Cummins India Ltd.
CUMMINSINDIndustrials filings
We hold this company’s filings and have not read the financial statements out of them yet. Every filing on record is listed under filings, and each one opens.
Earnings calls
27 transcript(s)/analyst meet(s) served; 4 document(s) on file are not transcripts (cover letters, duplicates, unresolved) and are excluded. Speaker attribution is shown only where the segmenter attributes ≥ 95% of sentences to management or analysts (0 of 27 documents here); elsewhere sentences render unattributed.
| Kind | Date | Period | Served | Attribution rate |
|---|---|---|---|---|
| TRANSCRIPT | 20190527 | 2019-03-31 | yes | |
| TRANSCRIPT | 20190812 | 2019-06-30 | yes | |
| TRANSCRIPT | 20191031 | 2019-09-30 | yes | |
| TRANSCRIPT | 20200819 | 2020-06-30 | yes | |
| TRANSCRIPT | 20201104 | 2020-09-30 | yes | |
| TRANSCRIPT | 20210201 | 2020-12-31 | yes | |
| TRANSCRIPT | 20210531 | 2021-03-31 | yes | |
| TRANSCRIPT | 20210817 | 2021-06-30 | yes | |
| TRANSCRIPT | 20211109 | 2021-09-30 | yes | |
| TRANSCRIPT | 20220214 | 2021-12-31 | yes | |
| TRANSCRIPT | 20220530 | 2022-03-31 | yes | |
| TRANSCRIPT | 20221110 | 2022-09-30 | yes | |
| TRANSCRIPT | 20230214 | 2022-12-31 | yes | |
| TRANSCRIPT | 20230529 | 2023-03-31 | yes | |
| TRANSCRIPT | 20230807 | 2023-06-30 | yes | |
| TRANSCRIPT | 20231110 | 2023-09-30 | yes | |
| TRANSCRIPT | 20241111 | 2023-09-30 | yes | |
| DUPLICATE | 20241111 | 2023-09-30 | no | |
| TRANSCRIPT | 20240212 | 2023-12-31 | yes | |
| TRANSCRIPT | 20240604 | 2024-03-31 | yes | |
| TRANSCRIPT | 20250602 | 2024-03-31 | yes | |
| TRANSCRIPT | 20240809 | 2024-06-30 | yes | |
| TRANSCRIPT | 20250811 | 2024-06-30 | yes | |
| TRANSCRIPT | 20251110 | 2024-09-30 | yes | |
| DUPLICATE | 20251110 | 2024-09-30 | no | |
| TRANSCRIPT | 20250210 | 2024-12-31 | yes | |
| TRANSCRIPT | 20260210 | 2024-12-31 | yes | |
| TRANSCRIPT | 20260603 | 2025-03-31 | yes | |
| DUPLICATE | 20260603 | 2025-03-31 | no | |
| DUPLICATE | 20250811 | 2025-06-30 | no | |
| TRANSCRIPT | 20260811 | 2025-06-30 | yes |
CUMMINSIND
files the standard Schedule III statements. Every figure below opens to the filing it was read from; where a figure is not shown, the reason is printed in its place.
Identity
| Statement division | general |
| Scope served | consolidated |
| Panels on this page | 4 |
Market
No split, bonus or consolidation is on record for this company inside the period this price series covers, so the closes need no adjustment.
| Last close | 4,973.00 |
| 52-week range | 3849.0 – 6027.5 |
| Return 1M | -5.09% |
| Return 3M | -11.86% |
| Return 1Y | 24.67% |
| Return 3Y | 186.42% |
| Return 5Y | 399.9% |
| Market capitalisation | not shown — we could not confirm it |
| Shares outstanding | not shown — we could not confirm it |
| P/E | not shown — we could not confirm it |
| P/B | not shown — we could not confirm it |
| EV/EBITDA | not shown — we could not confirm it |
Latest quarter filed — period ending 2026-06-30
In INR crore except per-share figures. `period_id` is the period the filing names for the number; the date beside each cell is when it was filed.
