Industrial Products
Valuation | |
|---|---|
| Market Cap | 1.14 LCr |
| Price/Earnings (Trailing) | 50.85 |
| Price/Sales (Trailing) | 9.42 |
| EV/EBITDA | 39.74 |
| Price/Free Cashflow | 75.54 |
| MarketCap/EBT | 42.95 |
| Enterprise Value | 1.14 LCr |
Fundamentals | |
|---|---|
Growth & Returns | |
|---|---|
| Price Change 1W | 8.5% |
| Price Change 1M | 6.3% |
| Price Change 6M | 15.4% |
| Price Change 1Y | 50.3% |
| 3Y Cumulative Return | 44.8% |
| 5Y Cumulative Return | 41% |
| 7Y Cumulative Return | 28.2% |
| 10Y Cumulative Return | 16.5% |
| Revenue (TTM) |
| 12.1 kCr |
| Rev. Growth (Yr) | -1.1% |
| Earnings (TTM) | 2.24 kCr |
| Earnings Growth (Yr) | -13% |
Profitability | |
|---|---|
| Operating Margin | 22% |
| EBT Margin | 23% |
| Return on Equity | 29.31% |
| Return on Assets | 21.96% |
| Free Cashflow Yield | 1.32% |
| Cash Flow from Investing (TTM) | -581.72 Cr |
| Cash Flow from Operations (TTM) | 1.68 kCr |
| Cash Flow from Financing (TTM) | -1.17 kCr |
| Cash & Equivalents | 214.15 Cr |
| Free Cash Flow (TTM) | 1.45 kCr |
| Free Cash Flow/Share (TTM) | 52.19 |
Balance Sheet | |
|---|---|
| Total Assets | 10.54 kCr |
| Total Liabilities | 2.65 kCr |
| Shareholder Equity | 7.9 kCr |
| Current Assets | 7.35 kCr |
| Current Liabilities | 2.33 kCr |
| Net PPE | 1.32 kCr |
| Inventory | 1.16 kCr |
| Goodwill | 0.00 |
Capital Structure & Leverage | |
|---|---|
| Debt Ratio | 0.00 |
| Debt/Equity | 0.00 |
| Interest Coverage | 201.95 |
| Interest/Cashflow Ops | 125.44 |
Dividend & Shareholder Returns | |
|---|---|
| Dividend/Share (TTM) | 51.5 |
| Dividend Yield | 1.26% |
| Shares Dilution (1Y) | 0.00% |
| Shares Dilution (3Y) | 0.00% |
Smart Money: Smart money has been increasing their position in the stock.
Past Returns: Outperforming stock! In past three years, the stock has provided 44.8% return compared to 13% by NIFTY 50.
Momentum: Stock price has a strong positive momentum. Stock is up 6.3% in last 30 days.
Size: It is among the top 200 market size companies of india.
Balance Sheet: Strong Balance Sheet.
Profitability: Very strong Profitability. One year profit margin are 19%.
Buy Backs: Company has bought back it's stock in the past which is a good thing.
No major cons observed.
Smart Money: Smart money has been increasing their position in the stock.
Past Returns: Outperforming stock! In past three years, the stock has provided 44.8% return compared to 13% by NIFTY 50.
Momentum: Stock price has a strong positive momentum. Stock is up 6.3% in last 30 days.
Size: It is among the top 200 market size companies of india.
Balance Sheet: Strong Balance Sheet.
Profitability: Very strong Profitability. One year profit margin are 19%.
Buy Backs: Company has bought back it's stock in the past which is a good thing.
No major cons observed.
