MarketFriction

Cummins India Ltd

NSE CUMMINSIND · BSE 500480 · Compressors, Pumps & Diesel Engines
₹4,860.00 +2.10%
NSE close2026-10-01
52 week range3,833.00 - 6,100.00
Market cap₹1,33,056 Cr.
P/E54.5
Results 04-11 Nifty Next 50Nifty 100Nifty 200Nifty 500Nifty InfrastructureNifty MNC No price band Delivery 48.7%

Price

Drag to pan, scroll or pinch to zoom. Ruler (or Shift + drag) measures a move.Dashed lines: 52 week high and low. Prices adjusted for splits and bonuses.

Financials

Consolidated, Rs crore
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales1,9222,5412,3192,3162,5093,0962,4702,9073,1703,0553,0113,426
Expenses1,5751,9991,7811,8422,0252,4991,9452,2832,4752,4202,3692,810
Operating Profit346543539473484598525624695634642616
OPM %18%21%23%20%19%19%21%21%22%21%21%18%
Other Income12815318617115716821721218146263227
Interest766533533524
Depreciation384242444549464849505153
Profit before tax429647676595594714690785824626852787
Tax %23%23%20%22%24%22%23%23%24%22%24%23%
Net Profit329499539463449558530604622486649609
EPS in Rs11.8718.0019.4416.6916.2120.1519.1021.7922.4517.5323.4321.98
Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales4,7205,1065,1125,6975,1914,3606,1717,7729,00010,39112,14312,662
Expenses3,9454,3024,3744,8284,5983,7575,2886,5247,2318,3119,54810,075
Operating Profit7758057388695936038831,2481,7702,0802,5952,588
OPM %16%16%14%15%11%14%14%16%20%20%21%20%
Other Income116141298328356366472502622714702717
Interest101715172117121627161214
Depreciation818594111121127136142159185199203
Profit before tax7998439271,0698078251,2071,5912,2052,5933,0863,088
Tax %21%22%23%31%13%23%23%23%22%23%23%
Net Profit7217367127437066359341,2281,7212,0002,3622,367
EPS in Rs26.0226.5625.6826.7925.4522.9133.6844.3162.0772.1585.2085.39
Dividend Payout %54%53%58%63%55%65%55%56%61%71%77%
10 Years5 Years3 YearsTTM1 YearLast Year
Compounded Sales Growth10%23%16%15%
Compounded Profit Growth13%31%26%14%
Stock Price CAGR18%39%41%22%
Return on Equity22%26%29%30%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital555555555555555555555555
Reserves3,0333,5533,8164,0634,2284,3474,5965,0905,7036,5577,5068,420
Borrowings33252257313512404183761273037
Other Liabilities1,5081,0511,0911,3391,4651,2821,2651,5491,7842,2312,5772,793
Total Liabilities4,5994,6625,2145,7156,0606,1965,9567,1127,9198,97110,16811,304
Fixed Assets1,3071,2911,5022,0212,0152,2702,1892,2092,2262,3022,3642,383
CWIP17151946339159801286141978598
Investments5364898627084681,0385998921,4571,6421,4822,153
Other Assets2,5852,3642,3872,9473,4182,8093,0413,9514,1944,9306,2386,670
Total Assets4,5994,6625,2145,7156,0606,1965,9567,1127,9198,97110,16811,304
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity5896967486325536017897128201,2851,6831,734
Cash from Investing Activity-146-215-483-13415-20225-57487-248-57826
Cash from Financing Activity-444-471-226-470-525-412-873-82-687-1,134-1,168-1,495
Net Cash Flow-110392843-14-6056219-97-63265
Free Cash Flow2512055165402793646757826651,0031,4651,487
CFO/OP98%112%116%110%91%129%145%109%94%101%109%91%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days737369968281917475858083
Inventory Days897563616462756663605656
Days Payable796968858375978981898779
Cash Conversion Cycle837965716368695158564960
Working Capital Days547849575940723936484653
ROCE %24%22%21%24%18%17%21%27%35%36%40%
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters51.00%51.00%51.00%51.00%51.00%51.00%51.00%51.00%51.00%51.00%51.00%51.00%
FIIs16.45%16.51%17.36%17.95%17.50%18.09%17.21%17.50%18.35%19.42%20.77%21.19%
DIIs21.97%23.36%22.86%22.24%22.50%21.80%22.84%22.53%21.73%20.60%19.43%19.06%
Government0.20%0.20%0.14%0.14%0.11%0.10%0.10%0.10%0.10%0.10%0.10%0.10%
Public10.36%8.93%8.63%8.66%8.89%9.00%8.85%8.86%8.82%8.87%8.68%8.65%
No. of Shareholders1,28,9711,17,9051,20,0431,50,0971,64,9431,77,2281,62,4961,59,6651,60,0271,66,2101,61,9931,73,450

