Ingersoll-Rand (India) Ltd (INGERRAND)
🎯 Key Takeaways
- Ingersoll-Rand (India) Ltd is in a phase of sustained growth with strong profitability and capital efficiency, operating as a mature yet expanding player in the capital goods sector. The company demonstrates high margins, robust returns, and a debt-free balance sheet, supported by consistent revenue growth and operational discipline.
- Revenue grew 26.6% QoQ to ₹379 in Q1FY27.
- ⚠️ Overreliance on cyclical industrial demand could expose the company to sector-specific downturns despite current growth.
- Market Cap
- ₹13,328
- P/E Ratio
- 49.8
- P/B Ratio
- 21.65
- ROE
- 43.5%
- ROCE
- 58.5%
- Debt/Equity
- 0.00
- Div Yield
- 1.78%
- Promoter
- 75.0%
📖 The Story
Ingersoll-Rand (India) Ltd is in a phase of sustained growth with strong profitability and capital efficiency, operating as a mature yet expanding player in the capital goods sector. The company demonstrates high margins, robust returns, and a debt-free balance sheet, supported by consistent revenue growth and operational discipline. Management is focused on strategic leadership transitions and shareholder returns, with no visible distress or turnaround indicators.
📰 What's Happening
In Q1 FY2026, the company reported revenue of ₹87.22 crores, up 32% YoY, driven by industrial solutions demand, with net profit rising 28% YoY to ₹12.45 crores due to cost optimization and margin expansion. The 104th AGM on August 14, 2026, saw unanimous approval of financial statements, a final dividend of Rs. 20 per share, and the appointment of Sunil Khanduja as Chairman following the retirement of Sekhar Natarajan after a 10-year tenure. The board also confirmed compliance with SEBI insider trading norms via a structured digital database, ensuring regulatory integrity. No forward guidance was provided during the AGM.
Source: Stock Announcements
📊 Quarterly Results (₹ Cr)
| Metric | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|
| Revenue | 315 | 322 | 455 | 300 | 379 |
| Operating Profit | 70 | 72 | 110 | 65 | 86 |
| OPM % | 22.3% | 22.4% | 24.3% | 21.7% | 22.5% |
| Net Profit | 59 | 60 | 72 | 65 | 70 |
| EPS | ₹18.68 | ₹19.12 | ₹22.77 | ₹20.53 | ₹22.32 |
The company's quarterly revenue shows a sequential peak in December 2025 at ₹455 crores, followed by a moderation to ₹379 crores in June 2026, indicating a normalization after a high quarter. However, operating profit margin remained stable at 22.5% in June 2026, up from 21.7% in March 2026, reflecting sustained margin discipline. Net profit and EPS trends align with revenue growth, supporting the reported profitability expansion. The December 2025 quarter likely benefited from seasonal or project-based demand, while the subsequent quarters show consistent operational performance without signs of volatility or margin compression.
🔮 Management Outlook & What's Next
Management did not provide forward guidance during the 104th AGM held on August 14, 2026, leaving near-term expectations reliant on historical performance and sector trends. The board emphasized governance continuity, with plans to appoint a new Independent Director within statutory deadlines following the leadership transition. The appointment of Sunil Khanduja as Chairman marks a generational shift but no strategic pivot was indicated. Investor focus remains on execution of existing operations, with no disclosed roadmap for new investments or market expansion.
Extracted from official company announcements. Not StockFin.ai's opinion.
🏦 Balance Sheet (₹ Cr)
| Item | Mar 2025 | Mar 2025 | Mar 2026 | Mar 2026 |
|---|---|---|---|---|
| Equity Capital | 32 | 32 | 32 | 32 |
| Reserves | 578 | 608 | 584 | 618 |
| Borrowings | 11 | 5 | 0 | 10 |
| Total Liabilities | 932 | 901 | 999 | 984 |
| Fixed Assets | 137 | 136 | 218 | 131 |
| Investments | 0 | 0 | 0 | 0 |
| Total Assets | 932 | 901 | 999 | 984 |
The balance sheet reflects a strong capital structure with zero net borrowings as of March 2026, underscoring financial independence and low leverage. Equity and reserves have grown steadily, rising from ₹610 crores to ₹656 crores in total equity over the past two fiscal years, while borrowings remain minimal at ₹10 crores. This supports a conservative capital allocation strategy focused on internal funding and shareholder returns rather than debt-financed expansion.
