Capital Intensity
Score how much of a company is physical plant, inventory, and equipment, whether that base is being maintained, and whether the shares have tangible backing.
Cummins India Limited
Physical assets are 23.1% of total assets, a light footprint. Capex is 1.27x depreciation and free cash flow yield is still positive, which fits a physical base that is being replaced or expanded without consuming all of its cash. ROIC is 40.0%, above an 8% cost-of-capital hurdle.
Energy, materials, and industrial names often turn net PP&E at about 1x to 3x. This name is at 8.40x.
Physical asset ratio
23.1%Physical asset ratio · 2026-03-31(Net PP&E + inventory) / total assetsNet PP&EINR 14.45BpropertyPlantAndEquipmentNetInventoryINR 11.68BinventoryTotal assetsINR 113.04BtotalAssetsResult 23.1%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
8.40xFixed asset turnover · 2026-03-31Revenue / net PP&ERevenueINR 121.43BtotalRevenueNet PP&EINR 14.45BpropertyPlantAndEquipmentNetResult 8.40x
Revenue per dollar of the physical asset base.
Capex / D&A
1.27xCapex / D&A · 2026-03-31Capital expenditures / depreciation and amortizationCapexINR 2.52BcapitalExpendituresD&AINR 1.99BdepreciationAndAmortizationResult 1.27x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
INR 301.08Tangible book / share · 2026-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsINR 113.04BtotalAssetsGoodwillINR 0.00Not reported, treated as 0IntangiblesINR 1.29BintangibleAssetsLiabilitiesINR 28.29BtotalLiabTangible bookINR 83.46BShares277,201,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result INR 301.08
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
14.79xPrice / tangible bookPrice / tangible book per sharePriceINR 4.45KLatest quoteTangible book / shareINR 301.082026-03-31Result 14.79x
Price INR 4.45K.
Fixed-charge coverage
105.41xFixed-charge coverage · 2026-03-31(EBITDA − capex) / (interest + short-term debt)EBITDAINR 32.97BebitdaCapexINR 2.52BcapitalExpendituresInterestINR 124.10MinterestExpenseShort-term debtINR 164.80MshortTermDebtEBITDA − capexINR 30.45BPrincipal due is short-term debt.Result 105.41x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
1.5%Free cash flow yield · 2026-03-31Latest free cash flow / current market capFree cash flowINR 18.85BfreeCashFlowMarket capINR 1,251.61BMarketCapitalizationResult 1.5%
Latest free cash flow divided by current market cap (INR 1,251.61B).
ROIC
40.0%ROIC · 2026-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeINR 23.96BoperatingIncomeTax expenseINR 7.24BincomeTaxExpensePretax incomeINR 30.86BincomeBeforeTaxTax rate23.5%EquityINR 84.75BtotalStockholderEquityDebtINR 365.10MshortLongTermDebtTotalCashINR 39.23BcashAndShortTermInvestmentsInvested capitalINR 45.89BResult 40.0%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 1.66x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2019 | 34.2%Physical asset ratio · 2019-03-31(Net PP&E + inventory) / total assetsNet PP&EINR 14.42BpropertyPlantEquipmentInventoryINR 6.33BinventoryTotal assetsINR 60.60BtotalAssetsResult 34.2% | 3.95xFixed asset turnover · 2019-03-31Revenue / net PP&ERevenueINR 56.97BtotalRevenueNet PP&EINR 14.42BpropertyPlantEquipmentResult 3.95x | 2.55xCapex / D&A · 2019-03-31Capital expenditures / depreciation and amortizationCapexINR 2.83BcapitalExpendituresD&AINR 1.11BdepreciationAndAmortizationResult 2.55x | INR 154.40Tangible book / share · 2019-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsINR 60.60BtotalAssetsGoodwillINR 0.00Not reported, treated as 0IntangiblesINR 31.40MintangibleAssetsLiabilitiesINR 17.77BtotalLiabTangible bookINR 42.80BShares277,200,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result INR 154.40 | 2.20xFixed-charge