CUMMINSIND · Capital Goods
Cummins India Ltd. reported revenue of ₹3,096 cr for October to December 2024, +21.8% on the year and +23.4% on the quarter. It is the highest quarterly revenue in the last 7 quarters on record.
Operating profit (EBITDA) was ₹598 cr, a margin of 19.3%, −205 bps on the year and +2 bps on the quarter. Over the last 7 quarters the margin has ranged from 15.4% to 23.2%, averaging 19.6%. Operating costs grew +25.0%, faster than revenue at +21.8%, so operating profit grew less than sales.
Net profit was ₹558 cr, +11.8% on the year and +24.3% on the quarter, with earnings per share of ₹20.15. Profit before other income, one-offs and tax grew 10.5%, so the profit growth came from the business itself. The tax rate of 22% is in line with its recent average.
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. The quarterly statements do not carry the order book, new orders and working capital; those come with the filing read.
On earnings per share of ₹72.49 over the last four quarters, the stock at ₹4,135.20 trades at 57.0 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Operating margin slipped on the year.
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹2,541 cr | ₹2,319 cr | ₹2,316 cr | ₹2,509 cr | ₹3,096 cr | ₹2,470 cr | ₹2,907 cr | ₹3,170 cr | ₹3,055 cr | ₹3,011 cr | ₹3,426 cr | ₹3,301 cr |
| YoY | — | — | +4% | +31% | +22% | +7% | +26% | +26% | −1% | +22% | +18% | +4% |
| EBITDA margin | 21.4% | 23.2% | 20.4% | 19.3% | 19.3% | 21.3% | 21.5% | 21.9% | 20.8% | 21.3% | 18.0% | 15.3% |
| Other income, % of PBT | 24% | 28% | 29% | 26% | 24% | 31% | 27% | 15% | 7% | 31% | 17% | 21% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 23% | 20% | 22% | 24% | 22% | 23% | 23% | 24% | 22% | 24% | 23% | 21% |
| Net profit | ₹499 cr | ₹539 cr | ₹463 cr | ₹449 cr | ₹558 cr | ₹530 cr | ₹604 cr | ₹622 cr | ₹486 cr | ₹649 cr | ₹609 cr | ₹507 cr |
| YoY | — | — | +31% | +36% | +12% | −2% | +30% | +39% | −13% | +22% | +1% | −19% |
| Core profit YoY | — | — | +42% | +45% | +11% | −3% | +35% | +60% | +6% | +25% | +13% | −28% |
| EPS | ₹18.00 | ₹19.44 | ₹16.69 | ₹16.21 | ₹20.15 | ₹19.10 | ₹21.79 | ₹22.45 | ₹17.53 | ₹23.43 | ₹21.98 | ₹18.30 |
| Flags | · | · | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | 1 | 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 ₹3,096 cr (+21.8% on the year) and net profit of ₹558 cr (+11.8% on the year) for October to December 2024.
Profit before other income, exceptional items and tax moved +10.5% on the year, against +11.8% for reported profit.
None of the 7 checks that could run raised a question.
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