Cummins India Ltd logo

Cummins India Ltd

CUMMINSIND NSE

Key Fundamentals

LargecapCompressors Pumps & Diesel EnginesIndustrial Products
Market Cap
1.5L Cr
Volatility
Moderate
P/E Ratio
63.17
EBITDA
₹3,112 Cr
Return on Equity
27.87%
Debt to Equity
0
Book Value
₹305.74
EPS
₹66.04
52W High
₹6,100
52W Low
₹3,729.5

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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38 extracted metrics + investor summaries across FY10–FY26.

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Tapetide Score

Data-driven rating, 0–100. How it works →

Technical Indicators

Key Insights

Strengths

4
  • Company is almost debt free.
  • Company has delivered good profit growth of 30.8% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 28.8%
  • Company has been maintaining a healthy dividend payout of 70.0%

Weaknesses

1
  • Stock is trading at 17.8 times its book value

Growth Rate

Revenue Growth
16.82% ↗
Net Income Growth
18.09% ↗
Cash Flow Change
3.07% ↗
ROE
5.37% ↗
ROCE
5.97% ↗
EBITDA Margin (Avg.)
5.40% ↗

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 5d ago
AI opinion · based on fundamentals
Risk medium

Cummins India Ltd is a nearly debt-free industrial products company with a market cap of ₹1,48,621 Cr, trading at a PE of 62.7x and PB of 17.5x. The company has delivered 30.8% CAGR profit growth over 5 years with a consistent ROE of ~29% over 3 years, while maintaining a 70% dividend payout ratio.

Bull Case 8
  • Company is virtually debt-free, providing strong balance sheet resilience and financial flexibility in a capital-intensive industrial sector
  • Compounded profit growth of 31% CAGR over 5 years demonstrates sustained earnings momentum well above sector averages
  • Return on equity of 30% in the last year and 29% over 3 years indicates highly efficient capital allocation
  • Healthy dividend payout ratio of 70% signals shareholder-friendly capital return policy, with current dividend yield at 1.23%
  • Sales growth of 23% CAGR over 5 years reflects strong demand traction across power generation, industrial, and distribution segments
  • TTM sales growth of 15% indicates continued topline momentum even on a higher base after the 5-year expansion phase
  • 10-year ROE of 22% shows long-term consistency in profitability through multiple economic cycles
  • Stock CAGR of 46% over 3 years reflects strong market confidence in the company's growth trajectory and execution
Bear Case 7
  • PE ratio of 62.7x is significantly elevated compared to historical industrial sector averages of 25-35x, pricing in substantial future growth
  • Price-to-book of 17.5x implies the market is paying a very steep premium over net asset value, leaving limited margin of safety
  • TTM profit growth of 14% has decelerated materially from the 5-year CAGR of 31%, suggesting potential earnings growth slowdown
  • TTM sales growth of 15% is below the 5-year CAGR of 23%, indicating possible deceleration in revenue momentum
  • At 62.7x PE, the earnings yield is just 1.6%, offering minimal cushion relative to risk-free government bond yields of ~7%
  • Stock has already delivered 41% CAGR over 1 year and 46% over 3 years, raising the risk of mean reversion at current elevated multiples
  • 10-year compounded sales growth of only 10% suggests the recent 23% five-year acceleration may not be sustainable over longer horizons

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 18h ago
Headwinds 2
  • Commodity costs pressure margins Aug 5

    Q1FY26 profit before tax margin of 21.4% was impacted by commodity costs, despite 18% YoY sales growth to ₹3,375 crore.

  • MD Shveta Arya resigns Aug 5

    Managing Director Shveta Arya resigned during Q1FY26, creating leadership transition uncertainty despite strong operational performance.

Positives 5
  • Record FY26 revenue ₹11,950 crore Aug 6

    Cummins India reported record annual revenue of ₹11,950 crore and PBIT of ₹3,117 crore for FY26, driven by domestic demand, with a 3300% dividend payout.

  • Parent raises FY26 sales guidance Aug 4

    Cummins Inc raised its fiscal 2026 sales outlook to $37.0B-$38.0B, surpassing the $37.2B estimate, signaling strong global demand expectations.

  • Q1FY26 sales up 18% YoY Aug 5

    Cummins India reported 18% YoY sales growth to ₹3,375 crore in Q1FY26 with PBT of ₹721 crore and net profit of ₹609.30 crore.

  • ₹46 final dividend declared Aug 6

    Shareholders approved a ₹46 per share final dividend at the 65th AGM held on August 6, 2026, along with reappointment of Donald Jackson.

  • Construction and mining demand strong Aug 6

    Cummins India sees decent demand from construction and mining sectors and indicated scope for margin improvement going ahead.