Fundamentals

Market Cap₹ 1,33,056 Cr.
Current Price₹ 4,800
Stock P/E54.5
Book Value₹ 306
ROCE39.5 %
ROE30.2 %
Dividend Yield1.38 %
Face Value₹ 2.00
Compounded Sales Growth (TTM)15%
Compounded Profit Growth (TTM)14%
Consolidated figures.
Valuation
Market capRs 134,719 Cr
Enterprise valueRs 132,382 Cr
P/E (TTM)56.91x
Price to book15.90x
Price to sales10.64x
EV / EBITDA40.05x
EV / EBIT42.68x
EV / sales10.45x
Price to cash flow77.68x
Earnings yield1.76%
Dividend yield1.36%
P/E, 3-year average47.85x
P/B, 3-year average12.84x
P/E, 5-year average42.72x
P/B, 5-year average10.48x
Profitability
Operating margin (excl. other income)21.37%
Operating margin (incl. other income)27.15%
EBITDA margin26.10%
Pre-tax margin24.39%
Net profit margin18.69%
Net margin, latest quarter17.78%
ROE29.45%
ROCE38.48%
ROA22.00%
ROE, 3-year average28.50%
ROCE, 3-year average36.52%
ROA, 3-year average21.09%
ROE, 5-year average25.42%
ROCE, 5-year average32.17%
ROA, 5-year average18.78%
ROIC (approx.)38.68%
Tax rate23.47%
Other income / net worth8.28%
Growth
Sales growth (latest year)16.87%
Profit growth (latest year)18.09%
Sales CAGR, 3 years16.04%
Sales CAGR, 5 years22.73%
Profit CAGR, 3 years24.35%
Profit CAGR, 5 years30.04%
Sales growth QoQ13.78%
Profit growth QoQ-6.18%
Sales growth YoY (latest quarter)17.86%
Profit growth YoY (latest quarter)0.89%
Per share
EPS (TTM)Rs 85.39
EPS (latest year)Rs 85.20
EPS (latest quarter)Rs 21.98
EPS, 3-year averageRs 73.14
EPS, 5-year averageRs 59.48
Book value per shareRs 305.74
Sales per shareRs 456.80
Cash flow per shareRs 62.56
Free cash flow per shareRs 53.64
Dividend per share (latest year)Rs 66.00
Dividend per share, 3-year averageRs 51.83
Dividend per share, 5-year averageRs 39.80
Dividends
Dividend payout77.46%
Dividend payout, 3-year average70.02%
Dividend payout, 5-year average64.28%
Efficiency
Asset turnover1.07x
Fixed asset turnover5.09x
Inventory turnover7.04x
Inventory days52 days
Debtor days83 days
Debtors turnover4.41x
Creditor days79 days
Cash conversion cycle60 days
Working capital days53 days
Leverage
Total debtRs 37 Cr
Cash and bankRs 2,374 Cr
Net debtRs -2,338 Cr
Debt to equity0.00x
Net debt / EBITDA-0.71x
Interest coverage227.07x
Current ratio (filing 2026-03-31)3.32x
Quick ratio (filing 2026-03-31)2.84x
Trade payables (filing 2026-03-31)Rs 1,650 Cr
Owners' fund to total sources74.97%
Debt to assets0.32%
Cash flow
Cash from Operating Activity (latest year)Rs 1,734 Cr
Cash from Investing Activity (latest year)Rs 26 Cr
Cash from Financing Activity (latest year)Rs -1,495 Cr
Net Cash Flow (latest year)Rs 265 Cr
Free cash flow (latest year)Rs 1,487 Cr
FCFE (approx.: FCF + change in debt)Rs 1,494 Cr
Cash from ops / profit, 5 years0.76x
