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Cummins India Limited CUMMINSIND.NS

IN · National Stock Exchange of India · XNSE · stock · Industrials · website

Cummins India Limited statistics & valuation

Market cap₹1.50T
P / E63.4×
P / S12.5×
P / B17.7×
P / FCF101.0×
Net margin19.8%
FCF margin12.4%
Net cash₹4.6B
Enterprise value USD$15.7B
Earnings yield EBIT/EV1.6%
Return on capital27%
Graham number -85.8%₹765.58

Multiples are price-derived and refreshed daily; everything else from the latest financial reports. The Graham number is Benjamin Graham's rough maximum fair value (₹765.58); a green figure means the price is below it.

Profitability & efficiency

Net margin (%)
16.10% 19.40% 19.60% 19.80% 2023202420252026
Gross margin (%)
29.90% 33.10% 33.50% 34.10% 2023202420252026
Operating margin (%)
14.50% 18.20% 18.50% 20.10% 2023202420252026
Return on equity (%)
21.30% 26.00% 26.40% 27.90% 2023202420252026
Shares outstanding
277.2M 277.2M 277.2M 277.2M 2023202420252026
Net debt (₹)
-₹206.0M -₹1.73B -₹2.05B -₹4.63B 2023202420252026
Share buybacks (₹)
2023202420252026
Return on assets (%)
15.50% 19.20% 19.70% 20.90% 2023202420252026
Free cash flow margin (%)
8.60% 11.30% 14.30% 12.40% 2023202420252026
Debt / equity (×)
0.07× 0.02× 0.00× 0.00× 2023202420252026
EPS (₹)
₹44.31 ₹62.07 ₹72.15 ₹85.20 2023202420252026

Margins and returns computed from annual filings. Falling shares outstanding = buybacks; rising = dilution. Net debt = debt − cash (negative = net cash).

P / E vs its own history

Cummins India Limited trades at about 63.4× earnings — above its 10-year norm (10-year range 35.6×–61.8×, median 52.8×).

35.6× 63.4×

Shaded band = 10-year range (35.6×–61.8×); dot = today's 63.4×.

Historical P/E = month-end price near each fiscal year-end ÷ that year's EPS. A read on whether the stock is cheap or dear relative to how it has typically been valued — not a forecast.

Key ratios (by fiscal year)

RatioFY2026FY2025FY2024FY2023
Gross margin34.1%33.5%33.1%29.9%
Operating margin20.1%18.5%18.2%14.5%
Net margin19.8%19.6%19.4%16.1%
FCF margin12.4%14.3%11.3%8.6%
Return on assets20.9%19.7%19.2%15.5%
Return on equity27.9%26.4%26.0%21.3%
Current ratio3.323.102.892.70

Computed from company filings · IN · as of 2026-03-31. Figures in INR. Facts plus Stocktoria's own computed scores — not investment advice.