NSE: INGERRAND · BSE: 500210
INGERSOLL-RAND INDIA LTD
Manufactures and sells compressed air solutions for industrial customers in India, with a product range that includes large centrifugal compressors and the oil-free E-Series. A new manufacturing facility at Sanand, Gujarat was commissioned during FY26, alongside record production of large centrifugal compressors. Materials cost was the largest input at 54.8% of revenue, with employee cost at 9.3%, other operating expenses at 10.6% and depreciation at 1.1%. Profit before tax came in at Rs 343.39 crore in FY26, with the Board recommending a final dividend of Rs 20 per share. The company also engages in related-party transactions of up to Rs 225 crore with Industrial Technologies and Services LLC, an entity in the wider Ingersoll Rand group. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Compressed air solutions. Manufacturing-led industrial capital goods business centred on compressors
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 910 | 1,151 | 1,214 | 1,336 | 1,392 |
| EBITDA (ex other income) | 152 | 246 | 290 | 340 | 322 |
| margin % | 16.7 | 21.4 | 23.9 | 25.5 | 23.1 |
| Owners' profit | 110 | 183 | 222 | 268 | 256 |
| EPS, as reported (₹) | 34.89 | 57.86 | 70.45 | 84.75 | 81.10 |
| ROE % · ROCE % | 20.0 · 27.0 | 31.6 · 42.7 | 38.3 · 50.7 | 43.9 · 57.9 | 41.6 · 54.9 |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | 81 | 148 | 207 | 265 | 274 |
| Capex | (12) | (15) | (49) | (49) | (79) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 322 | 385 | 322 | 315 | 322 | 455 | 300 | 379 |
| Profit before tax | 81 | 106 | 90 | 80 | 81 | 95 | 88 | 95 |
| Net profit | 60 | 78 | 68 | 59 | 60 | 72 | 65 | 70 |
| EPS (₹) | 19.12 | 24.60 | 21.43 | 18.68 | 19.12 | 22.77 | 20.53 | 22.32 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| CUMMINS INDIA LTD | 1,28,219 | 54.2 | 15.13 | 42.1 | 27.9 | 31.8 | 22.7 | 22.0 |
| KIRLOSKAR OIL ENG LTD | 27,699 | 50.7 | 7.75 | 22.2 | 15.7 | 10.9 | 18.5 | 15.8 |
| ELGI EQUIPMENTS LTD | 16,291 | 36.2 | 7.30 | 24.2 | 19.3 | 24.3 | 15.5 | 15.9 |
| KIRLOSKAR BROTHERS LTD | 12,484 | 33.4 | 5.04 | 21.1 | 15.2 | 16.8 | 10.8 | 11.8 |
| INGERSOLL-RAND INDIA LTD ◆ | 12,186 | 45.5 | 19.79 | — | 41.6 | 54.7 | — | 26.4 |
| KSB LIMITED | 11,345 | 46.2 | 6.68 | — | 5.7 | 6.7 | — | 12.6 |
| SHAKTI PUMPS (I) LTD | 4,481 | 21.1 | 2.63 | 10.1 | 15.1 | 19.6 | 23.7 | 10.9 |
| GREAVES COTTON LTD. | 4,228 | 42.2 | 2.79 | 17.5 | 2.3 | 5.9 | 18.0 | 6.9 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 45.5 | 42.2 | 10 of 15 | 36% |
| P/B | 19.8 | 4.7 | 15 of 15 | 0% |
| ROCE | 54.7 | 16.9 | 1 of 15 | 100% |
| ROE | 41.6 | 15.2 | 1 of 15 | 100% |
| Debt / Equity | 0.0 | 0.1 | 1 of 15 | 79% |
| EBITDA margin | 26.4 | 15.8 | 1 of 15 | 100% |
| Revenue growth | 20.3 | 17.9 | 7 of 15 | 57% |
| Profit growth | 19.5 | 11.1 | 6 of 15 | 64% |
| Market cap | 12186 | 4228 | 5 of 15 | 71% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Postal ballot approves Ajay Patil as independent director | board shareholder meetings | low | — | — |
| 28 Oct 2026 · Board meeting set for results and possible interim dividend | board shareholder meetings | low | — | — |
| 13 Oct 2026 · Corrigendum to Postal Ballot Notice for Independent Director Appointment | board shareholder meetings | low | — | — |
| 29 Sept 2026 · Ingersoll Rand India files newspaper notice about postal ballot e-voting | compliance | minimal | — | — |
| 25 Sept 2026 · Postal Ballot: Appointment of Mr. Ajay Shriram Patil as Independent Director | board shareholder meetings | low | — | — |
| 11 Sept 2026 · Newspaper notice on transfer of unclaimed shares and dividend to IEPF | compliance | minimal | — | — |
| 14 Aug 2026 · 104th AGM held on Aug 14, 2026; final dividend of Rs 20 per share declared | board shareholder meetings | low | — | — |
| 14 Aug 2026 · Ingersoll-Rand India appoints new Independent Director, reconstitutes committees | board shareholder meetings | medium | — | — |
| 13 Aug 2026 · Ingersoll Rand India Q1 FY27 results: revenue up 20 percent, PAT up 19 percent | results | high | — | — |
| 7 Aug 2026 · Newspaper publication of Board meeting notice | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.