CUMMINSIND / Q3-FY26 / claim-ledger

Audit the questions that mattered.

Cummins India · Analyst questions, management answers, and the quality of the response where the ledger is available.

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WatchQ3-FY26 · 2026-02-10Back to quarter ↗

Questions audited

Answered directly

42%

Numeric claims

Consistency

contradicted

Question ledger

What was answered, and how?

Shirom Kapur · Jefferies

evasive

Volume growth vs pricing contribution in Q3 and 9M FY26.

So our revenue is a mix of power gen across many nodes and then industrial business and distribution. So it's a mixed bag. There is volume growth in certain spaces... It will be difficult for us to separate that out segment by segment for you and share that.

Shirom Kapur · Jefferies

declined

Market share movement in Q3 and 9M FY26.

We do not have any syndicated research numbers available for this quarter, which can tell us what the market share would be. Unfortunately, I will not be able to give that information.

Shirom Kapur · Jefferies

partial

Outlook for FY27: double-digit growth expected?

For the domestic growth, I can say that for financial year 2027, we will target double-digit growth. Exports is another matter altogether... difficult to say.

Parikshit Kandpal · HDFC Securities

evasive

Core power gen growth excluding data center contribution.

Our core power gen business has grown at a steady rate, just as it has been growing in the past few quarters. There's no change in that. The only difference is data center execution, which happened in the quarter before, not in this one.

Parikshit Kandpal · HDFC Securities

partial

Data center pipeline and orders outlook.

Data center pipeline is building out very well. As you rightly said, there have... The tax incentives have been announced recently, we are yet to see the impact of that. But nevertheless, a lot of movement in the data center market in India...

Parikshit Kandpal · HDFC Securities

direct

Quantification of one-time other expense true-up.

Roughly INR 50 crore.

Mohit Kumar · ICICI Securities

evasive

Impact of EU FTA on business.

EU FTA, we do have some business, where we directly export to the, EU region, so we are evaluating the impact. Right now, not able to share. Hypothetically, looks positive...

Rahul Gajare · Macquarie Capital

partial

Export weakness geographic breakdown and data center inquiries from Gulf.

On the export side... we saw revenues increasing for Asia-Pac and Europe, and the other markets did not really grow as much. ... Demand for data centers today is growing hugely in two markets, the United States and China...

Sandesh Shetty · HSBC

direct

Breakup of domestic power gen by horsepower and industrial by segment.

In the Low Horsepower, in the quarter three, we had INR 67 crores of sales. In the medium range, INR 229 crores, and in what we call the heavy duty range, INR 112 crores, and then in the High Horsepower, INR 594 crores.

Umesh Raut · Nomura

partial

Gross margin drivers and sustainability at 38%.

On the gross margin, you're right, it is definitely at historic highs. And I did explain there is product mix playing there. There is our own effort to improve material cost and also some one-time supplier benefits. ... this is historic high.

Pulkit Patni · Goldman Sachs

direct

Services revenue growth from CPCB IV+ and competitive dynamics.

CPCB IV+ completely is not out of warranty yet. ... Two years of warranty, so we are still in the warranty phase for a large set of CPCB IV+. So that phase that I spoke about has yet not fully come. It will likely come 2027 onwards.

Amit Anwani · PL Capital

declined

Data center market share and growth expectations.

On the data center market share, we unfortunately don't have any syndicated market research which can share the market share numbers with us, so I will not be able to share anything on market share.