Investor Care | |
|---|---|
| Dividend Yield | 1.26% |
| Dividend/Share (TTM) | 51.5 |
| Shares Dilution (1Y) | 0.00% |
| Earnings/Share (TTM) | 80.87 |
Financial Health | |
|---|---|
| Current Ratio | 3.16 |
| Debt/Equity | 0.00 |
Technical Indicators | |
|---|---|
| RSI (14d) | 72.61 |
| RSI (5d) | 94.77 |
| RSI (21d) | 62.48 |
| MACD Signal | Buy |
| Stochastic Oscillator Signal | Hold |
| SharesGuru Signal | Buy |
| RSI Signal | Sell |
| RSI5 Signal | Sell |
| RSI21 Signal | Hold |
| SMA 5 Signal | Buy |
| SMA 10 Signal |
Updated May 4, 2025
Summary of Cummins India's latest earnings call, featuring management's outlook on business performance, financial results, and analyst Q&A sessions that highlight key strategic initiatives and market challenges.
For the second quarter ended September 30, 2025, Cummins India Limited reported significant growth in sales and profitability. Total sales reached INR 3,122 crores, reflecting a 28% increase year-over-year compared to INR 2,448 crores. Domestic sales were also up by 28% to INR 2,577 crores, while exports increased by 24% to INR 545 crores. Profit before tax before exceptional items surged by 41% to INR 839 crores.
In terms of segments, the power generation domestic sales rose 49% year-over-year to INR 1,340 crores, driven largely by demand in backup power across various sectors, including a notable contribution from data centers. The management mentioned that 40% of power generation sales in the recent quarter stemmed from the data center sector, highlighting a shift towards higher demand in mission-critical applications.
The company expects double-digit revenue growth over the full fiscal year 2025-26. Notably, management is optimistic about the backup power market's growth in India, especially due to increasing construction activity and the ongoing rise of the data center segment, despite acknowledging that future data center business may not see execution at the same level as the current quarter due to its project-based nature.
However, management also noted potential challenges, including a possible softening of export demand due to inventory corrections and heightened competition across all segments, particularly in the lower horsepower (LHP) market. They are focused on maintaining margins by continuous cost management while navigating competitive pressures. Overall, while optimistic about growth, the management remains cautious about geopolitical uncertainties and pricing pressures that could impact performance moving forward.
Understand Cummins India ownership landscape with insights into key distribution patterns, offering investors a clear view of stakeholder dynamics.
| Shareholder Name | Holding % |
|---|---|
| Cummins Inc | 51% |
| Nps Trust- A/C Sbi Pension Fund Scheme | 2.47% |
| Hdfc Mutual Fund - Hdfc Mid-Cap Fund | 2.07% |
| Axis Mutual Fund Trustee Limited A/C Axis Mutual Fund A/C Axis Midcap Fund | 1.7% |
| Icici Prudential Large Cap Fund | 1.61% |
| Foreign Institutional Investors | 0.12% |
Detailed comparison of Cummins India against industry peers, highlighting key financial metrics, valuation ratios, and performance indicators to provide competitive context within the sector.
Comprehensive comparison against sector averages
CUMMINSIND metrics compared to Industrial
| Category | CUMMINSIND | Industrial |
|---|---|---|
| PE | 50.85 | 42.28 |
| PS | 9.42 | 5.00 |
| Growth | 13.5 % | 9.3 % |
Cummins India is a leading company in the Compressors, Pumps & Diesel Engines sector, identifiable by its stock ticker CUMMINSIND. With a significant market cap of Rs. 80,959 Crores, this company plays a vital role in the design, manufacture, distribution, and service of engines and generator sets, primarily in India, Nepal, and Bhutan.
The company operates through two main segments: Engines and Lubes. Their extensive product portfolio includes:
Cummins India caters to a variety of industries including agriculture, construction, marine, mining, oil and gas, healthcare, and infrastructure, and it exports its products worldwide to regions such as the United States, Europe, and Africa.
Founded in 1962 and headquartered in Pune, India, Cummins India operates as a subsidiary of Cummins Inc. The company recorded a trailing 12 months revenue of Rs. 10,659.7 Crores and generated a net profit of Rs. 2,009.3 Crores over the last four quarters. Notably, it has achieved a revenue growth of 73.1% over the past three years.
