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Cummins India Limited (CUMMINSIND)

₹4,608.00 -0.67% last close, 16 Oct

📊 NSE: CUMMINSIND 🏢 Engines 📢 Latest filing: 16 Oct 2026 📝 Analysis written: 13 Dec 2025

Q2 FY27 results

📅 Next results: 04 Nov 2026 (board meeting)

Cummins India Limited's board meets on 4 Nov 2026 to consider its Q2 FY27 results (July-September 2026).

In its latest reported quarter, Q1 FY27, Cummins India's revenue was ₹3,426 Cr (+19.8% year on year, +13.8% on the previous quarter), and net profit ₹609 Cr (+0.9% year on year); the operating margin was 18.0%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹3,426	+19.8%	+13.8%
Operating profit	₹616	-1.3%	-4.0%
Net profit	₹609	+0.9%	-6.1%
EPS (₹)	21.98	+0.9%	-6.2%
Operating margin	18.0%	—	—

Full quarterly financials → Results calendar →

CUMMINSIND delivery percentage and open interest

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 64.7% of the CUMMINSIND shares traded on NSE were taken to delivery, against the stock's own 20-session average of 61.22%. That is close to its usual level. In CUMMINSIND futures, open interest rose 2.53% while the futures price fell 0.22%: short buildup (new short positions).

64.7%Delivery, 16 Oct

61.22%Own 20-session average

1.3×Volume vs its average

+2.53%Futures open interest

₹4,608.00NSE close · -0.67%

Delivery in the last 5 sessions: 57.3% · 57.3% · 57.9% · 55.6% · 64.7%

Delivery across the market →F&O open interest →

A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed

📢 Recent Corporate Announcements

Cummins India Shareholders Approve Commission to Independent Directors with 99.93% Majority

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 16 Oct 2026, 06:38 PM

Cummins India Limited has declared the voting results of its Postal Ballot concluded on October 15, 2026. The single ordinary resolution to approve the payment of commission to Non-Executive Independent Directors was passed with a 99.9298% majority of valid votes cast. Out of a total of 23.97 crore votes polled, 23.95 crore votes were cast in favor and 1.68 lakh against. Total voter turnout stood at 86.48% across 1,76,687 eligible shareholders as on the record date.

Resolution to pay commission to Non-Executive Independent Directors passed with 99.9298% approval
Total votes polled stood at 23,97,31,371 shares, representing 86.4832% of total outstanding shares
Promoter group polled 100% of their 14,13,72,000 shares in favor of the resolution
Public institutional voting saw 87.87% turnout with 99.83% votes cast in favor

💡 This is a routine administrative governance filing requiring no specific investor action; focus remains on upcoming quarterly financial earnings and execution across high-demand Data Center engine segments.

Cummins India Concludes Remote E-Voting on Postal Ballot for Independent Directors' Commission

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 15 Oct 2026, 06:18 PM

Cummins India Limited has submitted the proceedings of its Postal Ballot Notice dated August 05, 2026. The postal ballot sought member approval via an Ordinary Resolution for the payment of commission to Non-executive Independent Directors. Remote e-voting commenced on September 16, 2026, and concluded on October 15, 2026. The final voting results and scrutinizer's report will be declared within statutory timelines.

Postal Ballot voting conducted for 1 Ordinary Resolution regarding commission to Non-executive Independent Directors
Remote e-voting was open from September 16, 2026 (9:00 AM IST) to October 15, 2026 (5:00 PM IST)
Voting eligibility cut-off date was September 11, 2026
M/s. Mehta & Mehta, Company Secretaries, acted as the Scrutinizer for the process

💡 Track the upcoming disclosure of the scrutinizer's report and final voting results on the stock exchanges to confirm resolution passage.

Cummins India Appoints Adegbile Adedapo Adewunmi as Managing Director for 3-Year Term

🟡 NEUTRAL ⭐ 7/10

MANAGEMENT 📅 08 Oct 2026, 06:21 PM

Cummins India Limited has approved the appointment of Mr. Adegbile Adedapo Adewunmi as Managing Director and Key Managerial Personnel for a 3-year term effective November 01, 2026, through October 31, 2029. Mr. Adewunmi previously served as Vice President at Cummins Inc., leading the $2.5 billion Power Systems Industrial Markets business. The appointment is subject to shareholder approval via postal ballot. He takes charge of a business generating Rs 12,662 Cr in TTM revenue with an operating margin of 20.4%.

