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Cummins India

CUMMINSIND NSE
₹4,725.70 +75.70 (+1.63%)
P/E
55.34
View as Markdown
MCP
Close 4 Nov 2026 ₹4,725.70 +409.60 +9.49% 1Y
Start ₹4,316.10

Key Fundamentals

LargecapIndustrial ProductsCapital Goods

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
39.50%
Debt to Equity
0.00
EPS (TTM)
₹85.39
Book Value
₹305.74
Market Cap
—
P/E (TTM)
55.34
P/B
15.46
ROE
30.20%
Dividend Yield
1.42%
EBITDA
₹3,112 Cr
52W High
₹6,100.00
52W Low
₹3,883.10
Day Range
₹4,530.70 – ₹4,755.00
Volume
3,58,865

Peer Comparison

Industrials › Industrial Products › Compressors Pumps & Diesel Engines › Compressors, Pumps & Diesel Engines

Cummins peer comparison
Cummins (this company)
₹4,725.7055.34₹1,27,886 Cr15.461.42%30.20%39.50%₹12,662 Cr₹2,366 Cr
Kirloskar Oil Engines
₹1,802.0047.96₹25,029 Cr7.250.41%17.50%14.60%₹7,937 Cr₹534 Cr
Elgi Equipments
₹562.0539.78₹17,070 Cr7.980.51%19.00%22.10%₹4,146 Cr₹447 Cr
Kirloskar Brothers
₹1,715.7036.49₹13,785 Cr5.300.40%17.30%20.40%₹4,664 Cr₹377 Cr
Ingersoll Rand
₹4,045.8047.74₹12,935 Cr20.741.82%43.00%57.10%₹1,457 Cr₹267 Cr
KSB
₹659.2046.72₹11,469 Cr6.760.66%18.40%24.70%₹2,726 Cr₹246 Cr
Kirloskar Pneumatic Company
₹574.2028.19₹7,179 Cr5.792.18%22.70%30.30%₹1,788 Cr₹264 Cr
Median 7 companies₹1,715.7046.72₹13,785 Cr7.250.66%19.00%24.70%₹4,146 Cr₹377 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

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

Overall score

54 Average

Data confidence 100/100

Category scores

Quality
74
Strong
Returns, margins, earnings quality 22% weight
Valuation
48
Average
Cheap vs sector & own history 24% weight
Growth
44
Weak
Sales & profit trajectory 9% weight
Financial Health
82
Strong
Solvency, leverage, coverage 9% weight
Momentum
17
Poor
Trend strength, vol-adjusted 12% weight
Ownership
49
Average
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

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 14.6 times its book value

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallBearish847
OscillatorsBullish243
Moving AveragesStrong Bearish604

Key readings

RSI (14)
52.02
Neutral
MACD (12,26,9)
−87.35
Bullish
SMA (50)
4,864.45
Bearish
SMA (200)
5,028.01
Bearish

As of

Analyst Rating

Based on 21 analysts
BUY67%

14 of 21 analysts rate Buy, 4 Hold, 3 Sell.

As of

BUY
14
67%
HOLD
4
19%
SELL
3
14%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10Y+9.91%
5Y+22.73%
3Y+16.04%
1Y+16.86%
TTM+15.30%

Net profit

Net profit growth by window
10Y+12.60%
5Y+30.05%
3Y+24.36%
1Y+18.10%
TTM+10.51%

Operating cash flow

Operating cash flow growth by window
10Y+9.56%
5Y+17.06%
3Y+28.35%
1Y+3.03%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y+4.95 pp
5Y+7.54 pp
3Y+5.31 pp
1Y+1.35 pp
TTM+0.11 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹5,106 Cr
Mar 2018₹5,112 Cr
Mar 2019₹5,697 Cr
Mar 2020₹5,191 Cr
Mar 2021₹4,360 Cr
Mar 2022₹6,171 Cr
Mar 2023₹7,772 Cr
Mar 2024₹9,000 Cr
Mar 2025₹10,391 Cr
Mar 2026₹12,143 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹736 Cr
Mar 2018₹712 Cr
Mar 2019₹743 Cr
Mar 2020₹706 Cr
Mar 2021₹635 Cr
Mar 2022₹934 Cr
Mar 2023₹1,228 Cr
Mar 2024₹1,721 Cr
Mar 2025₹2,000 Cr
Mar 2026₹2,362 Cr

Analyst Forecasts

Forecast For
Sep 26 consensus · EBITDA
₹693 Cr −12.5% vs Jun 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 4 Nov 2026
AI opinion · based on fundamentals
Risk medium

Cummins India Ltd trades at ₹4,725.7 as of 2026-11-04 with a market cap of ₹1,27,886 crore, a debt-free balance sheet, and an ROE of 27.87%. The stock commands a premium valuation at a P/E of 55.34x and P/B of 15.46x, reflecting strong historical profit growth of 31% CAGR over five years against a current TTM profit growth of 14%.

