Cummins India Limited has successfully conducted postal ballot proceedings for the approval of revision in remuneration of Managing Director Ms. Shveta Arya. The company announced the completion of the voting process through a formal communication dated April 21, 2026, signed by Company Secretary & Compliance Officer Vinaya A. Joshi.

Postal Ballot Details

The postal ballot was conducted in compliance with Sections 108 and 110 of the Companies Act, 2013, and relevant rules and regulations. The process sought shareholder approval for a single resolution:

Timeline and Process

The postal ballot notice was dated March 11, 2026, with Friday, March 13, 2026, established as the cut-off date for determining eligible shareholders. The notice was sent exclusively by email on Wednesday, March 18, 2026, to members whose email addresses were registered with depositories or the company's Registrar and Share Transfer Agent.

Remote E-Voting Schedule

Regulatory Compliance and Notifications

The company ensured full compliance with regulatory requirements by publishing advertisements in newspapers. A pre-dispatch notice was published in Business Standard (English) and Loksatta (Marathi) on Friday, March 13, 2026. Subsequently, a public notice confirming the dispatch of postal ballot notices was published in the same newspapers on Thursday, March 19, 2026.

Technical Infrastructure

The remote e-voting facility was provided through MUFG Intime India Private Limited (formerly Link Intime India Private Limited), the company's Registrar and Share Transfer Agent. Individual shareholders holding shares in demat mode were additionally provided with single login credential facility through their demat accounts, websites of depositories, or Depository Participants, pursuant to SEBI Master Circular dated November 11, 2024.

Scrutinizer Appointment

The Board of Directors appointed M/s. Mehta & Mehta, Company Secretaries, as the Scrutinizer for conducting the postal ballot voting process in a fair and transparent manner, as required under Rule 22(5) of the Companies (Management and Administration) Rules, 2014.

Result Declaration Process

The company has authorized the Chairperson or Company Secretary to declare the voting results along with the Scrutinizer's report once received. The results will be published on the company's website at www.cumminsindia.com and on the websites of stock exchanges BSE Limited and National Stock Exchange of India Limited within statutory timelines.

Cummins India has received a positive assessment from HSBC, with the global brokerage maintaining its Buy rating while raising the target price to ₹5,500 from the previous ₹5,300.

Strong March Quarter Performance

HSBC's upgraded target price reflects the company's resilient execution during the March quarter. The brokerage highlighted the robust operational performance as a key factor supporting their positive outlook on the stock.

Key Investment Metrics

Margin Pressure Concerns

Despite the positive rating, HSBC identified several headwinds that could impact Cummins India's profitability. The brokerage expects potential margin compression driven by rising input costs and foreign exchange volatility, which remain key concerns for the company's near-term financial performance.

Risk Factors for FY27

HSBC outlined specific risks that could affect Cummins India's growth trajectory:

• Order Flow Challenges: Slower order inflows could impact revenue growth momentum
• Geopolitical Risks: Possible disruptions in the Middle East market may affect business operations
• Cost Pressures: Rising input costs and FX volatility pose margin compression risks

The brokerage's analysis suggests that while Cummins India demonstrated strong operational execution in the March quarter, investors should monitor these risk factors as the company progresses into FY27.