Blue Star

** Room air-conditioning and commercial refrigeration products maker Blue Star's shares BLUS.NS rise as much as 2.8% to 1,561.5 rupees apiece

** Uptick after UBS starts coverage with "buy" and a price target of 2,000 rupees, implying a potential upside of 31.6% over the last close

** UBS' PT is the second highest among 26 analysts tracking BLUS, with an average "hold" rating and median PT of 1,675 rupees

** Brokerage sees structural growth prospects for BLUS across the mechanical, electrical and plumbing (MEP) market and rising investments in data centres

** BLUS is also likely to benefit from a growing room AC franchise, in which it commanded 14.2% market share in FY2026, says UBS

** Says valuations of 45x 12-month forward price-to-earnings is justified by the improving earnings outlook

** BLUS shares down 10.5% in 2026 so far, lagging the 3% drop in Nifty Midcap 100 index .NIFMDCP100, exchange data shows

(Reporting by Bharath Rajeswaran in Bengaluru)

(([email protected]; +91 9769003463;))

By Aditya Kalra

NEW DELHI, Sept 30 (Reuters) - Indian tax authorities have faulted appliance makers Haier, Godrej & Boyce and Blue Star for not detecting documents fabricated by a spurious recycler who did no e-waste work, while relying on them to meet green goals, a government notice showed.

The third-biggest generator of e-waste after China and the United States, India has been concerned that 78% of the waste from discarded electronic goods is processed by informal scrap dealers who use methods that harm the environment.

Reuters reviewed an August 27 notice sent to the three home appliance majors that detailed the lapses. Indian officials also accused them of wrongly claiming tax credits of $714,000 for recycling services that were never actually rendered.

"The foundational activity of procurement, receipt and processing of e-waste itself is not established," the tax officials said in their 550-page notice.

Godrej & Boyce and Blue Star said they would respond to the notice and were committed to legal compliance, adding that the recycler concerned had been authorised by the government.

Godrej said it followed all government guidelines for recycling, while Blue Star said it had no reason to believe any irregularity but had stopped dealings with the vendor.

Haier India said it would continue to cooperate with the authorities and was committed to legal compliance.

India's finance ministry did not respond to queries.

ALARM AMONG CONSUMER ELECTRONICS COMPANIES

The findings have set off alarm in India's $95-billion consumer electronics market as many big companies aware of the case have launched internal reviews of recycling supply chains, three industry executives said on condition of anonymity.

Haier and Godrej sell appliances such as refrigerators and washing machines in India, while Mumbai-listed Blue Star BLUS.NS specialises in air-conditioning. They compete with market leaders such as Samsung and LG.

India allows companies to claim credits for tax paid on services such as recycling, reducing the amount of tax owed on their sales. Penalties for false claims can run up to 100%.

The incident follows a January warning by the government against "fraudulent certification" issued by spurious recyclers.

Since 2022, Prime Minister Narendra Modi's government has asked companies to recycle a share of the products they sell each year, but most meet those obligations by buying compliance certificates from recyclers who do the actual work.

NO VERIFICATION, TAX CREDITS

The notice cited a little-known Indian recycler, WEEE-PRO Resource Recovery Solutions, as the issuer of the compliance certificates.

It accused the three companies of not having verified the vendor was doing actual work, but relying instead on fabricated documents to prove compliance.

WEEE-PRO did not respond to Reuters queries. But the notice said its officials denied wrongdoing and disputed the evidence presented during the investigation.

The three companies "admitted that they had not independently verified the actual collection, transportation, receipt, dismantling or recycling of the e-waste", which is necessary to claim tax credits, the notice added.

Haier wrongly claimed $367,900, Godrej $159,700 and Blue Star $186,600, for a total of about $714,000, the notice said.

'ADDED CLOUDS' IN FAKE PHOTOGRAPHS

Concerns about use of false documents have prompted tax authorities to widen their investigation through the industry, said two senior government sources.

