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Stock Analysis

Description

Cummins India Ltd is part of the Cummins Inc. Group USA. It designs, manufactures, distributes and services diesel and alternative fuel engines and power generation sets, focusing on fuel-efficient and emission-compliant products.

Key Growth Triggers

Strong parent backing from Cummins Inc. (51% stake).
Focus on fuel-efficient, emission-compliant products for future norms.
Positive domestic demand across sectors like Defence and Railways.
Launch of four new products and focus on next-gen solutions like BESS and CPCBIV+ gensets.

Order Book

Currently no data available for Order Book.

Key Red Flags

Stock trading at a high Price to Book Value (15.6x as per company data).
Previously faced penalty orders from Karnataka Govt and Income Tax Dept, though clarified as non-material.

Key Dates To Watch

February 04, 2026: Board meeting to approve Q3 FY26 results and consider interim dividend.
Recent Performance Highlights (based on past reports): Q1 FY26 saw 25.7% YoY revenue growth and 30.5% YoY PAT growth. Q2 FY26 reported 28% YoY sales growth and 42% YoY PAT surge. FY25 achieved record revenue of ₹10,166 Cr.

Corporate Announcements

14th Apr 26

Impact Rating: -

No description available.

9th Apr 26

Impact Rating: 2

No description available.

7th Apr 26

Impact Rating: 3

Cummins India Limited has received a confirmation from its RTA, MUFG Intime India, regarding compliance with SEBI (Depositories and Participants) Regulations, 2018, for the quarter ended March 31, 2026.

2nd Apr 26

Impact Rating: 7

Cummins India has decided to withhold the interim dividend declared for FY 2025-26 for shareholders whose KYC details are not updated. This impacts those with non-compliant folios or incorrect bank details, preventing dividend processing.

31st Mar 26

Impact Rating: 6

Cummins India received tax rectification orders raising demands of ₹32.98 crore (FY19) and ₹12.84 crore (FY17) due to apparent errors, and is seeking resolution.

Peer Comparision

S.No.	Name	Current Price (Rs.)	Price to Earning	Market Capitalization (Rs.Cr.)	Dividend yield (%)	Net Profit latest quarter (Rs.Cr.)	YOY Quarterly profit growth (%)	Sales latest quarter (Rs.Cr.)	YOY Quarterly sales growth (%)	Return on capital employed (%)	Sales (Rs.Cr.)	OPM (%)	Profit after tax (Rs.Cr.)	Profit after tax latest quarter (Rs.Cr.)	Price to book value	Return on assets (%)	Debt to equity
1.	Cummins India	4064.85	50.57	112677.60	1.29	637.69	41.52	3170.27	27.20	37.59	11619.99	20.98	2228.54	637.69	15.33	21.00	0.00
2.	Kirloskar Oil	1160.90	34.69	16872.59	0.55	159.19	33.60	1948.38	29.50	13.68	6915.20	18.45	486.77	162.46	4.96	4.59	1.64
3.	Elgi Equipments	427.85	34.80	13558.93	0.50	121.40	28.17	968.00	11.41	21.91	3675.19	14.43	389.58	121.40	6.73	11.93	0.26
4.	KSB	745.00	49.41	12965.93	0.55	67.50	9.40	649.60	5.37	23.82	2638.10	12.98	262.60	67.50	8.40	11.19	0.00
5.	Kirl. Brothers	1602.30	32.18	12723.72	0.43	72.20	-27.77	1027.70	-0.78	27.59	4432.20	12.98	396.05	69.07	5.76	11.89	0.10
6.	Ingersoll-Rand	3230.60	38.52	10198.34	2.49	60.35	0.00	321.94	-0.05	60.02	1341.12	25.05	264.65	60.35	15.74	30.02	0.02
7.	Shakti Pumps	710.50	21.74	8767.45	0.14	90.71	-10.56	666.35	5.00	55.31	2602.94	22.97	401.82	90.71	5.44	23.88	0.38
–	Median: 14 Co.	772.55	37.87	7935.6	0.55	63.92	4.7	594.62	7.38	25.7	2259.22	15.24	263.62	63.92	6.0	11.91	0.12

Quarterly Results

Standalone figures in ₹ crores

	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	1,951	2,181	1,926	2,209	1,900	2,534	2,316	2,304	2,492	3,086	2,457	2,907	3,170
Expenses	1,661	1,768	1,600	1,868	1,561	1,996	1,772	1,837	2,011	2,486	1,937	2,283	2,475
Operating Profit	291	412	326	341	339	538	544	467	481	600	520	624	695
Other Income	85	104	131	117	132	112	204	132	161	121	212	197	196
Profit before tax	336	479	413	415	426	602	701	551	594	670	681	770	839
Tax %	25%	25%	23%	24%	23%	24%	20%	24%	24%	23%	23%	23%	24%
Net Profit	252	360	318	316	329	455	562	420	451	514	521	589	638
EPS in Rs	9.10	12.99	11.49	11.39	11.85	16.41	20.26	15.14	16.26	18.54	18.81	21.26	23.00

