April 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 Carraro India.
 | 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. | $42 | +6% | $58B | $65B | 2.1x | 19.9x | ||
| 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. | $56 | +57% | $15B | $15B | 12.5x | 51.1x | ||
| 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 | +32% | $13B | $13B | 4.0x | 70.7x | ||
| 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. | $379 | +12% | $11B | $11B | 5.4x | 32.7x | ||
| 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 | +19% | $335M | $344M | 1.8x | 17.6x | ||
| 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. | $3 | -33% | $130M | $125M | 8.1x | 443.9x | ||
| 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 | -19% | $69M | $78M | 1.9x | 12.6x | ||
| Median | $6 | +12% | $11B | $11B | 4.0x | 32.7x |
Financial data powered by FactSet and Morningstar. Valuation multiples as of current fiscal year. For more data, start your free trial here.
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