Appointment of Adegbile Adedapo Adewunmi as Managing Director for 3 consecutive years effective November 01, 2026
Appointee previously oversaw a $2.5 billion Power Systems Industrial Markets division at Cummins Inc. with over 600 employees
Delivered $300 million in profitable growth over three years in his prior global leadership role
Subject to shareholder approval through an upcoming postal ballot process

💡 Track the upcoming postal ballot voting results for shareholder confirmation and listen to management commentary during the next quarterly earnings call regarding strategic direction under the new Managing Director.

Cummins India Appoints Adegbile Adewunmi as MD for 3-Year Term Effective Nov 1, 2026

🟡 NEUTRAL ⭐ 7/10

MANAGEMENT 📅 08 Oct 2026, 06:13 PM

Cummins India Limited has announced the appointment of Mr. Adegbile Adedapo Adewunmi as Additional Director and Managing Director (MD) for a three-year term starting November 01, 2026, subject to shareholder approval via postal ballot. Mr. Adewunmi is currently a Vice President at Cummins Inc., leading the global $2.5 billion Power Systems Industrial Markets division, where he generated $300 million in profitable growth over three years. He brings over two decades of experience in the industrial and technology sectors, having previously managed a $2 billion aftermarket parts portfolio and the $40 million North and West Africa distribution business. He takes charge of a business with TTM revenue of ₹12,662 crore and a market capitalization of ₹1,31,382 crore.

Appointed as Managing Director for a term of 3 consecutive years from November 01, 2026, to October 31, 2029
Previously led Cummins' $2.5 billion Power Systems Industrial Markets unit with over 600 employees
Delivered $300 million in profitable growth over 3 years in his prior global leadership role
Previously transformed pricing strategies across Cummins' $2 billion aftermarket portfolio
Appointment subject to member approval via postal ballot with M/s. Mehta & Mehta appointed as Scrutinizer

💡 Track the outcome of the postal ballot e-voting process and watch for any strategic guidance or realignment during upcoming quarterly earnings calls post-November 2026.

Cummins India Submits Dematerialisation Certificate for Quarter Ended September 30, 2026

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 07 Oct 2026, 05:10 PM

Cummins India Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018, for the quarter ended September 30, 2026. The certificate issued by Registrar and Share Transfer Agent MUFG Intime India Private Limited confirms that security certificates received for dematerialisation were processed, verified, cancelled, and listed on the stock exchanges within prescribed timelines. This is a recurring procedural filing confirming statutory compliance regarding depository operations.

Compliance certificate submitted under Regulation 74(5) of SEBI Regulations, 2018
Confirmation covers the quarter ended September 30, 2026
RTA certificate issued by MUFG Intime India Private Limited on October 03, 2026
Company filing confirmed and submitted on October 07, 2026

💡 No action is required as this is a standard quarterly administrative filing. Investors should focus on upcoming Q2 FY27 financial results.

Cummins India Receives ₹95.26 Lakh IT Penalty Order Under Section 270A

🟡 NEUTRAL ⭐ 2/10

LEGAL 📅 29 Sep 2026, 07:54 PM

Cummins India Limited has received an order from the Assessment Unit, Income Tax Department, imposing a penalty of ₹95,25,757 under Section 270A of the Income Tax Act, 1961 for Assessment Year 2018-19. The penalty arose from an underlying adjustment made during assessment proceedings. The company stated that the order was passed without adequate opportunity to present submissions and plans to file an appeal before the Appellate Authority. Financially, the ₹95.26 lakh penalty is negligible against Cummins India's TTM PAT of ₹2,366 crore (<0.01%) and carries no material operational impact.

Received penalty order of ₹95,25,757 under Section 270A of the Income Tax Act, 1961
Penalty pertains to Assessment Year 2018-19
Order received on September 29, 2026 from the Assessment Unit (Faceless), Income Tax Department
Company is evaluating legal remedies, including filing an appeal before the Appellate Authority

💡 Track the outcome of the proposed appeal before the Income Tax Appellate Authority; no operational disruption is expected.

