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Cummins India Ltd

CUMMINSIND
NSE
5,288.00
0.57%
Last Updated:
29 Apr '26, 4:00 PM
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Cummins India Ltd

CUMMINSIND
NSE
5,288.00
0.57%
29 Apr '26, 4:00 PM
Company Overview
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6M
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Quick Ratios

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Mkt Cap
Market Capitalization
1,46,583Cr
Close
Close Price
5,288.00
Industry
Industry
Gensets
PE
Price To Earnings
65.39
PS
Price To Sales
12.63
Revenue
Revenue
11,602Cr
Rev Gr TTM
Revenue Growth TTM
13.31%
PAT Gr TTM
PAT Growth TTM
11.57%
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Quarterly Results

Upcoming Results on
27 May 2026
Consolidated
Standalone
Numbers
Percentage
QuarterMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Revenue
RevenueCr
1,9342,2181,9222,5412,3192,3162,5093,0962,4702,9073,1703,055
Growth YoY
Revenue Growth YoY%
28.730.8-1.816.319.94.430.621.86.525.526.4-1.3
Expenses
ExpensesCr
1,6041,8761,5751,9991,7811,8422,0252,4991,9452,2832,4752,420
Operating Profit
Operating ProfitCr
330342346543539473484598525624695634
OPM
OPM%
17.115.418.021.423.220.419.319.321.321.421.920.8
Other Income
Other IncomeCr
15915512815318617115716821721218146
Interest Expense
Interest ExpenseCr
787665335335
Depreciation
DepreciationCr
383638424244454946484950
PBT
PBTCr
444453429647676595594714690785824626
Tax
TaxCr
9599100148137132144155161181202139
PAT
PATCr
349354329499539463449558530604622486
Growth YoY
PAT Growth YoY%
61.378.523.120.654.430.836.511.9-1.730.538.5-13.0
NPM
NPM%
18.015.917.119.623.220.017.918.021.420.819.615.9
EPS
EPS
12.612.811.918.019.416.716.220.119.121.822.417.5

Profit & Loss

Consolidated
Standalone
Numbers
Percentage
Financial YearMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Revenue
RevenueCr
4,9164,7205,1065,1125,6975,1914,3606,1717,7729,00010,39111,602
Growth
Revenue Growth%
-4.08.20.111.4-8.9-16.041.525.915.815.411.7
Expenses
ExpensesCr
4,1013,9454,3024,3794,8284,6023,7785,2836,5247,2318,3119,124
Operating Profit
Operating ProfitCr
8157758057338695895828881,2481,7702,0802,478
OPM
OPM%
16.616.415.814.315.311.313.314.416.119.720.021.4
Other Income
Other IncomeCr
208116141217328360387467502622714656
Interest Expense
Interest ExpenseCr
21017151721171216271615
Depreciation
DepreciationCr
86818594111121127136142159185194
PBT
PBTCr
9357998438411,0698078251,2071,5912,2052,5932,925
Tax
TaxCr
177171188215326102190273363484593683
PAT
PATCr
7576286556267437066359341,2281,7212,0002,242
Growth
PAT Growth%
-17.04.3-4.518.6-5.0-10.047.031.540.116.212.1
NPM
NPM%
15.413.312.812.313.013.614.615.115.819.119.319.3
EPS
EPS
27.926.026.625.626.825.422.933.744.362.172.280.9

Balance Sheet

Consolidated
Standalone
Numbers
Percentage
Financial YearMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital
Equity CapitalCr
555555555555555555555555
Reserves
ReservesCr
3,0333,5533,8164,0634,2284,3474,5965,0905,7036,5577,5067,840
Current Liabilities
Current LiabilitiesCr
1,2989021,2161,4561,5341,5681,1091,7451,8902,0572,2582,330
Non Current Liabilities
Non Current LiabilitiesCr
212151127140243226196222270301349316
Total Liabilities
Total LiabilitiesCr
4,5994,6625,2145,7156,0606,1965,9567,1127,9198,97110,16810,540
Current Assets
Current AssetsCr
2,5452,2912,6883,2303,4293,3823,2564,4135,0985,9427,0097,353
Non Current Assets
Non Current AssetsCr
2,0542,3722,5262,4852,6322,8142,7012,6992,8203,0283,1603,188
Total Assets
Total AssetsCr
4,5994,6625,2145,7156,0606,1965,9567,1127,9198,97110,16810,540

