BT India at 100: India's Manufacturing Champions

About

Bringing together government leaders, industry captains, investors, economists and technology pioneers, India at 100 will foster strategic conversations on the future of manufacturing: from advanced production and supply chains to digital transformation, infrastructure, exports, sustainability and capital investments.

Through exclusive research, leadership dialogues and forward-looking discussions, the summit will present a roadmap for strengthening India's manufacturing ecosystem and accelerating the nation's journey towards becoming a $30 trillion economy by 2047 .

India at 100: India's Manufacturing Champions is where the leaders building India's industrial future come together to shape the nation's next century of growth.

BT Videos

Glimpses

Manufacturing

Revenue band: > INR 20,000 crore

Rankings

Report Card

| -

Size and Growth

Sales Turnover

₹31,609

Total Assets

₹15,697

Sales Turnover 5-year CAGR

13%

Total Assets 5-year CAGR

10%

Profitability and Efficiency

ROCE 5-Year Average

30%

Gross Profit 5-Year CAGR

13%

EBITDA Margin 5-Year Average

12%

Net Profit 5-Year CAGR

13%

Total Asset Turnover Ratio 5-Year Average

2.4

Inventory turnover ratio 5-Year Average

0.8%

Balance Sheet Strength

Debt-Equity Ratio

0.3

Interest Cover Ratio

6.37

Liquidity and Cash Discipline

Current Ratio

1.47

Working Capital Turnover Ratio

4.99

CFO by EBITDA

0.5

Notes: Company rankings have been arrived based on available data for current (2025)/previous year (2024). In case of unavailbilty appropiate adjustments have been made to align with the industry. The data for certain parameters such as COGS and ROCE (%) has been sourced directly from different databases (e.g. Capitaline, etc) in cases where base data is unavailable for calculations

State Rank

Filter by

State Wise Number of Factories

State Wise Exports (USD Millions)

Note: For the exports parameter, long-term growth was calculated over a seven-year period (FY18-FY25), as comparable state-wise historical data was available only for this duration

State Wise Invested Capital (Rs Crore)

State Wise Availability of Power (Net Crore Units)

State Wise GSVA by Construction (Rs Crore)

Note: # data available till FY23, * data available till FY24

State Wise GSVA by Manufacturing (Rs Crore)

Note: # data available till FY23, * data available till FY24

Methodology

Z-scores are used to normalize different financial metrics across companies so that growth, profitability, balance-sheet strength and liquidity can be compared on a common scale. The intent is not to reward raw size alone, but to identify companies that perform better than their relevant peer set with consistency and financial discipline.

Core Formula
Z-score = (Company value - Peer group mean) / Peer group standard deviation

For metrics where lower is better:
Adjusted Z-score = -1 x Z-score
This ensures that a better outcome always produces a higher score.

Higher-Is-Better Metrics
Higher values are treated as better for: