Visible green shoots in India business amid challenges Elgi's standalone air compressor (domestic plus direct export) revenue declined mere 3% to | 263 crore in Q2FY21. While pure domestic air compressor sales came in better than expected with decline of 11% YoY to | 191 crore. Elgi is on track on its strategy to curtail employee cost and reduce fixed cost by ~15-20% in FY21E primarily in India business. Elgi has seen activities across all major industries and expects further revival in capacity building with smaller incremental investments by industries. Its...