Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 16 Oct - Copy of newspaper publication regarding opening of special window for transfer and dematerialization of physical securities.
Source: Bse
Cummins India Limited (CUMMINSIND)
Large CapIndustrials stocks · Large cap · NSE
Cummins India Limited manufactures and sells diesel and natural gas engines, power generation systems, and related components and services. It caters to domestic and export markets across power generation, industrial, and distribution segments, with a significant focus on data centers and infrastructure projects.
Data qualityFresh enough for analysisQuote updated 21 Oct, 02:00 pm ISTDetails
Quote21 Oct, 02:00 pm IST
Base fundamentals17 Oct 2026 · screener
Latest result05 Aug, 10:39 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Industrials P/E 26.2 (n=537)
Technical timing lens
Trend score and candlestick chart
36BearishSMA20 -5.1% / mo · MACD −
Stock trend: 29
Sector RS: 45
Sector 3M: -7.7% vs Nifty 500 -6.1%
Industrials FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
CUMMINSINDD candles · FIT view-16.0%TODAY · PROVISIONALLatest price ₹4416.90 on 2026-10-21
Today's candle is provisional from the latest intraday quote; completed-candle scans remain unchanged.
Bar
-4.7%
RSI
26
MACD hist
-26.20
52W pos
24%
2026-10-21O ₹4635.10H ₹4639.20L ₹4408.00C ₹4416.90Vol 3.3L shIntraday candle
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
CUMMINSINDNifty India ManufacturingNifty 500
- CUMMINSIND
- -16.2%
- Nifty 500
- -5.6%
- Nifty India Manufacturing
- -5.8%
- Vs Nifty 500
- -10.7 pp
Chart stats
19 Oct 2026- From 52W high
- -24.4%
- 52W range position
- 33%
- ATR (14)
- 2.4%
- Volume vs 20D
- 0.49x
- Avg traded value
- ₹207 Cr
- 20D price channel
- ₹4,586.9 - ₹5,135
₹6,100
₹3,883.1 - ₹6,100
₹110.8
Latest completed session
20-session average
22.6% annualized volatility
Research snapshot
What the evidence says now
Investable fundamentals, management trust is acceptable, price trend argues for patience, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · UNDERVALUED61
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Average42
Revenue +17.9% · PAT +0.8% YoY
Technical
Bearish36
Price trend and sector-relative-strength timing.
Valuation
Legacy model-31.6%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Mixed Trust61
medium confidence · 4/4 claims checked
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Average · 42/100margin compression · Rev +18% YoY · PAT +1% YoY · +14% QoQ
Filed 05 Aug 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹3,426 Cr | +17.9% | +13.8% |
| EBITDA | ₹616 Cr | -1.3% | -4.0% |
| Operating margin | 18.0% | -300 bps | -300 bps |
| PAT | ₹609 Cr | +0.8% | -6.2% |
| PAT margin | 17.8% | -300 bps | -377 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 52.40
- P/B
- 15.06
- EV/EBITDA
- 45.78
- Market Cap
- 127734.00Cr
Profitability
- ROE
- 30.20%
- ROCE
- 39.50%
- ROA
- 20.94%
- Dividend Y
- 1.43%
Growth (CAGR)
- Revenue 5Y
- 23.00%
- EPS 5Y
- 31.00%
- Revenue 3Y
- 16.00%
- EPS 3Y
- 26.00%
Balance Sheet
- Debt/Equity
- 0.00
- Interest Coverage
- 184.86×
- Altman Z
- 9.19
- Book Value
- 306.00
Cash Flow
- FCF Yield
- 1.38%
- FCF Positive Y
- 12/5
- OCF
- 1734.00 Cr
- EPS TTM
- 85.39
Shareholding
- Promoter Hold
- 51.00%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 32%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 3,426+13.8% vs prev
Net Profit
₹ CrLatest: 609-6.2% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 26.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 falling (~6.0% over last month) — short-term momentum negative.
