Cummins India Limited (CUMMINSIND) share price
₹4740.90 on NSE as of 2026-10-08. -2.69% on the day. market cap ₹131,418 Cr. P/E 55.5. 52-week range ₹3849.00 to ₹6027.50. Capital Goods.
Cummins India Q1 FY27: Revenue Up 17.9% to ₹3,426 Cr, Operating Profit Down 1.2%, and a Managing Director's Resignation Filed the Same Day
At a glance
Cummins India sells diesel and alternative-fuel engines, generator sets and the service that keeps them running. The generator range now includes units built for data centres. Sales in the three months to June 2026 were ₹3,426 crore. The whole of the year to March 2021 brought in ₹4,360 crore. One quarter now covers roughly four-fifths of that pandemic year.
Revenue rose 17.9% on the ₹2,907 crore of a year earlier. It rose 13.8% on the ₹3,011 crore of the March quarter. Operating profit went the other way, at ₹616 crore against ₹624 crore last June. That is a fall of 1.2%, with the operating margin at 18% against 21%. Net profit was ₹609 crore, up 0.9% on a year earlier. It was down 6.2% on the ₹649 crore of the March quarter. Earnings per share, the profit divided by the number of shares, came to ₹21.98. The share count has been 27.72 crore since at least the year to March 2017, and shows no sign of developing opinions.
The same board meeting on August 5 noted the resignation of Ms Shveta Arya. She leaves as Managing Director, Director and Key Managerial Personnel on August 31, 2026. Her letter, filed with the exchanges, says she is resigning to pursue external opportunities. It confirms no other reason. The company said it is evaluating suitable candidates.
That board also approved a Postal Ballot notice seeking member approval for a revision in commission payable to Independent Directors. It appointed a scrutiniser for the electronic voting.
Introduction
Cummins India Ltd is part of the Cummins Inc. Group, USA, which holds 51% of it. It designs, makes, distributes and services diesel and alternative fuel engines from 2.8 to 100 litres. It also builds diesel and alternative-fuelled generator sets up to 3000 kW, or 3750 kVA, with the components and technology around them. The registered office is in Balewadi, Pune. The corporate identity number begins L29112PN1962, a 1962 vintage. The 65th annual general meeting was held on August 7, 2026. All ten resolutions were approved, including the accounts for the year to March 2026 and a final dividend of ₹46.
The filings have been busier than the operating lines for eighteen months. In April 2025 the wholly owned subsidiary Cummins Sales & Service Private Limited ceased to be a subsidiary, after all its shares were transferred. That produced an exceptional gain of ₹12.59 crore in the consolidated accounts and ₹44.15 crore standalone. Standalone counts the parent alone; consolidated adds the companies it controls. In June 2025 the company announced the launch of Battery Energy Storage Systems. In December 2025 a postal ballot went out to approve additional related-party transactions, meaning deals with companies in the same group. One counterparty was cleared for ₹40 crore, another for ₹250 crore. In February 2026 the Board declared an interim dividend of ₹20 on 27.72 crore shares.
Then the Labour Codes arrived. The Government of India notified all four on November 21, 2025, subsuming 29 existing labour laws. The company assessed the impact and recorded a net expense of ₹94.20 crore for the year to March 2026. That included a reversal of ₹32.34 crore in the March quarter. The company presented it under Exceptional Items, on the grounds that it was material, regulatory-driven and not recurring. A further ₹8.36 crore came through the joint venture and associate line.
Two companies sit outside the operating lines. Cummins Generator Technologies India Private Limited is held at 48.74% as an associate. Valvoline Cummins Private Limited is held at 50% as a joint venture. Both arrive below the operating lines, as a share of profit rather than as sales.
Business model
Two segments, per the company: Engines and Lubes. Engines was 81% of the mix in the year to March 2025, up from 78% two years earlier. Lubes was 19%, down from 22%. Lubes is Valvoline Cummins, the 50:50 joint venture with Valvoline International Inc. It makes lubricants, grease and allied products under the Valvoline brand. So one-fifth of the segment story is a company Cummins India does not consolidate line by line. It is equity-accounted instead, which means only a share of its profit appears. The Lubes segment's own profit and loss shows ₹1,003 crore of quarterly sales. All of that is then eliminated to reach net sales of ₹3,375 crore. It exists in the disclosure the way a ghost exists in a house: visible, documented, not counted in the square footage.
Engines splits into Power Generation and Industrial. Power Generation delivered more than 23,000 CPCB IV+ genset units across India in the year to March 2025. It has launched products compliant with CAQM rules at 1000 kVA and above. There is also a 2000 kVA Prime rating and a 2500 kVA DCC rating aimed at modern data centres.
Industrial is where the catalogue turns into a list of heavy things. In railways the company was first mover in engines and peripherals for the Power Car of LHB passenger coaches. It now supplies hotel load converters there too. In mining it is a critical technology partner to equipment makers for high-tonnage dump trucks. It also supplies excavators, motor graders, dozers and stone crushers. Oil and gas takes gas compression engines from it. Defence work covers wheeled and tracked platforms, and a prototype engine for a light tank was delivered and tested for the Indian Army. Construction has a fuel-agnostic higher-power diesel engine under development. Marine supplies engines and gensets to defence and commercial vessels from several shipyards.
Then there is distribution, the part people forget. It runs more than 450 service touchpoints, 116 on-highway dealerships and 4 battery dealerships. The GOEM dealer network went from 113 to 117 over the year to March 2025. Recent additions include Power Management Solutions for power factor penalties, harmonics and connected power quality monitoring, plus the OptiNAS+ Hydraulic Filter.
Domestic sales were 83% of the total in the year to March 2025, against 73% two years earlier. Exports were 17%, against 27%. Markets served include India, Bhutan and Nepal. Exports go to the USA, Europe, Mexico and Africa, with the Middle East and China as well. Research and development expense was about ₹7 crore in the year to March 2025, which the company reports as 0.10% of turnover.
Quarterly results, balance sheet, cash flow, ratios, shareholding and the filings themselves are on the full page for Cummins India Limited.
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