Blue Star Limited , a leading air conditioning and commercial refrigeration company, has announced the appointment of Manish Jha as Group President, Manufacturing and Senior Management Personnel, effective November 5, 2025. This strategic move comes as the company reports modest growth in its second quarter financial results for the fiscal year 2026.

Key Appointment Details

Manish Jha brings over 26 years of experience in manufacturing and supply chain operations to Blue Star. His appointment, recommended by the Nomination and Remuneration Committee and approved by the Board of Directors, is expected to strengthen the company's manufacturing capabilities.

Jha's professional background includes:

• Mechanical Engineering graduate from NIT, Patna
• Post-Graduate Diploma in Business Management from IIM, Indore
• Certification in Production and Inventory Management from the American Production and Inventory Control Society
• 16 years of experience overseeing manufacturing and supply chain operations for six manufacturing units at Tata Cummins
• Recent position as Head of Supply Chain at Tata Motors Commercial Vehicles

Q2FY26 Financial Performance

Alongside this key appointment, Blue Star reported its financial results for the quarter ended September 30, 2025:

• Revenue from Operations grew by 6.4% to Rs 2,422.37 crores
• Operating Profit (EBITDA excluding Other Income) increased by 22.8% to Rs 183.41 crores
• Net Profit grew by 2.8% to Rs 98.78 crores

The company faced some challenges during the quarter, including:

• Seasonal slowdown in the Room ACs segment due to extended monsoon and lower temperatures
• Deferred demand for Room ACs and Commercial Air Conditioning due to GST rate reduction announcement

Segment Performance

1. Electro-Mechanical Projects and Commercial Air Conditioning Systems

• Revenue grew by 16.5% to Rs 1,664.21 crores
• Segment result stood at Rs 147.14 crores (8.8% of Revenue)

2. Unitary Products (Room Air Conditioners and Commercial Refrigeration)

• Revenue declined by 9.5% to Rs 693.81 crores
• Segment result was Rs 42.72 crores (6.2% of Revenue)

3. Professional Electronics and Industrial Systems

• Revenue declined by 20.1% to Rs 64.35 crores
• Segment result was Rs 6.17 crores (9.6% of Revenue)

Outlook

Vir S. Advani, Chairman & Managing Director of Blue Star Limited, commented on the company's performance and future prospects: "While demand in some businesses was temporarily impacted, the Company's diversified portfolio and strong execution capabilities continue to reinforce its long-term growth trajectory. As far as the Room AC business is concerned, the benefit of GST rate rationalisation is likely to accelerate consumer demand and drive long-term market expansion."

The company remains focused on prudent cost management and optimizing working capital levels to enhance performance in the second half of the fiscal year.

With Manish Jha's appointment and the company's strategic focus on manufacturing and operational efficiency, Blue Star aims to strengthen its position in the market and capitalize on upcoming opportunities in the air conditioning and refrigeration sectors.

Blue Star Limited , a leading air conditioning and commercial refrigeration company, has reported a modest growth in its financial performance for the second quarter of fiscal year 2026 (Q2FY26), despite facing seasonal headwinds and regulatory changes.

Financial Highlights

The company's consolidated financial results for Q2FY26 show:

Segment Performance

Electro-Mechanical Projects and Commercial Air Conditioning Systems

• Revenue grew by 16.5% to ₹1,664.21 crore
• Segment result improved to ₹147.14 crore (8.8% of revenue) from ₹119.21 crore (8.3% of revenue) in Q2FY25
• Strong billing growth due to healthy order book and faster project execution

Unitary Products

• Revenue declined by 9.5% to ₹693.81 crore
• Segment result decreased to ₹42.72 crore (6.2% of revenue) from ₹53.92 crore (7.0% of revenue) in Q2FY25
• Affected by unfavorable weather conditions and mid-quarter GST rate rationalization announcement

Professional Electronics and Industrial Systems

• Revenue declined by 20.1% to ₹64.35 crore
• Segment result improved to ₹6.17 crore (9.6% of revenue) from ₹5.17 crore (6.4% of revenue) in Q2FY25
• Decline primarily due to uncertainties in the MedTech Solutions Business

Operational Highlights

• The Room ACs segment experienced a seasonal slowdown due to extended monsoon and lower temperatures
• Demand for Room ACs and Commercial Air Conditioning was deferred due to GST rate reduction announced on August 15, 2025, effective from September 22, 2025
• Execution of factories and data centre projects remained steady in the Electro-Mechanical Projects business
• The Commercial Refrigeration business had a modest quarter due to muted seasonal demand and extended monsoon

Management Commentary

Vir S. Advani, Chairman & Managing Director of Blue Star Limited, commented on the results: "While demand in some businesses was temporarily impacted, the Company's diversified portfolio and strong execution capabilities continue to reinforce its long-term growth trajectory. As far as the Room AC business is concerned, the benefit of GST rate rationalization is likely to accelerate consumer demand and drive long-term market expansion."

Outlook

The company expects:

• A rise in demand during the Christmas and New Year period, ahead of the energy label change implementation on January 1, 2026
• Potential slower order inflows in the Electro-Mechanical Projects business
• Revival in demand for the Commercial Air Conditioning business

Blue Star remains focused on prudent cost management and optimizing working capital levels to enhance performance in the second half of the fiscal year.

The company's ability to navigate seasonal challenges and regulatory changes while maintaining growth demonstrates its resilience in a dynamic market environment. Investors and stakeholders will be watching closely to see how Blue Star capitalizes on the expected demand revival and manages its diverse business segments in the coming quarters.