A Push for Self Reliance: Reliance IndustriesThink Reliance and what comes to mind most often is large-scale manufacturing. From its early phase in textiles to its eventual move into petrochemicals and oil refining, the story has only become bigger. Today, with multiple businesses, Reliance is thinking even bigger on manufacturing. Be it new energy, retail or oil refining, manufacturing is at the centre of the story.When Mukesh Ambani, Reliance’s Chairman & Managing Director, addressed shareholders earlier this year, he took some time to outline why the current moment is challenging. The most important lesson for India from these volatile times, he said, is that we must intensify and speed up our efforts “to make our country atmanirbhar in critical resources and technologies”.Maximum energy self-sufficiency and AI self-sufficiency must become national missions, he said. “The success of these missions is crucial to the success of Viksit Bharat.” Importantly, he stated that Reliance is playing a leading role in both national imperatives. “We have laid the foundation for Reliance to emerge as a leading deep-tech and advanced manufacturing company. For this, we are investing an extraordinary amount on innovation and R&D efforts,” he said.In many ways, this is an affirmation of how manufacturing is being viewed within Reliance, which has moved from being a B2B behemoth to a major B2C player as well; the latter includes digital, retail and financial services. The common thread, unsurprisingly, is manufacturing.New energy, he stated, was Reliance’s most ambitious generational undertaking, designed to solve “India’s energy trilemma of security, affordability and sustainability simultaneously, and at a scale, that has no parallel”.Last fiscal, the solar PV cell and module manufacturing lines were commissioned. During FY27, the first phase of the battery energy storage system and cell giga factory is on track to be commissioned.Under Reliance Retail and Reliance Consumer Products, a manufacturing platform is being built. “This will extend from beverages and daily essentials to one of the most unorganised categories,” he said.The company is also partnering with Rolls-Royce to develop and manufacture an engine for India’s fighter jet programme. @krishnagopalan The Multiplier Effect: ITC ITC’s architecture is evolving to power growth, strengthen value chains and support India’s ambition to become a global manufacturing powerhouse.Every organisation with a manufacturing scale has its own model. It evolves over time and, in today’s world, inevitably incorporates key elements such as technology and AI to make the process more effective.At ITC, they call it the Bharat Built Manufacturing architecture, which, according to its Chairman and Managing Director, Sanjiv Puri, has created world-class national assets across its FMCG, paperboards and packaging businesses, apart from export-oriented value-added agri processing. Its overall ecosystem has over 300 factories—including 45 owned plants—and an engagement with over 9,500 MSMEs.“These large investments in modern facilities provide strong levers of competitiveness, resilience and local value-chain development,” Puri told his shareholders at the most recent annual general meeting.Puri's speech mentioned “manufacturing” a dozen times and said nearly 90% of ITC’s value addition takes place within the country. It is well known that the agri and food processing industry has high employment-to-capital intensity. “Therefore, your company’s 170 factories in this sector are a powerful economic multiplier, deepening inclusive farm-to-consumer value chains and linking farmers to domestic and global demand,” he said.The belief in the India story is evident from the company’s medium-term capex plan of Rs 20,000 crore. Puri said this would be “in areas with a multiplier effect.”In addition to eight factories commissioned recently, six more are in the pipeline. More recently, ITC concluded the Rs 3,498 crore buyout of the pulp and paper business of Aditya Birla Real Estate Ltd, known as Century Pulp and Paper. Puri referred to this in his speech, saying this will reinforce ITC’s leadership as India’s largest integrated paperboards and paper business. The acquisition raises capacity by over 50% to 1.5 million metric tonnes.“The newly established state-of-the-art moulded fibre products facility is pioneering complex engineering compostable solutions for single-plastic substitution for both domestic and global markets. As each of your company’s businesses scales up in line with the ITC Next strategy, its manufacturing ecosystem component is poised to expand further, contributing to India’s aspiration to be a global manufacturing powerhouse,” he said. ITC’s manufacturing engine continues to chug along. @krishnagopalan Growth Gamble: Samsung Electronics A Rs 1-lakh crore India business, intensifying competition and AI revolution are pushing Samsung to rethink its next decade in the country.India has moved well beyond being a large consumer market for Samsung Electronics. With revenue from its Indian operations crossing the Rs 1 lakh crore mark for the first time in FY25, the country is increasingly central to the Korean electronics giant’s growth strategy as it completes 30 years in India. Samsung India Electronics Pvt Ltd reported operating revenue of Rs 1,11,183 crore in FY25, up more than 11% from Rs 99,542 crore a year earlier.The scale of the Indian