Cummins India Limited (CUMMINSIND)

Loading page…

Cummins India Limited (CUMMINSIND) · mywealthgrid

About

Cummins India manufactures compressors, pumps, and diesel engines for industrial applications. With a market cap of ₹1,49,688 crore and standing operating margin of 21.37%, it is a significant player in specialised industrial equipment.

Face value: ₹2

Market cap

₹1,34,719 Cr

P/E

56.9×

P/B

15.9×

Dividend yield

ROE

29.5%

ROCE

34.7%

Debt / equity

OPM

21.4%

EPS (TTM)

₹85.4

Book value

₹305.7

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Valuation at PE 63.24 is elevated; 1-year return of 46.98% may have outpaced earnings growth—verify whether Jun 2026 revenue jump to ₹3,426 crore sustains or reverses.

Operating margin compressed to 17.98% in Jun 2026 from 21.92% in Sep 2025; determine if pressure is temporary or signals pricing or input cost headwinds.

Concentrated product portfolio in diesel engines; verify transition plans and roadmap for renewable energy, electric systems, or adjacent industrial products.

Industrial products sector is cyclical; assess order visibility and end-market momentum (power generation, construction, manufacturing) for demand sustainability.

Generated analysis · source review pending

Growth drivers

Jun 2026 revenue of ₹3,426 crore exceeded prior three quarters; verify if recovery sustains and reflects market expansion or one-time factors.

ROE of 29.45% and zero debt (D/E 0) enable growth funding without leverage constraints; monitor capex allocation to growth assets and R&D.

Consistent dividend payouts (six events in past two years) signal cash generation; track payout ratio and retained earnings directed to growth.

Indian industrial capex recovery and infrastructure buildup could expand addressable market for compressors and pumps—verify exposure to data centers, renewables, and manufacturing cycles.

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹4,860.0+1.3%1Y

Quick read

rule-based

Pros

+Strong return on equity of 28.5% (3-yr avg)
+High return on capital employed of 32.3%
+Healthy operating margin of 21.4%
+Profit CAGR of 30% over the last 5 years
+Revenue CAGR of 22.7% over the last 5 years
+Almost debt-free (debt/equity 0)
+Comfortable interest coverage of 234.8×

Cons

−Trading at 15.9× book value

Research score

Structured signal from quality, growth, valuation and momentum.

51/100

Business quality: 90
Growth

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY NEXT 50 NIFTY 100 NIFTY 200 NIFTY 500 NIFTY TOTAL MARKET

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Cummins India LimitedCUMMINSINDCUMMINSIND	₹1,34,719 Cr	₹1,34,719 Cr	₹12,662 Cr	₹2,588 Cr	21.4%	₹2,367 Cr	19.5%	34.7%	29.5%	60
Kirloskar Oil Engines LimitedKIRLOSENGKIRLOSENG	₹32,609 Cr	₹37,923 Cr	₹7,937 Cr	₹1,389 Cr	18.4%	₹535 Cr	7.3%	18.8%	16.8%	28
Elgi Equipments LimitedELGIEQUIPELGIEQUIP	₹18,528 Cr	₹18,932 Cr	₹4,146 Cr	₹613 Cr	14.7%	₹448 Cr	10.9%	28.4%	21%	114
Kirloskar Brothers LimitedKIRLOSBROSKIRLOSBROS	₹14,035 Cr	₹14,222 Cr	₹4,664 Cr	₹548 Cr	12%	₹373 Cr	8.3%	20.8%	16.4%	68
Ksb LimitedKSBKSB	₹14,032 Cr	₹14,032 Cr	₹2,726 Cr	₹347 Cr	13.9%	₹246 Cr	10%	22.6%	17.1%	204
Ingersoll Rand (India) LimitedINGERRANDINGERRAND	₹13,142 Cr	₹13,142 Cr	₹1,450 Cr	₹348 Cr	23.9%	₹266 Cr	18.4%	56.9%	41.8%	179
Shakti Pumps (India) LimitedSHAKTIPUMPSHAKTIPUMP	₹5,604 Cr	₹6,090 Cr	₹2,934 Cr	₹361 Cr	15.6%	₹212 Cr	9.6%	27.2%	18%	134
Greaves Cotton LimitedGREAVESCOTGREAVESCOT	₹5,265 Cr	₹5,591 Cr	₹3,665 Cr	₹239 Cr	7%	₹100 Cr	1%	9.9%	7.6%	-6
Kirloskar Pneumatic Company LimitedKIRLPNUKIRLPNU	₹4,433 Cr	₹4,435 Cr	₹1,808 Cr	₹370 Cr	20%	₹263 Cr	14.2%	29.2%	21.8%	90
Swaraj Engines LimitedSWARAJENGSWARAJENG	₹4,287 Cr	₹4,287 Cr	₹2,111 Cr	₹282 Cr	13.6%	₹202 Cr	9.8%	57.6%	43.2%	-3
Oswal Pumps LimitedOSWALPUMPSOSWALPUMPS	₹3,012 Cr	₹3,250 Cr	₹2,024 Cr	₹447 Cr	24.9%	₹336 Cr	18.2%	46.3%	35.1%	218
Yuken India LimitedYUKENYUKEN	₹1,552 Cr	₹1,656 Cr	₹492 Cr	₹53 Cr	10.9%	₹16 Cr	3.1%	8.7%	4.3%	170

