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Engines & power equipment Historical case study · data as of 07 Jul 2026 · published 10 Oct 2026 (95 days later)

Cummins India — 100-point case study

How Cummins India looked on 50 technical and 50 fundamental measures on 07 Jul 2026 — and what happened over the next three months. Education only; not a current view.

Codes	NSE: CUMMINSIND · BSE: 500480
Close on 07 Jul 2026	₹5,471.50
Market cap then	₹1,51,080 crore
Valuation	P/E 64.0× · P/B 17.83×
Momentum	RSI (14) 44 · 1-year return +59.2%
Next 3 months	-13.4% vs Nifty 50 -8.9% (to 08 Oct 2026)

Scorecard

Technical — 50 points

8 bullish · 21 neutral · 3 caution · 17 bearish — the picture leaned negative.

Fundamental — 50 points

19 bullish · 28 neutral · 0 caution · 2 bearish — the picture leaned positive.

Price chart

Close (to snapshot) Close (after) 50-day avg 200-day avg Support Resistance

Technical analysis — 50 points

Calculated by code from daily prices up to 07 Jul 2026. Standard formulas (RSI, MACD, ADX use Wilder smoothing).

How to read the tags. Each of the 50 points gets one tag. Bullish the reading was favourable. Bearish the reading was unfavourable. Neutral the reading was in a normal range, or gave no clear message. Caution a warning sign or an unusual reading that deserves a closer look. Point 50 counts the other 49 tags. The chart is called positive when bullish tags beat bearish ones by 5 or more, negative when bearish tags beat bullish ones by 5 or more, and mixed otherwise. Under each point you will see what reading earns which tag. Tags describe the data on the snapshot date. They are not signals to buy or sell. Full guide to all 100 points →

A. Trend

#	Point	Reading	Tag	Commentary
1	Short-term trend (20 days)	slope -0.14%/day	Bearish	Over the last 20 sessions the regression line of closing prices was falling about 0.14% a day — a short-term downtrend. Bullish slope above +0.10% a day (short-term uptrend) · Bearish slope below –0.10% a day (short-term downtrend) · Neutral between the two: a flat, sideways phase.
2	Medium-term trend (~5 months)	3M return +17.8%	Bullish	The 100-session trend line was up (+0.28%/day) and the stock was +17.8% over three months, so the medium-term picture was bullish. Bullish slope above +0.05% a day · Bearish slope below –0.05% a day · Neutral in between.
3	Long-term trend (1 year)	1Y return +59.2%	Bullish	Compared with a year earlier the price was +59.2%. A strong positive year. Bullish up more than 10% in a year · Bearish down more than 10% in a year · Neutral between –10% and +10%.
4	Weekly chart trend	10W 5,588.90 / 30W 4,929.47	Neutral	On the weekly chart the stock showed a weekly close tangled between the 10-week and 30-week averages. Bullish weekly close above the 10-week average, which is above the 30-week · Bearish weekly close below the 10-week average, which is below the 30-week · Neutral when they are tangled.
5	Swing structure (highs/lows)	last highs 6,100.00→5,908.00; lows 5,147.50→5,541.00	Neutral	The two most recent swing points showed a lower high but a higher low — mixed structure. Bullish higher highs and higher lows (uptrend structure) · Bearish lower highs and lower lows (downtrend structure) · Neutral when one is higher and the other lower.
6	ADX (14) — trend strength	18.8	Neutral	ADX at 18.8 signals a weak or absent trend (below 20) — range-bound conditions. ADX measures strength only, not direction. Bullish ADX 20 or more with +DI above –DI (a real trend, pointing up) · Bearish ADX 20 or more with –DI above +DI (a real trend, pointing down) · Neutral below 20: no clear trend. 20–30 is a moderate trend, above 30 a strong one.
7	+DI vs –DI	+DI 13.8 / –DI 23.7	Bearish	–DI was above +DI: sellers had the upper hand in directional movement. Bullish +DI above –DI · Bearish –DI above +DI · No neutral zone for this point.

