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Blue Star Q3 Revenue Up 4% to ₹2,925 Cr; PAT Impacted by ₹56.35 Cr Exceptional Item
Blue Star Limited reported a modest 4.2% year-on-year revenue growth for Q3 FY26, reaching ₹2,925.31 crore. However, Profit Before Tax (PBT) saw a sharp decline of 39.9% to ₹107.62 crore, primarily dragged down by an exceptional loss of ₹56.35 crore. Excluding exceptional items, the profit before tax remained relatively stable at ₹163.97 crore compared to ₹166.48 crore in the previous year. The company also announced key leadership updates, including the re-appointment of B Thiagarajan as Managing Director and the elevation of Mohit Sud to Executive Director for the cooling products division.
Key Highlights
Consolidated Revenue from Operations grew 4.2% YoY to ₹2,925.31 crore in Q3 FY26.
Profit Before Tax (PBT) fell to ₹107.62 crore from ₹178.99 crore in Q3 FY25 due to a ₹56.35 crore exceptional charge.
Profit Before Exceptional Items and Tax stood at ₹163.97 crore, showing a marginal decline of 1.5% YoY.
B Thiagarajan re-appointed as Managing Director for a further term until May 24, 2027.
Mohit Sud appointed as Executive Director - Unitary Cooling Products for a 5-year term starting April 2026.
💼 Action for Investors
Investors should monitor the details of the exceptional loss to confirm if it is a one-time occurrence and assess the impact of the leadership transition in the core cooling products segment. The stock may experience volatility due to the bottom-line miss despite stable top-line performance.
Blue Star Q3 Revenue Up 4.2% to ₹2,925 Cr; Profit Hit by ₹56 Cr Exceptional Loss
Blue Star Limited reported a modest revenue growth of 4.2% YoY for Q3 FY26, reaching ₹2,925.31 crore. However, the bottom line was significantly impacted by a ₹56.35 crore exceptional loss, leading to a Profit Before Tax (PBT) of ₹107.62 crore compared to ₹178.99 crore in the same quarter last year. The company also announced key leadership updates, including the re-appointment of B Thiagarajan as Managing Director and the appointment of Mohit Sud as Executive Director for Unitary Cooling Products. While revenue is growing, rising finance costs and exceptional items are currently weighing on net profitability.
Key Highlights
Consolidated revenue from operations grew 4.2% YoY to ₹2,925.31 crore in Q3 FY26.
Profit Before Tax (before exceptional items) remained nearly flat at ₹163.97 crore vs ₹166.48 crore YoY.
A significant exceptional loss of ₹56.35 crore dragged down the reported PBT to ₹107.62 crore.
Finance costs increased by 38.7% YoY to ₹22.09 crore, indicating higher debt servicing or interest rates.
Management continuity ensured with B Thiagarajan re-appointed as MD until May 2027.
💼 Action for Investors
Investors should exercise caution as the bottom-line miss and exceptional loss may lead to short-term stock price volatility. It is critical to wait for management's clarification on the nature of the exceptional item and the outlook for margin recovery in the cooling products segment.
TARC Ltd Achieves ₹977 Cr Sales in 9M FY26; Receives OC for South Delhi Project
TARC Limited reported strong operational momentum for the first nine months of FY26, achieving sales of ₹977 crore and total business cashflows of ₹910 crore. A major milestone was the receipt of the Occupation Certificate for 'TARC Tripundra' in South Delhi, which will now trigger revenue recognition and formal handovers. Q3 FY26 alone contributed ₹412 crore in sales and ₹264 crore in business cashflows, reflecting steady demand in the luxury segment. The company is also expanding its footprint with new launches in West Delhi and Gurugram to sustain growth.
Key Highlights
Achieved ₹977 crore in sales and ₹603 crore in collections for 9M FY26.
Reported Q3 FY26 sales of ₹412 crore and business cashflows of ₹264 crore.
Received Occupation Certificate (OC) for TARC Tripundra, enabling revenue recognition and possession handovers.
TARC Ishva in Gurugram is largely sold out, with the next phase of sales launching this quarter.
Launching the most premium tower at TARC Kailasa in West Delhi to enhance value realization.
💼 Action for Investors
Investors should view the receipt of the Occupation Certificate for the Tripundra project as a significant de-risking event that will improve the company's P&L through revenue recognition. Monitor the sales velocity of the upcoming premium tower at Kailasa as a gauge for continued luxury market demand.
TARC Receives RERA Approval to Expand TARC ISHVA Project Area to 9.14 Acres
TARC Limited has received an addendum to its RERA registration for the luxury group housing project TARC ISHVA in Sector 63A, Gurugram. This regulatory approval increases the total development area from 6.95 acres to 9.1405 acres, a significant expansion of the project's scale. The approval enables the company to commence sales, transfers, and marketing for the additional area. This expansion is expected to enhance the project's revenue potential and strengthen the company's financial performance in the luxury real estate segment.
Key Highlights
RERA registration addendum received for TARC ISHVA project in Sector 63A, Gurugram
Total project development area increased from 6.95 acres to 9.1405 acres
Approval allows the company to immediately sale, transfer, or advertise the expanded project area
The project is categorized as a Luxury Group Housing development
Registration certificate addendum received from Haryana Real Estate Regulatory Authority (HARERA)
💼 Action for Investors
Investors should view this as a positive development that increases the company's inventory and revenue potential in a prime Gurugram location. Monitor the sales velocity of the expanded area to gauge the project's contribution to future cash flows.
TARC Limited Credit Rating Reaffirmed at IVR BBB- with Negative Watch
Infomerics Valuation and Rating Limited has reaffirmed the credit rating for TARC Limited's Non-Convertible Debentures (NCDs) at IVR BBB-. However, the rating has been placed under 'Rating watch under Negative Implications,' signaling potential credit risks ahead. This status suggests that the agency is monitoring specific developments that could lead to a downgrade. Investors should track the company's debt obligations and cash flow management closely in the coming quarters.
Key Highlights
Infomerics reaffirmed the credit rating of IVR BBB- for the company's Non-Convertible Debentures.
The rating is currently placed under 'Rating watch under Negative Implications'.
The specific debt instrument identified is under ISIN INE0EK907050.
The rating action was verified and released on December 22, 2025.
💼 Action for Investors
Investors should remain cautious as the 'Negative Implications' watch indicates a heightened risk of a future downgrade. Monitor the company's quarterly interest coverage ratio and liquidity position to assess debt servicing capability.
TARC Tripundra Project Receives Completion cum Occupancy Certificate
TARC Limited's wholly-owned subsidiary, Echo Buildtech Limited, has received the Completion cum Occupancy Certificate from the Municipal Corporation of Delhi (MCD) for its luxury residential project 'TARC Tripundra' in New Delhi on December 2, 2025. This certificate signifies that the building is fit for occupation, marking a crucial milestone for the project. This regulatory approval validates the completion of the project and allows TARC to proceed with occupancy and sales, potentially boosting revenue. The approval is perpetual, ensuring long-term validity.
Key Highlights
Completion cum Occupancy Certificate granted on December 2, 2025 by MCD
Certificate is for 'TARC Tripundra' project in New Delhi
Echo Buildtech Limited is a wholly owned subsidiary of TARC Limited
The approval/license is valid perpetually
💼 Action for Investors
Investors should view this regulatory approval positively as it de-risks the project and allows for revenue generation. Monitor sales and occupancy rates in the coming quarters to assess the financial impact.