| Revenue from operations | 3,426.00 |
| Other income | 137.00 |
| Total income | 3,563.00 |
| Cost of materials consumed | 2,094.00 |
| Purchases of stock-in-trade | 215.00 |
| Changes in inventories | -30.00 |
| Employee benefit expense | 233.00 |
| Finance costs | 4.00 |
Ownership — 2026-06-30, and the change from 2026-03-31
| Holder | Per cent | Change |
|---|---|---|
| promoter and promoter group | 0.51 | 0.00 |
| institutions foreign | 0.21 | 0.00 |
| institutions domestic | 0.19 | -0.00 |
| mutual funds | 0.13 | -0.00 |
| public | 0.49 | 0.00 |
Documents on file
| Class | Most recent | On file |
|---|---|---|
| DUPLICATE | 2025-06-30 | 4 |
| TRANSCRIPT | 2025-06-30 | 27 |
Financial statements
Filed results, consolidated, in INR crore except per-share figures. Every figure opens to the filing it was read from. Quarterly and annual columns are the periods the filing itself names, never a document date.
Quarterly results, as filed
| Line | 2022-09-30 | 2022-12-31 | 2023-03-31 | 2023-06-30 | 2023-09-30 | 2023-12-31 | 2024-03-31 | 2024-06-30 | 2024-09-30 | 2024-12-31 | 2025-03-31 | 2025-06-30 | 2025-09-30 | 2025-12-31 | 2026-03-31 | 2026-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 1,957.00 | 2,185.00 | 1,934.00 | 2,218.00 | 1,922.00 | 2,541.00 | 2,319.00 | 2,316.00 | 2,509.00 | 3,096.00 | 2,470.00 | 2,907.00 | 3,170.00 | 3,055.00 | 3,011.00 | 3,426.00 |
| Other income | 69.00 | 85.00 | 87.00 | 89.00 | 90.00 | 99.00 | 100.00 | 104.00 | 105.00 | 111.00 | 126.00 | 134.00 | 123.00 | 116.00 | 145.00 | 137.00 |
| Total income | 2,026.00 | 2,270.00 | 2,021.00 | 2,307.00 | 2,011.00 | 2,641.00 | 2,419.00 | 2,419.00 | 2,614.00 | 3,208.00 | 2,597.00 | 3,041.00 | 3,293.00 | 3,171.00 | 3,156.00 | 3,563.00 |
| Cost of materials consumed | 1,154.00 | 1,172.00 | 1,181.00 | 1,244.00 | 1,112.00 | 1,239.00 | 1,218.00 | 1,323.00 | 1,539.00 | 1,625.00 | 1,423.00 | 1,776.00 | 1,804.00 | 1,676.00 | 1,707.00 | 2,094.00 |
| Purchases of stock-in-trade | 183.00 | 201.00 | 211.00 | 298.00 | 134.00 | 232.00 | 276.00 | 181.00 | 159.00 | 182.00 | 178.00 | 214.00 | 197.00 | 200.00 | 198.00 | 215.00 |
| Changes in inventories | -10.00 | 67.00 | -100.00 | -52.00 | -37.00 | 119.00 | -11.00 | -74.00 | -94.00 | 209.00 | -58.00 | -159.00 | 11.00 | 22.00 | 20.00 | -30.00 |
| Employee benefit expense | 166.00 | 166.00 | 161.00 | 194.00 | 199.00 | 215.00 | 194.00 | 188.00 | 199.00 | 240.00 | 171.00 | 199.00 | 199.00 | 200.00 | 196.00 | 233.00 |
| Finance costs | 5.00 | 3.00 | 7.00 | 8.00 | 7.00 | 6.00 | 6.00 | 5.00 | 3.00 | 3.00 | 5.00 | 3.00 | 3.00 | 5.00 | 2.00 | 4.00 |
| Depreciation and amortisation | 36.00 | 35.00 | 38.00 | 36.00 | 38.00 | 42.00 | 42.00 | 44.00 | 45.00 | 49.00 | 46.00 | 48.00 | 49.00 | 50.00 | 51.00 | 53.00 |
| Other expenses | 173.00 | 167.00 | 151.00 | 192.00 | 168.00 | 194.00 | 104.00 | 224.00 | 222.00 | 242.00 | 231.00 | 252.00 | 265.00 | 322.00 | 247.00 | 298.00 |
