India's Manufacturing Champions 2026: Top Companies & States Ranked | Business Today

India's manufacturing ecosystem is entering a decisive phase. Supply-chain shocks and concerns around economic security have brought manufacturing back to the centre of the economic conversation. Prime Minister Narendra Modi's Make in India initiative, launched in September 2014, recognised this trend early. Over 12 years later, on our 80th Independence Day, he said the world has virtually junked globalisation and underlined that the country needs to build a strong manufacturing base.

It is why this India@100 Manufacturing Special edition asks: can manufacturing become the foundation of a truly developed India?

With Deloitte India as the knowledge partner for the company analysis, the issue identifies listed and unlisted companies that are leading India's manufacturing transformation.

The state analysis by the Business Today research team uses five- and 10-year data from the Annual Survey of Industries, the Reserve Bank of India, and the Ministry of Commerce to identify leading states across seven parameters, including factories, exports, and manufacturing gross value addition.

The picture that emerges is that India's manufacturing race is now a competitive federal contest. Another section identifies the districts that are centres of production and exports. This analysis, by How India Lives, highlights leading manufacturing districts, emerging clusters and major industrial locations.

Rankings

Report Card

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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%

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

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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

BSE 1000 · 4,387 plants mapped

Where are India's factories located?

Plant locations pulled from the 2024–25 annual reports of 568 manufacturing companies in the BSE 1000 index, geolocated and mapped.

Data/Maps: How India Lives

23.7%
of all plants sit in the ten largest districts
335
districts have no BSE 1000 plant at all
106
of those empty districts are in the North East
~40%
of plants fall inside six industrial regions

Industry

Show other industries

All industries shown Drag to pan · scroll to zoom · hover a dot

Industrial regions1,718 PLANTS

Districts with the most factoriesTOP 10 + TIE

Share of a state's plants in its top 3 districts%

Even the most industrialised states concentrate their plants in a handful of districts. In Maharashtra, Pune, Thane and Raigad hold close to half of the state's total; Gondia and Latur hold none.

Tabs 1–2: plant locations from company annual reports, BSE 1000 manufacturing companies. Tab 3: district totals from state Annual Survey of Industries reports. Tab 4: district export shares vs India trade data and UN Comtrade global totals. Tab 5: overseas plant locations from company annual reports; investment figures from the Ministry of Finance. Map files from Survey of India and Natural Earth. 4,387 plants · 567 companies

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 Full Methodology

CHOOSING THE CHAMPION STATES

How we arrived at India's top-performing manufacturing states and assessed the strength of their manufacturing ecosystem

Download Full Methodology