Cummins India Limited Share Price & Analysis
Price Chart
Fundamentals
Strengths
- ✓Excellent return on equity (ROE 30.2%)
- ✓Efficient capital deployment (ROCE 39.5%)
- ✓Virtually debt-free
Concerns
- ✗High premium to book value (P/B 18.9x)
Peer Comparison
| Company | CMP | Mkt Cap | P/E | P/B | ROE % | ROCE % | D/E |
|---|---|---|---|---|---|---|---|
| BEL Bharat Electronics Limited | ₹408 | ₹3.0L Cr | 49.2 | 12.44 | 27.6 | 36.5 | 0 |
| HAL Hindustan Aeronautics Limited | ₹4,216 | ₹2.9L Cr | 31.4 | 6.87 | 24 | 32 | 0 |
| ABB ABB India Limited | ₹7,160 | ₹1.5L Cr | 99.4 | 19.35 | 22.4 | 29.9 | 0.01 |
| POLYCAB Polycab India Limited | ₹9,670 | ₹1.4L Cr | 53.7 | 12.12 | 24.5 | 34.3 | 0.02 |
| BHEL Bharat Heavy Electricals Limited | ₹387 | ₹1.4L Cr | 89.4 | 5.15 | 6.29 | 8.51 | 0.45 |
| CGPOWER CG Power and Industrial Solutions Limited | ₹938 | ₹1.4L Cr | 116 | 18.54 | 20.8 | 27 | 0.02 |
| TMCV Tata Motors Limited | ₹369 -1.19% | ₹1.4L Cr | 24.7 | 10.71 | 43.4 | — | 0.44 |
Showing 7 peers in the same sector · Sorted by market cap
Shareholding Pattern
CUMMINSIND · as of Mar 2026
| Category | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Promoters | 51.00% | 51.00% | 51.00% | 51.00% | 51.00% | 51.00% |
| FII | 16.51% | 17.36% | 17.95% | 17.50% | 18.09% | 17.21% |
| DII | 23.36% | 22.86% | 22.24% | 22.50% | 21.80% | 22.84% |
| Public | 8.93% | 8.63% | 8.66% | 8.89% | 9.00% | 8.85% |
| Govt | 0.20% | 0.14% | 0.14% | 0.11% | 0.10% | 0.10% |
Corporate Events
To consider and approve the audited Financial Results of the Company (Standalone and Consolidated) for the quarter and Financial Year ended March 31, 2026 and to consider recommendation of Final Dividend on equity shares of the Company for the Financial Y
Interim Dividend - Rs 20 Per Share
Dividend - Rs 33.50 Per Share
Interim Dividend - Rs 18 Per Share
Annual General Meeting/Dividend - Rs 20 Per Share
Interim Dividend - Rs 18 Per Share
Annual General Meeting/Dividend - Rs 13 Per Share
Latest News
All news →Cummins India QoQ earnings solid but on weak foundations
*Cummins India's solid earnings may rest on weak foundations.* Recent financial performance shows **revenue growth of 8% YoY** and **net profit up 12%**, driven by volume recovery. However, margin pressure from rising input costs and competitive pricing looms. Sustainability of earnings remains a concern amid cyclical demand. 📊 *STOCKS:* CUMMINSIND | 🏢 *SECTOR:* Auto | #MEDIUMIMPACT #Earnings