💰 Cash Flow Statement (₹ Cr)
| Item | Mar 2026 |
|---|---|
| Operating | +274 |
| Investing | -69 |
| Financing | -255 |
| Net Cash Flow | -51 |
👥 Shareholding Pattern
| Category | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoters | 75.0% | 75.0% | 75.0% | 75.0% |
| FII | 1.3% | 1.2% | 1.3% | 1.3% |
| DII | 8.2% | 8.2% | 8.2% | 9.0% |
| Public | 12.6% | 12.2% | 12.3% | 12.3% |
| # Shareholders | 35,447 | 35,478 | 37,773 | 37,829 |
Promoter holding remains stable at 75% across all quarters, indicating long-term confidence. Institutional investor interest shows a slight increase in FII allocation from 1.16% to 1.31% and DII growth from 8.19% to 8.97% over the past year, suggesting growing institutional attention. The rising number of shareholders from 35,447 to 37,829 also reflects retail participation. No signs of promoter dilution or significant institutional exit are evident.
⚖️ Peer Comparison — Capital Goods-Non Electrical Equipment
| Company | MCap (₹ Cr) | P/E | ROCE | ROE | D/E |
|---|---|---|---|---|---|
| CUMMINSIND | 1.34 L Cr | 56.7 | 36.6% | — | 0.00 |
| WELCORP | 72,223 | 31.3 | 27.3% | — | 0.24 |
| APLAPOLLO | 61,085 | 49.7 | 35.9% | — | 0.15 |
| INDOMIM | 60,675 | — | — | — | 0.39 |
| TIINDIA | 47,521 | 78.3 | 23.6% | — | 0.05 |
| KIRLOSENG | 31,117 | 57.0 | 13.7% | — | 1.47 |
| JYOTICNC | 23,775 | 73.9 | 18.5% | — | 0.42 |
| CARBORUNIV | 23,764 | 112.7 | 8.0% | — | 0.08 |
| GRINDWELL | 21,279 | 48.8 | 23.3% | — | 0.00 |
| RATNAMANI | 19,227 | 44.4 | 15.7% | — | 0.07 |
🔗 Peer Stock Analyses
⚠️ Risk Factors
1. Overreliance on cyclical industrial demand could expose the company to sector-specific downturns despite current growth. 2. Leadership transition may introduce execution risks or governance shifts, though currently stable. 3. Absence of forward guidance limits visibility into future growth sustainability. 4. High ROE and margins may attract regulatory or competitive scrutiny if not defensible amid margin pressures in capital goods.
📋 Recent Filings
- 🟡 voting results2026-09-25Ingersoll-Rand (India) Limited announced a postal ballot notice for shareholders to vote electronically on appointing Mr. Ajay Shriram Patil as an Ind…
- 🟡 Board Meeting2026-08-15Ingersoll Rand (India) Limited held its 104th Annual General Meeting on August 14, 2026 via video conferencing, where shareholders passed all six ordi…
- 🔴 Insider Trading2026-07-29Ingersoll Rand (India) Limited confirmed compliance with SEBI's Prohibition of Insider Trading Regulations through a structured digital database captu…
- 🟡 Board Meeting2026-07-21The board retired Independent Director and Chairman Sekhar Natarajan effective July 26, 2026 after a 10-year tenure, and appointed Sunil Khanduja as t…
- 🟡 Board Meeting2026-07-21The board approved the retirement of Independent Director and Chairman Sekhar Natarajan effective July 26, 2026, and appointed Sunil Khanduja as the n…
- 🔴 Corporate Action2026-07-02Ingersoll Rand (India) Limited announced a record date of July 13, 2026, for final dividend approval at the AGM, recommending Rs.20 per share (200% yi…
- 🔴 Corporate Action2026-05-29Ingersoll Rand (India) Limited announced an audited financial result for the quarter and year ended March 31, 2026, with a recommended final dividend …
- 🟡 Board Meeting2026-05-29No summary available
- 🟡 voting results2026-04-30No summary available
- 🔴 Financial Results2026-03-30Ingersoll Rand (India) Limited reported revenue of **₹87.22 crores**, reflecting a **32% YoY growth** driven by strong demand in industrial solutions,…
🧠 Analyst's Read
Ingersoll-Rand (India) maintains strong profitability and financial health with disciplined operations and shareholder-friendly policies, but lacks near-term visibility due to no provided guidance. Investors should monitor sector demand trends and the impact of leadership changes on governance continuity.
Based on filing content and financial data. Not a recommendation.
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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-29.
Editorial & Data Transparency Notice
This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.
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