘Innovative Refrigeration Product of the Year 2019’ at Refcold India Emerson Awards
2020-21

  • Blue Star’s Dadra plant was declared winner at the 3rd CII National Kaizen Circle Competition in the ‘Innovative Stream in the Manufacturing Sector - Large Segment’ category
  • Blue Star’s Himachal Pradesh plant won the CII National LEAN Manufacturing award
  • Blue Star was declared winner at the 37th National Kai-Zen Competition organised by CII
  • Blue Star won the ‘MEP Contractor of the Year’ award by Construction Week India for the 5th time for its work done at Apollo’s Proton Cancer Care (APCC) centre in Chennai, at the 10th Annual Construction Week India Awards 2020
  • Blue Star was declared winner of the ‘Golden Peacock Award for Excellence in Corporate Governance’ for the second time in a row
  • Jubilant FoodWorks recognised Blue Star with the ‘Long Term Partnership’ award for the sales and service support provided by Blue Star
  • Blue Star was recognised by Flipkart with the ‘Best Customer Service Support’ award for providing best support during the times of Big Billion Days and the festive season
2021-22
  • Blue Star adjudged as the ‘MEP Contractor of the Year’ in recognition of the work done for Apollo Tyres Tada at the 11th Annual Construction Week India Awards 2021
  • Blue Star conferred with the ‘Golden Peacock Award for Corporate Governance 2021’
  • Blue Star’s Dadra Plant declared ’Silver Winner’ at the 11th Edition of CII 3M Competition in 2021
  • Blue Star’s Wada Plant wins Platinum and Gold awards at the 10th CII National Poka Yoke Competition
  • Blue Star recognised with the ‘Diversity Marketing Campaign of the Year’ Award at the D&I Summit and Awards 2021
  • Blue Star wins the ‘Excellence in HR through Technology’ Award organized by the World HRD Congress under the category of Maharshtra Best Employer Brand Awards
  • Blue Star bestowed with the ‘Best Product Quality Subcontractor’ Award from L&T for HVAC works at the Chennai Airport
  • Blue Star wins ‘Best Water R&D and Technological Breakthrough-Domestic’ award at Water Digest Awards 2021-22
2022-23
  • Blue Star winning the 'MEP Contractor of the Year' award by Construction Week India for the seventh time in a row for the MEP works at the OLA Future Factory, Tamil Nadu
  • Blue Star declared winner of the prestigious ‘Golden Peacock Award for Excellence in Risk Management’ for the second time
  • Blue Star recognised for 'Design Innovation in Building' at the Autodesk Imagine Awards
  • Blue Star winning the award for 'Best Customer Service Initiative of the Year 2022' 
  • Blue Star being awarded the ‘Best Water R&D and Technological Breakthrough-Domestic’ award at the 15th edition of Water Digest Awards 2021-22
  • Blue Star winning the Best Stall award at CII Agro Tech Export, Chandigarh
  • Blue Star certified as a 'Great Place to Work'
2023-24
  • At the ‘India Design Mark’ awards held in Coimbatore, Blue Star secured two prestigious awards for ‘Hard Top Chest Freezer’ and ‘Glass Top Chest Freezer’.
  • Blue Star’s Himachal Pradesh Plant won a Gold medal in the Large-scale Manufacturing Facility category at the prestigious ‘National Awards for Manufacturing Competitiveness (NAMC) 2022’
  • Blue Star Climatech’s Sri City Plant was awarded a Gold medal for being highly competitive in manufacturing at the ‘National Awards for Manufacturing Competitiveness (NAMC) 2023-24’ event
  • Blue Star won the ‘CII TCM Cost Maturity Award’ at the CII Cost Congress 2023.
  • At the Data Analytics and AI Show 2024, Blue Star was awarded the ‘Best Use of Real-Time Analytics Platform’ award for its outstanding implementation of AI in Invoice Analytics
  • Blue Star won the ‘MEP Contractor of the Year’ award at the 13th Construction Week India Awards 2023 for the Wistron Project in Bengaluru.
