Blue Star ↗

Liquidity remained strong, supported by cash and liquid investments of ₹833.42 crore, gross cash accruals (GCA) of ₹724.08 crore, and modest utilisation of working capital facilities.

The company’s liquidity profile remained strong, supported by cash and liquid investments of ~₹833 crore against total debt of ~₹1,177 crore as on March 31, 2026.

The average utilisation of fund -based working capital limits remained modest at ~10.5% in the 12 months ended April 30, 2026, indicating substantial unutilised banking lines and financial flexibility.

Although net cash flow from operations moderated to ₹153.81 crore in FY26 (FY refers to April 01 to March 31) from ₹688.07 crore in FY25, largely on account of higher inventory levels and increased working capital intensity, the company continued to generate healthy gross cash accruals of ₹724.08 crore in the year.

Furthermore, an increase in lease liabilities during the year contributed to the rise in total debt.At the same time, the company maintained a strong liquidity position, with cash and liquid investments amounting to approximately ₹846 crore as on March 31, 2025.

Capital expenditure aimed at enhancing revenue growth and operational efficiency BSL operationalised Phase I of its Sri City manufacturing facility in January 2023, adding 3.48 lakh units of annual capacity at a project cost of ₹350 crore, completed on time.

Over the trailing 12 months up to March 2025, the average utilisation of its fund-based working capital facilities remained low at approximately 8%, reflecting prudent financial management.

As on March 31, 2024, BSL’s overall gearing has improved to 0.37x (against 0.75x as on March 31, 2023) with cash and liquid investments of around ₹626 crore.

The company has an outstanding order book of ₹6,598 crore under EMP segment with nearly the entire order book from the domestic market.The capital structure is comfortable with overall gearing at 0.23x and cash & cash equivalent of ₹436 crore as on September 30, 2024.

Capex activity to aid revenue growth and operational efficiency going forward BSL has operationalised the new manufacturing facility at Sri City, Andhra Pradesh, since January 2023 for Phase-I (3.48 lakh units) with project cost of ~₹350 crore without time overruns and below the estimated costs.

Term loan totalling ₹162 crore obtained for setting up plant in Sri City have been repaid in October 2023 using QIP issue proceeds and NCDs amounting to ₹175 crore were repaid in June 2023, through internal accruals.

Press Release Liquidity: Strong The company’s liquidity position remains strong, marked by cash balances and liquid investments of ₹626.3 crore as on March 31, 2024.

Stable / CARE A1+ Reaffirmed 627.00 Short-term bank facilities* CARE A1+ Reaffirmed (Reduced from 683.00) Commercial paper 500.00 CARE A1+ Reaffirmed Commercial paper 200.00 CARE A1+ Reaffirmed Details of instruments/facilities in Annexure-1. *CARE Ratings Limited notes that Blue Star Limited has no outstanding dues towards BNP Paribus bank and the said sanctioned limits now stands cancelled.

As on March 31, 2024, BSL’s overall gearing has improved to 0.18x(as against 0.75x as on March 31, 2023) with cash and liquid investments of around ₹626 crore.

Capex activity to aid revenue growth and operational efficiency going forward BSL has operationalised the new manufacturing facility at Sri City, Andhra Pradesh since January-2023 for Phase-I (3.48 lakh units) with project cost of around ₹350 crores without any time overruns and below the estimated costs.

Term loan totalling ₹162 crore obtained for setting up plant in Sri City have been repaid in October 2023 using QIP issue proceeds and NCDs amounting to ₹175 crores were repaid in June 2023, through internal accruals.

Liquidity: Strong The company’s liquidity position remains strong, marked by cash balances and liquid investments of ₹626.3 crore as on March 31, 2024.

The liquidity continues to be strong supported by cash and liquid investments of ₹373 crore as on March 31, 2023, and moderately utilised bank lines providing sufficient cushion in terms of funding requirements.

Capex activityto aid revenuegrowth and operational efficiency going forward: BSL has operationalised the new manufacturing facility atSri City, Andhra Pradesh since January2023 for Phase-I (3 lakh units) with project cost of ₹350 crore without any time overruns and below the estimated costs.

The liquidity continues to be strong supported by cash and liquid investments of ₹373 crore as on March 31, 2023, and moderately utilised bank lines providing sufficient cushion in terms of funding requirements.

Capex activity to aid revenue growth and operational efficiency going forward: BSL has operationalised the new manufacturing facility at Sri City, Andhra Pradesh since January-2023 for Phase-I (3 lakh units) with project cost of Rs. 350 crores without any time overruns and below the estimated costs.

The liquidity continues to be strong supported by cash and cash equivalents of ₹356 crore as on June 01, 2022, and moderately utilised bank lines providing sufficient flexibility.

Liquidity: Strong The company’s liquidity position remains strong, marked by cash balances and liquid investments of ₹415 crore as on March 31, 2022.

The company had cash balances and liquid investments of Rs. 326 crore as on August 31, 2021.

As on September 30, 2020 the overall gearing deteriorated to 1.10x as compared to 0.51x as on September 30, 2019 as company issued NCDs worth of Rs.350crore to pay off short term debt (CPs and LCs) and maintain strong liquidity during H1FY21.

Liquidity: Strong BSL’s cash and cash equivalent stood at Rs.228crore as on September 30, 2020, further, the company has Rs.196crore in short term investments (MF).

As a result of which the company’s cash and cash equivalent (including liquid investments in MF) was at Rs.424crore as on September 30, 2020.

Average utilization of fund based and non-fund based limits was 55% (average utilization excluding March-May20 is mere 20%) & 70% respectively for the past twelve months ending October 2020.

The company plans to issue medium term NCDs of Rs.350 crore as a means to finance its long term working capital requirements.

Liquidity: Strong The cash and cash equivalent stood at Rs.286 crore as on March 31, 2020.

The net cash flow from operations stood at Rs 457 crores during FY20 which supports the liquidity position of the company.

Average utilization of fund based and non-fund based limits was 22% & 74% respectively for the past twelve months ending April 2020.

The Company plans to issue medium term NCDs of Rs.350 crore as a means to finance its long term working capital requirements.

Liquidity: Strong The cash and cash equivalent stood at Rs.286 crore as on March 31, 2020.

Average utilization of fund based and non-fund based limits was 22% & 74% respectively for the past twelve months ending April 2020.

Despite lower reliance on working capital, the debt size has increased on account of fresh term loan amounting to Rs.50 crore being availed to fund the capex requirement in H1FY20.

Liquidity: Adequate Liquidity is marked by consistently improving annual cash accruals which stood around Rs.275.58crore in FY19 (vis-à-vis Rs.216.54crore in FY18.

Further the company has cash & bank balance of Rs.97.63crore as on March 31, 2019 (vis-à-vis Rs.78.19 crore as on March 31, 2018) and Rs.148.57crore as on September 30, 2019.

BSL has sanctioned fund-based limits of around Rs.465.22crore and non-fund based utilization of around Rs.1809 crore which has average utilization of around 39% & 63% respectively for the past twelve months ending November 2019.

BSL has sanctioned fund-based limits of around Rs.465.22crore and non-fund based utilization of around Rs.1809 crore which has average utilization of around 39% & 63% respectively for the past twelve months ending November 2019.

The company had a cash and cash equivalent balance of Rs. 34 crore as on December 14, 2018.