B. Moving averages

#	Point	Reading	Tag	Commentary
8	Price vs 20-day SMA	5,655.73 (-3.3%)	Bearish	Close of 5,471.50 was 3.3% below the 20-day SMA — the short-term trend filter was negative. Bullish close above the average · Bearish close below the average · No neutral zone.
9	Price vs 50-day SMA	5,522.12 (-0.9%)	Bearish	Close of 5,471.50 was 0.9% below the 50-day SMA — the medium-term trend filter was negative. Bullish close above the average · Bearish close below the average · No neutral zone.
10	Price vs 200-day SMA	4,673.49 (+17.1%)	Bullish	Close of 5,471.50 was 17.1% above the 200-day SMA — the long-term trend filter was positive. Bullish close above the average · Bearish close below the average · No neutral zone.
11	9 / 21 EMA crossover	9E 5,580.15 / 21E 5,610.14	Bearish	The 9-day EMA was below the 21-day EMA; the last crossover happened on 03 Jul 2026. Bullish 9-day above 21-day · Bearish 9-day below 21-day · No neutral zone.
12	Golden / death cross (50 vs 200)	no cross in data window	Bullish	The 50-day average was 18.2% above the 200-day. No 50/200 crossover occurred in the data window. Bullish 50-day above 200-day (after a “golden cross”) · Bearish 50-day below 200-day (after a “death cross”) · No neutral zone.
13	50-day SMA slope	+6.1% in 20 sessions	Bullish	The 50-day average rose 6.1% over the past month — rising. Bullish rose more than 0.5% · Bearish fell more than 0.5% · Neutral in between: flattening.
14	MA ribbon alignment	5,656 / 5,522 / 5,131 / 4,673	Bullish	The 20/50/100/200-day averages were perfectly stacked bullish (20 > 50 > 100 > 200). Bullish neatly stacked 20 > 50 > 100 > 200 · Bearish neatly stacked 20 < 50 < 100 < 200 · Neutral when tangled (a transition or range).
15	Monthly anchored VWAP	5,551.91 (-1.4%)	Bearish	Anchored to the start of July, the volume-weighted average price was 5,551.91; the close was below it — buyers that month were on average under water. Bullish close above VWAP (that month’s buyers on average in profit) · Bearish close below VWAP · No neutral zone.

C. Momentum

#	Point	Reading	Tag	Commentary
16	RSI (14)	44.4	Bearish	RSI at 44.4 reflected soft, below-average momentum. Bullish RSI 55–70 (positive momentum, not stretched) · Bearish RSI 30–45 (soft momentum) · Neutral 45–55. Caution at 70 or above (overbought) or 30 or below (oversold).
17	RSI divergence (last 40 days)	none	Neutral	Comparing the last 20 sessions with the 20 before: no divergence — RSI moved in line with price. Bullish bullish divergence: price made a lower low but RSI a higher low · Caution for a bearish divergence (price higher high, RSI lower high). Neutral when RSI moved in line with price.
18	MACD line vs signal	MACD -0.17 / signal 39.62	Bearish	MACD was below its signal line — momentum turning or staying negative. Bullish MACD above signal · Bearish MACD below signal · No neutral zone.
19	MACD histogram (5-day change)	-31.73 → -39.78	Bearish	The histogram fell over the last five sessions, meaning momentum was weakening. Bullish histogram rising (momentum improving) · Bearish histogram falling (momentum weakening) · No neutral zone.
20	MACD vs zero line	-0.17	Bearish	MACD below zero means the 12-day EMA was below the 26-day EMA — a negative momentum regime. Bullish MACD above zero · Bearish MACD below zero · No neutral zone.
21	Stochastic (14,3,3)	%K 14.1 / %D 17.3	Caution	Slow stochastic at 14.1 was in oversold territory (<20). Bullish between 20 and 80 with %K above %D · Bearish between 20 and 80 with %K below %D · Caution above 80 (overbought) or below 20 (oversold).
22	Williams %R (14)	-90.2	Caution	%R of -90.2 put the close near the bottom of its 14-day range. How to read: Caution above –20 (near the top) or below –80 (near the bottom). Neutral in the middle. This point is never tagged Bullish or Bearish.
23	CCI (20)	-137	Bearish	CCI at -137 signalled an unusually strong downward deviation (<–100). Bullish above +100 (unusually strong upward move) · Bearish below –100 (unusually strong downward move) · Neutral within ±100.
24	Rate of change (10-day)	-5.1%	Bearish	Price changed -5.1% over ten sessions. Bullish up more than 2% · Bearish down more than 2% · Neutral between –2% and +2%.

