CUMMINSIND · Capital Goods · filed 4 Nov 2026
Cummins India Ltd. reported revenue of ₹3,301 cr for July to September 2026, +4.1% on the year and −3.6% on the quarter.
Operating profit (EBITDA) was ₹506 cr, a margin of 15.3%, −658 bps on the year and −265 bps on the quarter. Operating costs grew +12.9%, faster than revenue at +4.1%, so operating profit grew less than sales.
Net profit was ₹467 cr, −26.8% on the year and −14.0% on the quarter, with earnings per share of ₹16.84. Profit before other income, one-offs and tax fell 30.1%, so 3 points of the headline growth came from outside the core business.
Of the 58 companies in Capital goods and EPC that have reported Q2 FY27 so far, Cummins India Ltd. ranks 50th on revenue growth; the sector median is +19.8%. Its margin moved −658 bps on the year against a sector median of +6 bps.
Capital goods and EPC revenue follows project execution, which makes quarters uneven; the order book and new orders tell more about the year than one quarter does.
Operating margin fell sharply on the year. Pricing, input costs, or mix?
Source: Results filing
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Borrowing while holding cash, IPO money used as stated, Related-party transactions, Promoter pledges and allotments, Earlier promises against delivery. The filing did not carry these lines.
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Balance sheet | Sep '26 | Last year end | Change |
|---|---|---|---|
| Trade receivables | ₹2,646 cr | ₹2,754 cr | ▼ 3.9% |
| Inventory | ₹1,355 cr | ₹1,168 cr | ▲ 15.9% |
| Cash | ₹166 cr | ₹500 cr | ▼ 66.7% |
| Bank balances | ₹1,462 cr | ₹1,874 cr | ▼ 22.0% |
| Trade payables | ₹1,916 cr | ₹1,650 cr | ▲ 16.1% |
| Net block | ₹1,311 cr | ₹1,321 cr | ▼ 0.8% |
| Capital work in progress | ₹78.8 cr | ₹77.4 cr | ▲ 1.8% |
| Equity | ₹7,616 cr | ₹7,898 cr | ▼ 3.6% |
| Total assets | ₹10,704 cr | ₹10,727 cr | ▼ 0.2% |
Receivables at 72 days of sales (−11 days against the last year end). Inventory at 37 days of sales (+2 days).
No emphasis of matter.
Filing p. consolidated limited review report p.1-2
Board of Directors approved the Unaudited Financial Results for the quarter and half year ended September 30, 2026 at its meeting held on November 4, 2026. (p. outcome letter p.1)
Tax: Consolidated tax expense of ₹134.06 crore (current tax ₹134.72 crore, deferred tax credit ₹0.66 crore) on Profit before tax of ₹641.23 crore for Q2 FY27
| Metric | Q2 FY27 |
|---|---|
| Domestic Sales (₹ crore) | 2,692 |
| Export Sales (₹ crore) | 555 |
| Total Sales (₹ crore) | 3,247 |
Unbilled revenue is not separately split out in trade receivables/financial assets; consolidated trade receivables stood at ₹2,646.13 crore as of September 30, 2026 vs ₹2,754.27 crore as of March 31, 2026.
Receivables reduced by 3.9% over H1 FY27, indicating strong cash collection.
Order inflow and order book figures are not disclosed in the quarterly financial results or press release; Q2 FY27 standalone sales stood at ₹3,247.00 crore (+4% YoY).
Order book data is not published in quarterly earnings filings.
not disclosed
Bank guarantees outstanding and order book metrics are not stated in the financial results or press release.
No liquidated damages, contract penalties, or project cost overruns were reported in the financial notes for Q2 FY27.
No provisions or write-offs regarding liquidated damages or execution penalties were disclosed.
Read using the Capital goods and EPC framework (named in the filing read). Primary valuation lens: P/E against order book quality.
Read more closely in this sector: Unbilled revenue growing faster than billed receivables · Order inflow against execution · Bank guarantees outstanding growing faster than the order book · Liquidated damages or cost overruns disclosed.
| Segment | Revenue | YoY | Result | YoY |
|---|---|---|---|---|
| Engines | ₹3,247 cr | ▲ 4.0% | ₹621 cr | ▼ 22.8% |
| Lubes | ₹1,015 cr | ▲ 42.8% | ₹53.7 cr | ▲ 2.0% |
| Q2 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|
| Revenue | ₹3,170 cr | ₹3,426 cr | ₹3,301 cr |
| YoY | — | — | +4% |
| EBITDA margin | 21.9% | 18.0% | 15.3% |
| Other income, % of PBT | 23% | 22% | 25% |
| Exceptional items | — | — | — |
| Tax rate | 24% | 25% | 22% |
| Net profit | ₹638 cr | ₹543 cr | ₹467 cr |
| YoY | — | — | −27% |
| Core profit YoY | — | — | −30% |
| EPS | ₹23.00 | ₹19.59 | ₹16.84 |
| Flags | · | · | 1 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Cummins India Ltd. reported revenue of ₹3,301 cr (+4.1% on the year) and net profit of ₹467 cr (−26.8% on the year) for July to September 2026.
Profit before other income, exceptional items and tax moved −30.1% on the year, against −26.8% for reported profit.
1 check raised a question: Operating margin fell sharply on the year. Pricing, input costs, or mix?
No. FinMinutes reports what was filed and the questions the numbers raise. It does not recommend buying, selling or holding any security.
Numbers as filed with the exchanges, read by rules. Every flag is a question with its source, not an accusation. FinMinutes is a financial data and analytics platform; nothing here is a recommendation to buy, sell or hold any security. How each check works.