Cummins India has announced its Q3 financial results, presenting a mixed performance with improved operational efficiency despite declining net profitability. The company reported EBITDA of ₹6.34 billion for the quarter, representing growth from ₹6 billion recorded in the same period of the previous year, while net profit declined to ₹4.5 billion from ₹5.14 billion year-on-year.

Financial Performance Overview

The company's Q3 financial metrics demonstrate contrasting trends across different performance indicators, with operational improvements offsetting profitability challenges.

EBITDA Performance and Margin Expansion

Cummins India demonstrated strong operational performance with EBITDA growing 5.7% year-on-year to ₹6.34 billion from ₹6 billion in the previous year's corresponding quarter. More significantly, the company achieved substantial margin expansion with EBITDA margin improving to 21.09% from 19.56%, representing an improvement of 153 basis points. This margin enhancement indicates improved operational efficiency and better cost management at the operational level.

Revenue and Profitability Analysis

The company maintained stable revenue at ₹30 billion for Q3, matching the same quarter performance from the previous year. However, net profit declined 12.5% year-on-year from ₹5.14 billion to ₹4.5 billion, representing a ₹640 million reduction. The contrast between improved EBITDA performance and declining net profit suggests that factors below the operational level, such as depreciation, interest, or tax components, impacted the bottom line.

Key Financial Highlights

The Q3 results showcase several important aspects of Cummins India's operational and financial performance:

• Strong EBITDA growth of 5.7% to ₹6.34 billion
• Significant EBITDA margin expansion of 153 basis points to 21.09%
• Stable revenue generation at ₹30 billion level
• Net profit challenges with 12.5% decline despite operational improvements

The financial results reflect the company's enhanced operational efficiency and margin management capabilities, even as it navigates challenges affecting net profitability during the quarter.

Cummins India Limited has announced the completion of its strategic investment in Clean Max Yellowstone Private Limited, marking a significant milestone in the company's expansion into renewable energy ventures. The transaction, completed on January 29, 2026, represents the final phase of a multi-tranche investment agreement that was previously disclosed to the stock exchanges.

Investment Details

The second and final tranche of the investment involved the allotment of 22,372 equity shares by Clean Max Yellowstone Private Limited to Cummins India Limited. The transaction details are structured as follows:

Regulatory Compliance and Documentation

The investment completion was disclosed under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Cummins India Limited has maintained transparency throughout the process with multiple intimations to the stock exchanges. The company confirmed that all relevant details provided in the earlier intimation dated December 18, 2025, remain unchanged, eliminating the need for repetitive disclosures.

The transaction follows the terms of the Shareholders' Agreement (SHA) that was established for this investment structure. Previous communications regarding this investment were made on December 18, 2025, December 29, 2025, and January 5, 2026, demonstrating the company's commitment to regulatory compliance and stakeholder transparency.

Strategic Significance

With this completion, Cummins India Limited has fulfilled its entire investment commitment pursuant to the SHA with Clean Max Yellowstone Private Limited. The 8.78% equity stake positions Cummins India as a significant stakeholder in Clean Max's operations, aligning with the growing focus on renewable energy solutions in the Indian market.

The investment represents Cummins India's strategic diversification into clean energy ventures, complementing its core business operations. Clean Max Yellowstone Private Limited operates in the renewable energy sector, making this partnership strategically relevant for Cummins India's long-term sustainability objectives.

Corporate Governance

The disclosure was signed by Vinaya A. Joshi, Company Secretary & Compliance Officer of Cummins India Limited, ensuring proper corporate governance protocols were followed. The information has been made available on the company's official website at www.cumminsindia.com , providing stakeholders with easy access to the investment details.

This completion marks the end of the structured investment process, with Cummins India Limited now holding its intended equity position in Clean Max Yellowstone Private Limited as per the original agreement framework.