# Compressors — company-by-company sector analysis

> Compressors: Elgi Equipments Ltd owns the largest revenue base AND the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-29. Not investment advice.

## Bottom line

The 52-week sector comparison is unavailable. 4 of 4 covered companies currently have positive Mansfield relative strength versus NIFTY 500. Elgi Equipments Ltd leads with revenue of ₹3,951 crore, based on 4 of 5 comparable companies through Mar 2026. Elgi Equipments Ltd has the fastest current revenue growth at 12.5%, across 4 of 5 comparable companies.

### Is the Compressors sector outperforming NIFTY 500?

The 52-week sector comparison is unavailable. 4 of 4 covered companies currently have positive Mansfield relative strength versus NIFTY 500.

### Which Compressors company is largest by revenue?

Elgi Equipments Ltd leads with revenue of ₹3,951 crore, based on 4 of 5 comparable companies through Mar 2026.

### Which Compressors company is growing fastest?

Elgi Equipments Ltd has the fastest current revenue growth at 12.5%, across 4 of 5 comparable companies.

### Which Compressors company has the strongest 4-Factor Sector Score?

Kirloskar Pneumatic Company Ltd ranks first at 56.3/100 with 93% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Compressors company has the least gross debt?

Veljan Denison Ltd has the lowest comparable gross debt at ₹1 crore. Elgi Equipments Ltd has the highest at ₹533 crore.

### Which Compressors company has the lowest comparable PEG?

Elgi Equipments Ltd has the lowest comparable Guarded PEG at 1.29, among 3 of 5 companies that pass the metric’s comparability rules.

### How much history does this Compressors comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

The 52-week comparison of Compressors against NIFTY 500 is not available from the current market series. 4 of 4 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. Kirloskar Pneumatic Company Ltd is the strongest against the sector itself at -1%. Readings are as of 2026-07-19.

13-week sector return versus NIFTY 500: —
52-week sector return versus NIFTY 500: —
Stocks leading NIFTY: 4/4
Stocks leading sector: 0/3

Central tension: The central tension: current leadership is concentrated, so durability matters more than rank.

Companies: 5
Combined market value: ₹43.2K Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. Kirloskar Pneumatic Company Ltd (KIRLPNU): 56/100 — Mixed-positive evidence; evidence 93%
   - Growth & earnings 26.7/35 | Capital efficiency 14.3/25 | Valuation 5.9/20 | Relative strength 9.4/20
   - Exact sum: 26.7 + 14.3 + 5.9 + 9.4 = 56.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. Elgi Equipments Ltd (ELGIEQUIP): 50/100 — Mixed-positive evidence; evidence 96%
   - Growth & earnings 19.6/35 | Capital efficiency 12.3/25 | Valuation 13.5/20 | Relative strength 5.0/20
   - Exact sum: 19.6 + 12.3 + 13.5 + 5 = 50.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3. Veljan Denison Ltd (VELJAN): 50/100 — Mixed-positive evidence; evidence 68%
   - Growth & earnings 14.4/35 | Capital efficiency 13.5/25 | Valuation 9.8/20 | Relative strength 12.5/20
   - Exact sum: 14.4 + 13.5 + 9.8 + 12.5 = 50.2
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4. Ingersoll-Rand (India) Ltd (INGERRAND): 30/100 — Adverse evidence; evidence 96%
   - Growth & earnings 5.1/35 | Capital efficiency 18.4/25 | Valuation 1.0/20 | Relative strength 5.0/20
   - Exact sum: 5.1 + 18.4 + 1 + 5 = 29.5
   - Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression.
5. Airfloa Rail Technology Ltd (AIRFLOA): 55/100 — Thin evidence · provisional; evidence 23%
   - Growth & earnings 18.1/35 | Capital efficiency 15.3/25 | Valuation 11.5/20 | Relative strength 10.0/20
   - Exact sum: 18.1 + 15.3 + 11.5 + 10 = 54.9
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Revenue Scale & Growth Durability

What the numbers say: Elgi Equipments Ltd is the scale leader at ₹3,951 crore, 118.5% ahead of Kirloskar Pneumatic Company Ltd. Elgi Equipments Ltd's growth is 12.5% from a ₹3,951 crore base, with 19 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Elgi Equipments Ltd is the scale benchmark; Elgi Equipments Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Elgi Equipments Ltd's growth falls below Elgi Equipments Ltd's for two consecutive comparable reports while operating margin also compresses.

Evidence: Elgi Equipments Ltd · ₹3,951 crore | 118.5% versus #2 · Kirloskar Pneumatic Company Ltd | 8/8 recent comparable periods | 4/5 companies · 74 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. Elgi Equipments Ltd (ELGIEQUIP): ₹4.0K Cr
2. Kirloskar Pneumatic Company Ltd (KIRLPNU): ₹1.8K Cr
3. Ingersoll-Rand (India) Ltd (INGERRAND): ₹1.4K Cr
4. Veljan Denison Ltd (VELJAN): ₹164 Cr

### Revenue growth — fastest growers
1. Elgi Equipments Ltd (ELGIEQUIP): 13%
2. Kirloskar Pneumatic Company Ltd (KIRLPNU): 9.7%
3. Veljan Denison Ltd (VELJAN): 5.4%
4. Ingersoll-Rand (India) Ltd (INGERRAND): 3.6%

