Cummins India Ltd., founded in 1919 and headquartered in Columbus, Indiana, is a global power solutions leader that employs approximately 70,000 people worldwide. The company serves customers online, through a network of company-owned and independent distributor locations, and through thousands of dealer locations worldwide with sales of $34.1 billion in 2024. As of July 2025, Cummins has a market capitalization of $44.87 billion, making it one of the largest power solutions companies globally.
Cummins is comprised of five business segments – Components, Engine, Distribution, Power Systems and Accelera by Cummins – supported by a global manufacturing and extensive service and support network, skilled workforce and vast technological expertise. The company's comprehensive portfolio spans traditional diesel and natural gas engines to cutting-edge electrified power systems and hydrogen production technologies, positioning it strategically for the evolving energy landscape.
The Engine segment manufactures and markets diesel and natural gas-powered engines under the Cummins brand name, for the heavy- and medium-duty truck, bus, recreational vehicle, light-duty automotive, construction, mining, marine, rail, oil and gas, defense, and agricultural markets. The segment has been strengthened by recent innovations including the HELM platforms that provide customers with the option to choose the fuel type – either advanced diesel or alternate fuels like natural gas and hydrogen.
The Distribution segment consists of parts, engines, power generation, and service which service and distribute its products and services. This segment plays a crucial role in maintaining customer relationships and ensuring aftermarket support across Cummins' global network.
The Components segment supplies products such as aftertreatment systems, turbochargers, transmissions, filtration products, electronics and fuel systems for commercial diesel, and natural gas applications. This segment has been enhanced through strategic acquisitions, including the company's nearly $4 billion acquisition of Meritor in 2022, which expanded capabilities in drivetrains and brakes.
The Power Systems segment engages in power generation, industrial, and generator technologies. Cummins also sells generators and engines to a host of diversified industrial applications, with recent tailwinds found in the fast-growing data center vertical.
The New Power segment designs, manufactures, sells, and supports hydrogen production solutions, as well as electrified power systems ranging from fully electric to hybrid along with components and subsystems, including battery and fuel cell technologies. This segment represents Cummins' strategic focus on zero-emission technologies and future mobility solutions.
**Full Year 2024 Performance:**
- Record full year revenues, net income, EBITDA and EPS despite a decline in heavy duty truck demand in North America
- EBITDA for full year 2024 was 18.6% of sales with diluted EPS of $28.37
- Cummins India Ltdreased its common stock cash dividend for the 15th straight year and returned a total of $969 million to shareholders through dividends
**Q1 2025 Performance:**
- First quarter revenues of $8.2 billion decreased 3% from the same quarter in 2024
- Net income attributable to Cummins in the first quarter was $824 million, or $5.96 per diluted share
- EBITDA in the first quarter were $1.5 billion, or 17.9% of sales
**Dividend Policy:**
- Quarterly common stock cash dividend of $1.82 per share
- The company has increased the quarterly dividend to shareholders for 15 consecutive years
Cummins is committed to its Destination Zero strategy, which is grounded in the company's commitment to sustainability and helping its customers successfully navigate the energy transition with its broad portfolio of products. 2024 marked a transformative year for Cummins as the company made significant progress in advancing its Destination Zero strategy and delivered record results.
The company has made significant investments in next-generation technologies. Cummins introduced the much-anticipated X10 as part of the Cummins HELM platforms, which replaces both the L9 and X12 engine platforms to deliver a new level of performance, durability and efficiency for heavy and medium-duty customers. Additionally, in September, Cummins began full production of the X15N™ natural gas engine at the Jamestown Engine Plant in New York.
Accelera™ by Cummins, Daimler Trucks & Buses and PACCAR completed the formation of their joint venture, now known as Amplify Cell Technologies, to localize battery cell production and the battery supply chain in the United States. Furthermore, Accelera by Cummins announced the supply of a 100-megawatt proton exchange membrane (PEM) electrolyzer system for bp's Lingen green hydrogen project in Germany, with the hydrogen-generation system being the largest electrolyzer system assembled by Accelera to date and will produce up to 11,000 tons of green hydrogen per year once fully commissioned in 2027.
Cummins has decades of experience and market leadership providing diesel engines, specifically to the medium- and heavy-duty truck markets. The company's competitive advantages stem from superior products and engineering advantages, enhancing returns.
Based on its current forecast, Cummins projects full year 2025 revenue to be in the range of down 2% to up 3%, and EBITDA to be in the range of 16.2% and 17.2% of sales. However, due to growing economic uncertainty, the company is not providing an outlook for revenue or profitability for the remainder of 2025.
Cummins plans to continue generating strong operating cash flow and returns for shareholders and is committed to our long-term strategic goal of returning 50% of operating cash flow back to shareholders. The company maintains a disciplined approach to capital allocation, balancing growth investments with consistent returns to shareholders.
Cummins India Ltd. stands as a diversified power solutions leader with a strong foundation in traditional engines and a forward-looking approach to electrification and alternative fuel technologies. The company's comprehensive portfolio, global presence, and commitment to innovation position it well to navigate the evolving energy landscape while delivering consistent value to shareholders.
