June 2026
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Largest Industrial Parts Public Companies in India
Benchmark revenue and EBITDA valuation multiples for public comps like
Larsen & Toubro, Cummins India, Bharat Heavy Electricals, Bosch and Bharat Forge.
 | Larsen & Toubro Ltd is a technology, engineering, manufacturing, and financial services conglomerate operating globally. It enters into contracts to construct various facilities, develop solutions for offshore and onshore hydrocarbon projects, serve power plants, build ships, and perform other engineering projects. Its integrated capabilities help customers throughout the entire value chain, from design to delivering a project. The company's operating segments are: Infrastructure projects, Energy projects, Hi-Tech Manufacturing, IT & Technology services, Financial services, Development projects, and other segments. A majority of its revenue is generated from the Infrastructure projects segment. Geographically, the group generates maximum revenue from its operations in India. | $44 | +11% | $61B | $66B | 2.2x | 18.8x | ||
| Cummins India Ltd designs and manufactures service engines and engages in allied activities. The company produces fuel systems, air handling, filtration, emission solutions, and electrical power generation systems in facilities across India. The company's business units are; Engines, Power Systems, Components, and Distribution. Its operating segments are; Engines and Lubes. Maximum revenue is generated from its Engines segment which manufactures engines from 60 HP for low, medium, and heavy-duty on-highway commercial vehicle markets and off-highway commercial equipment industry spanning construction and compressor. | $60 | +64% | $17B | $16B | 12.9x | 46.9x | ||
| Bharat Heavy Electricals Ltd is an integrated power plant equipment manufacturer and engineering company in India. Its products and services serve power, transportation, energy, oil and gas, defense, and other industrial markets. The company has three business segments: Power (which contributes the majority of total revenue), Industry sector and International Operations. Bharat's product portfolio consists of heavy industrial equipment and components, including turbines, valves, pumps, boilers, and insulators. In addition, the company offers aftersales service to customers for maintenance and repairs and can help synchronize power plants. The majority of total revenue is derived from India, but the company has a footprint in many different regions. | $4 | +41% | $14B | $14B | 3.8x | 40.4x | ||
| Bosch Ltd is a holding company of subsidiaries manufacturing and trading automotive products. The company sells car parts such as fuel systems, electrical drives and motors, steering systems, and aftermarket products to the automotive industry. The company's reportable segments are; Automotive products which generate maximum revenue, Consumer Goods, and Others. Its operations in the automotive business consist of diesel systems, gasoline systems, and automotive aftermarket products and services. The Consumer Goods segment predominantly consists of trading activities in power tools and consumables, and the Others segment includes industrial technology, building technology products, and services. Geographically, the company generates a majority of its revenue within India. | $412 | +17% | $12B | $11B | 5.4x | 26.8x | ||
| Bharat Forge Ltd is an Indian multinational engaged in metal forging across different industries. The company has the following business units: automotive, power, oil and gas, construction and mining, rail, marine and aerospace. The automotive unit offers products including powertrain components, machines crankshafts, connecting rods, and piston. The Power business unit manufactures components for thermal, wind, hydro and nuclear applications. The Company divides its business into three reporting segments: "Forgings", "Defense", and "Others". The Forgings segment focuses on manufacturing forged components, while the Defense segment centers around defense-related activities. The "Others" segment encompasses all other businesses not covered by Forgings and Defense. | $21 | -- | $10B | $11B | 6.0x | 34.1x | ||
| Schaeffler India Ltd precision components and systems in engine, transmission, and chassis applications, as well as rolling and plain bearing solutions for many industrial applications, is shaping mobility to a degree. It offers diverse services in the Automotive, Industrial, Automotive Aftermarket, and Export business segments. In addition, it provides training to key garage influencer groups and holds fleet workshops for the Automotive Aftermarket and Industrial distribution markets. Its client emphasis on innovation and superior distribution network enable it to grow and create value for stakeholders. It has reported segment information under two segments: Mobility components and related solutions and Others. | $44 | +3% | $7B | $7B | 6.3x | 33.1x | ||
| Timken India Ltd is an India-based company that manufactures, distributes, and services bearings and related components. The company also provides repair and maintenance services for industrial gearboxes. The company's products, predominantly engineered bearings, and mechanical power transmission products, are marketed under brand names including Timken, Beka, Diamond, Drives, and others. The company's clients come from defense, mining, metals, and civil aerospace sectors. Timken India generates the majority of its sales from the Indian domestic market and the rest from the United States of America, and other countries. | $38 | -- | $3B | $3B | 7.8x | 40.8x | ||
| Sedemac Mechatronics Ltd is engaged in the business of development, manufacture and supply of controllers/electronic control units(ECUs). It is a supplier of high-volume critical controllers/ECUs having novel motor, engine, supervisory and other control technologies. The company operates in various sectors, namely, power generators, powered equipment, electric vehicles and electric bikes etc. Its reportable segments are: Mobility and Industrial. The majority of the company's revenue is derived from Mobility segment, which includes motor control and transmission systems such as integrated starter generators, electronic fuel injection, automated manual transmissions, and control units used in electric bicycles and electric vehicles. Geographically, the maximum revenue is derived from India. | $29 | -- | $1B | $1B | 11.6x | 55.2x | ||
| SKF India Ltd is an India-based company that manufactures and distributes bearing products and other related products. The company's products and services include bearings, hydraulic and mechanical tools for mounting and dismounting, alignment tools, seals, lubrication systems, and services such as technical support, maintenance, and condition monitoring. it operates in a single segment which is Bearings. The company's products and technologies are used by original equipment makers and aftermarket customers across the world. SKF India generates a majority of its revenue from the Indian domestic market. | $17 | -- | $855M | $823M | 2.1x | 15.2x | ||
| Carraro India Ltd is a technology-driven integrated supplier that develops complex engineering products and solutions for its original equipment manufacturer (OEM) customers. The company manufactures and sells axles and transmission systems for agricultural tractors and construction vehicles such as backhoe loaders, soil compactors, cranes, self-loading concrete mixers, and small motor graders. It also provides after-sale services and supplies spare parts mainly to Indian customers. The company operates in two geographical environments; India which is its key revenue-generating market, and outside India. | $6 | +15% | $322M | $328M | 1.4x | 13.1x | ||
| Quadrant Future Tek Ltd is a research-focused company developing next-generation Train Control and Signaling Systems as part of the KAVACH project for Indian Railways. The company's specialty cables are used in railway rolling stock and the Naval (Defence) industry. The Company is engaged in two business segments: the manufacture and distribution of Specialised Cables and the Manufacturing of Train Collision avoidance systems. Key revenue is generated from the Cable Division. | $4 | -16% | $174M | $173M | 10.7x | (48.2x) | ||
| Indo Farm Equipment Ltd is a fully integrated established manufacturer of Tractors and Pick & Carry Cranes. It also deals in other farm equipment such as Harvester Combines, Rotavators, and other related spares & components. Its facilities are equipped with induction furnaces, pneumatic molding machines, automatic molding line, a sand plant, a fully equipped Metallurgy and Sand Testing Laboratory, a Machining Center, a Gear Shop, a Press Shop, Fabrication Shop, Paint Shop, Assembly unit, Quality Room & Utility room. | $1 | -24% | $67M | $75M | 1.6x | 11.0x | ||
| Median | $25 | +13% | $5B | $5B | 5.7x | 30.0x |
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