The World Bank predicts that the Indian economy will grow in 2021 by 8.3% although the pandemic might have some influence against it. In this, the total size of the manufacturing industry in India stands at Rs 30,52,500 Crore in the year 2020 which is 18% of GDP.
Let us read about India’s 15 top manufacturing companies here.
Top 15 Manufacturing Companies in India
1) Tata Motors Ltd
It is one of the most celebrated and renowned manufacturing companies all throughout our life. They have a wide spectrum of vehicles, from compact cars like Tata Nano to luxury cars like Jaguar Land Rover. English premium car maker Jaguar Land Rover (the maker of Jaguar and Land Rover cars) and the South Korean commercial vehicle manufacturer Tata Daewoo are some of the principal subsidiaries that Tata Motors has under its umbrella. They have vehicle assembly operations in India, Great Britain, South Korea, Thailand, Spain, and South Africa, and they have the foresight to expand their plant base to Turkey, Indonesia, and Eastern Europe.
Tata Motors entered the EV(Electrical Vehicle) market with the Tigor EV that rolled off the production line back in 2017 and the newer more powerful Nexon EV that was launched early last year.
|Revenue (2021)||Rs. 252,437 crores|
|Total Assets (2021)||Rs. 343,125 crores|
|Number of employees (2021)||78,906|
Amid the poor consumer output, it was Tata Motors manufacturing company that was afloat and going strong, thanks to its highest contributor and robust performer being the 2017 SUV Tata. The crossover saw the rollout of its 50,000th unit from the Ranjangaon, Maharashtra plant in August last year and eventually culminated in FY2019 with overall estimated sales of around 55,000 units between April 2018 and March 2019.
The value of this company lies in its foundation, this means that even though they have a presence in a wide variety of businesses around the world, they have never invested in alcohol, tobacco.
In the carmaker industry across India in the financial year 2020, Tata Motors had a market share of about 37 percent. It ranks #784 on the 2021 Forbes Global 2000 list
2) Tata Steel Limited
The name Tata Steel has been with us since the company was founded by Jamsetji Nusserwanji Tata on August 26, 1907. Then TISCO (Tata Iron and Steel Company Limited) now Tata Steel Ltd, is the second-largest steel producing company in India after SAIL (Steel Authority of India Limited), with an annual capacity of 13 million tonnes. They were ranked number 12.
This multi-national company is headquartered in Mumbai and has its marketing headquarters at the Tata Centre in Kolkata, West Bengal. It is the world’s most geographically diversified steel producer, with operations and commercial presence in around 50 countries and with manufacturing company operations in 26 countries including India, Australia, Malaysia, Thailand, Vietnam, UAE, Mozambique, Ivory Coast, South Africa, United Kingdom, France, The Netherlands and Canada.
|Revenue (2021)||Rs. 157,189 crores|
|Total Assets (2021)||Rs. 245,487 crores|
|Number of employees (2021)||32,364|
Tata Steel’s major competitors include SAIL, JSW Steel, ArcelorMittal, Jindal Steel and Power, Essar Steel, and VISA Steel. Its products include Automotive Steels, Galvano, Tata Agrico, Astrum, Bearings, Pipes, Precision Tubes, Shaktee, Steelium, Tiscon and Wiron.
In the steel manufacturing company industry across India in the financial year 2020, Tata Steel had a market share of about 35 percent. It ranks #939 on the 2021 Forbes Global 2000 list.
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3) Hindalco Industries Ltd
Hindalco Industries Ltd, a subsidiary of the Aditya Birla Group, is headquarters are at Mumbai.
They are the market leader for a broad spectrum of industries, including architectural, electrical, industrial, transport, defense, and consumer durables. Hindustan Aluminum Corporation Limited, now Hindalco, was established in 1958 by the Aditya Birla Group. It began production in Renukoot in Uttar Pradesh in 1962 making 20 thousand metric tons per year of aluminum metal and 40 thousand metric tons per year of alumina.
|Revenue (2021)||Rs. 119,330 crores|
|Total Assets (2021)||Rs. 169,528 crores|
|Number of employees (2021)||40,000|
Hindalco acquired the Canadian company Novelis, which was the world’s largest producer of rolled aluminum and a major recycler of aluminum cans.
