Cummins India Ltd.
•Add ratio to table
ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Engine Business: 79.9% • Lubes: 20.1%
AI Sector View
AI GENERATEDCapital Goods
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.
PROS
- Company has delivered good profit growth of 30.0% CAGR over last 5 years
- Company is almost debt free
- Company has a healthy return on capital (ROCE) of 36.7%
- Company has a good return on equity (ROE) track record: 3 Years ROE 28.5%
- Company has consistently been profitable over the last 5 years
- Company has delivered good sales growth of 22.7% CAGR over last 5 years
CONS
- Stock is trading at 14.7x its book value
- Recurring exceptional / one-off items are inflating headline profit
- Expensive relative to growth - PEG of 2.5
- Rich enterprise valuation - EV/EBITDA of 39.3x
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| CUMMINSIND | 5140.10 | 60.19 | 142483.57 | 1.28 | 609.30 | 0.89 | 3426.01 | 19.84 | 38.64 | 20.61 |
| KIRLOSENG | 2205.30 | 58.76 | 32091.49 | 0.32 | 111.06 | -20.05 | 1999.53 | 13.36 | 14.46 | 15.02 |
| GREAVESCOT | 193.60 | 45.18 | 4509.94 | 1.03 | 6.16 | -70.46 | 974.12 | 30.68 | 8.77 | 5.78 |
| SWARAJENG | 3554.95 | 21.40 | 4319.22 | 3.09 | 55.53 | 11.13 | 588.39 | 21.54 | 58.13 | 13.05 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2,185 | 1,894 | 2,510 | 2,272 | 2,274 | 2,465 | 3,052 | 2,428 | 2,859 | 3,122 | 3,006 | 2,963 | 3,426 | |
| 1,876 | 1,575 | 1,999 | 1,781 | 1,842 | 2,025 | 2,499 | 1,945 | 2,283 | 2,475 | 2,420 | 2,369 | 2,866 | |
| Operating Profit | 309 | 318 | 511 | 491 | 432 | 440 | 554 | 483 | 575 | 646 | 586 | 594 | 560 |
| OPM % | 14.14% | 16.81% | 20.36% | 21.63% | 18.98% | 17.87% | 18.14% | 19.89% | 20.13% | 20.70% | 19.49% | 20.05% | 16.34% |
| 89 | 90 | 98 | 100 | 104 | 105 | 111 | 126 | 146 | 123 | -11 | 177 | 137 | |
| 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 |
| Profit before Tax | 387 | 391 | 591 | 590 | 528 | 542 | 657 | 600 | 719 | 766 | 569 | 766 | 787 |
| Tax % | 25.61% | 25.48% | 25.00% | 23.30% | 25.10% | 26.67% | 23.62% | 26.80% | 25.13% | 26.34% | 24.52% | 26.42% | 22.56% |
| Net Profit | 0 | 0 | 0 | 0 | 463 | 449 | 558 | 530 | 604 | 622 | 486 | 649 | 609 |
| 12.76 | 11.87 | 18.00 | 19.44 | 16.69 | 16.21 | 20.15 | 19.10 | 21.79 | 22.45 | 17.53 | 23.43 | 21.98 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 5,106 | 5,112 | 5,697 | 5,191 | 4,360 | 6,171 | 7,772 | 9,000 | 10,391 | 12,143 | 12,517 | |
| 4,305 | 4,380 | 4,833 | 4,603 | 3,780 | 5,294 | 6,526 | 7,231 | 8,311 | 9,550 | 10,131 | |
| Operating Profit | 801 | 732 | 865 | 588 | 580 | 877 | 1,246 | 1,769 | 2,080 | 2,593 | 2,386 |
| OPM % | 15.69% | 14.33% | 15.18% | 11.33% | 13.30% | 14.21% | 16.04% | 19.65% | 20.01% | 21.36% | 19.06% |
| 144 | 218 | 240 | 239 | 276 | 387 | 295 | 377 | 447 | 437 | 427 | |
| Interest | 17 | 15 | 17 | 21 | 17 | 12 | 16 | 27 | 16 | 12 | 14 |
| Depreciation | 85 | 94 | 111 | 121 | 127 | 136 | 142 | 159 | 185 | 199 | 203 |
| Profit before Tax | 843 | 927 | 1,069 | 807 | 825 | 1,207 | 1,591 | 2,205 | 2,593 | 3,086 | 2,887 |
