Compressors, Pumps & Diesel Engines industry

15 companies · ₹2.2 L cr · 11 with AI deep dives · Q1FY27 report

Data-centre orders and domestic volumes at records, but commodity inflation collapses margins to a 3-year low.

Margin pressurerevenue is growing but margin has fallen for 3 quarters to 15.0%

Revenue YoY: +17.3%
EBITDA margin: 15.0%; -290bps YoY
Price, 1 year: -10.8%; 31% of names up
P/E vs own 5y: +9.2%; 38.8x now

Exhibit 1The quarter in numbers

constant panel of 11 companies above ₹500 cr

aggregate revenue (₹ cr)EBITDA margin (right axis)

Metric	Jun 26	Mar 26	QoQ	Jun 25	YoY	Peak	vs peak
Revenue	10,623 cr	10,886 cr	-2.4%	9,057 cr	+17.3%	10,886 cr	-2.4%
EBITDA margin	15.0%	17.1%	-210bps	17.9%	-290bps	18.2%	-320bps

Revenue

Jun 26: 10,623 cr
Mar 26: 10,886 cr
QoQ: -2.4%
Jun 25: 9,057 cr
YoY: +17.3%
Peak: 10,886 cr
vs peak: -2.4%

EBITDA margin

Jun 26: 15.0%
Mar 26: 17.1%
QoQ: -210bps
Jun 25: 17.9%

Sept 26: 2 of 13 reported so far, so it is not in the trend above.

Breadth: 92% of 13 companies grew revenue year on year (was 85% a quarter earlier) and 23% expanded margin (was 39%).

Exhibit 2What it costs

28.81x - 48.07x across the panel today

The median name trades at 38.8x, +9.2% against this industry's own 5-year median of 35.5x, and -24.0% against its own peak of 51.0x.

Exhibit 3Structure

₹2.2 L cr

Cummins India Ltd is 53.5% of this industry by market cap. The top 5 are 83.2% and the top 10 are 97.7%.

large 1mid 5small 7micro 213 above ₹500 cr

Exhibit 4Screen

P/E below the sub-industry median of 38.75x, 5y ROCE above its median of 22.98%, and at least 2 growth triggers stated on the latest earnings call.

Which names clear this screen is premium

The screen runs on stated growth triggers from the latest earnings calls - the same guidance data the stock screener reserves for premium. Premium names every company in this industry that is cheap against its own median and has the triggers behind it.

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Exhibit 5Coverage (13 of 13)

Every company here with a deep dive, topped up by market cap. The rest of the industry is in the appendix.

Company	Mcap	P/E	EV/EBITDA	ROCE	Margin	Rev YoY	Read
Cummins India Ltd	₹1.2 L cr	51.1x	40.0x	39.3%	21.4%	+17.9%	Unlock
Kirloskar Oil Engines Ltd	₹26,310 cr

Exhibit 6What managements said

from this industry's latest earnings calls · as of 2026-06-30

headwindCommodity cost inflation compressing gross margins sector-wide6 managements

Steel, pig iron, aluminium, copper, and platinum all rose sharply in Q1FY27, with multiple managements attributing the spike to West Asia geopolitical disruption. CUMMINSIND…

CUMMINSIND (Q1FY27): “Commodity has been impacting. Major commodities, steel, pig iron, aluminum, copper…”

headwind4 managements tailwind3 managements

Exhibit 7Outlook

The outlook and what resolves next quarter

Where these managements said things are heading, and the dated, checkable events that would change it. Free with an account - 3 full reports a quarter.

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AppendixThe other 0 companies

1-0

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