Cummins India Limited — Q1 FY26
Cummins India delivered a strong Q1 FY26 with revenue of INR 2,859 crore, up 26% YoY, driven by broad-based domestic demand and export recovery.
bullish
high
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
58%Questions answered4Evaded / deflected12Questions auditedContradictedNumbers vs filing
Evasive
High priority
Details on BESS solution: manufacturing, supply chain, orders, TAM, cannibalization risk.
Asked by Parikshit Kandpal, HDFC Securities
Management gave no specifics on TAM, orders, or manufacturing plans, only that it's early.
no TAM givenno timelineno order numbers
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Question
I just wanted to understand, are you going to set up a manufacturing footprint? How are you going to set up the supply chain? Have you already started booking orders? What kind of TAM does this address? Any risk, can it cannibalize our existing business?
Shveta Arya, Managing Director
We have just launched the BESS solution in India. We are still building the order board. We are meeting customers at this point in time to share our value proposition on the BESS. ... we will take calls on future supply chain and manufacturing.
Answered
High priority
Was Power Gen growth driven by one-off project orders?
Asked by Parikshit Kandpal, HDFC Securities
Management clearly stated growth was core G-Drive, not one-off projects.
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Question
was there any one-off project order-based revenue boom in this quarter on the Power Gen side, or is it just the core G-Drive growth which you have delivered?
Shveta Arya, Managing Director
Parikshit, this is core G-Drive growth. There's been a lot of focus across all segments in the market. A lot of stabilization in the CPCB IV+ product and good order building and execution.
Answered
High priority
Pricing and volume trends for CPCB IV vs CPCB II.
Asked by Parikshit Kandpal, HDFC Securities
Management gave clear volume and pricing update without evasion.
Read the exchange
Question
Any color on the pricing and the utilization and the volumes? the CPCB IV versus CPCB II, I think last time you said we are tracking at about 85%. How's the volume stabilized on this quarter? Also, on the pricing, have you seen any correction or pricing holding on?
Shveta Arya, Managing Director
From a volume perspective, we are back to pre-CPCB IV+ volumes now. We have reached those volumes in the market now. From a pricing perspective, I think there is now a good settlement of pricing in the market.
Answered
High priority
Sustainability of Power Gen growth and segment details.
Asked by Nitin Arora, Axis Mutual Fund
Management provided specific segments and confirmed broad-based growth.
Read the exchange
Question
when we look at this Power Gen growth of 30% +, and you articulated that we have reached to the CPCB IV level kind of volumes, is it very broad-based? Can you just throw some contours that which segments do you still think are sustainable of that segment on the Power Gen side?
Shveta Arya, Managing Director
Yes, Power Gen growth in this quarter was very broad-based, but I'll throw some light on the segments that did well for us. ... quick commerce, mission-critical segment, manufacturing and pharma.
Partial answer
High priority
Export recovery: pre-buying or sustainable demand?
Asked by Nitin Arora, Axis Mutual Fund
Management gave qualitative view but no numbers or clear demand trend.
no quantificationcautious language
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Question
is it just the export has bumped up because there is pre-buying or you are seeing markets a little bit settling? ... How you're thinking about exports going forward?
Shveta Arya, Managing Director
I would say exports, we are still cautiously optimistic, Nitin. There are still various geopolitical issues going around. ... This is a result of focused efforts, not necessarily all markets picking up demand.
Answered
Medium priority
Distribution growth drivers: new products vs traditional segments.
Asked by Umesh Raut, Nomura India
Management clearly attributed growth to traditional segments, not new products.
Read the exchange
Question
If you can share adversarial opportunities for some of these new products like DF kits, RAS, power management solutions, DG Blue, and hydraulic filters as well, and especially on the new product launches in the railway segment.
Shveta Arya, Managing Director
I would say that the distribution business growth is primarily due to our better penetration in Power Gen and railways, better execution, and it's broad-based. The new products have started to contribute, but I would not say that the growth is primarily based on new products.
Answered
High priority
Breakup of Power Gen sales by horsepower range.
Asked by Mohit, ICICI Securities
Management provided exact revenue breakup by horsepower.
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Question
can you give us the breakup between HHP, MHP, and LHP sales in Power Gen during the quarter?
