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Cummins India Ltd.

•
cumminsindia.comBSE: 500480NSE: CUMMINSIND
Market Cap₹ 1,40,956 Cr.
Current Price
High / Low₹ 6,100 / 3,833
Stock P/E61.7
Book Value₹ 305
Price to Book15.80
Dividend Yield1.30 %
ROCE41.1 %
ROE31.2 %
Face Value₹ 2

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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 50NIFTY ALPHA 50NIFTY MNCNIFTY500MOMENTM50NIFTY DIV OPPS 50
S.No.Name
1.CUMMINSIND5085.0059.55140956.201.30609.300.893426.0119.8438.6420.61
2.KIRLOSENG2167.6557.7631543.610.32111.06-20.051999.5313.3614.4615.02
3.GREAVESCOT192.2544.874478.491.046.16-70.46974.1230.688.775.78
4.SWARAJENG3574.4521.514342.913.0855.5311.13588.3921.5458.1313.05
Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
2,1751,8712,5022,2682,2622,4483,0412,4142,8593,1223,0062,9633,426
1,8681,5611,9961,7721,8372,0112,4861,9372,2832,4752,4202,3692,866
Operating Profit306310506497425437555477575646586594560
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%
11713211220413216112121219719613264161
Interest8766533533524
Depreciation36384242444548464849505153
Profit before Tax415426602701551594670681770839593852721
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 Profit316329455562420451514521589638453650543
11.3911.8516.4120.2615.1416.2618.5418.8121.2623.0016.3523.4519.59

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
5,0775,0825,6595,1584,3296,1407,7448,95910,33912,14312,517
4,2794,3504,7994,5723,7525,2666,5037,1988,2779,55010,131
Operating Profit7987328605865778741,2411,7612,0622,5932,386
OPM %15.72%14.41%15.19%11.36%13.33%14.23%16.03%19.65%19.95%21.36%19.06%
211285297312373431407567632672635
Interest1715162016121627151214
Depreciation8594110119126134140158183199203
Profit before Tax9089081,0307598081,1591,4922,1432,4963,0543,005
Tax %19.11%22.01%29.87%17.09%23.53%23.53%24.28%22.51%23.65%23.71%24.00%
Net Profit7357087236296188871,1301,6611,9062,3302,284
EPS26.5025.5626.0722.7022.2931.9940.7659.9168.7584.06—
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:
18%
5 Years:
37%
3 Years:
44%
1 Year:
26%

RETURN ON EQUITY

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

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Corporate actions

2026

Jul 17

₹ 23

Rs.46.0000 per share(2300%)Final Dividend

2026

Feb 11

₹ 10

Rs.20.0000 per share(1000%)Interim Dividend

2025

Jul 18

₹ 16.75

Rs.33.5000 per share(1675%)Final Dividend

2025

Feb 14

₹ 9

Rs.18.0000 per share(900%)Interim Dividend

2024

Jul 19

₹ 10

Rs.20.0000 per share(1000%)Final Dividend

2024

Feb 21

₹ 9

Rs.18.0000 per share(900%)Interim Dividend

2023

Jul 26

₹ 6.50

Rs.13.0000 per share(650%)Final Dividend

2023

Feb 21

₹ 6

Rs.12.0000 per share(600%)Interim Dividend

2022

Aug 2

₹ 5.25

Rs.10.5000 per share(525%)Final Dividend

2022

Feb 21

₹ 4

Rs.8.0000 per share(400%)Interim Dividend

2021

Aug 4

₹ 4

Rs.8.0000 per share(400%)Final Dividend

2021

Feb 9

₹ 3.50

Rs.7.0000 per share(350%)Interim Dividend

2020

Aug 17

₹ 3.50

Rs.7.0000 per share(350%)Final Dividend

2019

Feb 15

₹ 3.50

Rs.7.0000 per share(350%)Interim Dividend

2018

Aug 2

₹ 5

Rs.10.0000 per share(500%)Final Dividend

2018

Feb 15

₹ 2.50

Rs.5.0000 per share(250%)Interim Dividend

2017

Jul 27

₹ 4.50

Rs.9.0000 per share(450%)Final Dividend

2017

Feb 9

₹ 2.50

01/03/2017 Equity Rs.5.0000 per share(250%)Interim Dividend

2016

Jul 28

₹ 4.50

Rs.9.0000 per share(450%)Final Dividend

2016

Feb 11

₹ 2.50

Rs.5.0000 per share(250%)Interim Dividend

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital55555555555555555555
3,6873,9314,0754,1204,3514,7975,3136,1086,9637,842
284282338537574364111889984
Trade Payables6087588256967299971,1461,4021,5681,650
4075055605455045195877459201,095
Total Liabilities5,0415,5315,8545,9545,6976,8057,5128,4989,60610,727
1,2321,2881,2851,2281,1651,2251,2031,3181,4291,477
Capital Work in Progress4633815970796041957877
7075492858243696151,0851,2159571,576
5625376255735587298869371,0221,168
00000002,0782,2922,754
Cash & Bank1294717384649651,4271,3811,5052,5102,374
1,9472,6482,7622,7952,5602,7492,9161,3511,3171,300
Total Assets5,0415,5315,8545,9545,6976,8057,5128,4989,60610,727

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
9328177867608719611,1631,2801,6861,734
Cash from Investing-486-13317-21316-58669-267-57915
Cash from Financing-225-473-523-411-872-77-684-1,133-1,166-1,495
352944-25-6943196-120-58254

Ratios

Standalone Figures in Rs. Crores / View Consolidated

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

Shareholding Pattern

Numbers in percentages

Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
51.0051.0051.0051.0051.0051.0051.0051.0051.00
17.8217.3617.9417.0417.2818.1719.3020.6621.19
22.2422.5021.8022.8422.5321.7320.6019.4319.06
Government0.000.000.000.000.000.000.000.000.00
8.668.889.008.858.868.828.868.708.65

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

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