Quick Ratios
Quarterly Results
Profit & Loss
Balance Sheet
Cash Flow
Ratios
Mkt Cap
Market Capitalization
₹1,46,583Cr
Rev Gr TTM
Revenue Growth TTM
13.31%
Peer Comparison
Compare up to 10 companies side by side across valuation, profitability, and growth.

CUMMINSIND
VS
| Quarter | Mar 2023 | Jun 2023 | Sep 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Mar 2025 | Jun 2025 | Sep 2025 |
|---|
|
Growth YoY Revenue Growth YoY% | 28.7 | 30.8 | -1.8 | 16.3 | 19.9 | 4.4 | 30.6 | 21.8 | 6.5 | 25.5 | 26.4 | -1.3 |
| 1,604 | 1,876 | 1,575 | 1,999 | 1,781 | 1,842 | 2,025 | 2,499 | 1,945 | 2,283 | 2,475 | 2,420 |
Operating Profit Operating ProfitCr |
| 17.1 | 15.4 | 18.0 | 21.4 | 23.2 | 20.4 | 19.3 | 19.3 | 21.3 | 21.4 | 21.9 | 20.8 |
Other Income Other IncomeCr | 159 | 155 | 128 | 153 | 186 | 171 | 157 | 168 | 217 | 212 | 181 | 46 |
Interest Expense Interest ExpenseCr | 7 | 8 | 7 | 6 | 6 | 5 | 3 | 3 | 5 | 3 | 3 | 5 |
Depreciation DepreciationCr | 38 | 36 | 38 | 42 | 42 | 44 | 45 | 49 | 46 | 48 | 49 | 50 |
| 444 | 453 | 429 | 647 | 676 | 595 | 594 | 714 | 690 | 785 | 824 | 626 |
| 95 | 99 | 100 | 148 | 137 | 132 | 144 | 155 | 161 | 181 | 202 | 139 |
|
Growth YoY PAT Growth YoY% | 61.3 | 78.5 | 23.1 | 20.6 | 54.4 | 30.8 | 36.5 | 11.9 | -1.7 | 30.5 | 38.5 | -13.0 |
| 18.0 | 15.9 | 17.1 | 19.6 | 23.2 | 20.0 | 17.9 | 18.0 | 21.4 | 20.8 | 19.6 | 15.9 |
| 12.6 | 12.8 | 11.9 | 18.0 | 19.4 | 16.7 | 16.2 | 20.1 | 19.1 | 21.8 | 22.4 | 17.5 |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|
|
| | -4.0 | 8.2 | 0.1 | 11.4 | -8.9 | -16.0 | 41.5 | 25.9 | 15.8 | 15.4 | 11.7 |
| 4,101 | 3,945 | 4,302 | 4,379 | 4,828 | 4,602 | 3,778 | 5,283 | 6,524 | 7,231 | 8,311 | 9,124 |
Operating Profit Operating ProfitCr |
| 16.6 | 16.4 | 15.8 | 14.3 | 15.3 | 11.3 | 13.3 | 14.4 | 16.1 | 19.7 | 20.0 | 21.4 |
Other Income Other IncomeCr | 208 | 116 | 141 | 217 | 328 | 360 | 387 | 467 | 502 | 622 | 714 | 656 |
Interest Expense Interest ExpenseCr | 2 | 10 | 17 | 15 | 17 | 21 | 17 | 12 | 16 | 27 | 16 | 15 |
Depreciation DepreciationCr | 86 | 81 | 85 | 94 | 111 | 121 | 127 | 136 | 142 | 159 | 185 | 194 |
| 935 | 799 | 843 | 841 | 1,069 | 807 | 825 | 1,207 | 1,591 | 2,205 | 2,593 | 2,925 |
| 177 | 171 | 188 | 215 | 326 | 102 | 190 | 273 | 363 | 484 | 593 | 683 |
|
| | -17.0 | 4.3 | -4.5 | 18.6 | -5.0 | -10.0 | 47.0 | 31.5 | 40.1 | 16.2 | 12.1 |
| 15.4 | 13.3 | 12.8 | 12.3 | 13.0 | 13.6 | 14.6 | 15.1 | 15.8 | 19.1 | 19.3 | 19.3 |
| 27.9 | 26.0 | 26.6 | 25.6 | 26.8 | 25.4 | 22.9 | 33.7 | 44.3 | 62.1 | 72.2 | 80.9 |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 |
|---|
Equity Capital Equity CapitalCr | 55 | 55 | 55 | 55 | 55 | 55 | 55 | 55 | 55 | 55 | 55 | 55 |
| 3,033 | 3,553 | 3,816 | 4,063 | 4,228 | 4,347 | 4,596 | 5,090 | 5,703 | 6,557 | 7,506 | 7,840 |
Current Liabilities Current LiabilitiesCr | 1,298 | 902 | 1,216 | 1,456 | 1,534 | 1,568 | 1,109 | 1,745 | 1,890 | 2,057 | 2,258 | 2,330 |
