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Not investment advice. Data and computed figures, for information only.

Cummins India Ltd

NSE: CUMMINSINDF&O
₹4,639.00
−₹153.90 (−3.21%)
NSE · 15 Oct 2026, close
NSE
As of 31 Mar 2026
Market Cap
₹1,33,888 Cr
CMP
₹4,639.00
52-wk High / Low
₹6,100 / 3,883
P/E
54.9
P/B
15.8
Book Value
₹306.0
Div Yield
1.37%
ROCE
40.0%
ROE
30.2%
Face Value
₹2
D/E
0.00

Price+17.0% over 1Y

āagman read

Computed by āagman
Derived from 12 years and 15 quarters of filings. Not reported by the company.
As of 15 Oct 2026
How we compute these
Piotroski F-Score
6
/ 9
6 of 9 F-score tests passed
Graham Number
₹766
√(22.5 × EPS × book value per share)
ROIC
21.5%
vs 12.3% sector median
Cash flow to profit
0.73
CFO / PAT
Above 1.0 = operating cash flow exceeded reported profit
Margin change
−349
bps OPM YoY
Operating margin vs the same quarter last year
Sustainable growth
7.5%
ROE × earnings retention ratio
ROE stability
3.6
pp σ
Standard deviation of ROE across periods. Lower = more stable
Holder deltas
QoQ
pp
Prom +0.00FII +0.42DII −0.37
Latest quarter vs the previous one
Cash-accrual divergence
5.8%
of assets
Low = accruals track cash flow
Strengths
+ROCE has stayed above the sector median for 5 consecutive years (weakest: 21% vs the 2022 sector median of 17%)
+FII holding rose by 7.2pp over the last year
Watch-outs
−Borrowings are up 1133.3% since FY2016 (3 to 37)
−Price trades below its 200-day moving average (0.9x)

Peer comparison

Peers
NameP/EMar Cap ₹ CrROCE %ROE %

Quarterly results

Consolidated basis (as filed) · ₹ Cr · 13 quarters
As of 30 Jun 2026
Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales2,2181,9222,5412,3192,3162,5093,0962,4702,9073,1703,0553,0113,426
Expenses1,8761,5751,9991,7811,8422,0252,4991,9452,2832,4752,4202,3692,810
Operating Profit342346543539473484598525624695634642616
OPM %15.4%18.0%21.4%23.2%20.4%19.3%19.3%21.3%21.5%21.9%20.8%21.3%18.0%
Other Income15512815318617115716821721218146263227
Interest8766533533524
Depreciation36384242444549464849505153
Profit before tax453429647676595594714690785824626852787
Net Profit354329499539463449558530604622486649609
EPS (₹)12.7611.8718.0019.4416.6916.2120.1519.1021.7922.4517.5323.4321.98

Profit & Loss

As of 30 Jun 2026
Consolidated · ₹ Cr · 12 years + TTM
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales4,9164,7205,1065,1125,6975,1914,3606,1717,7729,00010,39112,14312,662
Expenses4,1013,9454,3024,3744,8284,5983,7575,2886,5247,2318,3119,54810,075
Operating Profit8157758057388695936038831,2481,7702,0802,5952,588
OPM %16.6%16.4%15.8%14.4%15.3%11.4%13.8%14.3%16.1%19.7%20.0%21.4%20.4%
Other Income208116141298328356366472502622714702717
Interest2101715172117121627161214
Depreciation86818594111121127136142159185199203
Profit before tax9357998439271,0698078251,2071,5912,2052,5933,0863,088
Net Profit7727217367127437066359341,2281,7212,0002,3622,367
EPS (₹)27.8526.0226.5625.6826.7925.4522.9133.6844.3162.0772.1585.2085.39

Balance Sheet

As of 30 Jun 2026
Consolidated · ₹ Cr
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Jun 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—

Cash Flows

As of 31 Mar 2026
Consolidated · ₹ Cr
Mar 2009Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity2335896967486325536017897128201,2851,6831,734
Cash from Investing Activity11−146−215−483−13415−20225−57487−248−57826
Cash from Financing Activity−223−444−471−226−470−525−412−873−82−687−1,134−1,168−1,495
Net Cash Flow21−110392843−14−6056219−97−63265

Ratios

As of 31 Mar 2026
13 periods
Mar 2009Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %43.0—24.022.021.024.018.017.021.027.035.036.040.0
ROE %————————————30.2
EPS (₹)16.7027.8526.0226.5625.6826.7925.4522.9133.6844.3162.0772.1585.20
Book Value (₹)————————————306.0
Face Value (₹)————————————2
P/E————————————54.9
Div Yield %————————————1.37
NPM %13.015.114.914.013.212.312.713.414.114.817.918.018.4
OPM %14.017.016.016.014.015.011.014.014.016.020.020.021.0
D/E0.020.000.000.070.060.070.120.010.080.070.020.000.00
P/B————————————15.8

Growth

As of 11 Oct 2026
Compounded sales growth
10 years+10.0%
5 years+23.0%
3 years+16.0%
TTM+15.0%
Compounded profit growth
10 years+13.0%
5 years+31.0%
3 years+26.0%
TTM+14.0%
Stock price CAGR
10 years+19.0%
5 years+40.0%
3 years+41.0%
Last year+22.0%
Return on equity
10 years22.0%
5 years26.0%
3 years29.0%
Last year30.0%

