'Buy' Cummins India Shares Maintains Motilal Oswal On Multiple Growth Levers — Check Target Price

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Motilal Oswal Report

Cummins India Ltd. has witnessed demand improvement across the powergen segment following lower industry volumes in H2 FY25. Cummins is also experiencing strong growth in select industrial segments and continues to expect a healthy growth potential in the distribution segment.

Its export market presence is well diversified geographically, with limited exposure to the US.

We retain our positive stance on the stock, as we expect Cummins to benefit from these positive levers and its diversified portfolio across segments.

We reiterate our Buy rating with a target price of Rs 4,500 based on 42x Sep’27E earnings.

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