### 20-quarter Revenue history
- ELGIEQUIP: Sep 2021 ₹652 Cr | Dec 2021 ₹656 Cr | Mar 2022 ₹728 Cr | Jun 2022 ₹694 Cr | Sep 2022 ₹448 Cr | Dec 2022 ₹772 Cr | Mar 2023 ₹836 Cr | Jun 2023 ₹724 Cr | Sep 2023 ₹806 Cr | Dec 2023 ₹822 Cr | Mar 2024 ₹866 Cr | Jun 2024 ₹801 Cr | Sep 2024 ₹869 Cr | Dec 2024 ₹848 Cr | Mar 2025 ₹993 Cr | Jun 2025 ₹867 Cr | Sep 2025 ₹968 Cr | Dec 2025 ₹1.0K Cr | Mar 2026 ₹1.1K Cr | Jun 2026 —
- INGERRAND: Sep 2021 ₹249 Cr | Dec 2021 ₹245 Cr | Mar 2022 ₹222 Cr | Jun 2022 ₹273 Cr | Sep 2022 ₹254 Cr | Dec 2022 ₹319 Cr | Mar 2023 ₹304 Cr | Jun 2023 ₹305 Cr | Sep 2023 ₹276 Cr | Dec 2023 ₹329 Cr | Mar 2024 ₹299 Cr | Jun 2024 ₹318 Cr | Sep 2024 ₹322 Cr | Dec 2024 ₹382 Cr | Mar 2025 ₹322 Cr | Jun 2025 ₹315 Cr | Sep 2025 ₹322 Cr | Dec 2025 ₹455 Cr | Mar 2026 ₹300 Cr | Jun 2026 —
- KIRLPNU: Sep 2021 ₹227 Cr | Dec 2021 ₹227 Cr | Mar 2022 ₹398 Cr | Jun 2022 ₹272 Cr | Sep 2022 ₹295 Cr | Dec 2022 ₹312 Cr | Mar 2023 ₹360 Cr | Jun 2023 ₹242 Cr | Sep 2023 ₹282 Cr | Dec 2023 ₹309 Cr | Mar 2024 ₹490 Cr | Jun 2024 ₹275 Cr | Sep 2024 ₹431 Cr | Dec 2024 ₹343 Cr | Mar 2025 ₹592 Cr | Jun 2025 ₹282 Cr | Sep 2025 ₹386 Cr | Dec 2025 ₹407 Cr | Mar 2026 ₹712 Cr | Jun 2026 ₹303 Cr
- VELJAN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹30 Cr | Jun 2023 ₹32 Cr | Sep 2023 ₹34 Cr | Dec 2023 ₹35 Cr | Mar 2024 ₹37 Cr | Jun 2024 ₹37 Cr | Sep 2024 ₹37 Cr | Dec 2024 ₹40 Cr | Mar 2025 ₹41 Cr | Jun 2025 ₹43 Cr | Sep 2025 ₹39 Cr | Dec 2025 ₹37 Cr | Mar 2026 ₹46 Cr | Jun 2026 —
- AIRFLOA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 ₹85 Cr | Dec 2024 — | Mar 2025 ₹107 Cr | Jun 2025 — | Sep 2025 ₹91 Cr | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter Revenue growth history
- ELGIEQUIP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 42% | Sep 2022 -31% | Dec 2022 18% | Mar 2023 15% | Jun 2023 4.3% | Sep 2023 80% | Dec 2023 6.5% | Mar 2024 3.6% | Jun 2024 11% | Sep 2024 7.8% | Dec 2024 3.2% | Mar 2025 15% | Jun 2025 8.2% | Sep 2025 11% | Dec 2025 18% | Mar 2026 12% | Jun 2026 —
- INGERRAND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 41% | Sep 2022 2.0% | Dec 2022 30% | Mar 2023 37% | Jun 2023 12% | Sep 2023 8.7% | Dec 2023 3.1% | Mar 2024 -1.6% | Jun 2024 4.3% | Sep 2024 17% | Dec 2024 16% | Mar 2025 7.7% | Jun 2025 -0.9% | Sep 2025 0.0% | Dec 2025 19% | Mar 2026 -6.8% | Jun 2026 —
- KIRLPNU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 30% | Dec 2022 37% | Mar 2023 -9.6% | Jun 2023 -11% | Sep 2023 -4.4% | Dec 2023 -1.0% | Mar 2024 36% | Jun 2024 14% | Sep 2024 53% | Dec 2024 11% | Mar 2025 21% | Jun 2025 2.6% | Sep 2025 -10% | Dec 2025 19% | Mar 2026 20% | Jun 2026 7.5%
- VELJAN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 21% | Jun 2024 15% | Sep 2024 10% | Dec 2024 14% | Mar 2025 13% | Jun 2025 16% | Sep 2025 3.5% | Dec 2025 -7.7% | Mar 2026 11% | Jun 2026 —
- AIRFLOA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 7.1% | Dec 2025 — | Mar 2026 — | Jun 2026 —

## Operating Economics & Margin Trend

What the numbers say: Airfloa Rail Technology Ltd leads opm at 24%; Kirloskar Pneumatic Company Ltd leads margin change at +3 percentage points.

Investor read: Airfloa Rail Technology Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Evidence: Airfloa Rail Technology Ltd · 24% | 4.3% versus #2 · Ingersoll-Rand (India) Ltd | 0/1 recent comparable periods | 5/5 companies · 80 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. Airfloa Rail Technology Ltd (AIRFLOA): 24% — older report
2. Ingersoll-Rand (India) Ltd (INGERRAND): 23%
3. Veljan Denison Ltd (VELJAN): 23%
4. Elgi Equipments Ltd (ELGIEQUIP): 16%
5. Kirloskar Pneumatic Company Ltd (KIRLPNU): 15%

### Margin change — fastest expanders
1. Kirloskar Pneumatic Company Ltd (KIRLPNU): +3.0 pp
2. Elgi Equipments Ltd (ELGIEQUIP): +1.0 pp
3. Veljan Denison Ltd (VELJAN): −0.2 pp
4. Airfloa Rail Technology Ltd (AIRFLOA): −2.0 pp — older report
5. Ingersoll-Rand (India) Ltd (INGERRAND): −3.0 pp

