Cummins India Ltd

Resignation of Senior Management Personnel

• Pankaj Kapoor resigns as Vice President - Distribution Business; cessation with effect from Sept 21, 2026.
• Resignation accepted; company evaluating replacement for the position.

Meeting Details

• Aug 24, 2026 — Group Equity Conference (Virtual/In-person) with multiple investors/analysts.
• Aug 27, 2026 — Visit at Pune Plant.

Participants

• Company management names not provided in filing.

Purpose

• Investor interaction; discussions based on publicly available information.

Meeting Details

• Aug 19, 2026; Group Equity Conference (In-person) with Motilal Oswal; time: unspecified.
• Sept 11, 2026; Group Equity Conference (In-person) with UBS Securities India; time: unspecified.
• Sept 15, 2026; Group Equity Conference (Virtual) with Morgan Stanley India; time: unspecified.

Participants

• Company management participants: not specified in filing.

Purpose

• Purpose: Group Equity Conference with investors to discuss publicly available information.

Financial Performance

• Q1 FY27 sales were INR 3,375 crores, up 18% YoY from INR 2,859 crores.
• Domestic sales were INR 2,854 crores, up 22% YoY; Exports were INR 521 crores, flat.
• PBT before exceptional items was INR 721 crores, down 0.7% YoY; QoQ down 12%.
• Sales rose 14% QoQ to INR 3,375 crores; domestic up 14%; exports up 16%.
• Inflation and commodity costs pressured margins; freight costs rising; price increases taken.

Segment Trends

• Power Gen domestic sales were INR 1,424 crores, up 35% YoY and 10% QoQ.
• Distribution sales were INR 886 crores, up 14% YoY and 16% QoQ.
• Industrial domestic sales were INR 458 crores, up 10% YoY and 20% QoQ.
• Data centers accounted for 40% of power-gen revenue in the quarter.

Costs and Margins

• Commodity costs rose; pig iron prices up about 14–20% YoY; steel/aluminum/copper also higher.
• Freight costs have been increasing; supply-chain issues persist.
• Price increases implemented; effectiveness depends on market response.
• Margins may not reach historic highs due to unprecedented commodity inflation.

Q&A Highlights

• Related-party export approvals for the UK subsidiary are for the current year only.
• Order books are typically built 2–3 months in advance, not early in the year.
• Europe and Asia Pacific drive export growth; West Asia weaker due to crisis.
• Royalty for services standardized to 4%; previously 1–8%.

Outlook and Leadership

• Inflationary pressures and supply-chain constraints are expected to persist; demand remains solid.
• Management plans to appoint a successor for the MD role.

AGM Details

• AGM held on 6 August 2026 at 11:30 IST via VC/OAVM.
• Record date for voting: 30 July 2026.

Key Resolutions

• Item 1: Standalone financials—99.9625% in favour, 0.0375% against.
• Item 2: Consolidated financials—99.7357% in favour, 0.2643% against.
• Item 3: Final dividend Rs 46 and interim Rs 20—approved.
• Item 4: Re-appoint Donald Jackson Gray; DIN 08261104—approved.
• Item 5: Re-appoint Statutory Auditors Price Waterhouse Co Chartered Accountants LLP; remuneration to be fixed by Board.
• Item 6: Ratify remuneration of Cost Auditor Joshi Apte and Associates for 2026-27.
• Item 7: Approve material related party transaction with Cummins Technologies India Private Limited.
• Item 8: Approve material related party transaction with Tata Cummins Private Limited.
• Item 9: Approve material related party transaction with Cummins Limited, UK.
• Item 10: Approve material related party transaction with Cummins Inc., USA.

Dividend

• Final dividend of Rs 46 per share; interim dividend of Rs 20 per share approved.

Director changes

• Director Donald Jackson Gray re-appointed; retires by rotation.

Auditors

• Re-appoint Statutory Auditors Price Waterhouse Co Chartered Accountants LLP; remuneration to be fixed by Board.
• Cost Auditor remuneration ratified for 2026-27: Joshi Apte and Associates.

Material related party transactions

• Cummins Technologies India Private Limited — RPT approved.
• Tata Cummins Private Limited — RPT approved.
• Cummins Limited, UK — RPT approved.
• Cummins Inc., USA — RPT approved.

AGM Details

• Held on 6 Aug 2026 at 11:30 AM IST via VC/OAVM; deemed venue: Registered Office.

Key Resolutions

• Adopt standalone financial statements for the year ended 31 March 2026.
• Adopt audited consolidated financial statements for the year ended 31 March 2026.
• Declare final dividend ₹46 per equity share and interim dividend ₹20 per share.
• Reappoint Donald Jackson Gray as director, retiring by rotation.
• Re-appoint PwC as statutory auditors; authorize Board to fix remuneration.
• Ratify remuneration payable to Cost Auditor Joshi Apte & Associates for FY2026-27.
• Approve material RPT with Cummins Technologies India Private Limited.
• Approve material RPT with Tata Cummins Private Limited.
• Approve material RPT with Cummins Limited, UK.
• Approve material RPT with Cummins Inc., USA.

Voting Results

• Results of e-voting to be declared by the scrutinizer and uploaded within statutory timeline.

Directors

• Donald Jackson Gray to be reappointed as director.
• Cornelius O'Sullivan unable to attend AGM.

Auditors

• Statutory auditors re-appointed; Board authorized to fix remuneration.
• Cost Auditor remuneration ratified for FY2026-27: Joshi Apte & Associates.

AGM disclosures

• Presentation at 65th AGM held August 6, 2026 by MD Shveta Arya.
• FY2025-26 highlights: revenue crossed ₹11,000 crore with strong margins.
• Launched power solutions: BESS, CPCB IV+ compliant genset, and DATUM S.
• Delivered 26,000+ gensets; traction in data-center and CAQM-compliant offerings.
• Key growth end-markets: datacenters, railways, marine, defence and mining.
• Sustainability: 100% waste recycling target with no landfill waste; ZLD via reuse.
• Water conserved: 1,440 million gallons; 20K+ trees planted; 205 MT plastic recycled.
• Governance: 100% women representation in Key Managerial Personnel; 50% women on Board.
• Revenue ₹11,950 Cr; Profit before interest and tax ₹3,117 Cr; Cash from operations ₹1,734 Cr.