Ingersoll-Rand (India) (INGR IN) – Q4FY26 Result Update – Muted Q4, Execution remains key focus amid ME war – Downgrade to ‘ACCUMULATE’
Published on 01 Jun 2026
IR India is well-positioned to capitalize on the growing demand for compressors in India given it is 1) among the top 3 air compressor players in India, 2) expanding its air compressor manufacturing capacity by 50% which will drive volumes & scale, and 3) backed by strong global parentage of Ingersoll Rand Inc (IR Inc.), providing access to cutting-edge R&D and technology. The stock is currently trading at a PE of 44.1x/37.0x on FY27/28E. We revise our FY27E/FY28E EPS estimates by -3.6%/-1.3% and downgrade our rating from ‘BUY’ to ‘Accumulate’ factoring lag in execution amid Middle East disruptions with a revised TP of Rs4,934 (Rs4,589 earlier) valuing the stock at a PE of 42x Mar’28E (42x Sep’27E earlier).
