Motilal Oswal Recommends 'BUY' on Cummins India; Sets Target at Rs 4950

• Cummins India (KKC) reported in-line performance in 3QFY26, with margins exceeding expectations.
• Strong demand momentum observed in power generation and distribution; some softness in industrial and export segments.
• Future growth drivers include sustained demand in power generation, strong data center market outlook, and CPCB 4+ products contributing to distribution revenue from July 2026.
• Company is optimistic about passing on raw material pressure to end markets due to strong demand.
• Motilal Oswal maintains a 'BUY' rating with an unchanged target price of INR 4,950 based on 42x March 2028E earnings.