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The Indian listed arm of US-based Cummins, making diesel and natural-gas engines and power generators.
The Indian listed arm of US-based Cummins, making diesel and natural-gas engines and power generators.
Sells engines and power generators to Indian buyers and exports to the Cummins group, with the US parent supplying technology and holding the majority of shares. Generator sets are sold as backup power for buildings, data centers and factories, so orders follow construction and industrial investment.
In one line: The Indian subsidiary of Cummins Inc (engines).
Moat: narrow (brand, scale, installed base). Parent Cummins' global engine technology and brand give a strong position in India's diesel-engine/genset market.
Headquarters: Pune, India · Founded: 1962 · Employees: 5,178
Size Cummins India (CUMMINSIND.NS) is an India Consumer Discretionary company (Auto Parts: OEM) with a market value of $11.9B, the 100th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹4,049 on 6 Nov 2026.
Performance Over six months the shares fell 25.1%, against -3.9% for the median peer and 0.0% for the India market (cap-weighted) — 3rd lowest of 21 in its peer set.
Growth Revenue grew 15.3% over the last twelve months (peer median +8.9%); the operating margin is 18.8% (peer median 9.5%).
Valuation It trades at 43.5× forward earnings against a peer median of 21.2× (5th most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 40% a year for seven years (Req g). Recent delivered growth is +23%, so the hurdle is +17 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 22.2 points above its cost of capital (15.3% WACC).
Next results Next results expected around 10 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹127B | ₹121B | ₹103B | ₹89.7B | ₹77.5B |
| Revenue growth | — | +17% | +15% | +16% | — |
| Gross profit | ₹35.1B | ₹32.1B | ₹25.7B | ₹20.7B | ₹16.0B |
| EBITDA | ₹25.9B | ₹25.8B | ₹20.6B | ₹17.5B | ₹12.4B |
| Net income | ₹23.7B | ₹23.6B | ₹20.0B | ₹17.2B | ₹12.3B |
| Free cash flow | n/a | ₹18.8B | ₹18.0B | ₹12.9B | ₹8.30B |
| Capital expenditure | n/a | ₹2.52B | ₹2.26B | ₹2.88B | ₹1.62B |
| Total debt | n/a | ₹365M | ₹297M | ₹1.27B | ₹3.76B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Cummins India CUMMINSIND.NS | $11.9B | -25% | +15% | 19% | 43.5× | 39.5% |
| Ashok Leyland ASHOKLEY.NS | $10.7B | +1% | +16% | 17% | 24.8× | n/a |
| Kirloskar Oil Engines KIRLOSENG.NS | $2.44B | -8% | +23% | 15% | 36.6× | 25.3% |
| Caterpillar CAT | $257B | -38% | +20% | 19% | 18.8× | 18.0% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | CUMMINSIND.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -16.9% | +2.0% | 2nd lowest of 21 |
| 6-month return | -25.1% | -3.9% | 3rd lowest of 21 |
| Distance from 52-week high | -33.6% | -19.7% | 5th lowest of 21 |
| Revenue growth (TTM) | +15.3% | +8.9% | 7th highest of 21 |
| Operating margin | 18.8% | 9.5% | 4th highest of 21 |
| Forward P/E | 43.5× | 21.2× | 5th most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 39.5% | 8.3% | 3rd most demanding of 18 |
| Growth delivered (Del g) | +22.7% | +7.7% | 3rd highest of 18 |
| Hurdle (Req g minus delivered) | +16.8 pp | -3.7 pp | 4th most demanding of 18 |
| ROIC minus cost of capital | +22.2 pp | +2.4 pp | highest of 21 |
| EV / EBITDA | 42.2× | 11.7× | 2nd most expensive of 14 |
| Net debt / EBITDA | -1.5× | 1.1× | 2nd least indebted of 14 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Cummins India CUMMINSIND.NS | India | $11.9B | -25% | +15% | 19% | 43.5× | 39.5% | +22.7% |
| Ningbo Tuopu 601689.SS | China | $11.7B | -26% | +11% | 9% | 29.9× | 15.3% | +35.4% |
| Trelleborg TREL-B.ST | Sweden | $10.1B | +19% | +2% | 19% | 22.9× | 9.6% | +2.6% |
| Aisin 7259.T | Japan | $9.78B | -14% | +6% | 4% | 10.0× | -0.3% | +7.7% |
| Donaldson DCI | United States | $9.77B | -2% | +5% | 16% | 19.5× | 8.3% | +6.4% |
| Allison Transmission ALSN | United States | $9.65B | -6% | +71% | 20% | 11.0× | 2.6% | +7.7% |
| Bosch BOSCHLTD.NS | India | $15.8B | +34% | +14% | 12% | 49.7× | 46.8% | +15.7% |
| Niterra 5334.T | Japan | $9.01B | +5% | +16% | 19% | 9.9× | 4.0% | +11.3% |
| Autoliv ALV | United States | $8.89B | +2% | +4% | 10% | 11.0× | 2.6% | +7.7% |
| Magna International MG.TO | Canada | $16.1B | +4% | 0% | 6% | 8.2× | 0.1% | +6.0% |
| Knorr-Bremse KBX.DE | Germany | $17.1B | -9% | +4% | 13% | 20.7× | 8.6% | +4.9% |
| HELLA GmbH & Co. KGaA HLE.DE | Germany | $8.26B | -7% | -1% | 5% | 34.7× | 2.4% | +6.1% |
| UNO Minda UNOMINDA.NS | India | $8.11B | +16% | +19% | 8% | 53.6× | 46.9% | +25.0% |
| Samvardhana Motherson International MOTHERSON.NS | India | $17.9B | +22% | +14% | 6% | 30.2× | 30.9% | +17.0% |
| Jiangsu Hengli Hydraulic 601100.SS | China | $17.9B | -15% | +31% | 24% | 38.2× | 24.0% | +6.9% |
| Huayu Automotive Systems 600741.SS | China | $7.87B | -11% | +1% | 3% | 7.9× | -15.5% | +6.6% |
| ITT ITT | United States | $18.4B | 0% | +28% | 17% | 21.6× | 20.9% | +9.7% |
| Huizhou Desay SV Automotive 002920.SZ | China | $7.12B | -23% | +12% | 7% | 17.5× | n/a | n/a |
| Anhui Jianghuai Automobile 600418.SS | China | $6.48B | -60% | +23% | -2% | 44.4× | n/a | n/a |
| Mobis 012330.KS | South Korea | $22.3B | -18% | +4% | 6% | 8.3× | -1.0% | +10.8% |
| Zhejiang Sling Intelligent Drive 301550.SZ | China | $6.34B | +14% | +7% | 19% | 230.9× | n/a | n/a |