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Consolidated Standalone

Cummins India

₹3414 18.8 | 0.6%

Market Cap ₹94636 Cr.

Stock P/E 61.8

P/B 14.5

Current Price ₹3414

Book Value ₹ 235.3

Face Value 2

52W High ₹3499

Dividend Yield 0.73%

52W Low ₹ 1557.2

Edit Ratio

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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Peer Comparison

Cummins India Quarterly Results

#(Fig in Cr.) Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023
Net Sales 1730 1744 1502 1696 1957 2185 1934 2218 1922 2541
Other Income 60 61 67 67 69 85 87 89 90 99
Total Income 1790 1805 1569 1763 2026 2270 2021 2307 2011 2641
Total Expenditure 1471 1471 1294 1481 1667 1772 1604 1876 1575 1999
Operating Profit 319 334 275 282 359 498 418 431 436 642
Interest 2 3 5 2 5 3 7 8 7 6
Depreciation 34 35 35 34 36 35 38 36 38 42
Exceptional Income / Expenses 0 0 0 -14 0 0 0 0 0 -2
Profit Before Tax 283 295 235 231 318 460 373 387 391 591
Provision for Tax 73 79 55 65 84 119 95 99 100 148
Profit After Tax 210 217 180 166 235 341 278 288 291 444
Adjustments 11 33 36 32 33 72 71 66 38 55
Profit After Adjustments 221 250 216 198 267 414 349 354 329 499
Adjusted Earnings Per Share 8 9 7.8 7.1 9.6 14.9 12.6 12.8 11.9 18

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 TTM
Net Sales 4916 4720 5106 5112 5697 5191 4360 6171 7772 8615
Other Income 208 120 144 162 240 259 276 254 309 365
Total Income 5124 4841 5251 5274 5937 5450 4636 6425 8082 8980
Total Expenditure 4101 3950 4305 4380 4833 4603 3780 5294 6526 7054
Operating Profit 1023 891 946 894 1104 847 856 1131 1556 1927
Interest 2 10 17 15 17 21 17 12 16 28
Depreciation 86 81 85 94 111 121 127 136 142 154
Exceptional Income / Expenses 0 0 0 56 0 -20 0 132 -14 -2
Profit Before Tax 935 799 843 927 1069 807 825 1207 1591 1742
Provision for Tax 177 171 188 215 326 102 190 273 363 442
Profit After Tax 757 628 655 712 743 706 635 934 1228 1301
Adjustments 15 93 81 0 0 0 0 0 0 230
Profit After Adjustments 772 721 736 712 743 706 635 934 1228 1531
Adjusted Earnings Per Share 27.9 26 26.6 25.7 26.8 25.5 22.9 33.7 44.3 55.3

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR 26% 14% 9% 0%
Operating Profit CAGR 38% 22% 12% 0%
PAT CAGR 31% 20% 12% 0%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR 108% 60% 37% 20%
ROE Average 23% 19% 18% 20%
ROCE Average 28% 23% 22% 24%

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
Shareholder's Funds 3089 3609 3871 4119 4283 4402 4651 5145 5758
Minority's Interest 0 0 0 0 0 0 0 0 0
Borrowings 0 0 0 0 0 0 0 0 0
Other Non-Current Liabilities 2020 151 127 140 243 226 196 222 270
Total Current Liabilities 1298 902 1216 1456 1534 1568 1109 1745 1890
Total Liabilities 6407 4662 5214 5715 6060 6196 5956 7112 7919
Fixed Assets 1307 1291 1234 1290 1287 1233 1169 1230 1207
Other Non-Current Assets 2554 1081 1292 1195 1345 1580 1532 1469 1613
Total Current Assets 2545 2253 2643 3226 3425 3368 3236 4411 5097
Total Assets 6407 4662 5214 5715 6060 6196 5956 7112 7919

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
Opening Cash & Cash Equivalents 88 75 85 124 152 195 181 122 177
Cash Flow from Operating Activities 589 696 748 632 553 601 789 712 820
Cash Flow from Investing Activities -146 -212 -487 -134 16 -214 15 -586 69
Cash Flow from Financing Activities -444 -471 -226 -470 -525 -412 -873 -82 -687
Net Cash Inflow / Outflow -1 12 35 28 44 -25 -69 43 201
Closing Cash & Cash Equivalent 87 85 124 152 195 181 122 177 397

Cummins India Ratios

# Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Earnings Per Share (Rs) 27.85 26.02 26.56 25.68 26.79 25.45 22.91 33.68 44.31
CEPS(Rs) 30.44 25.6 26.72 29.08 30.8 29.8 27.5 38.58 49.43
DPS(Rs) 14 14 14 15 17 14 15 18.5 25
Book NAV/Share(Rs) 111.43 130.19 139.65 148.58 154.51 158.8 167.8 185.61 207.73
Core EBITDA Margin(%) 15.4 15.1 14.68 14.11 15.18 11.33 13.3 14.21 16.04
EBIT Margin(%) 17.69 15.87 15.76 18.14 19.06 15.96 19.31 19.76 20.68
Pre Tax Margin(%) 17.65 15.68 15.45 17.85 18.76 15.55 18.92 19.56 20.47
PAT Margin (%) 14.31 12.32 12 13.71 13.03 13.59 14.56 15.13 15.8
Cash Profit Margin (%) 15.94 13.92 13.57 15.53 14.98 15.91 17.48 17.33 17.63
ROA(%) 17.42 11.35 13.27 13.03 12.61 11.51 10.45 14.29 16.34
ROE(%) 33.12 18.76 17.52 17.82 17.68 16.25 14.03 19.06 22.53
ROCE(%) 40.67 24.14 22.24 22.16 24.2 17.47 17.6 23.88 27.6
Receivable days 58.15 68.94 63.85 80.93 83.98 85.4 93.5 69.39 67.04
Inventory Days 42.66 48.22 39.34 39.18 37.71 42.54 47.78 38.5 38.54
Payable days 69.45 74.51 64.79 76.49 79.91 82.42 94.32 76.9 75.26
PER(x) 31.5 32.36 35.69 27.3 27.81 12.79 40.14 33.36 36.77
Price/Book(x) 7.87 6.47 6.79 4.72 4.82 2.05 5.48 6.06 7.84
Dividend Yield(%) 1.6 1.66 1.48 2.14 2.28 4.3 1.63 1.65 1.53
EV/Net Sales(x) 4.93 4.93 5.17 3.76 3.55 1.74 5.63 4.88 5.68
EV/Core EBITDA(x) 23.69 26.12 27.92 21.5 18.32 10.69 28.68 26.63 28.36
Net Sales Growth(%) 38.14 -3.99 8.18 0.11 11.45 -8.88 -16.01 41.53 25.95
EBIT Growth(%) 50.43 -13.59 6.29 9.49 15.28 -23.69 1.6 44.83 31.86
PAT Growth(%) 70.12 -17.04 4.27 8.65 4.33 -4.98 -10 47.04 31.53
EPS Growth(%) 66.77 -6.57 2.07 -3.32 4.33 -4.98 -10 47.04 31.53
Debt/Equity(x) 0 0 0.07 0.06 0.07 0.11 0 0.08 0.06
Current Ratio(x) 1.96 2.5 2.17 2.22 2.23 2.15 2.92 2.53 2.7
Quick Ratio(x) 1.39 1.82 1.7 1.84 1.82 1.78 2.41 2.11 2.22
Interest Cover(x) 535.1 82.57 50.39 62 64.74 39.41 50.22 100.26 98.99
Total Debt/Mcap(x) 0 0 0.01 0.01 0.02 0.05 0 0.01 0.01

Cummins India Shareholding Pattern

# Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024
Promoter 51 51 51 51 51 51 51 51 51 51
FII 12.54 10.52 10.35 10.36 12.19 13.98 14.37 16.33 16.37 17.22
DII 23.96 25.36 25.25 26.75 25.2 23.82 23.97 22.32 23.69 23.15
Public 12.5 13.12 13.4 11.9 11.6 11.2 10.67 10.36 8.94 8.63
Others 0 0 0 0 0 0 0 0 0 0
Total 100 100 100 100 100 100 100 100 100 100

Pros

  • Debtor days have improved from 76.9 to 75.26days.
  • Company is almost debt free.

Cons

  • Stock is trading at 14.5 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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