CUMMINSIND
Cummins India Limited
The Indian arm of Cummins — diesel and gas engines, generator sets, industrial power
Industrials›Capital Goods›Industrial Products›Compressors, Pumps & Diesel Engines
cummins.com(opens the company website in a new tab)Key metrics
Price as of 2026-10-16
Stock price
₹4608.00
Market cap
1,27,737 Cr
Stock P/E
54.0
P/B
15.07
Dividend yield
1.2%
ROE (FY26)
27.9%
ROCE (FY26)
36.6%
Operating margin (FY26)
19.7%
OCF / EBITDA (FY26)
66.8%
OCF / EBITDA (3Y)
73.0%
Full years shown; sign in free for the trailing twelve months. Learn about these metrics →
Price & valuation
Share price and valuation multiples (P/E, P/B and more) over time.
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Compare with peers
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What you need to know
Cummins India makes diesel engines and generator sets for power generation, industrial and rail customers in India and overseas, and sells aftermarket parts and services, as the listed Indian company of the Cummins group.
Company snapshot
1stBy market cap
Ranked among 14 companies in Compressors, Pumps & Diesel Engines.
Segment mix
Reportable segments as of 2024-12-31 (Consolidated). Revenue share = segment revenue ÷ total revenue.
Largest segment: 98.6% of revenue
| Segment | Revenue share | Revenue | PBT | Assets |
|---|---|---|---|---|
| Engines | 98.6% | 3,052 Cr | 696 Cr | 10,144 Cr |
| Lubes | 17.2% | 532 Cr | 17 Cr | 0 Cr |
Shares add up to 116% because segment revenues are before inter-segment eliminations.
What we see
Positives
- ✓Net margin of 19.4% — the business keeps a healthy share of every rupee it earns.
3 more signals from the filings.Sign in free to see them all
Statement tables · Consolidated
Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.
Amounts in ₹ Cr · tap + to expand rows
Quarterly results
Quarterly · ₹ Cr · tap + rows to expand
| Metric | Sept 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sept 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,922 Cr | 2,541 Cr | 2,319 Cr | 2,316 Cr | 2,509 Cr | 3,096 Cr | 2,470 Cr | 2,907 Cr | 3,170 Cr | 3,055 Cr | 3,011 Cr | 3,426 Cr |
| Operating expenses (approx.) | 1,575 Cr | 1,999 Cr | 1,781 Cr | 1,842 Cr | 2,025 Cr | 2,499 Cr | 1,945 Cr | 2,283 Cr | 2,475 Cr | 2,420 Cr | 2,369 Cr | 2,810 Cr |
| EBITDA | 346 Cr | 543 Cr | 539 Cr | 473 Cr | 484 Cr | 598 Cr | 525 Cr | 624 Cr | 695 Cr | 634 Cr | 642 Cr | 616 Cr |
| OPM % | 18.0% | 21.3% | 23.2% | 20.4% | 19.3% | 19.3% | 21.3% | 21.4% | 21.9% | 20.8% | 21.3% | 18.0% |
| Other income | 90 Cr | 99 Cr | 100 Cr | 104 Cr | 105 Cr | 111 Cr | 126 Cr | 134 Cr | 123 Cr | 116 Cr | 145 Cr | 137 Cr |
| Interest | 7 Cr | 6 Cr | 6 Cr | 5 Cr | 3 Cr | 3 Cr | 5 Cr | 3 Cr | 3 Cr | 5 Cr | 2 Cr | 4 Cr |
| Depreciation | 38 Cr | 42 Cr | 42 Cr | 44 Cr | 45 Cr | 49 Cr | 46 Cr | 48 Cr | 49 Cr | 50 Cr | 51 Cr | 53 Cr |