Loading peers…

Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	5,191	4,360	6,171	7,772	9,000	10,391	12,143
COGS	3,372	2,764	4,107	5,223	5,771	6,595	7,669
Gross profit	1,820	1,596	2,064	2,550	3,229	3,796	4,475
	1,108	901	1,085	1,094	1,214	1,449	1,613
	711	695	979	1,456	2,015	2,347	2,861
OPM %	13.7%	15.9%	15.9%	18.7%	22.4%	22.6%	23.6%
Depreciation	121	127	136	142	159	185	199
Interest	21	17	12	16	27	16	12
	238	274	243	294	376	447	436
Profit before tax	807	825	1,075	1,591	2,205	2,593	3,086
Tax	102	190	273	363	484	593	724
Tax %	12.6%	23%	25.4%	22.8%	22%	22.9%	23.5%
	706	635	801	1,228	1,721	2,000	2,362
PAT margin %	13.6%	14.6%	13%	15.8%	19.1%	19.3%	19.5%
EPS (₹)	25.5	22.9	33.7	44.3	62.1	72.2	85.2
EPS adjusted (₹)	25.5	22.9	33.7	44.3	62.1	72.2	85.2
	55%	65.5%	54.9%	56.4%	61.2%	71.4%	77.5%
Annual report	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	55	55	55	55	55	55	55
Reserves	—	4,596	5,090	5,703	6,557	7,506	8,420
	—	20	395	350	100	0	0
	—	1,285	1,572	1,810	2,258	2,607	2,829
Total equity & liabilities	—	5,956	7,112	7,919	8,971	10,168	11,304
	1,199	1,138	1,196	1,207	1,325	1,429	1,477
CWIP	—	79	60	41	95	78	77
Investments	—	1,619	1,871	2,476	2,619	2,417	3,060
	—	3,120	3,984	4,194	4,932	6,244	6,690
Total assets	—	5,956	7,112	7,919	8,971	10,168	11,304

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs. ROCE uses that annual result divided by segment assets less liabilities.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities	Capital employed	ROCE %
Engines	11,949.73	2,973.34	11,304.21	2,829.05	8,475.16	35.08
Lubes	3,009.1	112.61

Loading financials…

Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	35.1%	36.6%	33.4%	32.8%	35.9%	36.5%	36.8%
EBITDA margin %	11.4%	13.4%	14.4%	16.1%	19.7%	20%	21.4%
EBIT margin %	9%	10.4%	12.2%	14.2%	17.9%	18.2%	19.7%
PAT margin %	13.6%	14.6%	13%	15.8%	19.1%	19.3%	19.5%
Working capital
Receivable days	—	91	74	75	85	80	83
Inventory days	—	75	66	63	60	56	56
Payable days	—	97	89	81	89	87	79
NWC days	—	69	51	58	56	49	60
Leverage
Current ratio	—	2.92	2.53	2.7	2.89	3.1	3.32
Debt to EBITDA	—	0.03	0.44	0.28	0.06	0	0
Debt to equity	—	0	0.08	0.06	0.02	0	0
Interest coverage	34.5	43.5	81.9	87.1	72.6	147.8	234.8
Asset turnover	—	0.73	0.87	0.98	1	1.02	1.07
Return ratios
Return on assets %	—	10.7%	11.3%	15.5%	19.2%	19.7%	20.9%
Return on capital employed %	—	15%	19.5%	24.8%	30.7%	31.5%	34.7%
Return on equity %	—	13.7%	15.6%	21.3%	26%	26.4%	27.9%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

Loading ratios…

Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	51%	51%	51%	51%	51%	51%	51%	51%	51%	51%	51%	51%
	16.46%	16.51%	17.36%	17.95%	17.5%	18.1%	17.21%	17.5%	18.35%	19.43%	20.78%	21.19%
	22.18%	23.56%	23%	22.39%	22.62%	21.91%	22.94%	22.64%	21.73%	20.6%	19.45%	19.06%
	0%	0%	0%	0%	0%	0%	0%	0%	0.1%	0.1%	0.1%	0.1%
	10.36%	8.93%	8.64%	8.66%	8.88%	8.99%	8.85%	8.86%	8.82%	8.87%	8.67%	8.65%
No. of shareholders	—	—	—	—	—	—	—	—	1,60,027	1,66,210	1,61,993	1,73,450

Loading shareholding…

F&O

Current futures and options contracts with compact option-chain pages.

End of day 30 Sept 2026 · underlying ₹4,760.0 · volume and open interest in contracts

3

Expiry	Close	Chg	% Chg	Settlement	Open interest	Change in OI	Volume	Lot size
27 Oct 2026	₹4,798.0	-67	-1.4%	₹4,798.0	29,683	+1,024	2,160	200
23 Nov 2026	₹4,837.0	-56	-1.1%	₹4,837.0	1,878	+15	43	200
29 Dec 2026	₹4,871.5	0	0%	₹4,835.1	0	0	0	200

Loading f&o…

Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

190

across 21 fund houses

Held by these funds

7.44%

of the company's equity

All mutual funds

12.55%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

190 schemes · 21 fund houses

		Shares
Large Cap Fund	ICICI Prudential Mutual Fund	12.5 L	638.33	0.8%	0.451%	+1.5 L
Growth Mid Cap FundNEW	Nippon India Mutual Fund	12 L	612.6	1.17%	0.433%	—
Midcap Fund	Axis Mutual Fund	11.76 L	600.52	1.7%	0.424%	-0
Large & Mid Cap Fund	ICICI Prudential Mutual Fund	9.62 L	490.9	1.46%	0.347%	+78,092
Portfolio of Kotak Large & Mid Cap FundNEW	Kotak Mahindra Mutual Fund	9 L	459.45	1.42%	0.325%	—
ELSS- Tax Saver Fund	Axis Mutual Fund	6.79 L	346.71	1.06%	0.245%	-0
Focused Fund	Axis Mutual Fund	6.16 L	314.26	2.75%	0.222%	-0
MNC Fund	SBI Mutual Fund	6 L	306.3	4.56%	0.216%	-0

1–8 of 190

1 / 24

Loading fund holders…

Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Annual reports

Investor Presentation and earnings call

Aug 2026Transcript AI SummaryPPTREC
May 2026Transcript AI Summary PPT REC

Documents link to external sources (exchange filings, company investor pages).

Loading documents…

Events

Upcoming dates and the company’s corporate-action history.

1

Board meeting to consider results4 Nov 2026 · in 34 daysresults

40

Final dividend17 Jul 2026 · ex-date₹46
Interim dividend11 Feb 2026 · ex-date₹20
Final dividend18 Jul 2025 · ex-date₹33.5
Interim dividend14 Feb 2025 · ex-date₹18
Final dividend19 Jul 2024 · ex-date₹20
Interim dividend21 Feb 2024 · ex-date₹18
Final dividend26 Jul 2023 · ex-date₹13
Interim dividend21 Feb 2023 · ex-date₹12
Final dividend2 Aug 2022 · ex-date₹10.5
Interim dividend21 Feb 2022 · ex-date₹8
Final dividend4 Aug 2021 · ex-date₹8
Interim dividend9 Feb 2021 · ex-date₹7
Final dividend17 Aug 2020 · ex-date₹7
Interim dividend7 Feb 2020 · ex-date₹7
Final dividend31 Jul 2019 · ex-date₹10
Interim dividend15 Feb 2019 · ex-date₹7
Final dividend2 Aug 2018 · ex-date₹10
Interim dividend15 Feb 2018 · ex-date₹5
Final dividend27 Jul 2017 · ex-date₹9
Interim dividend9 Feb 2017 · ex-date₹5
Final dividend28 Jul 2016 · ex-date₹9
Interim dividend11 Feb 2016 · ex-date₹5
Final dividend30 Jul 2015 · ex-date₹9
Interim dividend18 Sept 2014 · ex-date₹5
Final dividend24 Jul 2014 · ex-date₹8
Interim dividend13 Feb 2014 · ex-date₹5
Final dividend25 Jul 2013 · ex-date₹8
Interim dividend11 Feb 2013 · ex-date₹5
Final dividend26 Jul 2012 · ex-date₹6
Interim dividend21 Feb 2012 · ex-date₹5
Final dividend28 Jul 2011 · ex-date₹8
Interim dividend10 Feb 2011 · ex-date₹7
Final dividend5 Aug 2010 · ex-date₹6
Interim dividend14 Dec 2009 · ex-date₹6
Final dividend23 Jul 2009 · ex-date₹2.6
Interim dividend3 Feb 2009 · ex-date₹4
Interim dividend15 Dec 2008 · ex-date₹2.4
Final dividend17 Jul 2008 · ex-date₹2.6
Interim dividend14 Feb 2008 · ex-date₹2
Final dividend19 Jul 2007 · ex-date₹2

2

Board meeting to consider results4 Nov 2026
Board meeting to consider results5 Aug 2026

1–3 of 4

1 / 2

Loading events…

Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

27 announcementsExport CSV

29 Sept 2026, 7:58 pmCompany Update

Announcement Under Regulation 30 Of SEBI (LODR) Regulations.

General PDF

28 Sept 2026, 8:02 pmInsider Trading / SAST

Closure of Trading Window

Closure of Trading Window PDF

28 Sept 2026, 7:52 pmBoard Meeting

Board Meeting Intimation for Consideration And Approval Of Unaudited Financial Results Of The Company For The Quarter And Half Year Ending September 30, 2026.

Exchange filing PDF

17 Sept 2026, 10:58 amCompany Update

Intimation To Shareholders Regarding Withholding Of Final Dividend For FY 2025-26 For KYC Non-Compliant Folios

General PDF

16 Sept 2026, 3:41 pmCompany Update

Announcement under Regulation 30 (LODR)-Newspaper Publication

Newspaper Publication PDF

15 Sept 2026, 7:21 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Notice of Postal Ballot

Postal Ballot PDF

15 Sept 2026, 12:36 pmCompany Update

Announcement under Regulation 30 (LODR)-Press Release / Media Release

Press Release / Media Release PDF

9 Sept 2026, 4:12 pmCompany Update

Announcement under Regulation 30 (LODR)-Press Release / Media Release

Press Release / Media Release PDF

Date	Category	Subject	Filing
29 Sept 2026, 7:58 pm	Company Update General	Announcement Under Regulation 30 Of SEBI (LODR) Regulations.	PDF
28 Sept 2026, 8:02 pm	Insider Trading / SAST Closure of Trading Window	Closure of Trading Window	PDF

Loading announcements…

Ratio	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	35.1%	36.6%	33.4%	32.8%	35.9%	36.5%	36.8%
EBITDA margin %	11.4%	13.4%	14.4%	16.1%	19.7%	20%	21.4%
EBIT margin %	9%	10.4%	12.2%	14.2%	17.9%	18.2%	19.7%
PAT margin %	13.6%	14.6%	13%	15.8%	19.1%	19.3%	19.5%
Working capital
Receivable days	—	91	74	75	85	80	83
Inventory days	—	75	66	63	60	56	56
Payable days	—	97	89	81	89	87	79
NWC days	—	69	51	58	56	49	60
Leverage
Current ratio	—	2.92	2.53	2.7	2.89	3.1	3.32
Debt to EBITDA	—	0.03	0.44	0.28	0.06	0	0
Debt to equity	—	0	0.08	0.06	0.02	0	0
Interest coverage	34.5	43.5	81.9	87.1	72.6	147.8	234.8
Asset turnover	—	0.73	0.87	0.98	1	1.02	1.07
Return ratios
Return on assets %	—	10.7%	11.3%	15.5%	19.2%	19.7%	20.9%
Return on capital employed %	—	15%	19.5%	24.8%	30.7%	31.5%	34.7%
Return on equity %	—	13.7%	15.6%	21.3%	26%	26.4%	27.9%

