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India at 100: India's Manufacturing Champions

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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.

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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

INDIA'S INDUSTRIAL TRANSFORMATION
A look at Deloitte India's ranking methodology and assumptions

india's states present a differentiated and diverse landscape not only in terms of geography and culture but also socioeconomic development parameters, including population size, economic growth, fiscal health and industrial progress.

With this in mind, Business Today conducted a study to identify India's top-performing manufacturing states and assess the strength of their manufacturing ecosystem. The rankings were prepared using the latest available state-level data from the Annual Survey of Industries (ASI) and the Reserve Bank of India (RBI), which compiles data from the Ministry of Commerce, and other official government sources.

Download the full methodology document
CHOOSING THE CHAMPION STATES
How we arrived at India's top-performing manufacturing states and assessed the strength of their manufacturing ecosystem

india's states present a differentiated and diverse landscape not only in terms of geography and culture but also socioeconomic development parameters, including population size, economic growth, fiscal health and industrial progress.

With this in mind, Business Today conducted a study to identify India's top-performing manufacturing states and assess the strength of their manufacturing ecosystem. The rankings were prepared using the latest available state-level data from the Annual Survey of Industries (ASI) and the Reserve Bank of India (RBI), which compiles data from the Ministry of Commerce, and other official government sources.

Download the full methodology document

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