"We are analysing the modus operandi and will ask field officers to investigate," said one of the tax officials, who sought anonymity as the matter is a sensitive one.

Investigators scoured scores of WhatsApp messages and documents, and even correlated recorded sunset times with scenes in photographs furnished for compliance purposes, to test if they were genuine. But they were not.

The notice included photographs that showed trucks first laden with e-waste, and then empty, but said the images were digitally altered.

For example, one 2024 photograph carrying a timestamp of 7:43 p.m., or 29 minutes after sunset, still showed "bright daylight, an illuminated sky and pronounced natural shadows," investigators wrote.

In another case, an executive of the recycler WEEE-PRO said he had edited photographs by "adding a few clouds", but defended the action by saying they were never used for commercial purposes and "learning Photoshop was not a crime".

"The photographic evidence was manipulated or fabricated and was utilised to falsely substantiate the alleged physical movement of e-waste," the notice said.

(Reporting by Aditya Kalra and Nikunj Ohri; Editing by Clarence Fernandez)

((Email: [email protected]; X: @adityakalra;))

Aug 6 (Reuters) - Blue Star Ltd BLUS.NS:

• JUNE-QUARTER CONSOL NET PROFIT 1.03 BILLION RUPEES

• JUNE-QUARTER CONSOL REVENUE FROM OPERATIONS 33.78 BILLION RUPEES

Source text: [ID:]

Further company coverage: BLUS.NS

(([email protected];))

May 19 (Reuters) - Blue Star Ltd BLUS.NS:

• BLUE STAR LTD - TO BUY 51% IN BLUE STAR QATAR FOR UP TO 5 MILLION RUPEES

Source text: ID:nBSE56Hkjj

Further company coverage: BLUS.NS

(([email protected];;))

May 6 (Reuters) - Blue Star Ltd BLUS.NS:

• BLUE STAR LTD - RECOMMENDS FINAL DIVIDEND OF 8.50 RUPEES PER SHARE FOR FY2026

• BLUE STAR LTD - RECOMMENDED FINAL DIVIDEND OF 8.5 RUPEES PER SHARE

Source text: ID:nBSE37YwMn

Further company coverage: BLUS.NS

(([email protected];))

** Shares of India's Blue Star BLUS.NS rise 2.68% to 1,914.90 rupees

** Motilal Oswal ("neutral", TP:1,950 rupees) says improving demand outlook with rising temperatures and return of typical seasonal conditions likely to drive recovery in room air-conditioner demand

** Brokerage raises EBITDA estimates by about 5% each for FY27 and FY28, expects strong earnings growth over FY26–28

** Adds backward integration, operating leverage and cost-saving initiatives expected to support margin expansion

** BLUS rated "hold" on average by 24 analysts, median PT at 1910 rupees -- data compiled by LSEG

** YTD, stock up ~8%

(Reporting by Surbhi Misra in Bengaluru)

(([email protected] | X: https://twitter.com/SurbhiMisra_ |;))

** India's appliances and electronics industry, valued at $75 billion-$80 billion, is likely to grow at a 12% average annual growth through 2029, says HSBC

** Adds, the domestic appliances industry is not just a penetration or valuation story, but a growth story

** Initiates coverage of LG Electronics India LGEL.NS, ascribing a "buy" rating and Blue Star BLUS.NS with a "hold" rating

** LGEL, BLUS gain as much as 1.5% and 1.1% on the day

** HSBC says LGEL has multiple positive triggers such as capacity expansion, leadership in premium category, wider range of price points, exports

** Brokerage implies a 17% upside for LGEL, says valuations looks undemanding

** BLUS gets a "hold" and a projection of 10% upside from HSBC due to high valuations

** LGEL and BLUS up 0.3% and 0.2% for 2026 so far, exchange data shows

(Reporting by Bharath Rajeswaran in Bengaluru)

(([email protected]; +91 9769003463;))

March 5 (Reuters) - Zaggle Prepaid Ocean Services Ltd ZAGG.NS:

• ENTERS AGREEMENT WITH BLUE STAR LIMITED

Source text: ID:nBSE1K0XX7

Further company coverage: ZAGG.NS

(([email protected];;))

Adds analyst comments in paragraph 5, company comments in paragraph 9

Feb 11 (Reuters) - LG Electronics India LGEL.NS reported a near 62% drop in third-quarter profit on Wednesday, hit by weaker demand in its home appliances and air solutions business as cooler weather hurt sales of cooling products in Asia's third-largest economy.

