Buy Cummins India; target of Rs 1156: Anand Rathi

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26 Aug, 2025 12:21

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Anand Rathi's research report on Cummins India

Cummins’ Q3 results were better than estimated, led by continued momentum witnessed by the end user industries. With domestic sales up 23%, exports up 18% y/y, total revenue grew 22% y/y to Rs17.4bn (ARe: Rs16bn). The thrust in healthcare, data centres, commercial realty, manufacturing and infrastructure persisted. Headwinds (raw-material prices, supply chains) are being addressed by cost controls, price hikes and greater localization, partially offsetting the impact on profits. Management is optimistic about demand enduring and the supply situation improving gradually. On the better-than-expected Q3, we raise our FY22e/FY23e and introduce FY24e.

Outlook

We retain our Buy rating with a higher target price of Rs1,156 (earlier Rs1,061), 27x FY24e EPS.

More Info

At 12:12 hrs Cummins India was quoting at Rs 948.55, down Rs 4.50, or 0.47 percent.

It has touched an intraday high of Rs 966.65 and an intraday low of Rs 943.30.

It was trading with volumes of 12,445 shares, compared to its thirty day average of 33,528 shares, a decrease of -62.88 percent.

In the previous trading session, the share closed up 1.52 percent or Rs 14.30 at Rs 953.05.

The share touched its 52-week high Rs 1,065.00 and 52-week low Rs 720.85 on 07 September, 2021 and 24 February, 2021, respectively.

Currently, it is trading 10.93 percent below its 52-week high and 31.59 percent above its 52-week low.

Market capitalisation stands at Rs 26,293.81 crore.For all recommendations report, click here

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