business is significant, particularly as Samsung faces intensifying competition across smartphones, televisions and appliances. Mobile phones remain one of the biggest contributors to Samsung India’s topline, but the company also has a presence across tablets, TVs, home appliances and computers. Rather than pursue an India listing to fund expansion, Samsung has indicated that it will focus on growing the business organically.Its next phase in India is likely to be built around two priorities: AI-led products and easier consumer financing. Manufacturing is one of the important pillars. Samsung operates its largest smartphone manufacturing facility in Noida, which has increasingly become an export hub. The company is also looking to deepen its manufacturing footprint and has been the beneficiary under the production-linked incentive scheme. That signals a potential shift from assembling finished products towards building a broader local electronics ecosystem.The manufacturing ambitions in India are also expanding into newer, AI-linked businesses. In August 2026, FläktGroup, the HVAC company acquired by Samsung Electronics in 2025, inaugurated a new manufacturing facility in Pune to produce advanced cooling systems for AI data centres and other critical infrastructure. The plant, which will serve both India and the wider Asia-Pacific market, is expected to eventually produce up to 6,500 HVAC units annually.For India, therefore, the opportunity is broader. Samsung is looking to make the country a bigger manufacturing and export base, deepen its component footprint and use AI to move consumers towards higher-value products. The challenge will be converting scale into sustained growth as competition intensifies and global consumer electronics demand remains uneven. @PalakAgarwal64 Powering India: Adani PowerAdani Power Ltd, India’s largest private thermal power producer, is stepping up its expansion plans to keep pace with the country’s rising electricity demand. Peak power demand in the country touched a record 270 GW in a single day this summer, highlighting the need for additional generation capacity.S.B. Khyalia, CEO, Adani Power Ltd (APL), said India's growth story will continue to be powered by reliable, affordable and scalable energy, and Adani Power is committed to playing a pivotal role in this national journey.With electricity demand in India continuing to climb, driven by industrialisation, urbanisation and the rapid growth of digital infrastructure, dependable baseload power will remain critical to ensuring grid stability and energy security.“To address this demand, Adani Power is undertaking India's largest private-sector thermal power expansion programme, with over Rs 2 lakh crore in capex. This will increase our generation capacity from over 18 GW today to 45 GW by FY32. Beyond thermal power, we are diversifying our portfolio through international hydropower, targeting 5 GW of capacity by the same period,” said Khyalia.Adani Power reported a 47.24% year-on-year (YoY) rise in its Q1FY27 net profit to Rs 4,866.60 crore, up from Rs 3,305.13 crore reported in Q1FY26.On the company’s foray into nuclear power, Khyalia said Adani Power is preparing for the next phase of India’s energy transition by evaluating opportunities in the sector, with an aspiration to develop 10 GW of capacity by 2035. Rising power demand, higher operating capacity and PPA tie-ups for previously open capacity at Tuticorin boosted power sales volumes in Q1 FY27.The company is evaluating both domestic and overseas reactor technologies and is is assessing the recently released rules under the SHANTI Act to enable private sector participation in nuclear power. Adani Power is also assessing the suitability of sites including Bina and Nigrie in Madhya Pradesh for future nuclear development. @richajourno From Putting India on Wheels to Driving ‘Make in India’: Maruti SuzukiWhen Japanese carmaker Suzuki partnered with the Indian government in the early 1980s to roll out small, affordable cars under the Maruti badge, few would have imagined that India would become the Japanese automaker’s biggest export hub and account for two-thirds of Suzuki’s global production four decades later.Maruti Suzuki produced a record 2.3 million cars and SUVs in FY26, about 2,00,000 more than the next three carmakers combined. It exported 4,47,000 vehicles in FY26, up 34% over the previous year—cornering a whopping 49% share in passenger vehicle exports out of India.“In the first quarter of FY27, our share of passenger vehicle exports has risen to 55%,” Hisashi Takeuchi, managing director and CEO of Maruti Suzuki, tells BT in an interview.In 2025, Suzuki became Japan’s top car importer, thanks to Made-in-India SUVs, including the Fronx, the Jimny and the e-Vitara. “Since we are producing cars in India and exporting to Japan, Suzuki became the biggest importer of cars from abroad,” says Takeuchi.Thanks to strong domestic demand and robust exports, almost two-thirds of the global production of Suzuki Group now comes from India, he adds. To meet rising demand for domestic sales and exports, Maruti Suzuki is expanding at breakneck speed. It added 5,00,000 units of capacity in the first four months of FY27, taking its annual capacity to 2.9 million units. By FY31, the company is targeting annual capacity of four million units, with 8,00,000 units reserved for exports.Few companies have shaped India’s manufacturing story