CUMMINSIND

Cummins India share price & financials

Price
₹5,865
Market cap
₹1.4L Cr
Sector
Capital Goods
Calls analysed
7
Latest concall · Q1 FY27 · call held 06 Aug 2026

Cummins India Limited Q1 FY27

Revenue ₹3,375 cr +18%

What went well

  • Revenue of ₹3,375 crores, up 18% YoY compared to ₹2,859 crores in Q1 FY26.
  • Domestic sales at ₹2,854 crores, higher by 22% YoY.
  • Power generation domestic sales at ₹1,424 crores, a 35% increase YoY and 10% increase QoQ.

What to watch

  • Profit before tax before exceptional items at ₹721 crores, marginally lower by 0.7% YoY and 12% QoQ.
  • Higher commodity costs (steel, pig iron, aluminum, copper) and inflation impacting margins.
Read the full call →

What Cummins India Limited does

Cummins India Limited is a group of complementary business units that design, manufacture, distribute and service diesel and alternative-fuel engines, generator sets and related power technologies. It serves industrial markets (railways, marine, mining, defence, oil and gas, construction, pumps), power generation (including CPCBIV+ gensets and high-horsepower data-centre units) and an aftermarket distribution business. The company caters to India, Bhutan and Nepal and exports to markets including the USA, Europe, Mexico, Africa, the Middle East and China.

Segments

  • Industrial business
  • Power generation
  • Distribution business (DBU)
World-class factories in India
4
4S (sales, spares, service, surveys) service touchpoints
450+
On-highway (2S) dealerships
116
Genset OEM (GOEM) dealer network
117
Battery dealerships
4
Parts distribution centre
1
Founded 1962Headquarters Pune, Maharashtra, IndiaEmployees 3,025 (2025-03-31) Company website

Guidance record · Q1 FY27

what the last two calls moved 11 tracked 4 delivered 2 missed 5 open
  • Capital Expenditure went quiet said Q4 FY25 Promised: continue in the coming financial year in the same range [~230 cr]... largely sustenance capex Q1 FY27: Management did not provide a final FY26 capex figure, confirming the 'ghosted' status. Q1 FY27 commentary on capex remained qualitative.
  • Export Revenue Growth on track said Q2 FY26 Promised: Could I share with you that for the next 5 years, we will be able to get double-digit growth? No Q1 FY27: Q1 FY27 exports were flat YoY (0% growth), consistent with the tempered long-term outlook.
  • Revenue Growth delivered said Q4 FY25 Promised: anticipate double-digit revenue growth in financial year 2025, '26 Q4 FY26: FY26 sales grew 18% YoY to INR 11,950 crores.

All 11 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 17.9%, net profit down 7.8% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue2,492 3,086 2,457 2,907 3,170 +27%3,055 −1%3,011 +23%3,426 +18%
EBITDA481 600 520 624 695 +44%634 +6%642 +23%616 −1%
Net profit451 514 521 589 638 +41%453 −12%650 +25%543 −8%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance +26.1% 1Y

₹4.0k₹4.5k₹5.0k₹5.5k₹6.0kSept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 7 Nov 2025Q3 FY26 — 5 Feb 2026Q4 FY26 — 29 May 2026Q1 FY27 — 6 Aug 2026

1Y: ₹4,021.3 on 10 Sept 2025 → ₹5,070. High ₹6,027.5 (27 May 2026), low ₹3,849 (1 Oct 2025).

How the price took the results

close before → close after

Q1 FY27
−0.7%
6 Aug
Q4 FY26
−2.4%
29 May
Q3 FY26
+4.5%
5 Feb
Q2 FY26
−0.6%
7 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 16.1% a year over 3 years, FY23 to FY26. Operating margin widened to 21.4%.

Year endingFY23FY24FY25FY26
Revenue₹7.8k Cr₹9.0k Cr₹10.3k Cr₹12.1k Cr
Operating profit₹1.2k Cr₹1.8k Cr₹2.1k Cr₹2.6k Cr
Operating margin16.0%19.7%20.0%21.4%
Interest₹17 Cr₹27 Cr₹16 Cr₹13 Cr
Depreciation₹141 Cr₹158 Cr₹183 Cr₹198 Cr
Net profit₹1.1k Cr₹1.7k Cr₹1.9k Cr₹2.3k Cr
Net margin14.7%18.6%18.4%19.2%
Cash from operations₹811 Cr₹1.3k Cr₹1.7k Cr₹1.7k Cr
Free cash flow₹657 Cr₹999 Cr₹1.5k Cr₹1.5k Cr
ROCE27.0%36.0%38.0%42.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹55 Cr₹55 Cr₹55 Cr₹55 Cr₹55 Cr₹55 Cr
Reserves₹4.4k Cr₹4.8k Cr₹5.3k Cr₹6.1k Cr₹7.3k Cr₹7.8k Cr
Borrowings₹33 Cr₹412 Cr₹373 Cr₹120 Cr₹24 Cr₹37 Cr
Other liabilities₹1.3k Cr₹1.5k Cr₹1.8k Cr₹2.2k Cr₹2.6k Cr₹2.8k Cr
Total liabilities₹5.7k Cr₹6.8k Cr₹7.5k Cr₹8.5k Cr₹10.0k Cr₹10.7k Cr
Fixed assets₹2.2k Cr₹2.2k Cr₹2.2k Cr₹2.3k Cr₹2.4k Cr₹2.4k Cr
Capital work in progress₹128 Cr₹61 Cr₹41 Cr₹97 Cr₹72 Cr₹98 Cr
Investments₹369 Cr₹615 Cr₹1.1k Cr₹1.2k Cr₹1.6k Cr₹1.6k Cr
Other assets₹3.0k Cr₹3.9k Cr₹4.2k Cr₹4.9k Cr₹5.9k Cr₹6.7k Cr
Total assets₹5.7k Cr₹6.8k Cr₹7.5k Cr₹8.5k Cr₹10.0k Cr₹10.7k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, FIIs added +3.69 pp while DIIs trimmed −3.47 pp. The shareholder count grew 9% to 1,73,450.