4) Mahindra & Mahindra Ltd
Established in 1945, Mahindra & Mahindra Ltd, is a multinational automotive manufacturing company. Then Muhammad & Mahindra, now Mahindra and Mahindra, is one of the largest vehicle manufacturers of tractors in the world.
|Revenue (2021)||Rs. 96,241 crores|
|Total Assets (2021)||Rs. 167,006 crores|
|Number of employees (2021)||42,875|
Maruti Suzuki and Tata Motors are the top competitors for Mahindra and Mahindra Ltd.
5) Maruti Suzuki India Ltd
Formerly known as Maruti Udyog Limited, now Maruti Suzuki India Ltd was founded by the Government of India between 1981 with the headquarters in New Delhi. Suzuki Motor Corporation bought the company back in 2003. It took them only a record time of 13 months to go from design to roll out cars from a production line. A new car is rolled out every 12 seconds, thanks to their assembly equipment consisting of around 1,700 robots.
Maruti Suzuki also launched the Maruti Driving School in Delhi, and then extended these services to cater to other cities as well. This initiative was part of its corporate social responsibility. Its major manufacturing companies’ competitors in the Indian market include Tata Motors, Honda, Hyundai, Mahindra, Toyota among many others.
|Revenue (2021)||Rs. 78,994 crores|
|Total Assets (2021)||Rs. 63,627 crores|
|Number of employees (2021)||15,945|
In the passenger carmaker industry across India in the financial year 2020, Maruti Suzuki India Ltd had a market share of about 50 percent.
6) Grasim Industries Ltd
Grasim Industries Ltd was started in 1947 as an Indian textile manufacturer and soon diversified into Viscose Staple Fiber (VSF), cement, sponge iron, chemicals, and Diversified Financial Services (NBFC, Asset Management, and Life Insurance). They export Viscose Rayon Fiber to over 50 countries, which makes it the largest exporter and producer of Viscose Rayon Fiber in the country. It is no surprise to know that it is a subsidiary of Aditya Birla Group. Their manufacturing companies’ plants are in Thailand, Indonesia, India, and China. Winners from the Grasim Mr. India event from 1994 to 2012 were sent to compete in international events like Mister International and Mister World.
|Revenue (2021)||Rs. 78,591.71 crores|
|Total Assets (2021)||Rs. 244,415.80 crores|
|Number of employees (2021)||24,123|
The company reported consolidated net revenue of over INR 76,398 Cr, and EBITDA (stands for Earnings Before Interest, Taxes, Depreciation, and Amortization and is a metric used to evaluate a company’s operating performance) of INR 15,766 crores in FY 2021. It ranks #1117 on the 2021 Forbes Global 2000 list.
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7) JSW Steel Ltd
Based in Mumbai, JSW Steel LTD is an Indian multinational steel manufacturing company, with a global presence in over 140 countries. JSW Steel is a part of O.P. Jindal Group, making it a whopping $13 billion conglomerate after its merger with ISPAT steel. They are one of the manufacturing companies having a strong foothold in India, USA, South America & Africa across core economic sectors, namely, Steel, Energy, Infrastructure, Cement, Ventures and Sports. The first steel plant was setup in 1982 at Vasind near Mumbai. In 2005, JISCO (Jindal Iron and Steel Company) and JVSL (Jindal Vijayanagar Steel Ltd.) merged to form JSW Steel Ltd.
|Revenue (2021)||Rs. 73,872 crores|
|Total Assets (2021)||Rs. 131,820 crores|
|Number of employees (2021)||12,599|
It ranks #928 on the 2021 Forbes Global 2000 list.
