Cummins India Stock Analysis: Finology DeepScan

Hello,

In this 10th edition of our DeepScan series, we’re (finally) pivoting our focus to a business from an entirely different space: diesel engines.

The business itself, Cummins India Ltd., is known for powering India’s data centre boom. But before we deep-scan it, I wanted to briefly talk about the stock we’re adding to Finology 30 next month.

They’re all businesses we believe can ride some powerful structural changes in India. Think greater formalisation, a growing middle class and rising financial awareness and penetration.

And, of course, we believe each of them makes a strong long-term case for principle-first investors like you.

Explore Finology 30

Now, onward and forward to our DeepScan!

India is producing and consuming more data than ever before.

Every digital payment, online transaction, cloud-based application, video stream or AI model needs computing power somewhere in the background. That computing power sits inside a data centre.

As for the data centre, it is a large facility full of servers that store data and process information. But putting thousands of servers inside a building is only one part of the job. Those servers need a continuous supply of electricity, cooling to remove the heat they generate, fast connectivity and backup systems that can keep everything running if the grid goes down.

So a data centre is not really just an IT building, but rather a major power and cooling infrastructure project.

And India is building a lot more of them.

Installed data-centre capacity in the country has gone from around 375 MW in 2020 to about 1,575 MW in 2026, which is more than 4x growth in six years!

Even after that, India remains relatively underpenetrated, with only around 1.2 MW of data-centre capacity for every million internet users, compared with a global average of around 5 MW.

There are a few reasons why this gap is likely to narrow.

• More companies are shifting their applications and data to the cloud.

• India’s digital economy is getting larger.

• 5G is increasing the amount of data being created and consumed.

• And now AI is adding another layer of demand because training and running AI models requires much more computing power.

CRISIL expects India’s third-party data-centre capacity to reach around 2.3-2.5 GW by FY28. It expects capacity to grow around 35-40% annually through FY28.

These are data centres built by specialist operators and rented out to other companies, instead of companies building their own facilities.

Around ₹55,000-65,000 Cr. of capex is expected to be spent on data centres over FY26-FY28 alone.

But this is where the data-centre story becomes more interesting for investors. That money is not going only to the companies that own and operate the facilities.

A lot has to be built before a data centre can even start running.

Electricity has to reach the site. Transformers are needed to change the voltage. Switchgear controls and protects the electrical system. Cables carry power across the facility. UPS systems and batteries step in immediately if power is interrupted. Generators provide backup if the outage lasts longer. And cooling systems have to keep running continuously because thousands of servers generate a huge amount of heat.

So a large part of the data-centre capex actually flows to businesses that may not look like technology companies at all.

The opportunity spreads across transformers, switchgear, cables, cooling equipment, EPC, power transmission, UPS systems and backup generators.

Around 40% of the cost of building a data centre goes towards electrical infrastructure, while another ~20% goes towards cooling and HVAC systems. Put together, electrical and cooling infrastructure can account for around 60% of the core construction cost.

AI could make this opportunity even bigger.

A traditional data-centre rack uses a certain amount of power. AI infrastructure packs much more computing power into the same physical space, so power consumption per rack goes up sharply. More power also means more heat.

That is why the Government has already highlighted the move towards high-density racks, direct-to-chip liquid cooling and immersion cooling as AI and high-performance computing workloads grow in India.

So the industry is not only adding more megawatts of data-centre capacity. Each new megawatt is also becoming more infrastructure-intensive.

More power means larger electrical systems. More heat means better cooling. And if a facility is consuming more power, its backup-power requirement also becomes larger.

That brings us to one of the most critical parts of a data centre: what happens when the electricity goes off?

A normal office can live with a short power cut. A data centre cannot.

At any point, thousands of servers could be processing banking transactions, running cloud applications or handling AI workloads. So, even a short interruption can disrupt operations.

UPS systems and batteries provide power almost immediately when the grid fails, but they are mainly there to bridge the gap. If the outage continues, large generators have to take over and keep the facility running.

As data centres get larger, the backup requirement grows with them.

A 100 MW data centre does not simply need 100 MW of electricity. If 100 MW refers to the IT load, meaning the servers and computing equipment, the total power requirement can be higher once cooling, power distribution and other infrastructure are included. This is measured using PUE, or Power Usage Effectiveness, which simply tells us how much total electricity a data centre uses for every unit of power consumed by its IT equipment. For example, at a PUE of 1.3, a 100 MW IT load would require around 130 MW of total facility power.