D. Volatility

#	Point	Reading	Tag	Commentary
25	Bollinger Band position (%B)	%B 0.11 (bands 5,420.31–5,891.14)	Neutral	%B of 0.11 — inside the bands, lower half. How to read: Caution above 1 or below 0 (outside the bands — an overextended move). Neutral inside the bands.
26	Bollinger width / squeeze	width 8.3% (22nd pct of 6M)	Neutral	Band width was at the 22nd percentile of the last six months, a normal level. How to read: Caution when the width is in the lowest 15% of six months (a “squeeze” that often comes before a bigger move, direction unknown). Neutral otherwise.
27	ATR (14)	₹159.05 (2.9% of price)	Neutral	A typical day's range was about ₹159.05, or 2.9% of the price — useful for judging how much 'normal noise' to expect. How to read: Information only. A higher % means bigger normal daily swings.
28	Historical volatility (30-day)	40.9% vs 1Y 27.6%	Caution	Annualised 30-day volatility was 40.9%, well above the one-year level of 27.6%. How to read: Caution when 30-day volatility is more than 1.25× the one-year level. Neutral otherwise.
29	Keltner Channel (20, 2×ATR)	5,294.10–5,928.37	Neutral	The close was inside the channel, so no volatility breakout. Bullish close above the upper channel (strong upward push) · Bearish close below the lower channel · Neutral inside the channel.
30	Beta vs Nifty 50 (1Y daily)	0.96	Neutral	A beta of 0.96 means the stock tended to move roughly in line with the Nifty 50 day to day. How to read: Information only. Above 1.1 moves more than the market, below 0.9 less, around 1 in line.

E. Volume & money flow

#	Point	Reading	Tag	Commentary
31	Volume vs 20-day average	last day 1.23× / 5-day 0.98×	Neutral	The final session traded 1.23× its 20-day average volume and the last five sessions averaged 0.98× — normal participation. How to read: Information only. Above 1.2× is heavier than usual participation, below 0.8× lighter.
32	Up-day vs down-day volume (20d)	ratio 0.68	Bearish	Average volume on up days was 0.68× that on down days — distribution-leaning. Bullish ratio above 1.15 (accumulation-leaning) · Bearish ratio below 0.85 (distribution-leaning) · Neutral between 0.85 and 1.15.
33	On-Balance Volume (20d)	OBV falling	Bearish	OBV fell over the month while price fell — volume confirmed the price move. Bullish OBV rising · Bearish OBV falling · No neutral zone.
34	Accumulation/Distribution line	falling (20d)	Bearish	The A/D line fell, meaning closes tended to be in the lower part of daily ranges on meaningful volume. Bullish A/D line rising · Bearish A/D line falling · No neutral zone.
35	Chaikin Money Flow (20)	-0.18	Bearish	CMF at -0.18 indicated net outflows. Bullish above +0.05 (net inflows) · Bearish below –0.05 (net outflows) · Neutral between –0.05 and +0.05.
36	Money Flow Index (14)	41.8	Bearish	MFI, a volume-weighted RSI, was 41.8. Bullish MFI 55–80 · Bearish MFI 20–45 · Neutral 45–55. Caution above 80 (overbought) or below 20 (oversold).
37	Liquidity (avg daily turnover)	₹272 cr/day	Neutral	About ₹272 crore changed hands per day on average over 20 sessions — liquid. How to read: Information only. Above ₹500 crore a day is highly liquid, above ₹50 crore liquid, below that moderately liquid.

F. Price levels

#	Point	Reading	Tag	Commentary
38	Support levels (S1/S2/S3)	5,149.50 / 4,563.50 / 4,399.12	Neutral	Nearest support (prior swing lows) sat at 5,149.50, 6.3% below the close, then 4,563.50, 4,399.12. How to read: Information only. Levels to watch, not good or bad.
39	Resistance levels (R1/R2/R3)	5,740.00 / 5,888.50 / 6,100.00	Neutral	Nearest resistance (prior swing highs) sat at 5,740.00, 4.9% above the close, then 5,888.50, 6,100.00. How to read: Information only.
40	Monthly pivot points (for next month)	P 5,545.17 \| R1 5,666.33 \| S1 5,350.33	Neutral	Classic pivots from July's high/low/close gave a pivot of 5,545.17; the close was below it. How to read: Information only.
41	Fibonacci retracement (6M swing)	23.6% 5,577 \| 38.2% 5,253 \| 50.0% 4,992 \| 61.8% 4,730	Neutral	Measuring the 6-month rise from 3,883.10 to 6,100.00, the close was nearest the 23.6% retracement at 5,576.81. How to read: Information only.
42	52-week high / low	H 6,100.00 / L 3,312.40	Neutral	The close was 10.3% below the 52-week high and 65.2% above the 52-week low. Bullish within 5% of the 52-week high · Bearish within 5% of the 52-week low · Neutral in between.
43	Unfilled price gaps (6M)	1 open; latest gap-up 08 Apr at 4,700.00	Neutral	There was 1 unfilled gap(s). The latest, a gap-up on 08 Apr 2026, left an open level at 4,700.00 that price had not revisited. How to read: Information only.