Cummins India QoQ earnings growth may be unsustainable
*Cummins India Qoq earnings growth may be unsustainable.* Recent financial performance shows strong numbers, but underlying trends suggest potential weakness in future sustainability. Margins and volume growth face pressure from rising input costs and softening demand. Investors should assess long-term fundamentals before positioning. 📊 *STOCKS:* CUMMINSIND | 🏢 *SECTOR:* Auto | #MEDIUMIMPACT #Earnings
Cummins India benefits from capex and digital growth
*Cummins India benefits from capex and digital growth.* The company is witnessing strong demand driven by domestic capital expenditure and expansion in digital infrastructure. Revenue growth supported by robust after-market parts and service volume. Operating margins improved due to better product mix and cost control. 📊 *STOCKS:* CUMMINSIND | 🏢 *SECTOR:* CapitalMarkets | #MEDIUMIMPACT #capex
Cummins India target raised on data centre growth
*Cummins India target raised on data centre growth* — Brokerages raised price targets citing strong demand from data centres as India’s digital infrastructure expands. The company’s power solutions division, critical for data centre uptime, is expected to grow at **15-20% CAGR**. Increased AI-driven data needs are boosting orders. 📊 *STOCKS:* CUMMINSIND | 🏢 *SECTOR:* CapitalMarkets | #MEDIUMIMPACT #CumminsIndia
Nomura downgrades Cummins India to Neutral, hikes target 25%
*Nomura downgrades Cummins India to Neutral despite raising target price by **25%***. The brokerage cites stretched valuations after a strong run, even as earnings outlook remains stable. While fundamentals are intact, near-term upside is deemed limited. 📊 *STOCKS:* CUMMINSIND | 🏢 *SECTOR:* Auto | #MEDIUMIMPACT #BrokerDowngrade
Financials
Quarterly Results
| Metric | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 | Jun 2024 | Mar 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | ₹3.1K Cr ▼3.6% | ₹3.2K Cr ▲9.0% | ₹2.9K Cr ▲17.7% | ₹2.5K Cr ▼20.2% | ₹3.1K Cr ▲23.4% | ₹2.5K Cr ▲8.3% | ₹2.3K Cr ▼0.1% | ₹2.3K Cr |
| Op. Profit | ₹634 Cr ▼8.8% | ₹695 Cr ▲11.4% | ₹624 Cr ▲18.9% | ₹525 Cr ▼12.2% | ₹598 Cr ▲23.6% | ₹484 Cr ▲2.3% | ₹473 Cr ▼12.2% | ₹539 Cr |
| OPM | 21.0% ▼4.5% | 22.0% ▲4.8% | 21.0% ▲0.0% | 21.0% ▲10.5% | 19.0% ▲0.0% | 19.0% ▼5.0% | 20.0% ▼13.0% | 23.0% |
