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Revenue
₹3,170 Cr
verified against source
Revenue YoY
28%
reported change
EBITDA
Pending
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Cummins India delivered a strong Q2 FY26 with revenue of INR 3,122 crore, up 28% YoY, driven by broad-based Power Gen growth and a 40% contribution from data center project execution. Domestic sales rose 28% and exports 24%, though management noted a softening export order intake due to channel inventory correction. Power Gen ex-data centers grew 20% YoY. Industrial segment declined 5% YoY due to extended monsoons and muted mining tenders. Management maintained double-digit revenue growth guidance for FY26 but flagged rising competitive intensity across segments and lumpy data center execution. Key risk: competitive pricing pressure could compress margins if volume leverage fades.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects full-year revenue growth in double digits over FY25, despite lumpy data center execution and export softness.
- Data center project execution in Q2 was unusually high; management does not expect similar levels in H2.
- Management sees softening in export orders in the coming quarter due to channel inventory correction in end markets.
Risks flagged
- Management noted broad-based competitive intensity, especially in low and medium horsepower, which could pressure pricing and margins.
- 40% of Power Gen revenue came from data centers in Q2, but management called it lumpy and not repeatable every quarter.
- Management indicated a softening in export order intake, which could impact H2 export revenue.
- Extended monsoons and slow Coal India tenders led to a 5% YoY decline in industrial; recovery uncertain.
Key quotes
- In this particular quarter, approximately 40% of Power Gen sales came from data centers.
- We do see a little bit of softening of the order intake from exports at this point in time.
- Our value proposition is around our technology, our innovation, and reliability.
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