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Cummins India hosted a conference call
on Nov 7, 2025. In the conference call the company was represented by Shveta
Arya , MD.
Key takeaways of the call
For quarter
ended September 30, 2025, sales was up
9%YoY to Rs 3122 crore [domestic up 10% YoY to Rs 2577 crore; exports up 4% to
Rs 545 crore] Profit before tax before exceptional items was up 16% YoY to Rs
839 crore. Record quarterly profit in
Q2FY26 was supported by volume leverage and operational efficiencies.
The segment-wise sales breakup
for the quarter ended September 30, 2025 -
Domestic power-gen sales stood at Rs 1340 crore [up 49%YoY; up 27%QoQ], Domestic distribution business sales was Rs 796 crore [up 21%YoY;
up 2%QoQ]. Domestic Industrial business sales stood at Rs 387 crore [down 5%YoY; down 7%QoQ].
In exports - High horsepower
exports stood at Rs 279 crore [up 40%YoY; up 9%QoQ], Low
horsepower exports are at Rs 219 crore [up 11%YoY; down 3%QoQ].
Powergen business domestic –
across the range the volume are back to pre CPCB 4+ era. Pricing has settled down despite competitive
pressure and largely adjusted after CPCB. Segment wise tweaks continue to
happen.
Growth in powergen was across the
board i.e. LHP, HHP but across the range the growth was better in LHP. Very
good execution on data centre segment in Q2fy26.
About 40% of power gen business revenue in Q2FY26 came from data centre project
execution. The project demand is lumpy
that does not happen always. Core
powergen business revenue excluding data centres, in Q2Fy26 grew 20% compared
to a year ago.
Industrial segment – one of the
impact is extended monsoon especially construction segment demand. Mining not
seen not much of tenders opening especially from Coal India. These both have
impacted the industry segment business of the company.
Exports – LHP and HHP execution
was good in Q2FY26. Seeing little bit of
softening of order inflow in exports side.
Regarding the sales outlook for
the full year 2025-''26, it expect to have double-digit revenue growth over the
previous fiscal year.
DC industry is
growing in India. Still India DC market is not growing at the pace as that of
US, Europe and China. Hyperscaler DC
orders such as Microsoft, google, amazon are not well spread out. The company is prepared to execute that large hyperscalers
even today and that is not matter where it builds some of the products. The hyderscaler DC products can’t be
transported and has to be assembled close to customers.
Exports are to across the globe and US contribution to that
is not big and this component only got affected by US tariff.
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