- RSI(14) at 26 — oversold zone; bounce conditions.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 28% off 52W high · 14% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
59
RS percentile
Stage 1 Base / Transition
1M return
-9.6%
3M return
-16.2%
6M return
-11.5%
1Y return
+7.6%
RS 1D
0
RS 20D
-10
Sector rank
#5
Industry rank
#4
Stage evidence
- Price is 12.2% below the 30-week proxy without full trend alignment.
- The 30-week proxy changed +0.2% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price below
Sector
neutral
Industry
leading
Relative-strength line vs Nifty 500 (base 100)
261 observations
19 Oct 2026Value 119.12+1.12%
RS vs Nifty 500119
Valuation & peers
U-Score 61 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 61 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Premium Compounder
Fundamental score breakdown
U band · UNDERVALUEDValuation0/30
Growth18/25
Quality20/20
Balance Sheet11/15
Cash Flow7/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
61
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
61/100 · legacy band UNDERVALUED
Positive drivers
- Piotroski is strong at 8/9.
- Quality contributes 20/20 to the score.
- Balance sheet contributes 11/15 to the score.
Main drags
- Fair-value margin of safety is negative at -31.6%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Cash flow is weaker at 7/10; verify the latest quarterly trend.
Sector valuation model
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Primary lens
PE, EV/EBITDA, margin of safety, and FCF yield together.
Secondary checks
ROE/ROCE, growth, cash conversion, leverage, promoter risk.
Main risk check
One cheap metric is not enough if quality or cash flow is weak.
PE
52.4
PB
15.1
EV/EBITDA
45.8
ROE
30.2%
ROCE
39.5%
FCF Yield
1.4%
Debt/Equity
0.0
MoS
-31.6%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
61
Previous: 61
Legacy U-Score band
UNDERVALUED
Previous: UNDERVALUED
Margin of safety
-31.6%
Previous: -37.4%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
61
61
61
61
61
61
61
61
61
61
61
61
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹766.75
-476.1% MoS
Growth-justified P/E
39.3
Growth-justified Value
₹3,355.83
-31.6% MoS
PEG
1.81
Comparable companies
Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
SIEMENS
Large
Siemens Limited
Industrial Machinery
match 65
49
89.2
19.2%
-0%
FAIR VALUE
ABB
Large
ABB India Limited
Industrial Machinery
match 64
49
93.5
22.4%
-26%
FAIR VALUE
ELGIEQUIP
Large
Elgi Equipments Limited
Industrial Machinery
match 57
52
39.2
19.0%
+2%
FAIR VALUE
THERMAX
Large
Thermax Limited
Industrial Machinery
match 56
29
71.7
10.6%
-65%
OVERVALUED
ELECON
Large
Elecon Engineering Company Limited
Industrial Machinery
match 52
47
34.7
16.4%
-7%
FAIR VALUE
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-12T08:22:49.024Z
Management commentary snapshot
Cummins India reported strong FY26 sales growth of 18% YoY to INR11,950 crores, with PBT up 24% YoY. Q4 FY26 sales rose 23% YoY to INR2,963 crores, but were marginally down 1% QoQ. Domestic sales drove growth, while exports showed mixed trends.
Despite robust domestic demand and strong order books in key segments like data centers and railways, management's cautious outlook for FY27 due to geopolitical risks, commodity inflation, and supply constraints warrants close monitoring. Localization efforts for high-horsepower engines are key.
Growth engines
Data Centers
Inquiry pipeline for data centers picked up significantly since October last year, both Hyperscalers and Colo players.
Railways
Railway has performed very well this quarter, and we continue to see robust demand on the railway side with a good order book.
Mining
Mining has picked up in the last 6 months with new tenders coming in, and our order book has started building up.
CPCB IV+ After-treatment Services
As CPCB IV+ products come out of warranty, the distribution business anticipates catering to these customers with service packages and extended warranty schemes.