Profit & Loss

Standalone Figures in ₹ Crores / Yearly

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	3,977	4,406	4,709	5,077	5,082	5,659	5,158	4,329	6,140	7,744	8,959	10,339	11,620
Expenses	3,280	3,674	3,934	4,276	4,345	4,795	4,567	3,729	5,260	6,502	7,197	8,271	9,182
Operating Profit	697	732	775	802	738	864	590	600	880	1,243	1,761	2,068	2,438
Other Income	178	287	226	208	279	293	308	349	425	406	566	626	726
Interest	4	1	10	17	15	16	20	16	12	16	27	15	13
Depreciation	53	80	81	85	94	110	119	126	134	140	158	183	191
Profit before tax	818	937	910	908	908	1,030	759	808	1,159	1,492	2,143	2,496	2,960
Net Profit	600	786	754	735	708	723	629	618	887	1,130	1,661	1,906	2,262
EPS in Rs	21.65	28.35	27.21	26.50	25.56	26.07	22.70	22.29	31.99	40.76	59.91	68.75	81.61
Dividend Payout %	60%	49%	51%	53%	59%	65%	62%	67%	58%	61%	63%	75%	–

Balance Sheet

Standalone figures in ₹ crores

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
Equity Capital	55	55	55	55	55	55	55	55	55	55	55	55	55
Reserves	2,510	2,831	3,426	3,687	3,931	4,075	4,120	4,351	4,797	5,313	6,108	6,963	7,283
Borrowings	-0	-0	-0	251	252	309	504	33	412	373	120	30	24
Other Liabilities	1,208	1,435	1,009	1,048	1,294	1,414	1,275	1,257	1,540	1,771	2,215	2,558	2,621
Total Liabilities	3,773	4,322	4,490	5,041	5,531	5,854	5,954	5,697	6,805	7,512	8,498	9,606	9,984
Fixed Assets	919	1,234	1,289	1,500	2,019	2,013	2,264	2,185	2,204	2,222	2,295	2,364	2,366
Gross Block	1,512	1,883	1,992	2,250	2,846	2,944	3,228	3,198	3,310	3,427	3,597	3,772	–
Accumulated Depreciation	593	649	702	750	827	931	964	1,013	1,105	1,205	1,302	1,408	–
CWIP	96	171	519	463	38	159	80	128	61	41	97	85	72
Investments	495	465	334	707	549	285	824	369	615	1,085	1,215	957	1,630
Other Assets	2,262	2,452	2,348	2,370	2,925	3,397	2,786	3,015	3,925	4,164	4,891	6,200	5,916
Total Assets	3,773	4,322	4,490	5,041	5,531	5,854	5,954	5,697	6,805	7,512	8,498	9,606	9,984

Cash Flows

Standalone Figures in ₹ Crores / Yearly

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	361	498	692	746	634	550	599	788	707	811	1,280	1,689
Cash from Investing Activity	55	-56	-214	-482	-133	16	-202	25	-574	87	-247	-580
Cash from Financing Activity	-426	-423	-468	-225	-473	-523	-411	-872	-77	-684	-1,133	-1,166
Net Cash Flow	-9	19	10	39	29	43	-14	-60	56	214	-100	-57

Ratios

Standalone Figures in ₹ Crores / Yearly

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	72	78	73	69	95	82	80	91	74	75	85	81
Inventory Days	83	92	74	63	60	63	62	74	65	62	59	57
Days Payable	73	81	69	68	85	83	75	96	89	80	89	87
Cash Conversion Cycle	82	88	78	64	71	62	67	68	50	57	55	51
Working Capital Days	43	56	78	48	57	58	40	71	39	36	48	46
ROCE %	33%	31%	29%	25%	21%	24%	17%	19%	21%	27%	36%	38%

Shareholding Pattern

Numbers in percentages

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	51.00%	51.00%	51.00%	51.00%	51.00%	51.00%	51.00%	51.00%	51.00%	51.00%	51.00%	51.00%
FIIs	12.20%	13.99%	14.37%	16.45%	16.51%	17.36%	17.95%	17.50%	18.09%	17.21%	17.50%	18.35%
DIIs	24.99%	23.61%	23.76%	21.97%	23.36%	22.86%	22.24%	22.50%	21.80%	22.84%	22.53%	21.73%
Public	11.61%	11.20%	10.67%	10.36%	8.93%	8.63%	8.66%	8.89%	9.00%	8.85%	8.86%	8.82%