| Profit before tax | 429 Cr | 647 Cr | 676 Cr | 595 Cr | 594 Cr | 714 Cr | 690 Cr | 785 Cr | 824 Cr | 626 Cr | 852 Cr | 787 Cr |
| Tax % | 23.2% | 22.9% | 20.3% | 22.3% | 24.3% | 21.7% | 23.3% | 23.0% | 24.5% | 22.3% | 23.7% | 22.6% |
| Net profit | 329 Cr | 499 Cr | 539 Cr | 463 Cr | 449 Cr | 558 Cr | 530 Cr | 604 Cr | 622 Cr | 486 Cr | 649 Cr | 609 Cr |
| EPS (₹) | ₹11.87 | ₹18.00 | ₹19.44 | ₹16.69 | ₹16.21 | ₹20.15 | ₹19.10 | ₹21.79 | ₹22.45 | ₹17.53 | ₹23.43 | ₹21.98 |
Profit & loss (annual)
Annual · last column is TTM · ₹ Cr · tap + to expand
| Metric | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 5,458 Cr | 5,190 Cr | 5,697 Cr | 5,191 Cr | 4,360 Cr | 6,171 Cr | 7,772 Cr | 9,000 Cr | 10,391 Cr | 12,143 Cr | Sign in free for the trailing twelve months |
| Operating expenses (approx.) | 4,653 Cr | 4,458 Cr | 4,828 Cr | 4,602 Cr | 3,778 Cr | 5,283 Cr | 6,524 Cr | 7,231 Cr | 8,311 Cr | 9,548 Cr | Sign in free for the trailing twelve months |
| EBITDA | 805 Cr | 733 Cr | 869 Cr | 589 Cr | 582 Cr | 888 Cr | 1,248 Cr | 1,770 Cr | 2,080 Cr | 2,595 Cr | Sign in free for the trailing twelve months |
| OPM % | 14.7% | 14.1% | 15.3% | 11.3% | 13.3% | 14.4% | 16.1% | 19.7% | 20.0% | 21.4% | Sign in free for the trailing twelve months |
| Other income | 141 Cr | 161 Cr | 235 Cr | 257 Cr | 274 Cr | 243 Cr | 308 Cr | 378 Cr | 447 Cr | 517 Cr | Sign in free for the trailing twelve months |
| Interest | 17 Cr | 15 Cr | 17 Cr | 21 Cr | 17 Cr | 12 Cr | 16 Cr | 27 Cr | 16 Cr | 12 Cr | Sign in free for the trailing twelve months |
| Depreciation | 85 Cr | 94 Cr | 111 Cr | 121 Cr | 127 Cr | 136 Cr | 142 Cr | 159 Cr | 185 Cr | 199 Cr | Sign in free for the trailing twelve months |
| Profit before tax | 924 Cr | 927 Cr | 1,069 Cr | 807 Cr | 825 Cr | 1,207 Cr | 1,591 Cr | 2,205 Cr | 2,593 Cr | 3,086 Cr | Sign in free for the trailing twelve months |
| Tax % | 20.3% | 23.2% | 30.5% | 12.6% | 23.0% | 22.6% | 22.8% | 22.0% | 22.9% | 23.5% | Sign in free for the trailing twelve months |
| Net profit | 736 Cr | 712 Cr | 743 Cr | 706 Cr | 635 Cr | 934 Cr | 1,228 Cr | 1,721 Cr | 2,000 Cr | 2,362 Cr | Sign in free for the trailing twelve months |
| EPS (₹) | ₹26.56 | ₹25.68 | ₹26.79 | ₹25.45 | ₹22.91 | ₹33.69 | ₹44.31 | ₹62.07 | ₹72.15 | ₹85.20 | Sign in free for the trailing twelve months |
| Dividend payout % | — | — | — | — | 61.1% | 47.5% | 50.8% | 49.9% | 52.7% | 62.8% | Sign in free for the trailing twelve months |
Sign in free for the trailing twelve months
The latest four quarters added up, next to each full year
Balance sheet
Annual · ₹ Cr · tap + rows to expand
| Metric | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity capital | 55 Cr | 55 Cr | 55 Cr | 55 Cr | 55 Cr | 55 Cr | 55 Cr | 55 Cr | 55 Cr | 55 Cr |
| Reserves | 3,816 Cr | 4,063 Cr | 4,228 Cr | 4,347 Cr | 4,596 Cr | 5,090 Cr | 5,703 Cr | 6,557 Cr | 7,506 Cr | 8,420 Cr |
| Borrowings | 252 Cr | 257 Cr | 313 Cr | 489 Cr | 20 Cr | 395 Cr | 350 Cr | 100 Cr | — | — |
