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Cummins India Q2 FY27 results: net profit down 18.5% to ₹507.17 crore, revenue up 4.1%
Cummins India Limited reported consolidated revenue of ₹3,301 crore in Q2 FY27, up 4.1% from ₹3,170 crore a year earlier, while net profit fell 18.5% to ₹507.17 crore. EBITDA declined 27.1% to ₹506.27 crore and the margin narrowed to 15.3% from 21.9%.
Key points
- Consolidated Q2 FY27 revenue was ₹3,301 crore, up 4.1% from ₹3,170 crore in Q2 FY26.
- EBITDA fell 27.1% to ₹506.27 crore, while EBITDA margin narrowed by 6.6 percentage points to 15.3%.
- Net profit was ₹507.17 crore, down 18.5% from ₹622.33 crore, and basic EPS fell to ₹18.3 from ₹22.45.
- H1 FY27 revenue rose 10.7% to ₹6,727.22 crore, but net profit fell 9.0% to ₹1,116.47 crore.
- The Engines segment recorded revenue of ₹3,247.47 crore, up 4.0%, and EBIT of ₹621.36 crore; Lubes revenue rose 42.8% to ₹1,014.56 crore.
How did Cummins India perform in Q2 FY27?
Cummins India reported consolidated revenue of ₹3,301 crore for Q2 FY27, up ₹130.94 crore or 4.1% from ₹3,170 crore in Q2 FY26. Total income rose ₹145.40 crore or 4.4% to ₹3,438.44 crore. The results cover the July–September 2026 quarter and were approved by the board on 4 November 2026.
EBITDA fell ₹188.52 crore or 27.1% to ₹506.27 crore, and the margin narrowed by 6.6 percentage points to 15.3%. Profit before tax fell ₹179.26 crore or 23.4% to ₹586.57 crore, while net profit declined ₹115.16 crore or 18.5% to ₹507.17 crore. Basic EPS fell to ₹18.3 from ₹22.45.
Against Q1 FY27, revenue fell ₹124.80 crore or 3.6% from ₹3,426 crore, EBITDA declined ₹109.89 crore or 17.8% to ₹506.27 crore, and net profit was lower by ₹102.13 crore or 16.8% at ₹507.17 crore. EBITDA margin narrowed by 2.7 percentage points to 15.3%, while basic EPS fell to ₹18.3 from ₹21.98. On a standalone basis, revenue was ₹3,301.21 crore and net profit was ₹466.89 crore.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 3,301 | 3,426 | 3,170 | +4.1% | −3.6% |
| Other income | 137.23 | 137.34 | 122.77 | +11.8% | −0.1% |
| Total expenses | 2,852 | 2,866 | 2,527 | +12.8% | −0.5% |
| EBITDA | 506.27 | 616.16 | 694.79 | −27.1% | −17.8% |
| EBITDA margin | 15.3% | 18.0% | 21.9% | −6.6 pp | −2.7 pp |
| Profit before tax | 586.57 | 697.01 | 765.83 | −23.4% | −15.8% |
| Tax | 134.06 | 177.54 | 201.70 | −33.5% | −24.5% |
| Net profit | 507.17 | 609.30 | 622.33 | −18.5% | −16.8% |
| EPS (₹) | 18.30 | 21.98 | 22.45 | −18.5% | −16.7% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Cummins India's costs and profit?
Total expenses rose ₹324.66 crore or 12.8% to ₹2,851.87 crore in Q2 FY27, outpacing the increase in total income. Cost of materials was the largest increase, rising ₹313.87 crore or 17.4% to ₹2,118 crore. Employee cost increased ₹36.23 crore or 18.2% to ₹234.83 crore, while other expenses rose ₹54.43 crore or 20.6% to ₹318.98 crore.
Depreciation rose ₹4.75 crore or 9.7% to ₹53.93 crore, and finance costs increased ₹0.45 crore or 17.6% to ₹3 crore. Other income increased ₹14.46 crore or 11.8% to ₹137.23 crore, while tax fell ₹67.64 crore or 33.5% to ₹134.06 crore. There was no exceptional item. The filing did not state reasons for the changes in costs.