as significantly as Maruti Suzuki. After spawning industrial clusters around its plants in Haryana’s Gurugram and Manesar, the automaker’s 640-acre facility in Gujarat’s Hansalpur, set up at a cost of Rs 25,289 crore, brought about 100 auto parts suppliers to the western state. “When we started production at Hansalpur, it was a big challenge because our supplier locations were mainly in Haryana. Hundred suppliers came and built their factories in Gujarat because transportation cost is reasonably big. They understand that there is economy of scale. We have gradually expanded our production at Hansalpur from 250,000 to 1 million. For them it made sense to open a new factory,” says Takeuchi.Hansalpur is not the only plant with annual capacity of one million units. Maruti Suzuki is also doubling capacity at its 800-acre facility in Haryana’s Kharkhoda to one million units once it becomes fully operational. The carmaker has already acquired land for Rs 4,940 crore for its second plant in Gujarat’s Sanand. The 1,750-acre facility, which is coming up with an investment of Rs 35,000 crore, will also have a capacity of one million units.“The Sanand plant is expected to create 25,000 jobs and it will have facilities such as dormitories,” says Takeuchi.Even though Maruti Suzuki has lost some market share to homegrown rivals in recent years due to its limited SUV portfolio, the carmaker was quick to recalibrate its strategy. “We had only two SUVs in our portfolio in 2021 but now we have six. We have much bigger vehicles which were not there in the past,” says Takeuchi. Maruti Suzuki’s market share in the SUV segment has jumped from 11% in FY22 to 21% in Q1 of FY27. Wooing back loyal customersThe carmaker is widening its SUV portfolio with plans to launch seven new nameplates over the next five years, aiming to woo back earlier customers who may have switched to other brands.“Maybe, five years back, our line-up was not good enough to attract those customers to buy a second or third Maruti Suzuki,” Takeuchi says, adding that the carmaker is developing more products with new designs. “We will try to attract those customers who left Maruti Suzuki. The next important thing is trying to get their repeat orders. Our customers can always come back and buy bigger vehicles. Now the situation is different, and we can attract those customers with a wide variety of products,” he adds.But the focus on SUVs doesn’t mean India’s biggest carmaker is ignoring first-time car buyers. “We have to be mindful that India is a country that is still developing quite rapidly. So, more and more first-time buyers will arrive. It is important to capture those first-time buyers,” he says, citing low car penetration in India.Though Maruti Suzuki has launched a slew of SUVs in recent years, it is still absent from some SUV segments, most notably the subcompact segment, which gets several first-time car buyers.“We would like to add products to the segments where we don’t have a product right now. We would like to do it as quickly as possible,” says Takeuchi, adding that a subcompact SUV is certainly in the pipeline. “We are preparing for that. If we don’t have any product in the segment, we are missing a whole bunch of opportunities over there,” says Takeuchi.“In order to achieve a higher market share, we have to improve our market share of every segment,” he says. “In some segments, we have a market share of as high as 70%. On the other hand, in SUVs, we are only enjoying a little more than 20%, which is much lower than our national average market share (40%). In those areas, we want to make our presence stronger, and we hope that we improve our total market share,” says Takeuchi.On competition from newer entrants in the Indian car market, Takeuchi points out that the company has more than 6,000 service outlets across the country. “This is substantially much more than the competition. Wherever our customers go, they can get service and necessary parts,” he says. Catching up on EVsWith the launch of its maiden battery electric vehicle (BEV), the e-Vitara, earlier in 2026, Maruti Suzuki has emerged as India’s fourth-largest EV maker by volume. “It is doing more sales in India than our plans,” Takeuchi says. “We are trying to remove customer pain points around EVs with home charger installation, battery-as-a-service (BaaS) offering and assured buyback,” he adds.On the company’s plans for low-cost EVs, Takeuchi says EVs will start with big cars and mid-size cars before gradually penetrating the small car segment. “An EV is a second car at home and not the first car because charging infrastructure is not perfect. Still, people would like to have a first ICE car,” he says, adding that scale in EVs will come eventually.Maruti Suzuki expects 15% of sales to come from BEVs by FY31, 25% from hybrid vehicles, 35% from CNG and 25% from ICE (internal combustion engine) or flex-fuel vehicles.