Cummins India Share Price Target 2026, 2027, 2028, 2029, 2030
- Market Cap
- ₹1,55,329 Cr
- Book Value
- ₹305.8
- Stock P/E
- 64.1
- Dividend Yield
- 1.19%
- ROE
- 30.2%
- ROCE
- 39.5%
- PEG Ratio
- 2.08
- EV/EBITDA
- 45.3
Fundamentals from Screener.in, as of 5 Aug 2026. Live price via Yahoo Finance.
Cummins India share price today
Cummins India (NSE: CUMMINSIND) makes the engines and generator sets that keep Indian industry running when the grid doesn’t — and lately, a new customer class has changed its trajectory: data centres, which buy backup power in megawatt blocks and specify reliability above price. Add CPCB4+ emission norms (which pulled forward genset upgrades industry-wide) and you get the recent numbers: 30.8% five-year profit CAGR at a 39.5% ROCE with zero debt.
At 64× earnings, the market has extended the data-centre story years forward. Here is what that price assumes.
Powergen’s new best customer
The traditional business is cyclical: industrial gensets, distribution, exports to the parent’s network. The step-change is structural — India’s data-centre build-out (AI, cloud, localisation rules) requires backup generation at a scale genset makers have never seen domestically, and Cummins’ technology depth (high-horsepower nodes, emissions compliance) makes it the default choice. Exports add a second leg as the global parent routes sourcing to India.
Watch-items: data-centre capex momentum (announcement-to-order lags), competition at the high-horsepower node, and margin durability once the CPCB4+ pre-buy normalises. The MNC parent (51%) is both a strength (technology) and a governance watch-point (royalties, parallel entities).
The numbers
From our research universe snapshot (5 Aug 2026):
| Metric | Value |
|---|---|
| Market cap | ₹1,55,329 Cr |
| P/E (TTM) | 64.1 |
| EV/EBITDA | 45.3 |
| Operating margin | 21.4% |
| ROE / ROCE | 30.2% / 39.5% |
| Debt to equity | 0.00 |
| Sales CAGR (5y) | 22.7% |
| Profit CAGR (5y) | 30.8% |
| Promoter (parent) holding | 51.0% |
| EPS (TTM) | ₹86.6 |
Cummins India share price target 2026 to 2030
EPS base ₹86.6 (TTM). Bear: the pre-buy unwinds and data-centre orders slip — 10% growth, multiple compresses to 38×. Base: 17% growth as data centres and exports offset normalisation, multiple at 48×. Bull: the data-centre wave runs hotter for longer — 23% growth at 58×.
| Year | Bear (38×, +10%) | Base (48×, +17%) | Bull (58×, +23%) |
|---|---|---|---|
| 2026 | ₹3,620 | ₹4,865 | ₹6,180 |
| 2027 | ₹3,980 | ₹5,690 | ₹7,600 |
| 2028 | ₹4,380 | ₹6,655 | ₹9,345 |
| 2029 | ₹4,815 | ₹7,790 | ₹11,495 |
| 2030 | ₹5,300 | ₹9,110 | ₹14,140 |
From ₹5,550, the base case is ≈ +64% over four and a half years plus a 1.2% yield. The bear case is slightly negative — a 64× entry gives back a year of growth if the cycle wobbles. The data-centre story is real; the job is not to pay twice for it.
Reasons to own Cummins India (at the right price)
- Data-centre backup power — a structural demand engine just beginning in India.
- 39.5% ROCE on zero debt — capital-goods economics at FMCG-grade returns.
- Emission-norm complexity (CPCB4+) raises the technology bar against smaller rivals.
- Export leverage through the global Cummins network.
- 30.8% five-year profit CAGR shows the operating leverage is live.
The risks: cyclicality never fully leaves capital goods, the multiple assumes the new demand is secular, and parent-company royalty/structure decisions bear watching.
Should you buy at the current price?
The live buy range below is for members — the zone where cyclical risk is paid for.
FAQ
What is the Cummins India share price target for 2030? Base case ≈ ₹9,110 (48× on 17% compounded growth), bear ≈ ₹5,300, bull ≈ ₹14,140. Arithmetic above.
Why are data centres such a big deal for Cummins India? A hyperscale data centre needs tens of megawatts of backup generation with contractual reliability — high-horsepower, high-margin orders in volumes India’s genset market has never produced before.
Is Cummins India debt-free? Yes — zero debt with a 1.2% dividend yield.
When are Cummins India’s next results? Track the exact date on our results calendar.
This article is research and education, not personalised investment advice. We are not SEBI-registered advisers. Price targets are scenario arithmetic, not promises. Do your own research and consult a registered adviser before acting.