| Other liabilities | 1,091 Cr | 1,339 Cr | 1,465 Cr | 1,305 Cr | 1,285 Cr | 1,572 Cr | 1,810 Cr | 2,258 Cr | 2,607 Cr | 2,829 Cr |
| Total liabilities | 5,214 Cr | 5,715 Cr | 6,060 Cr | 6,196 Cr | 5,956 Cr | 7,112 Cr | 7,919 Cr | 8,971 Cr | 10,168 Cr | 11,304 Cr |
| Fixed assets (net) | 1,225 Cr | 1,284 Cr | 1,284 Cr | 1,231 Cr | 1,168 Cr | 1,188 Cr | 1,169 Cr | 1,195 Cr | 1,292 Cr | 1,368 Cr |
| CWIP | 463 Cr | 39 Cr | 159 Cr | 80 Cr | 79 Cr | 60 Cr | 41 Cr | 95 Cr | 78 Cr | 77 Cr |
| Investments | 862 Cr | 709 Cr | 1,196 Cr | 2,074 Cr | 1,619 Cr | 1,871 Cr | 2,476 Cr | 2,619 Cr | 2,417 Cr | 3,060 Cr |
| Inventories | 570 Cr | 544 Cr | 633 Cr | 577 Cr | 564 Cr | 738 Cr | 904 Cr | 950 Cr | 1,004 Cr | 1,168 Cr |
| Trade receivables | 964 Cr | 1,338 Cr | 1,284 Cr | 1,146 Cr | 1,088 Cr | 1,258 Cr | 1,597 Cr | 2,085 Cr | 2,278 Cr | 2,754 Cr |
| Cash & bank | 124 Cr | 152 Cr | 195 Cr | 181 Cr | 122 Cr | 177 Cr | 397 Cr | 300 Cr | 235 Cr | 500 Cr |
| Other assets | 1,006 Cr | 1,648 Cr | 1,310 Cr | 907 Cr | 1,316 Cr | 1,820 Cr | 1,334 Cr | 1,727 Cr | 2,864 Cr | 2,376 Cr |
| Total assets | 5,214 Cr | 5,715 Cr | 6,060 Cr | 6,196 Cr | 5,956 Cr | 7,112 Cr | 7,919 Cr | 8,971 Cr | 10,168 Cr | 11,304 Cr |
Cash flows
Annual · ₹ Cr · tap + rows to expand · last column includes FCF
| Metric | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operating activity | 748 Cr | 632 Cr | 553 Cr | 601 Cr | 789 Cr | 844 Cr | 820 Cr | 1,285 Cr | 1,685 Cr | 1,734 Cr |
| Cash from investing | -487 Cr | -134 Cr | 16 Cr | -214 Cr | 15 Cr | -586 Cr | 69 Cr | -268 Cr | -582 Cr | 15 Cr |
| Cash from financing | -226 Cr | -470 Cr | -525 Cr | -412 Cr | -873 Cr | -82 Cr | -687 Cr | -1,134 Cr | -1,168 Cr | -1,495 Cr |
| Net cash flow | 35 Cr | 28 Cr | 44 Cr | -25 Cr | -60 Cr | 188 Cr | 219 Cr | -97 Cr | -63 Cr | 265 Cr |
| Free cash flow (OCF − Capex) | 503 Cr | 441 Cr | 270 Cr | 343 Cr | 672 Cr | 692 Cr | 658 Cr | 997 Cr | 1,447 Cr | 1,483 Cr |
Ratios
| Metric | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % | 22.8% | 21.5% | 23.6% | 16.9% | 18.0% | 22.0% | 26.3% | 33.3% | 34.5% | 36.6% |
| ROE % | 19.0% | 17.3% | 17.3% | 16.0% | 13.7% | 18.1% | 21.3% | 26.0% | 26.4% | 27.9% |
| Debtor days | 64 | 94 | 82 | 81 | 91 | 74 | 75 | 85 | 80 | 83 |
| Inventory days | 77 | 79 | 86 | 81 | 88 | 75 | 72 | 72 | 62 | 61 |
| Days payable | 82 | 110 | 112 | 98 | 114 | 102 | 92 | 107 | 96 | 86 |
| Cash conversion cycle | 59 | 63 | 56 | 64 | 65 | 48 | 55 | 50 | 45 | 57 |
| OCF / EBITDA % | 93.0% | 86.2% | 63.7% | 102.0% | 135.5% | 95.1% | 65.7% | 72.6% | 81.0% | 66.8% |
| OCF / EBITDA % (3 years) | — | — | 80.3% | 81.5% | 95.2% | 108.5% | 90.2% | 75.5% | 74.3% | 73.0% |
| Debt / equity | 0.07 | 0.06 | 0.07 | 0.11 | 0.0043 | 0.08 | 0.06 | 0.02 | 0.00 | — |
| Current ratio | 2.21 | 2.22 | 2.23 | 2.15 | 2.92 | 2.53 | 2.70 | 2.89 | 3.10 | 3.32 |
| Net debt / EBITDA | 0.16 | — | 0.13 | 0.52 | -0.17 | 0.24 | -0.04 | -0.11 | -0.11 | -0.19 |