Buy Cummins India; target of Rs 1820: Sharekhan

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Sharekhan's research report on Cummins India

Cummins exhibited robust performance with a ~26%/~50% y-o-y growth in sales/PAT led by strong demand in both domestic and export markets. OPM improved considerably with a strong beat on street estimates. Domestic demand outlook is robust from data centers, infrastructure, realty and construction. Industrial and distribution segments are also expected to sustain the growth momentum. Outlook on exports for near to medium term is cautiously optimistic as few markets are witnessing a demand slowdown. Cummins has a strong pedigree, healthy balance sheet and product portfolio to cater to CPCB- IV plus emission norms and improving margin trajectory. Despite near-term headwinds in exports, we remain constructive on its long-term prospects.

Outlook

We reiterate a Buy on Cummins India (Cummins) with a revised PT of Rs. 1,820 given its strong performance during 9MFY23 and ample growth opportunities in the domestic market.

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Cummins India - 10 -02 - 2023 - khan