Then comes backup power. Data centres cannot afford to shut down every time the grid fails, so they usually install diesel generators with additional redundancy. N+1 and 2N are two commonly used redundancy configurations in the data-centre industry.

Under N+1, the data centre installs one additional generator. So if 10 generators are needed, it installs 11. Even if one generator fails or is under maintenance, the remaining 10 can still support the facility.

2N provides much higher redundancy. Instead of one extra generator, the data centre effectively has two complete sets of backup capacity. If 10 generators are required to support the load, a 2N design could have another equivalent set of 10 generators. One complete system can fail and the second system can still support the required load.

This is why data-centre capacity additions can create a disproportionately large opportunity for genset suppliers. A 100 MW data-centre project can require substantially more than 100 MW of supporting power infrastructure, depending on its efficiency, the load being backed up and whether it uses N+1, 2N or another design.

This is where Cummins India comes in. It supplies high-horsepower generators that form a critical part of this backup-power infrastructure.

And this is no longer just a future opportunity. As India’s data-centre construction cycle has picked up, data centres have already become one of the largest end-markets for Cummins India’s power-generation business. Data centres already contribute around 30-35% of Cummins India’s domestic Power Generation revenue in FY26.

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Breaking down Cummins’ Business

Cummins India provides the engines and power systems that keep machines, businesses and critical infrastructure running. Its products are used in two broad ways.

• In power generation, Cummins’ engines are paired with alternators to create generator sets that provide backup electricity to data centres, factories, hospitals, commercial buildings and other facilities.

• In industrial applications, its engines power equipment such as construction machinery, railway systems, mining vehicles, ships and defence platforms.

The company also earns recurring revenue from the large installed base through spare parts, maintenance, repairs, overhauls and other aftermarket services.

Segments	Revenue (FY26)	Revenue share
Power Generation	₹4,758 Cr.	39.80%
Distribution	₹3,278 Cr.	27.40%
Industrial	₹1,650 Cr.	13.80%
Exports	₹1,989 Cr.	16.60%

1. Power Generation

Power Generation contributes around 40% of Cummins India’s total sales.

The basic problem Cummins solves here is simple: reliable backup power. It is one of the largest players in India’s generator-set market, with an estimated market share of around 35-40%. Its position is particularly strong in higher-capacity applications such as data centres.

Through its Power Systems business, Cummins supplies diesel engines and generator sets across different power requirements:

• Low Horsepower (LHP): Serving light commercial, residential, and agricultural needs.

• Medium Horsepower (MHP) & Heavy Duty: Powering factories, hospitals, and commercial real estate.

• High Horsepower (HHP): Fueling heavy industrial applications and mission-critical data centres.

The business has scaled up significantly over the last few years. Domestic Power Generation revenue has grown from around ₹1,959 Cr. in FY22 to ₹4,758 Cr. in FY26, implying a CAGR of roughly 25%.

The mix has also moved towards larger generators. In Q1 FY27, HHP contributed almost 68% of the Power Generation business.

Demand is currently coming from several areas, including data centres, commercial and luxury residential real estate, quick-commerce hubs, manufacturing, pharma and other mission-critical infrastructure. But among these, data centres have become particularly important.

In Q1 FY27, around 40% of Power Generation revenue came from data centres. This has increased from less than 10% of Cummins India’s Power Generation revenue in FY23.

This is especially important for Cummins because data centres usually require some of the largest generators in its portfolio, typically high-horsepower gensets of 2,500 kVA and above.

Data centres run thousands of servers that need power almost continuously. That is why data centres focus heavily on reliability and timely delivery. In many cases, getting a dependable generator when the site is ready can matter more than simply choosing the cheapest option.

Cummins’ main engine for the Indian data-centre market today is the QSK60, a large 60-litre diesel engine used inside high-capacity generator sets. Management says the Indian market is still largely built around this platform and expects it to remain the dominant requirement in the near term.

Over time, however, data centres are becoming larger and more power-intensive. This could gradually increase demand for bigger engine platforms such as the QSK78 and QSK95, which can support larger power requirements.

The strength of the data-centre cycle can also be seen in Cummins’ inquiry pipeline.

