Cummins Inc., the promoter of Cummins India Ltd , has declared that no shares of the company were encumbered directly or indirectly during the financial year ended March 31, 2026. This disclosure was submitted to the stock exchanges in compliance with regulatory requirements, ensuring transparency regarding the holding status of the promoter and persons acting in concert (PAC).

The declaration was made under Regulation 31(4) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. Cummins Inc. confirmed that neither it nor any persons acting in concert had created any encumbrance on the shares of Cummins India Ltd during the specified period.

Regulatory Filing Details

The filing was addressed to BSE Limited and the National Stock Exchange of India Limited. The registered office of Cummins India Ltd is located at the Cummins India Office Campus, Tower 'A', 5th Floor, Survey No. 21, Balewadi, Pune 411045.

The disclosure was signed by Nicole Y. Lamb-Hale, Corporate Secretary of Cummins Inc. A copy of the declaration was also forwarded to the Members of the Audit Committee of Cummins India Ltd.

Key Information

Motilal Oswal Securities (MOSL) has maintained a Buy rating on Cummins India with a target price of ₹6,600, reflecting confidence in the company's broad-based operational strengths and near-term growth drivers across multiple business segments.

Key Investment Rationale

MOSL's bullish stance is anchored in several fundamental factors that collectively support Cummins India's business momentum. The brokerage points to robust Powergen demand spanning both high horsepower (HHP) and non-HHP segments as a primary growth catalyst. Alongside this, stable distribution revenue—backed by the company's extensive installed base and a wide product portfolio—provides a steady and recurring revenue stream.

The following table summarizes the key factors cited by MOSL in support of its Buy recommendation:

Segment-Wise Outlook

MOSL's assessment covers a range of business verticals for Cummins India. On the industrial front, the brokerage notes selective growth, indicating measured but positive momentum in that segment. Export performance is described as steady; however, MOSL flags a note of caution specific to the Middle East market, suggesting a watchful approach to that geography.

Margin Resilience

A key highlight of MOSL's analysis is the company's ability to maintain resilient EBITDA margins. This is attributed to a healthy revenue mix across segments and the effective pass-through of higher raw material costs to end customers—a factor that helps protect profitability even in a rising input cost environment.

Summary

MOSL's maintained Buy rating on Cummins India with a target price of ₹6,600 reflects a well-rounded positive view on the company's performance drivers. Strong Powergen demand, stable distribution revenues, selective industrial growth, steady exports, and margin resilience collectively form the basis of the brokerage's constructive outlook on the stock.