Goldman Sachs has downgraded Cummins to sell for Target Price of ₹2900

Goldman Sachs has flagged 3 concerns

1) CPCB-IV transition has made diesel gensets 15-25% more expensive &with competitors introducing more SKUs in high KVA gensets, expect incremental mkt share gains to be at expense of profitability

2) Expect BESS & other alternatives to reduce overall demand of diesel gensets in medium-to-long term

3) Weak macro environment & stringent emission norms should keep exports growth rates lower