Sharekhan's research repor on Cummins India
Domestic sales on a gradual recovery path as seen from macro indicators signaling strong recovery in business activities post the decline in H1FY2021. Exports to benefit from improved demand from data centre 5G rollout and China+1 strategy. Well placed to take advantage given its preparedness on the technology front and market leadership position along with newer technologies such as CPCB 1V norms can lead to further market share gains.
Outlook
retain Buy on Cummins India (Cummins) with a revised PT of Rs. 690, given high net earnings growth trajectory over FY2021E-FY2023E and discounted valuations.
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