Cummins India Ltd
Cummins India Q2 FY26 earnings call: Revenue & Margins
Q2 FY26 earnings call: what management said on revenue, margins and capex.
The short version
Cummins India expects double-digit revenue growth for the full year 2025-26 over the previous fiscal year. Cummins India Limited expects double-digit revenue growth for the full fiscal year 2025-26.
From Cummins India Ltd's Q2 FY26 earnings-call transcript · updated 23 Aug 2026.
Revenue & Sales Performance
- Cummins India expects double-digit revenue growth for the full year 2025-26 over the previous fiscal year.
- Power generation domestic sales growth remains strong, with 49% increase year-on-year in Q2, supported by data center projects, although data center order execution is lumpy and may not sustain at the same levels going forward.
- Distribution segment growth of around 20%-21% is expected to sustain, driven by an increased asset base and maintenance demands.
- Industrial business growth is moderate; construction demand impacted by monsoons may recover with increased construction activity; mining demand awaits new Coal India tenders.
- Exports face medium-term challenges with softer demand due to inventory correction and economic issues in export markets; double-digit export growth over next 5 years is unlikely.
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Profitability & Margins
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Capital Expenditure Plans
- Cummins India is continuously working on improving capacity and reducing lead times, especially to meet the fast-growing demand in the data center segment.
- There is ongoing effort to enhance supply chain, inventories, and production planning to capture more market share in data center projects.
- The company focuses on stable and sustainable growth by leveraging technology, product mix, and cost control measures, indicating ongoing investments in operational efficiency.
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Fundraising & Capital Structure
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Order Book & Pipeline
- The order book for data center projects tends to be lumpy, depending heavily on site clearances and execution timing by hyperscalers.
- The high volume of data center project execution in the recent quarter is not expected to repeat to the same extent in the next half-year.
- Export order intake shows some softness currently due to inventory corrections in channel markets.
- Domestic orders remain diversified across power generation segments with consistent quarter-on-quarter demand.
- The company is continually working on reducing lead times and improving capacity to handle rising demand, especially in the data center segment.
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Cummins India Ltd — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest (Q4 FY26): revenue ₹3.0K Cr, net profit ₹649 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.
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What Cummins India's management said in earlier quarters
Others in Industrial Products this season
- Lead Reclaim (Q2 FY26)
Revenue from Operations for H1 FY26: ₹2,190 lakhs, up 138.04% YoY (from ₹920 lakhs in H1 FY25) (Page 19) . Key investor presentation takeaways from Lead Reclaim
- Shubhshree Bio. (Q2 FY26)
Revenue from operations for H1 FY26: ₹9,604.6 Lakhs . Key investor presentation takeaways from Shubhshree Biofuels Energy Ltd's Q2 FY26 investor presentation —
- De Neers Tools (Q2 FY26)
H1FY26 Net Sales:** ₹670.4 Mn . Key investor presentation takeaways from De Neers Tools's Q2 FY26 investor presentation — and how it ranks against sector peers.
- WOL 3D India (Q2 FY26)
Revenue from Operations for H1FY26 is Rs 415 Mn, up 82% YoY from Rs 227 Mn in H1FY25 (Page 9, Page 5). Key investor presentation takeaways from WOL 3D India Ltd
Potential multibaggers · Q2 FY27
This quarter's potential multibaggers
on management's own guidance
- Strong growth2
- Strong growth1
- Strong growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
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Frequently Asked Questions
What were Cummins India Ltd Q2 FY26 results?
Cummins India expects double-digit revenue growth for the full year 2025-26 over the previous fiscal year. Cummins India Limited expects double-digit revenue growth for the full fiscal year 2025-26.
What is Cummins India Ltd share price analysis?
Cummins India Ltd currently shows a neutral. The stock trades at a P/E of 61.4 with a market cap of ₹149,688 Cr. Investors should review the full earnings analysis for detailed insights.
Is Cummins India Ltd planning capital expenditure?
Cummins India is continuously working on improving capacity and reducing lead times, especially to meet the fast-growing demand in the data center segment.
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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.