Buy cummins India Ltd for the Target Rs. 4,500 by Motilal Oswal Financial Services Ltd

* We expect revenue to grow 16% YoY, driven by a broadbased improvement across all segments.
* We expect EBITDA margin to expand ~70bp YoY, broadly in line with overall management commentary on margins.
* We expect the powergen segment to benefit from volume recovery and prices to remain stable. We also expect exports to grow 10% YoY.
* Key monitorables include demand outlook across segments, the pricing environment in Powergen, and the export trajectory.
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