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Cummins

CUMMINSIND NSE

Key Fundamentals

LargecapCompressors Pumps & Diesel EnginesIndustrial Products
Market Cap
1.4L Cr
Volatility
Moderate
P/E Ratio
59.37
EBITDA
₹3,112 Cr
Return on Equity
27.87%
Debt to Equity
0
Book Value
₹305.74
EPS
₹66.04
52W High
₹6,100
52W Low
₹3,833

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Strengths

4
  • Company is almost debt free.
  • Company has delivered good profit growth of 30.8% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 28.8%
  • Company has been maintaining a healthy dividend payout of 70.0%

Weaknesses

1
  • Stock is trading at 16.6 times its book value

Growth Rate

Revenue Growth
16.82% higher than 3Y
Net Income Growth
18.09% lower than 3Y
Cash Flow Change
3.07% lower than 3Y
ROE
5.37% lower than 3Y
ROCE
5.97% lower than 3Y
EBITDA Margin (Avg.)
5.4% lower than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 2d ago
AI opinion · based on fundamentals
Risk medium

Cummins India Ltd commands a market cap of ₹1,39,653 Cr with a virtually debt-free balance sheet, 30% ROE in the last year, and a 5-year profit CAGR of ~31%. However, the stock trades at a PE of 60.2x and 16.8x book value, reflecting elevated valuations relative to historical earnings growth of 13% over 10 years.

Bull Case 8
  • Virtually debt-free balance sheet provides significant financial flexibility and resilience during economic downturns
  • Last-year ROE of 30% and 3-year average ROE of ~29% indicate consistently high capital efficiency well above the cost of equity
  • Compounded profit growth of 31% CAGR over 5 years demonstrates strong earnings momentum and operating leverage
  • Healthy dividend payout ratio of 70% with a current dividend yield of 1.28%, reflecting shareholder-friendly capital allocation
  • Sales CAGR of 23% over 5 years and 15% TTM growth suggest sustained demand across power generation and industrial segments
  • 10-year ROE of 22% shows durable competitive advantages and pricing power maintained across multiple business cycles
  • 3-year compounded profit growth of 26% outpacing 3-year sales growth of 16% indicates expanding margins and improving cost structure
  • Stock price CAGR of 38% over 5 years reflects sustained market confidence in the company's long-term earnings trajectory
Bear Case 8
  • PE ratio of 60.2x is significantly elevated compared to typical industrial sector multiples, leaving limited margin of safety
  • Price-to-book ratio of 16.8x implies the stock prices in many years of future growth, increasing downside risk if growth disappoints
  • 10-year compounded sales growth of only 10% suggests the current 15% TTM growth rate may not be sustainable over a full cycle
  • 10-year compounded profit growth of 13% is far below the 5-year rate of 31%, indicating recent earnings acceleration may partly reflect cyclical tailwinds rather than structural improvement
  • TTM profit growth of 14% is decelerating compared to the 3-year CAGR of 26%, signaling potential earnings growth fatigue at current scale
  • Dividend yield of 1.28% is modest relative to the 60.2x PE, meaning investors are primarily dependent on capital appreciation for returns
  • 1-year stock price CAGR of 28% versus TTM profit growth of 14% implies valuation multiple expansion rather than earnings-driven appreciation
  • As a subsidiary of Cummins Inc (USA), strategic decisions including technology roadmap and capital allocation may prioritize global parent interests over minority Indian shareholders

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 2h ago
Headwinds 5
  • Q3 revenue & profit decline Aug 25

    Q3 FY26 revenue fell 1.33% YoY to ₹3,054.92 crore, net income dropped 12.96% YoY to ₹486.06 crore, and operating income declined 16.55% YoY to ₹457.57 crore.

  • Margin pressure from commodities Aug 25

    EBITDA margins were soft in Q1 FY27 due to commodity price spikes and employee cost true-ups. Motilal Oswal trimmed FY27/FY28/FY29 estimates by 4.7%/2.5%/2.2% respectively.

  • BofA maintains Underperform rating Aug 25

    Bank of America maintained an Underperform rating despite raising target estimates, citing valuation concerns with the stock trading at 52.8x FY27E P/E.

  • Sharp near-term share price drop Aug 25

    Stock fell 8.34% over 7 days and 11.58% over 30 days, trading at ₹5,230 amid divergence between rising earnings estimates and stretched valuations.

