Motilal Oswal reiterated a Buy rating on Cummins India Limited with a revised target price of Rs 6400, down from Rs 6500, based on an average of 45x P/E and DCF on two-year forward estimates. Motilal Oswal trimmed its earnings estimates for Cummins India by 4.7% for FY27, 2.5% for FY28 and 2.2% for FY29 to factor near-term pressure on margins, while citing strong data center-led demand for HHP gensets and growth drivers in railways, mining, defense, marine, distribution and exports to Europe and Asia Pacific.