coverage · 2019-03-31(EBITDA − capex) / (interest + short-term debt)EBITDAINR 10.08BebitdaCapexINR 2.83BcapitalExpendituresInterestINR 167.70MinterestExpenseShort-term debtINR 3.13BshortTermDebtEBITDA − capexINR 7.25BPrincipal due is short-term debt.Result 2.20x | INR 2.66BFree cash flow · 2019-03-31Reported free cash flowOperating cash flowINR 5.49BtotalCashFromOperatingActivitiesCapexINR 2.83BcapitalExpendituresFree cash flowINR 2.66BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result INR 2.66B | 27.5%ROIC · 2019-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeINR 14.31BoperatingIncomeTax expenseINR 3.26BincomeTaxExpensePretax incomeINR 10.69BincomeBeforeTaxTax rate30.5%EquityINR 42.83BtotalStockholderEquityDebtINR 3.13BshortLongTermDebtTotalCashINR 9.75BcashAndShortTermInvestmentsInvested capitalINR 36.20BResult 27.5% | 0.99xEBIT / PP&E · 2019-03-31Operating income / net PP&EOperating incomeINR 14.31BoperatingIncomeNet PP&EINR 14.42BpropertyPlantEquipmentResult 0.99x |
| 2020 | 30.5%Physical asset ratio · 2020-03-31(Net PP&E + inventory) / total assetsNet PP&EINR 13.11BpropertyPlantEquipmentInventoryINR 5.77BinventoryTotal assetsINR 61.96BtotalAssetsResult 30.5% | 3.96xFixed asset turnover · 2020-03-31Revenue / net PP&ERevenueINR 51.91BtotalRevenueNet PP&EINR 13.11BpropertyPlantEquipmentResult 3.96x | 2.14xCapex / D&A · 2020-03-31Capital expenditures / depreciation and amortizationCapexINR 2.58BcapitalExpendituresD&AINR 1.21BdepreciationAndAmortizationResult 2.14x | INR 158.72Tangible book / share · 2020-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsINR 61.96BtotalAssetsGoodwillINR 0.00Not reported, treated as 0IntangiblesINR 24.00MintangibleAssetsLiabilitiesINR 17.94BtotalLiabTangible bookINR 44.00BShares277,200,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result INR 158.72 | 0.98xFixed-charge coverage · 2020-03-31(EBITDA − capex) / (interest + short-term debt)EBITDAINR 7.60BebitdaCapexINR 2.58BcapitalExpendituresInterestINR 210.20MinterestExpenseShort-term debtINR 4.89BshortLongTermDebtEBITDA − capexINR 5.02BPrincipal due is the current portion of debt.Result 0.98x | INR 3.43BFree cash flow · 2020-03-31Reported free cash flowOperating cash flowINR 6.01BtotalCashFromOperatingActivitiesCapexINR 2.58BcapitalExpendituresFree cash flowINR 3.43BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result INR 3.43B | 27.4%ROIC · 2020-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeINR 11.54BoperatingIncomeTax expenseINR 1.02BincomeTaxExpensePretax incomeINR 8.07BincomeBeforeTaxTax rate12.6%EquityINR 44.02BtotalStockholderEquityDebtINR 5.12BshortLongTermDebtTotalCashINR 12.41BcashAndShortTermInvestmentsInvested capitalINR 36.73BResult 27.4% | 0.88xEBIT / PP&E · 2020-03-31Operating income / net PP&EOperating incomeINR 11.54BoperatingIncomeNet PP&EINR 13.11BpropertyPlantEquipmentResult 0.88x |
| 2021 | 30.4%Physical asset ratio · 2021-03-31(Net PP&E + inventory) / total assetsNet PP&EINR 12.47BpropertyPlantEquipmentInventoryINR 5.64BinventoryTotal assetsINR 59.56BtotalAssetsResult 30.4% | 3.50xFixed asset turnover · 2021-03-31Revenue / net PP&ERevenueINR 43.60BtotalRevenueNet PP&EINR 12.47BpropertyPlantEquipmentResult 3.50x | 0.91xCapex / D&A · 2021-03-31Capital expenditures / depreciation and amortizationCapexINR 1.16BcapitalExpendituresD&AINR 1.27BdepreciationAndAmortizationResult 0.91x | INR 166.03Tangible book / share · 2021-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsINR 59.56BtotalAssetsGoodwillINR 0.00Not reported, treated as 0IntangiblesINR 491.50MintangibleAssetsLiabilitiesINR 13.05BtotalLiabTangible bookINR 46.02BShares277,200,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result INR 166.03 | 17.76xFixed-charge coverage · 2021-03-31(EBITDA − capex) / (interest + short-term debt)EBITDAINR 7.73BebitdaCapexINR 1.16BcapitalExpendituresInterestINR 167.60MinterestExpenseShort-term debtINR 202.20MshortLongTermDebtEBITDA − capexINR 6.57BPrincipal due is the current portion of debt.Result 17.76x | INR 6.72BFree cash flow · 2021-03-31Reported free cash flowOperating cash flowINR 7.89BtotalCashFromOperatingActivitiesCapexINR 1.16BcapitalExpendituresFree cash flowINR 6.72BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result INR 6.72B | 23.2%ROIC · 2021-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeINR 9.96BoperatingIncomeTax expenseINR 1.90BincomeTaxExpensePretax incomeINR 8.25BincomeBeforeTaxTax rate23.0%EquityINR 46.51BtotalStockholderEquityDebtINR 202.20MlongTermDebt + shortLongTermDebtCashINR 13.66BcashAndShortTermInvestmentsInvested capitalINR 33.06BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 23.2% | 0.80xEBIT / PP&E · 2021-03-31Operating income / net PP&EOperating incomeINR 9.96BoperatingIncomeNet PP&EINR 12.47BpropertyPlantEquipmentResult 0.80x |
| 2022 | 27.9%Physical asset ratio · 2022-03-31(Net PP&E + inventory) / total assetsNet PP&EINR 12.48BpropertyPlantEquipmentInventoryINR 7.38BinventoryTotal assetsINR 71.12BtotalAssetsResult 27.9% | 4.94xFixed asset turnover · 2022-03-31Revenue / net PP&ERevenueINR 61.71BtotalRevenueNet PP&EINR 12.48BpropertyPlantEquipmentResult 4.94x | 1.12xCapex / D&A · 2022-03-31Capital expenditures / depreciation and amortizationCapexINR 1.52BcapitalExpendituresD&AINR 1.36BdepreciationAndAmortizationResult 1.12x | INR 184.08Tangible book / share · 2022-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsINR 71.12BtotalAssetsGoodwillINR 0.00Not reported, treated as 0IntangiblesINR 423.90MintangibleAssetsLiabilitiesINR 19.67BtotalLiabTangible bookINR 51.03BShares277,200,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result INR 184.08 | 2.19xFixed-charge coverage · 2022-03-31(EBITDA − capex) / (interest + short-term debt)EBITDAINR 10.42BebitdaCapexINR 1.52BcapitalExpendituresInterestINR 121.60MinterestExpenseShort-term debtINR 3.95BshortLongTermDebtEBITDA − capexINR 8.90BPrincipal due is the current portion of debt.Result 2.19x | INR 5.60BFree cash flow · 2022-03-31Reported free cash flowOperating cash flowINR 7.12BtotalCashFromOperatingActivitiesCapexINR 1.52BcapitalExpendituresFree cash flowINR 5.60BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result INR 5.60B | 31.4%ROIC · 2022-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeINR 13.64BoperatingIncomeTax expenseINR 2.73BincomeTaxExpensePretax incomeINR 12.07BincomeBeforeTaxTax rate22.6%EquityINR 51.45BtotalStockholderEquityDebtINR 4.18BshortLongTermDebtTotalCashINR 22.06BcashAndShortTermInvestmentsInvested capitalINR 33.57BResult 31.4% | 1.09xEBIT / PP&E · 2022-03-31Operating income / net PP&EOperating incomeINR 13.64BoperatingIncomeNet PP&EINR 12.48BpropertyPlantEquipmentResult 1.09x |
| 2023 | 26.7%Physical asset ratio · 2023-03-31(Net PP&E + inventory) / total assetsNet PP&EINR 12.10BpropertyPlantEquipmentInventoryINR 9.04BinventoryTotal assetsINR 79.19BtotalAssetsResult 26.7% | 6.42xFixed asset turnover · 2023-03-31Revenue / net PP&ERevenueINR 77.72BtotalRevenueNet PP&EINR 12.10BpropertyPlantEquipmentResult 6.42x | 1.14xCapex / D&A · 2023-03-31Capital expenditures / depreciation and amortizationCapexINR 1.62BcapitalExpendituresD&AINR 1.42BdepreciationAndAmortizationResult 1.14x | INR 206.37Tangible book / share · 2023-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsINR 79.19BtotalAssetsGoodwillINR 0.00Not reported, treated as 0IntangiblesINR 378.00MintangibleAssetsLiabilitiesINR 21.60BtotalLiabTangible bookINR 