BHEL vs Cummins India: share price, P/E, ROE and financials compared
Bharat Heavy Electricals
Cummins India
BHEL and Cummins India at a glance
BHEL and Cummins India are both listed in Capital Goods. BHEL is the larger by market cap, at ₹1.5L Cr against ₹1.1L Cr for Cummins India (1.3 times as large). On valuation, BHEL has the lower price-to-book (5.45× against 13.52×). On returns and margins, Cummins India has the higher ROCE (35.0% against 6.6%), the higher ROE (29.5% against 11.3%) and the higher operating margin (20.6% against 10.1%). Over three years, BHEL has faster 3-year profit growth (+35.9% against +24.3% a year), while Cummins India has faster 3-year sales growth (+16.1% against +13.5% a year). Cummins India carries less debt for its equity, with a debt-to-equity of 0.00× against 0.22×.
Key metrics, side by side
| Metric | BHELBHEL | Cummins IndiaCUMMINSIND |
|---|---|---|
| Price (₹) | 418.80 | 4,048.80 |
| Market cap (₹ Cr) | 1,45,829 | 1,12,233 |
| P/E | 50.6× | 49.8× |
| P/B | 5.45× (the lower figure, shaded) | 13.52× |
| Dividend yield, trailing | 0.33% | 1.63% (the higher figure, shaded) |
| ROE | 11.3% | 29.5% (the higher figure, shaded) |
| ROCE | 6.6% | 35.0% (the higher figure, shaded) |
| Operating margin (OPM) | 10.1% | 20.6% (the higher figure, shaded) |
| Net margin (NPM) | 7.6% | 18.7% (the higher figure, shaded) |
| Sales CAGR 3Y | +13.5% | +16.1% (the higher figure, shaded) |
| Profit CAGR 3Y | +35.9% (the higher figure, shaded) | +24.3% |
| Debt to equity | 0.22× | 0.00× (the lower figure, shaded) |
| Interest cover | 3.8× | 249.7× (the higher figure, shaded) |
| Net profit TTM (₹ Cr) | 2,879 | – |
| 1Y return | +56.4% (the higher figure, shaded) | −6.0% |
| Promoter holding | 58.17% | 51.00% |
BHEL vs Cummins India: common questions
Which is bigger, BHEL or Cummins India?
By market cap, BHEL is bigger at ₹1.5L Cr, against ₹1.1L Cr for Cummins India (prices as of 6 Nov 2026).
Which has a lower P/E ratio, BHEL or Cummins India?
BHEL trades at a P/E of 50.6× and Cummins India at 49.8×. The two are close. P/E is the share price divided by earnings per share; it varies a lot between industries and with growth, so it says little on its own.
Which has a higher ROE, BHEL or Cummins India?
BHEL reports a return on equity of 11.3% and Cummins India 29.5%. Cummins India has the higher ROE. ROE is net profit as a share of shareholders’ equity.
Which is growing faster, BHEL or Cummins India?
Over the last three years: Sales grew +13.5% a year at BHEL and +16.1% at Cummins India, so Cummins India grew sales faster; profit grew +35.9% a year at BHEL and +24.3% at Cummins India, so BHEL grew profit faster. Past growth doesn’t predict future growth.