Blue Star

“And this capex will include certain R&D expenditure, which will be there on the products and also a certain amount of digital expenditure, which we'll be doing.”

“One is the carried forward order book as of September 30, 2026, which marginally grew to Rs. 7,229 cr as compared to Rs. 7,120 cr as of September 30, 2025.”

“We expect significant growth in order inflows in the coming months. The growth of billing during this quarter was sluggish as execution of few projects experienced delays.”

“And we have stated that there is an order book possibility of around Rs. 3,000 cr which will grow in 3-year time to Rs. 6,000 cr.”

“Electromechanical projects during the quarter, the order inflows were mainly from data centers, while the inquiry inflows are good from factories as well.”

“I think it will begin to grow from this quarter onwards, that is from Q3 onwards, it should begin to grow.”

“The revenue growth should be picking up from Q3 onwards, primarily driven by the data center segment.”

“We are defocusing ourselves from the infrastructure segment. The buildings are yet to pick up in a big way.”

“We expect only a single-digit growth this year from that business.”

“The data center alone could be 10% to 12%.”

“the industry growth would have been as high as 35% to 40%. We don't know the exact primary sales figures. Blue Star figure is around 42%, the primary growth.”

“The industry growth for H1, we estimate to be around 30% in value terms and Blue Star growth is somewhere around 28%, 29% and in the process, we have held our market share.”

“On the other hand, the conclusion of U.S. trade deal and possible resolution of West Asia crisis can be the tailwinds.”

“It is primarily driven by deep freezer and the cold chain equipment and the FMCG sector has not been doing well.”

“Market size-wise, if you look at it, today, the EPC part of it, our estimate is it is around Rs. 12,000 cr.”

“So May, June, July, August, September, we have been gaining market share of what we lost in the critical month of April. But the margins had crashed, and it is beginning to pick up.”

“The company has embarked on a program to rejig the product portfolio with differentiated and cost optimized SKUs in order to improve the margins.”

“The segment result was Rs. 133 cr, which was 6.9% of revenue in Q2 FY27 as compared to Rs. 147 cr, which was 8.8% of revenue in Q2 FY26.”

“Thus, the segment result was lower at Rs. 21 cr, which was 2.3% of revenue as compared to Rs. 43 cr, which was 6.2% of revenue in Q2 FY26.”

“While we remain optimistic about the revenue growth momentum in H2 FY27, our thirst will be on improving the margins through price revisions and product cost optimizations.”

“The quarter ended with net cash position of Rs. 289 cr as of September 30, 26 as compared to the net borrowings of Rs. 417 cr as of September 30, 2025.”

“The good news is these are all 8 to 9 months duration projects, it comes with the good excellent payment terms, so cash flow is not an issue.”

“During this quarter, the company sold its MedTech business for total consideration of Rs. 35.6 cr. The transaction was completed on August 31, 2026.”

“For the previous question on the MedTech, the revenue is Rs. 41 cr in FY26.”

“The liquid cooling, even for Indian market, as of now, we don't have the technology. We are on the lookout for multiple discussions are taking place.”

“whether somebody will be giving me a technology or it is a joint venture for Indian market as well as the international market, that option is open, but we don't have anything to state today.”

“Since the company is no longer required to render warranty obligations for MedTech business, the provisions pertaining to same have been written back, which resulted in improved profitability.”

“And most of these adjustments kind of come in quarter 2 for whatever are the incentives, warranties provided for in the earlier years because they get settled by the end of quarter 1.”

“It it is an exceptional item. The revenue from that business, I'll just tell you in a minute.”

“The monsoon shortfall, consequent drop in farm income and interest rate hike can have a potential impact on demand.”

“We don't expect that at all because the fact of the matter is the production capacity in the country today, including the OEMs, all put together is much more than the demand.”

“The second part is that Q2 growth of some 35% to 40%, the caution that we are saying is that if it is already growing, why it should not grow continuously, why it is tapering off. I am saying it could get taper off that is where the caution is.”

“the production capacity in the country today, including the OEMs, all put together is much more than the demand. It will be 1.7 to 2x if they want to produce, this is what will be available.”

“Next is this is the fastest-growing market segment within consumer durables. And there will be competition, there will be aggression.”

“Segment 1, that is Electromechanical Projects and Commercial Air Conditioning Systems. The segment revenue grew 16.3% to Rs. 1,936 cr in the current quarter as compared to Rs. 1,664 cr in the quarter 2 of last year.”

“Coming to Segment 2, which is Unitary Products. The revenue grew 29.4% to Rs. 898 cr in Q2 FY27 as compared to Rs. 694 cr in Q2 FY26.”

“the revenue grew by 51% to Rs. 97 cr in Q2 FY27 vs Rs. 64 cr in Q2 FY26.”

“Q2 FY27 consolidated revenue growth was around 21% and the operating profit grew by around 10.5%.”

“I do not recollect 12% guidance.”