| Total expenses | 1,708.00 | 1,810.00 | 1,648.00 | 1,920.00 | 1,620.00 | 2,048.00 | 1,829.00 | 1,892.00 | 2,072.00 | 2,551.00 | 1,997.00 | 2,334.00 | 2,527.00 | 2,476.00 | 2,423.00 | 2,866.00 |
| Profit before exceptional items and tax | 318.00 | 460.00 | 373.00 | 387.00 | 391.00 | 593.00 | 590.00 | 528.00 | 542.00 | 657.00 | 600.00 | 707.00 | 766.00 | 695.00 | 733.00 | 697.00 |
| Exceptional items | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -2.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 13.00 | 0.00 | -127.00 | 32.00 | 0.00 |
| Profit before tax | 318.00 | 460.00 | 373.00 | 387.00 | 391.00 | 591.00 | 590.00 | 528.00 | 542.00 | 657.00 | 600.00 | 719.00 | 766.00 | 569.00 | 766.00 | 697.00 |
| Current tax | 82.00 | 112.00 | 99.00 | 99.00 | 99.00 | 155.00 | 142.00 | 131.00 | 145.00 | 159.00 | 161.00 | 180.00 | 199.00 | 146.00 | 193.00 | 177.00 |
| Deferred tax | 2.00 | 6.00 | -3.00 | 0.00 | 1.00 | -8.00 | -5.00 | 1.00 | -1.00 | -4.00 | -0.00 | 0.00 | 2.00 | -7.00 | 9.00 | 1.00 |
| Tax expense | 84.00 | 119.00 | 95.00 | 99.00 | 100.00 | 148.00 | 137.00 | 132.00 | 144.00 | 155.00 | 161.00 | 181.00 | 202.00 | 139.00 | 202.00 | 178.00 |
| Profit for the period | 267.00 | 414.00 | 349.00 | 354.00 | 329.00 | 499.00 | 539.00 | 463.00 | 449.00 | 558.00 | 530.00 | 604.00 | 622.00 | 486.00 | 649.00 | 609.00 |
| Profit attributable to owners | 267.00 | 414.00 | 349.00 | 354.00 | 329.00 | 499.00 | 539.00 | 463.00 | 449.00 | 558.00 | 530.00 | 604.00 | 622.00 | — | 649.00 | 609.00 |
| Profit attributable to non-controlling interests | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | — | 0.00 | 0.00 |
| Other comprehensive income | -1.00 | 0.00 | 5.00 | 1.00 | -8.00 | -2.00 | -8.00 | -1.00 | -10.00 | -3.00 | 1.00 | 1.00 | 14.00 | 0.00 | 6.00 | -0.00 |
| Total comprehensive income | 266.00 | 414.00 | 353.00 | 355.00 | 321.00 | 497.00 | 530.00 | 462.00 | 440.00 | 555.00 | 530.00 | 605.00 | 636.00 | 486.00 | 655.00 | 609.00 |
| Earnings per share, basic | 9.64 | 14.93 | 12.59 | 12.76 | 11.87 | 18.00 | 19.44 | 16.69 | 16.21 | 20.15 | 19.10 | 21.79 | 22.45 | 17.53 | 23.43 | 21.98 |
| Earnings per share, diluted | 9.64 | 14.93 | 12.59 | 12.76 | 11.87 | 18.00 | 19.44 | 16.69 | 16.21 | 20.15 | 19.10 | 21.79 | 22.45 | 17.53 | 23.43 | 21.98 |
Annual results, as filed
| Line | 2020-03-31 | 2021-03-31 | 2022-03-31 | 2023-03-31 | 2024-03-31 | 2025-03-31 | 2026-03-31 |
|---|---|---|---|---|---|---|---|
| Revenue from operations | 5,191.00 | 4,360.00 | 6,171.00 | 7,772.00 | 9,000.00 | 10,391.00 | 12,143.00 |
| Other income | 257.00 | 274.00 | 243.00 | 308.00 | 378.00 | 447.00 | 517.00 |
| Total income | 5,449.00 | 4,634.00 | 6,414.00 | 8,080.00 | 9,378.00 | 10,838.00 | 12,661.00 |
| Cost of materials consumed | 2,588.00 | 2,330.00 | 3,574.00 | 4,568.00 | 4,813.00 | 5,911.00 | 6,964.00 |
| Purchases of stock-in-trade | 747.00 | 455.00 | 571.00 | 781.00 | 939.00 | 700.00 | 810.00 |
| Changes in inventories | 37.00 | -21.00 | -39.00 | -127.00 | 18.00 | -17.00 | -106.00 |