| Net Profit | ₹486 Cr ▼21.9% | ₹622 Cr ▲3.0% | ₹604 Cr ▲14.0% | ₹530 Cr ▼5.0% | ₹558 Cr ▲24.3% | ₹449 Cr ▼3.0% | ₹463 Cr ▼14.1% | ₹539 Cr |
| EPS (₹) | 17.53 ▼21.9% | 22.45 ▲3.0% | 21.79 ▲14.1% | 19.1 ▼5.2% | 20.15 ▲24.3% | 16.21 ▼2.9% | 16.69 ▼14.1% | 19.44 |
Values in ₹ Cr · Source: Screener.in
Annual Profit & Loss
| Metric | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 | Mar 2019 | Mar 2018 | Mar 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹12.1K Cr ▲16.9% | ₹10.4K Cr ▲15.5% | ₹9.0K Cr ▲15.8% | ₹7.8K Cr ▲25.9% | ₹6.2K Cr ▲41.5% | ₹4.4K Cr ▼16.0% | ₹5.2K Cr ▼8.9% | ₹5.7K Cr ▲11.4% | ₹5.1K Cr ▲0.1% | ₹5.1K Cr |
| Expenses | ₹9.5K Cr ▲14.9% | ₹8.3K Cr ▲14.9% | ₹7.2K Cr ▲10.8% | ₹6.5K Cr ▲23.4% | ₹5.3K Cr ▲40.8% | ₹3.8K Cr ▼18.3% | ₹4.6K Cr ▼4.8% | ₹4.8K Cr ▲10.4% | ₹4.4K Cr ▲1.7% | ₹4.3K Cr |
| Op. Profit | ₹2.6K Cr ▲24.8% | ₹2.1K Cr ▲17.5% | ₹1.8K Cr ▲41.8% | ₹1.2K Cr ▲41.3% | ₹883 Cr ▲46.4% | ₹603 Cr ▲1.7% | ₹593 Cr ▼31.8% | ₹869 Cr ▲17.8% | ₹738 Cr ▼8.3% | ₹805 Cr |
| OPM | 21.0% ▲5.0% | 20.0% ▲0.0% | 20.0% ▲25.0% | 16.0% ▲14.3% | 14.0% ▲0.0% | 14.0% ▲27.3% | 11.0% ▼26.7% | 15.0% ▲7.1% | 14.0% ▼12.5% | 16.0% |
| Other Income | ₹702 Cr ▼1.7% | ₹714 Cr ▲14.8% | ₹622 Cr ▲23.9% | ₹502 Cr ▲6.4% | ₹472 Cr ▲29.0% | ₹366 Cr ▲2.8% | ₹356 Cr ▲8.5% | ₹328 Cr ▲10.1% | ₹298 Cr ▲111.3% | ₹141 Cr |
| Interest | ₹12 Cr ▼25.0% | ₹16 Cr ▼40.7% | ₹27 Cr ▲68.8% | ₹16 Cr ▲33.3% | ₹12 Cr ▼29.4% | ₹17 Cr ▼19.0% | ₹21 Cr ▲23.5% | ₹17 Cr ▲13.3% | ₹15 Cr ▼11.8% | ₹17 Cr |
| Depreciation | ₹199 Cr ▲7.6% | ₹185 Cr ▲16.4% | ₹159 Cr ▲12.0% | ₹142 Cr ▲4.4% | ₹136 Cr ▲7.1% | ₹127 Cr ▲5.0% | ₹121 Cr ▲9.0% | ₹111 Cr ▲18.1% | ₹94 Cr ▲10.6% | ₹85 Cr |
| PBT | ₹3.1K Cr ▲19.0% | ₹2.6K Cr ▲17.6% | ₹2.2K Cr ▲38.6% | ₹1.6K Cr ▲31.8% | ₹1.2K Cr ▲46.3% | ₹825 Cr ▲2.2% | ₹807 Cr ▼24.5% | ₹1.1K Cr ▲15.3% | ₹927 Cr ▲10.0% | ₹843 Cr |
| Tax % | 23.0% ▲0.0% | 23.0% ▲4.5% | 22.0% ▼4.3% | 23.0% ▲0.0% | 23.0% ▲0.0% | 23.0% ▲76.9% | 13.0% ▼58.1% | 31.0% ▲34.8% | 23.0% ▲4.5% | 22.0% |
| Net Profit | ₹2.4K Cr ▲18.1% | ₹2.0K Cr ▲16.2% | ₹1.7K Cr ▲40.1% | ₹1.2K Cr ▲31.5% | ₹934 Cr ▲47.1% | ₹635 Cr ▼10.1% | ₹706 Cr ▼5.0% | ₹743 Cr ▲4.4% | ₹712 Cr ▼3.3% | ₹736 Cr |
| EPS (₹) | 85.2 ▲18.1% | 72.15 ▲16.2% | 62.07 ▲40.1% | 44.31 ▲31.6% | 33.68 ▲47.0% | 22.91 ▼10.0% | 25.45 ▼5.0% | 26.79 ▲4.3% | 25.68 ▼3.3% | 26.56 |