Sales to cash flow7.00x
Statement figures
Net sales (TTM)Rs 12,662 Cr
Net sales (latest year)Rs 12,143 Cr
Sales (latest quarter)Rs 3,426 Cr
Operating profit excl. other income (latest year)Rs 2,595 Cr
Operating profit (latest quarter)Rs 616 Cr
Other income (TTM)Rs 717 Cr
EBITDA (TTM)Rs 3,305 Cr
PBDT (TTM)Rs 3,291 Cr
Profit before tax (TTM)Rs 3,088 Cr
Tax (latest year)Rs 724 Cr
Net profit (TTM)Rs 2,367 Cr
Net profit (latest year)Rs 2,362 Cr
Net profit (latest quarter)Rs 609 Cr
Depreciation (TTM)Rs 203 Cr
Depreciation (latest quarter)Rs 53 Cr
Interest (TTM)Rs 14 Cr
Cost of goods sold (latest year)Rs 8,230 Cr
Total expenditure (latest year)Rs 9,548 Cr
Total income (latest year)Rs 12,845 Cr
Share capitalRs 55 Cr
ReservesRs 8,420 Cr
Shareholders' fundsRs 8,475 Cr
Total assetsRs 11,304 Cr
Net blockRs 2,383 Cr
Capital work in progressRs 98 Cr
InvestmentsRs 2,153 Cr
ReceivablesRs 2,754 Cr
InventoryRs 1,168 Cr
Other liabilitiesRs 2,793 Cr
Shares outstanding (crore)27.72
Ownership
Promoter holding51.00% (+0.00 in a year)
Computed by MarketFriction from the consolidated statements. Returns use average balances.
P/E 56.9 is at the 87th percentile of its own 9.4-year range (median 38.4, low 12.2, high 80.2).
P/B 15.90 is at the 87th percentile (median 6.47).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
PeriodCUMMINSINDNifty 50Difference
1 week-2.3%-2.8% +0.5 pts
1 month-4.8%-6.8% +2.0 pts
3 months-11.3%-7.6% -3.7 pts
6 months+8.0%+0.4% +7.6 pts
1 year+22.2%-9.9% +32.1 pts
2 years+25.7%-13.6% +39.3 pts
3 years+186.5%+14.2% +172.3 pts
5 years+429.4%+27.9% +401.5 pts
341 mutual fund schemes hold about ₹19,575 Cr. Over three months 65 bought more and 103 sold (share counts, price move removed).
FundWeightEst. Cr3m shares
HDFC Mid Cap Fund1.92%2,080 -14%
ICICI Pru Large Cap Fund0.80%638 +7%
Nippon India Growth Mid Cap Fund1.17%613 -4%
Axis Midcap Fund1.70%583 -3%
Kotak Arbitrage Fund(M0.74%563 -12%
ICICI Pru Large & Mid Cap Fund1.46%491 +100%
Kotak Large & Mid Cap Fund1.42%459 -2%
ICICI Pru Aggressive Hybrid Fund(A0.74%386 +100%
UTI Nifty200 Momentum 30 Index Fund4.50%380 +0%
Sundaram Mid Cap Fund2.48%369 -8%
Sundaram Mid Cap Fund2.48%360 -8%
ICICI Pru Balanced Advantage Fund(M0.47%352 +139%
Axis ELSS-Tax Saver Fund1.06%347 -1%
Axis Focused Fund2.75%314 -5%
SBI MNC Fund4.56%306 -5%
ICICI Pru Energy Opportunities Fund3.43%284 +352%
Aditya Birla SL ELSS Tax Saver Fund1.89%275 +1%
ICICI Pru Nifty Next 50 Index Fund2.71%274 -2%
ICICI Pru Arbitrage Fund0.77%268 +207%
SBI Flexicap Fund1.13%263 -1%
SBI Balanced Advantage Fund0.59%247 +1%
HDFC Manufacturing Fund2.11%224 -2%
ICICI Pru Infrastructure Fund2.55%218 +100%
UTI Nifty Next 50 Index Fund2.72%205 -2%
ICICI Pru Manufacturing Fund2.74%197 +5%

