Analysts/Institutional Investor Meet/Con. Call Updates

November 5, 2026 BSE Limited National Stock Exchange of India Ltd Phiroze Jeejeebhoy Towers, Exchange Plaza, C-1, Block G, Dalal Street, Bandra Kurla Complex, Bandra (East), Mumbai - 400 001 Mumbai - 400 051 BSE Scrip Code: 500067 NSE Symbol: BLUESTARCO Dear Sir/Madam, Sub: Intimation under Regulation 30 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (the ‘Listing Regulations’) - Earnings Call Transcript for the Second Quarter and Half Year ended on September 30, 2026 In furtherance to our letter dated October 30, 2026, whereby the Company had submitted the link to the audio recording of the Earnings Call held post announcement of the Financial Results for the Second Quarter and Half Year ended on September 30, 2026 and pursuant to Regulation 30(6) read with Part A of Schedule Ill of the Listing Regulations, we are enclosing herewith the Earnings Call Transcript of the said Earnings Call, for your information and records. This intimation is also being made available on the website of the Company at www.bluestarindia.com Kindly take the same on record. Thanking you, Yours faithfully, For Blue Star Limited Rajesh Parte Company Secretary & Compliance Officer Encl: a/a Registered Office: Kasturi Buildings, Mohan T Advani Chowk, Jamshedji Tata Road, Mum bai 400 020, India. T: +91 22 6665 4000 CIN: L 28920MH1949PLC 006870 “Blue Star Limited Q2 & H1 FY27 Earnings Conference Call” October 30, 2026 MANAGEMENT: MR. B. THIAGARAJAN – MANAGING DIRECTOR MR. NIKHIL SOHONI – GROUP CHIEF FINANCIAL OFFICER Blue Star Limited October 30, 2026 Moderator: Ladies and gentlemen, good day, and welcome to Blue Star Limited Q2 and H1 FY27 Earnings Conference Call. We have with us today from the management, Mr. B. Thiagarajan, Managing Director, Blue Star Limited; and Mr. Nikhil Sohoni, Group Chief Financial Officer, Blue Star Limited. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star then zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. B. Thiagarajan. Thank you, and over to you, sir. B. Thiagarajan: Thank you. Good morning, ladies and gentlemen. It's a pleasure interacting with you over this conference call. Thank you for joining. You may have already read the results. Blue Star's Q2 FY27 consolidated revenue growth was around 21% and the operating profit grew by around 10.5%. The big picture is the revenue growth was robust across the segment and the room air conditioner specifically did extremely well on the back of extended summer season and the festival season stocking beginning. The margins continue to be under pressure. You may recall after the Q1 results, I had expressed my own disappointment over the profits that we delivered. And in fact, I had stated that it's not a typical Blue Star result at all, and we are ashamed of delivering that kind of numbers in Q1. As I speak to you, I feel much more confident for the simple reason, Q2 turned out to be a period of consolidation and a lot of initiatives undertaken in order to get back to the margin levels, specifically in the unitary cooling products. We had indicated that we are confident of getting back to at least the 6.5%. A lot of work is happening and I feel much more confident now that we will end the financial year, of course, it is entirely now going to be two big windows, one is the real festival season from Diwali until the new year and the other one is the pre-summer sales, February and March, this is what will determine the margins. But we are in the right direction. That is what we can confirm to you. In specifically the room air conditioners, I'm pre-empting so that in the questions, it should not be repeated. First request is because it is a selective disclosure, please do not ask the question about commercial refrigeration revenue value or the EBIT value. We have not been reporting that, one day, we may decide to report. But what I can tell you is that the room air conditioner growth for the industry as well as Blue Star has been good and in Q2 standalone, the industry growth would have been as high as 35% to 40%. We don't know the exact primary sales figures. Blue Star figure is around 42%, the primary growth. The industry growth for H1, we estimate to be around 30% in value terms and Blue Star growth is somewhere around 28%, 29% and in the process, we have held our market share. To recap, Page 2 of 17 Blue Star Limited October 30, 2026 we had lost the market share in the month of April in the tertiary sales. We tried to pass on the price increase in April aggressively, it didn't happen. We had to correct (prices ) through the customer offers. In the process, we gained market share marginally from May onwards. So May, June, July, August, September, we have been gaining market share of what we lost in the critical month of April. But the margins had crashed, and it is beginning to pick up. As we move to Q3, the margin should improve further. In Q4, if the pre-summer sales are going to be robust, we believe that we will be able to get to that target we gave of this year, at least 6.5% we will attempt for the segment 2. The whole year estimate of mine - FY25 to FY26 was a degrowth because it was a bad summer year. FY27 season has been good. Extended summer season is on. Festival season indication so far has been good. I think the revenue growth for room air conditioners could be as high as 25%. The next information I want to disclose is the commercial refrigeration, which was doing badly, is showing signs of revival. I think it will begin to grow from this quarter onwards, that is from Q3 onwards, it should begin to grow. Now there are only two concerns that we have got, one is, the monsoon shortfall leading to lower demand in Tier 3, 4, 5 towns, one part of the problem. The second part of the problem which can impact the demand is the interest rates, which are going up in the process consumer finance, many other triggers can lead to demand beginning to slow down. These are two apprehensions that we have got. But so far, it (demand) has been good. The demand is exceeding our expectations. Fortunately, it is not an energy label change year . We have decided to rejig our product portfolio. That is, if I were to list some 10-15 activities, which are top priority, the foremost one will be how to rejig the product portfolio in order to get back our margins in room air conditioners. The second important part is that while answering the questions, I will explain. The electromechanical projects business, the order booking has been excellent. The revenue growth should be picking up from Q3 onwards, primarily driven by the data center segment. The second segment, which is doing well is the factories. We are defocusing ourselves from the infrastructure segment. The buildings are yet to pick up in a big way. So this is the overall summary. Now I hand it over to Mr. Nikhil Sohoni for his remarks. Nikhil Sohoni: Thank you, Mr. Thiagarajan. Good morning, ladies and gentlemen. I'll give you a short overview of the results for the quarter ended September 26. Since many of you would have already gone through the results, I'll keep the briefing short. In Q1 FY27, the extended summer season resulted in robust demand for room ACs and it helped the company to post a strong revenue growth. However, margins were under pressure across the businesses due to continued escalation in material costs and our inability to fully pass on the same. In the meanwhile, various cost optimization initiatives are beginning to show results. Page 3 of 17 Blue Star Limited October 30, 2026 Financial highlights for the quarter ended on a consolidated basis are already summarized and uploaded. I'll give you th [Showing first 8,000 characters — download PDF for full document]