The Indian unit of South Korea's LG Electronics 066570.KS posted a standalone profit of 896.7 million rupees ($9.89 million) for the quarter ended December 31, down from 2.33 billion rupees a year earlier.

Demand for room air conditioners remained subdued for most of the quarter as cooler-than-usual weather dampened sales, while elevated inventory levels at dealers curtailed fresh orders, analysts said.

LG said demand in its home appliances segment softened after the festival of Diwali, when Indians typically splurge on big-ticket items, but it chose not to cut prices to protect long‑term profitability.

Analysts at ICICI Securities expected a weaker third quarter for LG India. However they said, the company is prioritising margin protection over volume growth in a soft demand environment, positioning it well for when demand normalises.

Revenue from the company's home appliances and air solutions division fell 10% to 27.88 billion rupees, pushing overall revenue down 6% to 41.14 billion rupees.

AC makers Voltas VOLT.NS and Blue Star BLUS.NS posted a drop in third-quarter profit, hurt by weakness in their cooling products segment and charges related to India's new labour laws.

LG reported a 124.50 million rupee impact on its results from the labour code changes.

The company said that the reduction of U.S. tariffs and EU trade deal with India is expected to drive export-related opportunities, adding that it aims to double exports in the next financial year.

LG's revenue from the home entertainment segment rose nearly 2%, helped by the country's recent slashing of consumption tax.

Shares of the company closed 1.5% lower on the day and are down 11% since listing in October.

($1 = 90.6910 Indian rupees)

(Reporting by Nishit Navin and Urvi Dugar in Bengaluru; Editing by Tasim Zahid)

(([email protected];))

By Praveen Paramasivam

Feb 5 (Reuters) - India's Voltas VOLT.NS expects a double-digit revenue growth in its room air conditioner business this summer, betting on first-time buyers to lead a rebound in demand after a subdued season last year, according to a senior company executive.

Industry estimates show only a tenth of Indian households own an AC, compared to two-thirds in China and one-third in Thailand, even as the world's most populous country frequently grapples with heat waves.

"Research shows 85% of buyers are first-time buyers," Jayant Balan, who heads Voltas' room AC business, told Reuters in an interview on Wednesday, adding the category's revenue will grow in the double-digit percentage range in the April–June quarter.

Revenue from Voltas' business group that sells room ACs and accounts for two-thirds of overall revenue slumped 25% in April-June 2025 due to early monsoon showers and milder summer temperatures. The firm booked 154.13 billion rupees ($1.7 billion) in total revenue in 2024-25.

Voltas, India's AC market leader with nearly an 18% share, competes with local rival Blue Star BLUS.NS, Japan's Daikin Industries 6367.T and South Korea's LG Electronics LGEL.NS.

ACs are likely to get more expensive this year despite September's consumption tax cuts, as Voltas has raised prices after new energy-efficiency norms took effect, and as soaring copper and silver prices lift input costs.

Further commodity inflation could trigger additional price increases, Balan said.

U.S. President Donald Trump announced a trade deal with India on Monday to cut tariffs to 18% from 50% in exchange for New Delhi halting Russian oil purchases and lowering trade barriers, including on U.S. industrial goods.

It came days after India's trade deal with the European Union, opening the door to freer trade with its 27 members.

Balan dismissed concerns over new entrants, saying Voltas already contends with more cost-competitive rivals.

Voltas is also looking to quickly expand its small export footprint, with its research and development teams developing products for overseas markets, as Europe increasingly adopts ACs.

