Jefferies reviews Cummins India’s first-quarter performance and lowers its target price, citing margin pressure linked to commodity costs. The brokerage also cuts its earnings estimates, saying the higher input costs weigh on profitability in the near term. Despite the changes, Jefferies keeps a Buy rating on the stock. In its outlook, the firm expects profitability to be supported by pricing actions and demand from data centres. It also points to benefits from Cummins India’s distribution strengths and ongoing indigenisation efforts, which it expects to help offset cost pressures. The NDTV coverage characterizes the move as an adjustment to reflect weaker margin dynamics rather than a change in investment stance. Overall, the update centers on Q1 margin stress driven by commodities, along with expectations that operational measures and end-market demand can improve the company’s financial trajectory.