Cummins India
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Cummins India (500480) investor relations material

Cummins India Q3 25/26 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 25/26 earnings summary5 Feb, 2026

Executive summary

  • Q3 FY 2025-26 sales were INR 3,006 crore, down 1% year-over-year and 4% sequentially; domestic sales fell 2% YoY, exports rose 2% YoY but dropped 14% sequentially.

  • Board approved unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025.

  • Interim dividend of Rs. 20 per equity share declared for FY 2025-26, with record date set for February 11, 2026.

  • Profit before tax (PBT) before exceptional items rose 7% YoY but fell 14% sequentially; PBT after exceptional items was down 12% YoY and 29% sequentially.

  • Data center business contributed about 25% of power gen revenue, with lumpy execution impacting quarter-on-quarter comparisons.

Financial highlights

  • Consolidated revenue from operations for the quarter ended December 31, 2025: Rs. 3,006.24 crore; nine months: Rs. 8,986.53 crore.

  • Consolidated profit after tax for the quarter: Rs. 486.06 crore; nine months: Rs. 1,712.29 crore.

  • Standalone profit after tax for the quarter: Rs. 453.10 crore; nine months: Rs. 1,680.06 crore.

  • Domestic Power Gen sales were INR 1,069 crore, down 16% YoY and 20% sequentially, mainly due to prior quarter's strong data center execution.

  • Distribution business sales reached INR 939 crore, up 26% YoY and 18% sequentially, driven by increased asset base and customer engagement.

  • Industrial business sales were INR 464 crore, down 9% YoY but up 20% sequentially; construction and mining segments remained soft.

  • High Horsepower exports grew 15% YoY but fell 17% sequentially; Low Horsepower exports declined 14% YoY and 15% sequentially.

  • Gross margin reached a 20-quarter high of nearly 38%, aided by product mix, cost improvements, and one-time supplier benefits.

  • One-time true-up in expenses of INR 50 crore impacted the quarter.

Outlook and guidance

  • Double-digit revenue growth is targeted for FY 2026, supported by demand across key segments.

  • For FY 2027, double-digit domestic growth is targeted, while export outlook remains uncertain due to geopolitical and tariff-related factors.

  • Data center pipeline is expected to remain strong for the next 3-4 years, with positive momentum anticipated from recent tax incentives.

  • Board continues to monitor regulatory updates and will recognize additional impacts from new labor codes in subsequent periods.

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