Strong demand from hyperscalers and colocation operators is driving growth in Cummins India’s power-generation business, though a rich valuation and export headwinds could cap further upside.
Growth was also supported by demand from pharmaceutical facilities, luxury housing projects, railways and mining, as well as booming themes such as solar-cells and quick-commerce warehouses. The distribution business continued to perform strongly, with revenue rising 21% year-on-year in the quarter, aided by predictive maintenance contracts, retrofits and extended-warranty programmes.
