NSE:CUMMINSINDNSEIndustrials
Cummins India Limited
📊 Specialty Industrial Machinery
Day ₹5,251
₹5,325 Oversold
52W ₹2,706
₹5,325 Overbought
₹5,268.00
▲ ₹10.00 (+0.19%)
Vol: 146,029 · Avg: 777,876
As of April 29, 2026 · 06:33 IST
COMPOSITE RISK SCORE
38 HIGH RISK
VAL:2/25 · FIN:14/25 · GRO:4/25 · TECH:18/25
📈 P/E RATIO
65.1x
Trailing
📖 P/B RATIO
18.5x
Price to Book
💰 EPS
₹80.97
TTM
🏛 MARKET CAP
₹146,029Cr
Large Cap
📊 ROE
26.4%
Return on Equity
📈 REV GROWTH
-1.3%
YoY
🏢 Company Analysis · Cummins India Limited
💼 BUSINESS MODEL
  • Cummins India Limited engages in the design, manufacture, distribution, and service of engines, generator sets, and related technologies in India, Nepal, and Bhutan..
  • The company operates through two segments, Engines and Lubes..
  • It provides accelera, G-drive, fire pump drive, hydrogen, and natural gas engines; and generators and power systems, including integrated power systems, alternators, transfer switches, generator set controls, system level controls and switchgears, and browse generators..
  • The company also offers engine components, such as fuel systems, turbochargers, and engine braking and valvetrain technologies; and aftertreatment emission solutions, as well as operates component care centers..
  • Operates in Specialty Industrial Machinery within the Industrials sector.
  • Workforce of 3,025 employees.
🏰 MOAT & COMPETITION
  • Mega-cap (₹146,029 Cr) — dominant market position with significant scale advantages.
  • Profit margin of 19.3% — moderate pricing power.
  • Key competitors: Oswal Pumps, Swaraj Engines, Shakti Pumps, Ingersoll-Rand.
🚀 CATALYSTS
  • Company has delivered good profit growth of 22.4% CAGR over last 5 years
⚖️ ASYMMETRY CHECK
  • Analyst target range: ₹3,400 — ₹5,500 (mean ₹4,696, 22 analysts).
  • Unfavorable asymmetry — limited upside +4% vs downside -35% (0.1x).
  • P/E of 65.1x — premium valuation, growth must sustain to avoid de-rating risk.
🔭 FUTURE OUTLOOK
  • Analyst consensus: Buy (22 analysts).
  • Latest quarter earnings declined -13% YoY — watch for recovery signals.
✅ PROS
  • Company has reduced debt.
  • Company is almost debt free.
  • Company has delivered good profit growth of 22.4% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 26.3%
  • Company has been maintaining a healthy dividend payout of 63.0%
❌ CONS
  • Stock is trading at 18.7 times its book value
VALUATION
2/25
25% WEIGHT
  • P/E at 65x
  • P/B at 18.5x
  • Analyst target: ₹4696 (-10.8%)
  • 1Y return: +84.2%
FINANCIAL HEALTH
14/25
25% WEIGHT
  • ROE: 26.4%
  • Profit margin: 19.3%
  • Revenue growth: -1.3%
  • Debt/Equity: 0%
GROWTH
4/25
25% WEIGHT
  • Revenue growth: -1.3%
  • Earnings growth: -13.0%
  • Beta: 0.45
  • Sector: Industrials
TECHNICAL
18/25
25% WEIGHT
  • RSI, MACD, MA crossovers
  • 200 DMA & 50 EMA position
  • Volume trend analysis
  • Price momentum signals
📈 Price Movement
🕯 Candlestick Chart
🎯 Price Prediction · Analyst Target Cone Source: Yahoo Finance Analyst Targets ↗
📉 Valuation Trends (at current CMP)