### 20-quarter OPM history
- ELGIEQUIP: Sep 2021 12% | Dec 2021 11% | Mar 2022 15% | Jun 2022 11% | Sep 2022 18% | Dec 2022 15% | Mar 2023 15% | Jun 2023 12% | Sep 2023 18% | Dec 2023 16% | Mar 2024 14% | Jun 2024 14% | Sep 2024 16% | Dec 2024 14% | Mar 2025 15% | Jun 2025 14% | Sep 2025 14% | Dec 2025 14% | Mar 2026 16% | Jun 2026 —
- INGERRAND: Sep 2021 15% | Dec 2021 16% | Mar 2022 18% | Jun 2022 16% | Sep 2022 18% | Dec 2022 21% | Mar 2023 30% | Jun 2023 23% | Sep 2023 24% | Dec 2023 23% | Mar 2024 25% | Jun 2024 26% | Sep 2024 25% | Dec 2024 27% | Mar 2025 26% | Jun 2025 24% | Sep 2025 24% | Dec 2025 25% | Mar 2026 23% | Jun 2026 —
- KIRLPNU: Sep 2021 10% | Dec 2021 9.7% | Mar 2022 20% | Jun 2022 10% | Sep 2022 13% | Dec 2022 16% | Mar 2023 13% | Jun 2023 11% | Sep 2023 11% | Dec 2023 17% | Mar 2024 19% | Jun 2024 14% | Sep 2024 22% | Dec 2024 14% | Mar 2025 19% | Jun 2025 12% | Sep 2025 15% | Dec 2025 15% | Mar 2026 26% | Jun 2026 15%
- VELJAN: Sep 2021 28% | Dec 2021 28% | Mar 2022 28% | Jun 2022 24% | Sep 2022 24% | Dec 2022 23% | Mar 2023 14% | Jun 2023 28% | Sep 2023 22% | Dec 2023 24% | Mar 2024 23% | Jun 2024 23% | Sep 2024 25% | Dec 2024 25% | Mar 2025 23% | Jun 2025 25% | Sep 2025 26% | Dec 2025 23% | Mar 2026 22% | Jun 2026 —
- AIRFLOA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 26% | Dec 2024 — | Mar 2025 24% | Jun 2025 — | Sep 2025 24% | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter Margin change history
- ELGIEQUIP: Sep 2021 −1.5 pp | Dec 2021 +0.0 pp | Mar 2022 +1.6 pp | Jun 2022 +4.7 pp | Sep 2022 +5.7 pp | Dec 2022 +3.8 pp | Mar 2023 +0.4 pp | Jun 2023 +0.7 pp | Sep 2023 0.0 pp | Dec 2023 +1.0 pp | Mar 2024 −1.0 pp | Jun 2024 +2.0 pp | Sep 2024 −2.0 pp | Dec 2024 −2.0 pp | Mar 2025 +1.0 pp | Jun 2025 0.0 pp | Sep 2025 −2.0 pp | Dec 2025 0.0 pp | Mar 2026 +1.0 pp | Jun 2026 —
- INGERRAND: Sep 2021 −2.6 pp | Dec 2021 −1.7 pp | Mar 2022 −3.2 pp | Jun 2022 −2.5 pp | Sep 2022 +3.5 pp | Dec 2022 +5.0 pp | Mar 2023 +11.9 pp | Jun 2023 +6.9 pp | Sep 2023 +6.0 pp | Dec 2023 +2.0 pp | Mar 2024 −5.0 pp | Jun 2024 +3.0 pp | Sep 2024 +1.0 pp | Dec 2024 +4.0 pp | Mar 2025 +1.0 pp | Jun 2025 −2.0 pp | Sep 2025 −1.0 pp | Dec 2025 −2.0 pp | Mar 2026 −3.0 pp | Jun 2026 —
- KIRLPNU: Sep 2021 −0.6 pp | Dec 2021 −4.8 pp | Mar 2022 +2.1 pp | Jun 2022 +0.4 pp | Sep 2022 +3.4 pp | Dec 2022 +6.3 pp | Mar 2023 −6.5 pp | Jun 2023 +0.7 pp | Sep 2023 −2.5 pp | Dec 2023 +1.0 pp | Mar 2024 +6.0 pp | Jun 2024 +3.0 pp | Sep 2024 +11.0 pp | Dec 2024 −3.0 pp | Mar 2025 0.0 pp | Jun 2025 −2.0 pp | Sep 2025 −7.0 pp | Dec 2025 +1.0 pp | Mar 2026 +7.0 pp | Jun 2026 +3.0 pp
- VELJAN: Sep 2021 +5.6 pp | Dec 2021 +14.8 pp | Mar 2022 +3.2 pp | Jun 2022 +6.8 pp | Sep 2022 −3.6 pp | Dec 2022 −5.8 pp | Mar 2023 −13.6 pp | Jun 2023 +3.6 pp | Sep 2023 −2.1 pp | Dec 2023 +1.5 pp | Mar 2024 +8.8 pp | Jun 2024 −5.1 pp | Sep 2024 +2.4 pp | Dec 2024 +0.8 pp | Mar 2025 −0.7 pp | Jun 2025 +2.9 pp | Sep 2025 +1.4 pp | Dec 2025 −2.0 pp | Mar 2026 −0.2 pp | Jun 2026 —
- AIRFLOA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 −2.0 pp | Dec 2025 — | Mar 2026 — | Jun 2026 —

## Profit Scale & Acceleration

What the numbers say: Elgi Equipments Ltd leads with ₹430 crore of TTM profit, 63.5% above Kirloskar Pneumatic Company Ltd. Kirloskar Pneumatic Company Ltd shows 25.2% growth from a ₹263 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Elgi Equipments Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: Elgi Equipments Ltd · ₹430 crore | 63.5% versus #2 · Kirloskar Pneumatic Company Ltd | 7/8 recent comparable periods | 4/5 companies · 74 observations

Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

### Net profit — largest
1. Elgi Equipments Ltd (ELGIEQUIP): ₹430 Cr
2. Kirloskar Pneumatic Company Ltd (KIRLPNU): ₹263 Cr
3. Ingersoll-Rand (India) Ltd (INGERRAND): ₹256 Cr
4. Veljan Denison Ltd (VELJAN): ₹26 Cr

### Profit growth — fastest growers
1. Kirloskar Pneumatic Company Ltd (KIRLPNU): 25%
2. Elgi Equipments Ltd (ELGIEQUIP): 23%
3. Veljan Denison Ltd (VELJAN): 8.9%
4. Ingersoll-Rand (India) Ltd (INGERRAND): -4.5%

