Cummins Results Analysis

Operating Revenue for Q2FY26 is Rs. 3,122 Crs., 26.63% growth YoY, Total Income is Rs. 3,293 Crs., 25.98% growth YoY, EBITDA is Rs. 646 Crs., 46.7% growth YoY, EBITDA Margin is 20.7% improved by 283 Basis points YoY, PBT Rs. 824 Crs., 38.76% growth YoY, PAT Rs. 622 Crs. 38.5% growth YoY. On QoQ basis Op. Revenue is up by 9.2%, Total Income is up by 8.3%, EBITDA is up by 12.3%, EBITDA Margin also improved by 57 basis points, PBT is up by 5% and PAT is also up by 3%. Management reiterated “double-digit revenue growth” guidance for FY26. Q2 delivered record PG momentum with unusually high DC execution; profitability benefitted from scale and mix.