($1 = 90.3700 Indian rupees)

(Reporting by Praveen Paramasivam in Chennai; Editing by Rashmi Aich)

(([email protected]; +91 867-525-3569;))

** Motilal Oswal initiates coverage with "neutral rating", sets PT at 1,950 rupees

** Blue Star BLUS.NS shares down 1% to 1766 rupees on the day

** Says co leading player in commercial refrigeration with steady market share gains in room air-conditioner segment

** Expects operating margins expansion by ~40-50 bps in FY27 and FY28 each led by positive operating leverage and cost-saving initiatives

** Estimates revenue growth of 16% over FY26-28 fueled by continued healthy growth in the Mechanical, Electrical

and Plumbing) and commercial air conditioning businesses and a recovery in the unitary cooling product business

** Says stock fairly valued at current levels given the strong re-rating in its valuation multiples in the last few years

** YTD, BLUS down 17%

(Reporting by Komal Salecha)

(([email protected];))

Nov 5 (Reuters) - Blue Star Ltd BLUS.NS:

• Q2 CONSOL NET PROFIT 990.1 MILLION RUPEES; IBES EST. 1.06 BILLION RUPEES

• Q2 CONSOL REVENUE FROM OPERATIONS 24.22 BILLION RUPEES; IBES EST. 24.85 BILLION RUPEES

Source text: ID:nBSE6Zps0z

Further company coverage: BLUS.NS

(([email protected];;))

By Praveen Paramasivam

Aug 25 (Reuters) - India's Blue Star BLUS.NS expects its room air conditioner sales to beat the company's previous forecast this financial year, thanks to new government plans to slash consumption taxes, a top executive said.

In the nation's biggest tax overhaul since 2017, Prime Minister Narendra Modi this month announced plans to cut taxes on the purchase of everyday goods and appliances from October, a move aimed at boosting consumption in the world's most populous nation as trade tensions with the U.S. grow.

Blue Star, which had forecast growth of 10% to 15% in room AC sales volumes for the year to March, now expects an increase of up to 20% in India's price-sensitive market, Managing Director B. Thiagarajan told Reuters on Friday.

The eventual tax rate on ACs is not clear but it is now at the maximum 28%, so the planned cut should help dealers and manufacturers, who have struggled this year due to a cooler summer.

"From 28% for ... air conditioner to (potentially) 18% is something which nobody would have dreamt of," Thiagarajan said by phone. "Now this is an extraordinary step, and it will boost demand especially in a year where summer season has failed."

Blue Star's unitary products business, which sells room ACs and commercial refrigeration systems, made up nearly half its revenue of 119.77 billion rupees ($1.37 billion) last year, when it commanded a market share of close to 14% in room ACs.

But there is going to be short-term pain for Blue Star and the $4 billion sector that also includes Tata Group's Voltas VOLT.NS and Japan's Daikin 6367.T, as consumers postpone AC purchases until the tax cuts take effect.

Industry watchers say electronics retailers could experience slow sales in the run-up to the Hindu festival of Deepavali in October, by which time Modi said the cuts would take effect.

($1 = 87.3260 Indian rupees)

(Reporting by Praveen Paramasivam in Chennai; Editing by William Mallard)

(([email protected]; +91 867-525-3569;))

** Shares of cooling solutions provider Blue Star BLUS.NS down as much as 3.6% to their lowest since August 12
** BLUS among top losers in the Nifty 500 index .NIFTY500, which is down 0.2%
** Co on Wednesday reported Q4 profit below estimates, hurt by higher raw material expenses
** In a post-earnings call with analysts on Thursday, co flagged higher inventories, moderate summer as factors impacting April sales
** BLUS now expects Q1 sales to rise 10%–15%, compared to the previously expection of 25%–30%
** Higher inventory could hurt sales of room air conditioners in Q1 – Investec
** BLUS down 23.3% YTD vs a 1.5% drop in the Nifty 500 index and a 30% YTD fall at rival Voltas VOLT.NS

