Ingersoll-Rand (India) Ltd manufactures and services industrial air compressors under brands like Ingersoll Rand, CompAir, Gardner Denver and Champion, operating in the single Air Solutions segment. After Q1 FY27's sharp acceleration to 20.34% YoY revenue growth, the quarter's print will speak to whether that momentum held, and whether the Sanand facility's centrifugal production commitment — due by end of Q2 FY27 — was met amid a steep run-up in steel, copper and aluminium costs.
| Results date | November 06, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 379.46 Cr |
| Previous quarter PAT | Rs. 70.46 Cr |
| Market cap | Rs. 12,771.78 Cr |
| CMP | Rs. 4,045.8 |
Under Regulation 29 of SEBI LODR, the Board meets on November 6, 2026 to consider unaudited results for the quarter and six months ended September 30, 2026 and the consideration of an interim dividend for FY ending March 31, 2027. The intimation was filed by P. R. Shubhakar, CFO & Company Secretary.
The quarter's central test is whether Q1 FY27's 20.34% YoY revenue growth carried through, against a management-guided 'growth path in financial year 2026-27' and the nearest-dated commitment of centrifugal compressor production commencing at Sanand by end of Q2 FY27. The demand backdrop stayed expansionary for most of the quarter — IIP capital goods grew 16.1% in July and 16.9% in August before moderating to 10.4% in September, with RBI data showing capital-goods output up 17.9% and capital-goods imports up 24.5% in July-August.
The cost side deteriorated materially: domestic HRC steel ended September at a four-year high of about Rs. 63,900/t (up roughly 25% YoY), copper set successive all-time highs (LME 3M at $14,858.50/t on Sep 9-10), and the Red Sea disruption escalated, with Maersk's India-North Europe emergency surcharge effective August 1 and global container freight 132% above February levels.
That lands on a company already showing input-cost pressure — Q1 FY27 raw-material costs rose to 52.56% of revenue, up 2.08 pp YoY, though EBITDA margin still expanded 24 bps YoY to 23.78% on operating leverage. Alongside the margin bridge, the Board was to consider an interim dividend on November 6, 2026 against year-end cash of Rs. 157.52 Cr and ongoing Sanand capex, making the payout outcome a legitimate call item.
Guidance scorecard: Management's stated commitments and what to check on the call:
Margin trajectory and cost pass-through
Working capital and inventory build
One-offs and related-party flows
Supply chain, freight and commodity costs
Yes — Q1 FY27 revenue rose 20.34% YoY to Rs. 379.46 Cr from Rs. 315.32 Cr in Q1 FY26, a sharp acceleration from FY26's full-year growth of 4.20%. Growth was supported by demand from industrial activity, infrastructure, pharmaceuticals, food processing and emerging sectors such as data centers, per the MD&A.
Management guided that centrifugal compressor production at the Sanand facility would commence by end of Q2 FY27 — a commitment falling inside the quarter being reported on November 6, 2026. No update was issued in the July-September 2026 announcements, so confirmation is expected on the results call.
The material RPT with ITS LLC, approved up to an aggregate value of Rs. 225 crores, passed at the AGM with 77.51920% in favour — the thinnest of the six resolutions. FY26 sales to ITS LLC were Rs. 7,947.35 Lakh on arm's-length terms with a minimum mark-up of 10% on total manufacturing cost and 60-day payment terms, while the counterparty reported a calendar-2025 loss after tax of USD (607.20) million and negative net worth.
The Sanand facility in Gujarat, approved in December 2022 at an investment of about Rs. 170.00 Cr, was inaugurated on October 13, 2025 and is fully commissioned and commercialized with production underway for LRBU, HOC Dryers and Bio-gas compressors. Centrifugal production is expected by end of Q2 FY27, with volumes guided to grow during FY 2026-27.
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