Management said inquiries started accelerating around October 2025 and have remained strong since then. The company is now discussing data-centre projects not just for the current year, but also for the next year and the year after that.

At the high-horsepower end, demand is currently strong enough that supply is struggling to catch up across the industry.

Cummins has been increasing capacity at specific bottlenecks, while overall utilisation has moved to around 70-75%.

This makes lead time particularly important.

Management has itself pointed out that for a data-centre customer, having the genset available when the site is ready can sometimes matter more than price. If Cummins cannot deliver on time while a competitor can, its brand strength alone may not be enough to win the order.

CPCB IV+ makes the product more complex.

Another important change for the industry has been the shift to CPCB IV+ emission norms.

These are stricter pollution rules for diesel generators, introduced by the Central Pollution Control Board. In simple terms, they require gensets (aka generator sets) to release much lower levels of harmful gases and particles.

India started implementing CPCB IV+ from July 2023 and completed the transition by July 2024. To meet these rules, gensets had to become more advanced, with electronic controls and additional systems that clean the exhaust before releasing it into the air.

Over time, this can also strengthen Cummins’ aftermarket business because maintaining them requires trained engineers, diagnostics and genuine components.

Every generator sold can create a second revenue opportunity for Cummins

Once installed, that generator becomes part of Cummins’ installed base. Over its life, it requires spare parts, servicing, diagnostics, repairs, annual maintenance contracts, and eventually rebuilding.

These revenues are captured through Cummins India’s Distribution Business Unit, which generated ₹3,278 Cr. of revenue in FY26.

2. Distribution

This is Cummins India’s aftermarket and lifecycle business. Once a Cummins engine or generator is installed, DBU earns from keeping that asset running through spare parts, servicing, maintenance contracts, repairs, rebuilding, retrofits and digital solutions. It serves both the Power Generation installed base, including data centres, and Industrial applications such as railways, mining, marine and defence.

Cummins generally provides a two-year comprehensive warranty on its products. As the large number of gensets being installed today gradually moves out of warranty, they can start contributing more meaningfully to parts and service revenue.

3. Industrial Applications

This contributes around 14% of Cummins India’s total sales in FY26. Industrial revenue has increased from ₹743 Cr. in FY21 to ₹1,650 Cr. in FY26, with a CAGR of around 17%.

In the industrial segment, the company usually sells the engine or power system that goes inside another machine.

Take an excavator as an example. An excavator is a large construction machine used for digging, lifting and moving earth or materials. A company making the excavator builds the full machine, but it still needs an engine to run. Cummins supplies that engine.

The business mainly serves construction, railways, mining, marine, defence, compressors and a few other industrial applications.

The largest contributors are construction and railways.

Sectors	Revenue share
Construction	~34%
Railways	~29%
Mining, Marine, Defence, Compressors and others	~37%

Railways is one of the most important businesses. Cummins supplies the engines, alternator sets and propulsion systems that help specialised railway equipment move or generate electricity.

Its products are used in Diesel Electric Tower Cars (DETCs), which are vehicles used to build and maintain overhead electric lines, Power Cars used to provide electricity to passenger coaches, Track Maintenance Machines, shunting locomotives and inspection cars.

Indian Railways is also expected to lay around 50,000 km of new tracks over the next 8-10 years and has initiated procurement of 400+ Track Maintenance Machines. It is expected to produce around 7,500 LHB passenger coaches annually over the next two years, which supports demand for Power Car diesel alternator sets and associated systems.

Construction is easier to understand. Cummins supplies engines that go inside equipment such as excavators.

So when an equipment manufacturer sells an excavator, part of the value of that machine can effectively be a Cummins engine.

The company is now expanding beyond traditional mechanical engines towards electronic engines for higher-tonnage excavators. In FY26, it won new business from both existing and new construction-equipment customers, with increasing adoption of electronic engine platforms that offer better efficiency and power output to equipment manufacturers.

Mining takes the same engine model to a much larger scale.

Large mines use Heavy Earth Moving Machinery such as dump trucks, excavators, motor graders, dozers, stone crushers and underground mining trucks. These machines may operate for long hours under extremely heavy loads, so they require large and durable engines.

Cummins supplies these engines to major mining-equipment OEMs. It has also developed products for dump trucks above 190 tonnes and is expanding into underground mining trucks and other heavy applications.

