Blue Stars results came in above our expectations for 2QFY2020 on both top-line and bottom-line fronts. The company reported 21% yoy top-line growth and PAT was up 94% yoy due to healthy sales and improvement in operating margin. Outlook & Valuation: We estimate Blue Star to report top-line CAGR of ~13% to `6,651cr over FY2019-21E