Promoters
51.0%
FIIs
21.2%
DIIs
19.1%
Government
0.1%
Public
8.7%

Since Jun 2025

  • FIIs +3.69 pp
  • DIIs −3.47 pp
  • Public −0.21 pp

How it drifted, 12 quarters

Over this window FIIs went from 16.4% to 21.2% — +4.7 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 51.0%, FIIs 16.4%, DIIs 22.0%, Government 0.2%, Public 10.4%.Dec '23: Promoters 51.0%, FIIs 16.5%, DIIs 23.4%, Government 0.2%, Public 8.9%.Mar '24: Promoters 51.0%, FIIs 17.4%, DIIs 22.9%, Government 0.1%, Public 8.6%.Jun '24: Promoters 51.0%, FIIs 17.9%, DIIs 22.2%, Government 0.1%, Public 8.7%.Sep '24: Promoters 51.0%, FIIs 17.5%, DIIs 22.5%, Government 0.1%, Public 8.9%.Dec '24: Promoters 51.0%, FIIs 18.1%, DIIs 21.8%, Government 0.1%, Public 9.0%.Mar '25: Promoters 51.0%, FIIs 17.2%, DIIs 22.8%, Government 0.1%, Public 8.8%.Jun '25: Promoters 51.0%, FIIs 17.5%, DIIs 22.5%, Government 0.1%, Public 8.9%.Sep '25: Promoters 51.0%, FIIs 18.4%, DIIs 21.7%, Government 0.1%, Public 8.8%.Dec '25: Promoters 51.0%, FIIs 19.4%, DIIs 20.6%, Government 0.1%, Public 8.9%.Mar '26: Promoters 51.0%, FIIs 20.8%, DIIs 19.4%, Government 0.1%, Public 8.7%.Jun '26: Promoters 51.0%, FIIs 21.2%, DIIs 19.1%, Government 0.1%, Public 8.7%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 2 holders trimming and 0 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of Cummins India Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Cummins Inc 51.00%unchanged
NPS Trust- A/C SBI Pension Fund Scheme Pension / PF2.53%−0.09 pp
HDFC Mutual Fund - HDFC Mid-Cap Fund Mutual fund2.07%unchanged
ICICI Prudential Large Cap Fund Mutual fund1.53%−0.08 pp
Axis Mutual Fund Trustee Ltd A/C Axis Mutual Fund A/C Axis Flexi Cap Fund Mutual fund1.47%+0.07 pp
Life Insurance Corporation Of India Insurer1.20%+0.10 pp
Kotak Arbitrage Fund Mutual fund1.07%newly disclosed

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

Mutual funds in CUMMINSIND

Filings to Aug 2026

1 new, 16 added, 7 trimmed, 1 sold out — net +2.71 L shares (+4.3%).

Held by funds
₹3.4k Cr
40 schemes
Biggest holder
Nippon India Growth Mid Cap Fund
₹613 Cr · 1.2% of that fund
SchemeHoldingLast month
Nippon India Growth Mid Cap Fund Nippon India Mutual Fund₹613 Crheld
SBI MNC Fund SBI Mutual Fund₹306 Crheld
SBI Flexicap Fund SBI Mutual Fund₹263 Crheld
HDFC Manufacturing Fund HDFC Mutual Fund₹246 Crheld
SBI Balanced Advantage Fund SBI Mutual Fund₹245 Crheld
Nippon India ETF Nifty Next 50 Junior BeES Nippon India Mutual Fund₹243 Cr+0.15 L
SBI ELSS Tax Saver Fund SBI Mutual Fund₹196 Crheld
SBI Arbitrage Fund SBI Mutual Fund₹152 Cr+1.66 L

HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.

Mutual funds Aug 2026

16 added, 7 trimmed — net +2.71 L shares (+4.3%)

Funds are sitting on
+74%
vs est. average cost
Held by funds
₹3.4k Cr
40 schemes · ≈ 2.7% of the company
Biggest holder
Nippon India Growth Mid Cap Fund
₹613 Cr · 1.2% of that fund
Longest holder
Nippon India ETF Nifty Dividend Opportunities 50
12y 5m · since Apr '14

Shares held by these funds −54%

Aug '23 62.96 L shares Jul '26

What the price assumes

Expensive

To justify its price of ₹5070, this stock must grow earnings at 37% every year for 7 years. Our analysis caps realistic growth at ~27%. At that growth it is worth ₹3059 — downside of 40%.

Growth the price implies
37.2% a year
for 7 years, fading to 4%
It has actually compounded at
26.8% a year
net profit, FY23–FY26 · EPS 26.8%
The gap
0.1 pp
-40% downside if it only repeats history
Price today ₹5,070 Value at the reference growth ₹3,058.96

Change the assumptions yourself →

All earnings calls (7)

Read the Q1 FY27 call →

Learn to analyse Cummins India Limited

Guides on how to read this kind of business and the numbers that matter.