G. Patterns

#	Point	Reading	Tag	Commentary
44	Price structure / chart pattern	pullback inside a larger uptrend	Neutral	Rule-based pattern scan: pullback inside a larger uptrend. (Classical patterns like head-and-shoulders are judgement calls; we report only what the rules detect.) Bullish rising channel (both trends up) · Bearish falling channel (both trends down) · Neutral for tight consolidation, a bounce in a downtrend, a pullback in an uptrend, or a sideways range.
45	Breakout / breakdown (20-day)	range 5,454.50–5,908.00	Neutral	The close was inside the prior 20-day range of 5,454.50–5,908.00. Bullish close above the 20-day high (breakout) · Bearish close below the 20-day low (breakdown) · Neutral inside the range.
46	Latest candlestick	Ordinary red candle	Neutral	On 07 Jul the candle opened 5,569.00, ranged 5,424.00–5,578.50 and closed 5,471.50: Ordinary red candle. Single candles are weak signals on their own. Bullish hammer, bullish engulfing or bullish marubozu · Bearish shooting star, bearish engulfing or bearish marubozu · Neutral for a doji, inside bar or ordinary candle. Single candles are weak signals.
47	Ichimoku Cloud	cloud 5,247.00–5,615.60; Tenkan 5,599.75 / Kijun 5,701.75	Neutral	Price was inside the cloud and the Tenkan line was below the Kijun line — an undecided Ichimoku setup. Bullish close above the cloud · Bearish close below the cloud · Neutral inside the cloud.

H. Relative strength & summary

#	Point	Reading	Tag	Commentary
48	Relative strength vs Nifty 50	1M -9.8% / 3M +10.3%	Bullish	The stock outperformed the Nifty 50 by 10.3 points over three months and underperformed by 9.8 points over one month. Bullish ahead of the Nifty 50 by more than 2 points · Bearish behind by more than 2 points · Neutral within ±2 points.
49	Relative strength vs Nifty 50 (6M)	6M +30.2%	Bullish	No sector index in today's data set, so we show the 6-month comparison instead: 30.2 points ahead of the Nifty 50. Bullish ahead by more than 2 points · Bearish behind by more than 2 points · Neutral within ±2 points.
50	Technical summary	8 bullish · 17 bearish · 21 neutral · 3 caution	Bearish	Across the 49 readings the technical picture leaned negative. Levels that mattered: support 5,149.50, resistance 5,740.00. This is a description of the chart on 07 Jul 2026, not a forecast. How to read the score: the strongest possible reading is 49 bullish · 0 bearish, and the weakest is 0 bullish · 49 bearish. Most companies land in between. The chart is called positive when bullish tags beat bearish ones by 5 or more, negative when bearish tags beat bullish ones by 5 or more, and mixed otherwise. Even a 49–0 score describes the past and is not a reason to buy, and a 0–49 score is not a reason to sell. Bullish bullish tags beat bearish ones by 5 or more (“positive”) · Bearish bearish tags beat bullish ones by 5 or more (“negative”) · Neutral (“mixed”) otherwise. Strongest possible: 49 bullish · 0 bearish.

Fundamental analysis — 50 points

Uses only results published by 07 Jul 2026: FY26 annual (Apr 2025–Mar 2026), the Jan–Mar 2026 quarter and the Mar 2026 shareholding. ₹ crore, consolidated unless stated. Valuation uses the 07 Jul 2026 close.

How to read the tags. Each of the 50 points gets one tag. Bullish the reading was favourable. Bearish the reading was unfavourable. Neutral the reading was in a normal range, or gave no clear message. Caution a warning sign or an unusual reading that deserves a closer look. Point 50 counts the other 49 tags. The numbers are called positive when bullish tags beat bearish ones by 4 or more and are at least 1.5 times as many, negative the other way round, and mixed otherwise. Under each point you will see what reading earns which tag. Tags describe the data on the snapshot date. They are not signals to buy or sell. Full guide to all 100 points →