Shveta Arya, Managing Director
Low horsepower for this quarter is INR 84 crores. Medium range is INR 229 crores. What we call heavy duty is around INR 115 crores. High horsepower is INR 628 crores, totaling up to INR 1,056 crores for the quarter.
Answered
High priority
Industrial segment breakup and color on subsegments.
Asked by Jason Soans, IDBI Capital
Management provided exact revenue breakup and qualitative commentary.
Read the exchange
Question
I just wanted some color on the industrial side of the business as well in terms of, you know, the various subsegments like mining, construction, compressor. If you could give some color on that as well as the breakup for that segment for the quarter.
Shveta Arya, Managing Director
For this quarter, the Construction segment clocked INR 147 crore, rail INR 148 crore, compressor INR 56 crore, and then the remaining totaling up to INR 418 crore for this quarter.
Evasive
Medium priority
Sustainability of margins and competitive intensity.
Asked by Ruchit Agrawal, Unifi Mutual Fund
Management said 'endeavor' but gave no firm guidance or numbers.
no commitmentconditional language
Read the exchange
Question
can we say that the margins that we've had in the last two quarters are sustainable, and any color on that?
Shveta Arya, Managing Director
That is our endeavor. We always have to be competitive in the market, right? We wait and watch depending on the competition activity and provide the best value to our customers. Our endeavor is to hold on to the margins, for sure.
Evasive
High priority
Export sustainability and growth guidance.
Asked by Amit Anwani, PL Capital
Management avoided giving any export revenue guidance or sustainability view.
no number givencautious language
Read the exchange
Question
Can we expect sustainable export numbers from Iran despite there are challenges? ... can we see INR 2,000 crore+ numbers in any annual sales maybe this year?
Shveta Arya, Managing Director
From an exports perspective, we are a little cautious. ... That is why we are cautious about exports. Optimistic because we are putting in a lot of efforts, but still cautious and evaluating the current situation.
Partial answer
Medium priority
Data center demand and delivery timelines for high horsepower.
Asked by Rahul Gajare, Haitong Securities
Management gave qualitative assurance but no specifics on lead time reduction.
no specific timelineno quantification
Read the exchange
Question
I wanted to know specifically if you have been able to cater to all the demand which is coming from a data center, specifically given some of most of the higher nodes for you all are imported. ... What are you doing to shorten the timelines for imports?
Shveta Arya, Managing Director
There's a lot of work that we are doing to shorten our lead times as well on those nodes, not just for our market, but for around the world. ... We have been able to fulfill the demand that has come our way.
Evasive
Medium priority
BESS pricing competitiveness and TAM.
Asked by Parikshit Kandpal, HDFC Securities
Management gave no answer on pricing competitiveness or market size.
no pricing commitmentno TAM estimate
Read the exchange
Question
Right now, the prices on the import side are about INR 1 crore -INR 1.2 crore per megawatt hour. Do you think that Cummins India Limited will be competitive enough to match that kind of pricing?
Shveta Arya, Managing Director
We are evaluating. We're working with our customers because our product does have quite a few features which the customers would appreciate on the safety side and on the utilization of the BESS.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Low horsepower Power Gen revenue INR 84 cr | ₹84 cr | ₹2,907 cr | Understated vs filing |
| Medium range Power Gen revenue INR 229 cr | ₹229 cr | ₹2,907 cr | Understated vs filing |
| Heavy duty Power Gen revenue INR 115 cr | ₹115 cr | ₹2,907 cr | Understated vs filing |
| High horsepower Power Gen revenue INR 628 cr | ₹628 cr | ₹2,907 cr | Understated vs filing |
| Total Power Gen revenue INR 1,056 cr | ₹1,056 cr | ₹2,907 cr | Understated vs filing |
| Construction segment revenue INR 147 cr | ₹147 cr | ₹2,907 cr | Understated vs filing |
| Rail segment revenue INR 148 cr | ₹148 cr | ₹2,907 cr | Understated vs filing |
| Compressor segment revenue INR 56 cr | ₹56 cr | ₹2,907 cr | Understated vs filing |
| Total industrial segment revenue INR 418 cr | ₹418 cr | ₹2,907 cr | Understated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.