Cummins India Ltd.

•

cumminsindia.comBSE: 500480NSE: CUMMINSIND

Market Cap₹ 1,43,271 Cr.

Current Price

High / Low₹ 6,100 / 3,833

Stock P/E62.7

Book Value₹ 305

Price to Book15.80

Dividend Yield1.28 %

ROCE41.1 %

ROE31.2 %

Face Value₹ 2

Add ratio to table

ABOUT

KEY POINTS

Revenue Breakup Mar 2012 • Engine Business: 92.4% • Others: 7.6%

AI Sector View

AI GENERATED

Capital Goods

Buy

Capital goods is supported by strong public capex and still-expansionary industrial activity. Capital expenditure rose 66% YoY (2026-06), GST collections grew 8% YoY (2026-07), and the core industries Overall Index increased 5.4% YoY (2026-07). E-way bills slowed to 6% YoY (2026-07) and sector FPI flows show INR -9697 crore net outflow over 3 months to 2026-08-31, but the investment cycle and fiscal impulse remain favorable.

Confidence

72%

View full sector analysis →

PROS

Company has delivered good profit growth of 30.4% CAGR over last 5 years
Company is almost debt free
Company has a healthy return on capital (ROCE) of 38.4%
Company has a good return on equity (ROE) track record: 3 Years ROE 29.7%
Company has delivered good sales growth of 22.9% CAGR over last 5 years

CONS

Stock is trading at 15.8x its book value
Recurring exceptional / one-off items are inflating headline profit
Expensive relative to growth - PEG of 2.3
Rich enterprise valuation - EV/EBITDA of 36.9x

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Capital GoodsAutomobile & AncillariesDiesel Engines

Part ofNIFTY NEXT 50 NIFTY ALPHA 50 NIFTY MNC NIFTY500MOMENTM50 NIFTY DIV OPPS 50

S.No.	Name
1.	CUMMINSIND	5168.50	60.52	143270.82	1.28	609.30	0.89	3426.01	19.84	38.64	20.61
2.	KIRLOSENG	2221.65	59.20	32329.42	0.32	111.06	-20.05	1999.53	13.36	14.46	15.02
3.	GREAVESCOT	192.25	44.87	4478.49	1.04	6.16	-70.46	974.12	30.68	8.77	5.78
4.	SWARAJENG	3598.70	21.66	4372.37	3.06	55.53	11.13	588.39	21.54	58.13	13.05

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	2,175	1,871	2,502	2,268	2,262	2,448	3,041	2,414	2,859	3,122	3,006	2,963	3,426
	1,868	1,561	1,996	1,772	1,837	2,011	2,486	1,937	2,283	2,475	2,420	2,369	2,866
Operating Profit	306	310	506	497	425	437	555	477	575	646	586	594	560
OPM %	14.09%	16.58%	20.21%	21.89%	18.80%	17.85%	18.26%	19.76%	20.13%	20.70%	19.49%	20.05%	16.34%
	117	132	112	204	132	161	121	212	197	196	13	264	161
Interest	8	7	6	6	5	3	3	5	3	3	5	2	4
Depreciation	36	38	42	42	44	45	48	46	48	49	50	51	53
Profit before Tax	415	426	602	701	551	594	670	681	770	839	593	852	721
Tax %	23.85%	22.94%	24.39%	19.85%	23.80%	24.19%	23.30%	23.41%	23.47%	24.03%	23.53%	23.74%	24.66%
Net Profit	316	329	455	562	420	451	514	521	589	638	453	650	543
	11.39	11.85	16.41	20.26	15.14	16.26	18.54	18.81	21.26	23.00	16.35	23.45	19.59

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	5,077	5,082	5,659	5,158	4,329	6,140	7,744	8,959	10,339	12,143	12,517
	4,279	4,350	4,799	4,572	3,752	5,266	6,503	7,198	8,277	9,550	10,131
Operating Profit	798	732	860	586	577	874	1,241	1,761	2,062	2,593	2,386
OPM %	15.72%	14.41%	15.19%	11.36%	13.33%	14.23%	16.03%	19.65%	19.95%	21.36%	19.06%
	211	285	297	312	373	431	407	567	632	672	635
Interest	17	15	16	20	16	12	16	27	15	12	14
Depreciation	85	94	110	119	126	134	140	158	183	199	203
Profit before Tax	908	908	1,030	759	808	1,159	1,492	2,143	2,496	3,054	3,005
Tax %	19.11%	22.01%	29.87%	17.09%	23.53%	23.53%	24.28%	22.51%	23.65%	23.71%	24.00%
Net Profit	735	708	723	629	618	887	1,130	1,661	1,906	2,330	2,284
EPS	26.50	25.56	26.07	22.70	22.29	31.99	40.76	59.91	68.75	84.06	—
Dividend Payout %	52.83%	58.69%	65.22%	61.66%	67.30%	57.84%	61.34%	63.43%	74.91%	78.51%	—