A. Valuation

#	Point	Reading	Tag	Commentary
1	P/E (trailing 12 months)	64.0×	Neutral	At ₹5,471.50 the market valued the company at about ₹1,51,080 crore, or 64.0× the ₹2,361 crore profit of the four quarters to Mar 2026. That is a premium multiple — the market expected growth. How to read: Information only. Below 15 is a low multiple, 15–30 moderate, above 30 a premium (the market expects growth). Compare with peers and the company’s own history.
2	Price / Book	17.83×	Neutral	Market cap was 17.83× the Mar 2026 book value (equity + reserves) of ₹8,475 crore. How to read: Information only. Main yardstick for banks; asset-light businesses usually trade at high P/B.
3	Price / Sales	12.44×	Neutral	The company was valued at 12.44× its trailing-12-month sales of ₹12,143 crore. How to read: Information only.
4	EV / EBITDA (approx.)	58.2×	Neutral	Enterprise value (market cap + ₹37 cr borrowings; cash not netted) was 58.2× trailing operating profit of ₹2,595 crore. How to read: Information only. Lower means cheaper relative to operating profit.
5	Earnings yield	1.6%	Neutral	The inverse of P/E: each ₹100 invested bought about ₹1.6 of annual earnings. Investors often compare this with the ~6–7% yield on 10-year government bonds. How to read: Information only. Often compared with the ~6–7% yield on 10-year government bonds.
6	PEG (P/E ÷ 3-yr profit CAGR)	2.63	Bearish	P/E of 64.0 divided by 3-year profit growth of 24.4% a year gives a PEG of 2.63. Below 1 is often read as growth being cheaply priced; above 2 as expensive. Bullish below 1 (growth cheaply priced) · Bearish above 2 (growth expensively priced) · Neutral 1–2, or when profit did not grow (not meaningful).
7	Dividend yield (trailing 12M)	0.98%	Neutral	Dividends with ex-dates in the 12 months to the snapshot totalled ₹53.5 a share, a 0.98% yield on the ₹5,471.50 price. Bullish above 3% · Neutral at 3% or less. Never tagged Bearish.
8	Market capitalisation	₹1,51,080 cr	Neutral	At about ₹1.51 lakh crore the company was a large-cap. How to read: Information only. Above ₹1 lakh crore large-cap, ₹30,000 crore–₹1 lakh crore mid-cap, below that small-cap (our rule of thumb).
9	Graham number vs price	₹768.44 vs ₹5,471.50	Neutral	Benjamin Graham's conservative fair-value yardstick √(22.5 × EPS × book value per share) came to ₹768.44; the price was 612% above it. Quality franchises usually trade above this number. Bullish price below the Graham number · Neutral when the price is above it (most quality companies are).

B. Growth

#	Point	Reading	Tag	Commentary
10	Revenue growth FY26 (YoY)	+16.9%	Bullish	Revenue for FY26 was ₹12,143 crore, +16.9% versus FY25. Bullish above 10% · Bearish below 0% (revenue fell) · Neutral 0–10%.
11	Q4 FY26 revenue growth (YoY)	+21.9%	Bullish	The Jan–Mar 2026 quarter brought ₹3,011 crore of revenue, +21.9% on the same quarter a year earlier. Bullish above 10% · Bearish below 0% · Neutral 0–10%.
12	Net profit growth FY26 (YoY)	+18.1%	Bullish	FY26 net profit was ₹2,362 crore, +18.1% on FY25's ₹2,000 crore. Bullish above 10% · Bearish below 0% · Neutral 0–10%. Caution if a one-off item distorted the figure.
13	Q4 FY26 profit growth (YoY)	+22.5%	Bullish	Quarterly profit was ₹649 crore versus ₹530 crore a year earlier (+22.5%). Bullish above 10% · Bearish below 0% · Neutral 0–10%.
14	Revenue CAGR (3 years)	16.0%	Bullish	Revenue compounded at 16.0% a year from FY23 to FY26. Bullish above 12% a year · Bearish below 5% a year · Neutral 5–12%. Caution if an acquisition inflated it.
15	Profit CAGR (3 years)	24.4%	Bullish	Net profit compounded at 24.4% a year from FY23 to FY26. Bullish above 12% a year · Bearish below 5% a year · Neutral 5–12%.
16	Revenue CAGR (5 years)	22.7%	Bullish	Over five years (FY21–FY26) revenue compounded at 22.7% a year. Bullish above 12% a year · Bearish below 5% a year · Neutral 5–12%.
17	EPS growth FY26 (reported)	+18.1%	Bullish	Reported EPS went from ₹72.15 to ₹85.20 (+18.1%). Differences from profit growth come from changes in share count (bonus, buyback, new issues). Bullish above 10% · Bearish below 0% · Neutral 0–10%.