“If you move to EVs very quickly, you cannot make it fully in India. The development of ecosystem and sales should happen simultaneously,” says Takeuchi, adding that Maruti Suzuki is setting up an ecosystem to help make rare earth elements in India.While the carmaker currently imports battery packs from China’s BYD, Takeuchi says the company is in talks with local cell manufacturers for when they start production. “If you rely on some specific source for components and materials, it is high risk because you will be controlled by that company or country who is the sole supplier of that component,” he cautions. Imports of lithium-ion cells have gone up five-fold over the past five years to Rs 41,667 crore in FY26 with China accounting for 84% of battery cell imports. For rare earths, the dependence is even higher at 85–90%.Maruti Suzuki’s four-decade-long journey has had a multiplier effect on India’s manufacturing industry, with the automaker buying 91% of its components by value from suppliers in India and creating hundreds of jobs not only within factories but also across parts suppliers, transport and other ancillary businesses. @karandhar11 Moving Beyond Assembly: Dixon TechnologiesFrom Assembling Cathode Ray tube (CRT) televisions for Lucky Goldstar in 1993 to making smartphones for global brands, Dixon Technologies has become a manufacturing powerhouse. “We started with a rented factory in Noida 33 years back. We only had 10 people. Fast forward to now, we have 25 manufacturing units and two more are on the way,” Sunil Vachani, founder and executive chairman of Dixon Technologies, tells Business Today.The next phase is moving beyond assembly. The company is investing in backward integration of display and camera modules. After entering smartphone camera modules in 2025, it formed a joint venture with China’s HKC for displays and plans TFT LCD displays for automotive, laptop and mobile phone segments.“One of the criticisms from critics has been that your value addition is very low. But with these two plants of camera and display module, we will leapfrog to a value addition of 35% in a very short period of time,” says Vachani.“In laptop displays, the plan is to have a capacity of 1.5 million pieces a year. In mobile, at least 30 million pieces a year. In TV, we are looking at a capacity of 3.5 million pieces a year. It is going to add significantly to the bottom line because margin in the components business is much better than the EMS business,” says Vachani, adding that the company is in talks with automakers to sell display modules.The Delhi-based EMS firm has tied up with Taiwan’s Inventec for laptop and PC components. “We believe that this partnership with Inventec will help us get a big share of the requirement of data centres,” says Vachani.Its 51:49 joint venture with Vivo is expected to begin operations in Q3 FY27, giving Vivo a majority-Indian-owned manufacturing structure while deepening Dixon’s smartphone presence.After a greenfield one-million-square-foot factory in Noida, Dixon is weighing a South India campus and is in talks with Andhra Pradesh, says Vachani.Over the years, Dixon has built enduring relationships. One early customer was Philips, for which it made VCRs. More recently, it signed a joint venture with Signify, the Philips lighting business, to make lighting products for Indian and global markets.Dixon’s early association with Bharti Airtel included push-button phones and AT&T-branded handsets. Today, the two have a joint venture to make consumer and telecom products.“Our vision is whenever someone thinks globally of outsourcing, they should think of India and Dixon. That’s the kind of trust we need to establish with customers,” says Vachani. @karandhar11Rising Presence: Sun PharmaSun Pharma is strengthening its manufacturing base as it expands its portfolio across generics, branded products, complex medicines and innovative medicines. Its proposed $11.75-billion acquisition of Organon is part of this wider expansion.The company has 27 finished-dosage manufacturing facilities and 13 API facilities, with capabilities spanning oncology, hormones, peptides and steroids. Its facilities manufacture multiple dosage forms, including orals, creams, ointments, injectables, sprays and liquids.The network spans India, the Americas, Asia, Africa, Australia and Europe. Sun says its vertically integrated manufacturing infrastructure enables high-quality, cost-effective production and swift market entry across geographies. Its manufacturing facilities are approved by leading regulatory authorities, including the USFDA, UK MHRA, EMA, TGA, WHO and Japan’s PMDA.The manufacturing base is supporting a business that is also changing in composition. In FY26, Sun Pharma’s consolidated revenues grew 11.9% to Rs 58,200 crore, while EBITDA rose 16.1% to Rs 17,700 crore. Its Innovative Medicines business contributed 22% of consolidated sales.The Organon acquisition will add three distinct businesses to Sun Pharma’s portfolio. The first is its innovative medicines business, focused on contraception and fertility. The second is its established-products business, which accounts for more than half of the portfolio. The third is biosimilars, a segment new to Sun Pharma.