Blue Star Limited

rs,

November 6, 2025 BSE Limited Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai – 400 001 National Stock Exchange of India Ltd Exchange Plaza, C-1, Block G

2 million

ion provider Commenced operations in 1943, with c. 80 years of operations in India Maintains c. 2 million tonnes of air conditioning and refrigeration equipment Key end-markets, including Residential,

rs1

rengthen presence in USA, Europe 7 manufacturing facilities in India1 with ~ 4000 Channel Partners1 R&D Manufacturing Trading EPC Contractor After-sales Integrated Business Model Strong governan

₹4,840 crore

Electro-Mechanical Projects: TEXT TEXT ❑ The Projects business carried a healthy order book of ₹4,840 crore as of September 30, 2025. ❑ Orders from Buildings, Data Centers, and Factories remained strong, wh

7.6%

cial Highlights– Q2 FY26 Financial Highlights – Q2FY26 Revenue (₹ cr) 2276 2422 EBITDA (₹ cr) 7.6% 183 6.6% 149 Q2FY25 Q2FY26 Q2FY25 Q2FY26 Profit before tax (bei)^ (₹ cr) Earnings per shar

6.6%

ghts– Q2 FY26 Financial Highlights – Q2FY26 Revenue (₹ cr) 2276 2422 EBITDA (₹ cr) 7.6% 183 6.6% 149 Q2FY25 Q2FY26 Q2FY25 Q2FY26 Profit before tax (bei)^ (₹ cr) Earnings per share (EPS)* (₹

7.5%

and Industrial Systems Financial Highlights – H1FY26 Revenue (₹ cr) EBITDA (₹ cr) 5141 5405 7.5% 387 7.1% 383 H1FY25 H1FY26 H1FY25 H1FY26 Profit before tax (bei)^ (₹ cr) Earnings per shar

7.1%

rial Systems Financial Highlights – H1FY26 Revenue (₹ cr) EBITDA (₹ cr) 5141 5405 7.5% 387 7.1% 383 H1FY25 H1FY26 H1FY25 H1FY26 Profit before tax (bei)^ (₹ cr) Earnings per share (EPS)* (₹

32.2%

H1FY26 (185) H1FY25 0.13 (0.07) H1FY25 H1FY26 Capital Turns (Times) ROCE (%) 4.6 4.0 32.2% 25.5% H1FY25 H1FY26 H1FY25 H1FY26 ESG Practices ESG Practices Environmentally Responsible

25.5%

6 (185) H1FY25 0.13 (0.07) H1FY25 H1FY26 Capital Turns (Times) ROCE (%) 4.6 4.0 32.2% 25.5% H1FY25 H1FY26 H1FY25 H1FY26 ESG Practices ESG Practices Environmentally Responsible Operati

4.69 MW

Zero Energy Platinum (Mumbai RHO), GreenCo certification in progress. Sustainable Manufacturing 4.69 MWp solar system supplies ~15% of energy. All plants are Zero Liquid Discharge (ZLD) compliant. Use

15%

HO), GreenCo certification in progress. Sustainable Manufacturing 4.69 MWp solar system supplies ~15% of energy. All plants are Zero Liquid Discharge (ZLD) compliant. Use of BLDC / IE motors, natura

Electro-Mechanical Projects

1

Commercial Air Conditioning Systems

1

International Business

1

Room Air Conditioner

1

Commercial Refrigeration

1

Electro-Mechanical Projects

TEXT TEXT ❑ The Projects business carried a healthy order book of ₹4,840 crore as of September 30, 2025. ❑ Orders from Buildings, Data Centers, and Factories remained strong, while we maintained a selective approach in Infrastructure projects.

Commercial Air Conditioning Systems

❑ Business grew in line with market trends. ❑ Leadership in Ducted System, strong position in VRF and Chiller categories.

International Business

❑ The business has started gaining traction in H1FY26. ❑ Future growth potential is dependent on India–US trade deal. Segment 2 - Unitary Products

Room Air Conditioner

❑ Revenue decline in Room Air Conditioning business was driven by: oExtended monsoon across India. oDeferred demand following GST rate reforms from mid-August until late September. ❑ Preparations are underway for new product launches ahead of Summer 2026.

Commercial Refrigeration

❑ The recent GST reduction on food products is expected to fuel robust demand growth in H2FY26. ❑ We are expanding our energy-efficient, IoT- enabled portfolio and deepening our reach in Tier 2 and 3 markets through localized distribution and service networks. Segment 3 - Professional Equipment and Industrial Solutions ❑ Industrial solutions continued its strong growth momentum on the back of manufacturing and testing demand. ❑ Data Security Solutions continued with steady performance driven by robust demand from BFSI and large enterprises. ❑ MedTech Solutions is currently seeing a moderation in revenue and profitability due to the uncertainties on regulatory policy framework. Financial Highlights– Q2 FY26 Financial Highlights – Q2FY26 Revenue (₹ cr) 2276 2422 EBITDA (₹ cr) 7.6% 183 6.6% 149 Q2FY25 Q2FY26 Q2FY25 Q2FY26 Profit before tax (bei)^ (₹ cr) Earnings per share (EPS)* (₹) 131 133 4.67 4.80 Q2FY25 Q2FY26 Q2FY25 Q2FY26 *Not Annualized ^before share of Profit/(Loss) of JV and exce