The underlying market is large. India has produced more than 1 billion tonnes of coal for two consecutive years, while coal still generates over 74% of India’s electricity, according to the data cited by Cummins in its FY26 annual report. That creates a large installed base of mining equipment that requires engines and power systems.

Marine is a smaller business, but the products are much more specialised.

A ship needs power for two things. First, it needs propulsion power to move through the water. Second, it needs electricity to run equipment and systems on board.

Cummins supplies engines and generator sets for both applications.

In FY26, its engines and gensets were supplied for Green Tugs, Multi-Purpose Vessels, New Generation Offshore Patrol Vessels, Ocean Research Vessels, Fleet Support Ships and submarine applications.

Marine was the fastest-growing industrial segment in FY26 and recorded its highest-ever annual sales as well as record order intake. This is also becoming a broader opportunity as India expands domestic shipbuilding. The Union Budget has proposed a ₹25,000 Cr. Maritime Development Fund, while the Navy and Coast Guard expand and modernise their fleets.

Defence works in a similar way.

The company supplies engines for both wheeled and tracked defence vehicles and has been working with Indian defence OEMs on specialised applications. In FY26, a prototype engine developed for a strategic defence programme successfully completed field trials. Cummins has also seeded engines for platforms including the Advanced Towed Artillery Gun System and Light Tank programmes.

Then there are smaller applications such as compressors, oil & gas and pumps.

A compressor is basically a machine that compresses air or gas. Cummins supplies the engine that drives that compressor. This can be used in industrial plants as well as in the oil & gas industry.

In City Gas Distribution, for example, natural gas needs to be compressed before it can be transported or dispensed. Cummins supplies gas-compression engines to leading OEMs serving this market.

The opportunity is linked to the expansion of India’s gas network. Cummins’ annual report notes that the number of CNG stations in India is planned to increase from around 8,700 currently to 17,000 by 2030.

Cummins also supplies high-horsepower engines that drive large pumps. During FY26, it expanded its portfolio with high-speed FM/UL-certified engines, opening up opportunities with both Indian and global pump manufacturers.

So the Industrial business is essentially one core capability being used in many different ways.

It allows the company to sell the same underlying engine technology into several different areas of India’s capex cycle.

And the mix is gradually changing.

• Rail is expanding beyond traditional diesel applications into newer power and propulsion systems.

• Mining is moving towards larger equipment.

• Marine is benefiting from more complex domestic shipbuilding projects.

• Defence is adding locally developed platforms, while construction is moving towards more sophisticated electronic engines.

4. Exports

Exports contributed around 17% of Cummins India’s FY26 sales. The company exports engines and gensets across Europe, Asia-Pacific, Africa, the Middle East, Latin America and other markets.

Export revenue has increased from around ₹1,153 Cr. in FY21 to ₹1,989 Cr. in FY26, implying a CAGR of roughly 11.5%. But the growth has been quite volatile.

The main reason is that Cummins does not depend on one export market. Demand can change with geopolitical tensions, economic conditions, customer inventory levels, currency movements, tariffs and freight or supply-chain disruptions. Management has repeatedly said that export visibility is much lower than in the domestic business.

It is a less predictable growth engine than the domestic business.

On a consolidating basis…

Over the last five years,

• Cummins India’s revenue grew at a 22.73% CAGR between FY21 and FY26, while operating profit grew faster at around 34% CAGR.

• Net profit also compounded at 30.04% CAGR over the same period.

• Operating margin increased from around 14% in FY21 to 21% in FY26.

(Source - Finology Ticker)

Return ratios have also improved meaningfully over the last five years. ROE increased from 19.06% to 29.45%, while ROCE improved from 23.88% to 38.64%.

(Source - Finology Ticker)

The balance sheet is strong as well. Cummins India is debt-free and has generated cumulative free cash flow of around ₹5,400 Cr. over the last five years. This strong cash generation gives the company enough flexibility to invest in the business while also returning cash to shareholders through regular dividends.

(Source - Finology Ticker)

Beyond the larger opportunities in data centres and infrastructure that we have discussed above, Cummins has a few smaller growth levers that can become meaningful over time.

• The low-kVA genset market: Cummins is expanding its dealer network and has launched products such as a new 82.5 kVA compact genset for smaller commercial and residential customers. Competition is much higher in this market, but even modest market-share gains can add another source of volume growth.

