bullish on Cummins India because the company is positioned to benefit from multiple structural growth drivers in India.

$CUMMINSIND FY26 was strong, with standalone sales rising 18% YoY to ₹11,950 crore, domestic sales growing 19%, and profit after tax increasing 22% to ₹2,330 crore, demonstrating strong operating leverage and execution. The biggest positive is the continued strength in the Power Generation business, where FY26 domestic sales grew 24%, while Q4 domestic Power Generation sales surged 48% YoY. I see significant long-term potential from India's rising power demand, data-centre expansion, infrastructure spending, industrial capex and increasing requirements for reliable backup and distributed power solutions. Cummins' strong brand, technology, distribution network and established customer base provide a significant competitive advantage, while its transition toward cleaner and more efficient power solutions can create additional growth opportunities. Q4 FY26 consolidated revenue grew around 22% YoY, while PAT increased around 23%, showing that earnings momentum remains healthy. The company's balance sheet and cash-generation profile also provide flexibility to invest for future growth while maintaining shareholder returns. The key risk is valuation: after a strong run-up, expectations are high, so any slowdown in domestic demand, margin compression, higher input costs or weakness in exports could lead to volatility. Recent commentary also indicates that strong demand is being partly offset by rising operating costs. Nevertheless, from a 3–5 year perspective, I believe Cummins India offers a compelling combination of structural industry tailwinds, strong financials, high-quality management, technological capabilities and earnings visibility. For me, this is not merely a cyclical engine story—it is increasingly a play on India's power, infrastructure, industrial and data-centre growth, which makes the long-term investment thesis attractive.