The Increasing middle-class consumers with "high disposable incomes," particularly from smaller Tier III, IV and V markets, will drive India's air-conditioning business forward.

According to Blue Star's annual report, the air-conditioning business, currently valued at ₹27,500 crore (USD 3.3 billion), is expected to triple in the next four years.

Vir S Advani, Chairman and Managing Director of Blue Star, believes that the Indian HVAC&R (heating, ventilation, air conditioning, and refrigeration) industry is primed for exponential expansion.

Advani stated in the company's annual report for 2023-24 that the residential and commercial AC industry in India is expected to double in size in the next four years, with a present value of roughly ₹27,500 crore.

Given the shifting weather patterns that result in hotter summers, the company is "optimistic" about its future business outlook, which includes a fresh and resilient product range in residential and commercial air-conditioning.

Blue Star has implemented a three-year strategy plan to expand its core capabilities, acquire additional expertise, develop new processes and adopt innovative technology, according to Advani.

“In FY25, the Company will continue to focus on growing faster than the market, margin improvement initiatives through a comprehensive Total Cost Management programme, prudent management on financial capital, leadership development and succession planning,” it stated.

Blue Star's revenue increased by 21.4% to ₹9,685.36 crores by the end of FY24.

After 80 years in business, the company increased its market share in the room air conditioner (RAC) segment during the year. It is projected to be 13.75 percent this year, up from 13.50 percent in FY23.