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Has Cummins India's valuation caught up with growth?
Mint Kolkata
|November 11, 2025
Cummins India Ltd's shares hit a new 52-week high of ₹4,495 on Friday after its September quarter (Q2FY26) results beat estimates.
Standalone revenue grew 27% year-on-year to ₹3,170 crore, topping estimates with the execution of a large data centre order, which is a part of its key power generation business. Growth in distribution and exports was also healthy, but tepid construction activity and slowing mining tenders hurt the industrial segment.
Operating margin rose 261 basis points to 21.9% on volume-led operating leverage and cost control. This was the fifth straight quarter of margin expansion.
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