| Employee benefit expense | 578.00 | 510.00 | 615.00 | 649.00 | 801.00 | 797.00 | 795.00 |
| Finance costs | 21.00 | 17.00 | 12.00 | 16.00 | 27.00 | 16.00 | 12.00 |
| Depreciation and amortisation | 121.00 | 127.00 | 136.00 | 142.00 | 159.00 | 185.00 | 199.00 |
| Other expenses | 653.00 | 505.00 | 561.00 | 653.00 | 658.00 | 918.00 | 1,085.00 |
| Total expenses | 4,744.00 | 3,922.00 | 5,431.00 | 6,683.00 | 7,417.00 | 8,512.00 | 9,759.00 |
| Profit before exceptional items and tax | 705.00 | 712.00 | 983.00 | 1,398.00 | 1,961.00 | 2,326.00 | 2,901.00 |
| Exceptional items | -20.00 | 0.00 | 0.00 | -14.00 | -2.00 | 0.00 | -82.00 |
| Profit before tax | 685.00 | 712.00 | 983.00 | 1,383.00 | 1,959.00 | 2,326.00 | 2,820.00 |
| Current tax | 159.00 | 188.00 | 258.00 | 357.00 | 495.00 | 597.00 | 719.00 |
| Deferred tax | -57.00 | 2.00 | 15.00 | 6.00 | -11.00 | -4.00 | 5.00 |
| Tax expense | 102.00 | 190.00 | 273.00 | 363.00 | 484.00 | 593.00 | 724.00 |
| Profit for the period | 706.00 | 635.00 | 801.00 | 1,228.00 | 1,721.00 | 2,000.00 | 2,362.00 |
| Profit attributable to owners | 706.00 | 635.00 | 934.00 | 1,228.00 | 1,721.00 | 2,000.00 | 2,362.00 |
| Profit attributable to non-controlling interests | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Other comprehensive income | -18.00 | 0.00 | 1.00 | 4.00 | -18.00 | -13.00 | 21.00 |
| Total comprehensive income | 687.00 | 635.00 | 802.00 | 1,232.00 | 1,703.00 | 1,987.00 | 2,382.00 |
| Earnings per share, basic | 25.45 | 22.91 | 33.69 | 44.31 | 62.07 | 72.15 | 85.20 |
| Earnings per share, diluted | 25.45 | 22.91 | 33.69 | 44.31 | 62.07 | 72.15 | 85.20 |
Balance sheet, as filed
| Line | 2022-09-30 | 2023-03-31 | 2023-09-30 | 2024-03-31 | 2024-09-30 | 2025-03-31 | 2025-09-30 | 2026-03-31 |
|---|---|---|---|---|---|---|---|---|
| Total assets | 7,347.00 | 7,919.00 | 8,312.00 | 8,971.00 | 9,397.00 | 10,168.00 | 10,540.00 | 11,304.00 |
| Non-current assets | 2,683.00 | 2,820.00 | 2,953.00 | 3,028.00 | 3,090.00 | 3,160.00 | 3,188.00 | 3,194.00 |
| Current assets | 4,662.00 | 5,097.00 | 5,358.00 | 5,940.00 | 6,304.00 | 6,921.00 | 7,350.00 | 8,107.00 |
| Property, plant and equipment | 1,192.00 | 1,169.00 | 1,171.00 | 1,195.00 | 1,245.00 | 1,292.00 | 1,317.00 | 1,368.00 |
| Capital work-in-progress | 64.00 | 41.00 | 49.00 | 95.00 | 65.00 | 78.00 | 72.00 | 77.00 |
| Goodwill | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Other intangible assets | 39.00 | 38.00 | 132.00 | 130.00 | 146.00 | 136.00 | 122.00 | 109.00 |
| Inventories | 890.00 | 904.00 | 1,022.00 | 950.00 | 1,157.00 | 1,004.00 | 1,162.00 | 1,168.00 |
| Trade receivables | 1,415.00 | 1,597.00 | 1,482.00 | 2,085.00 | 2,144.00 | 2,278.00 | 2,565.00 | 2,754.00 |
| Cash and cash equivalents | 468.00 | 397.00 | 406.00 | 300.00 | 233.00 | 235.00 | 214.00 | 500.00 |
| Total equity and liabilities | 7,347.00 | 7,919.00 | 8,312.00 | 8,971.00 | 9,397.00 | 10,168.00 | 10,540.00 | 11,304.00 |