2024-25
  • Blue Star was honoured with the prestigious Adam Smith award for ‘Best Emerging Technology Solution’
  • Dadra Plant won multiple Gold Awards at the International Convention on Quality Control Circles
  • Himachal Pradesh Plant won Gold award at the Quality Circle Forum of India
  • Blue Star won Gold Award at the National Competitiveness Cluster Summit
  • Blue Star honoured with seven Brandon Hall HCM Excellence Awards at the HCM Excellence Conference
  • Sri City Plant won multiple accolades at the Quality Circle Forum
  • Wada and Dadra Plants won at the 12th Manufacturing Today Annual Conference and Awards
  • Wada Plant won Excellence Award for rooftop solar at the CII Performance Excellence Award
  • Blue Star won at the Future of Learning Summit and Awards
  • Blue Star honoured with the Best Use of Technology in CX award at the 8th Service Quality Excellence India Summit and Awards
  • Blue Star won NSCI Safety Award for a project in Pune
  • Blue Star awarded the Best Warehousing Company of the Year at the prestigious 3rd Annual Warehouse and Supply Chain Leadership Awards
  • Blue Star won Special Recognition for Design Innovation at the Autodesk Imagine Award
  • Blue Star won two awards at the All India Supply Chain Rankings

History and milestones

  • 1943: Mohan T Advani establishes Blue Star Engineering Company as a proprietary firm.
  • 1946: Blue Star secures Melchior Armstrong Dessau agency.
  • 1947: Worthington selects Blue Star as Indian partner. Manufacturing of ice candy machines and bottle coolers begins. Central air conditioning system design and execution begins.
  • 1948: Manufacturing of water coolers commences.
  • 1949: Proprietorship converted to Private Limited Companies.
  • 1954: Blue Star selected as distributor for Honeywell.
  • 1955: GDR Testing machines distributorship begins.
  • 1957: Perkin-Elmer tie-up marks the start of the electronics business. GDR business machines agency commences.
  • 1960: Total income crosses the Rs 1 crore mark.
  • 1962: GDR Machine Tools distributorship begins.
  • 1964: Total employment crosses 1,000.
  • 1965: Techniglas Pvt Ltd set up to manufacture insulation material.
  • 1969: Factory moves from Colaba in Mumbai to Thane.
  • 1970: Hewlett-Packard distributorship commences.
  • 1972: First skyscrapers of Mumbai - Air India Building, Express Towers and Oberoi Hotel set-up - all air conditioned by Blue Star.
  • 1972: Total income crosses Rs 10 crore. Employment crosses 2,000.
  • 1974: Water Cooler manufacturing license granted to Yusuf Alghanim, Kuwait.
  • 1977: Middle East thrust begins. Joint Venture (JV) with Al Shirawi in Dubai.
  • 1977: Hitachi Medical Equipment distributorship begins.
  • 1978: Industrial Division commences activity.
  • 1980: Bharuch factory set up.
  • 1980-86: Major AC and R projects executed in the Middle East.
  • 1983: International Software Division inaugurated in Seepz.
  • 1984: York technology collaboration begins.
  • 1985: Manufacturing of centrifugal packaged chillers commences at Thane plant.
  • 1986: Total income crosses Rs 100 crore.
  • 1987: Gandhinagar factory set up for EPABX systems.
  • 1987: Yokogawa Blue Star JV formed.
  • 1988: Assembly of personal computers under the brand name ‘Quantum’ begins.
  • 1988: Manufacturing collaboration with Mitsubishi commences.
  • 1988: Blue Star becomes India’s largest central air conditioning company.
  • 1989: JV with Hewlett-Packard and Motorola begins.
  • 1990: Gandhinagar factory closes.
  • 1992: Blue Star exits from Motorola JV.
  • 1992: Total income crosses Rs 200 crores.