| Tax % | 22.28% | 23.18% | 30.53% | 12.62% | 23.03% | 22.64% | 22.82% | 21.96% | 22.87% | 23.47% | 24.97% |
| Net Profit | 655 | 712 | 743 | 706 | 635 | 934 | 1,228 | 1,721 | 2,000 | 2,362 | 2,166 |
| EPS | 26.56 | 25.68 | 26.79 | 25.45 | 22.91 | 33.68 | 44.31 | 62.07 | 72.15 | 85.20 | — |
| Dividend Payout % | 52.71% | 58.41% | 63.46% | 55.00% | 65.48% | 54.92% | 56.43% | 61.22% | 71.38% | 77.46% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 10%
- 5 Years:
- 23%
- 3 Years:
- 16%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 13%
- 5 Years:
- 30%
- 3 Years:
- 24%
STOCK PRICE CAGR
- 10 Years:
- 18%
- 5 Years:
- 37%
- 3 Years:
- 44%
- 1 Year:
- 26%
RETURN ON EQUITY
- 10 Years:
- 21%
- 5 Years:
- 25%
- 3 Years:
- 28%
- Last Year:
- 29%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| 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 |
| 3,816 | 4,063 | 4,228 | 4,347 | 4,596 | 5,090 | 5,703 | 6,557 | 7,506 | 8,420 | |
| 285 | 287 | 341 | 544 | 63 | 440 | 414 | 193 | 99 | 84 | |
| Trade Payables | 609 | 760 | 825 | 697 | 731 | 1,000 | 1,150 | 1,409 | 1,567 | 1,650 |
| 449 | 549 | 610 | 552 | 511 | 527 | 597 | 756 | 940 | 1,095 | |
| Total Liabilities | 5,214 | 5,715 | 6,060 | 6,196 | 5,956 | 7,112 | 7,919 | 8,971 | 10,168 | 11,304 |
| 1,234 | 1,290 | 1,287 | 1,233 | 1,169 | 1,230 | 1,207 | 1,325 | 1,429 | 1,477 | |
| Capital Work in Progress | 463 | 39 | 159 | 70 | 79 | 60 | 41 | 95 | 78 | 77 |
| 862 | 708 | 468 | 1,038 | 599 | 892 | 1,457 | 1,642 | 1,482 | 2,153 | |
| 570 | 544 | 633 | 577 | 564 | 738 | 904 | 950 | 1,004 | 1,168 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2,085 | 2,278 | 2,754 | |
| Cash & Bank | 129 | 471 | 738 | 465 | 965 | 1,427 | 1,386 | 1,513 | 2,510 | 2,374 |
| 1,956 | 2,663 | 2,776 | 2,813 | 2,580 | 2,766 | 2,923 | 1,361 | 1,387 | 1,300 | |
| Total Assets | 5,214 | 5,715 | 6,060 | 6,196 | 5,956 | 7,112 | 7,919 | 8,971 | 10,168 | 11,304 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 935 | 815 | 791 | 763 | 873 | 966 | 1,172 | 1,285 | 1,683 | 1,734 | |
| Cash from Investing | -487 | -134 | 16 | -214 | 15 | -586 | 69 | -268 | -579 | 15 |
| Cash from Financing | -226 | -470 | -525 | -412 | -873 | -82 | -687 | -1,134 | -1,168 | -1,495 |
| 35 | 28 | 44 | -25 | -69 | 43 | 201 | -117 | -65 | 254 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
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 - Cummins India Limited has informed the Exchange about Copy of Newspaper Publication regarding proposed postal ballot.
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 - Cummins India Limited has informed the Exchange about Resignation of Director/KMP/SMP
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 - Cummins India Limited has informed the Exchange about Schedule of Investor meet / Analyst Call
2026-08-13 - Cummins India Limited has informed the Exchange about Schedule of meet
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 - 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
Log in with your 5nance account to ask institutional questions about performance, financials, and outlook.
✨ Sign In to ChatFree 5nance Account