Analysis: Ingersoll-Rand (India) Limited

NSE:INGERRAND Compressors Market cap: ₹15.2K cr

Growth thesis

Ingersoll-Rand (India) designs, manufactures, and services industrial compressors and climate control systems for sectors like HVAC, oil & gas, and manufacturing. Key segments include high-margin engineered solutions and aftermarket services, which contribute ~40% of revenue. Growth hinges on rising industrial automation demand, energy transition-driven infrastructure projects, and margin expansion from operational efficiency. Over 2-3 years, the business is positioned to benefit from India’s manufacturing push and renewable energy adoption, with capacity utilization expected to stabilize at 85-90%. The critical execution risk lies in sustaining EBITDA margins amid raw material price volatility and competitive pricing pressures.

Research report

companyname: INGERRAND ticker: INGERRAND sector: Not classified Ingersoll-Rand (India) Limited has been making industrial air compressors in India since its incorporation in December 1921. The company is headquartered in Bengaluru, listed on both the BSE and NSE, and 75% owned by its promoter group - Ingersoll-Rand Industrial US Inc. holds 74% and ultimate parent Ingersoll Rand Inc. holds another 1%. It runs a single reporting segment, Air Solutions, and reported total revenue from operations o...

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RS rating: 79 Stage: Stage 2

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