Shareholders of Cummins India Limited approved a final dividend of ₹46 per equity share during the company’s 65th Annual General Meeting (AGM) held on August 6, 2026. The meeting, conducted via Video Conferencing (VC) / Other Audio Visual Means (OAVM), also ratified material related-party transactions with key affiliates and reappointed Donald Jackson as a director. This distribution adds to the interim dividend of ₹20 per share already confirmed for the financial year ended March 31, 2026, signaling continued cash return to investors despite broader market uncertainties.

The AGM was chaired by Jennifer Mary Bush, Chairperson of the Board, alongside Managing Director Shveta Arya. The proceedings complied with General Circulars issued by the Ministry of Corporate Affairs (MCA) and Section 103 of the Companies Act, 2013, allowing members to participate remotely without physical presence. Quorum was established through video conferencing participation. Ms. Arya presented the company’s performance for FY25-26, covering business highlights, financial results, corporate responsibility, and governance awards.

Key Resolutions Passed

The Board transacted both ordinary and special business items. Shareholders voted via remote e-voting, which remained open from August 2 to August 5, 2026, and during the meeting itself. There was no voting by show of hands.

Governance and Compliance Observations

Ms. Bush informed members that the Statutory Auditor’s Report contained no qualifications. However, the Secretarial Auditor’s report noted an observation regarding a delay in compliance. The Board’s explanation and response to this observation were included in the Director’s Report, as disclosed during the meeting.

Authorized representatives from Price Waterhouse & Co Chartered Accountants LLP (Statutory Auditors), Makarand M. Joshi & Co (Secretarial Auditors), C S Adawadkar & Co (Cost Auditors for FY 2025-26), Joshi Apte & Associates (Cost Auditors for FY 2026-27), and Internal Auditor Sanjay Deodhar attended the meeting. Mehta & Mehta, Company Secretaries, Pune, were appointed as Scrutinizers to supervise the e-voting process.

Non-Executive Director Cornelius O’Sullivan was unable to attend due to unavoidable circumstances. Other directors present included Farokh N. Subedar, Sekhar Natarajan, Lira Goswami, Vibha Paul Rishi, Rekha, Thierry Bruno Pimi Nouyeuwe, and Donald Jackson. Key Managerial Personnel Soma Ghosh (CFO) and Vinaya Joshi (Company Secretary) also participated.

Cummins India Limited delivered its strongest financial performance to date in FY26, reporting annual revenue of ₹11,950 crore and profit before interest and tax (PBIT) of ₹3,117 crore. The results, presented by Managing Director Shveta Arya at the company’s 65th Annual General Meeting on August 6, 2026, underscore sustained growth driven by robust domestic demand across key market segments including datacenters, railways, marine, defence, and mining. The company also declared a dividend payout of 3300%, signaling confidence in its cash flow position and commitment to shareholder returns.

The financial filing reveals that revenue grew at a compound annual growth rate (CAGR) of 19% over the past five years, with domestic sales expanding significantly faster than exports. Domestic revenue reached ₹9,961 crore in FY26, up from ₹4,416 crore in FY22, representing a 23% CAGR. In contrast, export revenue grew at a more modest 5% CAGR, reaching ₹1,989 crore in FY26. This divergence highlights the company’s deepening reliance on the Indian market for top-line expansion, while international operations contribute steadily but at a slower pace.

Financial Performance Highlights

Cash generated from operations stood at ₹1,734 crore in FY26, supporting the aggressive dividend policy. The PBIT margin improved to 26.1% in FY26, attributed to cost management initiatives and profitability improvement measures implemented across the business. This marks the fifth consecutive year of revenue growth, with each fiscal year recording higher absolute figures than the previous one.

What the Numbers Show

The most striking feature of Cummins India’s financial trajectory is the acceleration in domestic revenue growth relative to exports. While total revenue grew at a 19% CAGR, domestic sales expanded at 23%, nearly double the pace of export growth at 5%. This suggests that the company’s strategic focus on high-growth Indian end markets — particularly datacenters and infrastructure-linked sectors like railways and mining — is yielding disproportionate returns. The stability of export figures, which fluctuated between ₹1,610 crore and ₹2,050 crore over five years, indicates that international markets are serving as a steady baseline rather than a primary growth engine. Meanwhile, the consistent rise in PBIT margins, from approximately 17% in FY22 to 26.1% in FY26, demonstrates effective operating leverage as scale increases.

Operational and Corporate Highlights

Beyond financial metrics, Cummins India emphasized its product innovation and sustainability efforts during the AGM. The company delivered over 26,000 gensets across India, with strong traction in datacenter-focused and Central Pollution Control Board (CPCB) IV+ compliant offerings. New launches included an 82.5 kVA CPCB IV+ compliant genset, a Battery Energy Storage System (BESS), and the DATUM S Intelligent Fuel Management solution. These products align with regulatory shifts and customer demand for cleaner, smarter power solutions.

On the corporate responsibility front, Cummins India reported conserving 1,440 million gallons of water through conservation projects, planting over 20,000 trees, and recycling 205 metric tons of plastic waste. The company benefited 604,095 people through 17 corporate responsibility projects, including livelihood and education initiatives. Governance metrics highlighted 100% women representation in Key Managerial Personnel (KMP) roles and 50% women representation on the Board of Directors.

Awards and Recognitions

Cummins India received multiple accolades in FY26, reinforcing its market position. The Kothrud Engine Plant won the Aatmanirbhar Factory Award from the International Research Institute for Manufacturing (IRIM), India. The company was recognized as a Gold Employer in the India Workplace Equality Index (IWEI) 2025 for the third consecutive time. Additionally, it ranked among the Top 10 Supply Chain Planning Companies by the Institute of Supply Chain Management and won the Confederation of Indian Industry (CII) Award for empowering Women in STEM.