### 20-quarter Net profit history
- ELGIEQUIP: Sep 2021 ₹52 Cr | Dec 2021 ₹42 Cr | Mar 2022 ₹73 Cr | Jun 2022 ₹49 Cr | Sep 2022 ₹73 Cr | Dec 2022 ₹80 Cr | Mar 2023 ₹170 Cr | Jun 2023 ₹60 Cr | Sep 2023 ₹91 Cr | Dec 2023 ₹84 Cr | Mar 2024 ₹76 Cr | Jun 2024 ₹73 Cr | Sep 2024 ₹95 Cr | Dec 2024 ₹81 Cr | Mar 2025 ₹102 Cr | Jun 2025 ₹86 Cr | Sep 2025 ₹121 Cr | Dec 2025 ₹95 Cr | Mar 2026 ₹128 Cr | Jun 2026 —
- INGERRAND: Sep 2021 ₹26 Cr | Dec 2021 ₹29 Cr | Mar 2022 ₹29 Cr | Jun 2022 ₹32 Cr | Sep 2022 ₹35 Cr | Dec 2022 ₹48 Cr | Mar 2023 ₹67 Cr | Jun 2023 ₹54 Cr | Sep 2023 ₹50 Cr | Dec 2023 ₹55 Cr | Mar 2024 ₹64 Cr | Jun 2024 ₹62 Cr | Sep 2024 ₹60 Cr | Dec 2024 ₹78 Cr | Mar 2025 ₹68 Cr | Jun 2025 ₹59 Cr | Sep 2025 ₹60 Cr | Dec 2025 ₹72 Cr | Mar 2026 ₹65 Cr | Jun 2026 —
- KIRLPNU: Sep 2021 ₹11 Cr | Dec 2021 ₹12 Cr | Mar 2022 ₹54 Cr | Jun 2022 ₹16 Cr | Sep 2022 ₹27 Cr | Dec 2022 ₹33 Cr | Mar 2023 ₹32 Cr | Jun 2023 ₹18 Cr | Sep 2023 ₹20 Cr | Dec 2023 ₹35 Cr | Mar 2024 ₹60 Cr | Jun 2024 ₹27 Cr | Sep 2024 ₹68 Cr | Dec 2024 ₹37 Cr | Mar 2025 ₹80 Cr | Jun 2025 ₹25 Cr | Sep 2025 ₹44 Cr | Dec 2025 ₹42 Cr | Mar 2026 ₹144 Cr | Jun 2026 ₹33 Cr
- VELJAN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹2 Cr | Jun 2023 ₹6 Cr | Sep 2023 ₹5 Cr | Dec 2023 ₹6 Cr | Mar 2024 ₹6 Cr | Jun 2024 ₹5 Cr | Sep 2024 ₹6 Cr | Dec 2024 ₹7 Cr | Mar 2025 ₹6 Cr | Jun 2025 ₹7 Cr | Sep 2025 ₹7 Cr | Dec 2025 ₹5 Cr | Mar 2026 ₹7 Cr | Jun 2026 —
- AIRFLOA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 ₹10 Cr | Dec 2024 — | Mar 2025 ₹16 Cr | Jun 2025 — | Sep 2025 ₹12 Cr | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter Profit growth history
- ELGIEQUIP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 308% | Sep 2022 40% | Dec 2022 90% | Mar 2023 133% | Jun 2023 22% | Sep 2023 25% | Dec 2023 5.0% | Mar 2024 -55% | Jun 2024 22% | Sep 2024 4.4% | Dec 2024 -3.6% | Mar 2025 34% | Jun 2025 18% | Sep 2025 27% | Dec 2025 17% | Mar 2026 25% | Jun 2026 —
- INGERRAND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 23% | Sep 2022 35% | Dec 2022 66% | Mar 2023 131% | Jun 2023 69% | Sep 2023 43% | Dec 2023 15% | Mar 2024 -4.5% | Jun 2024 15% | Sep 2024 20% | Dec 2024 42% | Mar 2025 6.3% | Jun 2025 -4.8% | Sep 2025 0.0% | Dec 2025 -7.7% | Mar 2026 -4.4% | Jun 2026 —
- KIRLPNU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 145% | Dec 2022 175% | Mar 2023 -41% | Jun 2023 13% | Sep 2023 -26% | Dec 2023 6.1% | Mar 2024 88% | Jun 2024 50% | Sep 2024 240% | Dec 2024 5.7% | Mar 2025 33% | Jun 2025 -7.4% | Sep 2025 -35% | Dec 2025 14% | Mar 2026 80% | Jun 2026 32%
- VELJAN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 178% | Jun 2024 -14% | Sep 2024 29% | Dec 2024 17% | Mar 2025 6.0% | Jun 2025 44% | Sep 2025 9.9% | Dec 2025 -23% | Mar 2026 13% | Jun 2026 —
- AIRFLOA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 20% | Dec 2025 — | Mar 2026 — | Jun 2026 —

## Capacity Spending & Returns On It

What the numbers say: There is not enough comparable evidence to name a reliable capex leader.

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

Evidence: No comparable leader | Not enough peers | Not enough history | 0/5 companies · 0 observations

Definition: CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.

### CAPEX — largest spenders

### CAPEX intensity — highest reinvestment intensity

### 20-quarter CAPEX history

### 20-quarter CAPEX intensity history

## Debt Load & Balance-Sheet Headroom

What the numbers say: Kirloskar Pneumatic Company Ltd has the clearest covered balance-sheet capacity with ₹454 crore net cash and gross debt of ₹3 crore. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Evidence: Veljan Denison Ltd · ₹1 crore | 66.7% versus #2 · Kirloskar Pneumatic Company Ltd | 8/8 recent comparable periods | 5/5 companies · 82 observations

Definition: Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.

### Gross debt — lowest gross debt
1. Veljan Denison Ltd (VELJAN): ₹1 Cr
2. Kirloskar Pneumatic Company Ltd (KIRLPNU): ₹3 Cr
3. Ingersoll-Rand (India) Ltd (INGERRAND): ₹9 Cr
4. Airfloa Rail Technology Ltd (AIRFLOA): ₹57 Cr — older report
5. Elgi Equipments Ltd (ELGIEQUIP): ₹533 Cr

### Net debt — lowest net debt
1. Kirloskar Pneumatic Company Ltd (KIRLPNU): ₹-454 Cr
2. Elgi Equipments Ltd (ELGIEQUIP): ₹-396 Cr
3. Ingersoll-Rand (India) Ltd (INGERRAND): ₹-151 Cr
4. Veljan Denison Ltd (VELJAN): ₹-63 Cr

