Cummins India Ltd (CUMMINSIND)

Capital Goods · Capital Goods-Non Electrical Equipment · NSE · Updated 1 September 2026

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

₹5,185 ↑ 35.53% (1Y)

🎯 Key Takeaways

Cummins India is in a high-growth, cash-generative phase driven by strong domestic demand and strategic expansion into new power solutions. Management is focused on innovation, operational excellence, and capital discipline, supported by a robust balance sheet and consistent shareholder returns.
Revenue grew 13.8% QoQ to ₹3,426 in Q1FY27.
⚠️ Leadership transition in distribution business may introduce short-term execution risks despite succession planning.

Market Cap

₹1.44 L Cr

P/E Ratio

60.7

P/B Ratio

16.96

ROE

27.9%

ROCE

36.6%

Debt/Equity

0.00

Div Yield

1.27%

Promoter

51.0%

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📖 The Story

Cummins India is in a high-growth, cash-generative phase driven by strong domestic demand and strategic expansion into new power solutions. Management is focused on innovation, operational excellence, and capital discipline, supported by a robust balance sheet and consistent shareholder returns. The company demonstrates resilience in capital goods with improving margins and high returns on capital.

📰 What's Happening

At the 65th AGM on August 6, 2026, Cummins India reported FY2025-26 revenue of ₹11,950 crores, up 19% YoY, with PBIT margin expanding to 26.1%. The company launched new BESS and CPCB IV+ gensets and highlighted ESG achievements including 100% waste recycling. A final dividend of Rs. 46 per share was approved, reflecting strong shareholder returns. Shareholders ratified related party transactions with Cummins Inc. and Cummins Limited, UK, with near-unanimous approval. Senior VP of Distribution Pankaj Kapoor resigned effective September 21, 2026, for external opportunities, with succession planning underway.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue	3,170	3,055	3,011	3,426
Operating Profit	646	584	591	564
OPM %	20.4%	19.1%	19.6%	16.4%
Net Profit	622	486	649	609
EPS	₹22.45	₹17.53	₹23.43	₹21.98

Quarterly revenue shows sequential growth from ₹3,170 crores (Sep 2025) to ₹3,426 crores (Jun 2026), with operating profit margin peaking at 19.6% in Mar 2026 before moderating to 16.4% in Jun 2026. Net profit and EPS remained resilient despite margin pressure, indicating effective cost management. The company maintained strong profitability with OPM consistently above 16% and net profit growth supported by volume expansion and operational efficiency, aligning with management's focus on innovation and dependability.

🔮 Management Outlook & What's Next

Management emphasized continuity in living its values and delivering on the innovation and dependability brand promise during the AGM. While no formal forward guidance was provided beyond operational momentum, the launch of new power solutions and sustained investment in ESG and capacity suggest confidence in sustaining growth. The board's actions, including dividend approval and ratification of related party transactions, reflect a strategy of returning capital while reinvesting in strategic initiatives.

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

🏦 Balance Sheet (₹ Cr)

Item	Mar 2025	Mar 2025	Mar 2026	Mar 2026
Equity Capital	55	55	55	55
Reserves	6,912	7,506	7,840	8,420
Borrowings	28	30	24	0
Total Liabilities	9,397	10,168	10,540	11,304
Fixed Assets	2,201	2,227	2,233	1,497
Investments	1,664	1,482	2,186	3,060
Total Assets	9,397	10,168	10,540	11,304

The balance sheet remains exceptionally strong with zero net borrowings and equity of ₹55 crores supported by reserves of ₹8,420 crores as of March 2026. Total assets grew to ₹11,304 crores, indicating healthy asset expansion without leverage. This financial structure enables aggressive capital allocation toward innovation and ESG initiatives while maintaining flexibility for strategic opportunities or market downturns.

💰 Cash Flow Statement (₹ Cr)

Item	Mar 2026
Operating	+1,734
Investing	+15
Financing	-1,495
Net Cash Flow	+254

👥 Shareholding Pattern

Category	Q2FY26	Q3FY26	Q4FY26	Q1FY27
Promoters	51.0%	51.0%	51.0%	51.0%
FII	18.4%	19.4%	20.8%	21.2%
DII	21.8%	20.7%	19.6%	19.2%
Public	7.1%	7.2%	7.0%	7.1%
# Shareholders	1,60,027	1,66,210	1,61,993	1,73,450

FII holdings have steadily increased from 18.35% (Q2FY26) to 21.19% (Q1FY27), while DII holdings peaked at 20.7% and stabilized around 19.16%. Promoter holding remains stable at 51%. The growing institutional interest, coupled with a rising number of shareholders (1,73,450), signals expanding investor confidence and broadening ownership base.

⚖️ Peer Comparison — Capital Goods-Non Electrical Equipment

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
CUMMINSIND	1.44 L Cr	60.7	36.6%	27.9%	0.00
APLAPOLLO	62,723	51.0	35.9%	29.2%	0.15
WELCORP	62,630	27.1	27.3%	25.3%	0.24
TIINDIA	55,051	90.7	23.6%	14.3%	0.05
INDOMIM	42,951	—	—	—	0.39
KIRLOSENG	30,869	56.5	13.7%	14.8%	1.47
JYOTICNC	23,634	73.5	24.1%	19.1%	0.29
GRINDWELL	22,773	52.2	23.3%	17.3%	0.00
CARBORUNIV	21,336	101.2	8.0%	4.8%	0.08
ELGIEQUIP	19,916	44.3	23.6%	20.1%	0.18

🔗 Peer Stock Analyses

APLAPOLLO WELCORP TIINDIA INDOMIM KIRLOSENG

⚠️ Risk Factors

1. Leadership transition in distribution business may introduce short-term execution risks despite succession planning. 2. Margin moderation in quarterly trends (OPM declined from 20.4% to 16.4%) could pressure profitability if not offset by volume or pricing power. 3. High P/E multiple (60.7) reflects elevated valuation expectations, making the stock sensitive to growth slowdowns. 4. Dependence on domestic market growth and global commodity volatility in raw materials could impact margins.

📋 Recent Filings

🧠 Analyst's Read

Cummins India demonstrates strong financial health, consistent capital allocation, and growing institutional confidence, but its elevated valuation demands sustained growth execution. Investors should monitor margin trajectory, leadership transition impact, and global macro trends affecting capital goods demand.

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 2026-09-01.

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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