| Div Payout | 77.0% ▲8.5% | 71.0% ▲16.4% | 61.0% ▲8.9% | 56.0% ▲1.8% | 55.0% ▼15.4% | 65.0% ▲18.2% | 55.0% ▼12.7% | 63.0% ▲8.6% | 58.0% ▲9.4% | 53.0% |
Values in ₹ Cr · Source: Screener.in
Balance Sheet
| Item | Sep 2025 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 | Mar 2019 | Mar 2018 | Mar 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Liabilities | ||||||||||
| Equity Capital | ₹55 Cr ▲0.0% | ₹55 Cr ▲0.0% | ₹55 Cr ▲0.0% | ₹55 Cr ▲0.0% | ₹55 Cr ▲0.0% | ₹55 Cr ▲0.0% | ₹55 Cr ▲0.0% | ₹55 Cr ▲0.0% | ₹55 Cr ▲0.0% | ₹55 Cr |
| Reserves | ₹7.8K Cr ▲4.4% | ₹7.5K Cr ▲14.5% | ₹6.6K Cr ▲15.0% | ₹5.7K Cr ▲12.0% | ₹5.1K Cr ▲10.7% | ₹4.6K Cr ▲5.7% | ₹4.3K Cr ▲2.8% | ₹4.2K Cr ▲4.1% | ₹4.1K Cr ▲6.5% | ₹3.8K Cr |
| Borrowings | ₹24 Cr ▼20.0% | ₹30 Cr ▼76.4% | ₹127 Cr ▼66.2% | ₹376 Cr ▼10.0% | ₹418 Cr ▲945.0% | ₹40 Cr ▼92.2% | ₹512 Cr ▲63.6% | ₹313 Cr ▲21.8% | ₹257 Cr ▲2.0% | ₹252 Cr |
| Other Liabilities | ₹2.6K Cr ▲1.7% | ₹2.6K Cr ▲15.5% | ₹2.2K Cr ▲25.1% | ₹1.8K Cr ▲15.2% | ₹1.5K Cr ▲22.5% | ₹1.3K Cr ▼1.3% | ₹1.3K Cr ▼12.5% | ₹1.5K Cr ▲9.4% | ₹1.3K Cr ▲22.7% | ₹1.1K Cr |
| Total Liabilities | ₹10.5K Cr ▲3.7% | ₹10.2K Cr ▲13.3% | ₹9.0K Cr ▲13.3% | ₹7.9K Cr ▲11.3% | ₹7.1K Cr ▲19.4% | ₹6.0K Cr ▼3.9% | ₹6.2K Cr ▲2.2% | ₹6.1K Cr ▲6.0% | ₹5.7K Cr ▲9.6% | ₹5.2K Cr |
| Assets | ||||||||||
| Fixed Assets | ₹2.4K Cr ▲0.1% | ₹2.4K Cr ▲2.7% | ₹2.3K Cr ▲3.4% | ₹2.2K Cr ▲0.8% | ₹2.2K Cr ▲0.9% | ₹2.2K Cr ▼3.6% | ₹2.3K Cr ▲12.7% | ₹2.0K Cr ▼0.3% | ₹2.0K Cr ▲34.6% | ₹1.5K Cr |
| CWIP | ₹72 Cr ▼15.3% | ₹85 Cr ▼12.4% | ₹97 Cr ▲136.6% | ₹41 Cr ▼32.8% | ₹61 Cr ▼52.3% | ₹128 Cr ▲60.0% | ₹80 Cr ▼49.7% | ₹159 Cr ▲307.7% | ₹39 Cr ▼91.6% | ₹463 Cr |
| Investments | ₹2.2K Cr ▲47.5% | ₹1.5K Cr ▼9.7% | ₹1.6K Cr ▲12.7% | ₹1.5K Cr ▲63.3% | ₹892 Cr ▲48.9% | ₹599 Cr ▼42.3% | ₹1.0K Cr ▲121.8% | ₹468 Cr ▼33.9% | ₹708 Cr ▼17.9% | ₹862 Cr |
| Other Assets | ₹5.9K Cr ▼5.2% | ₹6.2K Cr ▲26.5% | ₹4.9K Cr ▲17.5% | ₹4.2K Cr ▲6.2% | ₹4.0K Cr ▲29.9% | ₹3.0K Cr ▲8.3% | ₹2.8K Cr ▼17.8% | ₹3.4K Cr ▲16.0% | ₹2.9K Cr ▲23.5% | ₹2.4K Cr |
| Total Assets | ₹10.5K Cr ▲3.7% | ₹10.2K Cr ▲13.3% | ₹9.0K Cr ▲13.3% | ₹7.9K Cr ▲11.3% | ₹7.1K Cr ▲19.4% | ₹6.0K Cr ▼3.9% | ₹6.2K Cr ▲2.2% | ₹6.1K Cr ▲6.0% | ₹5.7K Cr ▲9.6% | ₹5.2K Cr |
Values in ₹ Cr · Source: Screener.in
Cash Flow Statement
| Item | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 | Mar 2019 | Mar 2018 | Mar 2017 | Mar 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating CF | ₹1.7K Cr ▲31.1% | ₹1.3K Cr ▲56.7% | ₹820 Cr ▲15.2% | ₹712 Cr ▼9.8% | ₹789 Cr ▲31.3% | ₹601 Cr ▲8.7% | ₹553 Cr ▼12.5% | ₹632 Cr ▼15.5% | ₹748 Cr ▲7.5% | ₹696 Cr |
