Cummins India Ltd

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

Cummins India Ltd

₹ 5,881 -2.43%
29 May - 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 ₹ 1,63,021 Cr.
  • Current Price ₹ 5,881
  • High / Low ₹ 6,143 / 3,202
  • Stock P/E 68.8
  • Book Value ₹ 285
  • Dividend Yield 0.88 %
  • ROCE 41.6 %
  • ROE 31.8 %
  • Face Value ₹ 2.00
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Pros

  • Company is almost debt free.
  • Company has delivered good profit growth of 30.2% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 29.9%
  • Company has been maintaining a healthy dividend payout of 72.3%

Cons

  • Stock is trading at 20.6 times its book value
  • Working capital days have increased from 64.4 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

Standalone Figures in Rs. Crores / View Consolidated

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
1,926 2,209 1,900 2,534 2,316 2,304 2,492 3,086 2,457 2,907 3,170 3,055 3,011
1,600 1,868 1,561 1,996 1,772 1,837 2,011 2,486 1,937 2,283 2,475 2,420 2,369
Operating Profit 326 341 339 538 544 467 481 600 520 624 695 634 642
OPM % 17% 15% 18% 21% 24% 20% 19% 19% 21% 21% 22% 21% 21%
131 117 132 112 204 132 161 121 212 197 196 13 264
Interest 7 8 7 6 6 5 3 3 5 3 3 5 2
Depreciation 37 36 38 42 42 44 45 48 46 48 49 50 51
Profit before tax 413 415 426 602 701 551 594 670 681 770 839 593 852
Tax % 23% 24% 23% 24% 20% 24% 24% 23% 23% 23% 24% 24% 24%
318 316 329 455 562 420 451 514 521 589 638 453 650
EPS in Rs 11.49 11.39 11.85 16.41 20.26 15.14 16.26 18.54 18.81 21.26 23.00 16.35 23.45
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
4,406 4,709 5,077 5,082 5,659 5,158 4,329 6,140 7,744 8,959 10,339 12,143
3,674 3,934 4,276 4,345 4,795 4,567 3,729 5,260 6,502 7,197 8,271 9,548
Operating Profit 732 775 802 738 864 590 600 880 1,243 1,761 2,068 2,595
OPM % 17% 16% 16% 15% 15% 11% 14% 14% 16% 20% 20% 21%
287 226 208 279 293 308 349 425 406 566 626 670
Interest 1 10 17 15 16 20 16 12 16 27 15 12
Depreciation 80 81 85 94 110 119 126 134 140 158 183 199
Profit before tax 937 910 908 908 1,030 759 808 1,159 1,492 2,143 2,496 3,054
Tax % 16% 17% 19% 22% 30% 17% 24% 24% 24% 23% 24% 24%
786 754 735 708 723 629 618 887 1,130 1,661 1,906 2,330
EPS in Rs 28.35 27.21 26.50 25.56 26.07 22.70 22.29 31.99 40.76 59.91 68.75 84.06
Dividend Payout % 49% 51% 53% 59% 65% 62% 67% 58% 61% 63% 75% 79%
Compounded Sales Growth
10 Years: 10%
5 Years: 23%
3 Years: 16%
TTM: 17%
Compounded Profit Growth
10 Years: 12%
5 Years: 30%
3 Years: 29%
TTM: 25%
Stock Price CAGR
10 Years: 22%
5 Years: 50%
3 Years: 50%
1 Year: 80%
Return on Equity
10 Years: 23%
5 Years: 26%
3 Years: 30%
Last Year: 32%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

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 2,831 3,426 3,687 3,931 4,075 4,120 4,351 4,797 5,313 6,108 6,963 7,842
0 0 251 252 309 504 33 412 373 120 30 37
1,435 1,009 1,048 1,294 1,414 1,275 1,257 1,540 1,771 2,215 2,558 2,793
Total Liabilities 4,322 4,490 5,041 5,531 5,854 5,954 5,697 6,805 7,512 8,498 9,606 10,727
1,234 1,289 1,500 2,019 2,013 2,264 2,185 2,204 2,222 2,295 2,364 2,404
CWIP 171 519 463 38 159 80 128 61 41 97 85 77
Investments 465 334 707 549 285 824 369 615 1,085 1,215 957 1,576
2,452 2,348 2,370 2,925 3,397 2,786 3,015 3,925 4,164 4,891 6,200 6,670
Total Assets 4,322 4,490 5,041 5,531 5,854 5,954 5,697 6,805 7,512 8,498 9,606 10,727

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
498 692 746 634 550 599 788 707 811 1,280 1,689 1,734
-56 -214 -482 -133 16 -202 25 -574 87 -247 -580 15
-423 -468 -225 -473 -523 -411 -872 -77 -684 -1,133 -1,166 -1,495
Net Cash Flow 19 10 39 29 43 -14 -60 56 214 -100 -57 254
Free Cash Flow 168 202 514 544 277 362 674 778 657 999 1,459 1,487
CFO/OP 93% 111% 116% 111% 91% 129% 145% 109% 94% 101% 109% 91%

Ratios

Standalone Figures in Rs. Crores / View Consolidated

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 78 73 69 95 82 80 91 74 75 85 81 83
Inventory Days 92 74 63 60 63 62 74 65 62 59 57 56
Days Payable 81 69 68 85 83 75 96 89 80 89 87 79
Cash Conversion Cycle 88 78 64 71 62 67 68 50 57 55 51 60
Working Capital Days 56 78 48 57 58 40 71 39 36 48 46 99
ROCE % 31% 29% 25% 21% 24% 17% 19% 21% 27% 36% 38% 42%

Insights

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

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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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Documents

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