Stock CUMMINSIND CUMMINS INDIA LIMITED
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Financials Cummins India Limited

Equities

CUMMINSIND

INE298A01020

Auto, Truck & Motorcycle Parts

Market Closed - Bombay S.E.
Other stock markets
 06:00:50 2024-04-26 am EDT 		5-day change 1st Jan Change
3,239 INR +0.24% Intraday chart for Cummins India Limited +6.56% +64.98%
Apr. 18 Nomura Adjusts Cummins India’s Price Target to INR3,040 From INR2,510, Keeps at Neutral MT
Mar. 28 Cummins India Limited and Sudhir Power Ltd. Successfully Concludes A Mega Road Show in Rajasthan CI

Valuation

Fiscal Period: Marzo 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 206,528 90,229 254,913 311,531 451,587 897,976 - -
Enterprise Value (EV) 1 202,240 90,544 253,854 295,612 441,505 885,315 881,174 876,351
P/E ratio 28.6 x 14.3 x 41.3 x 35.1 x 40 x 60.6 x 53.7 x 45.7 x
Yield 2.28% 4.3% 1.63% 1.65% 1.53% 0.92% 1.01% 1.15%
Capitalization / Revenue 3.65 x 1.75 x 5.89 x 5.07 x 5.83 x 10.2 x 8.92 x 7.77 x
EV / Revenue 3.57 x 1.76 x 5.86 x 4.81 x 5.7 x 10.1 x 8.76 x 7.58 x
EV / EBITDA 23.4 x 15.4 x 43.8 x 33.4 x 35.5 x 56 x 50 x 42.3 x
EV / FCF 76.7 x 26.5 x 37.8 x 53.2 x 68 x 85.5 x 71.3 x 61 x
FCF Yield 1.3% 3.77% 2.65% 1.88% 1.47% 1.17% 1.4% 1.64%
Price to Book 5 x 2.16 x 5.78 x 6.42 x 8.41 x 14.8 x 13.2 x 11.6 x
Nbr of stocks (in thousands) 277,200 277,200 277,200 277,200 277,200 277,200 - -
Reference price 2 745.0 325.5 919.6 1,124 1,629 3,239 3,239 3,239
Announcement Date 5/22/19 6/17/20 5/26/21 5/26/22 5/24/23 - - -
1INR in Million2INR
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 56,590 51,577 43,292 61,404 77,444 88,012 100,640 115,590
EBITDA 1 8,641 5,863 5,795 8,851 12,426 15,815 17,619 20,717
EBIT 1 7,538 4,676 4,540 7,511 11,022 14,260 15,905 18,584
Operating Margin 13.32% 9.07% 10.49% 12.23% 14.23% 16.2% 15.8% 16.08%
Earnings before Tax (EBT) 1 10,304 7,591 8,080 11,594 14,921 19,286 21,773 25,502
Net income 1 7,226 6,293 6,179 8,866 11,298 14,620 16,452 19,380
Net margin 12.77% 12.2% 14.27% 14.44% 14.59% 16.61% 16.35% 16.77%
EPS 2 26.07 22.70 22.29 31.99 40.76 53.49 60.31 70.94
Free Cash Flow 1 2,637 3,413 6,717 5,552 6,494 10,350 12,352 14,375
FCF margin 4.66% 6.62% 15.51% 9.04% 8.39% 11.76% 12.27% 12.44%
FCF Conversion (EBITDA) 30.52% 58.22% 115.91% 62.73% 52.26% 65.44% 70.11% 69.39%
FCF Conversion (Net income) 36.49% 54.23% 108.71% 62.62% 57.48% 70.79% 75.08% 74.17%
Dividend per Share 2 17.00 14.00 15.00 18.50 25.00 29.73 32.77 37.27
Announcement Date 5/22/19 6/17/20 5/26/21 5/26/22 5/24/23 - - -
1INR in Million2INR
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: Marzo 2020 S1 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2022 S2 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1
Net sales 1 29,904 14,243 12,465 11,845 17,274 17,350 14,936 32,285 17,568 19,512 21,805 19,260 22,087 20,669 22,880 21,982 21,456
EBITDA 1 - 2,417 1,675 1,488 2,592 2,705 2,066 4,771 2,138 2,905 4,122 3,260 3,406 3,146 3,891 3,953 -
EBIT 1 - 2,098 1,369 1,179 2,256 2,356 1,719 - 1,802 2,553 3,779 2,888 3,048 2,567 3,022 3,247 2,976
Operating Margin - 14.73% 10.98% 9.95% 13.06% 13.58% 11.51% - 10.26% 13.08% 17.33% 15% 13.8% 12.42% 13.21% 14.77% 13.87%
Earnings before Tax (EBT) 1 - 3,036 2,452 3,034 2,929 3,195 2,437 5,632 - 3,362 4,790 4,129 4,146 3,648 4,469 4,609 -
Net income 1 3,248 2,341 1,857 2,366 2,199 2,410 1,892 4,301 1,988 2,524 3,601 3,185 3,157 2,774 3,445 3,578 -
Net margin 10.86% 16.43% 14.9% 19.98% 12.73% 13.89% 12.66% 13.32% 11.32% 12.93% 16.52% 16.54% 14.29% 13.42% 15.06% 16.28% -
EPS 2 - 8.440 6.700 8.540 7.930 8.690 6.820 - - 9.100 12.99 11.49 11.39 10.10 12.53 12.73 -
Dividend per Share 2 - - 15.00 - - - - - - - - - - - - 32.16 -
Announcement Date 10/24/19 1/28/21 5/26/21 8/11/21 10/27/21 2/10/22 5/26/22 5/26/22 8/10/22 11/4/22 2/8/23 5/24/23 8/3/23 - - - -
1INR in Million2INR
Estimates

Balance Sheet Analysis

Fiscal Period: Marzo 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - 315 - - - - - -
Net Cash position 1 4,288 - 1,059 15,919 10,082 12,661 16,801 21,624
Leverage (Debt/EBITDA) - 0.0538 x - - - - - -
Free Cash Flow 1 2,637 3,413 6,717 5,552 6,494 10,350 12,352 14,375
ROE (net income / shareholders' equity) 17.8% 15.2% 14.4% 17% 22.1% 25.4% 25.4% 26.2%
ROA (Net income/ Total Assets) 12.7% 10.7% 10.6% 14.2% 15.8% - - -
Assets 1 56,922 59,038 58,255 62,510 71,586 - - -
Book Value Per Share 2 149.0 151.0 159.0 175.0 194.0 219.0 246.0 280.0
Cash Flow per Share 2 19.70 21.60 28.40 25.50 29.30 26.90 44.00 47.70
Capex 1 2,823 2,577 1,162 1,519 1,617 2,289 2,103 2,328
Capex / Sales 4.99% 5% 2.68% 2.47% 2.09% 2.6% 2.09% 2.01%
Announcement Date 5/22/19 6/17/20 5/26/21 5/26/22 5/24/23 - - -
1INR in Million2INR
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Cummins India Limited

Trading Rating
Investor Rating
ESG Refinitiv
B+
More Ratings

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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