# 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 2026-08-05. Not investment advice.

## Bottom line

Compressors has outperformed NIFTY 500 by 25% over 52 weeks and 15.6% over 13 weeks. 4 of 4 covered companies beat NIFTY on Mansfield relative strength, while 0 of 3 beat the sector itself. Elgi Equipments Ltd leads with revenue of ₹3,951 crore, based on 4 of 5 comparable companies through Mar 2026.

## Sector relative strength

Compressors has outperformed NIFTY 500 by 25% over the last 52 weeks. Over 13 weeks the gap is a lead of 15.6%. 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 -8.4%. Readings are as of 2026-07-19.

13-week sector return versus NIFTY 500: 16%
52-week sector return versus NIFTY 500: 25%
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: ₹42.8K 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. Elgi Equipments Ltd (ELGIEQUIP): 50/100 — Mixed-positive evidence; evidence 96%
   - Growth & earnings 19.6/35 | Capital efficiency 12.5/25 | Valuation 13.3/20 | Relative strength 5.0/20
   - Price stage: FADING — Was leading by 5% or more four weeks ago and is not now.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 9 of the last 12 weeks
   - Exact sum: 19.6 + 12.5 + 13.3 + 5 = 50.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. Kirloskar Pneumatic Company Ltd (KIRLPNU): 49/100 — Mixed-negative evidence; evidence 93%
   - Growth & earnings 26.7/35 | Capital efficiency 11.7/25 | Valuation 5.9/20 | Relative strength 5.0/20
   - Price stage: FADING — Was leading by 5% or more four weeks ago and is not now.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 11 of the last 12 weeks
   - Exact sum: 26.7 + 11.7 + 5.9 + 5 = 49.3
   - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -8.4% and the one-year return is 14.8%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
3. Veljan Denison Ltd (VELJAN): 47/100 — Mixed-negative evidence; evidence 68%
   - Growth & earnings 14.4/35 | Capital efficiency 10.6/25 | Valuation 9.8/20 | Relative strength 12.5/20
   - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 3 of 3 weeks with a reading, within the last 12
   - Exact sum: 14.4 + 10.6 + 9.8 + 12.5 = 47.3
   - 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 19.1/25 | Valuation 1.0/20 | Relative strength 5.0/20
   - Price stage: FADING — Was leading by 5% or more four weeks ago and is not now.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 8 of the last 12 weeks
   - Exact sum: 5.1 + 19.1 + 1 + 5 = 30.2
   - 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): 57/100 — Thin evidence · provisional; evidence 22%
   - Growth & earnings 18.1/35 | Capital efficiency 17.3/25 | Valuation 11.5/20 | Relative strength 10.0/20
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 1 of the last 12 weeks, ending 2026-03-08 (no longer priced)
   - Exact sum: 18.1 + 17.3 + 11.5 + 10 = 56.9
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Market action

Kirloskar Pneumatic Company Ltd has the strongest one-year price move in Compressors at +14.8%. Veljan Denison Ltd leads on Mansfield relative strength against NIFTY at +45.8%. 4 of 4 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-31.

### Strongest one-year price performers
1. Kirloskar Pneumatic Company Ltd (KIRLPNU): 15%
2. Ingersoll-Rand (India) Ltd (INGERRAND): 9.2%
3. Elgi Equipments Ltd (ELGIEQUIP): -0.6%

### Strongest relative strength versus NIFTY 500
1. Veljan Denison Ltd (VELJAN): 46%
2. Kirloskar Pneumatic Company Ltd (KIRLPNU): 13%
3. Elgi Equipments Ltd (ELGIEQUIP): 9.3%
4. Ingersoll-Rand (India) Ltd (INGERRAND): 9.3%

## 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 —

## 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 PEG at 1.29×, 52.7% below Kirloskar Pneumatic Company Ltd. Only 3 of 5 companies have earnings and growth steady enough for the ratio to mean anything, 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 feeds agreed. Where any of that fails the ratio is left out rather than printed: a P/E divided by a loss, or by growth measured off a tiny base, is a number that looks precise and means nothing.

### 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): 30.6
3. Kirloskar Pneumatic Company Ltd (KIRLPNU): 36.6
4. Elgi Equipments Ltd (ELGIEQUIP): 46.4
5. Ingersoll-Rand (India) Ltd (INGERRAND): 51.9

### 20-quarter 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 —


## 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.

## Every company
- Elgi Equipments Ltd (ELGIEQUIP) — market value ₹18.1K 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 ₹9.6K Cr; latest fundamentals Jun 2026
- Veljan Denison Ltd (VELJAN) — market value ₹791 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 2026-07-31.
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

### Is the Compressors sector outperforming NIFTY 500?

Compressors has outperformed NIFTY 500 by 25% over 52 weeks and 15.6% over 13 weeks. 4 of 4 covered companies beat NIFTY on Mansfield relative strength, while 0 of 3 beat the sector itself.

### 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?

Elgi Equipments Ltd ranks first at 50.4/100 with 95.6% evidence confidence. The score prioritizes research; it is not a buy recommendation.

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

Elgi Equipments Ltd has the lowest comparable PEG at 1.29, among 3 of 5 companies whose earnings and growth are steady enough for the ratio to mean anything.

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

The page compares up to 20 reported quarters per company for fundamentals, returns 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.

### 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, Elgi Equipments Ltd places first among 5 listed Compressors companies, followed by Kirloskar Pneumatic Company 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 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 PEG — where a LOWER number is cheaper — Elgi Equipments Ltd screens cheapest at 1.29×. Only 3 of 5 companies have earnings and growth steady enough for the ratio to mean anything, 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.

### Is the Compressors sector beating the market?

Compressors has outperformed NIFTY 500 by 25% over the last 52 weeks and 15.6% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 4 of 4 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### 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?

Elgi Equipments Ltd scores 50.4 out of 100 with 95.6% evidence confidence, from 19.6 points on growth and earnings, 12.5 on capital efficiency, 13.3 on valuation and 5 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, 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 ₹42,823 crore of combined market value. Elgi Equipments Ltd is the largest at ₹18,053 crore, about 42% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-08-05.

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

The median price-to-earnings ratio across the 5 Compressors companies on this page is 36.6×, 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 2026-08-05.

### How is the Compressors sector performing?

4 of the 4 covered Compressors companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 25% ahead of NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-08-05.

### 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.