Blue Star Bags 'Neutral' Rating As Motilal Oswal Initiates Coverage; Stock Fairly Valued

Motilal Oswal highlights Blue Star’s strong positioning in the Indian air-conditioning and refrigeration market, noting its steady rise in room air conditioner market share to ~14% in FY25 from ~7% in FY14, with a target of 15% by FY27. The company also retains leadership in commercial refrigeration with over 31% share in deep freezers and modular cold rooms, and dominance in ducted ACs and scroll chillers (45–50% share).