| Equity | 5,319.00 | 5,758.00 | 6,080.00 | 6,612.00 | 6,967.00 | 7,561.00 | 7,895.00 | 8,475.00 |
| Equity share capital | 55.00 | 55.00 | 55.00 | 55.00 | 55.00 | 55.00 | 55.00 | 55.00 |
| Other equity | 5,264.00 | 5,703.00 | 6,024.00 | 6,557.00 | 6,912.00 | 7,506.00 | 7,840.00 | 8,420.00 |
| Total liabilities | 2,028.00 | 2,160.00 | 2,232.00 | 2,358.00 | 2,430.00 | 2,607.00 | 2,645.00 | 2,829.00 |
| Non-current liabilities | 279.00 | 270.00 | 338.00 | 301.00 | 323.00 | 349.00 | 316.00 | 389.00 |
| Current liabilities | 1,749.00 | 1,890.00 | 1,895.00 | 2,057.00 | 2,107.00 | 2,233.00 | 2,330.00 | 2,440.00 |
| Borrowings, non-current | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Borrowings, current | 244.00 | 350.00 | 250.00 | 100.00 | 1.00 | 0.00 | 0.00 | 0.00 |
| Trade payables | 1,134.00 | 1,154.00 | 1,104.00 | 1,409.00 | 1,445.00 | 1,567.00 | 1,524.00 | 1,650.00 |
Cash flow, as filed
| Line | 2022-09-30 | 2023-03-31 | 2023-09-30 | 2024-03-31 | 2024-09-30 | 2025-03-31 | 2025-09-30 | 2026-03-31 |
|---|---|---|---|---|---|---|---|---|
| Net cash from operating activities | 353.00 | 820.00 | 719.00 | 1,285.00 | 686.00 | 1,685.00 | 742.00 | 1,734.00 |
| Net cash from investing activities | 370.00 | 69.00 | -256.00 | -268.00 | -92.00 | -582.00 | 166.00 | 15.00 |
| Net cash from financing activities | -449.00 | -687.00 | -474.00 | -1,134.00 | -660.00 | -1,168.00 | -935.00 | -1,495.00 |
| Purchase of property, plant and equipment | 83.00 | 162.00 | 162.00 | 286.00 | 103.00 | 238.00 | 111.00 | 252.00 |
| Net increase in cash | 291.00 | 219.00 | 9.00 | -97.00 | -67.00 | -63.00 | -21.00 | 265.00 |
| con:CFO.BEFORE_TAX | 475.00 | 1,172.00 | 896.00 | 1,787.00 | 946.00 | 2,250.00 | 1,042.00 | 2,360.00 |
| con:INTEREST_RECEIVED.OPERATING | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:INTEREST_PAID.OPERATING | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:DIVIDENDS_RECEIVED.OPERATING | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:TAX_PAID.OPERATING | 122.00 | 352.00 | 177.00 | 501.00 | 260.00 | 565.00 | 300.00 | 626.00 |
| con:CF_OTHER.OPERATING | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:INVESTMENTS_PURCHASED | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:INVESTMENTS_SOLD | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:PPE_DISPOSALS | 24.00 | 7.00 | 2.00 | 6.00 | 1.00 | 8.00 | 0.00 | 4.00 |
| con:CF_INVESTING.SUBSIDIARIES_SOLD | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:CF_INVESTING.SUBSIDIARIES_ACQUIRED | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:CF_INVESTING.JV_SOLD | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:CF_INVESTING.JV_ACQUIRED | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Who owns it
The shareholding pattern filed with the exchange every quarter, as a series. Percentages are of total shares. Each figure names the filing it was read from and the date it was filed.
