With the recent decline in the stock price, we maintain a BUY with a TP of Rs 1,004/sh (31x Dec-19 EPS). Cummins Indias (KKCs) 3QFY18 revenue were flat YoY/grew 17% QoQ to Rs 13.5bn owing to a 3% YoY rise/7% fall in domestic/ export revenues to Rs 9bn/Rs 4.2bn. Higher other expenses (up 17% YoY owing to payment for services from the parent and higher R&D; spend) and negative oplev led to EBITDAM fall of 220bps YoY to 14.5% (vs our estimate of 15%). EBITDA was down 13% YoY to Rs 1.96bn. Net profit fell 13% YoY to Rs 1.72bn vs our estimate of Rs 1.86bn. KKC lowered FY18 domestic revenue growth guidance to 0 to 5% (vs earlier 5 to 10%), while maintaining the exports guidance to -10% to -5%.