### 20-quarter Gross debt history
- ELGIEQUIP: Sep 2021 ₹500 Cr | Dec 2021 ₹500 Cr | Mar 2022 ₹436 Cr | Jun 2022 ₹437 Cr | Sep 2022 ₹677 Cr | Dec 2022 ₹677 Cr | Mar 2023 ₹577 Cr | Jun 2023 ₹577 Cr | Sep 2023 ₹623 Cr | Dec 2023 ₹623 Cr | Mar 2024 ₹638 Cr | Jun 2024 ₹638 Cr | Sep 2024 ₹521 Cr | Dec 2024 ₹521 Cr | Mar 2025 ₹577 Cr | Jun 2025 ₹577 Cr | Sep 2025 ₹528 Cr | Dec 2025 ₹528 Cr | Mar 2026 ₹533 Cr | Jun 2026 —
- INGERRAND: Sep 2021 ₹7 Cr | Dec 2021 ₹7 Cr | Mar 2022 ₹8 Cr | Jun 2022 ₹8 Cr | Sep 2022 ₹6 Cr | Dec 2022 ₹6 Cr | Mar 2023 ₹5 Cr | Jun 2023 ₹5 Cr | Sep 2023 ₹3 Cr | Dec 2023 ₹3 Cr | Mar 2024 ₹6 Cr | Jun 2024 ₹6 Cr | Sep 2024 ₹5 Cr | Dec 2024 ₹5 Cr | Mar 2025 ₹11 Cr | Jun 2025 ₹11 Cr | Sep 2025 ₹10 Cr | Dec 2025 ₹10 Cr | Mar 2026 ₹9 Cr | Jun 2026 —
- KIRLPNU: Sep 2021 ₹33 Cr | Dec 2021 ₹33 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹1 Cr | Sep 2022 ₹1 Cr | Dec 2022 ₹1 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹11 Cr | Jun 2025 ₹11 Cr | Sep 2025 ₹9 Cr | Dec 2025 ₹9 Cr | Mar 2026 ₹3 Cr | Jun 2026 ₹3 Cr
- VELJAN: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹7 Cr | Jun 2022 ₹7 Cr | Sep 2022 ₹6 Cr | Dec 2022 ₹6 Cr | Mar 2023 ₹9 Cr | Jun 2023 ₹9 Cr | Sep 2023 ₹9 Cr | Dec 2023 ₹9 Cr | Mar 2024 ₹7 Cr | Jun 2024 ₹7 Cr | Sep 2024 ₹4 Cr | Dec 2024 ₹4 Cr | Mar 2025 ₹8 Cr | Jun 2025 ₹8 Cr | Sep 2025 ₹8 Cr | Dec 2025 ₹8 Cr | Mar 2026 ₹1 Cr | Jun 2026 —
- AIRFLOA: Sep 2021 — | Dec 2021 — | Mar 2022 ₹71 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹60 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹64 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹60 Cr | Jun 2025 — | Sep 2025 ₹57 Cr | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter Net debt history
- ELGIEQUIP: Sep 2021 ₹159 Cr | Dec 2021 ₹159 Cr | Mar 2022 ₹184 Cr | Jun 2022 ₹184 Cr | Sep 2022 ₹226 Cr | Dec 2022 ₹226 Cr | Mar 2023 ₹9 Cr | Jun 2023 ₹9 Cr | Sep 2023 ₹-8 Cr | Dec 2023 ₹-8 Cr | Mar 2024 ₹-102 Cr | Jun 2024 ₹-101 Cr | Sep 2024 ₹-122 Cr | Dec 2024 ₹-122 Cr | Mar 2025 ₹-296 Cr | Jun 2025 ₹-296 Cr | Sep 2025 ₹-332 Cr | Dec 2025 ₹-332 Cr | Mar 2026 ₹-396 Cr | Jun 2026 —
- INGERRAND: Sep 2021 ₹-288 Cr | Dec 2021 ₹-288 Cr | Mar 2022 ₹-284 Cr | Jun 2022 ₹-284 Cr | Sep 2022 ₹-282 Cr | Dec 2022 ₹-282 Cr | Mar 2023 ₹-268 Cr | Jun 2023 ₹-268 Cr | Sep 2023 ₹-299 Cr | Dec 2023 ₹-299 Cr | Mar 2024 ₹-214 Cr | Jun 2024 ₹-214 Cr | Sep 2024 ₹-285 Cr | Dec 2024 ₹-285 Cr | Mar 2025 ₹-198 Cr | Jun 2025 ₹-198 Cr | Sep 2025 ₹-211 Cr | Dec 2025 ₹-211 Cr | Mar 2026 ₹-151 Cr | Jun 2026 —
- KIRLPNU: Sep 2021 ₹-211 Cr | Dec 2021 ₹-211 Cr | Mar 2022 ₹-161 Cr | Jun 2022 ₹-161 Cr | Sep 2022 ₹-162 Cr | Dec 2022 ₹-162 Cr | Mar 2023 ₹-190 Cr | Jun 2023 ₹-190 Cr | Sep 2023 ₹-193 Cr | Dec 2023 ₹-193 Cr | Mar 2024 ₹-274 Cr | Jun 2024 ₹-274 Cr | Sep 2024 ₹-255 Cr | Dec 2024 ₹-255 Cr | Mar 2025 ₹-339 Cr | Jun 2025 ₹-339 Cr | Sep 2025 ₹-419 Cr | Dec 2025 ₹-419 Cr | Mar 2026 ₹-454 Cr | Jun 2026 ₹-454 Cr
- VELJAN: Sep 2021 ₹-44 Cr | Dec 2021 ₹-44 Cr | Mar 2022 ₹-38 Cr | Jun 2022 ₹-38 Cr | Sep 2022 ₹-33 Cr | Dec 2022 ₹-33 Cr | Mar 2023 ₹-31 Cr | Jun 2023 ₹-31 Cr | Sep 2023 ₹-38 Cr | Dec 2023 ₹-38 Cr | Mar 2024 ₹-33 Cr | Jun 2024 ₹-33 Cr | Sep 2024 ₹-37 Cr | Dec 2024 ₹-37 Cr | Mar 2025 ₹-40 Cr | Jun 2025 ₹-40 Cr | Sep 2025 ₹-39 Cr | Dec 2025 ₹-39 Cr | Mar 2026 ₹-63 Cr | Jun 2026 —

## Return On Capital Employed

What the numbers say: Ingersoll-Rand (India) Ltd leads ROCE at 57.1%, 25.2 percentage points above Airfloa Rail Technology Ltd. Airfloa Rail Technology Ltd has the strongest latest improvement at +3 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

Investor read: Ingersoll-Rand (India) Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

Evidence: Ingersoll-Rand (India) Ltd · 57.1% | 79% versus #2 · Airfloa Rail Technology Ltd | 6/8 recent comparable periods | 5/5 companies · 62 observations

Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

### ROCE — highest
1. Ingersoll-Rand (India) Ltd (INGERRAND): 57%
2. Airfloa Rail Technology Ltd (AIRFLOA): 32% — older report
3. Kirloskar Pneumatic Company Ltd (KIRLPNU): 30%
4. Elgi Equipments Ltd (ELGIEQUIP): 22%
5. Veljan Denison Ltd (VELJAN): 15%

### ROCE change — fastest improvers
1. Airfloa Rail Technology Ltd (AIRFLOA): +3.0 pp — older report
2. Kirloskar Pneumatic Company Ltd (KIRLPNU): +2.2 pp
3. Veljan Denison Ltd (VELJAN): −0.5 pp
4. Elgi Equipments Ltd (ELGIEQUIP): −2.2 pp
5. Ingersoll-Rand (India) Ltd (INGERRAND): −5.3 pp

