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Cummins India

₹4291.8 -25.4 | 0.6%

Market Cap ₹118969 Cr.

Stock P/E 59.5

P/B 15.1

Current Price ₹4291.8

Book Value ₹ 284.8

Face Value 2

52W High ₹4494.4

Dividend Yield 1.2%

52W Low ₹ 2594.8

Cummins India Research see more...

Overview Inc. Year: 1962Industry: Diesel Engines

Cummins India Ltd is an India-based company, that is engaged in the enterprise of producing, trading, and selling of engines and allied activities. The Company operates through two segments: Engines and Lubes. It contains of 3 agencies, which include Engine Business, Power Systems Business and Distribution Business. Its Engine Business manufactures and markets diesel engines for off-highway programs. Its Power Systems Business presents power generation structures for prime, standby and distributes energy generation requirements. Its Distribution Business provides solutions for uptime of its equipment and engines, products, services. Its product category consists of engines, generators and energy systems and additives. Its number one merchandise are compression ignition, inner combustion engines, generator sets, and aspect or parts. It serves numerous industries, consisting of agriculture, bus, commercial power, production, marine, rail, oil and gasoline, trucking and mining.

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Cummins India Share Price

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Cummins India Quarterly Results

#(Fig in Cr.) Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025
Net Sales 2218 1922 2541 2319 2316 2509 3096 2470 2907 3170
Other Income 89 90 99 100 104 105 111 126 134 123
Total Income 2307 2011 2641 2419 2419 2614 3208 2597 3041 3293
Total Expenditure 1876 1575 1999 1781 1842 2025 2499 1945 2283 2475
Operating Profit 431 436 642 638 577 589 709 652 757 818
Interest 8 7 6 6 5 3 3 5 3 3
Depreciation 36 38 42 42 44 45 49 46 48 49
Exceptional Income / Expenses 0 0 -2 0 0 0 0 0 13 0
Profit Before Tax 387 391 591 590 528 542 657 600 719 766
Provision for Tax 99 100 148 137 132 144 155 161 181 202
Profit After Tax 288 291 444 452 395 397 502 439 539 564
Adjustments 66 38 55 87 67 52 57 90 65 58
Profit After Adjustments 354 329 499 539 463 449 558 530 604 622
Adjusted Earnings Per Share 12.8 11.9 18 19.4 16.7 16.2 20.1 19.1 21.8 22.5

Cummins India Profit & Loss

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 TTM
Net Sales 4916 4720 5106 5112 5697 5191 4360 6171 7772 9000 10391 11643
Other Income 208 120 144 162 240 259 276 254 309 379 447 494
Total Income 5124 4841 5251 5274 5937 5450 4636 6425 8082 9379 10838 12139
Total Expenditure 4101 3950 4305 4380 4833 4603 3780 5294 6526 7231 8311 9202
Operating Profit 1023 891 946 894 1104 847 856 1131 1556 2148 2527 2936
Interest 2 10 17 15 17 21 17 12 16 27 16 14
Depreciation 86 81 85 94 111 121 127 136 142 159 185 192
Exceptional Income / Expenses 0 0 0 56 0 -20 0 132 -14 -2 0 13
Profit Before Tax 935 799 843 927 1069 807 825 1207 1591 2205 2593 2742
Provision for Tax 177 171 188 215 326 102 190 273 363 484 593 699
Profit After Tax 757 628 655 712 743 706 635 934 1228 1721 2000 2044
Adjustments 15 93 81 0 0 0 0 0 0 0 0 270
Profit After Adjustments 772 721 736 712 743 706 635 934 1228 1721 2000 2314
Adjusted Earnings Per Share 27.9 26 26.6 25.7 26.8 25.5 22.9 33.7 44.3 62.1 72.1 83.5

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR 15% 19% 15% 8%
Operating Profit CAGR 18% 31% 24% 9%
PAT CAGR 16% 29% 23% 10%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR 21% 48% 56% 15%
ROE Average 28% 26% 22% 21%
ROCE Average 37% 33% 28% 26%

Cummins India Balance Sheet

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Shareholder's Funds 3089 3609 3871 4119 4283 4402 4651 5145 5758 6612 7561
Minority's Interest 0 0 0 0 0 0 0 0 0 0 0
Borrowings 0 0 0 0 0 0 0 0 0 0 0
Other Non-Current Liabilities 2020 151 127 140 243 226 196 222 270 301 349
Total Current Liabilities 1298 902 1216 1456 1534 1568 1109 1745 1890 2057 2233
Total Liabilities 6407 4662 5214 5715 6060 6196 5956 7112 7919 8971 10168
Fixed Assets 1307 1291 1234 1290 1287 1233 1169 1230 1207 1325 1429
Other Non-Current Assets 2554 1081 1292 1195 1345 1580 1532 1469 1613 1703 1731
Total Current Assets 2545 2253 2643 3226 3425 3368 3236 4411 5097 5940 6921
Total Assets 6407 4662 5214 5715 6060 6196 5956 7112 7919 8971 10168