57.20BShares277,200,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result INR 206.37 | 3.46xFixed-charge coverage · 2023-03-31(EBITDA − capex) / (interest + short-term debt)EBITDAINR 14.28BebitdaCapexINR 1.62BcapitalExpendituresInterestINR 162.40MinterestExpenseShort-term debtINR 3.50BshortLongTermDebtEBITDA − capexINR 12.66BPrincipal due is the current portion of debt.Result 3.46x | INR 6.58BFree cash flow · 2023-03-31Reported free cash flowOperating cash flowINR 8.20BtotalCashFromOperatingActivitiesCapexINR 1.62BcapitalExpendituresFree cash flowINR 6.58BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result INR 6.58B | 38.4%ROIC · 2023-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeINR 18.36BoperatingIncomeTax expenseINR 3.63BincomeTaxExpensePretax incomeINR 15.91BincomeBeforeTaxTax rate22.8%EquityINR 57.58BtotalStockholderEquityDebtINR 3.76BshortLongTermDebtTotalCashINR 24.40BcashAndShortTermInvestmentsInvested capitalINR 36.94BResult 38.4% | 1.52xEBIT / PP&E · 2023-03-31Operating income / net PP&EOperating incomeINR 18.36BoperatingIncomeNet PP&EINR 12.10BpropertyPlantEquipmentResult 1.52x |
| 2024 | 25.0%Physical asset ratio · 2024-03-31(Net PP&E + inventory) / total assetsNet PP&EINR 12.90BpropertyPlantEquipmentInventoryINR 9.50BinventoryTotal assetsINR 89.71BtotalAssetsResult 25.0% | 6.98xFixed asset turnover · 2024-03-31Revenue / net PP&ERevenueINR 90.00BtotalRevenueNet PP&EINR 12.90BpropertyPlantEquipmentResult 6.98x | 1.80xCapex / D&A · 2024-03-31Capital expenditures / depreciation and amortizationCapexINR 2.86BcapitalExpendituresD&AINR 1.59BdepreciationAndAmortizationResult 1.80x | INR 233.78Tangible book / share · 2024-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsINR 89.71BtotalAssetsGoodwillINR 0.00Not reported, treated as 0IntangiblesINR 1.32BintangibleAssetsLiabilitiesINR 23.58BtotalLiabTangible bookINR 64.80BShares277,200,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result INR 233.78 | 13.24xFixed-charge coverage · 2024-03-31(EBITDA − capex) / (interest + short-term debt)EBITDAINR 19.72BebitdaCapexINR 2.86BcapitalExpendituresInterestINR 274.00MinterestExpenseShort-term debtINR 1.00BshortLongTermDebtEBITDA − capexINR 16.86BPrincipal due is the current portion of debt.Result 13.24x | INR 9.97BFree cash flow · 2024-03-31Reported free cash flowOperating cash flowINR 12.85BtotalCashFromOperatingActivitiesCapexINR 2.86BcapitalExpendituresFree cash flowINR 9.97BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result INR 9.97B | 45.8%ROIC · 2024-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeINR 23.74BoperatingIncomeTax expenseINR 4.84BincomeTaxExpensePretax incomeINR 22.05BincomeBeforeTaxTax rate22.0%EquityINR 66.12BtotalStockholderEquityDebtINR 1.27BshortLongTermDebtTotalCashINR 26.91BcashAndShortTermInvestmentsInvested capitalINR 40.49BResult 45.8% | 1.84xEBIT / PP&E · 2024-03-31Operating income / net PP&EOperating incomeINR 23.74BoperatingIncomeNet PP&EINR 12.90BpropertyPlantEquipmentResult 1.84x |
| 2025 | 23.4%Physical asset ratio · 2025-03-31(Net PP&E + inventory) / total assetsNet PP&EINR 13.70BpropertyPlantEquipmentInventoryINR 10.04BinventoryTotal assetsINR 101.68BtotalAssetsResult 23.4% | 7.58xFixed asset turnover · 2025-03-31Revenue / net PP&ERevenueINR 103.91BtotalRevenueNet PP&EINR 13.70BpropertyPlantEquipmentResult 7.58x | 1.29xCapex / D&A · 2025-03-31Capital expenditures / depreciation and amortizationCapexINR 2.38BcapitalExpendituresD&AINR 1.85BdepreciationAndAmortizationResult 1.29x | INR 267.67Tangible book / share · 2025-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsINR 101.68BtotalAssetsGoodwillINR 0.00Not reported, treated as 0IntangiblesINR 1.43BintangibleAssetsLiabilitiesINR 