NSE: CUMMINSIND · BSE: 500480
CUMMINS INDIA LTD
Manufactures and sells diesel engines and generator sets, alongside a lubricants line. In FY26, the Engines segment generated Rs 11,949.73 crore of segment revenue (79.9% of segment revenue) and the Lubes segment Rs 3,009.10 crore (20.1%). Engines drove the bulk of segment profitability, with EBIT of Rs 2,973.34 crore against Rs 112.61 crore for Lubes. FY26 total revenue was Rs 12,143.19 crore and net profit Rs 2,361.75 crore. Materials are the largest cost at 57.4% of revenue, followed by employee costs at 6.5% and other operating expenses at 8.9%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Engines (80%), Lubes (20%). Capital-goods manufacturer of diesel engines, generator sets and lubricants
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 6,171 | 7,772 | 9,000 | 10,391 | 12,143 |
| EBITDA (ex other income) | 888 | 1,233 | 1,768 | 2,080 | 2,513 |
| margin % | 14.4 | 15.9 | 19.6 | 20.0 | 20.7 |
| Owners' profit | 934 | 1,228 | 1,721 | 2,000 | 2,362 |
| EPS, as reported (₹) | 33.69 | 44.31 | 62.07 | 72.15 | 85.20 |
| ROE % · ROCE % | 15.6 · 18.5 | 21.3 · 23.2 | 26.0 · 28.7 | 26.4 · 29.5 | 27.9 · 31.9 |
| Debt / equity (x) | 0.08 | 0.06 | 0.02 | 0.00 | 0.00 |
| Cash from operations | 712 | 820 | 1,285 | 1,685 | 1,734 |
| Capex | (152) | (162) | (286) | (238) | (252) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2,509 | 3,096 | 2,470 | 2,907 | 3,170 | 3,055 | 3,011 | 3,426 |
| Profit before tax | 542 | 657 | 600 | 719 | 766 | 569 | 766 | 697 |
| Net profit | 449 | 558 | 530 | 604 | 622 | 486 | 649 | 609 |
| EPS (₹) | 16.21 | 20.15 | 19.10 | 21.79 | 22.45 | 17.53 | 23.43 | 21.98 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Engines | 11,950 | 79.9 |
| Lubes | 3,009 | 20.1 |
| Total, before eliminations | 14,959 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| CUMMINS INDIA LTD ◆ | 1,25,627 | 53.1 | 14.82 | 41.3 | 27.9 | 31.8 | 22.7 | 22.0 |
| KIRLOSKAR OIL ENG LTD | 27,342 | 50.0 | 7.65 | 21.9 | 15.7 | 10.9 | 18.5 | 15.8 |
| ELGI EQUIPMENTS LTD | 16,468 | 36.6 | 7.38 | 24.5 | 19.3 | 24.3 | 15.5 | 15.9 |
| INGERSOLL-RAND INDIA LTD | 12,413 | 46.4 | 20.16 | — | 41.6 | 54.7 | — | 26.4 |
| KIRLOSKAR BROTHERS LTD | 12,334 | 33.0 | 4.98 | 20.8 | 15.2 | 16.8 | 10.8 | 11.8 |
| KSB LIMITED | 11,467 | 46.7 | 6.75 | — | 5.7 | 6.7 | — | 12.6 |
| SHAKTI PUMPS (I) LTD | 4,515 | 21.3 | 2.65 | 10.2 | 15.1 | 19.6 | 23.7 | 10.9 |
| GREAVES COTTON LTD. | 4,220 | 42.1 | 2.79 | 17.4 | 2.3 | 5.9 | 18.0 | 6.9 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 53.1 | 42.1 | 13 of 15 | 14% |
| P/B | 14.8 | 4.7 | 14 of 15 | 7% |
| ROCE | 31.8 | 16.9 | 3 of 15 | 86% |
| ROE | 27.9 | 15.2 | 3 of 15 | 86% |
| Debt / Equity | 0.0 | 0.1 | 1 of 15 | 79% |
| EBITDA margin | 22.0 | 15.8 | 4 of 15 | 79% |
| Revenue growth | 17.9 | 17.9 | 8 of 15 | 50% |
| Profit growth | 0.9 | 11.1 | 9 of 15 | 43% |
| Market cap | 125627 | 4220 | 1 of 15 | 100% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Newspaper notice issued for proposed shareholder postal ballot | compliance | minimal | — | — |
| 16 Oct 2026 · Postal Ballot: Commission to Independent Directors approved with 99.93% majority | board shareholder meetings | medium | — | — |
| 16 Oct 2026 · Newspaper notice on special window to dematerialise old physical shares | compliance | minimal | — | — |
| 15 Oct 2026 · Postal Ballot Concluded on Commission to Independent Directors | board shareholder meetings | low | — | — |
| 8 Oct 2026 · Cummins India appoints Adegbile Adedapo Adewunmi as Managing Director | management changes | high | — | — |
| 8 Oct 2026 · Cummins India appoints Adegbile Adewunmi as new Managing Director | board shareholder meetings | medium | — | — |
| 7 Oct 2026 · Cummins India submits quarterly dematerialisation certificate to exchanges | compliance | minimal | — | — |
| 29 Sept 2026 · Income tax penalty of Rs 95 lakh imposed on Cummins India for AY 2018-19 | regulatory legal | high | — | — |
| 28 Sept 2026 · Board meeting on Nov 4 for Q2 FY26 results; trading window closed from Oct 1 | compliance | minimal | — | — |
| 17 Sept 2026 · Cummins India: Dividend withheld for KYC non-compliant folios | corporate actions | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.