Red flags

F-score 6 of 8
lookAuditor change Auditor change 2026-05-27: Cummins India Limited has informed the Exchange regarding Change in Auditors of the company.
lookRegulator order or action Regulator order or action 2025-12-22: Cummins India Limited has informed the Exchange about Action(s) taken or orders passed - Order imposing penalty passed by the Assessment Uni
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.

Insider trades

NSE insider and takeover-code disclosures
DateWhoRoleSideSharesValueHow
2024-06-14Mohan RamachandranEmployees/Designated Employesell100Rs 0.04 CrMarket Sale
2024-06-13Mohan RamachandranEmployees/Designated Employesell100Rs 0.04 CrMarket Sale
2024-06-12Mohan RamachandranEmployees/Designated Employesell200Rs 0.07 CrMarket Sale
2022-10-27Nachiket GoleImmediate relativesell500Rs 0.06 CrMarket Sale
2022-10-19Nachiket GoleImmediate relativebuy500Rs 0.06 CrMarket Purchase
Latest disclosed trades by insiders, promoters and large holders. Grants, option exercises and pledges show as "other". A filing is a fact, not a signal on its own.

Latest quarter

Jun 2026
Sales ₹3,426 Cr +17.9% vs Jun 2025. Net profit ₹609 Cr +0.8%.

Activity

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No bulk or block deals on record.
Ex-dateActionFactor
2026-07-17Dividend - Rs 46 Per Share
2026-02-11Interim Dividend - Rs 20 Per Share
2025-07-18Dividend - Rs 33.50 Per Share
2025-02-14Interim Dividend - Rs 18 Per Share
2024-07-19Annual General Meeting/Dividend - Rs 20 Per Share
2024-02-21Interim Dividend - Rs 18 Per Share
2023-07-26Annual General Meeting/Dividend - Rs 13 Per Share
2023-02-21Interim Dividend - Rs 12 Per Share
2022-08-02Annual General Meeting/Dividend - Rs 10.5 Per Sh
2022-02-21Interim Dividend - Rs 8 Per Share
2021-08-04 Annual General Meeting/Dividend - Rs 8 Per Share
2021-02-09 Interim Dividend - Rs 7 Per Share
2020-08-17 Annual General Meeting/Dividend - Rs 7 Per Share
2020-02-07 Interim Dividend - Rs 7 Per Share
2019-07-31 Annual General Meeting/Dividend Rs 10 Per Share
2019-02-15 Interim Dividend - Rs 7 Per Share
2018-08-02 Annual General Meeting/Dividend- Rs 10 Per Share
2018-02-15 Interim Dividend Rs 5/- Per Share
2017-07-27 Annual General Meeting/Dividend - Rs 9/- Per Share
2017-02-09 Interim Dividend Rs 5/- Per Share
2016-07-28 Annual General Meeting/Dividend Rs 9/- Per Share
2016-02-11 Interim Dividend - Rs 5/- Pe R Share
2015-07-30Annual General Meeting/ Dividend - Rs 9/- Per Share
2014-09-18Interim Dividend Rs.5/- Per Share (Purpose Revised)
2014-07-24Annual General Meeting / Final Dividend - Rs 8/- Per Share
2014-02-13Interim Dividend - Rs 5/- Per Share (Purpose Revised)
2013-07-25Annual General Meeting / Final Dividend Rs.8/- Per Equity Share
2013-02-11Interim Dividend Rs 5 Per Share
2012-07-26Annual General Meeting And Dividend - Rs.6/- Per Share
2012-02-21Interim Dividend Rs.5/- Per Share
2011-09-20Bonus 2:50.7143
2011-07-28Annual General Meeting And Dividend Rs.8/- Per Share
2011-02-10Interim Dividend-Rs.7/- Per Share (Purpose Revised)
2010-08-05Annual General Meeting And Dividend Rs.6/- Per Share
2009-12-14Int Div-Rs.6/- Per Share
2009-07-23Agm/Div-Rs.2.60/-Pershare
2009-02-03Interim Dividend - 200% Purpose Revised
2008-12-15Special Dividend - 120% Purpose Revised
2008-07-17Agm/Dividend-130%
2008-02-14Interim Div- Rs.2 Per Sh
2007-07-19Agm/Final Dividend-100%
2007-02-08Interim Dividend-100%
2006-07-17Agm/Final Dividend-100%
DateTypeWhat it says
2026-09-29Regulatory actionAction(s) initiated or orders passed
2026-09-17UpdatesIntimation to shareholders regarding withholding of Final Dividend for FY 2025-26 for KYC Non-Compliant Folio(s)..
2026-09-15Shareholder meetingNotice of Postal Ballot
2026-09-15Press ReleaseA press release dated September 15, 2026, titled "Cummins India Unveils Next-Generation Power Solutions and Showcases Smart Aftermarket Solutions at b...
2026-09-09Press ReleaseA press release dated September 09, 2026, titled "Cummins India To Showcase Integrated Power Solutions For India s Evolving Infrastructure Needs At ba...