P/E Ratio at current CMP
362.8 285.9 209.1 132.2 55.4 '2009 '2015 '2016 '2017 '2018 '2019 '2020 '2021 '2022 '2023 '2024 '2025 TTM Mar 2009: 315.4 Mar 2015: 189.2 Mar 2016: 202.5 Mar 2017: 198.3 Mar 2018: 205.1 Mar 2019: 196.6 Mar 2020: 207.0 Mar 2021: 229.9 Mar 2022: 156.4 Mar 2023: 118.9 Mar 2024: 84.9 Mar 2025: 73.0 TTM: 65.1 65.1
💎 Valuation & Financial Metrics
P/E RATIO
65.1x
Trailing twelve months
P/B RATIO
18.5x
Price to Book value
ROE
26.4%
Return on Equity
PROFIT MARGIN
19.3%
Net profit margin
OPM
22.9%
Operating profit margin
ANALYST TARGET
₹4,696
Range: ₹3,400 - ₹5,500
Yahoo Finance ↗
PEG RATIO
1.79
Price/Earnings to Growth
EV/EBITDA
51.9x
Enterprise value ratio
CURRENT RATIO
N/A
Liquidity measure
DIVIDEND YIELD
1.02%
Annual yield
ROA
21.3%
Return on Assets
GROSS MARGIN
36.8%
Gross profit margin
INDUSTRY AVERAGES — COMPRESSORS, PUMPS & DIESEL ENGINES
P/E 35.4x (above avg)
P/B 5.0x (sector fair)
ROCE 36.3% (below avg)
ROE 20% (sector good)
OPM 20% (sector good)
Div Yield 0.97%
D/E <30 (sector comfort)
📋 Quarterly Performance Trend
QuarterRevenueQoQ %Net ProfitQoQ %Op. Cash FlowEBITDA Margin
Q2 FY25 ₹2,465 Cr— ₹449 Cr— N/A 26.0%
Q3 FY25 ₹3,052 Cr+23.8% ₹558 Cr+24.3% N/A 25.1%
Q4 FY25 ₹2,428 Cr-20.4% ₹530 Cr-5.2% N/A 30.6%
Q1 FY26 ₹2,859 Cr+17.7% ₹604 Cr+14.1% N/A 29.2%
Q3 FY26 ₹3,006 Cr+5.2% ₹486 Cr-19.5% N/A 22.6%
📊 Year-on-Year Trend
FYRevenueYoY %Net ProfitYoY %Op. Cash FlowYoY %
FY22 ₹6,057 Cr— ₹934 Cr— ₹712 Cr—
FY23 ₹7,641 Cr+26.2% ₹1,228 Cr+31.5% ₹820 Cr+15.1%
FY24 ₹8,860 Cr+15.9% ₹1,721 Cr+40.1% ₹1,285 Cr+56.8%
FY25 ₹10,219 Cr+15.3% ₹2,000 Cr+16.2% ₹1,685 Cr+31.1%
📈 Revenue vs Earnings
🎯 EPS: Estimate vs Actual
💰 How Cummins India Limited Makes Its Money
Revenue ₹3.0K Cr Cost of Revenue ₹1.9K Cr Gross Profit ₹1.1K Cr Op. Expenses ₹524 Cr Operating Inc. ₹584 Cr Tax ₹139 Cr Other ₹116 Cr Net Income ₹486 Cr (16.2% margin) Dec 2025 · All values in ₹ Crores
🏦 Snapshot of Cummins India Limited's Balance Sheet
Total Assets ₹10.2K Cr Cash & Equiv.: ₹235 Cr (2.3%) Receivables: ₹2.3K Cr (22.4%) Inventory: ₹1.0K Cr (9.9%) Other Current: ₹3.5K Cr (34.3%) PP&E: ₹1.4K Cr (13.9%) Other Intangibles: ₹143 Cr (1.4%) Other Non-Curr.: ₹1.6K Cr (15.8%) Liab. + Equity ₹10.2K Cr Current Liab.: ₹2.3K Cr (22.2%) Long-Term Debt: ₹20 Cr (0.2%) Other Liab.: ₹328 Cr (3.2%) Equity: ₹7.6K Cr (74.4%) As of Mar 2025 · All values in ₹ Crores
💸 Looking into Cummins India Limited's Cash Flow
Operating CF ₹1.7K Cr Capital Exp. ₹238 Cr Free Cash Flow ₹1.4K Cr Dividends ₹1.1K Cr Retained / Other ₹393 Cr FY2025 · All values in ₹ Crores
📅 Quarterly Results Source: Screener ↗
Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales +2,2181,9222,5412,3192,3162,5093,0962,4702,9073,1703,055
Expenses +1,8761,5751,9991,7811,8422,0252,4991,9452,2832,4752,420
Operating Profit342346543539473484598525624695634
OPM %15%18%21%23%20%19%19%21%21%22%21%
Other Income +15512815318617115716821721218146
Interest87665335335
Depreciation3638424244454946484950
Profit before tax453429647676595594714690785824626
Tax %22%23%23%20%22%24%22%23%23%24%22%
