Cummins India Limited (CUMMINSIND)

Capital Goods · Industrial Products · NSE · Updated 14 July 2026

₹5,555 ↑ 57.64% (1Y)

🎯 Key Takeaways

Cummins India is in a strong growth phase driven by robust domestic and export demand, particularly in power generation and distribution, with margins holding steady despite a cautious macro outlook. The company is transitioning from a turnaround to a mature expansion phase, supported by strategic localization, capacity utilization at 70%, and emerging opportunities in data centers and sustainability-linked technologies.
Revenue grew 23.4% QoQ to ₹3,096 in Q3FY25.
⚠️ Geopolitical and supply chain disruptions could impact export growth and input costs.

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 strong growth phase driven by robust domestic and export demand, particularly in power generation and distribution, with margins holding steady despite a cautious macro outlook. The company is transitioning from a turnaround to a mature expansion phase, supported by strategic localization, capacity utilization at 70%, and emerging opportunities in data centers and sustainability-linked technologies.

📰 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, with Q4 PAT up 25% to INR852 crores. Domestic sales rose 19% and exports grew 12%, led by 24% growth in power generation and 22% in distribution. The company highlighted ongoing localization efforts for data center and CPCB IV+ engines, stable capacity utilization at 70%, and no new capex beyond modernization. Management expressed caution due to geopolitical and supply chain factors, while anticipating moderate growth and a 30-35% contribution of data center to PowerGen revenue in FY26. A board meeting is scheduled for August 5, 2026, to approve unaudited Q1FY26 results, with insiders restricted from trading until 48 hours post-release.

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

The company has delivered consistent top-line and bottom-line growth over the past four quarters, with revenue rising from INR1,934 crores in Q4FY23 to INR3,096 crores in Q3FY25, and PAT expanding from INR349 crores to INR558 crores in the same period. Operating margins have remained stable around 19-20%, indicating disciplined cost management. The strong growth in high-margin segments like power generation and distribution, coupled with export expansion, has driven PAT growth outpacing revenue growth. Management attributes this to localization, capacity utilization, and demand resilience, though it acknowledges margin pressures from competitive dynamics in the high-horsepower segment and macroeconomic headwinds.

🔮 Management Outlook & What's Next

Management expects moderate growth across segments in FY26, with data center contributing 30-35% of PowerGen revenue. They emphasized ongoing localization of data center and CPCB IV+ engine production, stable capacity utilization, and cautious optimism amid geopolitical and supply chain uncertainties. No major new capex is planned beyond ongoing modernization. The company is focused on sustainability, digitalization, and innovation in marine, rail, and emission-compliant technologies, positioning for long-term structural growth while maintaining financial discipline.

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 supply chain disruptions could impact export growth and input costs. 2. Intensifying competition in the high-horsepower segment may pressure margins despite management's optimism. 3. Localization efforts for new product lines like data center and CPCB IV+ engines may face execution or cost challenges. 4. Regulatory and compliance risks related to ESG disclosures and material related party transactions require shareholder approval at the AGM, introducing governance-related uncertainty.

📋 Recent Filings

🧠 Analyst's Read

Cummins India is executing well amid favorable demand trends, with strong financial performance and strategic investments in sustainability and innovation. The key watchpoints are margin resilience amid competitive pressures, execution of localization initiatives, and management's ability to navigate macroeconomic headwinds while capitalizing on emerging opportunities in data centers and green technologies.

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

✨ Deep Dive with AI on CUMMINSIND

Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-07-14.

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