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India’s Top 100 Engineering Companies 2025 by Smart Manufacturing & Enterprises
Articles- Dec 02,25
FY25 unfolded against a challenging external setting. Despite the global headwinds, India posted real GDP growth of 6.5 per cent in FY2024–25. In this edition, Smart Manufacturing & Enterprises (SME) presents India's Top 100 Engineering Companies 2025 ranking based on a rigorous analysis of revenues and net profit.
The global economic environment in 2024–25 remained fragile. Trade tensions escalated with sweeping tariff changes in the United States, demand slowed across advanced economies, and geopolitical uncertainties in the Middle East and Asia created further instability. Despite these headwinds, India emerged as a beacon of resilience. With real GDP growth of 6.5 per cent in FY25, India retained its status as the fastest-growing major economy in the world. This achievement is particularly significant at a time when global growth was subdued and many large economies struggled with demand uncertainty.
India’s economic expansion was driven by strong domestic consumption, robust investment in infrastructure, rising exports, and stable macroeconomic policies. Inflation fell sharply to 2.82 per cent in May 2025, its lowest since 2019, while exports touched a record $ 824.9 billion in 2024–25, underlining India’s growing competitiveness on the world stage. Within this momentum, the manufacturing sector played a pivotal role, recording healthy output growth across engineering goods, automotive, defence, pharmaceuticals, electronics, and other industries.
India’s manufacturing sector performance
At current prices, India’s GDP expanded from Rs 106.57 trillion in FY15 to an estimated Rs 331.03 trillion in FY25, nearly tripling over a decade. In FY25 alone, nominal GDP grew 9.9 per cent, while real GDP rose 6.5 per cent, supported by a 6.4 per cent growth in Gross Value Added (GVA). Within this, manufacturing GVA grew steadily, reaching Rs 27.5 trillion in FY24 compared to Rs 15.6 trillion in FY14, reflecting an almost twofold expansion.
Manufacturing’s share of GDP remained stable at around 17.3 per cent, but the rising base indicates that India’s industrial capacity is strengthening in both scale and sophistication. The sector also benefited from sustained government support through Production Linked Incentive (PLI) schemes, tax incentives for new units, and policy reforms aimed at boosting domestic production.
Key industrial sectors performed reasonably well.
Engineering goods: This sector continued to anchor India’s merchandise exports, driven by demand in global markets for machinery, transport equipment, and industrial components. Exports of engineering goods reached new highs in FY25, reflecting the impact of the PLI scheme and the Make in India programme. Infrastructure expansion at home further boosted demand for heavy machinery and capital goods.
Automotive industry: The automotive sector grew by 7.3 per cent in FY25, supported by strong domestic consumption and rising exports. Passenger vehicle sales touched 4.3 million units, with utility vehicles accounting for 65 per cent of total sales. Exports rose 19 per cent, led by two-wheelers and passenger cars shipped to Latin America and Africa. While commercial vehicles saw a 1.2 per cent decline in volumes due to election-related slowdown in infrastructure spending during H1 FY25, demand revived strongly in Q4. Going forward, expectations of a favourable monsoon, tax cuts, and improved logistics connectivity are likely to sustain momentum.
Defence and aerospace: The defence and aerospace industries demonstrated remarkable progress in FY25. India’s defence budget allocation rose to Rs 6.81 trillion, a 9.5 per cent increase over FY24, with modernisation expenditure at Rs 2.66 trillion. Defence production and exports grew significantly, with exports rising from Rs 210.83 billion in FY24 to Rs 236.22 billion in FY25. Indigenous manufacturing, supported by Atmanirbhar Bharat policies, is positioning India as a global hub for advanced military technology. The government’s vision of achieving Rs 3 trillion in defence production and Rs 500 billion in defence exports by 2029 has gained traction. Strategic partnerships, domestic R&D, and indigenisation of key systems are driving this transformation, reinforcing India’s self-reliance and global defence footprint.