Cummins India shares its profits with investors, offering a dividend yield of 1.92% per year, with Rs. 56 as the dividend per share distributed in the last 12 months. This track record highlights its status as a profitable company focused on comprehensive, innovative engine solutions.
This is an informational page just to provide a quick 'first look' at the stock. You must do your own deeper research. Know your risk appetite. Consult a SEBI-registered financial advisor before making any investment decisions.
| Buy |
| SMA 20 Signal | Buy |
| SMA 50 Signal | Buy |
| SMA 100 Signal | Buy |
CUMMINSIND vs Industrial (2021 - 2026)
Analyst / Investor Meet • 05 Feb 2026 Outcome - Audio Recording for Analysts and Investors Earning calls held on February 5, 2026. |
Investor Presentation • 04 Feb 2026 Please find enclosed intimation. |
Press Release / Media Release • 04 Feb 2026 Please find enclosed press release dated February 4, 2026 |
Analyst / Investor Meet • 03 Feb 2026 Schedule of analyst/investor meet |
General • 29 Jan 2026 Please find enclosed intimation regarding updates on completion of acquisition. |
Analyst / Investor Meet • 27 Jan 2026 Please find enclosed intimation regarding schedule of investors and analysts conference call for quarter ended December 31, 2025. |
This information is AI-generated and may contain inaccuracies. Please verify from multiple sources.
Based on the Q&A section from the earnings transcript, here are the major questions and answers summarized:
Question: "How do you see order intake for India business in power generation during the quarter gone by and particularly in inquiries in the ongoing quarter?"
Answer: From our perspective, the parent company noted record power gen orders globally, particularly from the data center market. However, in India, our orders are more diversified without significant changes expected. We continue to see consistent demand for backup power generation across various segments.
Question: "How do you see the outlook for power generation volumes, particularly in medium HP and low HP segments?"
Answer: Volumes in the power generation market have returned to pre-CPCB IV+ levels. Pricing has stabilized but varies by segment. We've seen robust growth overall, particularly in the low horsepower segment, aided by significant execution in the data center space this quarter.
Question: "Was the decline in the Industrial segment due to any particular segment or was it impacted by the extended monsoon?"
Answer: Yes, the extended monsoon specifically affected the construction segment most significantly. We also experienced fewer tenders from Coal India in mining, leading to reduced demand in these areas.
Question: "How much of the power generation growth was attributable to data centers versus coal power generation?"
Answer: Approximately 40% of our power gen sales this quarter came from data centers. Excluding this, we saw a 20% growth in coal power generation compared to last year.
Question: "What are the expectations for the export market amid tariff and inventory correction pressures?"
Answer: While we anticipated softer exports due to inventory corrections, we do not foresee a significant long-term impact from tariffs on our primary markets in Europe and the Middle East. However, there is a slight softening currently.
Question: "What is the outlook on gross margins moving forward, given challenges in commodity costs and pricing stability?"
Answer: We aim to maintain or expand margins despite competitive pressures. Our margins will depend on volume leverage and product mix, but we are committed to continuous cost reduction while navigating challenges effectively.
Question: "Are there specific sectors within the power generation segment that show the highest growth visibility over the next few years?"
Answer: While we expect overall growth, it depends on economic growth and government investments. Currently, the backup power demand remains strong across sectors, including infrastructure, but demand saturation risks exist in certain segments.
Question: "What are you doing operationally to reduce lead times in supply chain for data centers?"
Answer: We are focused on enhancing our capacity and reducing lead times in response to increased demand. Ongoing efforts to streamline our supply chain and operations are crucial as the data center market accelerates.
These responses highlight the current state and future outlook of Cummins India Limited's operations and market dynamics.
