Cummins India Limited — Q1 FY26
Cummins India delivered a strong Q1 FY26 with revenue of ₹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.
75%Questions answered1Evaded / 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 concrete details on manufacturing, supply chain, orders, or TAM, only vague future plans.
no specific timelineno TAM estimateno 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 or core G-Drive growth?
Asked by Parikshit Kandpal, HDFC Securities
Management clearly stated growth was core G-Drive, not one-off project orders.
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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, any price cuts?
Asked by Parikshit Kandpal, HDFC Securities
Management gave specific volume and pricing status without evasion.
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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. ... From a pricing perspective, I think there is now a good settlement of pricing in the market. ... Pricing more or less seems to have settled.
Answered
High priority
Is Power Gen growth broad-based and sustainable? Which segments?
Asked by Nitin Arora, Axis Mutual Fund
Management confirmed broad-based growth and named specific segments.
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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
Is export recovery due to pre-buying or demand normalization? Outlook?
Asked by Nitin Arora, Axis Mutual Fund
Management attributed growth to focused efforts but did not clarify pre-buying vs normalization, and remained vague on outlook.
no quantification of pre-buyingno specific demand outlook
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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. ... This is a result of focused efforts, not necessarily all markets picking up demand. That's why we stay cautious about exports.
Partial answer
Medium priority
Is distribution growth driven by new products? TAM for new railway products?
Asked by Umesh Raut, Nomura India
Management clarified new products are not primary driver but did not provide TAM or quantify contribution.
no TAM estimateno quantification of new product contribution
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Question
If you can share adversarial opportunities for some of these new products like DF kits, RAS, power management solutions, DG Blue, and especially on the new product launches in the railway segment, track recording car and hotel load converter. That insight on the new product launches and the TAM would be helpful.
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 range.
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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
Breakup of industrial segment by subsegment (mining, construction, etc.).
Asked by Jason Soans, IDBI Capital
Management provided exact revenue figures for each subsegment.
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.
Partial answer
High priority
Are recent margins sustainable? Any color on competitive intensity and market share?
Asked by Ruchit Agrawal, Unifi Mutual Fund
Management gave aspirational statement on margins but no commitment; refused to discuss market share.
no margin guidancedeclined to comment on market share
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Question
can we say that the margins that we've had in the last two quarters are sustainable, and any color on that? ... If you can give some on our market share, especially in the high HP nodes, are we seeing some foreign players entering the market?
Shveta Arya, Managing Director
That is our endeavor. ... Our endeavor is to hold on to the margins, for sure. ... I can't comment on the market share, but we do have a good brand presence and acceptance.
Partial answer
High priority
Can exports sustain at INR 2,000 crore+? Which user industries in Europe/Lat Am?
Asked by Amit Anwani, PL Capital
Management gave cautious outlook but did not confirm or deny INR 2,000 crore target; provided industry segments.
no specific guidance on INR 2,000 croreno quantification of sustainability
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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? Second, which user industries or segments are contributing to broad-based numbers in the export market?
Shveta Arya, Managing Director
From an exports perspective, we are a little cautious. ... That is why we are cautious about exports. ... These are Power Gen segments, largely C&I in both these markets.
Answered
High priority
Can Cummins meet data center demand given import lead times? Competition from Caterpillar?
Asked by Rahul Gajare, Haitong Securities
Management confirmed they are meeting demand and working on lead times, no evasion.
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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. ... We have been able to fulfill the demand that has come our way. ... we have definitely not lost because of our inability to deliver.
Answered
Medium priority
What is the CPCB IV+ contribution as a percentage of total Power Gen revenue?
Asked by Parikshit Kandpal, HDFC Securities
Management gave a clear percentage (60%) without hesitation.
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Question
Domestic Power Gen business is INR 1,000 odd crores which you booked this quarter. How much was the contribution which came from the CPCB IV engines?
Shveta Arya, Managing Director
Roughly 60%. Roughly 60%.
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”.