Net Profit +354329499539463449558530604622486
EPS in Rs12.7611.8718.0019.4416.6916.2120.1519.1021.7922.4517.53
Raw PDF
📊 Profit & Loss Statement Source: Screener ↗
Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales +5,1125,6975,1914,3606,1717,7729,00010,39111,602
Expenses +4,3744,8284,5983,7575,2886,5247,2318,3119,124
Operating Profit7388695936038831,2481,7702,0802,478
OPM %14%15%11%14%14%16%20%20%21%
Other Income +298328356366472502622714656
Interest151721171216271615
Depreciation94111121127136142159185194
Profit before tax9271,0698078251,2071,5912,2052,5932,925
Tax %23%31%13%23%23%23%22%23%
Net Profit +7127437066359341,2281,7212,0002,242
EPS in Rs25.6826.7925.4522.9133.6844.3162.0772.1580.87
Dividend Payout %58%63%55%65%55%56%61%71%
🏦 Balance Sheet Source: Screener ↗
Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital555555555555555555
Reserves4,0634,2284,3474,5965,0905,7036,5577,5067,840
Borrowings +257313512404183761273024
Other Liabilities +1,3391,4651,2821,2651,5491,7842,2312,5772,621
Total Liabilities5,7156,0606,1965,9567,1127,9198,97110,16810,540
Fixed Assets +2,0212,0152,2702,1892,2092,2262,3022,3642,366
CWIP39159801286141978572
Investments7084681,0385998921,4571,6421,4822,186
Other Assets +2,9473,4182,8093,0413,9514,1944,9306,2385,916
Total Assets5,7156,0606,1965,9567,1127,9198,97110,16810,540
💰 Cash Flow Statement Source: Screener ↗
Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity +7486325536017897128201,2851,685
Cash from Investing Activity +-483-13415-20225-57487-248-580
Cash from Financing Activity +-226-470-525-412-873-82-687-1,134-1,168
Net Cash Flow392843-14-6056219-97-63
Free Cash Flow5165402793646757826651,0031,455
CFO/OP116%110%91%129%145%109%94%101%108%
📈 Key Financial Ratios
Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days699682819174758580
Inventory Days636164627566636056
Days Payable688583759789818987
Cash Conversion Cycle657163686951585649
Working Capital Days495759407239364846
ROCE %22%21%24%18%17%21%27%35%36%
🏭 Industry Peers — Compressors, Pumps & Diesel Engines
#CompanyCMPP/EMkt CapROCEQtr ProfitScore
1Oswal Pumps ★₹41513.6₹4,72977.9%+15.7%67
2Swaraj Engines₹3,99424.4₹4,85358.7%+20.1%52
3Shakti Pumps₹56821.2₹7,00455.3%-69.5%49
4Ingersoll-Rand₹4,24548.4₹13,40160.0%+15.8%39
5Cummins India₹5,26462.6₹145,90436.3%+4.4%38
6Kirl.Pneumatic₹1,52236.7₹9,88530.4%+68.6%36
7Kirl. Brothers₹1,73533.3₹13,77727.6%+14.5%35
8Latteys Industri₹2144.4₹12112.9%+312.5%34
9Roto Pumps₹6035.4₹1,13019.0%+71.2%31
★ Oswal Pumps ranks higher on combined P/E, ROCE, and growth metrics in Compressors, Pumps & Diesel Engines
🏛 Shareholding Pattern
Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters51.00%51.00%51.00%51.00%51.00%51.00%
FIIs18.09%17.21%17.50%18.35%19.42%20.77%
DIIs21.80%22.84%22.53%21.73%20.60%19.43%
Government0.10%0.10%0.10%0.10%0.10%0.10%
Public9.00%8.85%8.86%8.82%8.87%8.68%
No. of Shareholders1,77,2281,62,4961,59,6651,60,0271,66,2101,61,993
🟢 CATALYSTS
🏆High ROE (26.4%): Above sector norm of 20% — efficient capital use.
