Manufacturing has always been one of the pillars of the Indian economy. It constitutes 16-17% of India’s GDP and employs millions of Indians working in steel, automobile, chemical, and defence industries. 

Government policies such as Make in India and production-linked incentive (PLI) schemes have further supplemented the growth of manufacturing industries, which also comprise several of India’s largest companies in terms of market value and revenue.

Below is a list of the top manufacturing companies in India which represent a variety of products and industries, from petrochemicals and steel to automobiles and defence electronics. The companies have been selected based on their market value, relevance, and prominence.

The next section provides a brief description of the top 10 manufacturing companies in India based on their establishment year, owners, headquarters, and products.

Quick Comparison

Rank	Company	Founded	Owner / Parent	Headquarters	Core Products
1	Reliance Industries	1966	Mukesh Ambani (Chairman & MD)	Mumbai	Petrochemicals, Refining, Textiles
2	Tata Steel	1907	Tata Group (Tata Sons)	Mumbai / Jamshedpur	Steel, Alloys
3	Larsen & Toubro (L&T)	1938	Publicly listed (no promoter)	Mumbai	Engineering, Construction, Defence
4	Maruti Suzuki India	1981	Suzuki Motor Corporation (majority owner)	New Delhi	Passenger Vehicles
5	Mahindra & Mahindra	1945	Mahindra Group (Chairman: Anand Mahindra)	Mumbai	SUVs, Tractors, EVs
6	JSW Steel	1982	JSW Group (Chairman: Sajjan Jindal)	Mumbai	Steel Products
7	Bajaj Auto	1945	Bajaj Group	Pune	Motorcycles, Three-Wheelers
8	Asian Paints	1942	Publicly listed (founding families)	Mumbai	Paints, Coatings
9	Hindalco Industries	1958	Aditya Birla Group (Chairman: Kumar Mangalam Birla)	Mumbai	Aluminium, Copper
10	Bharat Electronics Limited (BEL)	1954	Government of India	Bengaluru	Defence Electronics

Reliance Industries – India’s largest manufacturing conglomerate

 Image Courtesy: Reliance Industries Official Website

• Founded: 1966 
• Owner: Mukesh Ambani (Chairman and Managing Director); founded by Dhirubhai Ambani
• Headquarters: Mumbai, Maharashtra

One of the largest listed conglomerates in India, in terms of revenue, Reliance Industries was founded in 1966 as a small textile and trade business, set up by Dhirubhai Ambani. Ever since, it has grown phenomenally, with its current petrochemical complex being one of the largest in the world. Other manufacturing verticals include textiles and refining.

What Reliance does: Large-scale petrochemical complex, oil refining, textiles manufacturing, and retail, telecom and digital services.

Products offered: Petrochemicals and polymers, petroleum products, textiles and synthetic fibre, and green hydrogen and renewable energy equipment.

Tata Steel – The company that made India steelier

 Image Courtesy: Tata Steel Official Website

• Founded: 1907 (as Tata Iron and Steel Company)
• Owner: Tata Group (Tata Sons), Chairman: N. Chandrasekaran 
• Headquarters: Mumbai, Maharashtra (with works in Jamshedpur, Jharkhand)

Tata Steel was founded in 1907 as the first integrated steel plant in India. The company has been at the forefront of India’s industrialization drive, and today has a truly global footprint, with interests in steelmaking in multiple countries. 

It has also undertaken multiple initiatives to pivot towards low-carbon and green steelmaking in the coming years.

What Tata Steel does: Mining and manufacturing of steel products.

Products offered: Flat steel products, Long steel products, Alloy and special steel, Tubes and wires, and construction steel.

Larsen & Toubro (L&T) – India’s largest engineering and construction company

 Image Courtesy: Larsen & Toubro Official Website

• Founded: 1938 
• Owner: Publicly listed; professionally managed with no promoter; Chairman & Managing Director: S.N. Subrahmanyan
• Headquarters: Mumbai, Maharashtra

L&T was founded in 1938 by two Danish engineers, Henning Holck-Larsen and Søren Kristian Toubro, who began their venture in India by importing dairy equipment. The company has come a long way since then, and today, is one of India’s largest engineering and construction companies.

What L&T does: Engineering design, construction, project management and execution, and defence systems manufacturing.

