Blue Star Limited (BLUESTARCO.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-18.4%

₹1,274.14

vs ₹1,561.80 price

Levered DCF

-₹685.99

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

Safe zone

Rating

B-

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	62.8×	72.51×	61.36×	33.17×	60.39×	89.65×	30.88×	35.25×
P/B	9.66×	13.57×	9.76×	9.98×	9.96×	10.16×	5.66×	7.68×
P/S	2.67×	3.48×	2.63×	1.67×	1.67×	2.11×	0.83×	1.28×
EV / EBITDA	35.16×	48.33×	38.53×	28.77×	29.26×	35.57×	15.52×	19.2×
Gross margin	14.2%	23.5%	23.1%	22.0%	21.5%	22.9%	24.6%	24.5%
Operating margin	6.1%	12.7%	12.0%	11.6%	10.1%	10.5%	11.3%	12.3%
Net margin	4.3%	4.9%	4.3%	5.0%	2.8%	2.3%	2.7%	3.6%
Current ratio	1.31×	1.28×	1.3×	1.11×	1.17×	1.26×	1.04×	1.09×
Debt / equity	0.24×	0.12×	0.09×	0.5×	0.54×	0.58×	0.66×	0.4×
Interest coverage	10.42×	31.18×	20.06×	16.93×	13.2×	6.91×	20.63×	13.54×
Dividend yield	0.6%	0.3%	0.5%	0.7%	0.4%	0.0%	5.2%	1.7%
Payout ratio	35.0%	24.3%	27.9%	24.1%	23.1%	1.2%	160.7%	60.7%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	15.4%	19.3%	15.9%	30.1%	16.5%	11.3%	18.3%	21.8%
Return on invested capital	12.8%	32.2%	29.6%	33.3%	25.6%	21.5%	31.5%	64.6%
Return on assets	6.2%	7.2%	6.3%	7.4%	3.9%	2.8%	4.2%	5.7%
Free cash flow yield	-0.7%	0.8%	-0.6%	-0.9%	-1.2%	3.2%	8.4%	2.4%
Earnings yield	1.6%	1.4%	1.6%	3.0%	1.7%	1.1%	3.2%	2.8%
Enterprise value	₹335.4B	₹415.5B	₹253.4B	₹137B	₹104.2B	₹91.8B	₹46.6B	₹69.6B
Net debt / EBITDA	0.43×	-0.05×	-0.2×	0.88×	0.81×	0.71×	0.78×	0.73×
Cash conversion cycle (days)	58	34	45	37	35	24	26	45