(Reporting by Sethuraman NR in Bengaluru)

(([email protected]; (+91 9945291420); Reuters Messaging: [email protected] ))

BENGALURU, May 7 (Reuters) - Diary of India economic, corporate events on May 7

ECONOMIC, CORPORATE .BSE500 EVENTS:

NTS - 'No time scheduled'

(Compiled by Bengaluru Newsroom)

(([email protected]))

** Brokerage PhillipCapital expects India's Blue Star BLUS.NS, Godrej and Havells India's HVEL.NS Lloyd brand to gain domestic air conditioner market share, while Voltas VOLT.NS and Daikin 6367.T further lose market share

** Blue Star to gain market share in South India on strong brand recall; strong value proposition to drive growth for Godrej, it says

** Adds Lloyd to gain volume share and margin benefits in near term because of operating leverage

** Brokerage sees organic price hikes for Indian domestic air conditioner makers in Q1 FY26

** Voltas to lose market share on price disparity, average product quality, poor after-sales service, and strong competition and Daikin 6367.T to lose because of its high cost product and lower ability to take price cuts, PhillipCapital says

(Reporting by Vijay Malkar)

(([email protected];))

** Emkay Global initiates coverage on India's air-conditioner makers Voltas VOLT.NS and Blue Star BLUS.NS with "buy" rating

** Shares of Voltas up 1.8% at 1,318.2 rupees, and Blue Star up 1.1% at 1,984.1 rupees amid a broader market rebound

** Brokerage's PT on VOLT at 1,600 rupees and on BLUS at 2,400 rupees, an upside of ~21% for both

** Analysts at Emkay Global believes India's room AC penetration is at ~14% against global average of 40%-45%, which represents a "long growth runway"

** Brokerage believes players are well poised to handle an expected ~20%-25% y/y rise in demand during 2025 summer

** Industry is exhibiting a more cohesive approach toward price hikes, mitigating any cost pressure, which augurs well for overall profitability - Emkay Global

** On YTD basis, VOLT is down ~26% while BLUS is down ~8%

(Reporting by Anuran Sadhu in Bengaluru)

(([email protected]; +91 8697274436;))

March 6 (Reuters) - Blue Star Ltd BLUS.NS:

• EXPANDS RANGE OF COMMERCIAL REFRIGERATION SOLUTIONS

Source text: [ID:]

Further company coverage: BLUS.NS

(([email protected];;))

** Shares of Blue Star BLUS.NS rise 2.6% to 1,927.2 rupees

** The air conditioners and air purifiers maker said on Tuesday it is commissioning a new assembly line for manufacturing of room air conditioners at unit

** Co plans to invest around 2 billion rupees ($22.9 million) on the same; expects capacity addition of 20,000 units per month

** 17 analysts covering the stock on avg have a "Buy" rating; median PT is 1,930.5 rupees - LSEG data

** Stock up ~4% so far this year

($1 = 87.1900 Indian rupees)

(Reporting by Ashna Teresa Britto in Bengaluru)

(([email protected] ; ( +91 8078332441))

Jan 29 (Reuters) - Blue Star Ltd BLUS.NS:

• Q3 CONSOL NET PROFIT 1.33 BILLION RUPEES; IBES PROFIT EST. 1.23 BILLION RUPEES

• Q3 CONSOL REVENUE FROM OPERATIONS 28.07 BILLION RUPEES; IBES EST. 26.56 BILLION RUPEES

Source text: [ID:]

Further company coverage: BLUS.NS

(([email protected];))

Jan 7 (Reuters) - Blue Star Ltd BLUS.NS:

• TWO VEHICLES CARRYING RAW MATERIALS DETAINED BY OFFICER OF STATE TAX

• GETS TAX ORDER OF PENALTY OF 3.6 MILLION RUPEES

Source text: ID:nNSExCx6H

Further company coverage: BLUS.NS

(([email protected];;))