Products offered: Heavy engineering, Defence systems and shipbuilding, Process plant equipment, Construction equipment, Infrastructural development, and hydrocarbon equipment.

Maruti Suzuki India – India’s largest car manufacturer

 Image Courtesy: Maruti Suzuki India Official Website

• Founded: 1981 (as Maruti Udyog Limited, a government-owned entity) 
• Owner: Suzuki Motor Corporation, Japan (majority owner), Chairman: R.C. Bhargava
• Headquarters: New Delhi

Maruti Suzuki traces its roots to 1981, when it was set up as a government-owned entity called Maruti Udyog Limited. It began its journey as a joint venture between Maruti Udyog Limited and Suzuki Motor Corporation of Japan in 1982. 

Since then, Suzuki has steadily increased its stake in Maruti to over 50%, making it majority-owned by the Japanese automaker. Maruti Suzuki is today India’s largest car manufacturer, with over 40% market share, and has been a key contributor to India’s automotive industry for decades.

What Maruti Suzuki does: Manufacturing of automobiles.

Products offered: Hatchbacks, Sedans, and SUVs offered under the marque’s Arena and Nexa brands, including electric and hybrid variants.

Mahindra & Mahindra – From steel trading to utility vehicles and SUVs

 Image Courtesy: Mahindra & Mahindra Official Website

• Founded: 1945 
• Owner: Mahindra Group, Chairman: Anand Mahindra 
• Headquarters: Mumbai, Maharashtra

Mahindra & Mahindra was founded in 1945 by J.C. Mahindra and K.C. Mahindra as a steel trading company, before pivoting towards utility vehicles and tractor manufacturing. It has since evolved and is today one of the largest tractor manufacturers by volume, globally. The company has also been a major player in the Indian SUV market for several decades.

What Mahindra does: Manufacturing of utility vehicles, tractors, and electric vehicles, as well as group companies across diverse industries.

Products offered: SUVs such as the Scorpio and XUV series, tractors and farm equipment, commercial vehicles, and electric vehicles.

JSW Steel – One of India’s largest steel manufacturers

• Founded: 1982 
• Owner: JSW Group (Chairman: Sajjan Jindal) 
• Headquarters: Mumbai, Maharashtra

 Image Courtesy: JSW Steel Official Website

JSW Steel Limited is a business division of the JSW Group, which came into existence in 1982. It is one of the largest steel producers in India, and is known to have one of the lowest cost structures globally. 

The JSW Group has diversified interests in energy, infrastructure and construction materials, including cement and associated businesses.

What JSW Steel does: Manufacturing of flat steel products and long steel products, suitable for construction, automotive and other uses.

Products offered: Hot and cold rolled steel sheets, galvanized and coated steel products, TMT bars, Wire rods, and automotive steel products.

Bajaj Auto – India’s largest two- and three-wheeler manufacturer

 Image Courtesy: Bajaj Auto Official Website

• Founded: 1945 (as Bachraj Trading Corporation) 
• Owner: Bajaj Group; promoted by the Bajaj family 
• Headquarters: Pune, Maharashtra

Bajaj Auto traces its roots to 1945, when it was set up by Jamnalal Bajaj as the Bachraj Trading Corporation. It has since grown to be one of India’s largest two- and three-wheeler manufacturers. 

The company has had a long history of innovation, as well as penetration in the Indian market, with its products enjoying a sizeable market share. It has also been a major exporter over the years, with its vehicles being powered by petrol, CNG, and LPG.

What Bajaj Auto does: Manufacturing of two- and three-wheelers.

Products offered: Motorcycles, Commercial three-wheelers, and electric two- and three-wheelers.

Asian Paints – India’s largest paint manufacturer

 Image Courtesy: Asian Paints Official Website

• Founded: 1942 
• Owner: Publicly listed; founded by four friends – Champaklal Choksey, Chimanlal Choksi, Suryakant Dani, and Arvind Vakil
• Headquarters: Mumbai, Maharashtra

Asian Paints was founded in 1942 by four friends, in a small garage in Mumbai. Today, it is India’s largest paint manufacturer, as well as one of the largest in Asia. 

With operations across the country, it has a truly pan-India footprint and offers a wide range of products, ranging from decorative paints to industrial coatings, as well as home furnishings.