Distribution across major stakeholders
Distribution across major institutional holders
| -40.90% |
| 55.8 |
| 6.55 |
| - |
| - |
| THERMAX | Thermax | 34.66 kCr | 10.63 kCr | -5.80% | -13.00% | 48.04 | 3.26 | - | - |
| KIRLOSENG | Kirloskar Oil Engines | 17.4 kCr | 6.99 kCr | -3.90% | +40.40% | 34.33 | 2.49 | - | - |
| GREAVESCOT | Greaves Cotton | 3.94 kCr | 3.19 kCr | -10.30% | -40.90% | 37.9 | 1.24 | - | - |
| -2% |
| 2,476 |
| 2,527 |
| 2,334 |
| 1,997 |
| 2,551 |
| 2,072 |
| Profit Before exceptional items and Tax | -9.3% | 695 | 766 | 707 | 600 | 657 | 542 |
| Exceptional items before tax | - | -126.54 | 0 | 13 | 0 | 0 | 0 |
| Total profit before tax | -25.8% | 569 | 766 | 719 | 600 | 657 | 542 |
| Current tax | -26.8% | 146 | 199 | 180 | 161 | 159 | 145 |
| Deferred tax | -696% | -6.51 | 2.26 | 0.4 | -0.33 | -4.13 | -0.66 |
| Total tax | -31.3% | 139 | 202 | 181 | 161 | 155 | 144 |
| Total profit (loss) for period | -21.9% | 486 | 622 | 604 | 530 | 558 | 449 |
| Other comp. income net of taxes | -105.8% | 0.24 | 14 | 0.9 | 0.85 | -3.14 | -9.77 |
| Total Comprehensive Income | -23.6% | 486 | 636 | 605 | 530 | 555 | 440 |
| Earnings Per Share, Basic | -22.9% | 17.53 | 22.45 | 21.79 | 19.1 | 20.146 | 16.21 |
| Earnings Per Share, Diluted | -22.9% | 17.53 | 22.45 | 21.79 | 19.1 | 20.146 | 16.21 |
| -0.6% |
| 774 |
| 779 |
| 630 |
| 596 |
| 493 |
| 560 |
| Finance costs | -46.2% | 15 | 27 | 16 | 12 | 16 | 20 |
| Depreciation and Amortization | 15.9% | 183 | 158 | 140 | 134 | 126 | 119 |
| Other expenses | 39.9% | 906 | 648 | 641 | 553 | 497 | 643 |
| Total Expenses | 14.7% | 8,469 | 7,382 | 6,658 | 5,401 | 3,891 | 4,710 |
| Profit Before exceptional items and Tax | 16.4% | 2,496 | 2,145 | 1,506 | 1,027 | 808 | 779 |
| Exceptional items before tax | 63% | 0 | -1.7 | -14.3 | 132 | 0 | -19.85 |
| Total profit before tax | 16.5% | 2,496 | 2,143 | 1,492 | 1,159 | 808 | 759 |
| Current tax | 20.8% | 593 | 491 | 355 | 258 | 188 | 143 |
| Deferred tax | 61.3% | -2.84 | -8.92 | 7.29 | 15 | 2.34 | -12.81 |
| Total tax | 22.5% | 590 | 482 | 362 | 273 | 190 | 130 |
| Total profit (loss) for period | 14.8% | 1,906 | 1,661 | 1,130 | 887 | 618 | 629 |
| Other comp. income net of taxes | 22.5% | -12.71 | -16.68 | 3.97 | -0.06 | -0.15 | -17.57 |
| Total Comprehensive Income | 15.2% | 1,893 | 1,644 | 1,134 | 887 | 618 | 612 |
| Earnings Per Share, Basic | 15% | 68.75 | 59.91 | 40.76 | 31.99 | 22.29 | 22.7 |
| Earnings Per Share, Diluted | 15% | 68.75 | 59.91 | 40.76 | 31.99 | 22.29 | 22.7 |
| -2% |
| 916 |
| 935 |
| 956 |
| 977 |
| 999 |
| 1,019 |
| Non-current investments | - | 0 | 0 | 0 | 0 | 30 | 0 |
| Total non-current financial assets | 71.4% | 25 | 15 | 16 | 13 | 40 | 12 |
| Total non-current assets | -0.2% | 2,631 | 2,635 | 2,620 | 2,594 | 2,541 | 2,444 |
