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Revenue
₹3,055 Cr
verified against source
Revenue YoY
-1%
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 reported Q3 FY26 revenue of INR 3,006 crore, marginally down 1% YoY, with domestic sales declining 2% and exports up 2%. Power Gen domestic fell 16% YoY due to lumpy data center execution in the prior quarter, while Distribution grew 26% YoY. Gross margins reached a 20-quarter high of ~38%, aided by product mix and one-time supplier benefits, but a INR 50 crore one-time expense impacted other costs. Management guided for double-digit revenue growth in FY26 and targeted double-digit domestic growth in FY27, though exports remain uncertain due to geopolitical volatility. Data center pipeline is building, but conversion to orders may take 2-3 years. Key risk: aggressive competitive pricing in power generation could pressure margins.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects double-digit revenue growth over previous fiscal year, supported by demand across key segments.
- Domestic business targets double-digit growth in FY27, driven by infrastructure and data center demand.
Risks flagged
- Competitors remain extremely aggressive on pricing and positioning, which could pressure margins.
- Export demand is volatile with no clear trends; geopolitical conditions and tariffs create uncertainty.
- Copper prices are rising, impacting the alternator business; passing on costs to customers is challenging.
- Despite strong inquiries, data center orders take 2-3 years to materialize; tax incentives may not accelerate quickly.
Key quotes
- Our belief around the world is that diesel power backup is one of the most reliable backup powers that is available for our customers.
- Competitive pressures seem to be the same. Very, very aggressive, pricing, and positioning by competitors.
- We are expecting broad-based growth in power generation. So while data centers will grow, given the economic activity and the infra spend, if that continues to happen, and if this budget outlay really kicks in quickly, then we will continue to see growth.
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