Cummins India Cash Flow

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Opening Cash & Cash Equivalents 88 75 85 124 152 195 181 122 177 397 300
Cash Flow from Operating Activities 589 696 748 632 553 601 789 712 820 1285 1685
Cash Flow from Investing Activities -146 -212 -487 -134 16 -214 15 -586 69 -268 -582
Cash Flow from Financing Activities -444 -471 -226 -470 -525 -412 -873 -82 -687 -1134 -1168
Net Cash Inflow / Outflow -1 12 35 28 44 -25 -69 43 201 -117 -65
Closing Cash & Cash Equivalent 87 85 124 152 195 181 122 177 397 300 237

Cummins India Ratios

# Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Earnings Per Share (Rs) 27.85 26.02 26.56 25.68 26.79 25.45 22.91 33.68 44.31 62.07 72.15
CEPS(Rs) 30.44 25.6 26.72 29.08 30.8 29.8 27.5 38.58 49.43 67.81 78.82
DPS(Rs) 14 14 14 15 17 14 15 18.5 25 38 51.5
Book NAV/Share(Rs) 111.43 130.19 139.65 148.58 154.51 158.8 167.8 185.61 207.73 238.54 272.78
Core EBITDA Margin(%) 15.4 15.1 14.68 14.11 15.18 11.33 13.3 14.21 15.65 19.33 19.61
EBIT Margin(%) 17.69 15.87 15.76 18.14 19.06 15.96 19.31 19.76 20.19 24.4 24.59
Pre Tax Margin(%) 17.65 15.68 15.45 17.85 18.76 15.55 18.92 19.56 19.98 24.1 24.44
PAT Margin (%) 14.31 12.32 12 13.71 13.03 13.59 14.56 15.13 15.42 18.81 18.85
Cash Profit Margin (%) 15.94 13.92 13.57 15.53 14.98 15.91 17.48 17.33 17.21 20.55 20.6
ROA(%) 17.42 11.35 13.27 13.03 12.61 11.51 10.45 14.29 16.34 20.38 20.9
ROE(%) 33.12 18.76 17.52 17.82 17.68 16.25 14.03 19.06 22.53 27.82 28.22
ROCE(%) 40.67 24.14 22.24 22.16 24.2 17.47 17.6 23.88 27.6 34.82 36.55
Receivable days 58.15 68.94 63.85 80.93 83.98 85.4 93.5 69.39 65.44 73.46 75.07
Inventory Days 42.66 48.22 39.34 39.18 37.71 42.54 47.78 38.5 37.61 36.97 33.61
Payable days 69.45 74.51 64.79 76.49 79.91 82.42 94.32 76.9 75.1 80.9 82.35
PER(x) 31.5 32.36 35.69 27.3 27.81 12.79 40.14 33.36 36.77 48.46 42.27
Price/Book(x) 7.87 6.47 6.79 4.72 4.82 2.05 5.48 6.06 7.84 12.61 11.18
Dividend Yield(%) 1.6 1.66 1.48 2.14 2.28 4.3 1.63 1.65 1.53 1.26 1.69
EV/Net Sales(x) 4.93 4.93 5.17 3.76 3.55 1.74 5.63 4.88 5.68 9.11 7.9
EV/Core EBITDA(x) 23.69 26.12 27.92 21.5 18.32 10.69 28.68 26.63 28.36 38.17 32.46
Net Sales Growth(%) 38.14 -3.99 8.18 0.11 11.45 -8.88 -16.01 41.53 25.95 15.8 15.45
EBIT Growth(%) 50.43 -13.59 6.29 9.49 15.28 -23.69 1.6 44.83 31.86 38.85 16.87
PAT Growth(%) 70.12 -17.04 4.27 8.65 4.33 -4.98 -10 47.04 31.53 40.1 16.24
EPS Growth(%) 66.77 -6.57 2.07 -3.32 4.33 -4.98 -10 47.04 31.53 40.1 16.24
Debt/Equity(x) 0 0 0.07 0.06 0.07 0.11 0 0.08 0.06 0.02 0
Current Ratio(x) 1.96 2.5 2.17 2.22 2.23 2.15 2.92 2.53 2.7 2.89 3.1
Quick Ratio(x) 1.39 1.82 1.7 1.84 1.82 1.78 2.41 2.11 2.22 2.43 2.65
Interest Cover(x) 535.1 82.57 50.39 62 64.74 39.41 50.22 100.26 98.99 81.46 164.58
Total Debt/Mcap(x) 0 0 0.01 0.01 0.02 0.05 0 0.01 0.01 0 0

Cummins India Shareholding Pattern

# Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025
Promoter 51 51 51 51 51 51 51 51 51 51
FII 14.37 16.33 16.37 17.22 17.82 17.36 17.94 17.05 17.27 18.17
DII 23.97 22.32 23.69 23.15 22.52 22.76 22.06 23.11 22.87 22.01
Public 10.67 10.36 8.94 8.63 8.66 8.88 9 8.85 8.86 8.82
Others 0 0 0 0 0 0 0 0 0 0
Total 100 100 100 100 100 100 100 100 100 100

Pros

  • Company has delivered good profit growth of 23% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 26%
  • Company is almost debt free.

Cons

  • Debtor days have increased from 80.9 to 82.35days.
  • Stock is trading at 15.1 times its book value.

* 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.

Cummins India News

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