The filing did not state reasons for the changes in costs. Against Q1 FY27, total expenses were lower by ₹14.47 crore or 0.5%, although cost of materials rose ₹23.91 crore and other expenses rose ₹21.30 crore. Finance costs fell ₹0.90 crore, other income was lower by ₹0.11 crore, and tax fell ₹43.48 crore to ₹134.06 crore.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 2,118 | 1,804 | +313.87 | +17.4% |
| Employee cost | 234.83 | 198.60 | +36.23 | +18.2% |
| Finance costs | 3 | 2.55 | +0.45 | +17.6% |
| Depreciation | 53.93 | 49.18 | +4.75 | +9.7% |
| Other expenses | 318.98 | 264.55 | +54.43 | +20.6% |
| Total expenses | 2,852 | 2,527 | +324.66 | +12.8% |
| Other income | 137.23 | 122.77 | +14.46 | +11.8% |
| Tax | 134.06 | 201.70 | −67.64 | −33.5% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
For H1 FY27, consolidated revenue rose ₹650.13 crore or 10.7% to ₹6,727.22 crore from ₹6,077.09 crore in H1 FY26. Total income increased ₹668.05 crore or 10.5% to ₹7,001.79 crore from ₹6,333.74 crore.
Profit before tax fell ₹201.64 crore or 13.6% to ₹1,283.58 crore from ₹1,485.22 crore. Net profit declined ₹109.76 crore or 9.0% to ₹1,116.47 crore from ₹1,226.23 crore, while EPS fell ₹3.96 or 9.0% to ₹40.28 from ₹44.24.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 6,727 | 6,077 | +10.7% |
| Profit before tax | 1,284 | 1,485 | −13.6% |
| Net profit | 1,116 | 1,226 | −9.0% |
| EPS (₹) | 40.28 | 44.24 | −9.0% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 30 September 2026, total assets were ₹11,386.43 crore against ₹11,304.21 crore at 31 March 2026. Total equity was ₹8,299.36 crore against ₹8,475.16 crore, while the company reported no borrowings on both dates. Cash stood at ₹166.27 crore against ₹500.01 crore.
Inventories increased to ₹1,354.6 crore from ₹1,168.45 crore, trade receivables declined to ₹2,646.13 crore from ₹2,754.27 crore, and trade payables rose to ₹1,915.67 crore from ₹1,649.98 crore. H1 FY27 operating cash flow was ₹1,020.75 crore against ₹742.42 crore in H1 FY26, while investing cash flow was negative ₹85.08 crore against positive ₹166.29 crore.
Financing cash flow was negative ₹1,281.04 crore in H1 FY27 compared with negative ₹934.61 crore in H1 FY26. Capital expenditure was ₹90.36 crore against ₹111.1 crore. The auditor reported no material modification to the unaudited consolidated financial statements for the quarter and half year ended 30 September 2026.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 11,386 | 11,304 |
| Total equity | 8,299 | 8,475 |
| Borrowings | 0 | 0 |
| Cash and equivalents | 166.27 | 500.01 |
| Inventories | 1,355 | 1,168 |
| Trade receivables | 2,646 | 2,754 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 1,021 | 742.42 |
| Cash from investing | −85.08 | 166.29 |
| Cash from financing | −1,281 | −934.61 |
| Capital expenditure | 90.36 | 111.10 |
Source: Company's results filing (XBRL).
How has Cummins India done over the last 8 quarters?
Revenue rose year on year in each of the last three quarters. Over the reported period, revenue peaked at ₹3,426.01 crore in Q1 FY27 and was ₹3,301.21 crore in Q2 FY27, while the quarterly low was ₹2,470.38 crore in Q4 FY25.
Net profit reached its high of ₹649.46 crore in Q4 FY26 and its low of ₹486.06 crore in Q3 FY26, before falling to ₹507.17 crore in Q2 FY27. EBITDA margin peaked at 21.9% in Q2 FY26 and fell to 15.3% in Q2 FY27, continuing the decline from 18.0% in Q1 FY27.
Which businesses drove the quarter?