Cash Flow

Consolidated
Standalone
Financial YearMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Operating Cash Flow
Operating Cash FlowCr
5896967486325536017897128201,2851,685
Investing Cash Flow
Investing Cash FlowCr
-146-212-487-13416-21415-58669-268-582
Financing Cash Flow
Financing Cash FlowCr
-444-471-226-470-525-412-873-82-687-1,134-1,168
Net Cash Flow
Net Cash FlowCr
-112352844-25-6943201-117-65
Free Cash Flow
Free Cash FlowCr
2512055165402793737137356651,0031,455
CFO To PAT
CFO To PAT%
77.8110.7114.2100.974.585.1124.276.266.774.784.3
CFO To EBITDA
CFO To EBITDA%
72.389.893.086.263.7102.0135.580.265.772.681.0

Ratios

Consolidated
Standalone
Financial YearMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Valuation Ratios
Valuation Ratios
Market Cap
Market CapitalizationCr
24,32223,34426,27419,43620,6539,02325,49131,15345,15983,38284,546
Price To Earnings
Price To Earnings
35.633.737.127.327.812.840.133.436.848.542.3
Price To Sales
Price To Sales
5.05.05.23.83.61.75.85.05.89.38.1
Price To Book
Price To Book
7.96.56.84.74.82.05.56.17.812.611.2
EV To EBITDA
EV To EBITDA
29.730.032.826.223.315.442.233.935.446.339.5
Profitability Ratios
Profitability Ratios
GPM
GPM%
38.537.235.736.136.535.036.633.432.835.936.5
OPM
OPM%
16.616.415.814.315.311.313.314.416.119.720.0
NPM
NPM%
15.413.312.812.313.013.614.615.115.819.119.3
ROCE
ROCE%
30.322.420.919.623.616.917.921.926.233.134.4
ROE
ROE%
24.517.416.915.217.316.013.718.121.326.026.4
ROA
ROA%
16.513.512.610.912.311.410.713.115.519.219.7
Operational Ratios
Operational Ratios
Solvency Ratios
Solvency Ratios
Liquidity Ratios
Liquidity Ratios
### **Overview** Cummins India Limited, established in 1962 and headquartered in Pune, is the oldest and one of the leading power solutions providers in India. As a key subsidiary of Cummins Inc. (USA), the company operates across power generation, industrial engines, and distribution services with a strong focus on innovation, sustainability, and localization. It serves domestic markets (India, Bhutan, Nepal) and exports to over 150 countries, including the USA, Europe, Middle East, Africa, and Latin America. The company operates five advanced manufacturing facilities and a dedicated parts distribution center, supported by a service network of over **480 touchpoints** and a workforce of more than **3,000 employees**. In FY 2024–25, Cummins India surpassed **₹10,000 crore in annual revenue**, delivering strong profit margins and record performance across multiple business segments. --- ### **Recent Performance Highlights (FY 2024–25)** - **Revenue Milestone**: Crossed ₹10,000 crore in annual revenue, driven by strong demand in power generation, industrial engines, and aftermarket services. - **Power Generation Sales**: - Sold over **23,000 generator sets**, providing more than **7,000 MW of power**. - Delivered over **23,000 CPCB IV+ compliant gensets**, with strong adoption in Delhi NCR and other key regions. - Executed major orders for **hyperscale data centers**, including installations exceeding **300 MW of backup power**. - **Dealer Network Expansion**: Increased dealer outlets in the PowerGen segment from **113 to 127** (and GOEM network from 113 to 117), enhancing customer accessibility and after-sales support. --- ### **Strategic Growth Drivers & Market Position** #### **1. Key End-Markets Expansion** - **Railways**: - Became a strategic supplier to Indian Railways with **complete DETC (Diesel Electric Tower Car) propulsion packages**, **CPCB IV+ alternator sets**, and **Hotel Load Converters (HLC)**. - Secured first electrical project for high-voltage substation maintenance and order for overhaul of 30 traction alternators (Eastern Railway). - Developed HLC for auxiliary rail power; poised for serial production. - **Defense**: - Delivered a **prototype engine for the Indian Army’s Light Tank 'ZORAWAR' project**, marking entry into strategic defense platforms. - Secured new orders from defense OEMs for **wheeled troop carriers and artillery guns**. - Positioned as a technology leader in tracked and wheeled vehicle propulsion. - **Marine**: - Achieved **record annual sales and order intake**, fulfilling complex projects for **Indian Navy, Coast Guard, and commercial shipbuilders**. - Supplied **1.5 MW genset to INS Vikramaditya** and **2.3 MW propulsion engines to L&T for naval vessels**. - Won multiple contracts for gensets and engines for defense and commercial marine vessels. - **Mining & HEMM**: - Gaining traction with **Fit-for-Market products** for large OEMs in domestic and international markets. - Delivered engines for key HEMM