Bull Case 8
  • The company is virtually debt-free with a debt-to-equity ratio of 0, providing significant financial flexibility and resilience through economic cycles.
  • ROE stands at 27.87% currently, with a 3-year average ROE of 29% and a 10-year average of 22%, indicating consistently strong capital efficiency well above typical industrial peers.
  • Compounded profit growth of 31% over five years and 26% over three years demonstrates a sustained earnings acceleration trajectory.
  • ROCE of 34.95% reflects excellent returns on total capital employed, underscoring operational efficiency and pricing power in its industrial product segments.
  • Compounded sales growth of 23% over five years and 16% over three years shows healthy top-line momentum underpinning earnings growth.
  • The company maintains a healthy dividend payout ratio of approximately 70%, translating to a dividend yield of 1.42% at the current price — attractive for a growth-oriented industrial company.
  • The stock has delivered a 5-year price CAGR of 38% and a 3-year CAGR of 38%, reflecting sustained investor confidence in the business model.
  • Even on a 10-year basis, profit growth of 13% and sales growth of 10% show the company has compounded through multiple cycles, including downturns.
Bear Case 7
  • The price-to-book ratio of 15.46x is exceptionally elevated, meaning investors are paying a steep premium over the company's book value of assets.
  • TTM profit growth has decelerated to 14% from the 3-year CAGR of 26% and 5-year CAGR of 31%, suggesting a potential slowdown in the earnings growth trajectory.
  • TTM sales growth of 15% has also moderated compared to the 5-year CAGR of 23%, indicating a possible plateauing of top-line expansion.
  • The stock is approximately 22.5% below its 52-week high of ₹6,100, indicating meaningful selling pressure or de-rating from peak optimism levels.
  • A 1-year stock CAGR of just 9% versus 38% over three and five years suggests that recent returns have compressed sharply, potentially reflecting waning momentum.
  • At the current P/E of 55.34x with an EPS of ₹85.39, any quarterly earnings miss could trigger a disproportionate correction given how much future growth is priced in.
  • The dividend yield of 1.42%, while supported by a high payout ratio, offers limited income cushion relative to the valuation risk embedded in a 55x earnings multiple.

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

AI News Digest

9h ago

TL;DR: Limited recent news flow for Cummins India. The only development is a routine corporate governance action — a postal ballot on independent director commissions concluded on Oct 15. No material headwinds or positive catalysts are visible in the current news cycle, leaving the near-term outlook largely unchanged.

Neutral 1
  • Postal ballot on director pay Oct 15

    Cummins India completed remote e-voting on Oct 15, 2026 for an ordinary resolution approving commission payments to Non-executive Independent Directors.

Quarterly Results

₹ Cr
CUMMINSIND quarterly results, ₹ crore
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 (₹)
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

Profit & Loss

₹ Cr
CUMMINSIND profit and loss, annual, ₹ crore
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 (₹)
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%
—

Balance Sheet

₹ Cr
CUMMINSIND balance sheet, annual, ₹ crore
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

Cash Flow

₹ Cr
CUMMINSIND cash flow, annual, ₹ crore
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/EBITDA
98
112
116
110
91
129
145
109
94
101
109
91

Ratios

CUMMINSIND financial ratios, annual
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

Log in to view Cummins insights

62 extracted metrics across FY10–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 51.00%
  • DIIs 20.82%
  • FIIs 19.48%
  • Public 7.08%
  • Others 1.62%

No promoter shares pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

Frequently Asked Questions about Cummins India

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.
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 PE ratio of Cummins India Ltd?
Cummins India Ltd trades at a PE ratio of 55.34 as of 4 Nov 2026, on earnings per share of ₹85.39, 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 ₹3,883.1 and ₹6,100 as of 4 Nov 2026.
Does Cummins India Ltd pay dividends?
Cummins India Ltd has a dividend yield of 1.42%.
What is the Return on Equity (ROE) of Cummins India Ltd?
Cummins India Ltd reported a return on equity of 30.20%. 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.

Website cumminsindia.com
CEO Ms. Shveta Arya
Employees 3,025
Listed 3 Nov 1994
Face Value ₹2

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