Cummins India Ltd

Cummins India Summary Chart Analysis Peers Quarters Profit & Loss Balance Sheet Cash Flow Ratios Investors Documents

Cummins India Ltd

₹ 5,557 -0.94%
11 Jun - close price
cumminsindia.com BSE: 500480 NSE: CUMMINSIND
About

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]

Key Points

Strong Parent
Backed by Cummins Inc.’s 51% stake, the company is developing fuel-efficient, emission-compliant products using diverse energy sources aimed at meeting future emission norms while ensuring high performance, reliability, and sustainability. [1]

Website BSE NSE
  • Market Cap ₹ 1,54,040 Cr.
  • Current Price ₹ 5,557
  • High / Low ₹ 6,143 / 3,202
  • Stock P/E 63.5
  • Book Value ₹ 306
  • Dividend Yield 1.19 %
  • ROCE 39.5 %
  • ROE 30.2 %
  • Face Value ₹ 2.00
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Pros

  • Company is almost debt free.
  • Company has delivered good profit growth of 30.8% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 28.8%
  • Company has been maintaining a healthy dividend payout of 70.0%

Cons

  • Stock is trading at 18.2 times its book value
  • Working capital days have increased from 64.5 days to 99.1 days

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Industrials Capital Goods Industrial Products Compressors, Pumps & Diesel Engines

Part of BSE 500 BSE Capital Goods BSE 100 BSE 200 BSE Dollex 200

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
1,934 2,218 1,922 2,541 2,319 2,316 2,509 3,096 2,470 2,907 3,170 3,055 3,011
1,604 1,876 1,575 1,999 1,781 1,842 2,025 2,499 1,945 2,283 2,475 2,420 2,369
Operating Profit 330 342 346 543 539 473 484 598 525 624 695 634 642
OPM % 17% 15% 18% 21% 23% 20% 19% 19% 21% 21% 22% 21% 21%
159 155 128 153 186 171 157 168 217 212 181 46 263
Interest 7 8 7 6 6 5 3 3 5 3 3 5 2
Depreciation 38 36 38 42 42 44 45 49 46 48 49 50 51
Profit before tax 444 453 429 647 676 595 594 714 690 785 824 626 852
Tax % 21% 22% 23% 23% 20% 22% 24% 22% 23% 23% 24% 22% 24%
349 354 329 499 539 463 449 558 530 604 622 486 649
EPS in Rs 12.59 12.76 11.87 18.00 19.44 16.69 16.21 20.15 19.10 21.79 22.45 17.53 23.43
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
4,916 4,720 5,106 5,112 5,697 5,191 4,360 6,171 7,772 9,000 10,391 12,143
4,101 3,945 4,302 4,374 4,828 4,598 3,757 5,288 6,524 7,231 8,311 9,548
Operating Profit 815 775 805 738 869 593 603 883 1,248 1,770 2,080 2,595
OPM % 17% 16% 16% 14% 15% 11% 14% 14% 16% 20% 20% 21%
208 116 141 298 328 356 366 472 502 622 714 702
Interest 2 10 17 15 17 21 17 12 16 27 16 12
Depreciation 86 81 85 94 111 121 127 136 142 159 185 199
Profit before tax 935 799 843 927 1,069 807 825 1,207 1,591 2,205 2,593 3,086
Tax % 19% 21% 22% 23% 31% 13% 23% 23% 23% 22% 23% 23%
772 721 736 712 743 706 635 934 1,228 1,721 2,000 2,362
EPS in Rs 27.85 26.02 26.56 25.68 26.79 25.45 22.91 33.68 44.31 62.07 72.15 85.20
Dividend Payout % 50% 54% 53% 58% 63% 55% 65% 55% 56% 61% 71% 77%
Compounded Sales Growth
10 Years: 10%
5 Years: 23%
3 Years: 16%
TTM: 17%
Compounded Profit Growth
10 Years: 13%
5 Years: 31%
3 Years: 26%
TTM: 22%
Stock Price CAGR
10 Years: 21%
5 Years: 46%
3 Years: 44%
1 Year: 67%
Return on Equity
10 Years: 22%
5 Years: 26%
3 Years: 29%
Last Year: 30%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Equity Capital 55 55 55 55 55 55 55 55 55 55 55 55
Reserves 3,033 3,553 3,816 4,063 4,228 4,347 4,596 5,090 5,703 6,557 7,506 8,420
3 3 252 257 313 512 40 418 376 127 30 37
1,508 1,051 1,091 1,339 1,465 1,282 1,265 1,549 1,784 2,231 2,577 2,793
Total Liabilities 4,599 4,662 5,214 5,715 6,060 6,196 5,956 7,112 7,919 8,971 10,168 11,304
1,307 1,291 1,502 2,021 2,015 2,270 2,189 2,209 2,226 2,302 2,364 2,404
CWIP 171 519 463 39 159 80 128 61 41 97 85 77
Investments 536 489 862 708 468 1,038 599 892 1,457 1,642 1,482 2,153
2,585 2,364 2,387 2,947 3,418 2,809 3,041 3,951 4,194 4,930 6,238 6,670
Total Assets 4,599 4,662 5,214 5,715 6,060 6,196 5,956 7,112 7,919 8,971 10,168 11,304

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
589 696 748 632 553 601 789 712 820 1,285 1,685 1,734
-146 -215 -483 -134 15 -202 25 -574 87 -248 -580 15
-444 -471 -226 -470 -525 -412 -873 -82 -687 -1,134 -1,168 -1,495
Net Cash Flow -1 10 39 28 43 -14 -60 56 219 -97 -63 254
Free Cash Flow 251 205 516 540 279 364 675 782 665 1,003 1,455 1,487
CFO/OP 98% 112% 116% 110% 91% 129% 145% 109% 94% 101% 108% 91%

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Debtor Days 73 73 69 96 82 81 91 74 75 85 80 83
Inventory Days 89 75 63 61 64 62 75 66 63 60 56 56
Days Payable 79 69 68 85 83 75 97 89 81 89 87 79
Cash Conversion Cycle 83 79 65 71 63 68 69 51 58 56 49 60
Working Capital Days 54 78 49 57 59 40 72 39 36 48 46 99
ROCE % 24% 22% 21% 24% 18% 17% 21% 27% 35% 36% 40%

Insights

In beta
Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Power Generation GOEM Sales Dealers
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Distribution Customer Loyalty (NPS)
% ・Standalone data
Domestic Power Generation Sales Volume (Gensets)
Units ・Standalone data
Engine Export Volume
Units ・Standalone data
Generator Set Export Volume
Units ・Standalone data
R&D Expenditure (Percentage of Turnover)
% ・Standalone data

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Shareholding Pattern

Numbers in percentages

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
51.00% 51.00% 51.00% 51.00% 51.00% 51.00% 51.00% 51.00% 51.00% 51.00% 51.00% 51.00%
14.37% 16.45% 16.51% 17.36% 17.95% 17.50% 18.09% 17.21% 17.50% 18.35% 19.42% 20.77%
23.76% 21.97% 23.36% 22.86% 22.24% 22.50% 21.80% 22.84% 22.53% 21.73% 20.60% 19.43%
0.20% 0.20% 0.20% 0.14% 0.14% 0.11% 0.10% 0.10% 0.10% 0.10% 0.10% 0.10%
10.67% 10.36% 8.93% 8.63% 8.66% 8.89% 9.00% 8.85% 8.86% 8.82% 8.87% 8.68%
No. of Shareholders 1,19,8831,28,9711,17,9051,20,0431,50,0971,64,9431,77,2281,62,4961,59,6651,60,0271,66,2101,61,993

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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