Nov 13 (Reuters) - Blue Star Ltd BLUS.NS:

• BLUE STAR LTD - TAX LIABILITY REDUCED FROM 912.40 MILLION RUPEES TO 4.50 MILLION RUPEES

Source text: ID:nBSE1WVfYn

Further company coverage: BLUS.NS

(([email protected];))

** Shares of Blue Star BLUS.NS fall 7% to 1,749.6 rupees, eyes worst one-day pct fall since July 10

** Co posted a 36% rise in Q2 consol net profit to 961.9 mln rupees ($11.4 mln), but fell short of analysts' estimate of 965.6 mln rupees, as per data compiled by LSEG

** Rev from water coolers, deep freezers rose just 5% as quality control regulations hurt sales, alongside delays in ramping up production of new range of deep freezers

** More than 680,000 shares change hands in early trade, 1.6x the 30-day avg

** Seventeen analysts covering the stock on avg have a "buy" rating; median PT is 1,707.5 rupees - LSEG data

** Day's losses trim stock's YTD gains to ~85%

($1 = 84.2975 Indian rupees)

(Reporting by Ashna Teresa Britto in Bengaluru)

(([email protected] ; ( +91 8078332441))

Nov 6 (Reuters) - Blue Star BLUS.NS on Wednesday reported second-quarter profit that missed estimates as it struggled to increase sales of commercial refrigeration appliances such as water coolers and deep freezers.

The company's consolidated net profit rose 36% to 961.9 million rupees ($11.4 million) in the three months ended Sept. 30, but missed analysts' expectations of 965.6 million rupees, according to estimates compiled by LSEG.

Revenue from its segment which makes water coolers and deep freezers rose just 5% as new quality control regulations crimped sales. The segment contributes about a third to the total revenue.

Delays in ramping up production of a new range of deep freezers also slowed revenue growth, the company said.

"The commercial refrigeration business faced setbacks in the first half of the year due to regulatory changes and we expect this impact to be temporary," said Chairman and MD Vir Advani.

Still, Blue Star's overall revenue jumped to 22.76 billion rupees, beating expectations of 22.2 billion rupees, helped by a 32% growth in the segment that makes commercial air conditioning systems.

(Reporting by Aleef Jahan and Chris Thomas; Editing by Eileen Soreng)

(([email protected]))

Oct 2 (Reuters) - Blue Star Ltd BLUS.NS:

• WJT'S ARBITRATION CLAIM REVISED TO OMR 21.2 MILLION FROM OMR 10.3 MILLION

• CLAIMS BY WJT WILL NOT HAVE MATERIAL FINANCIAL IMPACT ON CO

Further company coverage: BLUS.NS

(([email protected];))

** Shares of Zaggle Prepaid Ocean Services ZAGG.NS rise 3.5% to 360 rupees, set to snap a six-session losing streak

** The fintech co partners with Blue Star BLUS.NS to provide expense management platform and employee benefits to the appliance maker's staff

** Cos did not provide further details about the deal

** BlUS last up ~0.6%

** ZAGG up ~61% YTD

(Reporting by Yagnoseni Das in Bengaluru)

(([email protected];))

Aug 6 (Reuters) - Blue Star Ltd BLUS.NS:

• BLUE STAR Q1 CONSOL NET PROFIT 1.69 BILLION RUPEES; IBES PROFIT EST. 1.41 BILLION RUPEES

• BLUE STAR Q1 CONSOL REVENUE FROM OPERATIONS 28.65 BILLION RUPEES; IBES EST. 29.38 BILLION RUPEES

Source text for Eikon: ID:nBSE4ww3WC

Further company coverage: BLUS.NS

(([email protected];))

BENGALURU, July 18 (Reuters) - Home appliances maker Havells India HVEL.NS reported a smaller-than-expected first-quarter profit on Thursday, as higher expenses offset improved demand for its air conditioners and fans.

