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Investing.com - Jefferies has upgraded Cummins India (KKC:IN) stock rating from Underperform to Buy while significantly raising its price target to INR5,120.00 from INR2,700.00.
The upgrade follows Cummins India’s September quarter results, which showed EBITDA exceeding Jefferies’ estimates by 16%. The company’s gross margins improved 91 basis points year-over-year to 35.5%, contrasting with Jefferies’ projection of a 163 basis points decline.
This performance marks a reversal from the June quarter, which had seen a 67 basis points year-over-year decline in gross margins to 35.9%. Jefferies noted that management’s confidence in price stabilization has improved, while data centre contribution is increasing.
The research firm highlighted a strong demand outlook coupled with continuous cost optimization efforts at Cummins India . Based on these factors, Jefferies has raised its FY28E EPS estimates by 9%.
The upgrade decision was supported by Cummins India’s projected FY25-28E earnings per share compound annual growth rate of 22% and return on equity exceeding 30%, according to Jefferies’ analysis.
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