26.07BtotalLiabTangible bookINR 74.18BShares277,151,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result INR 267.67 | 136.78xFixed-charge coverage · 2025-03-31(EBITDA − capex) / (interest + short-term debt)EBITDAINR 23.03BebitdaCapexINR 2.38BcapitalExpendituresInterestINR 58.60MinterestExpenseShort-term debtINR 92.40MshortTermDebtEBITDA − capexINR 20.65BPrincipal due is short-term debt.Result 136.78x | INR 17.90BFree cash flow · 2025-03-31Reported free cash flowOperating cash flowINR 20.28BtotalCashFromOperatingActivitiesCapexINR 2.38BcapitalExpendituresFree cash flowINR 17.90BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result INR 17.90B | 54.7%ROIC · 2025-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeINR 29.44BoperatingIncomeTax expenseINR 5.93BincomeTaxExpensePretax incomeINR 25.93BincomeBeforeTaxTax rate22.9%EquityINR 75.61BtotalStockholderEquityDebtINR 296.60MshortLongTermDebtTotalCashINR 34.42BcashAndShortTermInvestmentsInvested capitalINR 41.49BResult 54.7% | 2.15xEBIT / PP&E · 2025-03-31Operating income / net PP&EOperating incomeINR 29.44BoperatingIncomeNet PP&EINR 13.70BpropertyPlantEquipmentResult 2.15x |
| 2026 | 23.1%Physical asset ratio · 2026-03-31(Net PP&E + inventory) / total assetsNet PP&EINR 14.45BpropertyPlantAndEquipmentNetInventoryINR 11.68BinventoryTotal assetsINR 113.04BtotalAssetsResult 23.1% | 8.40xFixed asset turnover · 2026-03-31Revenue / net PP&ERevenueINR 121.43BtotalRevenueNet PP&EINR 14.45BpropertyPlantAndEquipmentNetResult 8.40x | 1.27xCapex / D&A · 2026-03-31Capital expenditures / depreciation and amortizationCapexINR 2.52BcapitalExpendituresD&AINR 1.99BdepreciationAndAmortizationResult 1.27x | INR 301.08Tangible book / share · 2026-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsINR 113.04BtotalAssetsGoodwillINR 0.00Not reported, treated as 0IntangiblesINR 1.29BintangibleAssetsLiabilitiesINR 28.29BtotalLiabTangible bookINR 83.46BShares277,201,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result INR 301.08 | 105.41xFixed-charge coverage · 2026-03-31(EBITDA − capex) / (interest + short-term debt)EBITDAINR 32.97BebitdaCapexINR 2.52BcapitalExpendituresInterestINR 124.10MinterestExpenseShort-term debtINR 164.80MshortTermDebtEBITDA − capexINR 30.45BPrincipal due is short-term debt.Result 105.41x | INR 18.85BFree cash flow · 2026-03-31Reported free cash flowOperating cash flowINR 21.37BtotalCashFromOperatingActivitiesCapexINR 2.52BcapitalExpendituresFree cash flowINR 18.85BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result INR 18.85B | 40.0%ROIC · 2026-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeINR 23.96BoperatingIncomeTax expenseINR 7.24BincomeTaxExpensePretax incomeINR 30.86BincomeBeforeTaxTax rate23.5%EquityINR 84.75BtotalStockholderEquityDebtINR 365.10MshortLongTermDebtTotalCashINR 39.23BcashAndShortTermInvestmentsInvested capitalINR 45.89BResult 40.0% | 1.66xEBIT / PP&E · 2026-03-31Operating income / net PP&EOperating incomeINR 23.96BoperatingIncomeNet PP&EINR 14.45BpropertyPlantAndEquipmentNetResult 1.66x |
- Receivables are larger than the physical asset base, so a finance or credit book may sit outside the physical ratio and inside the debt used for coverage.
- Principal due is short-term debt, the amount reported as due within a year.
Latest year inputs (2026)
Net PP&E: INR 14.45B
Inventory: INR 11.68B
Total assets: INR 113.04B
Goodwill: INR 0.00
Intangibles: INR 1.29B
Liabilities: INR 28.29B
Tangible book: INR 83.46B
Shares: 277,201,000
Revenue: INR 121.43B
Capex: INR 2.52B
D&A: INR 1.99B
EBITDA: INR 32.97B
Interest: INR 124.10M
Short-term debt: INR 164.80M
Free cash flow: INR 18.85B
Operating income: INR 23.96B
Invested capital: INR 45.89B
Tax rate: 23.5%