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Swing Capital

Cummins India Ltd

NSE: CUMMINSIND BSE: 500480Energy

Cummins India Ltd is a part of the Cummins Inc. Group USA. It designs, manufactures, distributes and services diesel and alternative fuel engines from 2.8 to 100 liters, diesel and alternative-fueled power generator sets of up to 3000 kW (3750 kVA), as well as related components and technology.[1]

₹5,284
52W: ₹2916 — ₹5473
PE 64.8 · Book ₹265 · +1894% vs book
Market Cap₹1,46,466 Cr
Stock P/E64.8Price to Earnings
ROCE37.6%Return on Capital
ROE28.8%Return on Equity
Div. Yield0.97%Face Value ₹2

Strengths

  • +Company has reduced debt.
  • +Company is almost debt free.
  • +Company has delivered good profit growth of 25.0% CAGR over last 5 years
  • +Company has a good return on equity (ROE) track record: 3 Years ROE 26.7%
  • +Company has been maintaining a healthy dividend payout of 66.6%

Weaknesses

  • −Stock is trading at 19.8 times its book value

Shareholding Pattern

Promoters51%
FIIs20.77%
DIIs19.43%
Public8.68%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters51%51%51%51%51%51%51%51%
FIIs17.95%17.5%▼0.418.09%▲0.617.21%▼0.917.5%▲0.318.35%▲0.919.42%▲1.120.77%▲1.3
DIIs22.24%22.5%▲0.321.8%▼0.722.84%▲1.022.53%▼0.321.73%▼0.820.6%▼1.119.43%▼1.2
Public8.66%8.89%▲0.29%▲0.18.85%▼0.28.86%▲0.08.82%▼0.08.87%▲0.08.68%▼0.2

Financial Statements

MetricSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales1,9002,5342,3162,3042,4923,0862,4572,9073,1703,055
Expenses1,5611,9961,7721,8372,0112,4861,9372,2832,4752,420
Operating Profit339538544467481600520624695634
OPM %18%21%24%20%19%19%21%21%22%21%
Net Profit329455562420451514521589638453
EPS ₹11.8516.4120.2615.1416.2618.5418.8121.262316.35

AI Insights

Revenue Trend

TTM revenue at ₹11,589Cr, up 12.1% YoY. OPM at 21%.

Debt Position

Borrowings at ₹24Cr. Debt-to-equity ratio: 0.00x. Healthy balance sheet.

Capex Cycle

CWIP at ₹72Cr (3% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 19.43% (-4.33pp change). FIIs: 20.77% (+6.40pp change). Promoters hold 51%.

Margin & Efficiency

ROCE improving from 33% (Mar 2014) to 38% (Mar 2025). Working capital days: 46.

Valuation

PE 64.8x with 37.6% ROCE. Price is 1894% above book value of ₹265. Dividend yield: 0.97%.

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