Cummins India Withholds FY26 Final Dividend of Rs 46/Share for KYC Non-Compliant Folios

🟡 NEUTRAL ⭐ 2/10

DIVIDEND 📅 17 Sep 2026, 10:51 AM

Cummins India has issued an intimation to shareholders holding KYC non-compliant folios regarding the withholding of their Final Dividend for FY 2025-26. The declared final dividend is Rs 46 per equity share of face value Rs 2, approved at the Annual General Meeting held on August 06, 2026. In accordance with SEBI directives, dividend disbursements are permitted solely via electronic mode, which is blocked for folios with pending KYC or missing bank account information. The withheld amounts will be released upon submission of required forms (Form ISR-1 and ISR-2) or depository updates.

Final dividend declared is Rs 46 per equity share of face value Rs 2 for FY 2025-26
AGM approving the final dividend was held on Thursday, August 06, 2026
Non-compliant physical holders must submit Form ISR-1 and ISR-2 to MUFG Intime India Private Limited
Disbursement is withheld strictly as per SEBI regulations mandating electronic dividend payments

💡 Affected shareholders must update KYC and bank account details with their Depository Participant or RTA to release withheld dividend payouts. No action is required for shareholders who already received their dividend electronically.

Cummins India Seeks Shareholder Approval for Independent Director Commission Up to 1% Net Profit

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 15 Sep 2026, 07:24 PM

Cummins India has issued a Postal Ballot notice seeking shareholder approval via an ordinary resolution to pay commission to Non-executive Independent Directors. The proposed commission will not exceed 1% per annum of net profits computed under Section 198 of the Companies Act, covering a five-year period from April 1, 2026, to March 31, 2031. Remote e-voting commences on September 16, 2026, and concludes on October 15, 2026, with the cut-off date set at September 11, 2026. The approval continues the remuneration structure previously approved in 2017 to align with corporate governance standards.

Commission proposed up to 1% per annum of net profits calculated under Section 198
Approval sought for a 5-year period from April 01, 2026, to March 31, 2031
E-voting period open from September 16, 2026 (09:00 AM) to October 15, 2026 (05:00 PM)
Eligibility cut-off date fixed as Friday, September 11, 2026

💡 Eligible shareholders can participate in the remote e-voting process ending October 15, 2026; track the scrutinizer's voting results filing within two working days of the voting closure.

Cummins India Launches QSK60 G34 & G37 Gensets for Data Centers at bauma CONEXPO 2026

🟡 NEUTRAL ⭐ 4/10

OTHER 📅 15 Sep 2026, 12:38 PM

Cummins India launched its next-generation QSK60 powered G34 and G37 genset solutions on September 15, 2026, at bauma CONEXPO India 2026. The QSK60 G34 delivers 2,000 kVA Prime and 2,250 DCC power, while the G37 delivers 2,500 DCC power and meets CAQM emission norms for regions like Delhi NCR and Tamil Nadu. Targeted primarily at high-demand sectors such as data centers and critical infrastructure, the launch expands the company's power solutions portfolio in the domestic market. Financially, data centers already contributed 25-30% of 1H FY26 Power Gen revenue, making this product portfolio addition strategically aligned with high-growth verticals.

Launched QSK60 G34 genset delivering 2,000 kVA Prime and 2,250 DCC power on September 15, 2026
Introduced CAQM-compliant QSK60 G37 providing 2,500 DCC power for mission-critical applications
Showcased CPCB IV+ compliant 125 kVA generator set alongside lifecycle aftermarket solutions
Company noted the launch is technically voluntary and non-material under SEBI LODR materiality policy

💡 Track the adoption pace of high-horsepower gensets in upcoming quarterly commentary, particularly Power Gen revenue contribution from data center clients.

Cummins India to Showcase Integrated Power Solutions at bauma CONEXPO India 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 09 Sep 2026, 04:12 PM

Cummins India Limited announced it will participate in bauma CONEXPO India from September 15–18, 2026, at Greater Noida. The company plans to showcase its integrated power solutions across power generation, distribution, energy storage, and aftermarket services. The solutions target infrastructure, construction, mining, and industrial sectors. The announcement is a marketing trade show participation and contains no new financial metrics, order wins, or commercial contracts.

Participating in bauma CONEXPO India scheduled for September 15–18, 2026, at India Expo Centre & Mart, Greater Noida
Showcasing portfolio across power generation, power distribution, energy storage, and aftermarket solutions
Company highlights its manufacturing footprint of 4 manufacturing plants and over 480 customer touchpoints in India
No commercial order value or revenue commitments disclosed in the release

💡 Track subsequent quarters for any conversion of industrial and infrastructure sector inquiries into confirmed order bookings.