💹Low Beta (0.45): Less volatile than market — defensive play.
🔀Sector Opportunity: Industrials / Specialty Industrial Machinery — positioned in growth sector.
🔴 RISKS
📜Elevated P/E (65.1x): Above sector expensive threshold of 50x.
💰High P/B (18.5x): Well above sector expensive threshold of 10x.
🔓Below Analyst Target: CMP above mean target — limited upside consensus.
⚔Revenue Decline (-1.3%): Top-line shrinking — negative trend.
🕸 Factor Analysis · Radar
Momentum 9/10: 1M +17.1%, 6M +21.4%, RSI 66, MACD bullish, Above 200DMA Sentiment 4/10: Analyst upside -10.8%, Rec: buy Value 1/10: P/E 65.1, P/B 18.5, PEG 1.79, EV/EBITDA 51.9 Quality 6/10: Margin 19.3%, D/E 0 Low Volatility 9/10: Beta 0.45, Ann. vol 26% Momentum 9 Sentiment 4 Value 1 Quality 6 Low Vol 9
Momentum 9/10
1M +17.1%, 6M +21.4%, RSI 66, MACD bullish, Above 200DMA
Sentiment 4/10
Analyst upside -10.8%, Rec: buy
Value 1/10
P/E 65.1, P/B 18.5, PEG 1.79, EV/EBITDA 51.9
Quality 6/10
Margin 19.3%, D/E 0
Low Volatility 9/10
Beta 0.45, Ann. vol 26%
🎯 Decision Matrix
ActionIf Stock RisesIf Stock Falls
BUYBenefit from potential re-rating; strong 36% ROCE compoundsOPM of 23% provides margin buffer; P/E 65x vs sector median 35x is a risk
HOLDRetain existing position; wait for better entry; FII stake rising (+1.35%)Miss further upside if momentum continues; 1M return of +17.1% shows momentum
SELLLock in +84.2% 1Y return; redeploy into Oswal Pumps at lower P/EAvoid further drawdown; P/E compression risk at 65x
REASONS TO BUY
  • ROCE at 36% indicates strong capital efficiency
  • FII stake rising (+1.35%) — signals institutional confidence
  • ROE of 26.4% above sector norm of 20%
  • Operating margin of 23% shows pricing power (sector norm: 20%)
REASONS TO SELL / AVOID
  • P/E of 65.1x is 1.8x the sector median of 35x
  • Oswal Pumps offers lower P/E (13.6) with ROCE of 77.9% in the same sector
  • 1Y return of +84.2% — profit booking opportunity
  • Trading above analyst target — consensus sees -10.8% downside
📰 Latest News
Cummins India's quarterly profit rises on lower expenses
Reuters · 2026-02-04T15:40
Cummins India Ltd (BOM:500480) Q2 2026 Earnings Call Highlights: Robust Sales Growth Amidst ...
GuruFocus.com · 2025-11-12T01:02
Cummins India's quarterly profit rises on higher engine, generator demand
Reuters · 2025-08-07T12:57
Cummins India Ltd (BOM:500480) Q4 2025 Earnings Call Highlights: Strong Annual Growth Amid ...
GuruFocus.com · 2025-05-30T07:01
RECOMMENDATION
SELL
COMPOSITE SCORE
38/100
Cummins India Limited trades at ₹5,268.00 with a composite risk score of 38/100. The stock scores 2/25 on valuation, 14/25 on financial health, 4/25 on growth, and 18/25 on technicals. The company is currently profitable with strong return on equity.

The stock is trading near or above analyst consensus targets. Revenue growth is at -1.3% — a concern.

Within Compressors, Pumps & Diesel Engines, Oswal Pumps (P/E 13.6, ROCE 77.9%) ranks higher on techno-fundamental metrics and may be worth considering.

Bottom Line: Elevated risk for Industrials — consider exiting. The current recommendation is SELL.
PROFITABLE HIGH ROE EXPENSIVE
RISK SCORE REPORT · NSE:CUMMINSIND · GENERATED APR 29, 2026 06:33 IST · DATA VIA YAHOO FINANCE + SCREENER.IN
DISCLAIMER: THIS IS NOT FINANCIAL ADVICE. DATA MAY BE DELAYED. ALWAYS VERIFY WITH OFFICIAL SOURCES BEFORE INVESTING.