30 deals · 19 Sept 2022 – 14 Jul 2025

Date	Client	Type	Venue	Side	Quantity	Price	Value
14 Jul 2025	THE MTBJ LTD.AS TRST FOR GOVERNMENT PENSION INVESTMENT FUND MTBJ400045849	Block	NSE	Buy	44,708	₹3,546.40	₹15.86 Cr
14 Jul 2025	THE MTBJ LTD. AS TRST FOR GOVRNMNT PENSION INVSTMNT FUND MTBJ400045828	Block	NSE	Sell	44,708	₹3,546.40	₹15.86 Cr
31 Aug 2023	BNP PARIBAS ARBITRAGE	Bulk	NSE	Sell	53,36,225	₹1,707.52	₹911.17 Cr
31 Aug 2023	LIESHA CORPORATION PRIVATE LIMITED .	Bulk	NSE	Buy	15,72,737	₹1,704.65	₹268.10 Cr
31 Aug 2023	LIESHA CORPORATION PRIVATE LIMITED .	Bulk	NSE	Sell	15,72,737	₹1,708.75	₹268.74 Cr
31 Aug 2023	BNP PARIBAS ARBITRAGE	Bulk	NSE	Buy	26,047	₹1,707.71	₹4.45 Cr
14 Nov 2022	ISHARES CORE MSCI EMERGING MARKETS ETF	Block	NSE	Buy	2,01,604	₹1,347.85	₹27.17 Cr
14 Nov 2022	ISHARES CORE EMERGING MARKETS MAURITIUS CO	Block	NSE	Sell	2,01,604	₹1,347.85	₹27.17 Cr
3 Nov 2022	ISHARES CORE MSCI EMERGING MARKETS ETF	Block	NSE	Buy	2,01,605	₹1,336.05	₹26.94 Cr
3 Nov 2022	ISHARES CORE EMERGING MARKETS MAURITIUS CO	Block	NSE	Sell	2,01,605	₹1,336.05	₹26.94 Cr

1–10 of 30

1 / 3

Bulk deals are a client trading over 0.5% of the equity in a session, aggregated across their trades; block deals are single negotiated trades in the exchange’s block window. Each is reported by the exchange it was crossed on, so NSE and BSE rows are separate trades rather than the same trade twice.

29

27 Oct 2026 23 Nov 2026 29 Dec 2026

Calls				Strike	Puts
OI	Chg OI	Volume	LTP	—	LTP	Volume	Chg OI	OI
0	0	0	₹0.0	4,000	₹0.0	0	0	0
0	0	0	₹0.0	4,100	₹0.0	0	0	0
0	0	0	₹0.0	4,200	₹0.0	0	0	0
0	0	0	₹0.0	4,300	₹0.0	0	0	0
0	0	0	₹0.0	4,350	₹0.0	0	0	0
0	0	0	₹0.0	4,400	₹0.0	0	0	0
0	0	0	₹0.0	4,450	₹0.0	0	0	0
0	0	0	₹0.0	4,500	₹0.0	0	0	0

Shaded cells are in the money against the underlying close. Green and red mark the move against the previous close — on the premium for LTP, on the position for change in OI. Settlement prices are the exchange's, not the last trade.

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	789	712	820	1,285	1,685	1,734
	15	-586	69	-268	-582	15
	-873	-82	-687	-1,134	-1,168	-1,495
Net cash flow	-69	43	201	-117	-65	254
Free cash flow	711	560	658	999	1,447	1,483
CFO / Operating profit %	135.5%	80.2%	65.7%	72.6%	81%	66.8%

Cummins India Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

F&O

Futures3

Fund holders

Documents

Announcements

Annual reports

Investor Presentation and earnings call

Events

Upcoming and recent1

Dividends40

Board meetings2

Announcements

Ratio timeline

Quarterly record

Futures3

Bulk & block deals

Board and management

Option chain29

Upcoming and recent1

Dividends40

Board meetings2

Announcements

Annual reports

Investor Presentation and earnings call

Profit & loss

Balance sheet

Segment results

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Engines · revenue

3

1

40

2

3

29

1

40

2