“Biosimilars is a new business for us, but similar in nature to how we do generic business on the synthetic side,” Kirti Ganorkar, Managing Director of Sun Pharma, tells Business Today. “There are already seven biosimilars in Organon’s portfolio, and we can license more products, including from China, to expand this segment.”Ganorkar said the company could use China not only as a market but also as a source of innovation in biosimilars. “We also see China as a country where significant innovation is happening in biosimilars,” he said.Sun’s manufacturing footprint also supports its expansion in emerging markets. The company has local manufacturing in nine countries in the region, including Bangladesh, South Africa, Malaysia, Romania, Egypt, Morocco, Nigeria and Russia. Revenue from Emerging Markets grew 18.8% in FY26 to Rs 11,187 crore.Manufacturing efficiency is also part of the company’s agenda. Sun says 52.55% of its total energy consumption in FY26 came from renewable sources, compared with 49.77% in FY25. @neetu_csharmaRacing Ahead: Tata MotorsTata Motors passenger vehicles have made a remarkable ascent in India’s car market, overtaking rivals to become India’s second-largest carmaker by domestic sales in the first four months of FY27. The homegrown carmaker’s market share rose from a modest 4.8% in FY20 to 13% in FY26. In July 2026, it hit a high of 14%. The automaker is now eyeing a 20% share over the next five years by nearly doubling volumes from about 6,40,000 units in FY26 to more than 1.2 million units by FY31.Tata Motors PV is looking to increase annual manufacturing capacity from 900,000 units to 1.3 million units over the next two to three years.“We will expand our manufacturing capacity by 400,000 units annually, through brownfield expansion and optimising capacity for existing plants. Our aim will be to ensure that our manufacturing capacity remains flexible and fungible across products and powertrains, such that we are able to ensure higher utilisation,” Shailesh Chandra, MD & CEO of Tata Motors PV, tells Business Today in an interview.Tata Motors PV currently operates manufacturing facilities in Pune, Maharashtra, and Sanand, Gujarat. The carmaker plans to use the Panapakkam plant, currently operated by JLR, to manufacture its next-generation electric vehicle, the Avinya.As India’s largest electric carmaker, manufacturing flexibility is fundamental to its operations. “Our lines are entirely fungible by design, and thus, on the same line we can produce EVs (electric vehicles), CNG, petrol and diesel vehicles,” says Chandra. “This enables production volumes to be adjusted based on market demand,” he adds. Tata Motors plans to expand its portfolio from 9 to 15 nameplates by FY31, comprising six new nameplates and over 20 facelifts and refreshes.Over the past two months, EV bookings have trebled. “The Indian automotive market has reached an inflection point, particularly in e-mobility, where mainstream adoption is accelerating faster than global trends,” says Chandra. The carmaker’s EV capacity stood at around 15,000 units per month at the end of the June quarter. Supply is the real constraint in fully unleashing the potential of EVs. Chandra expects EV sales to grow 70% year-on-year in FY27. @karandhar11Aiding Exports: Hyundai Motor IndiaFor nearly three decades, Hyundai Motor India Ltd’s sprawling manufacturing facility in Sriperumbudur, Chennai, stood as a formidable bastion of the South Korean automaker, driving its growth in one of the world’s fastest-growing automotive markets. Now, with the acquisition of General Motors’ Talegaon plant in Pune, Hyundai is embarking on a capacity expansion drive to deepen its manufacturing footprint in the country.“The Pune plant is not only for capacity fulfilment. It is much more than that. It helps us in geography, exports, scale and de-risking,” Tarun Garg, the managing director and CEO of Hyundai Motor India, tells BT in an interview. “We wanted to expand as both domestic and export demand is going up. As a manufacturing hub, Pune already has a supplier ecosystem. The GM plant was available for us to take,” Garg adds.The Pune plant, where operations commenced in 2025, will have a capacity of 170,000 vehicles starting in October. “We are moving to a capacity of 250,000 units by 2028, and we would be reaching 300,000 by 2030,” says Garg, adding that Pune gives Hyundai a geographical advantage as the western region is the carmaker’s biggest market. Meanwhile, Hyundai’s Chennai plant can produce up to 824,000 vehicles annually.The South Korean carmaker is doubling down on its investments in India. “In the past 30 years, we invested about Rs 40,000 crore. But in the next five years, we have already planned a Rs 45,000 crore investment in India. This shows a big thrust on India,” says Garg. Most of this investment will go into capacity expansion.Hyundai produced 769,280 cars and SUVs in the financial year 2025-26, retaining its position as India’s second-largest car producer by volume. It accounted for 21% of passenger vehicle exports from India in the financial year 2025-26.“We are the No. 2 domestic-plus-export OEM in India. We have no plans to give it up. The next phase of our strategy is new model introductions. We have already announced 26 models from FY26 to FY30, including refreshes and upgrades,” says Garg. By 2030, Hyundai is going to have five to six CNG models, five to six hybrids and four to five electric vehicles, says Garg.India’s importance in Hyundai Motor Company’s scheme of things is only increasing, according to Garg. In FY26, Hyundai exported 190,125 vehicles. Outside Korea, India is Hyundai’s largest export base. “It can play a much larger role,” says Garg. “Going forward, we are looking to leverage FTAs which the government has signed and looking at opportunities to expand our export footprint beyond emerging markets.” @karandhar11Scale Play: UltraTech CementIn mid-April this year, UltraTech Cement Ltd, an Aditya Birla Group company, crossed the 200 million tonnes per annum capacity mark. Apart from being the largest player in India, this made UltraTech the largest cement company in the world outside China.The scale of