Cummins India Appoints Avanthi Rao as VP – Distribution Business w.e.f. October 1, 2026

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 02 Sep 2026, 05:50 PM

Cummins India Limited has appointed Ms. Avanthi Rao as Vice President – Distribution Business and Senior Management Personnel, effective October 01, 2026. Ms. Rao has been with the Cummins Group since 2010 and currently heads the Cummins Components and Software (CCS) Business Unit. The appointment is an internal leadership transition within the Cummins Group, supporting its Rs 12,662 crore TTM revenue business. As a routine managerial appointment, it has no immediate impact on the company's financial trajectory.

Ms. Avanthi Rao appointed as Vice President – Distribution Business effective October 01, 2026.
Designated as Senior Management Personnel under SEBI Listing Regulations.
Brings over 16 years of industry experience, including roles across Cummins Turbo Technologies and Engine Components since joining in 2010.

💡 No action required; monitor upcoming quarterly operational performance in the distribution division.

VP - Distribution Business Pankaj Kapoor Resigns, Last Working Day September 21, 2026

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 20 Aug 2026, 05:41 PM

Cummins India Limited has informed exchanges that Mr. Pankaj Kapoor, Vice President – Distribution Business and Senior Management Personnel (SMP), tendered his resignation on August 20, 2026, to pursue external opportunities. The company accepted the resignation, with his last working day scheduled for September 21, 2026. Cummins India is actively evaluating suitable candidates for the vacancy and will disclose the successor upon appointment. Against Cummins India's ₹12,662 Cr TTM revenue base, distribution leadership is critical for aftermarket and product reach.

Resignation tendered on August 20, 2026, by Mr. Pankaj Kapoor (VP – Distribution Business).
Effective cessation date as Senior Management Personnel is September 21, 2026.
Stated reason for departure is to pursue external career opportunities.
Search for a successor is currently underway to lead the Distribution Business.

💡 Track subsequent stock exchange announcements regarding the appointment and onboarding timeline of the new Distribution Business head.

Cummins India VP Distribution Business Pankaj Kapoor Resigns Effective September 21, 2026

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 20 Aug 2026, 05:29 PM

Cummins India Limited announced that Mr. Pankaj Kapoor, Vice President – Distribution Business and Senior Management Personnel (SMP), has tendered his resignation on August 20, 2026, to pursue external opportunities. The company has accepted his resignation, and his last working day will be September 21, 2026. Cummins India stated that it is currently evaluating suitable candidates to fill the position.

Mr. Pankaj Kapoor resigned as Vice President – Distribution Business on August 20, 2026
Cessation as Senior Management Personnel is effective from September 21, 2026
Resignation tendered to pursue external opportunities
Company is currently evaluating candidates for the replacement

💡 Track the announcement of the successor for the Distribution Business leadership to ensure continuity in business execution.

Cummins India Schedules Institutional Investor Interactions for August 24 and 27, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 18 Aug 2026, 06:19 PM

Cummins India Limited has disclosed its schedule for institutional investor interactions under Regulation 30 of SEBI LODR Regulations. On Monday, August 24, 2026, management will participate in a Group Equity Conference with 11 institutional entities, including Kotak AMC, SBI Funds Management, Morgan Stanley, and Jefferies. Additionally, a Pune plant visit is scheduled for Four Lion Capital, LP on Thursday, August 27, 2026. The company confirmed that discussions will pertain strictly to publicly available information without sharing any unpublished price-sensitive information.

Management to participate in a Group Equity Conference on Monday, August 24, 2026, with 11 institutional investors/analysts
Participating institutions include Kotak Mahindra AMC, SBI Funds Management, Morgan Stanley, Schroder, and Jefferies
Pune plant visit scheduled for Four Lion Capital, LP on Thursday, August 27, 2026
Filing confirms strictly publicly available information will be discussed, with no UPSI shared

💡 Track subsequent post-meet presentation uploads or disclosures on exchange portals for any commentary on demand trends across Data Centers and CPCB IV+ product adoption.

