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Cummins India Limited
(CUMMINSIND)
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Rating:66Neutral
Price Target:
₹5,623.00
▲(0.38% Upside)
Action:Downgraded
Date:08/29/26
Score is supported primarily by strong financial performance (growth, profitability, very low leverage, and strong free cash flow). It is materially offset by weak near-term technical momentum (below key moving averages with negative MACD and low RSI) and an expensive valuation (high P/E with modest yield).
Positive Factors
Strong Revenue and Earnings Growth
Sustained revenue expansion and improving profitability indicate strong product demand, operating scale and earnings capability. This provides a durable foundation for growth across industrial, infrastructure and commercial power applications.
Negative Factors
FY2026 Gross Margin Pressure
A decline in gross profit despite revenue growth suggests cost, pricing or product-mix pressure. If persistent, this could constrain operating leverage, reduce returns and weaken the durability of recent profitability gains.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong Revenue and Earnings Growth
Sustained revenue expansion and improving profitability indicate strong product demand, operating scale and earnings capability. This provides a durable foundation for growth across industrial, infrastructure and commercial power applications.
Read all positive factors
Cummins India Limited (CUMMINSIND) vs. iShares MSCI India ETF (INDA)
Market Cap
₹1.40T
Dividend Yield1.31%
Average Volume (3M)26.03K
Price to Earnings (P/E)59.0
Beta (1Y)1.15
Revenue Growth15.30%
EPS Growth10.55%
CountryIN
Employees5,229
SectorGeneral
Sector StrengthN/A
IndustryIndustrial - Machinery
Share Statistics
EPS (TTM)85.20
Shares Outstanding277,200,000
10 Day Avg. Volume30,820
30 Day Avg. Volume26,030
Financial Highlights & Ratios
PEG Ratio2.92
Price to Book (P/B)14.72
Price to Sales (P/S)10.27
P/FCF Ratio66.18
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)93.21
Revenue Forecast (FY)₹142.17B
Cummins India Limited Business Overview & Revenue Model
Company Description
Cummins India Ltd. engages in the manufacture, design, and distribution of diesel and alternative fuel engines. The firm also offers electronics, emission solutions, filtration, fuel systems, and turbo technologies. It operates through Engines and...
How the Company Makes Money
Cummins India makes money primarily by selling diesel and gas engines and engine-based power solutions, and by providing parts and services over the life of the installed equipment base. Key revenue streams typically include: (1) Equipment/product...
Cummins India Limited Financial Statement Overview
Summary
Income Statement
86
Very Positive
Balance Sheet
94
Very Positive
Cash Flow
88
Very Positive
| Breakdown | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 121.43B | 103.91B | 90.00B | 77.72B | 61.71B |
| Gross Profit | 34.81B | 37.45B | 31.79B | 25.05B | 20.26B |
| EBITDA | 32.97B | 22.85B | 19.57B | 14.14B | 10.29B |
| Net Income | 23.62B | 20.00B | 17.21B | 12.28B | 9.34B |
Balance Sheet | |||||
| Total Assets | 113.04B | 101.68B | 89.71B | 79.19B | 71.12B |
| Cash, Cash Equivalents and Short-Term Investments | 39.23B | 34.42B | 26.91B | 24.40B | 22.06B |
| Total Debt | 365.10M | 296.60M | 1.27B | 3.76B | 4.18B |
| Total Liabilities | 28.29B | 26.07B | 23.58B | 21.60B | 19.67B |
| Stockholders Equity | 84.75B | 75.61B | 66.12B | 57.58B | 51.45B |
Cash Flow | |||||
| Free Cash Flow | 18.85B | 17.90B | 9.97B | 6.58B | 5.60B |
| Operating Cash Flow | 21.37B | 20.28B | 12.85B | 8.20B | 7.12B |
| Investing Cash Flow | -3.90B | -9.31B | -2.68B | 691.50M | -5.86B |
| Financing Cash Flow | -14.92B | -11.62B | -11.34B | -6.87B | -822.50M |
Cummins India Limited Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
83 Outperform | ₹490.38B | 70.45 | ― | 0.43% | 39.56% | 17.82% | |
75 Outperform | ₹290.25B | 58.13 | ― | 0.16% | 9.03% | 3.22% | |
69 Neutral | ₹1.38T | 58.43 | ― | 0.58% | 13.63% | -11.32% | |
68 Neutral | ₹619.23B | 49.38 | ― | 0.88% | 19.66% | 23.81% | |
66 Neutral | ₹1.40T | 58.96 | ― | 1.31% | 15.30% | 10.55% | |
66 Neutral | ₹945.66B | 132.43 | ― | 0.43% | 17.54% | -31.63% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
IN:CUMMINSIND
Cummins India Limited
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Cummins India Limited Corporate Events
Cummins India’s Distribution Head Resigns; Search for Successor Underway
Aug 20, 2026
Cummins India Limited has announced that Mr. Pankaj Kapoor, Vice President – Distribution Business and designated Senior Management Personnel, has resigned to pursue external opportunities, with his cessation effective September 21, 2026. Hi...
Cummins India Publishes 65th AGM Notice and E-Voting Details
Jul 11, 2026
Cummins India Limited has announced that it has published notices in leading English and Marathi newspapers regarding its 65th Annual General Meeting and the associated e-voting arrangements for shareholders. The company has also uploaded the AGM ...
Cummins India Publishes FY 2025-26 Business Responsibility and Sustainability Report
Jul 9, 2026
Cummins India Limited has released its Business Responsibility and Sustainability Report for the financial year 2025-26, complying with Regulation 34(2)(f) of the Securities and Exchange Board of India’s listing requirements. The company has...
Cummins India Sets Record Date Framework for FY 2025-26 Final Dividend
Jul 1, 2026
Cummins India Limited has notified stock exchanges that it has published newspaper notices announcing the record date for determining shareholders entitled to receive the final dividend for the financial year 2025-26, along with information on the...
Cummins India Schedules June Investor and Analyst Meetings in Line With Disclosure Norms
Jun 4, 2026
Cummins India Limited has scheduled interactions between its management and institutional investors and analysts, including a group equity conference with Motilal Oswal Financial Services in Mumbai on June 9, 2026, and an in-person meeting with Fi...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.