Cummins India Limited — Q2 FY25
Cummins India delivered a strong Q2 FY25 with revenue of ₹2,444 crore, up 31% YoY, driven by domestic powergen growth of 84% and industrial segment strength.
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.
63%Questions answered3Evaded / deflected12Questions auditedContradictedNumbers vs filing
Answered
High priority
Have CPCB 4 Plus engine prices corrected since introduction?
Asked by Parikshit Kandpal, HDFC Securities
Management gave a clear, direct answer about maintaining prices.
Read the exchange
Question
So from the starting point when you had introduced these engines, and then there was a deferral. So from that point to this point, have you seen any correction in prices?
Shveta Arya, Managing Director
We are mostly maintaining those prices as of now, since we launched.
Evasive
High priority
What is the price differential vs competition in CPCB 4 Plus?
Asked by Parikshit Kandpal, HDFC Securities
Management did not provide any specific price differential, deferred to future.
no number givendeferred to future
Read the exchange
Question
And, what will be the differential between the competition prices and our prices in the market now?
Shveta Arya, Managing Director
We are watching the space. Pricing will play out, in our view, in the next few quarters.
Partial answer
High priority
What percentage of Q2 revenue is CPCB 4 sales?
Asked by Subhadip Mitra, Nuvama
Management gave revenue but not the exact percentage of CPCB 4 sales.
no exact percentage given
Read the exchange
Question
what rough percentage of that would be CPCB 4 sales?
Shveta Arya, Managing Director
our power gen number is around INR 896 crores for the quarter. That is power gen and the mix continues to be, in the last quarter, mostly CPCB 4 Plus, some CPCB 2, but mostly CPCB 4 Plus.
Answered
High priority
Was there any CPCB 2 presale benefit in Q2?
Asked by Subhadip Mitra, Nuvama
Clear and direct denial of any presale benefit.
Read the exchange
Question
has there been any CPCB 2 related presale benefit that has still continued in 2Q?
Shveta Arya, Managing Director
No. CPCB presale is all over, and we flushed out all the inventory now. So in this quarter, there is no CPCB 2 presale benefit.
Answered
High priority
Is gross margin impact due to higher imports for CPCB 4?
Asked by Subhadip Mitra, Nuvama
Management directly attributed gross margin impact to mix, not imports.
Read the exchange
Question
Is this largely because of higher imports that we're seeing for CPCB 4?
Shveta Arya, Managing Director
No, this is largely due to the mix that plays out for us. In this quarter, there is a large share of the project business.
Partial answer
High priority
Can current EBITDA margin range continue? Capacity utilization?
Asked by Subhadip Mitra, Nuvama
Management gave capacity utilization but did not confirm if margins can continue.
no margin guidance given
Read the exchange
Question
would you believe that this range of EBITDA margin can continue? And, and what kind of capacity utilization are we sitting on right now?
Shveta Arya, Managing Director
From a margin perspective, we've been putting continuous effort... So all of that is ongoing work for us... our capacities are utilized quite well at this point in time, on an average more than 60%-65% utilization.
Declined
Medium priority
What percentage of sales is data centers?
Asked by Subhadip Mitra, Nuvama
Management explicitly declined to provide the percentage.
refused to share
Read the exchange
Question
what quantum of your sales would data centers comprise?
Shveta Arya, Managing Director
Not really. Data centers are spread across... we can't share that segment-specific information.
Answered
High priority
Is gross margin drop due to CPCB 4 cost not passed on?
Asked by Umesh Raut, Nomura
Management directly denied the hypothesis and reiterated mix as the cause.
Read the exchange
Question
is it primarily because, in your view, whatever cost increase that was there on the CPCB 4 Plus product side that is fully not yet passed on to the customer?
Shveta Arya, Managing Director
Thank you for the question, but no, that is not how it is playing out in the gross margin. The gross margin, as I explained, is mostly a function of the mix, really.
Answered
Medium priority
What is the one-off adjustment in employee cost?
Asked by Umesh Raut, Nomura
CFO provided a specific number for the one-off adjustment.
Read the exchange
Question
Could you please quantify the numbers for first half or for this quarter?
Ajay Patil, CFO
There was some one-off adjustment to the cumulative of about 42 plus.
Evasive
Medium priority
What is channel inventory level for CPCB 4+?
Asked by Priyankar Biswas, BNP Paribas
Management used vague term 'adequate' without quantifying inventory.
no specific level given
Read the exchange
Question
what is the inventory level at the channel right now?
Shveta Arya, Managing Director
we are at adequate, adequate stock availability in our channel for CPCB 4 Plus.
Answered
High priority
Breakdown of power gen and industrial segments?
Asked by Priyankar Biswas, BNP Paribas
Management provided detailed segment revenue breakdown as requested.
Read the exchange
Question
the usual breakdown of power gen like HHP, MHP, LHP, and/or industrial segment in construction, those numbers that you can share?
Shveta Arya, Managing Director
For high horsepower for the quarter, we saw INR 452 crores of revenue for MHP, INR 178 crores. For LHP, INR 199 crores, and for exports, it was around 68 crores. That's the breakup of power gen. For the industrial business... construction is INR 146 crores, rail INR 105 crores, mining at INR 32 crores, compressor at INR 58 crores.
Partial answer
Medium priority
What is market share in data center? Better pricing?
Asked by Vinod Chari, PhillipCapital
Management declined market share and gave a non-specific pricing answer.
market share not sharedpricing answer vague
Read the exchange
Question
what will be our market share in our addressable market in data center? ... are we able to command better pricing in data center sales compared to our regular sales?
Shveta Arya, Managing Director
We won't be able to share the market share information... We are always very competitively priced in the market, and data center, as any other segment, also, you know, there's obviously competitive pricing in that space as well. We are priced equally.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Domestic revenue INR 2,008 crores, power gen INR 896 crores | ₹2,008 cr | ₹2,509 cr | Understated vs filing |
| Power gen HHP INR 452 cr, MHP INR 178 cr, LHP INR 199 cr, exports INR 68 cr | ₹452 cr | ₹2,509 cr | Understated vs filing |
| Industrial: construction INR 146 cr, rail INR 105 cr, mining INR 32 cr, compressor INR 58 cr | ₹146 cr | ₹2,509 cr | Understated vs filing |
| Export HHP INR 200 cr, LHP INR 198 cr | ₹200 cr | ₹2,509 cr | Understated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.