New Delhi, June 3 -- Cummins India Ltd's standalone Ebitda of Rs.520 crore for the March quarter (Q4FY25) represents a 7% year-on-year rise, excluding a one-off cost-saving of Rs.60 crore. This growth is subdued when compared with the 27% increase in Ebitda for the nine months ended December (9MFY25).

In fact, Cummins's reported Q4FY25 Ebitda is down 4.5% without adjusting for the one-off savings. Yet, the shares are up about 13% since the results were announced last week. Investors seem upbeat about the company's recovery in exports and robust growth outlook across key segments, further aided by cost efficiency.

However, competition can dent a part of the margins for Cummins, a manufacturer of diesel and natural gas engines for the pow...