Blue Star (BLSTR) has reported a muted performance in 1QFY20 with its adjusted PAT growing by 1% YoY to Rs768mn due to muted revenue growth and lower margin across segments. Blended EBITDA margin declined by 184bps YoY to 7.3%. Its revenue grew by 4% YoY to Rs15.8bn led by 9% YoY growth in unitary products segment, while revenue of project business remained flat. Order book rose by 34% YoY to Rs28.4bn, while order inflow grew by 55% YoY to Rs9.7bn. We continue to remain positive on BLSTR on the back of improving margin profile, healthy balance sheet and healthy market share. We maintain our BUY recommendation on the stock with...