Railways and logistics: The government allocated Rs 2.52 trillion for Indian Railways in FY25, rising to Rs 2.60 trillion in FY26. Funds target electrification, Kavach safety deployment and rolling stock. Network-wide productivity levers—Gati Shakti cargo terminals, Dedicated Freight Corridors, and expanded Vande Bharat services—are set to lift freight velocity. Railways has set a 1,700 MT freight target for FY26, with a 3,000 MT ambition by 2030, a decisive demand vector for steel, wagons, signalling, and maintenance ecosystems.
Pharmaceuticals and healthcare: Pharmaceuticals remained a pillar of India’s export performance. The industry, already ranking third globally by volume, is projected to reach $ 130 billion by 2030 and $ 450 billion by 2047. In FY25, pharmaceutical exports played a significant role in boosting overall trade. With a reputation as the “pharmacy of the world,” India’s companies capitalised on rising demand for generics, vaccines, and APIs, supported by strong compliance standards and innovation.
Electronics and high-tech manufacturing: Electronics exports recorded one of the fastest growth rates, expanding by over 32 per cent to exceed $ 38 billion in FY25. This performance was bolstered by the PLI scheme for mobile phones, semiconductors, and electronic components. The sector added nearly $ 10 billion in export value within a single year, making it one of India’s rising stars in manufacturing.
The Production Linked Incentive (PLI) scheme continued to act as a catalyst across multiple sectors. Designed to boost domestic production and exports, PLI scheme incentives covered industries ranging from electronics and automotive components to pharmaceuticals, textiles, and advanced chemistry cells. By FY25, the scheme had attracted investments worth several billion dollars, stimulated job creation, and improved competitiveness. Additionally, measures such as the extension of the 15 per cent corporate tax rate for new manufacturing units, infrastructure spending on highways (which increased from 91,287 km in 2014 to 146,204 km by March 2025), and expansion of airports to 160 operational facilities, further created an enabling ecosystem.
Outlook for FY2025–26
In August 2025, a 25 per cent US tariff on Indian exports took effect, building on an earlier executive order on “addressing threats” from the Russian Federation that added another 25 per cent levy; with limited exemptions, many Indian goods now face an effective 50 per cent duty. US cited India’s tariff and non-tariff barriers and its energy/defence dealings with Russia. India, meanwhile, is pushing a Swadeshi drive to reduce external dependence, urging consumers to buy Indian. In FY25, India exported $86 billion to the US (about 20 per cent of India’s exports) and imported $45 billion (about 6.3 per cent of imports). If tariffs hit labour-intensive sectors such as textiles and jewellery, targeted fiscal support may be needed.
Despite this challenge, at present, India’s economic and manufacturing trajectory appears positive. India’s large domestic market, competitive labour force, digital adoption, and supportive policies provide strong buffers. The RBI projects 6.5 per cent GDP growth in FY26, while international bodies forecast between 6.3 per cent and 6.8 per cent. A favourable monsoon, stable interest rates, and continued infrastructure push will sustain demand. The government’s commitment to Atmanirbhar Bharat, higher defence allocations, and scaling of PLI schemes will further accelerate manufacturing. As FY2025–26 unfolds, the manufacturing sector will remain central to India’s growth story, shaping its journey towards becoming a global economic powerhouse.
Resilience of corporate performance
Notwithstanding global and domestic challenges, many Indian companies reported robust financial results in FY25. Engineering conglomerates, automotive majors, and pharmaceutical leaders expanded revenues, supported by resilient demand and export opportunities. A combination of better logistics networks, improved capacity utilisation, and strong balance sheets enabled firms to absorb external shocks and deliver healthy profitability.
Against this backdrop, Smart Manufacturing & Enterprises (SME) magazine proudly presents the Top 100 Engineering Companies in India that have outperformed their peers in FY25 and earned a place on this prestigious 2025 list.
Methodology for selection
The evaluation was carried out through a rigorous, process-driven methodology built around two key parameters: revenue and net profit.
- Net profit reflects the actual value created for shareholders.
- Revenue indicates market demand for a company’s products and services.
Both parameters were assigned equal weightage to maintain balance in the ranking process.
Annual reports for three consecutive financial years—FY23, FY24, and FY25—were analysed. Growth was measured across two periods - FY23 to FY24 and FY24 to FY25 (with greater weightage given to this recent performance).