| Holder | 2023-03-31 | 2023-06-30 | 2023-09-30 | 2023-12-31 | 2024-03-31 | 2024-06-30 | 2024-09-30 | 2024-12-31 | 2025-03-31 | 2025-06-30 | 2025-09-30 | 2025-12-31 | 2026-03-31 | 2026-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Promoter and promoter group | 51.00 | 51.00 | 51.00 | 51.00 | 51.00 | 51.00 | 51.00 | 51.00 | 51.00 | 51.00 | 0.51 | 0.51 | 0.51 | 0.51 |
| Domestic institutions | 23.81 | 23.97 | 22.18 | 23.56 | 23.00 | 22.39 | 22.62 | 21.91 | 22.94 | 22.64 | 0.22 | 0.21 | 0.20 | 0.19 |
| Mutual funds | — | — | — | — | — | — | — | — | — | 16.78 | 0.16 | 0.14 | 0.13 | 0.13 |
| Insurance companies | 1.96 | 2.57 | 2.06 | 2.73 | 2.52 | 2.70 | 2.76 | 2.98 | 3.60 | 3.02 | 0.03 | 0.04 | 0.04 | 0.04 |
| Foreign institutions | 13.99 | 14.37 | 16.46 | 16.51 | 17.36 | 17.95 | 17.50 | 18.10 | 17.21 | 17.50 | 0.18 | 0.19 | 0.21 | 0.21 |
| Government | — | — | — | — | — | — | — | — | — | — | 0.00 | 0.00 | 0.00 | 0.00 |
| Public | 49.00 | 49.00 | 49.00 | 49.00 | 49.00 | 49.00 | 49.00 | 49.00 | 49.00 | 49.00 | 0.49 | 0.49 | 0.49 | 0.49 |
| Non-institutional | 11.20 | 10.67 | 10.36 | 8.93 | 8.63 | 8.66 | 8.88 | 9.00 | 8.85 | 8.86 | 0.09 | 0.09 | 0.09 | 0.09 |
| Shares outstanding | 277200000 | 277200000 | 277200000 | 277200000 | 277200000 | 277200000 | 277200000 | 277200000 | 277200000 | 277200000 | 277200000 | 277200000 | 277200000 | 277200000 |
Related parties
Transactions with related parties as disclosed to the exchange for the period ending 2024-09-30, by counterparty, largest first. Amounts are as filed. Each row names the filing and the date it was filed.
| Counterparty | Relationship | Type | Amount in the period | Transactions |
|---|---|---|---|---|
| Cummins Technologies India Private Limited | Fellow Subsidiary | Any other transaction, Purchase of goods or services | 9,681,000,000.00 | 3 |
| Others | Fellow Subsidiary | Any other transaction, Purchase of fixed assets, Pur | 7,736,800,000.00 | 4 |
| Tata Cummins Private Limited | Enterprise with common key managem | Purchase of goods or services | 6,888,900,000.00 | 1 |
| Cummins Inc. | Parent | Any other transaction, Dividend paid, Purchase of fi | 6,776,200,000.00 | 4 |
| Cummins Limited | Fellow Subsidiary | Purchase of goods or services, Sale of goods or serv | 4,040,700,000.00 | 2 |
| Valvoline Cummins Private Limited | Joint Venture | Dividend received, Sale of goods or services | 906,000,000.00 | 2 |
| Cummins Generator Technologies India Private Limited | Associate | Any other transaction, Dividend received | 377,900,000.00 | 2 |
| Cummins Group Officers Gratuity Scheme | Entities with joint control or sig | Any other transaction | 375,400,000.00 | 1 |
| Cummins India Foundation | Enterprise with common key managem | Any other transaction | 138,900,000.00 | 1 |
| Cummins Group Employees Superannuation Scheme | Entities with joint control or sig | Any other transaction | 105,400,000.00 | 1 |
| Cummins India Limited Officers Provident Fund | Entities with joint control or sig | Any other transaction | 93,800,000.00 | 1 |
| Ashwath Ram | Managing Director | Remuneration | 15,600,000.00 | 1 |
| Ajay Patil | Chief Financial Officer | Remuneration | 14,100,000.00 | 1 |
| Shveta Arya | Managing Director | Remuneration | 2,800,000.00 | 1 |
| Vinaya Joshi | Company Secretary | Remuneration | 1,900,000.00 | 1 |
What management said
Every earnings call we hold for this company, read in full. Prepared remarks are separated from the question-and-answer session and every paragraph names who said it and on which page. These are management’s own words, not filed figures.