2026-09-02AppointmentAppointment of Ms. Avanthi Rao as Vice President Distribution Business and a Senior ManagementPersonnel of the Company w.e.f. October 01, 2026.
2026-08-20ResignationResignation of Director/KMP/SMP
2026-08-20ResignationResignation of Mr Pankaj Kapoor as Senior Management Personnel of the Company w.e.f. September 21, 2026.
2026-08-18Concall / analyst meetSchedule of Investor meet / Analyst Call
2026-08-13Concall / analyst meetSchedule of meet
2026-08-11Concall / analyst meetTranscript
2026-08-07Shareholder meetingCummins India Limited has submitted the Exchange a copy Srutinizers report of Annual General Meeting held on August 06, 2026
2026-08-07Shareholder meetingVoting results of Annual General Meeting held on August 06, 2026
2026-08-06Concall / analyst meetLink of Audio recording of earnings call held on August 6, 2026.
2026-08-06Shareholder meetingProceedings of Annual General Meeting held on August 06, 2026.
2026-08-06UpdatesPresentation given by Managing Director of the Company at the 65th Annual General Meeting.
2026-08-05Press ReleaseA press release dated August 05, 2026, titled "Press Release for Financial Statements - June 30, 2026".
2026-08-05General UpdatesGeneral Updates - Press Release - June 30, 2026.
2026-08-05ResignationResignation of Ms Shveta Arya as Managing Director of the company w.e.f. August 31, 2026.
2026-08-05Board meeting outcomeCummins India Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-07-27Concall / analyst meetSchedule of meet
2026-07-11UpdatesDispatch of letter containing web link and QR code of Annual Report pursuant to Regulation 36(1)(b) of SEBI (Listing Obligations & Disclosure Requirem...
2026-07-09UpdatesCummins India Limited has informed the Exchange regarding Business Responsibility and Sustainability Report for FY 2025-26.
2026-07-09Shareholder meetingNotice of 65th Annual General Meeting of the Company along with Annual Report for FY 2025-26.
2026-07-09LitigationPendency of Litigation(s)/dispute(s) or the outcome impacting the Company
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
Put / call open interest0.90
Max pain (expiry 2026-10-27)4,900
Largest call open interest at5,000
Largest put open interest at4,600
Implied volatility, at the money23.4%
Underlying at snapshot4,860.00
Open interest by strike around the price, nearest expiry. End-of-day NSE snapshot, 01-Oct-2026 15:40:00. Max pain is the strike where option buyers together would lose the most at expiry.
Trade dateShares sold short
2026-09-30175
2026-09-29375
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Order dateForumCase
2020-09-10CESTATCUMMINS TECHNOLOGIES INDIA PVT LTD ---VS.--- BHOPAL
2020-03-12CESTATCUMMINS TECHNOLOGIES INDIA PVT LTD ---VS.--- BHOPAL
2019-09-27NCLATS.N. Suyamindra Achar VS Cummins Generator Technology & Anr.
2019-09-23NCLATS.N. Suyamindra Achar VS Cummins Generator Technology & Anr.
2019-08-19NCLATS.N. Suyamindra Achar VS Cummins Generator Technology & Anr.
2019-07-11NCLATS.N. Suyamindra Achar VS Cummins Generator Technology & Anr.
Orders from NCLT, NCLAT and CESTAT naming the company. Click a row for the order.
Scrip PE is greater than 50 (4 trailing quarters)

Quick answers

What is the market cap of Cummins India Ltd?

Cummins India Ltd (CUMMINSIND) has a market capitalisation of Rs 1,33,056 Cr. at the 2026-10-01 close.

What is the P/E ratio of Cummins India Ltd?

Cummins India Ltd trades at a P/E of 54.5 on trailing twelve-month profit, at the 2026-10-01 close.

What were Cummins India Ltd's latest quarterly results?

In the Jun 2026 quarter, Cummins India Ltd sales was Rs 3,426 Cr (+17.9% vs Jun 2025) and net profit was Rs 609 Cr.

What is the 52-week high and low of Cummins India Ltd?

The 52-week high is Rs 6,100.00 and the 52-week low is Rs 3,833.00.

Data: NSE and BSE daily reports, company filings. Numbers only, not investment advice, not a SEBI-registered research service.AboutMethodologyFAQResearchContactTermsPrivacyDisclaimerUpdated 2026-10-03