• Repowering: As per this opportunity, Cummins replaces an older engine or genset with its own product. In FY26, it received its first order to replace a non-compliant railway Power Car genset with a CPCB IV+ Cummins unit. If this scales up, Cummins can potentially enter the installed base of competing manufacturers as well.

• The Distribution business: Also moving beyond spare parts and regular servicing, Cummins is adding products such as Dual-Fuel kits, emission-control systems, and digital monitoring solutions, which can help it earn more from each engine already operating in the field.

Coming to how Cummins compares against its peers…

For Cummins India, Kirloskar Oil Engines (KOEL) is the closest listed peer. Both companies sell gensets, industrial engines and aftermarket services across many of the same end markets.

Metric	Cummins India	Kirloskar Oil Engines
FY26 revenue	₹11,950 Cr.	₹5,604 Cr.
EBITDA margin	21.40%	13.10%
ROE	29.45%	16.75%
Balance sheet	Debt-free	Debt/Equity ~1.48x
DG-set market share	~35–40%	~28%
Market cap	~₹1.44 lakh Cr.	~₹30,000 Cr.

Cummins India is clearly the stronger business when compared with Kirloskar Oil Engines. Cummins reported an EBITDA margin of 21.4% compared with 13.1% for KOEL, while its ROE was 29.45% versus around 16.75% for KOEL.

Its market position is also stronger. Cummins’ share of the Indian genset market is around 35-40%, compared with roughly 28% for KOEL. This stronger position, along with higher margins and return ratios, helps explain why Cummins commands a much larger market capitalisation and valuation premium.

Cummins earns better margins than KOEL mainly because of its stronger product mix and larger aftermarket business. Also, Cummins has a much bigger presence in high-horsepower gensets, especially in data centres, where competition is lower, and customers care more about reliability and delivery. KOEL is still building its presence in this segment.

Cummins gets around 27% of FY26 sales from Distribution and aftermarket services, compared with roughly 17% for KOEL. Its larger installed base means more recurring revenue from spare parts, servicing and maintenance.

It also benefits from Cummins Inc.’s global technology and supply chain, along with high localisation in India.

The gap could narrow over time as KOEL expands into high-horsepower gensets and data centres, where margins are generally better.

This is also the kind of distinction we look for when evaluating stocks for Finology 30; not just whether a business is growing, but whether it has the strengths to sustain that growth over the long term.

On the management’s ability to execute…

Management commentary	What actually happened
FY26 revenue expected to grow in double digits	FY26 sales grew 18%, domestic sales 19% and PBT before exceptional items 24%
Distribution expected to keep growing with the installed base	FY26 Distribution grew 22%
Data-centre demand expected to remain strong	Data centres reached 30–35% of FY26 PowerGen revenue and ~40% in Q1 FY27
Cautious on exports because of geopolitics	FY26 exports grew 12%, but growth remained uneven and was flat YoY in Q1 FY27
Construction and mining were flagged as weak	Industrial revenue was broadly flat in FY26, while rail and marine performed better
FY27 domestic business expected to grow in double digits	Q1 FY27 domestic sales grew 22%, although it is still too early to judge the full year

Management maintained its double-digit FY26 growth outlook from Q1 through Q3 and eventually delivered 18% sales growth. It also correctly identified distribution and data centres as important growth areas while remaining cautious on exports and weaker industrial markets.

Another positive is the tone of communication. Management generally avoids giving numbers when it lacks reliable data. For example, it has repeatedly refused to claim a market-share figure without syndicated industry data and has avoided giving aggressive export or margin guidance. That makes the commentary less exciting, but also gives us more confidence in what management does choose to communicate.

Key risks in the business:

1. Rising competition in data-centre gensets

Data centres are one of Cummins India’s biggest growth drivers, but competition is increasing.

Cummins is very strong in the QSK60, which is currently the main engine used in its Indian data-centre business. However, as data centres grow, demand could gradually shift toward larger 78-litre and 95-litre engines.

The QSK95 is currently imported, and management has said that no competitor manufactures a 95-litre engine in India either. This reduces some of Cummins’ localisation advantage and puts it on a more equal footing with global competitors.

At the 2,500 kVA-plus end used by data centres, Cummins mainly competes with international players such as Caterpillar, Perkins and other large-engine manufacturers.