8) Motherson Sumi Systems Ltd
In 1986, Samvardhana Motherson International Ltd of India and Sumitomo Wiring Systems Ltd. (SWS) of Japan did a joint venture and created Motherson Sumi Systems Ltd. (MSSL). MSSL is a part of the Motherson Group. They are one of the largest manufacturers of wiring harnesses for commercial vehicles and rearview mirrors for passenger cars in the world. They are also India’s largest manufacturer of automotive wiring harnesses and mirrors for passenger cars. They have a wide product range including wiring harnesses (electrical distribution systems), rearview mirrors, complete polymer modules, high precision metal parts, etc.
|Revenue (2021)||Rs. 63,767 crores|
|Total Assets (2021)||Rs. 45,495 crores|
|Number of employees (2021)||114,628|
It ranks #1698 on the 2018 Forbes Global 2000 list. It dropped off the list in 2019.
9) UltraTech Cement Ltd
Based in Mumbai, UltraTech Cement Limited is an Indian cement manufacturing company and a subsidiary of Aditya Birla Group. They are the largest manufacturer of grey cement, ready mix concrete (RMC), and white cement in India with an installed capacity of 116.75 million tonnes per annum. UltraTech is the largest manufacturer of concrete in India, with more than a hundred RMC (Ready Mix Concrete) plants in over 50 cities. They have operations in many countries including UAE, Bahrain, Sri Lanka, and India. UltraTech Cement Limited is the only company in the world to have a capacity of over 100 million tonnes in a single country, outside of China.
|Revenue (2021)||Rs. 42,772.60 crores|
|Total Assets (2021)||Rs. 79,337.13 crores|
|Number of employees (2021)||22,000|
UltraTech Cement Limited got a ‘Great Place to Work-Certified™’ Company for the period April 2020 – March 2021.
10) UPL Ltd
United Phosphorus Limited changed to UPL Limited in October 2013, was established on 29 May 1969. They are an Indian multinational manufacturing company that manufactures and markets agrochemicals, industrial chemicals, chemical intermediates, and specialty chemicals, and also offers crop protection solutions. With their headquarters in Mumbai, agro-business is their primary source of revenue, including agrochemical products, seeds, and other agricultural-related products. Their non-agro segment includes the manufacturing company and marketing of industrial chemical and other non-agricultural related products such as fungicides, herbicides, insecticides among many others. UPL has a strong market hold with its products in more than 150 countries.
|Revenue (2020)||Rs. 35,756 crores|
|Total Assets (2020)||Rs. 23,043 crores|
|Number of employees (2020)||7,435|
UPL was listed as one of the manufacturing companies in Asia’s Fab 50 Companies 2017 and was dropped off in 2018.
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11) Asian Paints Ltd
Headquartered in Mumbai, Asian Paints is the first name that comes to one’s mind when they buy their dream house! They produce paints and home decor products. Like how any underdog story starts, even this one was started in a garage in Gaiwadi, Girgaum, Mumbai by four friends in the 1940s. And then, as they say, the rest is history. Its journey is identified by a steady growth, which is amplified by a perception shift as a premium market leader driving innovation. It is no surprise to know that Asian Paints is India’s largest, Asia’s third-largest, and the world’s 9th largest paints corporation.
They have had some catchy taglines over the years, one of their most popular ones was the tagline from 1980 “Har Ghar Kucch Kehta Hai” (Every home says something), which is still very much in our memories and we still see it on their commercials.
|Revenue (2021)||Rs. 20,515 crores|
|Total Assets (2021)||Rs. 16,154 crores|
|Number of employees (2021)||7,600+|
Asian Paints along with its subsidiaries has its presence in 17 countries across the world and 23 paint manufacturing companies’ facilities, servicing consumers in 65 countries. Its subsidiaries being Berger International, SCIB Paints-Egypt, Asian Paints, Apco Coatings, and Taubmans. Asian Paints has its presence in 5 regions across the world, South Asia, South East Asia, South Pacific, Middle East, and Caribbean region through the five corporate brands Asian Paints, Berger International, Apco Coatings, Taubmans, and SCIB Paints
In the paints manufacturing companies industry across India in the financial year 2020, Asian paints has a market share of about 39 percent.
