Cummins India
Cummins India Limited valuation: P/E, P/B and sector benchmarks.
Twelve years of multiples investors have paid for Cummins India Limited, framed against the sector median so the premium or discount is obvious at a glance.
Cummins India Limited trades at a P/E of 52.30× and P/B of 14.57×.
Valuation
Profitability
Growth
Financial Health
Cummins India Limited chart patterns: breakouts, tops and bottoms.
Auto-detected classical chart patterns for Cummins India Limited — Double Top/Bottom, Head & Shoulders, Triple Bottom and more — with break levels, targets and quality scores across Intraday, Daily and Weekly timeframes.
Cummins India Limited financials: P&L, balance sheet, cash flow, ratios.
Twelve years of audited numbers for Cummins India Limited, switchable between annual and quarterly views, consolidated or standalone.
Cummins India Limited reports its full P&L, balance sheet, cash flow and ratios on this page — current market capitalisation of ₹1,59,057.36 Cr and reported EPS of ₹85.04.
| Period | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue from Operations | 5,190 | 5,697 | 5,191 | 4,360 | 6,171 | 7,772 | 9,000 | 10,391 | 12,143 |
| Other Income | 161 | 235 | 257 | 274 | 243 | 308 | 378 | 447 | 517 |
| Total Income | 5,352 | 5,932 | 5,449 | 4,634 | 6,414 | 8,080 | 9,378 | 10,838 | 12,661 |
| Cost of Goods Sold (COGS) | 3,264 | 3,620 | 3,372 | 2,764 | 4,107 | 5,223 | 5,771 | 6,595 | 7,669 |
| Gross Profit | 1,926 | 2,077 | 1,820 | 1,596 | 2,064 | 2,550 | 3,229 | 3,796 | 4,475 |
| +Operating Expenses | 1,193 | 1,208 | 1,230 | 1,014 | 1,176 | 1,302 | 1,460 | 1,716 | 1,880 |
| EBITDA | 733 | 869 | 589 | 582 | 888 | 1,248 | 1,770 | 2,080 | 2,595 |
| +Non-Operating Expenses | 166 | 128 | 122 | 144 | 148 | 144 | 185 | 201 | 129 |
| Profit Before Tax (PBT) | 841 | 976 | 685 | 712 | 983 | 1,383 | 1,959 | 2,326 | 2,820 |
| +Tax Expense | 215 | 326 | 102 | 190 | 273 | 363 | 484 | 593 | 724 |
| Total Profit for Period | 712 | 743 | 706 | 635 | 801 | 1,228 | 1,721 | 2,000 | 2,362 |
| Less: Non-controlling Interests | 349 | — | — | — | — | — | — | — | — |
| Net Profit (Owner's PAT) | 363 | 743 | 706 | 635 | 801 | 1,228 | 1,721 | 2,000 | 2,362 |
| Earnings Per Share (EPS) | 13.10 | 26.79 | 25.45 | 22.91 | 28.91 | 44.31 | 62.07 | 72.15 | 85.20 |
| Diluted Shares Outstanding (Nos.) | 28 | 28 | 28 | 28 | 28 | 28 | 28 | 28 | 28 |
| +Additional Disclosures | 8,268 | 8,657 | 8,220 | 6,799 | 9,630 | 12,117 | 13,416 | 15,360 | 17,715 |
| Sales Growth % | — | 9.77 | -8.88 | -16.01 | 41.53 | 25.95 | 15.80 | 15.45 | 16.87 |
| YoY Sales Growth % | — | 9.77 | -8.88 | -16.01 | 41.53 | 25.95 | 15.80 | 15.45 | 16.87 |
| Material Cost % | 48 | 47 | 50 | 53 | 58 | 59 | 53 | 57 | 57 |
| Employee Cost % | 10 | 10 | 11 | 12 | 10 | 8 | 9 | 8 | 7 |
| Other Cost % | 13 | 11 | 13 | 12 | 9 | 8 | 7 | 9 | 9 |
| OPM % | 14 | 15 | 11 | 13 | 14 | 16 | 20 | 20 | 21 |
| Tax % | 26 | 33 | 15 | 27 | 28 | 26 | 25 | 25 | 26 |
| Profit Growth % | — | 104.56 | -4.98 | -10.00 | 26.20 | 53.25 | 40.10 | 16.24 | 18.09 |
| Gross Margin % | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| EBITDA Margin % | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Interest Coverage Ratio | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| +Additional Fields | 639 | 758 | 469 | 455 | 752 | 1,106 | 1,610 | 1,895 | 2,396 |
Cummins India segment analysis: revenue and profit mix.