| Date | Quarter | Who spoke | |
|---|---|---|---|
| 2026-08-11 | Q1FY26 | CUMMINS INDIA LIMITED | Read the call |
| 2026-06-03 | FYFY25 | CUMMINS INDIA LIMITED | Read the call |
| 2026-02-10 | Q3FY25 | INDIA LIMITED, INDIA LIMITED. | Read the call |
| 2025-11-10 | H1FY25 | CUMMINS INDIA LIMITED, CUMMINS INDIA LIMITED. | Read the call |
| 2025-08-11 | Q1FY26 | CUMMINS INDIA LIMITED | Read the call |
| 2025-06-02 | FYFY24 | CUMMINS INDIA LIMITED | Read the call |
| 2025-02-10 | Q3FY25 | CUMMINS INDIA LIMITED. | Read the call |
| 2024-11-11 | H1FY24 | CUMMINS INDIA LIMITED, CUMMINS INDIA LIMITED. | Read the call |
| 2024-08-09 | Q1FY25 | CUMMINS INDIA LIMITED | Read the call |
| 2024-06-04 | Q4FY24 | CUMMINS INDIA LIMITED | Read the call |
| 2024-02-12 | Q3FY24 | CUMMINS INDIA LIMITED. | Read the call |
| 2023-11-10 | Q2FY24 | CUMMINS INDIA LIMITED. | Read the call |
| 2023-08-07 | Q1FY24 | CUMMINS INDIA LIMITED, CUMMINS INDIA LIMITED. | Read the call |
| 2023-05-29 | Q4FY23 | CUMMINS INDIA LIMITED | Read the call |
| 2023-02-14 | Q3FY23 | CUMMINS INDIA LIMITED | Read the call |
| 2022-11-10 | Q2FY23 | CUMMINS INDIA LIMITED., OFFICER, CUMMINS INDIA LIMITED. | Read the call |
| 2022-05-30 | Q4FY22 | Read the call | |
| 2022-02-14 | Q3FY22 | LIMITED. | Read the call |
| 2021-11-09 | Q2FY22 | Read the call | |
| 2021-08-17 | Q1FY22 | Read the call | |
| 2021-05-31 | Q4FY21 | Read the call | |
| 2021-02-01 | Q3FY21 | Read the call | |
| 2020-11-04 | Q2FY21 | Read the call | |
| 2020-08-19 | Q1FY21 | Read the call | |
| 2019-10-31 | Q2FY20 | Read the call | |
| 2019-08-12 | Q1FY20 | Read the call | |
| 2019-05-27 | Q4FY19 | Read the call |
What they said about it, quarter by quarter
| Topic | Q3FY23 | Q3FY24 | Q3FY25 | Q4FY19 | Q4FY21 | Q4FY22 | Q4FY23 | Q4FY24 |
|---|---|---|---|---|---|---|---|---|
| Capex | The only dampeners are the global geopolitical crisis, the inflation and if we see some kind of softening in the capex cycle, those are likely to impa… | And given that a lot of incremental capex is coming on efficient railways with the expense, [inaudible] what kind of opportunity that presents in term… | And Shveta, last question, the parent has announced $200 million capex for India, the country. | What type of new launches are we looking at and any further CapEx in the new factory expansions for railway or other product lines? | And lastly, sir, it was heartening to see that we have curtailed our CapEx in the past financial year, and assuming bulk of the CapEx for CPCB 4 would… | — | It's particularly the consumer markets, the small, small buyers, small manufacturers, people for whom that the scale of the CAPEX is large. | Wanted to understand any CAPEX requirement and what are the current utilization levels? |
| Capital allocation | — | — | And with that intent in mind, we have divested this dealership entity. | As a measure of our confidence and as a result of our record financial performance, we have kept up our dividend to 850% that is Rs.17 per share from … | Other income has been higher mainly because of dividend from the company's [Audio Distortion]. | — | — | — |
| Costs | A lot of it to do with ability to source in a raw material to improve utilization even further. | So for some of the export orders, some of our raw materials are coming in late. | — | — | So have we accounted already for the current [indiscernible] entire impact of raw materials or will it still continue in the next quarter? | High commodity cost inflation continued throughout the year. | — | — |
| Debt and cash | — | — | — | — | If you can get some more clarity and what's the thought process on these cash flows that the company is generating where we intend to divert that? | — | — | — |
| Demand | However, because of supply chain challenges, which we continue to work through and the geopolitical concerns, we remain cautiously optimistic about th… | So it's pretty uniform that all our big markets around the world, whether it be in Europe, in the Middle East, in Asia Pacific, in Latin America, pret… | And specifically for the power gen market, we see demand in the mission-critical power segment. | Sir, second question would be [Audio Distortion] of -- you did mention of new strong pipeline of new product launches that you are planning in the dom… | Quarter four in the expos business is typically lower than quarter three, mainly because global customers gradually start ramping up and we are starti… | Post wave two of COVID-19, we observed strong economic rebound enabled by a combination of factors like mass vaccination, government spends on infrast… | There are many product families that are only made in India and they cater to demand around the world. | Consequently, the market will see a demand shift to CPCB-IV+ emission norms -compliant products effective July 1, 2024. |