COMPOUNDED SALES GROWTH

10 Years:: 10%
5 Years:: 23%
3 Years:: 16%

COMPOUNDED PROFIT GROWTH

10 Years:: 12%
5 Years:: 30%
3 Years:: 27%

STOCK PRICE CAGR

10 Years:: 19%
5 Years:: 38%
3 Years:: 43%
1 Year:: 28%

RETURN ON EQUITY

10 Years:: 22%
5 Years:: 26%
3 Years:: 30%
Last Year:: 31%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	55	55	55	55	55	55	55	55	55	55
	3,687	3,931	4,075	4,120	4,351	4,797	5,313	6,108	6,963	7,842
	284	282	338	537	57	436	411	188	99	84
Trade Payables	608	758	825	696	729	997	1,146	1,402	1,568	1,650
	407	505	560	545	504	519	587	745	920	1,095
Total Liabilities	5,041	5,531	5,854	5,954	5,697	6,805	7,512	8,498	9,606	10,727
	1,232	1,288	1,285	1,228	1,165	1,225	1,203	1,318	1,429	1,477
Capital Work in Progress	463	38	159	70	79	60	41	95	78	77
	707	549	285	824	369	615	1,085	1,215	957	1,576
	562	537	625	573	558	729	886	937	1,022	1,168
	0	0	0	0	0	0	0	2,078	2,292	2,754
Cash & Bank	129	471	738	464	965	1,427	1,381	1,505	2,510	2,374
	1,947	2,648	2,762	2,795	2,560	2,749	2,916	1,351	1,317	1,300
Total Assets	5,041	5,531	5,854	5,954	5,697	6,805	7,512	8,498	9,606	10,727

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	932	817	786	760	871	961	1,163	1,280	1,686	1,734
Cash from Investing	-486	-133	17	-213	16	-586	69	-267	-579	15
Cash from Financing	-225	-473	-523	-411	-872	-77	-684	-1,133	-1,166	-1,495
	35	29	44	-25	-69	43	196	-120	-58	254

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	51.00	51.00	51.00	51.00	51.00	51.00	51.00	51.00	51.00
	17.82	17.36	17.94	17.04	17.28	18.17	19.30	20.66	21.19
	22.24	22.50	21.80	22.84	22.53	21.73	20.60	19.43	19.06
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	8.66	8.88	9.00	8.85	8.86	8.82	8.86	8.70	8.65

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-09

Press Release

2026-09-09 - Cummins India Limited has informed the Exchange regarding a press release dated September 09, 2026, titled "Cummins India To Showcase Integrated Power Solutions For India s Evolving Infrastructure Needs At bauma CONEXPO India 2026".

2026-09-03

Copy of Newspaper Publication

2026-09-03 - Cummins India Limited has informed the Exchange about Copy of Newspaper Publication regarding proposed postal ballot.

2026-09-02

Appointment

2026-09-02 - Cummins India Limited has informed the Exchange regarding Appointment of Ms. Avanthi Rao as Vice President Distribution Business and a Senior ManagementPersonnel of the Company w.e.f. October 01, 2026.

2026-08-20

Resignation of Director/KMP/SMP

2026-08-20 - Cummins India Limited has informed the Exchange about Resignation of Director/KMP/SMP

2026-08-20

Resignation

2026-08-20 - Cummins India Limited has informed the Exchange regarding Resignation of Mr Pankaj Kapoor as Senior Management Personnel of the Company w.e.f. September 21, 2026.

2026-08-18

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-18 - Cummins India Limited has informed the Exchange about Schedule of Investor meet / Analyst Call

2026-08-13

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-13 - Cummins India Limited has informed the Exchange about Schedule of meet

2026-08-13

Copy of Newspaper Publication

2026-08-13 - CUMMINSIND: Cummins India Limited has informed the Exchange about Copy of Newspaper Publication regarding special window for transfer and dematerialization of physical securities.

2026-08-11

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-11 - Cummins India Limited has informed the Exchange about Transcript

News

Recent coverage and analyst commentary for CUMMINSIND

Loading news…

🤖

AI Stock Analyst

Cummins India Ltd.

🔒

Sign in to Chat with AI

✨ Sign In to Chat

Free 5nance Account