Ingersoll-Rand (India) (INGR IN) – Q2FY27 Result Update – Strong execution; input costs weigh on profitability – Upgrade to ‘BUY’
Published on 07 Nov 2026
We revise FY28E/FY29E EPS estimates by -3.3%/-4.9%, factoring in a slower gross margin recovery amid elevated input cost pressures. Ingersoll-Rand India (INGR) reported strong execution in Q2FY27, with revenue growing 23.5% YoY to Rs4.0bn, while EBITDA margin contracted by 235bps YoY to 21.2%, likely due to input cost pressures which weighed on profitability. Demand remained diversified across automotive, metals, engineering, textiles, pharmaceuticals, electronics, infrastructure and food processing. We upgrade our rating from ‘Accumulate’ to ‘Buy’ given the recent correction in the stock price. We roll forward to Sep’28E valuing the stock at 40x Sep’28E (42x Mar’28E earlier) arriving at a TP of INR4,993 (INR4,934 earlier).