### 20-quarter ROCE history
- ELGIEQUIP: Sep 2021 18% | Dec 2021 — | Mar 2022 19% | Jun 2022 — | Sep 2022 24% | Dec 2022 — | Mar 2023 24% | Jun 2023 41% | Sep 2023 26% | Dec 2023 42% | Mar 2024 24% | Jun 2024 31% | Sep 2024 24% | Dec 2024 29% | Mar 2025 23% | Jun 2025 29% | Sep 2025 22% | Dec 2025 30% | Mar 2026 21% | Jun 2026 —
- INGERRAND: Sep 2021 27% | Dec 2021 — | Mar 2022 26% | Jun 2022 — | Sep 2022 28% | Dec 2022 — | Mar 2023 40% | Jun 2023 — | Sep 2023 45% | Dec 2023 51% | Mar 2024 48% | Jun 2024 53% | Sep 2024 47% | Dec 2024 56% | Mar 2025 56% | Jun 2025 59% | Sep 2025 51% | Dec 2025 53% | Mar 2026 51% | Jun 2026 —
- KIRLPNU: Sep 2021 15% | Dec 2021 — | Mar 2022 16% | Jun 2022 — | Sep 2022 19% | Dec 2022 — | Mar 2023 16% | Jun 2023 — | Sep 2023 14% | Dec 2023 18% | Mar 2024 18% | Jun 2024 22% | Sep 2024 23% | Dec 2024 27% | Mar 2025 23% | Jun 2025 27% | Sep 2025 19% | Dec 2025 23% | Mar 2026 25% | Jun 2026 29%
- VELJAN: Sep 2021 8.8% | Dec 2021 — | Mar 2022 12% | Jun 2022 — | Sep 2022 14% | Dec 2022 — | Mar 2023 11% | Jun 2023 — | Sep 2023 11% | Dec 2023 14% | Mar 2024 13% | Jun 2024 15% | Sep 2024 13% | Dec 2024 16% | Mar 2025 13% | Jun 2025 16% | Sep 2025 14% | Dec 2025 15% | Mar 2026 13% | Jun 2026 —

### 20-quarter ROCE change history
- ELGIEQUIP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +6.1 pp | Dec 2022 — | Mar 2023 +5.3 pp | Jun 2023 — | Sep 2023 +1.9 pp | Dec 2023 — | Mar 2024 −0.2 pp | Jun 2024 −10.1 pp | Sep 2024 −1.4 pp | Dec 2024 −12.8 pp | Mar 2025 −0.9 pp | Jun 2025 −1.7 pp | Sep 2025 −2.5 pp | Dec 2025 +0.8 pp | Mar 2026 −2.2 pp | Jun 2026 —
- INGERRAND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.7 pp | Dec 2022 — | Mar 2023 +14.8 pp | Jun 2023 — | Sep 2023 +16.7 pp | Dec 2023 — | Mar 2024 +7.1 pp | Jun 2024 — | Sep 2024 +2.3 pp | Dec 2024 +4.6 pp | Mar 2025 +8.5 pp | Jun 2025 +6.0 pp | Sep 2025 +3.9 pp | Dec 2025 −2.8 pp | Mar 2026 −5.3 pp | Jun 2026 —
- KIRLPNU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +3.6 pp | Dec 2022 — | Mar 2023 +0.7 pp | Jun 2023 — | Sep 2023 −4.6 pp | Dec 2023 — | Mar 2024 +1.3 pp | Jun 2024 — | Sep 2024 +8.7 pp | Dec 2024 +9.2 pp | Mar 2025 +5.6 pp | Jun 2025 +5.1 pp | Sep 2025 −4.3 pp | Dec 2025 −4.5 pp | Mar 2026 +2.3 pp | Jun 2026 +2.2 pp
- VELJAN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +4.9 pp | Dec 2022 — | Mar 2023 −1.3 pp | Jun 2023 — | Sep 2023 −2.4 pp | Dec 2023 — | Mar 2024 +2.6 pp | Jun 2024 — | Sep 2024 +1.6 pp | Dec 2024 +1.9 pp | Mar 2025 0.0 pp | Jun 2025 +1.3 pp | Sep 2025 +0.9 pp | Dec 2025 −0.6 pp | Mar 2026 −0.5 pp | Jun 2026 —

## Valuation Against Growth & Quality

What the numbers say: Elgi Equipments Ltd has the lowest comparable Guarded PEG at 1.29×, 52.7% below Kirloskar Pneumatic Company Ltd. Only 3 of 5 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

Evidence: Elgi Equipments Ltd · 1.29× | 52.7% versus #2 · Kirloskar Pneumatic Company Ltd | 0/8 recent comparable periods | 3/5 companies · 26 observations

Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.

### Guarded PEG — lowest PEG
1. Elgi Equipments Ltd (ELGIEQUIP): 1.3
2. Kirloskar Pneumatic Company Ltd (KIRLPNU): 2.7
3. Ingersoll-Rand (India) Ltd (INGERRAND): 3.2

### P/E — lowest P/E
1. Airfloa Rail Technology Ltd (AIRFLOA): 23.5 — older report
2. Veljan Denison Ltd (VELJAN): 30.4
3. Kirloskar Pneumatic Company Ltd (KIRLPNU): 37.0
4. Elgi Equipments Ltd (ELGIEQUIP): 47.0
5. Ingersoll-Rand (India) Ltd (INGERRAND): 52.1

### 20-quarter Guarded PEG history
- ELGIEQUIP: Sep 2021 — | Dec 2021 3.2 | Mar 2022 — | Jun 2022 — | Sep 2022 1.7 | Dec 2022 — | Mar 2023 — | Jun 2023 1.9 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 4.8 | Dec 2024 — | Mar 2025 — | Jun 2025 3.9 | Sep 2025 3.6 | Dec 2025 2.0 | Mar 2026 1.3 | Jun 2026 —
- INGERRAND: Sep 2021 — | Dec 2021 0.9 | Mar 2022 3.8 | Jun 2022 0.8 | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 3.0 | Mar 2024 — | Jun 2024 3.0 | Sep 2024 4.4 | Dec 2024 5.3 | Mar 2025 7.3 | Jun 2025 — | Sep 2025 3.2 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- KIRLPNU: Sep 2021 — | Dec 2021 — | Mar 2022 10.6 | Jun 2022 2.8 | Sep 2022 4.7 | Dec 2022 3.1 | Mar 2023 — | Jun 2023 4.0 | Sep 2023 7.4 | Dec 2023 — | Mar 2024 — | Jun 2024 8.2 | Sep 2024 — | Dec 2024 58.0 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 2.7 | Mar 2026 — | Jun 2026 —

