🗓️ Published: May 28, 2025
✍️ By: Prashant Marathe
📌 At a Glance
Cummins India just hit a major milestone — it crossed ₹10,000 crore in annual revenue for the first time ever. And not just that:
- Revenue: ₹10,166 Cr (+15% YoY)
- PAT: ₹1,906 Cr (+15% YoY)
- Exports? Back from the dead (finally)
- Margins? Holding strong. Like that one gym bro who actually lifts.
So is this just a diesel bounce-back… or has Cummins permanently shifted to beast mode?
📊 FY25 Full-Year Highlights (Standalone)
| Metric | FY25 | YoY Change |
|---|---|---|
| Total Sales | ₹10,166 Cr | 🔼 +15% |
| – Domestic Sales | ₹8,395 Cr | 🔼 +18% |
| – Export Sales | ₹1,771 Cr | 🔼 +6% |
| PBT | ₹2,496 Cr | 🔼 +16% |
| PAT | ₹1,906 Cr | 🔼 +15% |
Verdict:
Cummins has finally broken out of its ₹8,000–9,000 Cr sales loop. This time, it’s serious.
📦 Q4 FY25: Slight Dip But Not a Disaster
| Metric | Q4 FY25 | QoQ / YoY Trend |
|---|---|---|
| Total Sales | ₹2,414 Cr | 🔽 -21% QoQ / 🔼 +6% YoY |
| – Domestic Sales | ₹1,935 Cr | 🔽 -25% QoQ / 🔼 +1% YoY |
| – Export Sales | ₹479 Cr | 🔼 +3% QoQ / 🔼 +39% YoY |
| PBT | ₹681 Cr | 🔼 +2% QoQ / 🔽 -3% YoY |
| PAT | ₹521 Cr | 🔼 +1% QoQ / 🔽 -7% YoY |
Export Surprise:
That 39% YoY bump in exports? Probably the most underappreciated line in this release.
Domestic Weakness:
Down 25% QoQ. Blame it on seasonality, election pause, or just post-Budget exhaustion.
🧠 Management Speak: Translation Layer
“We crossed ₹10,000 Cr and maintained margins.”
✅ Translation: We didn’t burn more diesel to achieve this.
“Export demand is recovering.”
✅ Translation: The global recession didn’t fully kill our business. Yet.
“India is on the path to sustained growth.”
✅ Translation: We really, really hope capex resumes after elections.
“Geopolitical tensions easing… but uncertainty remains.”
✅ Translation: We don’t want to blame Biden, Putin or Brent Crude by name. But yeah.
🏗️ Business Outlook
Cummins remains “cautiously optimistic”, which in corporate speak means:
- If monsoons behave + RBI behaves + crude oil behaves + INR behaves…
- …they expect to deliver double-digit growth in FY26 too.
Key drivers:
- Infrastructure & real estate engine demand 🏢
- Data centers & backup power systems ⚡
- Export demand from Africa & South America 🌍
- Compliance-led growth (BS-VI and Stage V norms) ✅
🏢 About Cummins India (In Case You Just Woke Up)
- Founded in 1962.
- HQ: Pune.
- 5 plants across India.
- Business segments: Power generation, industrial engines, aftermarket.
- Over 3,000 employees.
- Over 480 service locations.
Basically, the diesel dinosaur that refused to go extinct.
📉 Market Reaction Today
| Stock | CMP (₹) | Change (%) | Volume |
|---|---|---|---|
| Cummins India | ₹2,960 | -0.47% | Normal |
Why muted?
Markets had priced this in. The ₹10,000 Cr milestone was known. Profit growth was good, not eye-popping.
🧮 Valuation Watch
| Metric | Value |
|---|---|
| Market Cap | ~₹81,000 Cr |
| TTM P/E | ~42x |
| Dividend Yield | ~1.2% |
| ROCE | ~25%+ |
| Debt | Zero ✅ |
So yes, it’s expensive. But it’s also clean, stable, and now finally in growth mode again.
🧠 EduInvesting Take
Cummins India has just sent a message:
“We’re not just surviving the slowdown. We’re evolving.”
This year, they:
- Crossed ₹10,000 Cr
- Grew profits 15%
- Reignited exports
- Held onto margins
- Avoided bloated capex
It’s textbook textbook performance.
Still, the question ahead is:
Can they grow faster than the economy, or are they just keeping pace?
Because at 40x P/E, investors aren’t paying for diesel.
They’re paying for compounders.
🎯 Final Verdict
✅ Solid year
✅ No gimmicks
✅ Clean earnings
✅ Real exports bounce
Now let’s see if FY26 turns this engine into a real multibagger… or just another beautifully engineered but expensive machine.
🗓️ Published: May 28, 2025
✍️ By: Prashant Marathe
Tags: Cummins India, CUMMINSIND Q4FY25, Cummins FY25 Results, Diesel Engines, Export Recovery, Pune Manufacturing, Industrial Stocks India, Earnings Report, Dividend Stocks India
