Cummins India Limited (CUMMINSIND)

Capital Goods · Industrial Products · NSE · Updated 3 August 2026

By StockFin Research Team • AI-Assisted Analysis • Source: BSE/NSE Filings

₹5,519 ↑ 54.65% (1Y)

🎯 Key Takeaways

Cummins India is in a phase of sustained growth with improving profitability and strategic investments in high-margin segments like power generation and distribution. Management is focused on capacity expansion, localization, and ESG integration, supported by strong domestic demand and export resilience.
Revenue grew 23.4% QoQ to ₹3,096 in Q3FY25.
⚠️ Geopolitical and export market volatility could impact order visibility and margins in international segments.

Market Cap

₹1.49 L Cr

P/E Ratio

74.4

Div Yield

0.00%

Promoter

0.0%

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📖 The Story

Cummins India is in a phase of sustained growth with improving profitability and strategic investments in high-margin segments like power generation and distribution. Management is focused on capacity expansion, localization, and ESG integration, supported by strong domestic demand and export resilience. The company maintains a premium valuation, reflecting confidence in its market leadership and long-term structural tailwinds.

📰 What's Happening

In Q4FY25, Cummins India reported 18% YoY revenue growth to INR11,950 crores and 22% YoY PAT growth to INR3,054 crores, driven by 24% growth in power generation and 22% in distribution. Management highlighted 70% capacity utilization and ongoing modernization without major new capex. The board is set to approve unaudited Q1FY26 results on August 5, 2026, following a trading window closure. The 65th AGM on August 6, 2026, will vote on over ₹10,000 crores in related party transactions and director reappointments. A final dividend of ₹46 per share was proposed, payable by September 4, 2026, with a record date of July 17, 2026.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Q4FY23	Q1FY24	Q2FY24	Q3FY24	Q4FY24	Q1FY25	Q2FY25	Q3FY25
Revenue	1,934	2,218	1,922	2,541	2,319	2,316	2,509	3,096
Operating Profit	418	431	436	640	638	577	589	709
OPM %	17.1%	15.4%	18.0%	21.4%	23.2%	20.4%	19.3%	19.3%
Net Profit	349	354	329	499	539	463	449	558
EPS	₹12.59	₹12.76	₹11.87	₹18.00	₹19.44	₹16.69	₹16.21	₹20.15

Revenue and profitability have shown consistent growth over the past four quarters, with Q4FY25 marking the highest PAT and EPS in recent history. Operating margins stabilized at 19.3% in Q3FY25 and Q2FY25 after a peak of 23.2% in Q4FY24, suggesting margin pressure from higher input costs or pricing discipline. The sequential revenue growth from Q4FY24 to Q3FY25 indicates sustained demand, particularly in power generation and distribution segments, which management cites as key growth drivers.

🔮 Management Outlook & What's Next

Management expressed a cautious outlook on export trends and geopolitical factors despite strong domestic performance. No formal forward guidance was provided in the latest filings, but the focus remains on sustaining growth through localization, capacity utilization, and innovation in power generation and data center-related products. The upcoming Q1FY26 results approval on August 5, 2026, will be closely watched for early signals of continued momentum.

Extracted from official company announcements. Not StockFin.ai's opinion.

⚖️ Peer Comparison — Industrial Products

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
Cummins India Limited	1.49 L Cr	74.4	—	—	—
Polycab India Limited	1.38 L Cr	74.8	—	—	—
APL Apollo Tubes Limited	52,483	43.6	29.3%	22.7%	0.09
KEI Industries Limited	48,924	72.7	—	—	—
Supreme Industries Limited	44,570	43.6	—	—	—
Astral Limited	41,662	79.2	—	—	—
AIA Engineering Limited	35,987	31.0	20.4%	16.8%	0.07
Welspun Corp Limited	34,530	23.2	—	—	—
Timken India Limited	26,561	61.0	—	—	—
Kirloskar Oil Engines Limited	25,295	49.8	—	—	—

🔗 Peer Stock Analyses

POLYCAB APLAPOLLO KEI SUPREMEIND ASTRAL

⚠️ Risk Factors

1. Geopolitical and export market volatility could impact order visibility and margins in international segments. 2. Rising input costs or pricing pressures may affect operating margins, as seen in the sequential decline from 23.2% to 19.3%. 3. The labour dispute at Bombay High Court, though currently under stay, remains a legal risk with potential for operational or financial escalation. 4. Over-reliance on high horsepower segments with limited competition may face competitive entry or regulatory shifts.

📋 Recent Filings

🧠 Analyst's Read

Cummins India is executing a stable growth trajectory with strong profitability and shareholder-friendly policies, but future performance hinges on export demand, margin resilience, and execution of strategic investments. Investors should monitor Q1FY26 results and management commentary on global conditions during the August 5, 2026 board meeting.

Based on filing content and financial data. Not a recommendation.

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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-08-03.

Editorial & Data Transparency Notice

This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.

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