The Engines segment reported revenue of ₹3,247.47 crore in Q2 FY27, up 4.0% from ₹3,121.58 crore in Q2 FY26. Segment EBIT fell to ₹621.36 crore from ₹804.51 crore, while the reported EBIT margin was 19.1%.
The Lubes segment reported revenue of ₹1,014.56 crore, up 42.8% from ₹710.64 crore in the year-ago quarter. EBIT rose to ₹19.87 crore from ₹19.52 crore, and the reported EBIT margin was 2.0%. The filing excerpt did not provide a stated reason for either segment’s performance.
| Segment | Revenue | Revenue YoY | EBIT | EBIT margin |
|---|---|---|---|---|
| Engines | 3,247 | +4.0% | 621.36 | 19.1% |
| Lubes | 1,015 | +42.8% | 19.87 | 2.0% |
Source: Company's results filing (XBRL segment data).
How did Cummins India shares react?
The results were announced after market on 4 November 2026. Cummins India’s shares fell 0.3% after five minutes, 4.0% after 15 minutes and 3.5% after 30 minutes from the price when the filing appeared. The reaction-day close was 12.6% below the previous close of ₹4,731.5.
The Compressors Pumps & Diesel Engines sector’s other stocks had a median reaction-day move of negative 0.5%. Cummins India’s reaction-day performance was 12.1 percentage points below that median. Moves for the next day and five days were not provided, while the Nifty 100 comparison was also not given.
Past results-day moves were positive on six of the eight earlier dates shown. The largest increase was 12.4% on 27 May 2026, while the latest earlier reaction on 5 August 2026 was unchanged. Other earlier moves included 4.0% on 4 February 2026, negative 0.6% on 6 November 2025 and 7.1% on 28 May 2025.
| After the filing | Stock | Compressors Pumps & Diesel Engines median |
|---|---|---|
| 5 minutes | −0.3% | |
| 15 minutes | −4.0% | |
| 30 minutes | −3.5% | |
| Reaction day | −12.6% | −0.5% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 5 August 2026 | +0.0% |
| 27 May 2026 | +12.4% |
| 4 February 2026 | +4.0% |
| 6 November 2025 | −0.6% |
| 7 August 2025 | +2.2% |
| 28 May 2025 | +7.1% |
| 5 February 2025 | +1.3% |
| 7 November 2024 | +2.8% |
Source: MarketPing price-reaction measurement.
How did other Compressors Pumps & Diesel Engines companies do?
Seven other Compressors Pumps & Diesel Engines companies that filed for the quarter were compared as of 5 November 2026. Their median revenue growth was 19.0%, compared with Cummins India’s revenue growth of 4.1% in Q2 FY27.
Of those peers, six grew faster than Cummins India and one grew slower than Cummins India. Two of the seven reported higher profit, based on a profit comparison covering seven peers.
| Cummins India revenue growth (YoY) | +4.1% |
|---|---|
| Median of 7 other Compressors Pumps & Diesel Engines companies | +19.0% |
| Companies with slower revenue growth than Cummins India | 1 of 7 |
| Companies with faster revenue growth than Cummins India | 6 of 7 |
| Companies whose net profit rose | 2 of 7 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Cummins India's revenue in Q2 FY27?
Revenue from operations was ₹3,301 crore, up 4.1% from ₹3,170 crore in Q2 FY26 (consolidated).
Did Cummins India make a profit in Q2 FY27?
Yes. Net profit was ₹507.17 crore, against a net profit of ₹622.33 crore in Q2 FY26.
What was Cummins India's EPS in Q2 FY27?
Basic earnings per share were ₹18.30, against ₹22.45 in Q2 FY26.
How did Cummins India shares react to the Q2 FY27 results?
On the reaction day the stock moved −12.6% from the previous close; the median Compressors Pumps & Diesel Engines stock moved −0.5%.
When did Cummins India announce its Q2 FY27 results?
On 4 November 2026, in a filing to the BSE.
Sources
- Board Meeting Outcome for Board Meeting Outcome For Outcome Of The Board Meeting Dated November 04, 2026 (BSE, 4 November 2026) · PDF
- Unaudited Financial Results For Quarter And Half Year Ended September 30, 2026. (BSE, 4 November 2026) · PDF
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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