C. Profitability

#	Point	Reading	Tag	Commentary
18	Operating margin FY26	21%	Neutral	Operating profit (EBITDA) was 21% of sales in FY26 versus 20% in FY25. How to read: Information only — normal margins differ a lot by industry.
19	Operating margin trend (4 quarters)	21% → 22% → 21% → 21%	Neutral	Quarterly margins moved from 21% to 21% over the last four quarters — broadly stable. Bullish up more than 1 percentage point · Bearish down more than 1 percentage point · Neutral when broadly stable.
20	Net profit margin FY26	19.5%	Neutral	₹19.5 of every ₹100 of revenue ended up as net profit in FY26. How to read: Information only.
21	Return on equity FY26	29.5%	Bullish	FY26 profit was 29.5% of average shareholders' equity. Above ~15% is generally considered good; below 10% weak. Bullish above 18% · Bearish below 10% · Neutral 10–18%. Around 15% or more is generally considered good.
22	ROCE FY26	40%	Bullish	Return on capital employed (debt + equity) was 40% in FY26. Bullish above 20% · Bearish below 10% · Neutral 10–20%.
23	Return on assets FY26	20.90%	Neutral	Net profit was 20.90% of total assets. Bullish banks only: 1.5% or more · Bearish banks only: below 1% · Information only for non-banks.
24	Effective tax rate FY26	23%	Neutral	The company paid about 23% of pre-tax profit as tax; India's base corporate rate is ~25%. How to read: Information only. India’s base corporate rate is about 25%.
25	Other income share of pre-tax profit	23%	Neutral	Non-operating 'other income' of ₹702 crore made up 23% of pre-tax profit. How to read: Caution above 25% (headline profit leans on non-core income). Neutral otherwise.

D. Balance sheet

#	Point	Reading	Tag	Commentary
26	Debt / equity	0.00	Bullish	Borrowings of ₹37 crore were 0.00× equity — very low leverage. Bullish below 0.3 (very low leverage) · Bearish above 1 (high leverage) · Neutral 0.3–1.
27	Debt / EBITDA	0.01×	Bullish	Debt equalled 0.01 years of FY26 operating profit. Bullish below 1× · Bearish above 3× · Neutral 1–3×.
28	Interest coverage	258.2×	Bullish	Earnings before interest and tax covered interest cost 258.2 times. Bullish above 8× · Bearish below 3× · Neutral 3–8×, or not meaningful when interest is negligible.
29	Book value growth	+12.1%	Bullish	Shareholders' equity grew +12.1% from ₹7,561 crore to ₹8,475 crore in FY26. Bullish above 10% (banks: above 12%) · Bearish below 0% (non-banks only) · Neutral otherwise.
30	Capital work in progress	₹98 cr (4% of fixed assets)	Neutral	Projects under construction (CWIP) were 4% of fixed assets — a modest pipeline. How to read: Information only. Above 20% means a big expansion pipeline that is not yet earning.
31	Working capital days	53 days	Neutral	Working capital tied up equalled 53 days of sales (FY25: 46). Negative means suppliers/customers fund operations. How to read: Information only. Lower is generally more efficient; negative means suppliers or customers fund the business.
32	Cash conversion cycle	60 days	Neutral	It took 60 days to turn inventory and receivables into cash, net of supplier credit. How to read: Information only. Shorter is generally better.
33	Debtor days	83 (FY25 80)	Neutral	Customers took 83 days on average to pay, versus 80 a year earlier. How to read: Caution when debtor days rose more than 20% in a year (collections stretching). Neutral otherwise.

E. Cash flow

#	Point	Reading	Tag	Commentary
34	Operating cash flow FY26	₹1,734 cr	Bullish	The business generated ₹1,734 crore of operating cash in FY26 versus ₹1,683 crore in FY25. Bullish positive and higher than the year before · Bearish negative · Neutral when positive but lower. Information only for banks.
35	Free cash flow FY26	₹1,487 cr	Bullish	After capital spending, free cash flow was ₹1,487 crore. Bullish positive · Bearish negative · Neutral when not available.
36	Cash conversion (CFO ÷ net profit)	0.73×	Neutral	Operating cash flow was 0.73× reported profit — reasonable cash backing. Bullish above 1× (profits well backed by cash) · Caution below 0.7×. Neutral 0.7–1×.
37	Free-cash-flow yield	1.0%	Neutral	FY26 free cash flow was 1.0% of the snapshot market cap. Bullish above 4% · Neutral at 4% or less.
38	Free cash flow — 3-year total	₹3,955 cr	Bullish	Free cash flow over FY24–FY26 added up to ₹3,955 crore. Bullish positive total · Bearish negative total · Neutral when not available.
39	Capex FY26 (CFO – FCF)	₹247 cr	Neutral	Implied capital expenditure was about ₹247 crore, 2.0% of sales. How to read: Information only.