Shareholding pattern

As of 31 Mar 2026
Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 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%
FIIs14.97%14.97%14.73%9.14%7.46%10.92%10.52%13.99%17.36%17.21%20.77%21.19%
DIIs20.64%20.64%21.07%26.91%30.09%25.25%25.16%23.61%22.86%22.84%19.43%19.06%
Government0.22%0.22%0.24%0.27%0.27%1.26%0.20%0.20%0.14%0.10%0.10%0.10%
Public13.17%13.17%12.96%12.68%11.18%11.57%13.12%11.20%8.63%8.85%8.68%8.65%
No. of shareholders62,20462,20465,93674,11382,57984,1961,11,1841,22,4481,20,0431,62,4961,61,9931,73,450
Change since Jun 2023 (pp)
Promoters +0.00FIIs +6.22DIIs −1.58Public −4.52

Documents

As of 11 Oct 2026
Announcements
Board Meeting Outcome for Outcome Of The Board Meeting Held On October 8, 2026.Announcement under Regulation 30 (LODR)-Change in DirectorateCompliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018Announcement Under Regulation 30 Of SEBI (LODR) Regulations.Closure of Trading Window
Annual reports
Annual Report 2026Annual Report 2025Annual Report 2024Annual Report 2023Annual Report 2022
Concalls
Aug 2026TranscriptJun 2026TranscriptFeb 2026TranscriptNov 2025TranscriptNov 2025RecordingAug 2025Transcript

Corporate actions

As of 17 Jul 2026
17 Jul 2026DIVIDENDDividend - Rs 46 Per Share—
11 Feb 2026DIVIDENDInterim Dividend - Rs 20 Per Share—
18 Jul 2025DIVIDENDDividend - Rs 33.50 Per Share—
14 Feb 2025DIVIDENDInterim Dividend - Rs 18 Per Share—
19 Jul 2024DIVIDENDAnnual General Meeting/Dividend - Rs 20 Per Share—
21 Feb 2024DIVIDENDInterim Dividend - Rs 18 Per Share—
26 Jul 2023DIVIDENDAnnual General Meeting/Dividend - Rs 13 Per Share—
21 Feb 2023DIVIDENDInterim Dividend - Rs 12 Per Share—
2 Aug 2022DIVIDENDAnnual General Meeting/Dividend - Rs 10.5 Per Sh—
21 Feb 2022DIVIDENDInterim Dividend - Rs 8 Per Share—
4 Aug 2021DIVIDEND Annual General Meeting/Dividend - Rs 8 Per Share—
9 Feb 2021DIVIDEND Interim Dividend - Rs 7 Per Share—
17 Aug 2020DIVIDEND Annual General Meeting/Dividend - Rs 7 Per Share—
7 Feb 2020DIVIDEND Interim Dividend - Rs 7 Per Share—
31 Jul 2019DIVIDEND Annual General Meeting/Dividend Rs 10 Per Share—
15 Feb 2019DIVIDEND Interim Dividend - Rs 7 Per Share—
2 Aug 2018DIVIDEND Annual General Meeting/Dividend- Rs 10 Per Share—
15 Feb 2018DIVIDEND Interim Dividend Rs 5/- Per Share—
27 Jul 2017DIVIDEND Annual General Meeting/Dividend - Rs 9/- Per Share—
9 Feb 2017DIVIDEND Interim Dividend Rs 5/- Per Share—
28 Jul 2016DIVIDEND Annual General Meeting/Dividend Rs 9/- Per Share—
11 Feb 2016DIVIDEND Interim Dividend - Rs 5/- Pe R Share—
30 Jul 2015DIVIDENDAnnual General Meeting/ Dividend - Rs 9/- Per Share—
18 Sep 2014DIVIDENDInterim Dividend Rs.5/- Per Share (Purpose Revised)—
24 Jul 2014DIVIDENDAnnual General Meeting / Final Dividend - Rs 8/- Per Share—
13 Feb 2014DIVIDENDInterim Dividend - Rs 5/- Per Share (Purpose Revised)—
25 Jul 2013DIVIDENDAnnual General Meeting / Final Dividend Rs.8/- Per Equity Share—
11 Feb 2013DIVIDENDInterim Dividend Rs 5 Per Share—
26 Jul 2012DIVIDENDAnnual General Meeting And Dividend - Rs.6/- Per Share—
21 Feb 2012DIVIDENDInterim Dividend Rs.5/- Per Share—
20 Sep 2011BONUSBonus 2:5—
28 Jul 2011DIVIDENDAnnual General Meeting And Dividend Rs.8/- Per Share—
10 Feb 2011DIVIDENDInterim Dividend-Rs.7/- Per Share (Purpose Revised)—
5 Aug 2010DIVIDENDAnnual General Meeting And Dividend Rs.6/- Per Share—
Fundamentals from a third-party compiler of exchange filings; prices from the exchanges. Not investment advice.© 2026 āagman