Disclosed business segments at Cummins India with their share of revenue and profit, switchable between consolidated and standalone reporting.
Cummins India discloses revenue and profit across multiple business segments — toggle between consolidated and standalone views to see the mix.
Segment-wise Financial Analysis
Cummins India Limited investment thesis: bull case, bear case, and the flip lines.
Why someone would buy Cummins India Limited, why someone wouldn't, and the quantitative tripwires that would force the call to flip.
Cummins India Limited's investment case rests on 9 positive markers and 9 flagged concerns drawn from the latest reported filings.
What you're getting.
Cummins India demonstrates robust profitability with a 28.20% ROE and 36.30% ROCE, showcasing efficient capital utilization and high shareholder returns. The 20.30% operating profit margin further strengthens this positive financial picture.
The company exhibits strong growth, with a 25.50% quarterly sales increase and a remarkable 28.40% surge in quarterly profits. This signifies robust demand and effective operational strategies.
A substantial 51% promoter holding indicates strong management confidence and alignment with shareholder interests, contributing to company stability and mitigating governance risks.
The company maintains a virtually debt-free status with a 0.00 debt-to-equity ratio, reflecting exceptional financial prudence and a strong balance sheet, which minimizes financial risk for investors.
Cummins India's stock is trading near its 52-week high of 4367.00, currently at 4358.00, indicating strong positive market momentum and investor confidence in its recent performance and future outlook.
What can break it.
Despite strong profitability, Cummins India's high Price-to-Earnings (P/E) ratio of 56.70 suggests a potential overvaluation compared to its earnings, posing a risk for investors seeking lower valuation multiples.
A notable decrease in public shareholding from 13.40% in June 2022 to 8.85% in March 2025 suggests increasing ownership concentration, which could potentially impact stock liquidity and market float.
The company's Price-to-Book Value of 16.00 is significantly high, indicating that the market values the company at a substantial premium over its net asset value, which may concern value investors.
Compared to peers, Cummins India's P/E ratio of 56.67 is notably higher than most competitors like Elgi Equipments (44.13) and Kirloskar Oil (33.14), suggesting a premium valuation.
Recent stock price movements show volatility, with a 1.38% decrease on September 2nd, 2025, indicating market sensitivity to economic factors or company-specific news. This volatility could impact investor confidence.
What would change my mind.
Trim if P/E re-rates above 68. The valuation cushion thins from there.
Reassess if quarterly profit growth prints below 0% for two consecutive quarters. The bull case relies on compounding earnings.
Watch interest coverage if debt-to-equity climbs above 1.00. Balance sheet risk re-prices growth multiples fast.
Exit if ROE slips below 24%. The operating engine is no longer compounding capital efficiently.
Cummins India Limited peer comparison — same-sector benchmarks.
Same-sector listed peers ranked on P/E, market cap, dividend yield and growth — Cummins India Limited is highlighted for quick read-across.
Quick Compare
Peer Comparison
Cummins India Limited technical analysis: indicators, pivots and CPR.
Live RSI, MACD and moving-average signals plus today's pivot and Central Pivot Range levels for Cummins India Limited — derived from the live tape, not yesterday's close.
Cummins India Limited last traded at ₹5,735.5 with an intraday range of ₹5,725.5–₹5,838 — live indicator, pivot and CPR signals below.
Pivot points
Standard pivot — most widely referenced.
Pivot levels · Classic
Live: ₹5735.50| Level | Price (₹) | Distance | % Δ |
|---|---|---|---|
| R4 | 6032.17 | +296.67 | +5.17% |
| R3 | 5919.67 | +184.17 | +3.21% |
| R2 | 5878.83 | +143.33 | +2.50% |
| R1 | 5807.17 | +71.67 | +1.25% |
| PIVOT | 5766.33 | 30.83 | 0.54% |
| CURRENT | 5735.50 | — | — |
| S1 | 5469.67 | -265.83 | -4.63% |
| S2 | 5582.17 | -153.33 | -2.67% |
| S3 | 5653.83 | -81.67 | -1.42% |
| S4 | 5694.67 | -40.83 | -0.71% |
CUMMINSIND is trading Below CPR, indicating Bearishness
CPR is Wider, suggesting unlikely for trending moves
Day's range: 5781 ~ 5834.5
Trading Inside opening range
Cummins India Limited delivery volume — last 20 sessions of conviction.