Profit rose 43.1% from a year earlier to 4.11 billion rupees ($49.15 million) for the three months ended June 30, missing analysts' expectations of 4.31 billion rupees, as per LSEG data.

The water heater maker's revenue from operations rose 20.2% to 57.98 billion rupees, while total expenses rose 18.1% to 53.22 billion rupees.

For further earnings highlights, click nFWN3JA0SB

KEY CONTEXT

India's summer lasts from March to May, yet many Indian cities saw warmer nights during June. Hot weather increases consumer spending on electrical appliances.

Analysts said that the country's consumer durables sector experienced healthy demand during the quarter due to severe summer and despite price increases.

Prices of raw material such as copper and aluminium rose, they added.

Havells India, biggest among its peers by market capitalisation, is the first to report first-quarter results.

PEER COMPARISON

* The mean of analysts' ratings standardised to a scale of Strong Buy, Buy, Hold, Sell, and Strong Sell

** The ratio of the stock's last close to analysts' mean price target; a ratio above 1 means the stock is trading above the PT

APRIL-JUNE STOCK PERFORMANCE

-- All data from LSEG

-- $1 = 83.6170 Indian rupees

(Reporting by Meenakshi Maidas in Bengaluru; Editing by Mrigank Dhaniwala)

(([email protected]; +91 8921483410;))

July 12 (Reuters) - Blue Star Ltd BLUS.NS:

• GOT TAX DEMAND TOTALLING 12.6 MILLION RUPEES

Source text for Eikon: ID:nBSEb48YHt

Further company coverage: BLUS.NS

(([email protected];))

By Praveen Paramasivam

BENGALURU, June 28 (Reuters) - Demand for beer in India is at a multi-year high and air conditioner sales are skyrocketing as the intense, unprecedented heat scorching parts of the country becomes a boon for some consumer businesses.

Temperatures in the Indian capital Delhi and the western state of Rajasthan soared to almost 50 degrees Celsius in recent weeks, with scientists saying the hot summer has become even more intense due to human-driven climate change. While rains lashed Delhi on Friday, many northern areas such as Punjab recorded temperatures above 40 C on Thursday.

Beer sales volume are expected to jump 10% this summer and demand is at its highest since the onset of the COVID-19 pandemic, said Vinod Giri of Brewers' Association of India which represents leading beer makers Carlsberg, Anheuser-Busch InBev ABI.BR and United Breweries UBBW.NS.

Beer in this scorching heat, Giri said, makes Indians "feel better without getting too high on alcohol."

The heat has also driven power demand to a record peak as more people seek ways to cool down.

B. Thiagarajan, managing director at ACs-to-air purifier maker Blue Star BLUS.NS, said he has not witnessed such strong sales for air conditioners in the more than 30 years he has worked in the industry.

It's been a "mad rush ... anything called air conditioner would have got sold," he said.

The number of affluent people in India is rising rapidly, and Thiagarajan said overall air conditioner sales will grow 50% in the April-June summer months, outstripping the industry's expected demand increase of 25% to 30%.

Other businesses are also enjoying a strong summer.

Quick delivery service Swiggy Instamart said it is seeing a sharp rise in orders for ice cream and cold beverages.

Walmart-owned WMT.N Indian e-commerce website Flipkart said demand for top-end sunscreen products jumped 40% between February-May 2024 versus the previous year, with products such as sunscreen sticks proving particularly popular.

"Heatwaves made me use sunscreens very frequently, like, 3 to 4 times a day," said S. Dinesh, 27, whose job demands him to stay out in the sun during the day.

But even as the heat pushes up demand for some online products, it is causing logistical challenges as more delivery workers fall ill due to the high temperatures, said Ajay Rao, CEO of Emiza, a logistics company which counts Flipkart and Mamaearth HONA.NS among its customers.

"People are not able to actually cope with the outside temperatures," he said.

(Reporting by Praveen Paramasivam; Editing by Aditya Kalra and Miral Fahmy)

(([email protected]; +91 867-525-3569;))