Non Current Liabilities Non Current LiabilitiesCr | 212 | 151 | 127 | 140 | 243 | 226 | 196 | 222 | 270 | 301 | 349 | 316 |
Total Liabilities Total LiabilitiesCr |
Current Assets Current AssetsCr | 2,545 | 2,291 | 2,688 | 3,230 | 3,429 | 3,382 | 3,256 | 4,413 | 5,098 | 5,942 | 7,009 | 7,353 |
Non Current Assets Non Current AssetsCr | 2,054 | 2,372 | 2,526 | 2,485 | 2,632 | 2,814 | 2,701 | 2,699 | 2,820 | 3,028 | 3,160 | 3,188 |
Total Assets Total AssetsCr |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|
Operating Cash Flow Operating Cash FlowCr | 589 | 696 | 748 | 632 | 553 | 601 | 789 | 712 | 820 | 1,285 | 1,685 |
Investing Cash Flow Investing Cash FlowCr | -146 | -212 | -487 | -134 | 16 | -214 | 15 | -586 | 69 | -268 | -582 |
Financing Cash Flow Financing Cash FlowCr | -444 | -471 | -226 | -470 | -525 | -412 | -873 | -82 | -687 | -1,134 | -1,168 |
|
Free Cash Flow Free Cash FlowCr | 251 | 205 | 516 | 540 | 279 | 373 | 713 | 735 | 665 | 1,003 | 1,455 |
| 77.8 | 110.7 | 114.2 | 100.9 | 74.5 | 85.1 | 124.2 | 76.2 | 66.7 | 74.7 | 84.3 |
CFO To EBITDA CFO To EBITDA% | 72.3 | 89.8 | 93.0 | 86.2 | 63.7 | 102.0 | 135.5 | 80.2 | 65.7 | 72.6 | 81.0 |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|
Valuation Ratios Valuation Ratios |
Market Cap Market CapitalizationCr | 24,322 | 23,344 | 26,274 | 19,436 | 20,653 | 9,023 | 25,491 | 31,153 | 45,159 | 83,382 | 84,546 |
Price To Earnings Price To Earnings | 35.6 | 33.7 | 37.1 | 27.3 | 27.8 | 12.8 | 40.1 | 33.4 | 36.8 | 48.5 | 42.3 |
Price To Sales Price To Sales | 5.0 | 5.0 | 5.2 | 3.8 | 3.6 | 1.7 | 5.8 | 5.0 | 5.8 | 9.3 | 8.1 |
Price To Book Price To Book | 7.9 | 6.5 | 6.8 | 4.7 | 4.8 | 2.0 | 5.5 | 6.1 | 7.8 | 12.6 | 11.2 |
| 29.7 | 30.0 | 32.8 | 26.2 | 23.3 | 15.4 | 42.2 | 33.9 | 35.4 | 46.3 | 39.5 |
Profitability Ratios Profitability Ratios |
| 38.5 | 37.2 | 35.7 | 36.1 | 36.5 | 35.0 | 36.6 | 33.4 | 32.8 | 35.9 | 36.5 |
| 16.6 | 16.4 | 15.8 | 14.3 | 15.3 | 11.3 | 13.3 | 14.4 | 16.1 | 19.7 | 20.0 |
| 15.4 | 13.3 | 12.8 | 12.3 | 13.0 | 13.6 | 14.6 | 15.1 | 15.8 | 19.1 | 19.3 |
| 30.3 | 22.4 | 20.9 | 19.6 | 23.6 | 16.9 | 17.9 | 21.9 | 26.2 | 33.1 | 34.4 |
| 24.5 | 17.4 | 16.9 | 15.2 | 17.3 | 16.0 | 13.7 | 18.1 | 21.3 | 26.0 | 26.4 |
| 16.5 | 13.5 | 12.6 | 10.9 | 12.3 | 11.4 | 10.7 | 13.1 | 15.5 | 19.2 | 19.7 |
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.
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### **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.
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### **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.
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### **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.
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### **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.
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### **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.
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