Capacity and execution
Parent Company Capacity Investment
Cummins parent investing close to $450 million to raise 20 gigs of capacity by 2030, likely to crunch import timelines for data center engines.
CIL Capex for Modernization
Cummins India Limited has invested more than INR1,000 crores in the last 5 years for continuously modernizing plants and expanding line capability, increasing output per line.
Tailwinds
Robust Domestic Demand
We are seeing robust demand from the domestic market across power generation, industrial, and distribution segments.
Government Initiatives
India's economic outlook remains steady, supported by government initiatives, focus on manufacturing, and capital investment.
Non-Data Center PowerGen Demand
Non-data center growth in power generation has been very good, higher double digits, driven by manufacturing (solar cell, pharma), quick commerce, and luxury residential/commercial realty.
Headwinds
Geopolitical Developments
Ongoing geopolitical developments create uncertainty and potential impact on the broader economy and export demand.
Commodity Price Increases & Inflation
Commodity prices are increasing, and inflation is likely to hit, posing challenges to margins and demand.
Supply Constraints
The industry faces supply constraints including labor shortage issues at suppliers, commodity pricing impact on suppliers, fuel cost increments, and war-related movement delays.
Risk radar
Margin Dilution from Imported Products
Higher growth from segments like data centers and CPCB IV+ could be margin dilutive if they rely on imported products (e.g., QSK95) with lower localization content.
Competitive Landscape for Large Engines
Competitive landscape for larger imported engines (78-liter, 95-liter) may narrow Cummins' cost benefit compared to peers who also import.
Commodity Price Volatility
Managing commodity inflation is challenging; passing on increases to customers usually involves a lag, impacting near-term margins.
Supply Chain for Imported Nodes
High global demand for imported nodes for data centers causes supply issues, though not due to electronics shortages like in COVID times.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
Q4 results are presented with both YoY and QoQ comparisons, which is useful for assessing both annual growth trends and sequential momentum. Full-year results are primarily YoY. Given the segment-specific QoQ data, both comparisons are relevant.
Sector KPIs management disclosed
FY26 Sales (YoY)
Sales at INR11,950 crores are higher by 18% compared to INR10,166 crores recorded in the last year.
FY26 Domestic Sales (YoY)
Domestic sales at INR9,961 crores are higher by 19%.
FY26 Exports (YoY)
Exports at INR1,989 crores are higher by 12%.
FY26 PBT before exceptional items (YoY)
Profit before tax before exceptional items at INR3,104 crores is higher by 24% compared to the last year.
Management forward view
Moderate Growth Outlook for FY27
The company expects moderate growth across segments in the financial year 2026/'27, remaining cautious despite robust domestic demand.
Localization Evaluation
Management continuously evaluates what more can be done in India for higher-sized engines (e.g., 78-liter) as volumes start coming in.
End-to-End Value Proposition
Management focuses on providing a whole value proposition to data center customers, from pre-order engagement to installation, commissioning, and aftermarket services.
Positive BESS Outlook
Management has a positive outlook on the Battery Energy Storage Systems (BESS) business scaling up in India, seeing it as part of overall backup power solutions.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Overall Growth Trajectory | Moderate growth expected for FY27. | Any deviation from moderate growth, especially in domestic segments, given robust demand and economic caution. |
| Data Center Contribution to PowerGen Domestic Revenue | Approximately 35% in Q4 FY26. | Sustained growth and increasing share, particularly from Hyperscalers, and localization efforts for larger engines. |
| Export Demand Trends | Slightly lower by 6% YoY in Q4 FY26. | Impact of geopolitical developments on Europe and Asia Pac markets, and any recovery in Middle East and other markets. |
| Industrial Segment Performance | Q4 FY26 sales up 1% YoY; Railways and Mining order books building up, Compressor entering low cycle. | Execution of railway and mining orders, and any signs of revival in construction or compressor segments. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Show extracted source claims
revenue outlookfailedquantified
Cummins India anticipates double-digit revenue growth for the full year 2025-26.
