Operating performance disappointing: Cummins India's (KKC) 1QFY17 revenue declined 4% YoY to INR12.6b (below our estimate of INR13.6b). EBITDA declined 7% YoY to INR2.1b (lower than our estimate of INR2.2b). EBITDA margin shrank 50bp YoY to 16.4% (in line with our estimate of 16.5%). PAT declined 14% YoY to INR1.8b (below our estimate of INR2.2b). Net profit miss was also on account of lower dividend income from its JV, Valvoline Cummins (INR140m v/s INR190m in 1QFY16). Revenue de-growth led by sharp decline in export revenue: KKC's revenue...