We maintain BUY on CIL with a revised TP of Rs 1,068 (SOTP); upgrade P/E from 25x to 30x FY23E EPS (average 6.5yrs P/E post May-14, NDA Govt). We interacted with the management of Cummins India Ltd (CIL), and the key takeaways are highlighted as below. Over the past 12 months CIL has outperformed S&P;BSE Cap Goods Index by ~28% on the back of overall cyclical recovery and uptick in margins. Going ahead, we make a case of PE expansion, given (1) structural changes in emission norms, (2) strong budget roadmap for infrastructure creation aligning with CIL product portfolio, (3) ahead-of-peers leadership in clean energy solutions, (4) recovery in end exports markets and, lastly, (5) probable long-term case for CIL-CTIL merger.