  • Weak construction & truck demand Aug 25

    Construction segment remains weak, North American truck demand is soft, and the non-HHP segment is growing at a slower pace than high-horsepower gensets.

Positives 5
  • Data center demand driving growth Aug 25

    Power generation business was selected to supply BESS for a large U.S. data center AI project. Motilal Oswal estimates 19% revenue CAGR for the powergen segment over FY26-29.

  • Motilal Oswal Buy, ₹6,400 target Aug 25

    Motilal Oswal reiterated Buy with a ₹6,400 target price (23% upside from ₹5,230), expecting revenue/EBITDA/PAT CAGR of 18%/18%/19% over FY26-29.

  • Strong multi-segment growth outlook Aug 25

    Distribution segment projected at 21% CAGR, industrial at 12% CAGR, and exports at 16% CAGR over FY26-29, driven by railways, mining, defense, and marine applications.

  • BESS launch in FY26 Aug 25

    Launch of Battery Energy Storage System solutions in FY26 positions the company to capture renewable integration and grid resilience opportunities.

  • Price hikes to defend margins Aug 25

    Company took price hikes in July 2026 to pass on raw material pressures and continues evaluating additional pricing actions to defend its 20-21% EBITDA margin target.

Neutral 1
  • Showcase at bauma CONEXPO 2026 Sep 09

    Cummins India will exhibit power generation, distribution, energy storage and aftermarket solutions at bauma CONEXPO India 2026 from September 15-18 at Greater Noida (Hall 14, Booth B-41).

TL;DR: Cummins India faces near-term headwinds from declining Q3 revenue (-1.33% YoY), margin compression due to commodity costs, and stretched valuations at 52.8x FY27E P/E. However, the structural story remains strong with data center-led HHP genset demand, BESS expansion, and diversified growth across distribution (21% CAGR), exports (16% CAGR), and industrial segments. The trend is mixed — near-term earnings and margins are under pressure, but the company's positioning in AI-driven data center power and July 2026 price hikes should support a recovery in FY28-29 margins toward the 21%+ target.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
2,218
1,922
2,541
2,319
2,316
2,509
3,096
2,470
2,907
3,170
3,055
3,011
3,426
Expenses
1,876
1,575
1,999
1,781
1,842
2,025
2,499
1,945
2,283
2,475
2,420
2,369
2,810
Operating Profit
342
346
543
539
473
484
598
525
624
695
634
642
616
OPM %
15%
18%
21%
23%
20%
19%
19%
21%
21%
22%
21%
21%
18%
Other Income
155
128
153
186
171
157
168
217
212
181
46
263
227
Interest
8
7
6
6
5
3
3
5
3
3
5
2
4
Depreciation
36
38
42
42
44
45
49
46
48
49
50
51
53
PBT
453
429
647
676
595
594
714
690
785
824
626
852
787
Tax %
22%
23%
23%
20%
22%
24%
22%
23%
23%
24%
22%
24%
23%
Net Profit
354
329
499
539
463
449
558
530
604
622
486
649
609
EPS in Rs
12.76
11.87
18
19.44
16.69
16.21
20.15
19.1
21.79
22.45
17.53
23.43
21.98
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
4,916
4,720
5,106
5,112
5,697
5,191
4,360
6,171
7,772
9,000
10,391
12,143
12,662
Expenses
4,101
3,945
4,302
4,374
4,828
4,598
3,757
5,288
6,524
7,231
8,311
9,548
10,075
Operating Profit
815
775
805
738
869
593
603
883
1,248
1,770
2,080
2,595
2,588
OPM %
17%
16%
16%
14%
15%
11%
14%
14%
16%
20%
20%
21%
20%
Other Income
208
116
141
298
328
356
366
472
502
622
714
702
717
Interest
2
10
17
15
17
21
17
12
16
27
16
12
14
Depreciation
86
81
85
94
111
121
127
136
142
159
185
199
203
PBT
935
799
843
927
1,069
807
825
1,207
1,591
2,205
2,593
3,086
3,088
Tax %
19%
21%
22%
23%
31%
13%
23%
23%
23%
22%
23%
23%
—
Net Profit
772
721
736
712
743
706
635
934
1,228
1,721
2,000
2,362
2,367
EPS in Rs
27.85
26.02
26.56
25.68
26.79
25.45
22.91
33.68
44.31
62.07
72.15
85.2
85.39
Div. Payout %
50%
54%
53%
58%
63%
55%
65%
55%
56%
61%
71%
77%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
55
55
55
55
55
55
55
55
55
55
55
55
Reserves
3,033
3,553
3,816
4,063
4,228
4,347
4,596
5,090
5,703
6,557
7,506
8,420
Borrowings
3
3
252
257
313
512
40
418
376
127
30
37
Other Liabilities
1,508
1,051
1,091
1,339
1,465
1,282
1,265
1,549
1,784
2,231
2,577
2,793
Total Liabilities
4,599
4,662
5,214
5,715
6,060
6,196
5,956
7,112
7,919
8,971
10,168
11,304
Fixed Assets
1,307
1,291
1,502
2,021
2,015
2,270
2,189
2,209
2,226
2,302
2,364
2,383
CWIP
171
519
463
39
159
80
128
61
41
97
85
98
Investments
536
489
862
708
468
1,038
599
892
1,457
1,642
1,482
2,153
Other Assets
2,585
2,364
2,387
2,947
3,418
2,809
3,041
3,951
4,194
4,930
6,238
6,670
Total Assets
4,599
4,662
5,214
5,715
6,060
6,196
5,956
7,112
7,919
8,971
10,168
11,304
Figures in ₹ Crores

