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Nirmal Bang Report
Brokerage firm Nirmal Bang continues to believe Blue Star Ltd. is well placed to ride room AC industry tailwinds and estimates 18% volume compound annual growth rate over the next five years, with its B2B businesses — led by the data centre MEP order pipeline — also showing strong growth momentum.
Backed by these fundamentals and long-term growth drivers, Nirmla Bang has maintained its Buy rating with a revised SOTP-based target price of Rs 1,834, implying ~22% upside from the current market price of Rs 1,508.
This implies a blended P/E of ~45.5x on FY28-29E blended earnings, broadly in line with its 10- year historical average.
The brokerage believe this valuation fairly captures key strengths-
- ~16% adjusted EPS CAGR over FY26–28E, and
- ~16% RoCE by FY28E.
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