| Guidance | As we have been guiding, it's our ambition to grow at continued growth at 2x of GDP is what we aspire to. | February 08, 2024 As far as Cummins India financial guidance is concerned, regarding the sales outlook for the full year 2022 -- 2023-'24, we continue… | But just wanted to -- from your viewpoint, just wanted to know how is the outlook for the various subsegments in terms of end market demand, say, cons… | Then what is our guidance for exports and domestic sales? | The company is, therefore, not providing full year revenue guidance for FY 2022. | Considering these uncertainties, the Company will not be providing any guidance for FY23. With this, I now open the session for questions. | And overall exports, what kind of steady state growth should we expect? | Regarding the sales outlook for 2024-'25, we continue to expect double-digit growth over the fiscal year 2023-'24. |
| Margin | February 09, 2023 quarter to this quarter, pretty much as we had indicated that if commodities continue to soften, the price increases that we have ta… | It is driven by -- our aspiration is to grow at 2x of the GDP at the minimum and to continue to improve our profit margin by at least 100 basis points… | Does that sort of bridge the gap in terms of the gross margin movement? | If I sell more in the construction market I get a lower -- negatively impacts our growth margin, so that is one. | So first question, the first point on was that this quarter we had a gross margin hit. | First question is pertaining to the margins especially gross margin. | Now connected with this on the profitability with this cost increase and the price increase, which is expected, do you see all this will be margin acc… | And obviously, linked to that thing, you have to localize more, do you see a margin release and market share release happening in the near to medium t… |
| People | If you could give us more clarity on where the capacity utilization levels are? | And there is significant capacity underutilization in most regions around the world. | In the aftermarket, it is really linked to the utilization of the products. | — | So, we were at roughly about 50% utilization in the last month and this month as well. | — | So, what would have been your average capacity utilization say in last year FY '23? | But there are other market segments where utilization is low, and there are some advantages to having the latest and greatest technology and certainly… |
| Pricing | So all in all, I can say that with all the growth and the pricing actions, et cetera, we had taken, we saw relatively better growth compared to the pr… | And also the broad realization gain that we would have seen on the back of price increases related to CPCB IV and general price increases? | If you could please comment on pricing trends at the portfolio level and now that there's -- more than 6 months have passed with full-fledged adoption… | Like data centers and all, if you could broadly highlight which categories are growing at what rate and the volume and pricing of growth. | And what kind of price increase do you expect at the engine level at the genset level if you can share that will be great, sir. | Cummins India employed tactical pricing actions and continued efforts of cost containment and reduction to help mitigate impact of commodity inflation… | So, is it right then the effective price increase for the end consumer will be in the range of say 20% to 25%? | So, that means even for FY '25, despite taking price hikes on CPCB IV+ power gen and implementation from July 1. |
| Revenue growth | We are open to inorganic growth options and we have been setting up a growth office, which is looking out for those kinds of opportunities as well. | Your top line growth can remain not strong next few quarters? | The growth of this segment is largely linked to the capital expenditure by the government. | That's the overall revenue growth, okay. | — | So, the commodity rises are unprecedented and the rate of growth of commodities has been unprecedented. | So, when I look across segments, I am continuing to see in proportion to the growth of the GDP the segments continuing to hold. | My second question is, sir, what could be data center contributions to our top line last year? |