Cummins India (KKC) delivered performance in Q4FY26 which surpassed our expectations. Revenue, EBITDA and PAT grew by 22%, 22% and 23% respectively on YoY basis. Demand continues to be healthy emanating from verticals such as Quick Commerce, Manufacturing, Real Estate and Data Centres for the PowerGen segment. KKC also clocked in steady gross margin of ~36% for the quarter. Although domestic demand looks steady, the outlook on exports remains uncertain especially amid the geopolitical tensions in the Middle East. The management also mentioned that they expect moderate growth in FY27...