Guidance ledger · Q4 FY26

Blue Star Limited BLUESTARCO

5 revisions on record · 0 lowered · 5 raised — the strikethrough is what management used to say

directional guidance only · shifted across quarters

Holding view → · latest concall · The pulse

↑ raised Segment-II (UCP / RAC + Commercial Refrigeration) margin Q2 FY26 → Q4 FY26

~~we should be very happy if we end the year anywhere between 7% to 7.5%~~ → 8% to 8.5% is the outlook for the market

“we are still maintaining that 8% to 8.5% is the outlook for the market”

↑ raised Net cash / borrowings position Q2 FY26 → Q4 FY26

~~Net borrowings of Rs. 417 cr as of September 30, 2025~~ → RS.175.5 Crore as of March 31, '26

“Net cash position was at RS.175.5 Crore as of March 31, '26 as compared to a net cash position of RS.640.3 Crore as of March 31, 2025”

↑ raised FY27 RAC industry volume Q4 FY26 → Q4 FY26

~~14.5 to 14.75 million (FY26 actual, -5% YoY)~~ → 17.5 million for FY27

“I think it should be 17.5 million for FY27. I also mentioned FY26 final figure, it should be close to 14.75 million or 14.5 million to 14.75 million”

↑ raised Q1FY27 industry RAC growth (good-summer scenario) Q3 FY26 → Q4 FY26

~~Q3FY26 expressed 8.5% kind of a margin is bare minimum~~ → 25% to 30% growth for Q1 over last year

“a good performance would mean anywhere between 25% to 30% over last year”

↑ raised Data center MEP medium-term revenue Q3 FY26 → Q4 FY26

~~data center as growth tailwind without quantification~~ → RS.1,000 Cr to potentially RS.3,000 Cr within 3 years = 15% of company revenue

“the MEP part of that RS.1,000 Crore has the potential to go to RS.3,000 Crore within 3 years. Roughly 15% of Blue Star's revenue may be coming from data center, MEP business alone”

Method. Revisions come from management's own stated numbers, compared quarter over quarter across the covered concalls; each carries the verbatim quote. “No revisions” can also mean guidance too vague to pin down — see the posture chip above. Not investment advice.