What Asian Paints does: Manufacture of decorative and industrial paints, with an extensive product portfolio.

Products offered: Interior and exterior paints and coatings, Waterproofing solutions, Industrial coatings, and home décor products and furnishings.

Hindalco Industries – Asia’s largest aluminium producer

 Image Courtesy: Hindalco Industries Official Website

• Founded: 1958 
• Owner: Aditya Birla Group, Chairman: Kumar Mangalam Birla 
• Headquarters: Mumbai, Maharashtra

Hindalco Industries was founded in 1958 and has since grown to be Asia’s largest aluminium producer, as well as one of the largest copper producers in the country. It is the metals flagship of the Aditya Birla Group, and also owns Novelis, a global leader in rolled aluminium products.

What Hindalco does: Mining of aluminium and copper, and downstream manufacturing.

Products offered: Aluminium products include sheets, foils, and extrusions, while copper products include rods and wires. Rolled aluminium products are also manufactured through its subsidiary, Novelis.

Bharat Electronics Limited (BEL) – India’s largest defence electronics manufacturer

 Image Courtesy: Bharat Electronics Limited Official Website

• Founded: 1954 
• Owner: Government of India 
• Headquarters: Bengaluru, Karnataka

Bharat Electronics Limited was founded in 1954 to develop indigenous defence electronics manufacturing capabilities in India, which was hitherto reliant on imports. BEL has since been a major defence electronics manufacturer, supplying the Indian armed forces, and also has multiple manufacturing units across the country.

What BEL does: Design and development of defence and aerospace electronics for the Indian armed forces and government.

Products offered: Radar, Communication Systems, Electronic Warfare Systems, Weapon Systems, and electronics for Homeland Security and Civil Applications.

Frequently Asked Questions (FAQs)

Which is the largest manufacturing company in India by revenue? 

Reliance Industries is generally considered to be India’s largest manufacturing company by revenue.

Which is the oldest manufacturing company on this list? 

Tata Steel, founded in 1907, is the oldest manufacturing company on this list. Larsen & Toubro is the second oldest on this list, founded in 1938.

Which company manufactures the most cars in India? 

Maruti Suzuki India is India’s largest passenger car manufacturer.

Is Maruti Suzuki an Indian-owned company? 

Maruti Suzuki is a joint venture between the Government of India (formerly) and Suzuki Motor Corporation of Japan. However, Suzuki owns over 50% of Maruti Suzuki’s equity.

Which company on this list is government-owned? 

Bharat Electronics Limited (BEL) is the only government-owned company on this list. It is a Navratna public sector undertaking under the Ministry of Defence, Government of India.

Which manufacturing companies are part of larger business conglomerates? 

Tata Steel (Tata Group), Mahindra & Mahindra (Mahindra Group), JSW Steel (JSW Group), Bajaj Auto (Bajaj Group), and Hindalco Industries (Aditya Birla Group) are some of India’s largest business conglomerates.

What role has “Make in India” played in boosting manufacturing? 

Make in India and production-linked incentive (PLI) schemes have played a significant role in promoting and supplementing India’s manufacturing sector and its share in the GDP.

Which of these companies is involved in defence manufacturing? 

Larsen & Toubro and Bharat Electronics Limited are involved in defence manufacturing and supply of defence equipment to the Indian defence forces.

Which industries do these top manufacturing companies serve? 

The companies serve a variety of industries, including the automotive, construction, infrastructure, energy, defence, and consumer goods industries.

Why does India’s manufacturing sector matter for the broader economy? 

Manufacturing is one of India’s largest economic sectors in terms of employment and contribution to GDP. It plays a critical role in achieving India’s economic growth and self-reliance objectives, as well as in employing millions of Indians.

Conclusion

India’s top manufacturing companies are a mix of century-old conglomerates such as Tata Steel and Larsen & Toubro, rising private sector companies such as JSW Steel and Reliance Industries, multinational joint ventures such as Maruti Suzuki, and government-owned defence electronics major Bharat Electronics Limited. 

Collectively, they represent most of India’s manufacturing industries, from steel and automobiles to engineering and defence. 

As India’s government promotes manufacturing through policies such as Make in India and production-linked incentive (PLI) schemes, these companies are expected to continue to play a major role in the Indian economy, come what may.