Cummins India (500480) Q2 25/26 earnings summary

Executive summary

• Q2 FY 2025-26 sales reached INR 3,122 crore, up 28% year-over-year and 9% sequentially, with domestic sales up 28% and exports up 24% year-over-year.

• Profit before tax (before exceptional items) was INR 839 crore, up 41% year-over-year and 16% sequentially.

• Power Generation segment drove growth, with strong execution in data center projects and broad-based demand across segments.

Financial highlights

• Domestic Power Generation sales were INR 1,340 crore, up 49% year-over-year and 27% sequentially.

• Distribution business sales reached INR 796 crore, up 21% year-over-year and 2% sequentially.

• Industrial business sales declined 5% year-over-year and 7% sequentially, mainly due to extended monsoon and fewer mining tenders.

• High horsepower exports rose 40% year-over-year; low horsepower exports increased 11% year-over-year.

Outlook and guidance

• Double-digit revenue growth is expected for FY 2025-26 over the previous fiscal year.

• Export order intake is softening due to inventory corrections, with some uncertainty in the coming quarters.

• Data center project execution in Q2 was unusually high and not expected to repeat at the same scale in the next half.