Cummins Indias (KKC) 4QFY17 revenue/APAT came in below our estimates by 10.4/12.9% resp. The confluence of 20.4% growth in the domestic business and 7.0% decline in exports led to revenue growth of a mere 11.1% YoY. An unfavourable product mix resulted in EBITDA margins declining ~240bps YoY to 14.4%.