Cummins India Limited — Q3 FY26
Cummins India reported Q3 FY26 revenue of INR 3,006 crore, marginally down 1% YoY, with domestic sales declining 2% and exports up 2%.
neutral
medium
✓ 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.
42%Questions answered5Evaded / deflected12Questions auditedContradictedNumbers vs filing
Evasive
High priority
Volume growth vs pricing contribution in Q3 and 9M FY26.
Asked by Shirom Kapur, Jefferies
Management acknowledged the question but refused to quantify volume vs pricing split.
declined to provide breakdownvague 'mixed bag' response
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Question
I just want to see if you could help us with the volume growth in the past quarter, as well as nine months FY 2026. You know, we want to get a sense on how much of the top line is driven by volumes versus pricing.
Shveta Arya, Managing Director
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.
Declined
High priority
Market share movement in Q3 and 9M FY26.
Asked by Shirom Kapur, Jefferies
Management explicitly stated they cannot provide market share data.
no data availablerefused to share
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Question
So could you also share, you know, anything on your market share movement? You know, have you gained or lost market share in the past quarter, in the past nine months?
Shveta Arya, Managing Director
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.
Partial answer
High priority
Outlook for FY27: double-digit growth expected?
Asked by Shirom Kapur, Jefferies
Management gave a target for domestic but no firm guidance for exports or overall.
target not commitmentexports outlook vague
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Question
You know, you shared FY 2026, you're expecting double digit growth. Do you have any color on FY 2027? Will, should we continue to expect double digit growth next year as well?
Shveta Arya, Managing Director
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.
Evasive
High priority
Core power gen growth excluding data center contribution.
Asked by Parikshit Kandpal, HDFC Securities
Management did not quantify core growth or data center contribution despite repeated requests.
no quantificationvague 'steady rate'
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Question
Just to understand more color on the core growth, excluding data centers, if you can help us quantify what was the contribution of data center in this quarter and last quarter, and what was the core growth in the Power Gen business?
Shveta Arya, Managing Director
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.
Partial answer
High priority
Data center pipeline and orders outlook.
Asked by Parikshit Kandpal, HDFC Securities
Management gave qualitative positive outlook but no quantitative pipeline details.
no specific numbersdeferred to future impact
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Question
How is the data center pipeline building out in the next one or two years? So any color on that will be helpful.
Shveta Arya, Managing Director
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...
Answered
High priority
Quantification of one-time other expense true-up.
Asked by Parikshit Kandpal, HDFC Securities
Management provided a specific number for the one-time expense.
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Question
How much is the quantification of that amount or value just to get, arrive at the core margins of, or the core EBITDA margins, which we have to arrive at?
Shveta Arya, Managing Director
Roughly INR 50 crore.
Evasive
Medium priority
Impact of EU FTA on business.
Asked by Mohit Kumar, ICICI Securities
Management acknowledged the topic but gave no concrete impact assessment.
evaluatingnot able to share
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Question
How do you think about the impact of EU FTA on your business? Do you have any color to share?
Shveta Arya, Managing Director
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...
Partial answer
Medium priority
Export weakness geographic breakdown and data center inquiries from Gulf.
Asked by Rahul Gajare, Macquarie Capital
Management gave some regional color but did not quantify Gulf impact or data center inquiries.
no specific numbers for Gulfvague regional trends
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Question
On the exports, given that the third quarter we had seen weak exports, can you break this up geographically to understand which particular geographies are really impacting the overall exports? And the second question is... if you are getting demand or inquiries for data from other geographies.
Shveta Arya, Managing Director
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...
Answered
High priority
Breakup of domestic power gen by horsepower and industrial by segment.
Asked by Sandesh Shetty, HSBC
Management provided specific revenue breakdowns by horsepower and industrial segments.
Read the exchange
Question
If you can share the breakup of domestic and industrial business by segment, and Low Horsepower, mid horsepower, that would be helpful.
Shveta Arya, Managing Director
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.
Partial answer
High priority
Gross margin drivers and sustainability at 38%.
Asked by Umesh Raut, Nomura
Management explained drivers but did not quantify the contribution of each factor.
no quantification of one-time vs recurringmix not quantified
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Question
If I look at quarterly gross margin, it is now almost 20-quarter high, of closer to 38%. ... how you are coping up with this inflationary pressures? ... was there also any effect of, liquidation of lower inventory which was in the channel?
Shveta Arya, Managing Director
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.
Answered
Medium priority
Services revenue growth from CPCB IV+ and competitive dynamics.
Asked by Pulkit Patni, Goldman Sachs
Management clearly explained the warranty timeline and when services growth would materialize.
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Question
In one of the previous conversations, I remember you had flagged that in the initial period of CPCB IV+, you obviously expect to get more of the services revenue... have we reached that stage, or how do you see basically the services business growth from here on?
Shveta Arya, Managing Director
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.
Declined
High priority
Data center market share and growth expectations.
Asked by Amit Anwani, PL Capital
Management explicitly declined to provide market share data.
no data availablerefused to share
Read the exchange
Question
You did highlight it, on an average, 25% contribution in domestic power gen. That roughly translates to INR 1,100 crore-INR 1,200 crore. Just wanted to understand what was kind of market share, what was the portion, and is it like 50% or higher?
Shveta Arya, Managing Director
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.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Power gen low horsepower sales INR 67 cr in Q3 | ₹67 cr | ₹3,055 cr | Understated vs filing |
| Power gen medium range sales INR 229 cr in Q3 | ₹229 cr | ₹3,055 cr | Understated vs filing |
| Power gen heavy duty sales INR 112 cr in Q3 | ₹112 cr | ₹3,055 cr | Understated vs filing |
| Power gen high horsepower sales INR 594 cr in Q3 | ₹594 cr | ₹3,055 cr | Understated vs filing |
| Industrial construction sales INR 129 cr in Q3 | ₹129 cr | ₹3,055 cr | Understated vs filing |
| Industrial rail sales INR 104 cr in Q3 | ₹104 cr | ₹3,055 cr | Understated vs filing |
| Industrial marine sales INR 92 cr in Q3 | ₹92 cr | ₹3,055 cr | Understated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.