StockFin.ai Try Free →

Cummins India Limited (CUMMINSIND)

Capital Goods · Industrial Products · NSE · Updated 16 June 2026

₹5,754 ↑ 73.96% (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 stable and PAT growing faster than revenue. The company is navigating a cautious macro environment while leveraging localization and capacity utilization to sustain performance, positioning itself as a key player in industrial infrastructure with expanding data center-linked demand.
Revenue grew 23.4% QoQ to ₹3,096 in Q3FY25.
⚠️ 1) Geopolitical and supply chain uncertainties could impact export growth and input costs. 2) Margin pressure may arise from localization investments

Market Cap

₹1.49 L Cr

P/E Ratio

74.4

Div Yield

0.00%

Promoter

0.0%

✨ Ask AI About CUMMINSIND 📊 Interactive Charts

📖 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 stable and PAT growing faster than revenue. The company is navigating a cautious macro environment while leveraging localization and capacity utilization to sustain performance, positioning itself as a key player in industrial infrastructure with expanding data center-linked demand.

📰 What's Happening

In FY25-26, Cummins India achieved 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 12%, supported by 24% growth in power generation and 22% in distribution. Management highlighted ongoing localization efforts for data center and CPCB IV+ engines, 70% capacity utilization, and no new major capex beyond modernization. Export trends and geopolitical factors prompted a cautious outlook despite strong segmental performance.

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 INR1,922 crores in Q2FY24 to INR3,096 crores in Q3FY25, and PAT expanding from INR329 crores to INR558 crores in the same period. Operating margins have remained stable around 19-20%, indicating disciplined cost management. The acceleration in growth from Q1FY24 to Q3FY25 aligns with management's commentary on rising demand in power generation and distribution, particularly in data center and industrial segments.

🔮 Management Outlook & What's Next

Management expects data center-related revenue to contribute 30-35% of PowerGen revenue in FY26, with moderate growth anticipated across all segments. They emphasized continued localization of key products, ongoing capacity utilization at 70%, and a cautious stance due to geopolitical and supply chain headwinds. No new major capex is planned beyond ongoing modernization initiatives, suggesting a focus on operational efficiency and margin management rather than aggressive expansion in the near term.

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 uncertainties could impact export growth and input costs. 2) Margin pressure may arise from localization investments and competitive dynamics in the high horsepower segment. 3) Slowing economic momentum could temper demand in key industrial segments. 4) Regulatory or labor disputes, such as the ongoing retirement age case, pose potential operational and reputational risks despite current non-material impact.

📋 Recent Filings

🧠 Analyst's Read

Cummins India is executing steadily amid a challenging macro environment, with strong financial performance underpinned by operational discipline and targeted growth in power and distribution. Investors should monitor export trends, margin trajectory amid localization costs, and how management navigates geopolitical headwinds, particularly as data center demand evolves.

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 2026-06-16.