### 20-quarter P/E history
- ELGIEQUIP: Sep 2021 53.6 | Dec 2021 66.9 | Mar 2022 59.2 | Jun 2022 69.6 | Sep 2022 62.2 | Dec 2022 56.5 | Mar 2023 50.7 | Jun 2023 46.3 | Sep 2023 42.3 | Dec 2023 43.0 | Mar 2024 47.0 | Jun 2024 73.0 | Sep 2024 65.1 | Dec 2024 55.4 | Mar 2025 47.1 | Jun 2025 48.5 | Sep 2025 42.4 | Dec 2025 37.7 | Mar 2026 36.2 | Jun 2026 —
- INGERRAND: Sep 2021 34.2 | Dec 2021 37.6 | Mar 2022 46.7 | Jun 2022 40.9 | Sep 2022 60.1 | Dec 2022 48.4 | Mar 2023 57.1 | Jun 2023 49.4 | Sep 2023 45.2 | Dec 2023 45.0 | Mar 2024 51.5 | Jun 2024 64.9 | Sep 2024 56.8 | Dec 2024 54.6 | Mar 2025 42.8 | Jun 2025 44.9 | Sep 2025 47.8 | Dec 2025 40.2 | Mar 2026 40.4 | Jun 2026 —
- KIRLPNU: Sep 2021 67.4 | Dec 2021 80.6 | Mar 2022 79.5 | Jun 2022 76.0 | Sep 2022 106.9 | Dec 2022 102.8 | Mar 2023 105.3 | Jun 2023 121.4 | Sep 2023 124.1 | Dec 2023 113.5 | Mar 2024 132.7 | Jun 2024 252.9 | Sep 2024 252.6 | Dec 2024 289.9 | Mar 2025 222.5 | Jun 2025 268.4 | Sep 2025 36.6 | Dec 2025 35.2 | Mar 2026 35.1 | Jun 2026 48.1
- VELJAN: Sep 2021 19.3 | Dec 2021 15.7 | Mar 2022 15.2 | Jun 2022 11.4 | Sep 2022 14.7 | Dec 2022 15.2 | Mar 2023 17.2 | Jun 2023 17.5 | Sep 2023 27.8 | Dec 2023 26.8 | Mar 2024 49.0 | Jun 2024 37.5 | Sep 2024 33.7 | Dec 2024 24.1 | Mar 2025 17.8 | Jun 2025 23.1 | Sep 2025 19.9 | Dec 2025 20.5 | Mar 2026 14.8 | Jun 2026 —
- AIRFLOA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 22.4 | Dec 2025 — | Mar 2026 — | Jun 2026 —

## Enterprise Value & Book Value

What the numbers say: Veljan Denison Ltd leads both ev/ebitda at 8× and p/bv at 3.13×.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: Veljan Denison Ltd · 8× | 54% versus #2 · Airfloa Rail Technology Ltd | 0/8 recent comparable periods | 5/5 companies · 78 observations

Definition: EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.

### EV/EBITDA — lowest EV/EBITDA
1. Veljan Denison Ltd (VELJAN): 8.0
2. Airfloa Rail Technology Ltd (AIRFLOA): 17.4 — older report
3. Elgi Equipments Ltd (ELGIEQUIP): 21.8
4. Ingersoll-Rand (India) Ltd (INGERRAND): 28.2
5. Kirloskar Pneumatic Company Ltd (KIRLPNU): 33.1

### P/BV — lowest P/BV
1. Veljan Denison Ltd (VELJAN): 3.1
2. Airfloa Rail Technology Ltd (AIRFLOA): 3.2 — older report
3. Kirloskar Pneumatic Company Ltd (KIRLPNU): 7.8
4. Elgi Equipments Ltd (ELGIEQUIP): 8.2
5. Ingersoll-Rand (India) Ltd (INGERRAND): 22.3

### 20-quarter EV/EBITDA history
- ELGIEQUIP: Sep 2021 25.2 | Dec 2021 32.8 | Mar 2022 28.9 | Jun 2022 36.2 | Sep 2022 34.8 | Dec 2022 32.0 | Mar 2023 29.6 | Jun 2023 28.5 | Sep 2023 25.9 | Dec 2023 26.5 | Mar 2024 28.8 | Jun 2024 41.7 | Sep 2024 37.1 | Dec 2024 31.8 | Mar 2025 27.0 | Jun 2025 28.7 | Sep 2025 25.0 | Dec 2025 22.4 | Mar 2026 21.8 | Jun 2026 —
- INGERRAND: Sep 2021 19.5 | Dec 2021 21.6 | Mar 2022 28.7 | Jun 2022 26.0 | Sep 2022 38.5 | Dec 2022 31.0 | Mar 2023 37.2 | Jun 2023 33.0 | Sep 2023 30.5 | Dec 2023 30.4 | Mar 2024 35.0 | Jun 2024 44.6 | Sep 2024 39.2 | Dec 2024 37.7 | Mar 2025 29.5 | Jun 2025 31.1 | Sep 2025 33.3 | Dec 2025 27.9 | Mar 2026 28.2 | Jun 2026 —
- KIRLPNU: Sep 2021 34.5 | Dec 2021 41.4 | Mar 2022 40.8 | Jun 2022 39.0 | Sep 2022 55.1 | Dec 2022 53.0 | Mar 2023 54.3 | Jun 2023 62.8 | Sep 2023 64.2 | Dec 2023 58.8 | Mar 2024 68.8 | Jun 2024 131.4 | Sep 2024 131.2 | Dec 2024 150.9 | Mar 2025 115.7 | Jun 2025 126.4 | Sep 2025 24.6 | Dec 2025 23.8 | Mar 2026 23.5 | Jun 2026 33.1
- VELJAN: Sep 2021 10.4 | Dec 2021 8.2 | Mar 2022 8.3 | Jun 2022 6.4 | Sep 2022 8.5 | Dec 2022 8.7 | Mar 2023 9.6 | Jun 2023 9.0 | Sep 2023 14.8 | Dec 2023 13.6 | Mar 2024 26.9 | Jun 2024 21.9 | Sep 2024 19.0 | Dec 2024 13.5 | Mar 2025 9.8 | Jun 2025 13.0 | Sep 2025 11.3 | Dec 2025 11.7 | Mar 2026 8.0 | Jun 2026 —
- AIRFLOA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 17.4 | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter P/BV history
- ELGIEQUIP: Sep 2021 7.6 | Dec 2021 10.4 | Mar 2022 9.6 | Jun 2022 14.3 | Sep 2022 11.9 | Dec 2022 11.8 | Mar 2023 13.4 | Jun 2023 16.6 | Sep 2023 11.8 | Dec 2023 11.8 | Mar 2024 13.0 | Jun 2024 16.6 | Sep 2024 13.1 | Dec 2024 10.5 | Mar 2025 8.9 | Jun 2025 10.6 | Sep 2025 8.2 | Dec 2025 7.3 | Mar 2026 7.5 | Jun 2026 —
- INGERRAND: Sep 2021 6.9 | Dec 2021 7.5 | Mar 2022 10.2 | Jun 2022 10.0 | Sep 2022 12.5 | Dec 2022 10.9 | Mar 2023 15.0 | Jun 2023 16.4 | Sep 2023 16.0 | Dec 2023 15.9 | Mar 2024 18.8 | Jun 2024 25.0 | Sep 2024 22.6 | Dec 2024 20.6 | Mar 2025 17.7 | Jun 2025 20.7 | Sep 2025 20.8 | Dec 2025 16.4 | Mar 2026 17.2 | Jun 2026 —
- KIRLPNU: Sep 2021 7.0 | Dec 2021 8.4 | Mar 2022 8.2 | Jun 2022 7.9 | Sep 2022 11.1 | Dec 2022 10.7 | Mar 2023 10.9 | Jun 2023 12.6 | Sep 2023 12.9 | Dec 2023 11.8 | Mar 2024 13.8 | Jun 2024 26.2 | Sep 2024 26.2 | Dec 2024 30.1 | Mar 2025 23.1 | Jun 2025 27.9 | Sep 2025 7.1 | Dec 2025 5.9 | Mar 2026 6.0 | Jun 2026 11.2
- VELJAN: Sep 2021 1.4 | Dec 2021 1.5 | Mar 2022 1.5 | Jun 2022 1.3 | Sep 2022 1.6 | Dec 2022 1.6 | Mar 2023 1.6 | Jun 2023 1.5 | Sep 2023 2.6 | Dec 2023 2.3 | Mar 2024 4.7 | Jun 2024 4.4 | Sep 2024 3.8 | Dec 2024 2.5 | Mar 2025 1.9 | Jun 2025 2.6 | Sep 2025 2.3 | Dec 2025 2.3 | Mar 2026 1.6 | Jun 2026 —

