Sector Snapshot · Industrial Manufacturing

India's Capital Equipment Manufacturers Ride a Broad-Based Boom

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.

17%

Manufacturing's contribution to India's GDP

Rs 69.76 lakh cr

India's record exports, FY25

Rs 2.16 lakh cr

Investment generated by PLI schemes

14.39 lakh

Jobs created by PLI schemes

46.3%

Manufacturing value-added from medium/high-tech industries

Output Growth Is Broad-Based Across Segments

December 2025's industrial output growth was led by manufacturing, with mining and electricity close behind.

Index of Industrial Production Growth, Dec 2025

By segment

8.1%

Manufacturing

6.8%

Mining

6.3%

Electricity

Manufacturing Value-Added Mix

By technology intensity

Medium/High-Tech — 46%

Low-Tech — 54%

What's Pushing the Sector Forward

Structural transformation, record exports, and PLI-driven investment define the base.

Structural Growth

Manufacturing contributes ~17% to GDP
Medium/high-tech industries now 46.3% of manufacturing value added

Export Strength

India's total exports hit a record Rs69.76 lakh crore in FY25

PLI Impact

Rs2.16 lakh crore in investment generated across 14 sectors
14.39 lakh jobs created to date

Recent Developments

A sample of the industry-wide and policy moves shaping the sector through early 2026.

→ Manufacturing growth reached 8.4% in H1 FY26, surpassing the FY26 estimate of 7.0%.
→ The Index of Industrial Production grew 7.8% in December 2025, its highest level in over two years.
→ PLI schemes have attracted investments exceeding Rs2.16 lakh crore across 14 strategic sectors.
→ The Electronics Components Manufacturing Scheme outlay was raised to Rs40,000 crore.
→ India is the world's third-largest wind manufacturing hub, targeting 10% of global demand by 2030.
→ India's data centre capacity is projected to reach 1.7-2.0 GW by the end of 2026, backed by ~US$30bn in investment.

Companies We Benchmark in This Sector

Listed Indian Industrial Manufacturing companies in tDoBe's cost-benchmarking coverage.

Mazagon Dock

Aditya Infotech

Cochin Shipyard

Honeywell Automation

Syrma SGS Technology

Kaynes Technology

Jyoti CNC Automation

LMW

Lloyds Engineering

Swan Defence

Toga Industries

Titagarh Rail Systems

Jupiter Wagons

Omnitech Engineering

Dynamatic Technologies

Kennametal India

Praj Industries

Hind Rectifiers

See How These Companies Compare on Cost

The numbers above set the stage. Our Report translates it into a company-by-company cost benchmark — down to the category — so you can see exactly where a business sits against its peers.

Explore the Industrial Manufacturing Report