this achievement can be gauged from the fact that it is now almost twice the cement capacity of the United States and more than the EU’s overall capacity.At an event to announce this milestone, Group Chairman Kumar Mangalam Birla highlighted that, of the 200 mtpa capacity, about 110 mtpa has come through greenfield and brownfield expansions, with the other 90 mtpa added through buyouts, most notably L&T’s cement business, Jaypee, Binani, Century, Kesoram and India Cements.One aspect that Birla spoke of in some detail was scale, which he said reveals itself in four ways: in impact, reach, reliability and responsibility. Over time, UltraTech has become better at delivering on these counts, evident in its strong brand name and wide reach across the country. Manufacturing has played a key role in making that possible.To break that down further, the company’s manufacturing philosophy, according to its annual report, is anchored in a simple belief: trust is built through consistent performance, responsible growth and meaningful partnerships. Through systematic capacity expansions over the past few years, UltraTech has strengthened its operational excellence and set new industry benchmarks.“Today, UltraTech leads the way in driving energy efficiency, scaling renewable energy, and embedding digital innovations. These efforts progressively reduce our carbon intensity while enhancing our reliability and cost competitiveness,” states the annual report.Manufacturing, for the cement major, has a multi-faceted approach. The focus is on maximising operational efficiency even as the shift to cleaner energy, alternative fuels and waste heat recovery continues.To Birla, 200 mtpa is only a marker and not a destination. “With a target of 240 mtpa by FY28 at an investment of Rs 16,000 crore already in motion, the path ahead is firmly underway. India stands at a defining juncture, where choices made over the next decade will shape its infrastructure for generations,” he said. @krishnagopalanDiversifying the Energy Portfolio: Jindal Power LtdJindal Power is entering the next phase of its growth journey, with a stated 2030 roadmap to build more than 10,000 MW of combined thermal and renewable capacity, including pumped storage, floating solar, battery energy storage and nuclear power.Jindal Power Ltd, a part of the Naveen Jindal Group, is establishing its international presence with a 700 MW thermal power project under construction in Botswana. The company is also into coal mining, with two operating mines that have a combined annual capacity of 15.15 MMT. Two more mines are at an advanced stage of exploration.Pradipta Kumar Mishra, Managing Director of Jindal Power, says the company’s next phase of growth is about building a diversified energy portfolio that combines reliable power, renewable energy, technology and international opportunities.“It is about more than adding capacity. With a current portfolio of over 6,000 MW and an ambition to cross 10,000 MW by 2030, our focus will be on disciplined growth, sustainable business, inclusive society and creating long-term value while supporting India’s growing energy needs,” Mishra adds.Jindal Power is an integrated power generation company with a growing presence across thermal power, renewable energy and international energy opportunities.In 2021, Jindal Steel & Power Ltd (JSPL), the flagship company of the Naveen Jindal Group, announced the divestment of its subsidiary, Jindal Power Ltd (JPL), which was engaged in the power generation business. JPL was sold to a private entity owned by the promoters.Worldone Private Ltd (WPL), one of the holding companies of the Naveen Jindal Group, has been involved in the power sector through its association with JPL. The equity shares of WPL are held by members of the Naveen Jindal family, and its debt is listed on BSE Ltd. As part of the transaction, WPL entered into a Share Purchase Agreement with JSPL to acquire a 96.47% stake in JPL.The company currently manages a combined portfolio of more than 6,000 MW, which includes 5,920 MW of thermal power capacity and 165 MW of solar capacity. It also manages around 2,200 MW of captive power plants of Jindal Steel. @richajourno Renewed Momentum: Waaree EnergiesWaaree Energies Ltd.’s growth trajectory is now less about proving manufacturing scale and more about converting that scale into a broader energy-transition platform.The company began its journey in 2007 with a 30 MW operation and now has 25.8 GW of module capacity globally and 5.4 GW of solar cell capacity.In Q1 FY27, Waaree delivered Rs 7,931.79 crore in revenue from operations, Rs 1,439.92 crore in operating EBITDA, and an order book of about Rs 61,500 crore.“By 2030, the real story will go well beyond solar modules. It will be about how we use that base to build adjacent engines in battery storage, power electronics, transmission infrastructure and upstream manufacturing, so that Waaree becomes a full-stack clean-energy platform powering the global energy transition at scale,” says Abhishek Pareek, Chief Financial Officer, Waaree Energies Ltd.On reducing import dependence in solar manufacturing, the company says it is pursuing backward integration with sharper emphasis as its scale expands.