I-Sec maintains Buy on Cummins India, target price Rs 3,100

ICICI Securities has maintained a Buy call on Cummins India with a revised target price of Rs 3,100 (earlier Rs 2,900). The current market price of Cummins India is Rs 3346.65. Cummins India, incorporated in 1962, is a Mid Cap company with a market cap of Rs 92667.96 crore, operating in the Engineering sector.

Cummins India's key products/revenue segments include Engines, Sale of services, Other Operating Revenue, Export Incentives and Scrap for the year ending 31-Mar-2024.

Financials

For the quarter ended 31-03-2025, the company has reported a Consolidated Total Income of Rs 2596.87 crore, down -19.04 % from last quarter Total Income of Rs 3207.54 crore and up 7.36 % from last year same quarter Total Income of Rs 2418.92 crore. The company has reported net profit after tax of Rs 439.13 crore in the latest quarter.

The MD of the company is Shveta Arya. The company's top management includes Mr.Jennifer Mary Bush, Mr.Nasser M Munjee, Ms.Rama Bijapurkar, Ms.Rekha, Ms.Lira Goswami, Mr.Sekhar Natarajan, Mr.Farokh N Subedar, Mr.Donald Jackson, Mr.Jennifer Mary Bush, Mr.Bonnie Jean Fetch, Mr.Ashwath Ram, Mr.Nasser M Munjee, Ms.Rama Bijapurkar, Ms.Rekha, Ms.Lira Goswami, Mr.Sekhar Natarajan, Mr.Farokh N Subedar, Mr.Donald Jackson, Mr.Bonnie Jean Fetch. Company has Price Waterhouse & Co Chartered Accountants LLP as its auditors. As on 31-03-2025, the company has a total of 28 crore shares outstanding.

Investment Rationale
Due to the recent run-up in price, ICICI Securities maintains HOLD. The target price is revised to Rs 3,100 (earlier Rs 2,900), valuing the company on its FY27E standalone earnings at 40x.

Promoter/FII Holdings
As of 31-Mar-2025, FIIs owned 17.21 per cent, DIIs 22.65 per cent.