Cummins India Ltd — Nov2025 Conference Call Summary

Cummins India Limited Q2 & H1 FY26 Earnings Conference Call (November 2025)

Business

• Engines + power solutions; segments: Power Generation, Distribution, Industrial; domestic + exports

Q2 FY26 Financials (quarter ended September 30, 2025)

• Net sales: INR 3,122 cr (+28% YoY from INR 2,448 cr; +9% QoQ from INR 2,859 cr)
• Domestic sales: INR 2,577 cr (+28% YoY, +10% QoQ); Exports INR 545 cr (+24% YoY, +4% QoQ)
• PBT before exceptional items: INR 839 cr (+41% YoY; +16% QoQ)

Segment Performance (domestic, Q2)

• Power Generation: INR 1,340 cr (+49% YoY, +27% QoQ)
• Distribution: INR 796 cr (+21% YoY, +2% QoQ)
• Industrial: INR 387 cr (-5% YoY, -7% QoQ)
• Exports: high horsepower INR 279 cr (+40% YoY); low horsepower INR 219 cr (+11% YoY)

Outlook

• FY26: expects double-digit revenue growth over prior fiscal year (H1 already >20% growth)