Cummins India (KKC) delivered robust performance in Q1FY26 which surpassed our estimates. Revenue, EBITDA and Adjusted PAT for the quarter was higher by 26%, 32% and 28% YoY on consolidated basis. The key positive of the management commentary was demand continuing to remain strong and also being broad based across key growth verticals such as Quick Commerce, Government led infra, manufacturing and pharma. KKC also clocked in healthy gross margin of 37% for the quarter. This is a result of the management's assiduous efforts in reducing direct material costs, optimizing product mix and...