applications and secured orders for **240 Duel Fuel Kits (TQ60 engines)**. - Strong growth in **export sales of industrial mining engines**. - **Construction**: - Market leader in **excavator segment**; offering electronic and unregulated engines for higher-tonnage models. - Developing **fuel-agnostic engines** with industry-leading power density and efficiency. #### **2. Technological Innovation & Product Launches** - **New Platforms & Engines**: - Launched **HELM**, a next-generation fuel-agnostic diesel engine platform targeting construction and compressor segments. - Introduced **4-cylinder and 6-cylinder electronic engines compliant with CEV BSVI norms**. - Upgraded **38L and 50L engines** for North and Central American (NACA) markets. - **High Horsepower (HHP) Power Generation**: - Launched: - **CAQM-compliant gensets for >1000 kVA**. - **2,000 kVA prime-rated genset** with improved power density. - **2,500 kVA DCC-rated genset** for modern data centers. - These high-capacity solutions are critical for large infrastructure and hyperscale data center growth. - **Emission-Compliant Solutions**: - Among the **first to launch CPCB IV+ compliant generators** in India. - Developed **Cummins Retrofit Aftertreatment System (RAS)** to reduce particulate emissions for sub-800 kW gensets (NGT-compliant). - Offered **DGBLUE**, a Diesel Exhaust Fluid (DEF) tailored for CPCB IV+ systems. #### **3. Export Growth & International Markets** - **Export Revenue Growth**: Driven by: - High demand for **HHP PowerGen products in NACA**. - Strong sales of **low-horsepower (LHP) products in Latin America, Middle East, and Europe**. - **Fit-for-Market (FFM) Strategy**: - Launched **low kVA gensets** for unregulated markets in Latin America, Africa, and Asia Pacific. - Enhanced export penetration through product localization and channel synergies. - **Global Projects**: - Supplied **India-built DEMUs to Mozambique**. - Secured international orders from African OEMs via Indian partners. #### **4. Aftermarket & Customer Service Excellence** - **Net Promoter Score (NPS)**: - **Distribution Business achieved global NPS of 90%**, reflecting industry-leading customer loyalty and service satisfaction. - **Strategic Recognition**: - Recognized as a **key partner** by a major construction equipment OEM after **61% YoY aftermarket growth**. - **Service Innovations**: - Launched **Power Management Solutions (PMS)** including Smart Energy Meters and APFC Panels with IoT monitoring. - Established a **Telematics Command Centre** for real-time monitoring and rapid response. - Signed a **pan-India rate contract with a public sector power utility** to standardize service pricing. --- ### **Sustainability & Future-Readiness** - **Alternative Energy & Electrification**: - Investing in **BESS (Battery Energy Storage Systems)** with modular 10ft/20ft containers (200kWh–2MWh), using **LFP battery technology** for safety and longevity. - Exploring **hybrid engines, fuel cells, hydrogen, and power electronics**. - Entered JV with **Tata to develop hydrogen internal combustion engines** for automotive, with spillover into powergen and construction. - **Environmental Compliance Leadership**: - Positioned as a leader in **cleaner engine technologies**, with CPCB IV+, CAQM, and Euro Stage V-compliant products. - Proactively addressing **emission regulations** through retrofit and dual-fuel solutions. --- ### **Strategic Enablers** - **'Make in India' & Localization**: - Over **85% localization of 50L engine platform**; targeting **80% localization of larger platforms (60L, 78L, 95L)**. - Collaborations with domestic suppliers like **Bharat Forge** (supplying engine components since 1965) and OEMs to support indigenous manufacturing. - **R&D & Digital Transformation**: - **India Technical Organization (ITO)** driving innovation through advanced labs: rail electrification, alternate fuels, and test cells certified to Bharat Stage V. - Leveraging **digital tools like OPTIMUS (Salesforce CRM)** and **ConSol** for process automation and customer engagement. - **Channel & Distribution Strategy**: - Strengthened **OEM partnerships** across defense, rail, mining, and construction. - Implemented **'One Team' channel synergy** to align sales and service teams for better market responsiveness. --- ### **Leadership & Governance** - **Mr. Cornelius O’Sullivan**: Leads Power Systems Business Unit, overseeing strategic growth in domestic and global markets. - **Ms. Bonnie Jean Fetch**: Non-Executive Director and Global Supply Chain Leader, bringing international expertise in emerging markets. ---