“We are building from modules back to cells, wafers, ingots and further upstream, and our strategic investment in United Solar Holding in Oman is about securing visibility into critical supply chain inputs, including polysilicon-linked security, rather than depending entirely on the spot market,” he says.Waaree’s localisation strategy also aligns with manufacturing-policy priorities in the US and India.The objective is not just import substitution, but supply-chain resilience, quality control and long-term energy self-reliance across the solar value chain.“We remain clear that this is a capital-intensive roadmap, but it is now translating into operating assets and early revenue contribution. Our planned capex remains in the Rs 25,000-30,000 crore range, with meaningful allocation across BESS, inverters, transformers, electrolysers, solar glass, cells and upstream materials,” he says.The important shift in Q1FY27 is execution: the 5.15 GWh automated BESS container facility is already operational, and the company has acquired a 55% stake in Associated Power Structures. @richajournoMetal Major: NALCOAs India expands its manufacturing and infrastructure base, leading aluminium producing company, National Aluminium Company Ltd (NALCO), plans to invest around Rs 30,000 crore over the next five years to expand its mining, refining, smelting and power generation capacities, while increasing its focus on critical minerals, renewable energy and downstream aluminium manufacturing.The public sector aluminium producer reported revenue from operations of Rs 17,843 crore and profit after tax of Rs 5,816 crore in FY26.The Government of India holds a 51.28% stake in the company, which operates across the aluminium value chain, from bauxite mining and alumina refining to aluminium smelting, captive power generation and coal mining.The Bhubaneswar, Odisha-headquartered company’s expansion plans include commissioning a one million tonne per annum (MTPA) fifth-stream alumina refinery, operationalising the 3.5 MTPA Pottangi bauxite mine and adding a 0.5 MTPA brownfield aluminium smelter. It also plans to develop a 1,080 MW captive power plant as part of its capacity addition programme.According to the company, these projects will increase bauxite production capacity from 68.25 lakh tonnes to 134.75 lakh tonnes, alumina capacity from 21 lakh tonnes to 31 lakh tonnes, aluminium capacity from 4.6 lakh tonnes to 9.6 lakh tonnes, and power generation capacity from 1,200 MW to 2,280 MW.NALCO is also working on projects to recover minerals such as gallium, scandium, titanium, vanadium and rare earth elements from industrial by-products.Through Khanij Bidesh India Ltd (KABIL), it is participating in overseas mineral projects, including lithium exploration in Argentina.The company also plans to add renewable energy capacity and promote value-added aluminium products through the Angul Aluminium Park.“Aluminium will remain an important metal for infrastructure, clean energy, transportation, defence and advanced manufacturing as India moves towards becoming a developed nation by 2047,” said Brijendra Pratap Singh, Chairman-cum-Managing Director, NALCO.“Through our expansion projects and investments in critical minerals, renewable energy and technology-driven operations, NALCO is preparing to meet future demand while maintaining cost competitiveness. We remain committed to creating sustainable value for stakeholders and contributing to India’s manufacturing growth,” he said @neetu_csharma Orchestrating Value Chains: Tata Consumer ProductsOver the past few years, Tata Consumer Products has had an interesting journey. A combination of smart buyouts, strengthening existing categories and entering new territories has helped growth take off.Ajit Krishnakumar, the company’s ED & COO, expects this momentum to continue. A key ingredient in this success has been the company’s approach to manufacturing. In the past four years, its manufacturing footprint has doubled. “We have built manufacturing redundancy into more than 90% of our SKU (stock keeping units) portfolio. This network design gives us the flexibility to rapidly respond to demand shifts, scale production and ensure continuity of supply,” he says.For him, this is not hard to grasp, since manufacturing is viewed as a key growth enabler. “We have successfully commercialised a pace of an innovation a week, enabling us to rapidly translate consumer insights into products on shelf,” he explains.That process is not easy when there is a need to develop distinctive capabilities in manufacturing innovative products.A lot of time and effort goes into operating a differentiated supply-chain strategy. “Rather than relying on a one-size-fits-all model, we employ a segmented approach with category-specific decisions around make-versus-buy and the appropriate degree of vertical integration,” he says.Technology also makes a difference, and he cites continuous improvement and digital manufacturing as important competitive moats. “That helps in rolling out relevant enhancements to our capabilities where relevant.”An example is the company’s instant coffee operations, which, he claims, have delivered globally benchmarked performance in yield, OEE (overall equipment effectiveness) and energy-intensity reduction through sensorised factories and IoT-enabled analytics. Consequently, the company has seen meaningful savings in energy-intensive coffee operations.This brings the focus to Tata Consumer’s manufacturing advantage. Krishnakumar says it goes well beyond just operating factories efficiently. “It lies in our ability to orchestrate highly diverse and complex value chains, commercialise innovation at speed, build resilience into the network and leverage digital technologies for productivity. @krishnagopalan Weaving Growth: Vardhman TextilesVardhman Textiles is stepping up investments in manufacturing capacity, technology and sustainable production as it prepares for its next phase of growth in domestic and export markets.The company said its focus would remain on adapting to changes in the textile industry and creating long-term value.