Maintain NEUTRAL with a TP of Rs 1008/sh (32x Sept-19 EPS). Cummins Indias (KKC) 2QFY18 revenue fell 10/14% YoY/QoQ to Rs 11.5bn owing to a 7/17% YoY fall in domestic/ export revenues to Rs 7.5bn/Rs 3.7bn. EBITDAM fell 105bps YoY to 14.5%, the result of a rise in staff costs and other expenses. EBITDA declined 15.8% YoY to Rs 1.7bn. Lower other income (Rs 536mn, down 22.5% YoY), coupled with higher tax incidence (21.7% vs 19% YoY owing to lower contribution of Phaltan SEZ exports) resulted in a 22% YoY decline in APAT at Rs 1.5bn. KKC maintained FY18 domestic revenue growth guidance of 5 to 10%, while revising the exports guidance downward from (-5% to 0%) to (-10% to -5%).