Cummins India has entered into a comprehensive Shareholders' Agreement and Energy Supply Agreement with Clean Max Yellowstone Private Limited on January 5, 2026, expanding its renewable energy investment commitment to ₹2.70 crores. This development follows the company's earlier completion of the first tranche investment of ₹8,780 for 878 equity shares on December 29, 2025.

Investment Agreement Details

The Shareholders' Agreement signed on January 5, 2026, outlines Cummins India's commitment to invest up to ₹2.70 crores in Clean Max Yellowstone Private Limited through multiple tranches. The company will maintain at least an 8.78% equity stake in the renewable energy firm.

Energy Supply Agreement

Simultaneously, Cummins India has entered into Energy Supply Agreements with Clean Max for procuring renewable power including solar, wind, and hybrid energy solutions for its manufacturing facilities and premises. This strategic move aligns with the company's sustainability objectives and operational efficiency goals.

Regulatory Compliance and Disclosure

Cummins India has filed the disclosure under Regulation 30 of SEBI Listing Obligations and Disclosure Requirements Regulations, 2015. The company confirmed that all relevant details provided in earlier intimations dated December 18, 2025, and December 29, 2025, remain unchanged, ensuring continued regulatory compliance. The disclosure has been uploaded on the company's website at www.cumminsindia.com .

Strategic Significance

This expanded investment framework represents Cummins India's strategic entry into the clean energy sector, positioning the company to establish group captive renewable power plants for its manufacturing operations. The dual agreement structure enables both equity participation in Clean Max's growth and direct access to renewable energy solutions, supporting India's clean energy transition while enhancing operational sustainability.

Cummins India Limited , a leading power solutions provider, has reported a strong financial performance for the second quarter, with significant growth across key segments.

Financial Highlights

• Revenue: INR 3,122.00 crores, up 28% year-over-year (YoY)
• Domestic Sales: INR 2,577.00 crores, increased by 28% YoY
• Exports: INR 545.00 crores, grew by 24% YoY
• Profit Before Tax (before exceptional items): INR 839.00 crores, up 41% YoY

Segment-wise Performance

Power Generation Segment

The power generation segment led the growth with a remarkable 49% increase to INR 1,340.00 crores. Notably, approximately 40% of the power generation revenue came from data center projects, highlighting the company's strong position in this rapidly growing sector.

Distribution Business

The distribution business showed robust growth of 21%, reaching INR 796.00 crores. This growth is attributed to the increasing number of assets under maintenance and improved penetration in the market.

Industrial Segment

The industrial segment experienced a slight decline of 5% to INR 387.00 crores. This decrease was primarily due to extended monsoons affecting the construction sector and reduced mining tenders from Coal India.

Export Performance

Exports showed strong growth across both high horsepower and low horsepower ranges:

• High Horsepower Exports: INR 279.00 crores, up 40% YoY
• Low Horsepower Exports: INR 219.00 crores, increased by 11% YoY

The company reported significant demand from Europe for high horsepower engines and from Europe and the Middle East for low horsepower engines.

Market Dynamics and Outlook

• Cummins India expects double-digit revenue growth for the full fiscal year.
• The company notes increasing competitive intensity across all power generation segments.
• Some softening in export order intake is observed due to inventory corrections in channel markets.
• The data center market in India, while growing, is not yet at the pace seen in the U.S., China, or Europe, presenting potential future opportunities.

Management Commentary

Ms. Shveta Arya, Managing Director of Cummins India Limited, stated, "Our strong performance this quarter reflects the robust demand across our key segments, particularly in power generation and data center projects. While we face increasing competition and some challenges in certain sectors, our focus on technology, innovation, and reliability continues to drive our growth."

Cummins India remains cautiously optimistic about the future, citing a stable domestic economic outlook with an estimated GDP growth of around 6.80% for the upcoming fiscal year. However, the company remains watchful of ongoing geopolitical uncertainties and potential short-term fluctuations due to tariff issues.

As Cummins India continues to navigate a competitive landscape, its strong brand value, technological expertise, and focus on reliability position it well to capitalize on growth opportunities in the power solutions market.