A composite score was calculated by multiplying the assigned weightage with the respective ranks for revenue and net profit. These scores were then summed, and companies were ordered in descending fashion, with lower composite scores securing higher rankings.
To ensure accuracy and fairness:
- Companies with significant income from non-core segments such as real estate were excluded after manual review.
- Firms that had not published FY25 fourth-quarter results were not considered.
- Organisations that chose not to participate were also excluded.
Some companies may appear on the list despite not showing consistent growth in both sales and profit. This is because the system is weighted, meaning weaker performance in one period or parameter results in a lower rank, not exclusion.
To focus exclusively on emerging and mid-sized players:
- Only companies with FY25 revenues below Rs 5,000 crore were included.
- Companies had to be profitable in FY25 to qualify.
The companies were further segmented into four revenue-based categories:
- Very Large: Rs 2,000 crore – Rs 5,000 crore
- Large: Rs 1,000 crore – Rs 2,000 crore
- Medium: Rs 250 crore – Rs 1,000 crore
- Small: Rs 75 crore – Rs 250 crore
From each category, the top 25 performers were selected, together comprising the “Top 100 Engineering Companies in India (2025)”.
Through this methodology, the ranking highlights companies that have consistently demonstrated growth, resilience, and competitiveness despite a challenging economic environment. The final list recognises the 100 most dynamic engineering enterprises shaping India’s industrial future.
The “India’s Top 100 Engineering Companies 2025” story highlights how these companies out-performed their peers in FY25 and have emerged as the winners.
Some of the companies who made it to the “Top 100 Indian Engineering Companies 2025” list include Shakti Pumps, Genus Power Infrastructures, Skipper, Texmaco Rail, Techno Electric, Va Tech Wabag, Jupiter Wagons, Electrotherm, Subros, Sona BLW Precision Forgings, FIEM Industries, Sandhar Technologies, Gabriel India, Ramkrishna Forgings, Shriram Pistons, Lumax Industries, Pricol, Sansera Engineering, Titagarh Rail, Ion Exchange India, Elgi Equipments, Honeywell Automation, Minda Corporation, JTEKT India, Wheels India, Jyoti CNC Automation, Triveni Turbine, Kaynes Technology, HPL Electric, Cyient DLM, TD Power Systems, Pitti Engineering, Salzer Electronics, Astra Microwave Products, Salasar Techno Engineering, Bharat Bijlee, Greaves Cotton, Bharat Seats, PG Electroplast, Federal-Mogul Goetze India, Ador Welding, Suprajit Engineering, Ingersoll-Rand India, Swaraj Engines, NRB Bearings, Lumax Auto Technologies, WPIL Ltd, Banco Products India, Hind Rectifiers, Balu Forge Industries, Shilchar Technologies, Rajoo Engineers, Wendt India, Apollo Micro Systems, NDR Auto Components, Centum Electronics, The Anup Engineering, Igarashi Motors India, Kilburn Engineering, Paras Defence and Space Technologies, India Nippon Electricals, Shanthi Gears, Sika Interplant Systems, Jyoti Ltd, Eimco Elecon, United Drilling Tools, Veljan Denison, Nitin Castings, Roto Pumps, ITL Industries, and National Fittings among others.
READ the story of “India’s 100 Engineering Companies in 2025” in SME’s October 2025. To get a copy of Oct 2025, contact the Subscription department on Tel: +91 22 3103 3000, or Email: Subscriber@ASAPPinfoGlobal.com
Smart Manufacturing & Enterprises (SME) will expand the coverage further and bring out “India’s Fastest Growing Engineering Companies” in the 54th Annual Edition of SME which will be out in February 2025. To Book Your SME Copy CLICK HERE
Top 100 Indian Engineering Companies
India’s Top 100 Engineering Companies
Smart Manufacturing & Enterprises
Indian manufacturing sector
engineering goods
Defence and aerospace
Automotive
Electronics
Railways
logistics
Shakti Pumps
Genus Power Infrastructures
Skipper
Texmaco Rail
Techno Electric
Va Tech Wabag
Jupiter Wagons
Electrotherm
Subros
Sona BLW Precision Forgings
FIEM Industries
Sandhar Technologies
Gabriel India
Ramkrishna Forgings
Shriram Pistons
Lumax Industri
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