Daily traded volume and delivery percentage for Cummins India Limited over 20 sessions — the gap between intraday flipping and genuine accumulation.
Latest session delivery in Cummins India Limited stood at 51.0% of traded volume, against a 20-day average of 49.9%.
Cummins India announcements: results, concalls, ratings, M&A.
Filings Cummins India sent to the exchanges, sequenced as they hit the tape — concall transcripts, results, credit ratings and presentations.
Cummins India files concall transcripts, results, credit ratings and corporate-action notices on the NSE and BSE exchange portals — latest 149 documents below.
Disclosure under SEBI Takeover Regulations
Cummins India Limited has Submitted to the Exchange a copy of Disclosure under Regulation 31(4) of the Securities and Exchange Board of India…
Pendency of Litigation(s)/dispute(s) or the outcome impacting the Company
Cummins India Limited has informed the Exchange about Pendency of Litigation(s)/dispute(s) or the outcome impacting the Company
Copy of Newspaper Publication
Cummins India Limited has informed the Exchange about Copy of newspaper publication regarding special window for transfer and dematerialisation of…
Analysts/Institutional Investor Meet/Con. Call Updates
Cummins India Limited has informed the Exchange about Schedule of Analyst / Investor meet
Analysts/Institutional Investor Meet/Con. Call Updates
Cummins India Limited has informed the Exchange about Schedule of Analyst/ Investor meet
Investor decks & rating reports.
Investor Presentation
Analysts/Institutional Investor Meet/Con. Call Updates
Updates
Investor Presentation
Cummins India dividend history, splits and bonus issues.
Every dividend, stock split and bonus issue Cummins India has declared, sequenced by announce and record date.
Cummins India corporate-action history below covers all declared dividends, stock splits and bonus issues recorded with NSE and BSE.
About Cummins India Limited: business, sector, key facts.
What Cummins India Limited does, where it operates, the people running it, and the numbers that describe the entity behind the ticker.
Cummins India Limited operates in the Capital Goods, listed as NSE: CUMMINSIND, BSE: 500480.
Cummins India Limited (CUMMINSIND) is a leading player in the design, manufacture, distribution, and servicing of engines, generator sets, and associated technologies within India, Nepal, and Bhutan. The company's core business is segmented into two primary areas: Engines and Lubes. Their engine offerings are diverse, encompassing a wide range of applications from agricultural machinery to industrial power generation and transportation, catering to various sectors such as construction, mining, and oil & gas. This extensive product portfolio ensures a broad market reach and adaptability to diverse customer needs.
The "Engines" segment focuses on the production and sale of a variety of engines, including those used in acceleration, G-drive systems, pump drives, and various other applications. Beyond the engines themselves, this segment also encompasses crucial components like fuel systems, turbochargers, valvetrain solutions, aftertreatment emission systems, and electronic control units. This integrated approach allows Cummins India to offer comprehensive engine solutions rather than just individual parts.
The "Lubes" segment centers on the supply of lubricants and engine oils, crucial for the maintenance and optimal performance of their engines and those of other manufacturers. This synergistic approach strengthens customer relationships and provides a one-stop shop for many of their clients' needs. Further emphasizing their commitment to customer support, the company provides comprehensive services including testing and analysis, system integration, and software development solutions to ensure optimal performance and efficient operation of their products.
CUMMINSIND also distinguishes itself through its advanced digital offerings, such as the PowerCommand Cloud, a remote monitoring system for generators. This system provides real-time operational data, enabling proactive maintenance and minimizing downtime for customers. This focus on digital solutions underscores their commitment to innovation and customer service, allowing for remote troubleshooting and improved efficiency. The company's export market extends globally, reaching the United States, Europe, Mexico, Africa, the Middle East, and China, highlighting its international presence and competitiveness in the global engine and power generation market.
