Prabhudas Lilladher's research report on Ingersoll Rand India
Ingersoll-Rand India (INGR) reported a muted quarter, with revenue flat YoY to Rs3.2bn while EBITDA margin contracted by 166bps YoY to 23.5%. IR commands an 18% share of the domestic air compressor market, with incremental capacity from its upcoming Gujarat plant expected to further strengthen its position. However, commissioning has been deferred to Q3 FY26 (from Q1 FY26 earlier) due to monsoon, logistical, and operational challenges. Geopolitical and tariff-related uncertainties could weigh on exports to the parent company. Rising low-cost imports, particularly from China, threaten domestic performance. We revise our FY26E/FY27E EPS estimates by -2.7%/- 4.1%, factoring in revenue shortfall from the plant delay and export headwinds amid global uncertainties.
Outlook
The stock is currently trading at a PE of 39.8x/34.9x on FY26/27E. We maintain our ‘Buy’ rating with a revised TP of Rs4,335 (Rs4,522 earlier) valuing the stock at a PE of 42x Mar’27E (same as earlier).
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