Cummins India Keeps Debt Low Despite Expansion Plans
Cummins India is growing fast. We see new factories being built, emission rules tightening, and demand rising from data centers, infrastructure, and industry. Yet, even with all these expansion plans, Cummins India carries almost no long-term debt. Their debt-to-equity ratio fell from about 11.6 % in FY2020 to just 1.9 % in FY2024. We find…