12) Bajaj Auto Limited
Bajaj Auto Limited is an Indian manufacturer of three-wheeler and two-wheeler vehicles. It is not a surprise to know that they are the world’s largest three-wheeler manufacturer. They are also India’s second-largest and the world’s third-largest manufacturer of motorcycles. Bajaj has plants all over India including in Akurdi, Chakan (Pune), Waluj (near Aurangabad), and Pantnagar in Uttarakhand. On 26 May 2008, Bajaj Auto Limited split into three corporate entities — BAL (Bajaj Auto Ltd), BFL (Bajaj Finserv Limited), and BHIL (Bajaj Holdings and Investment Limited).
|Revenue (2020)||Rs. 29,919 crores|
|Total Assets (2021)||Rs. 26,510 crores|
|Number of employees (2021)||10,000|
It ranks #1620 on the 2021 Forbes Global 2000 list.
13) Bombay Dyeing
Wadia Group’s flagship company, Bombay Dyeing & Manufacturing Company Limited (Bombay Dyeing) was founded in 1879 and is headquartered in Mumbai. Their main products are furnishing, bed linen, towels, etc. Ratan Tata, the ex-chairman of the Tata group was on the board of directors till 2013 and was replaced by Cyrus Mistry when he resigned.
|Revenue (2020)||Rs. 498.95 crores|
|Total Assets (2021)||Rs. 1240.6 crores|
|Number of employees (2021)||639|
Its major competitors in the Indian market are Welspun Group, Trident Group among many more.
14) Hindustan Unilever Limited
Hindustan Vanaspati Manufacturing Co. was established in 1931 and was renamed Hindustan Unilever Limited (HUL) in June 2007. This manufacturing company is a subsidiary of Anglo-Dutch company – Unilever and is headquartered in Mumbai. Their products include foods, beverages, cleaning agents, personal care products, water purifiers, and other fast-moving consumer goods. HUL acquired GSK (GlaxoSmithKline) India business in December 2018.
|Revenue (2020)||Rs. 40,415 crores|
|Total Assets (2021)||Rs. 20,153 crores|
|Number of employees (2021)||21,000|
Its major competitors in the Indian market are ITC, P&G, Colgate-Palmolive, etc.
15) Apollo Tyres
Incorporated in 1972, Apollo Tyres Limited is an Indian Multinational tire manufacturing company. They have their headquarter in Gurugram. The company now has five manufacturing units in India, one in the Netherlands and one in Hungary. Its first plant was built in Perambra, Thrissur, Kerala, India. The company has 69% of revenue generation from India, 26% from Europe, and 5% from other countries. Apollo also started their two-wheeler tire in March 2016.
As of 2020, Apollo Tyres sells two brands of types in Europe, Apollo and Vredestein.
|Revenue (2020)||Rs. 16,373.87 crores|
|Total Asset (2020)||Rs. 23,249.99 crores|
|Number of employees (2021)||16,000|
Its major competitors are Bridgestone, MRF, CEAT Limited among many others
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The Indian manufacturing industry has come forth as a fast-growing sector due to the rise in the consumer market in India. The annual growth rate of production in the manufacturing industry was about 3.9 percent during the fiscal year 2019. With the emergence of new technology in the last few years, the manufacturing industries need to crank up their improved efficiency and precision of the work.
Frequently Asked Questions
Which are the top 3 Indian manufacturing subsectors having top manufacturing companies?
The top 3 Indian manufacturing subsectors are Automobile, Chemical, and Pharmaceutical industries.
What are some limitations of the Indian manufacturing sector for manufacturing companies?
The irregular and complex tax structure, poor logistic support, and lack of quality culture are some limitations.
What are the initiatives taken by the Indian Government to encourage and support manufacturing companies in India?
They are Make in India, Skill India, National Manufacturing Policy.
How can India improve manufacturing?
Several ideas can improve the manufacturing companies industry in India, such as having processes to address issues of bottlenecking, develop efficient production strategies and analytical plant layouts. Manufacturing companies can also inculcate the latest technologies in machine learning to increase their efficiency and keep their practices cutting-edge.