## Market action

Kirloskar Pneumatic Company Ltd has the strongest one-year price move in Compressors at +15.1%. Veljan Denison Ltd leads on Mansfield relative strength against NIFTY at +50.4%. 4 of 4 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-17.

### Strongest one-year price performers
1. Kirloskar Pneumatic Company Ltd (KIRLPNU): 15%
2. Ingersoll-Rand (India) Ltd (INGERRAND): 10%
3. Elgi Equipments Ltd (ELGIEQUIP): 6.0%

### Strongest relative strength versus NIFTY 500
1. Veljan Denison Ltd (VELJAN): 50%
2. Kirloskar Pneumatic Company Ltd (KIRLPNU): 31%
3. Ingersoll-Rand (India) Ltd (INGERRAND): 16%
4. Elgi Equipments Ltd (ELGIEQUIP): 12%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- 1 company has an older fundamental reporting date than the sector’s freshest reporters; its rank carries a stale marker.
- 1 company draws at least one figure from a second data feed with too little overlapping history to cross-check against the primary source; it is marked unverified wherever that figure appears.
- Thin comparisons: Capital expenditure have fewer than three usable current readings.

## Every company
- Elgi Equipments Ltd (ELGIEQUIP) — market value ₹18.3K Cr; latest fundamentals Mar 2026
- Ingersoll-Rand (India) Ltd (INGERRAND) — market value ₹13.7K Cr; latest fundamentals Mar 2026
- Kirloskar Pneumatic Company Ltd (KIRLPNU) — market value ₹9.7K Cr; latest fundamentals Jun 2026
- Veljan Denison Ltd (VELJAN) — market value ₹785 Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Airfloa Rail Technology Ltd (AIRFLOA) — market value ₹662 Cr; latest fundamentals Sep 2025

## Source standing of each company

Cross-checked: 3. Unverified: 2. Withheld: 0. Graded companies: 5.

1 of 5 companies draws at least one figure from a second data feed that could not be cross-checked against the primary source, because the two do not share enough reported history to compare. Those figures are marked unverified wherever they appear.

- UNVERIFIED | VELJAN | Veljan Denison Ltd | too little overlapping reported history to cross-check the second feed

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-07-24.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### What is the Nifty Compressors index?

The Nifty Compressors index tracks India's listed Compressors companies as a single basket. This page follows the same 5 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the Compressors sector rather than to its largest constituent. Figures are as of Jun 2026.

### Which are the best Compressors stocks in India?

Ranked by this page's four-factor score, Kirloskar Pneumatic Company Ltd places first among 5 listed Compressors companies, followed by Elgi Equipments Ltd. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Jun 2026 — and not a recommendation; Sector Alpha is not registered with SEBI as an investment adviser.

### How many Compressors stocks are listed in India?

This comparison covers 5 listed Compressors companies in India, each above the size floor the site applies, with 20 quarters of reported figures per company where the filings exist. The full ranked list is on this page, as of Jun 2026.

### Which Compressors company is the biggest?

Elgi Equipments Ltd is the largest, with trailing-twelve-month revenue of ₹3,951 crore, ahead of Kirloskar Pneumatic Company Ltd at ₹1,808 crore. That covers 4 of 5 companies with comparable reporting through Mar 2026.

### Which Compressors company is growing fastest?

Elgi Equipments Ltd has the fastest revenue growth at 12.5% year on year, across 4 of 5 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which Compressors company has the best profit margins?

Airfloa Rail Technology Ltd has the highest operating margin at 24%, from 5 of 5 comparable companies. Kirloskar Pneumatic Company Ltd shows the biggest recent improvement, at +3 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Compressors company makes the most profit?

Elgi Equipments Ltd earns the most, at ₹430 crore of trailing-twelve-month net profit, from 4 of 5 comparable companies. Kirloskar Pneumatic Company Ltd has the fastest profit growth at 25.2%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Compressors company earns the highest return on capital?

Ingersoll-Rand (India) Ltd leads on return on capital employed at 57.1%, across 5 of 5 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Compressors stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Elgi Equipments Ltd screens cheapest at 1.29×. Only 3 of 5 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Which Compressors company has the strongest balance sheet?

Veljan Denison Ltd carries the lowest comparable gross debt at ₹1 crore, from 5 of 5 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

### Which Compressors stock has the strongest price momentum?

Veljan Denison Ltd has the strongest relative strength against NIFTY 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Compressors company scores highest for research priority?

Kirloskar Pneumatic Company Ltd scores 56.3 out of 100 with 93% evidence confidence, from 26.7 points on growth and earnings, 14.3 on capital efficiency, 5.9 on valuation and 9.4 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Compressors companies does this comparison cover, and over what period?

It compares 5 listed companies over up to 20 reported quarters of fundamentals and 10 fiscal years of capital allocation, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Compressors sector?

The 5 Compressors companies on this page carry ₹43,214 crore of combined market value. Elgi Equipments Ltd is the largest at ₹18,295 crore, about 42% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-29.

### What is the Compressors sector's P/E ratio?

The median price-to-earnings ratio across the 5 Compressors companies on this page is 37×, measured on the 5 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-29.

### How is the Compressors sector performing?

4 of the 4 covered Compressors companies are beating NIFTY 500 on Mansfield relative strength. A 52-week sector-versus-index comparison is not available from the current market series for this sector, so it is not quoted. Readings are as of 2026-07-29.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/compressors