F. Dividends & shareholder returns

#	Point	Reading	Tag	Commentary
40	Dividend payout ratio FY26	77%	Neutral	The company paid out about 77% of FY26 profit as dividends. How to read: Information only. High payout suits mature businesses; growing firms often keep more.
41	Dividend consistency (3 years)	61% / 71% / 77%	Bullish	Payout ratios for FY24 / FY25 / FY26 — dividends were paid every year. Bullish paid every year · Neutral when irregular. Never tagged Bearish.
42	Share capital change (FY25→FY26)	+0.0%	Neutral	Paid-up equity capital changed +0.0% (₹55 cr → ₹55 cr). Essentially unchanged — no dilution. Bullish fell 1% or more (a buyback) · Caution when it rose 1% or more (new shares issued). Neutral when unchanged, or for a bonus/split.

G. Ownership

#	Point	Reading	Tag	Commentary
43	Promoter holding	51.00% (+0.00 pts YoY)	Neutral	Promoters owned 51.00% at Mar 2026 versus 51.00% a year earlier. Bearish fell more than 1 percentage point in a year · Neutral otherwise. Never tagged Bullish.
44	Foreign institutional holding	20.77% (+3.56 pts YoY)	Bullish	FIIs held 20.77% at Mar 2026, up from 17.21% a year before. Bullish up more than 1 percentage point · Bearish down more than 1 percentage point · Neutral within ±1 point.
45	Domestic institutional holding	19.43% (-3.41 pts YoY)	Bearish	Mutual funds, insurers and other DIIs held 19.43%, down from 22.84%. Bullish up more than 1 percentage point · Bearish down more than 1 percentage point · Neutral within ±1 point.
46	Number of shareholders	1.6 lakh (-0.3% YoY)	Neutral	The shareholder count moved from 1.6 lakh to 1.6 lakh in a year — a rough gauge of retail interest. How to read: Information only — a rough gauge of retail interest.
47	Promoter pledge	none reported	Neutral	Our source showed no pledged promoter shares. How to read: Information only. Any sizeable pledge is a risk to note.

H. Quality & summary

#	Point	Reading	Tag	Commentary
48	Financial health checklist (Piotroski-style, 8 tests)	6/8	Neutral	Passed: positive profit, positive operating cash flow, operating margin improved, ROA improved, asset turnover improved, no meaningful dilution (<3%). Failed: CFO > net profit, leverage fell. Bullish all tests passed, or all but one · Bearish half the tests or fewer passed · Neutral in between.
49	Automated screen flags	4 strength(s) · 1 weakness(es)	Neutral	Strengths: Company is almost debt free; Company has delivered good profit growth of 30.8% CAGR over last 5 years; Company has a good return on equity (ROE) track record: 3 Years ROE 28.8%; Company has been maintaining a healthy dividend payout of 70.0%. Weaknesses: Stock is trading at 15.8 times its book value. (Flags generated by the data source’s rule screen.) How to read: Information only.
50	Fundamental summary	19 bullish · 2 bearish · 28 neutral · 0 caution	Bullish	On the numbers published by 07 Jul 2026 the fundamental picture leaned positive. Valuation: P/E 64.0×, P/B 17.83×. This describes the data, not a recommendation. How to read the score: the strongest possible reading is 49 bullish · 0 bearish, and the weakest is 0 bullish · 49 bearish. Most companies land in between. The numbers are called positive when bullish tags beat bearish ones by 4 or more and are at least 1.5 times as many, negative the other way round, and mixed otherwise. Even a 49–0 score describes the past and is not a reason to buy, and a 0–49 score is not a reason to sell. Bullish bullish tags beat bearish ones by 4 or more and are at least 1.5× as many (“positive”) · Bearish the same the other way round (“negative”) · Neutral (“mixed”) otherwise. Strongest possible: 49 bullish · 0 bearish.

News in the three months before the snapshot

Company news from 07 Apr 2026 – 07 Jul 2026 that an investor could have known on the snapshot date.