  • 1993: Blue Star celebrates its 50th Anniversary.
  • 1993: Formation of Arab Malaysian Blue Star JV in Malaysia.
  • 1995: Blue Star exits from HP India JV.
  • 1997: Dadra plant inaugurated.
  • 1998: Major thrust on dealerization and brand building begins.
  • 1999: Blue Star exits from industrial projects business.
  • 2000: International Software business spun off to form Blue Star Infotech. Gets listed on stock exchange.
  • 2001: Total income crosses Rs 500 crores. Export of air conditioning products begins.
  • 2003: Blue Star exits Yokogawa JV.
  • 2005: Blue Star sets up factory at Kala Amb in Himachal Pradesh.
  • 2006: Blue Star opts for a 5 for 1 stock split.
  • 2006: Total income crosses the Rs 1,000 crores mark.
  • 2007: Blue Star sets up its 5th factory at Wada in Thane district.
  • 2007: Formation of Blue Star Qatar, headquartered at Doha, to handle central air conditioning and MEP contracts in the Middle East for residential, commercial and industrial purposes.
  • 2008: Total income crosses Rs 2,000 crores.
  • 2008: Blue Star powers into Building Electrification by acquiring Naseer Electricals, a leading electrical contractor.
  • 2010: The Company acquires D S Gupta Construction, the largest independent Indian plumbing & firefighting contractor. Thereby fortifying Blue Star’s integrated mechanical, electrical and plumbing & firefighting (MEP) contract offerings.
  • 2011: Blue Star forays into the residential air conditioning segment.
  • 2012: Blue Star celebrates Birth Centennial of Founder, Mohan T Advani.
  • 2013: Blue Star celebrates its 70th Anniversary.
  • 2015: International Business Group was formed, comprising Global Product Sales and International Projects, with a focus on increasing the Company’s global footprint.
  • 2015: Professional Electronics & Industrial Systems business of the Company transferred to a separate subsidiary named Blue Star Engineering & Electronics.
  • 2015: Blue Star enters into JV with W J Towell & Co LLC; forms Blue Star Oman Electro-Mechanical Company LLC.
  • 2015: Total income crosses Rs 3,000 crores.
  • 2016: The Company forays into professional kitchen equipment and healthcare refrigeration.
  • 2016: Blue Star expands its product portfolio to water purifiers, air purifiers and air coolers.
  • 2017: Total income crosses Rs 4,000 crores.
  • 2017: The Company sets up a wholly owned subsidiary, Blue Star International FZCO, in Dubai Airport Freezone, UAE to consolidate its international business ownership.
  • 2017: Blue Star forays into Engineering Facility Management.
  • 2017: Blue Star receives its first patent for a unique Vacuum Breaker Assembly for deep freezers.
  • 2018: Total Income crosses Rs 4600 crores.
  • 2018: Blue Star embarks on its Platinum Jubilee Year.
  • 2019: Blue Star appoints Virat Kohli as the Company’s Brand Ambassador.
  • 2020: Blue Star wins 'The Best Governed Company' award at the '19th ICSI National Awards for Excellence in Corporate Governance'
  • 2021: Blue Star expands market reach with the launch of new affordable range of split ACs to cater to the mass market.
  • 2022: Blue Star inaugurated a new contemporary office at Thane, the ‘Blue Star Innovation Centre.
  • 2022: Blue Star inaugurated the Company’s first-of-its-kind ‘Customer Experience Centre,’ built on an area of 1000 sq ft, at Blue Star Innovation Centre in Thane.
  • 2022: Blue Star forays into Water Projects Business
  • 2022: Blue Star’s revenue crosses Rs 6000 crore mark!
  • 2023: With a Total Income of Rs 8008.19 crores Blue Star delivers exceptional financial results in FY23 in an orbit shifting all round performance
  • 2024: Vir S Advani takes over the reins of the Company, as Chairman and Managing Director

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