| Investing CF | ₹-580 Cr ▼133.9% | ₹-248 Cr ▼385.1% | ₹87 Cr ▲115.2% | ₹-574 Cr ▼2396.0% | ₹25 Cr ▲112.4% | ₹-202 Cr ▼1446.7% | ₹15 Cr ▲111.2% | ₹-134 Cr ▲72.3% | ₹-483 Cr ▼124.7% | ₹-215 Cr |
| Financing CF | ₹-1.2K Cr ▼3.0% | ₹-1.1K Cr ▼65.1% | ₹-687 Cr ▼737.8% | ₹-82 Cr ▲90.6% | ₹-873 Cr ▼111.9% | ₹-412 Cr ▲21.5% | ₹-525 Cr ▼11.7% | ₹-470 Cr ▼108.0% | ₹-226 Cr ▲52.0% | ₹-471 Cr |
| Net Cash Flow | ₹-63 Cr ▲35.1% | ₹-97 Cr ▼144.3% | ₹219 Cr ▲291.1% | ₹56 Cr ▲193.3% | ₹-60 Cr ▼328.6% | ₹-14 Cr ▼132.6% | ₹43 Cr ▲53.6% | ₹28 Cr ▼28.2% | ₹39 Cr ▲290.0% | ₹10 Cr |
| Free Cash Flow | ₹1.5K Cr ▲45.1% | ₹1.0K Cr ▲50.8% | ₹665 Cr ▼15.0% | ₹782 Cr ▲15.9% | ₹675 Cr ▲85.4% | ₹364 Cr ▲30.5% | ₹279 Cr ▼48.3% | ₹540 Cr ▲4.7% | ₹516 Cr ▲151.7% | ₹205 Cr |
Values in ₹ Cr · Source: Screener.in
Key Ratios History
| Metric | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 | Mar 2019 | Mar 2018 | Mar 2017 | Mar 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 80d ▼5.9% | 85d ▲13.3% | 75d ▲1.4% | 74d ▼18.7% | 91d ▲12.3% | 81d ▼1.2% | 82d ▼14.6% | 96d ▲39.1% | 69d ▼5.5% | 73d |
| Inventory Days | 56d ▼6.7% | 60d ▼4.8% | 63d ▼4.5% | 66d ▼12.0% | 75d ▲21.0% | 62d ▼3.1% | 64d ▲4.9% | 61d ▼3.2% | 63d ▼16.0% | 75d |
| Days Payable | 87d ▼2.2% | 89d ▲9.9% | 81d ▼9.0% | 89d ▼8.2% | 97d ▲29.3% | 75d ▼9.6% | 83d ▼2.4% | 85d ▲25.0% | 68d ▼1.4% | 69d |
| Cash Conv. Cycle | 49d ▼12.5% | 56d ▼3.4% | 58d ▲13.7% | 51d ▼26.1% | 69d ▲1.5% | 68d ▲7.9% | 63d ▼11.3% | 71d ▲9.2% | 65d ▼17.7% | 79d |
| Working Capital Days | 46d ▼4.2% | 48d ▲33.3% | 36d ▼7.7% | 39d ▼45.8% | 72d ▲80.0% | 40d ▼32.2% | 59d ▲3.5% | 57d ▲16.3% | 49d ▼37.2% | 78d |
| ROCE | 36.0% ▲2.9% | 35.0% ▲29.6% | 27.0% ▲28.6% | 21.0% ▲23.5% | 17.0% ▼5.6% | 18.0% ▼25.0% | 24.0% ▲14.3% | 21.0% ▼4.5% | 22.0% ▼8.3% | 24.0% |
Source: Screener.in · Lower days = better efficiency
Deep Dive Analysis
About Cummins India Limited
Cummins India Ltd is a part of the Cummins Inc. Group USA. It designs, manufactures, distributes and services diesel and alternative fuel engines from 2.8 to 100 liters, diesel and alternative-fueled power generator sets of up to 3000 kW (3750 kVA), as well as related components and technology.[1]
Capital Goods · Industrial Products