In essence, Cummins India Limited's business model is based on a vertically integrated approach, offering a comprehensive range of products and services related to engines and power generation. From the design and manufacturing of engines and components to the supply of lubricants and advanced digital monitoring systems, CUMMINSIND aims to provide complete, reliable, and efficient solutions to its diverse clientele across various industries and geographic locations.
Questions investors ask about Cummins India Limited (CUMMINSIND).
Quick answers grounded in this page's data — price action, fundamentals, ratios and ownership.
01What is the current share price of Cummins India Limited (CUMMINSIND)?
The current share price of Cummins India Limited (CUMMINSIND) is ₹5,735.5. Today, the stock has declined by ₹28.50 (0.49%), trading in a range of ₹5,725.5 to ₹5,838. The stock opened at ₹5,802.5 with a trading volume of 4,40,329 shares.
02Is Cummins India Limited stock a good investment for long-term?
Cummins India Limited can be considered for long-term investment based on several factors. The company has a market capitalization of ₹1,59,057.36 crores, P/E ratio of 52.30, ROE of 29.46%, and ROCE of 36.30%. The dividend yield stands at 0.93%. However, investment decisions should be based on your financial goals, risk appetite, and thorough research. It's recommended to consult with a SEBI-registered financial advisor before making investment decisions.
03What is the 52-week high and low price of Cummins India Limited stock?
The 52-week high price of Cummins India Limited (CUMMINSIND) is ₹6,100, while the 52-week low is ₹3,218.6. Currently trading at ₹5,735.5, the stock is 87.3% away from its 52-week low and 6.0% below its 52-week high. These levels help investors understand the stock's price volatility and trading range over the past year.
04Should I buy Cummins India Limited stock at the current price?
Whether to buy Cummins India Limited stock at ₹5,735.5 depends on multiple factors. The stock is currently trading with a P/E ratio of 52.30 and P/B ratio of 14.57. Today's performance shows a loss of 0.49%. Consider analyzing the company's fundamentals, technical indicators, industry trends, and your investment horizon. Compare these metrics with industry peers and consult a financial advisor for personalized advice.
05What is the dividend yield of Cummins India Limited and when is the next dividend?
Cummins India Limited offers a dividend yield of 0.93%, which means for every ₹100 invested at the current price of ₹5,735.5, you can expect to receive approximately ₹0.93 annually as dividends. The face value of the stock is ₹0.00. For information about the next dividend announcement and ex-dividend date, please check the company's official announcements or visit the BSE/NSE websites.
06What are the key financial ratios and metrics of Cummins India Limited?
Cummins India Limited's key financial metrics include: P/E Ratio: 52.30, P/B Ratio: 14.57, ROE: 29.46%, ROCE: 36.30%, Dividend Yield: 0.93%, EPS: ₹85.04, Book Value: ₹305.75, and Debt-to-Equity: 0.43. The company's market cap stands at ₹1,59,057.36 crores. These metrics help evaluate the company's valuation, profitability, and financial health.
07How is Cummins India Limited stock performing today in the market?
Cummins India Limited stock opened at ₹5,802.5 and is currently trading at ₹5,735.5, showing a decline of ₹28.50 (0.49%). The intraday high is ₹5,838 and low is ₹5,725.5. The trading volume stands at 4,40,329 shares, indicating moderate market participation today.
08What is the P/E ratio of Cummins India Limited and what does it indicate?
Cummins India Limited has a Price-to-Earnings (P/E) ratio of 52.30, which means investors are willing to pay ₹52.30 for every ₹1 of earnings. With an EPS of ₹85.04, this P/E ratio suggests the stock may be trading at a premium, possibly due to high growth expectations. Compare this with industry peers and historical P/E ratios for better context.
The data, ratios and commentary about Cummins India Limited (CUMMINSIND) on this page are published for educational and informational purposes only and are not investment, legal or tax advice. StockeZee is not a SEBI-registered investment adviser, research analyst or portfolio manager, and no content here should be construed as a recommendation to buy, hold or sell any security. Live and historical market data may be delayed, revised by the exchanges, or contain errors; figures sourced from third-party feeds and corporate disclosures may not always be current. Past performance is not indicative of future results, and equity investments carry the risk of capital loss. Before acting on anything you read here, please consult a SEBI-registered financial advisor and read all scheme-related documents carefully.
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