Timeframe: full year 2025-26Direction: increaseConfidence: cautiously optimistic
"we anticipate having double-digit growth in the full year 2025-'26"
Outcome check: PAT YoY averaged -12.9% across 1 later quarter(s).
demand outlookcontradicted
CPCB IV+ products, being more technologically advanced, will require better aftermarket support, potentially leading to better opportunities for the distribution business.
Timeframe: ongoingDirection: increaseConfidence: confident
"they will require better aftermarket support... it could lead to better opportunities."
Outcome check: Revenue YoY averaged -1.3% across 1 later quarter(s).
demand outlookdelivered
The broad-based Powergen growth observed in Q1 FY26 is expected to be sustainable.
Timeframe: ongoingDirection: sustainable growthConfidence: confident
"This looks sustainable, yes."
Outcome check: Revenue YoY averaged -1.3% across 1 later quarter(s).
project executioncontradicted
Serialized production of the hotel load converter for the railway segment will start very soon and begin contributing to revenue in the coming quarters.
Timeframe: very soon, coming quartersDirection: increaseConfidence: confident
"The product will be productionized from a serial production perspective very, very soon. ... it will start contributing in the coming quarters."
Outcome check: Revenue YoY averaged -1.3% across 1 later quarter(s).
Trust Score
61Mixed Trust · medium confidenceClaim-tested Trust
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Management has 25% delivered/partly-delivered outcomes on 4 checked claims, with 3 adverse claim outcomes. It ranks around the 32nd percentile of the scored universe and 28th percentile within Industrials. No major sub-score weakness stands out.
Healthy Trust: 4/4 extracted management claims have outcome checks; 25% were fully delivered and 0 were partially delivered. 3 claim(s) were contradicted or failed. Key concern: 3/4 matched management claims were contradicted or failed.
Computed 21 Oct 2026
management-trust-v1
71 extracted concalls · 4/4 claims matched
Score band
Mixed Trust
Usable, but needs evidence. Treat guidance with a margin of safety.
Relative rank
32nd percentile
overall median 67 · Industrials: 28th pctile, median 68 · Large: 17th pctile, median 73
Evidence depth
Early sample
4/4 claims checked. Use as directional, not final.
Claim delivery
25% delivered or partly delivered
4/4 claims checked · 3 contradicted/failed claims
How to read this Trust Score
Mixed Trust · medium confidenceWhat it measures
Reliability of management and financial delivery, using management claims matched with later outcomes.
Confidence
Useful directional evidence exists, but still verify the latest filings.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
78
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
96
strong · leverage and solvency
Discipline
98
strong · capital discipline
Results
87
strong · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 1.4%.
- ▸12 years of positive FCF.
- ▸Debt/equity is 0.00.
Trust risks
- ▸3/4 matched management claims were contradicted or failed.
Continue researching Cummins India Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement Under Regulation 30 Of SEBI (LODR) Regulations. 29 Sep - Income Tax Department levied Rs. 95.26 lakh penalty for AY2018-19; company plans appeal.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 16 Sep - Newspaper publication of Notice of Postal Ballot and E-voting information.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 9 Sep - Cummins India will showcase integrated power solutions at bauma CONEXPO India 2026, September 15-18.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 3 Sep
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 18 Aug - Investor meetings scheduled on August 24 and 27, 2026 with multiple funds and Four Lion Capital visit.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 13 Aug - Newspaper publication regarding special window for transfer and dematerialization of physical securities.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 13 Aug
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 11 Jul - Newspaper Publication - Notice of 65th AGM of the Company and related e-voting information.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 1 Jul - Copies of newspaper publication regarding Information and Record date for Final Dividend for the Financial Year 2025-26.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 27 Jun - Newspaper Publication - Information regarding 65th AGM to be held through Video Conferencing/ Other audio-visual means.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 11 Jun - Newspaper publication regarding special window for transfer and dematerialisation of physical securities.
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.