Cash Flow

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
589
696
748
632
553
601
789
712
820
1,285
1,683
1,734
Investing
-146
-215
-483
-134
15
-202
25
-574
87
-248
-578
26
Financing
-444
-471
-226
-470
-525
-412
-873
-82
-687
-1,134
-1,168
-1,495
Net Cash Flow
-1
10
39
28
43
-14
-60
56
219
-97
-63
265
Free Cash Flow
251
205
516
540
279
364
675
782
665
1,003
1,465
1,487
CFO/OP
98
112
116
110
91
129
145
109
94
101
109
91
Figures in ₹ Crores

Ratios

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
73
73
69
96
82
81
91
74
75
85
80
83
Inventory Days
89
75
63
61
64
62
75
66
63
60
56
56
Days Payable
79
69
68
85
83
75
97
89
81
89
87
79
Cash Conversion Cycle
83
79
65
71
63
68
69
51
58
56
49
60
Working Capital Days
54
78
49
57
59
40
72
39
36
48
46
53
ROCE %
—
24%
22%
21%
24%
18%
17%
21%
27%
35%
36%
40%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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Shareholding Pattern

Others1.53%Govt.0.10%Promot.51.00%Public7.12%DIIs19.06%FIIs21.19%As ofJun 2026

Documents

Frequently Asked Questions about Cummins

What does Cummins India Ltd do?
Cummins India Ltd is a part of the Cummins Inc. Group USA. It designs, manufactures, distributes and services diesel and alternative fuel engines from 2.8 to 100 liters, diesel and alternative-fueled power generator sets of up to 3000 kW (3750 kVA), as well as related components and technology.[1]
Where is Cummins India Ltd (CUMMINSIND) listed?
Cummins India Ltd trades as CUMMINSIND on the NSE and under code 500480 on the BSE.
Which sector does Cummins India Ltd belong to?
Cummins India Ltd is classified under the Industrial Products sector, in the Compressors Pumps & Diesel Engines industry.
What is the market capitalisation of Cummins India Ltd?
Cummins India Ltd has a market capitalisation of ₹1,39,653 Cr, which places it in the Large Cap band.
What is the PE ratio of Cummins India Ltd?
Cummins India Ltd trades at a PE ratio of 59.37, on earnings per share of ₹66.04, against a book value of ₹305.74 per share.
What is the 52-week high and low of Cummins India Ltd?
Over the last 52 weeks Cummins India Ltd has traded between ₹3,833 and ₹6,100.
Does Cummins India Ltd pay dividends?
Cummins India Ltd has a dividend yield of 1.28%.
What is the Return on Equity (ROE) of Cummins India Ltd?
Cummins India Ltd reported a return on equity of 27.87%. Its debt-to-equity ratio is 0.00.

Company Information

Cummins India Ltd is a part of the Cummins Inc. Group USA. It designs, manufactures, distributes and services diesel and alternative fuel engines from 2.8 to 100 liters, diesel and alternative-fueled power generator sets of up to 3000 kW (3750 kVA), as well as related components and technology.[1]

Website cumminsindia.com
CEO Ms. Shveta Arya
Employees 3,025
Listed 1994-11-03
Face Value ₹ 2
Issued Size 27,72,00,000

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