Cummins India Schedules Investor Meetings with Motilal Oswal, UBS, and Morgan Stanley

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 13 Aug 2026, 08:38 PM

Cummins India has announced a series of institutional investor interactions scheduled between August 19 and September 15, 2026. The schedule includes in-person group conferences with Motilal Oswal Financial Services and UBS Securities, followed by a virtual meeting with Morgan Stanley. These interactions are routine for a large-cap company (Market Cap ₹1,47,283 Cr) to maintain institutional engagement. The company has explicitly stated that no unpublished price-sensitive information (UPSI) will be shared during these sessions.

Interaction 1: In-person group conference with Motilal Oswal Financial Services on August 19, 2026
Interaction 2: In-person group conference with UBS Securities India on September 11, 2026
Interaction 3: Virtual group conference with Morgan Stanley India on September 15, 2026
Company confirms discussions will be limited to publicly available information only

💡 Investors should watch for any investor presentations or transcripts filed after these meetings for updated management commentary on CPCB IV+ product adoption and Data Center segment growth.

View All CUMMINSIND Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Total sales for Q2 FY26 reached INR 3,122 Cr, up 28% YoY. Domestic sales grew 28% YoY to INR 2,577 Cr, while Exports grew 24% YoY to INR 545 Cr. Data Center revenue accounted for 40% of the Power Generation segment in Q2 FY26.

Geographic Revenue Split

Domestic India market contributes 82.5% (INR 2,577 Cr) and Exports contribute 17.5% (INR 545 Cr) of total Q2 FY26 revenue.

Profitability Margins

Gross margins are targeted in the 35% to 36% range. For FY 2024-25, the Operating Profit Margin was 28.9% and the Net Profit Margin was 18.43%.

EBITDA Margin

Operating Profit Margin stood at 28.9% for FY 2024-25, showing stability compared to 28.8% in the previous fiscal year.

Credit Rating & Borrowing

The company is debt-free as of FY 2024-25, having fully repaid its borrowings, resulting in a Debt-Equity ratio of 0.00 and an Interest Coverage Ratio of 180.81.

⚙️ Operational Drivers

Raw Materials

Commodities including Steel, Copper, and Aluminum are primary inputs; specific percentage of total cost for each is not disclosed.

Import Sources

Specialized engine parts and accessories are imported from the United Kingdom (Cummins Ltd) and the USA (Cummins Inc).

Key Suppliers

Key suppliers include parent company Cummins Inc. (USA) and fellow subsidiary Cummins Limited (UK).

Raw Material Costs

Raw material costs are rising as commodity prices 'head north'; the company manages this through a 35-36% gross margin target and favorable product mix.

Manufacturing Efficiency

Efficiency is driven by leverage gains from high execution volumes and a favorable shift in product mix.

📈 Strategic Growth

Expected Growth Rate

10%+

Growth Strategy

Growth will be achieved by focusing on high-demand segments like Data Centers (contributing 25-30% of 1H FY26 Power Gen revenue), leveraging the transition to technologically complex CPCB IV+ products, and expanding export end-markets despite geopolitical uncertainties.

Products & Services

Diesel and natural gas engines, power generation sets (gensets), powertrain components, filtration systems, aftertreatment devices, and turbochargers.

Brand Portfolio

Cummins

New Products/Services

CPCB IV+ compliant engines and gensets launched to meet new emission standards; Data Center specific power solutions are expected to be a major revenue driver.

Market Expansion

Expansion is targeted in export end-markets for both high and low horsepower ranges, which recently hit a 3-year high.

Strategic Alliances

Strategic integration with parent Cummins Inc. (USA) and Cummins Ltd (UK) for technology and supply chain synergies.

🌍 External Factors

Industry Trends

The industry is shifting toward higher emission standards (CPCB IV+) and increased demand for reliable power in digital infrastructure (Data Centers).

Competitive Landscape

Competitive intensity in the power generation segment is increasing every quarter, pressuring value propositions.

Competitive Moat

Moat is sustained by a robust service network prepared for complex CPCB IV+ products and strong global parentage providing a technological edge.

Macro Economic Sensitivity

The company is sensitive to manufacturing sector growth, which grew 9.1% recently, and overall GDP growth of 8.2%.

Consumer Behavior

Shift toward high-reliability, technologically complex power solutions for infrastructure and data-heavy industries.

Geopolitical Risks

US tariff-related concerns and global trade barriers pose risks to export-oriented units.

⚖️ Regulatory & Governance

Industry Regulations

Operations are governed by CPCB IV+ emission standards, POSH Act for workplace safety, and SEBI listing regulations for material related party transactions.