Neutral 2
  • Q1FY27 results call scheduled Jul 27

    Cummins India scheduled a conference call for August 6, 2026 to discuss unaudited Q1FY27 results for the quarter ended June 30, 2026.

  • Q1FY27 call audio uploaded Aug 6

    Audio recording of the Q1FY27 results conference call held on August 6, 2026 was uploaded to the company website for investor access.

TL;DR: Cummins India is firing on all cylinders with record FY26 revenue of ₹11,950 crore, 18% Q1 sales growth, and a generous 3300% dividend payout. The parent company's raised guidance and strong construction/mining demand reinforce the bullish outlook. Key risks include commodity cost pressure on margins and MD-level leadership transition. The trend is clearly improving with margin expansion potential indicated by management.

Quarterly Results

  Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
2,218
1,922
2,541
2,319
2,316
2,509
3,096
2,470
2,907
3,170
3,055
3,011
3,426
Expenses
1,876
1,575
1,999
1,781
1,842
2,025
2,499
1,945
2,283
2,475
2,420
2,369
2,810
Operating Profit
342
346
543
539
473
484
598
525
624
695
634
642
616
OPM %
15%
18%
21%
23%
20%
19%
19%
21%
21%
22%
21%
21%
18%
Other Income
155
128
153
186
171
157
168
217
212
181
46
263
227
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
PBT
453
429
647
676
595
594
714
690
785
824
626
852
787
Tax %
22%
23%
23%
20%
22%
24%
22%
23%
23%
24%
22%
24%
23%
Net Profit
354
329
499
539
463
449
558
530
604
622
486
649
609
EPS in Rs
12.76
11.87
18
19.44
16.69
16.21
20.15
19.1
21.79
22.45
17.53
23.43
21.98
Figures in ₹ Crores

Profit & Loss

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
4,916
4,720
5,106
5,112
5,697
5,191
4,360
6,171
7,772
9,000
10,391
12,143
12,662
Expenses
4,101
3,945
4,302
4,374
4,828
4,598
3,757
5,288
6,524
7,231
8,311
9,548
10,075
Operating Profit
815
775
805
738
869
593
603
883
1,248
1,770
2,080
2,595
2,588
OPM %
17%
16%
16%
14%
15%
11%
14%
14%
16%
20%
20%
21%
20%
Other Income
208
116
141
298
328
356
366
472
502
622
714
702
717
Interest
2
10
17
15
17
21
17
12
16
27
16
12
14
Depreciation
86
81
85
94
111
121
127
136
142
159
185
199
203
PBT
935
799
843
927
1,069
807
825
1,207
1,591
2,205
2,593
3,086
3,088
Tax %
19%
21%
22%
23%
31%
13%
23%
23%
23%
22%
23%
23%
—
Net Profit
772
721
736
712
743
706
635
934
1,228
1,721
2,000
2,362
2,367
EPS in Rs
27.85
26.02
26.56
25.68
26.79
25.45
22.91
33.68
44.31
62.07
72.15
85.2
85.39
Div. Payout %
50%
54%
53%
58%
63%
55%
65%
55%
56%
61%
71%
77%
—
Figures in ₹ Crores

Balance Sheet

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
55
55
55
55
55
55
55
55
55
55
55
55
Reserves
3,033
3,553
3,816
4,063
4,228
4,347
4,596
5,090
5,703
6,557
7,506
8,420
Borrowings
3
3
252
257
313
512
40
418
376
127
30
37
Other Liabilities
1,508
1,051
1,091
1,339
1,465
1,282
1,265
1,549
1,784
2,231
2,577
2,793
Total Liabilities
4,599
4,662
5,214
5,715
6,060
6,196
5,956
7,112
7,919
8,971
10,168
11,304
Fixed Assets
1,307
1,291
1,502
2,021
2,015
2,270
2,189
2,209
2,226
2,302
2,364
2,383
CWIP
171
519
463
39
159
80
128
61
41
97
85
98
Investments
536
489
862
708
468
1,038
599
892
1,457
1,642
1,482
2,153
Other Assets
2,585
2,364
2,387
2,947
3,418
2,809
3,041
3,951
4,194
4,930
6,238
6,670
Total Assets
4,599
4,662
5,214
5,715
6,060
6,196
5,956
7,112
7,919
8,971
10,168
11,304
Figures in ₹ Crores

