A fast-read primer on India's industrial and capital equipment manufacturing base — the backdrop against which we benchmark every company's cost structure in this category.
December 2025's industrial output growth was led by manufacturing, with mining and electricity close behind.
By segment
By technology intensity
Structural transformation, record exports, and PLI-driven investment define the base.
A sample of the industry-wide and policy moves shaping the sector through early 2026.
Listed Indian Industrial Manufacturing companies in tDoBe's cost-benchmarking coverage.
The market facts above are public background. What follows is tDoBe's own work: every "Other Expenses" line from these companies' own financial records, read by hand and sorted into one clear set of categories — not a keyword search, not each company's own way of reporting it.
Each mark is one company's total Other Expenses as % of net revenue. No company is named here.
Ranked from biggest to smallest.
Miscellaneous & Others is by far the largest cost bucket in this sector — much larger than in most sectors we've measured — reflecting how much project-based and contract manufacturing work runs through this category.
This sector spans very different kinds of manufacturers — from shipbuilders to machine-tool makers to contract electronics manufacturers. Being in the same sector code does not mean two companies run the same kind of business.
We use each company's own standalone financial records — not group numbers, not each company's own labels. Every cost line is read by hand and placed into one common set of categories, so every company is compared the same way.
This is the free, sector-wide view. It tells you where Industrial Manufacturing stands as a whole — not where your own company stands against it, category by category, in rupees.
A below-average number is a reason to call too — the benchmark keeps improving as we go.