Ingersoll-Rand (India) (INGR IN) – Q1FY27 Result Update – Healthy Q1, new facility ramp-up to aid volume growth – ACCUMULATE
Published on 14 Aug 2026
Ingersoll-Rand India (INGR) reported a healthy quarter, with revenue growing 20% YoY to Rs3.8bn and EBITDA margin expanding 23bps YoY to 23.8%, supported by better operating leverage. Demand remained broad-based across automotive, metals, engineering, textiles, pharmaceuticals, electronics, infrastructure and food processing. The commissioning of the Sanand facility should support the next leg of volume growth, while enable localisation and launch of new air-treatment and compression solutions. Export opportunities across Asia, Middle East and Africa provide additional growth avenues. In centrifugal compressors, INGR continues to strengthen its market position with higher-capacity frames exceeding 10,000 cfm. The company is also strategically focused on oil-free low-pressure solutions, contact-cooled rotary technologies, OEM/rental growth and diversified oil-free platforms. Increasing localisation, with >90% localisation of rotary screw compressors should further enhance competitiveness and support medium-term margin resilience. The stock is currently trading at a PE of 46.2x/38.5x on FY27/28E. We maintain our ‘Accumulate’ rating on the stock with a revised TP of Rs5,029 (Rs4,934 earlier) valuing the stock at a PE of 42x Mar’28E (same as earlier).