Cash Flow

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
589
696
748
632
553
601
789
712
820
1,285
1,683
1,734
Investing
-146
-215
-483
-134
15
-202
25
-574
87
-248
-578
26
Financing
-444
-471
-226
-470
-525
-412
-873
-82
-687
-1,134
-1,168
-1,495
Net Cash Flow
-1
10
39
28
43
-14
-60
56
219
-97
-63
265
Free Cash Flow
251
205
516
540
279
364
675
782
665
1,003
1,465
1,487
CFO/OP
98
112
116
110
91
129
145
109
94
101
109
91
Figures in ₹ Crores

Ratios

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
73
73
69
96
82
81
91
74
75
85
80
83
Inventory Days
89
75
63
61
64
62
75
66
63
60
56
56
Days Payable
79
69
68
85
83
75
97
89
81
89
87
79
Cash Conversion Cycle
83
79
65
71
63
68
69
51
58
56
49
60
Working Capital Days
54
78
49
57
59
40
72
39
36
48
46
53
ROCE %
—
24%
22%
21%
24%
18%
17%
21%
27%
35%
36%
40%

Shareholding Pattern

As of Jun 2026
Promoters 51.00%
FIIs 21.19%
DIIs 19.16%
Public 7.12%
Others 1.53%
Total 100.00%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
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%
51.00%
51.00%
51.00%
51.00%
51.00%
51.00%
51.00%
51.00%
51.00%
51.00%
FIIs
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
16.46%
16.51%
17.36%
17.95%
17.50%
18.10%
17.21%
17.50%
18.35%
19.43%
20.78%
21.19%
DIIs
25.19%
24.19%
24.22%
23.57%
24.93%
24.79%
24.76%
25.20%
23.81%
23.97%
22.18%
23.56%
23.00%
22.39%
22.62%
21.91%
22.94%
22.64%
21.83%
20.70%
19.55%
19.16%
Government
1.26%
0.22%
0.20%
0.20%
0.20%
0.20%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Public
8.21%
8.60%
8.27%
8.26%
8.42%
8.20%
8.54%
7.98%
7.59%
7.74%
7.58%
7.35%
7.10%
7.12%
7.19%
7.33%
7.29%
7.26%
7.14%
7.17%
7.01%
7.12%
Others
14.33%
15.99%
16.30%
16.96%
15.45%
15.81%
15.70%
15.82%
17.60%
17.30%
2.78%
1.59%
1.53%
1.54%
1.69%
1.66%
1.55%
1.60%
1.68%
1.70%
1.66%
1.53%
No. of Shareholders
0
84,196
92,954
90,794
1,00,739
1,11,184
1,09,067
1,19,027
1,22,448
1,19,883
1,28,971
1,17,905
1,20,043
1,50,097
1,64,943
1,77,228
1,62,496
1,59,665
1,60,027
1,66,210
1,61,993
1,73,450

Documents

Frequently Asked Questions about Cummins India Ltd

What does Cummins India Ltd do?
Cummins India Ltd is a part of the Cummins Inc. Group USA. It designs, manufactures, distributes and services diesel and alternative fuel engines from 2.8 to 100 liters, diesel and alternative-fueled power generator sets of up to 3000 kW (3750 kVA), as well as related components and technology.[1]
Where is Cummins India Ltd (CUMMINSIND) listed?
Cummins India Ltd is listed on the Indian stock exchanges. It is listed on NSE: CUMMINSIND and BSE: 500480. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Cummins India Ltd belong to?
Cummins India Ltd operates in the Industrial Products sector within the Compressors Pumps & Diesel Engines industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Cummins India Ltd?
Cummins India Ltd has a market capitalisation of approximately ₹151129.44 Cr. Based on this, it is classified as a Large Cap stock.
What is the PE ratio of Cummins India Ltd?
The Price-to-Earnings (PE) ratio of Cummins India Ltd is 63.17. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Cummins India Ltd?
Over the past 52 weeks, Cummins India Ltd has traded between a low of ₹3,729.5 and a high of ₹6,100. This range helps investors understand the stock's price volatility and recent trading levels.
Does Cummins India Ltd pay dividends?
Yes, Cummins India Ltd has a dividend yield of 1.21%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of Cummins India Ltd?
Cummins India Ltd has a Return on Equity (ROE) of 27.87%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Cummins India Ltd on Tapetide?
On Tapetide, you can view Cummins India Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

Company Information

Cummins India Ltd is a part of the Cummins Inc. Group USA. It designs, manufactures, distributes and services diesel and alternative fuel engines from 2.8 to 100 liters, diesel and alternative-fueled power generator sets of up to 3000 kW (3750 kVA), as well as related components and technology.[1]

Website cumminsindia.com
CEO Ms. Shveta Arya
Employees 3,025
Listed 1994-11-03
Face Value ₹ 2
Issued Size 27,72,00,000

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