| Total assets | 3.9% | 9,984 | 9,606 | 8,879 | 8,498 | 7,865 | 7,512 |
| Total non-current financial liabilities | -8.2% | 68 | 74 | 76 | 76 | 123 | 58 |
| Provisions, non-current | -17.9% | 134 | 163 | 136 | 118 | 103 | 102 |
| Total non-current liabilities | -10.8% | 316 | 354 | 319 | 300 | 333 | 269 |
| Borrowings, current | - | 0 | 0 | 0 | 100 | 250 | 350 |
| Total current financial liabilities | 2.8% | 1,845 | 1,795 | 1,702 | 1,656 | 1,558 | 1,602 |
| Provisions, current | 11.9% | 189 | 169 | 177 | 163 | 168 | 137 |
| Total current liabilities | 4.3% | 2,330 | 2,234 | 2,083 | 2,036 | 1,881 | 1,875 |
| Total liabilities | 2.2% | 2,646 | 2,588 | 2,402 | 2,335 | 2,214 | 2,144 |
| Equity share capital | 0% | 55 | 55 | 55 | 55 | 55 | 55 |
| Total equity | 4.6% | 7,338 | 7,018 | 6,477 | 6,163 | 5,651 | 5,368 |
| Total equity and liabilities | 3.9% | 9,984 | 9,606 | 8,879 | 8,498 | 7,865 | 7,512 |
| 26.6% |
| 2,250 |
| 1,777 |
| 1,163 |
| 961 |
| - |
| - |
| Income taxes paid (refund) | 12.9% | 561 | 497 | 352 | 254 | - | - |
| Net Cashflows From Operating Activities | 32% | 1,689 | 1,280 | 811 | 707 | - | - |
| Proceeds from sales of PPE | 41.6% | 8.11 | 6.02 | 7.31 | 175 | - | - |
| Purchase of property, plant and equipment | -16.5% | 238 | 285 | 162 | 152 | - | - |
| Purchase of intangible assets | - | 0 | 0 | -0.41 | 0 | - | - |
| Purchase of intangible assets under development | -186.2% | 0 | 2.16 | 0 | -47.71 | - | - |
| Dividends received | -5.3% | 180 | 190 | 112 | 45 | - | - |
| Interest received | 40% | 169 | 121 | 74 | 58 | - | - |
| Other inflows (outflows) of cash | -135.8% | -701.02 | -296.69 | 38 | -759.69 | - | - |
| Net Cashflows From Investing Activities | -117% | -581.34 | -267.32 | 69 | -586.22 | - | - |
| Proceeds from borrowings | 59.8% | -100 | -250.04 | 0 | 378 | - | - |
| Repayments of borrowings | - | 0 | 0 | 43 | 0 | - | - |
| Payments of lease liabilities | 28.8% | 7.4 | 5.97 | 4.86 | 4.18 | - | - |
| Dividends paid | 22.6% | 1,053 | 859 | 624 | 444 | - | - |
| Interest paid | -74.2% | 5.13 | 17 | 13 | 7.37 | - | - |
| Net Cashflows from Financing Activities | -2.9% | -1,165.89 | -1,132.59 | -684.41 | -77.4 | - | - |
| Effect of exchange rate on cash eq. | -96.4% | 1.68 | 20 | 18 | 12 | - | - |
| Net change in cash and cash eq. | 42.5% | -56.78 | -99.5 | 214 | 56 | - | - |
Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018 • 05 Jan 2026 Certificate under Reg 74(5) of SEBI (DP) Regulations, 2018, for QE Dec 31, 2025. |
Analysis of Cummins India's financial performance, highlighting revenue trends, growth patterns, and key metrics through quarterly analysis.
Last Updated: Dec 31, 2025
| Description | Share | Value |
|---|---|---|
| Engines | 80.4% | 3 kCr |
| Lubes | 19.6% | 733.9 Cr |
| Total | 3.7 kCr |