Cummins India Limited

CUMMINSIND.NS

Industrial - Machinery · Industrials

Price

₹5105.00

-88.00 (-1.69%)

Market Cap

₹1.42T

Exchange

National Stock Exchange of India

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 31, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Good

Growth

Strong

Cash Flow

Weak

Stability

Good

Valuation

Good

Dividends

Good

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Winston Score History

The full picture

Cummins India designs, manufactures, and sells diesel and natural gas engines, generators, and power systems. Its products are used in industries like construction, mining, transportation, and backup power for buildings and data centers. The company is a subsidiary of U.S.-based Cummins Inc. and is one of the leading engine and power generation equipment makers in India.

Cummins India earns revenue by selling engines, generator sets, and related components, along with aftermarket parts and services. It operates primarily in India but also exports to markets across Asia, Africa, and the Middle East. Its strong brand, deep distribution network, and long-standing relationship with its U.S. parent give it a durable competitive position in the Indian market. Key growth drivers include rising infrastructure spending in India and increasing demand for reliable backup power, though the long-term shift away from diesel toward cleaner energy sources poses a strategic challenge.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+21.9% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+22.6% YoY

YoY Growth Rate

Steady EPS growth

R&D Spend

₹0/ year

↓ Declining (-100% vs prior year)

0.0% of revenue

Below sector average (4%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

51.3%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

₹0 cash & investments

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Cummins India Limited is a rare growth stock that's already generating positive cash flow while growing at 22%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

+0.0% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 277.2M (2022) → 277.2M (2026)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

32.5%

Modest — 32.5% gross margin

Profit after running costs

Operating Margin

16.7%

Healthy — 16.7% operating margin

Return on the money invested

ROCE

28.1%

Exceptional — 28.1% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

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Growth

Sales growth

Sales YoY

+14.8%

Fast-growing sales (+14.8% YoY)

Profit growth

EPS YoY

+10.5%

Earnings growing (+10.5% YoY)

Healthy double-digit earnings growth — what compounders look like.

How steady the profit is

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash

Cash Conversion

31%

Weak — only 31% of profit becomes cash

Spare cash per sale

FCF Margin

5.0%

Thin free cash flow (5.0%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

N/A

Data not available

Covers its interest

Interest Cover

174.55x

Comfortably covers interest (174.5x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

59.8x

Expensive — P/E 59.8

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year

P/E vs Forward

+14.9

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (59.8 → 44.9)

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Dividends

Dividend

Dividend Yield

1.80%

Small dividend — 1.80% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record

Dividend Growth

+86.5%

Dividend growing fast (86.5% YoY)

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