Ingersoll-Rand Q1 FY27 Results (NSE: INGERRAND)
Signal: Growth reaccelerated
The read
The quarter shows a volume-or-mix-undisclosed revenue recovery to ₹37,946 lakh, +20.4% YoY and +26.6% QoQ, but raw-material and inventory cost rose to 57.4% of revenue from 51.8% YoY, compressing gross margin by 121bps; EBITDA margin nevertheless held broadly stable at 23.8% and PAT grew 19.5% to ₹7,046 lakh.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹379.46 Cr | +20.4% | +26.6% |
| EBIT | ₹85.5 Cr | +21.4% | |
| Net profit | ₹70.46 Cr | +19.5% | |
| EPS | ₹22.32 | +19.5% | |
| EBIT margin | 23.8% |
P&L walk
Revenue increased to ₹37,946 lakh, +20.4% YoY and +26.6% QoQ, while gross margin declined 121bps YoY to 42.5% as raw-material and inventory costs rose to 57.4% of revenue; EBITDA increased 21.5% to ₹9,022 lakh and PAT rose 19.5% to ₹7,046 lakh.
Key positives
- Revenue from operations increased 20.4% YoY to ₹37,946 lakh and 26.6% QoQ from ₹29,963 lakh, indicating a strong sequential recovery.
- EBITDA rose 21.5% YoY to ₹9,022 lakh and EBITDA margin expanded 22bps to 23.8%, despite gross-margin pressure.
- Employee cost increased only 4.8% YoY to ₹3,376 lakh, reducing employee-cost intensity to 8.9% of revenue from 10.2%.
- EPS tracked PAT at 19.5% YoY growth, reaching ₹22.32, with no dilution signal in the reported share capital.###
Key concerns
- Gross margin declined 121bps YoY to 42.5% as raw-material, purchase and inventory costs increased to 57.4% of revenue from 51.8%; the filing does not identify the cause or quantify pass-through.
- Depreciation increased 24.5% YoY to ₹472 lakh, faster than revenue growth, while the filing provides no asset-base or CWIP data to assess the capex cycle.
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