Cummins India Delivers On The Conviction, Says IDBI Capital Post Q1 Results Maintaining 'Buy'

Cummins also clocked in healthy gross margin of 37% for the quarter. This is a result of the management’s assiduous efforts in reducing direct material costs, optimizing product mix and suitable pricing.

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IDBI Capital Report

Cummins India Ltd. delivered robust performance in Q1 FY26 which surpassed our estimates. Revenue, Ebitda and adjusted PAT for the quarter was higher by 26%, 32% and 28% YoY on consolidated basis.

The key positive of the management commentary was demand continuing to remain strong and also being broad based across key growth verticals such as Quick Commerce, Government led infra, manufacturing and pharma.

Cummins also clocked in healthy gross margin of 37% for the quarter. This is a result of the management’s assiduous efforts in reducing direct material costs, optimizing product mix and suitable pricing.

Guidance is of double digit revenue growth in FY26 with the strong domestic infrastructure momentum spurring growth.

We reiterate our positive stance on the stock and maintain our Buy rating with target price of Rs 4,401.

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