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Cummins India (500480) investor relations material
Cummins India Q2 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 25/26 earnings summary7 Nov, 2025
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.
Assess data center sales sustainability
Quantify export growth post inventory correction
Evaluate competitive intensity on power gen margins
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Next Cummins India earnings date
Q3 25/266 Feb, 2026
Next Cummins India earnings date
Q3 25/266 Feb, 2026
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