07 May 2026 Cummins India among BSE Capital Goods constituents hitting all-time highs — Business Standard reported that the BSE Capital Goods index hit a new high on May 7, 2026, with Cummins India listed among constituents that touched their respective all-time highs that day. source
27 May 2026 Cummins India reports Q4 FY26 results; consolidated PAT up 22.7% YoY, final dividend of Rs 46 recommended — Consolidated Q4 FY26 revenue from operations was Rs 2,963.20 crore versus Rs 2,428.13 crore a year earlier, and PAT was Rs 649.46 crore versus Rs 529.50 crore. FY26 consolidated PAT was Rs 2,361.75 crore. The board recommended a final dividend of Rs 46 per share in addition to the Rs 20 interim dividend. source
27 May 2026 Cummins India issues AGM notice: AGM on August 6, 2026; record date July 17 for final dividend — The AGM notice dated May 27, 2026 states the AGM will be held on August 6, 2026 via video conferencing, with July 17, 2026 as the record date for the Rs 46 per share final dividend for FY 2025-26. source
01 Jun 2026 Data centre execution and exports revival seen as key factors for Cummins India — Business Standard noted data centres contributed about 35% of Q4 domestic powergen revenue, exports fell 6% YoY amid West Asia tensions, capacity utilisation is about 70%, and management expects moderate growth in FY27. source

What happened next (07 Jul 2026 → 08 Oct 2026)

Price went from ₹5,471.50 to ₹4,740.90 by 08 Oct 2026 (-13.4%) while the Nifty 50 moved -8.9% — underperforming by 4.5 points.
Highest ₹5,714.00 on 10 Jul 2026; lowest ₹4,720.00 on 08 Oct 2026.
S1 5,149.50: broken on a closing basis on 21 Aug 2026.
S2 4,563.50: held on a closing basis.
R1 5,740.00: not cleared on a closing basis.
R2 5,888.50: not cleared on a closing basis.
200-day SMA: price was above it at the snapshot and crossed below on 15 Sep 2026.
Apr–Jun 2026 results (reported 05 Aug 2026): revenue ₹3,426 crore (+17.9% YoY), net profit ₹609 crore (+0.8% YoY), operating margin 18% vs 21% a year earlier (Screener consolidated figures).

Later news

05 Aug 2026 Cummins India announces Q1 FY27 results; consolidated PAT Rs 609.30 crore — For the quarter ended June 30, 2026, consolidated total income was Rs 3,563.35 crore, up 17.2% YoY, and PAT was Rs 609.30 crore, up 0.9% YoY and down 6.2% QoQ. Domestic sales rose 22% YoY while exports were flat. source
05 Aug 2026 Cummins India Managing Director Shveta Arya resigns, effective August 31, 2026 — The board accepted the resignation of Managing Director Shveta Arya at its August 5, 2026 meeting, effective August 31, 2026; the company said it is evaluating candidates for a successor. source
06 Aug 2026 Cummins India shares slip after Q1 results — Business Standard reported the stock declined after Q1 FY27 results showing net sales of Rs 3,426.01 crore (up 17.9% YoY) and consolidated PAT of Rs 609.30 crore (up 0.9% YoY). source
09 Sep 2026 Cummins India to showcase integrated power solutions at bauma CONEXPO India 2026 — The company announced it would present power generation, distribution, energy storage and aftermarket solutions at bauma CONEXPO India 2026, held September 15-18 at India Expo Centre & Mart, Greater Noida. source
15 Sep 2026 Cummins India launches QSK60-powered G34 and G37 gensets — At bauma CONEXPO India 2026, Cummins India launched QSK60-powered G34 (2000 kVA prime) and G37 (2500 DCC) gensets aimed at applications such as data centres. source

Educational summary. On 07 Jul 2026 the technical picture leaned negative and the fundamental picture leaned positive. Over the next three months the stock moved -13.4% against -8.9% for the Nifty 50. Here the chart's message lined up with what followed. One case proves nothing on its own; the value is in seeing many cases over time. This page does not say whether to buy, sell or hold Cummins India today.

Method designed by Pawan Kumar Sharma, CPA · ACCA · CIA. Numbers are computed by our engine from the sources listed below.

Sources: daily prices — Yahoo Finance history pages; financials and shareholding — Screener.in (fetched 10 Oct 2026); index — Nifty 50 via Yahoo Finance; news — linked articles. Calculations by Manage Our Finance. Report a correction

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