Investors should therefore watch whether Cummins can maintain its strong position in HHP and data-centre gensets as competition increases.

2. Exports can remain volatile

Cummins sells across Europe, Asia-Pacific, Africa, the Middle East and Latin America. Demand in these markets can be affected by geopolitical tensions, currency movements, credit availability and freight disruptions.

This is already visible in the Middle East. In Q1 FY27, management said some expected exports to the region were not happening because of the West Asia situation, and importantly, these orders may not simply come back later because customers can source equipment from elsewhere.

So while the domestic business currently has good visibility, exports are likely to remain much more uneven.

3. The long-term transition away from diesel

Diesel gensets remain the most reliable form of long-duration backup power today, but the energy system is slowly changing.

Battery Energy Storage Systems, or BESS, can increasingly be combined with grid power and renewable energy. Cummins itself has entered this market, but the business is still at a very early stage. Management says customer inquiries are high but actual sales remain slow, and Cummins does not yet have a local BESS supply chain.

For now, management does not expect batteries to replace diesel gensets. Its view is that customers will increasingly use a combination of grid power, solar, batteries and diesel backup.

The longer-term risk is different. If battery costs fall sharply and storage duration improves, some applications that currently use diesel backup could require fewer gensets or run them less frequently. Cummins therefore needs to build a meaningful position in newer energy technologies without losing the economics of its existing diesel-engine business.

4. Related-party transactions and business allocation

Cummins Inc. owns 51% of the listed company, while several other Cummins entities operate separately in India. Cummins India buys engines and components from these entities, sells products to them and also pays for technology, support and other services.

For FY27, shareholders approved maximum related-party transaction limits of around ₹10,591 Cr. across Cummins Technologies India, Tata Cummins, Cummins Limited UK and Cummins Inc. These are approval limits rather than expected transactions. Actual FY26 transactions with these four entities were around ₹5,985 Cr. Still, the scale shows how closely Cummins India is linked to the wider Cummins group.

Another issue investors should keep in mind is which Cummins entity gets the next major product or manufacturing opportunity.

There is historical precedent. In 2016, Cummins India’s stock fell around 13% intraday after management indicated that certain new power-generation engines would be manufactured through unlisted Cummins Technologies India rather than the listed company.

This highlights an important structural risk of investing in a listed subsidiary of a multinational group. The parent ultimately has significant influence over where new technology, manufacturing and value addition sit within the group.

Now coming to valuations…

Cummins India currently trades at around 58x earnings, which is nearly 81% above its historical median P/E of around 32x. This means the market is already expecting strong growth from data centres, Power Generation and the Distribution business.

Exit P/E after five years	PAT CAGR required for 15% return
25x	36.10%
32x	29.50%
40x	23.90%

If the stock returns to its historical median valuation of 32x after five years, PAT would need to grow at around 29.5% CAGR for investors to earn a 15% annual return, excluding dividends.

At the same 32x exit multiple, 20% PAT growth would give around 6.5% annual returns, while 25% PAT growth would give around 11%.

Cummins deserves some premium because of its strong balance sheet, high ROE, market leadership and strong cash generation. But at around 58x earnings, investors are already paying for very strong growth. If earnings growth slows or the valuation moves back closer to its historical average, returns can be much lower.

In our view…

The stronger part of the business is that growth is coming from several places at the same time.

• HHP gensets are benefiting from data-centre demand, while non-HHP PowerGen continues to see demand from manufacturing, real estate and other commercial applications.

• At the same time, the large installed base keeps supporting Distribution revenue, while Railways, Mining, Defence and Marine provide additional growth in Industrial.

But at the current high valuation, this diversification is already being rewarded. The company now needs to sustain strong earnings growth for several years to justify the premium valuation investors are paying today.

Disclaimer

Investment in securities market are subject to market risks. Read all the related documents carefully before investing. The information and analysis provided herein are for educational and informational purposes only and do not constitute investment advice, a research recommendation, or an offer, solicitation, or recommendation to buy, sell, or hold any security. Investors should exercise their own judgment, conduct independent due diligence, and consult professional advisers before making investment decisions. Finology Ventures Private Limited, its affiliates, directors, employees, and research analysts shall not be liable for any loss or damage arising from the use of or reliance on this information.