“The future is not built by those who wait for change; it is built by those who embrace it. In a world shaped by digital transformation, innovation and sustainability, the greatest opportunity lies in continuously learning, evolving, and creating value that endures,” says S.P. Oswal, Chairman and Managing Director.The company has planned investments of about Rs 2,000 crore over the next few years, including expansion at the PM Mitra Textile Park in Dhar, Madhya Pradesh. Vardhman has already invested around Rs 1,200 crore in modernising its spinning machinery and another Rs 800 crore in green power projects.The company is also expanding its product portfolio. Its entry into 100% synthetic fabrics is aimed at addressing demand in technical and performance textiles. In garments, a Rs 125-crore expansion is expected to take annual shirt-making capacity to 4.5 million from 2.3 million currently.Sustainability is another area of investment. Vardhman plans to increase the share of green energy in its operations from about 15% currently to around 60% by 2028.It is also setting up biomass-based boilers and zero-liquid-discharge wastewater management systems.The company is looking to strengthen its presence in the UK, Europe and other overseas markets while tapping rising domestic demand.It expects growth to come from value-added products, synthetic and performance textiles, technical textiles, and greater use of technology across manufacturing operations.Vardhman, which operates more than 14 manufacturing facilities and employs over 30,000 people, reported turnover of more than $1 billion in 2025-26. @neetu_csharma Capacity Buildout: GSFC LtdThe Gulf conflict posed one of the biggest challenges for India’s agriculture sector, disrupting fertiliser imports. Indian fertiliser manufacturers are now looking to ramp up domestic production and diversify into high-value, import-dependent products, subject to market and financial viability.Gujarat State Fertilizers and Chemicals (GSFC) Ltd, a Gujarat government-promoted undertaking, is focusing over the next five years on expanding fertiliser production, strengthening its raw material base through backward integration, and increasing its presence in specialty chemicals and value-added products.Rajender Kumar, Managing Director, GSFC, said the company’s long-term objective is to progressively increase its contribution to India’s fertiliser demand while supporting the vision of self-reliance in manufacturing.“In fertilisers, the company is undertaking phased expansion of sulphuric acid and phosphoric acid capacities to secure the raw material base by backward integration, efficiency gains and operating at the scale required to increase fertiliser production. Similarly, we are strengthening our portfolio of value-added and specialty fertilisers that improve nutrient-use efficiency and support balanced fertilisation,” said Kumar.“We are planning for diversification into high-value, import-dependent products, subject to market and financial viability and receipt of necessary approvals,” Kumar explained.GSFC is looking to strengthen its global footprint by leveraging free trade agreements (FTAs) as a strategic tool for export growth.“Over the coming years, significant investments will be directed towards expanding fertiliser manufacturing infrastructure, including additional sulphuric acid and phosphoric acid capacities, strengthening raw material availability and improving operational flexibility. Parallel investments will support downstream value-added fertiliser products and specialty chemicals,” he adds.On the chemicals front, the company is leveraging its leadership in products such as Caprolactam, Melamine, Nylon-6, Hydroxylamine Sulphate, and MEK Oxime to diversify into high-value specialty chemicals, engineering polymers and advanced materials catering to rapidly growing sectors. @richajourno India’s Space Bridge: NewSpace IndiaIndia’s space sector was once defined largely by the capabilities of the Indian Space Research Organisation (ISRO). That picture is changing rapidly. From a single space startup in 2014, India now has more than 300, with private companies entering launch vehicles, satellites, propulsion, earth observation and downstream applications.The transformation has been aided by the government’s 2020 space-sector reforms, which opened the entire value chain to private participation and created the Indian National Space Promotion and Authorisation Centre (IN-SPACe) as the interface between government and industry. Alongside this new architecture, NewSpace India Ltd (NSIL) has been quietly building the commercial bridge between India’s public-sector space capabilities and the private market.Set up in March 2019 as a wholly owned government company under the Department of Space, NSIL was created as ISRO’s commercial arm.After the 2020 reforms, NSIL’s role expanded. It received an enhanced mandate to undertake end-to-end commercial space activities on a demand-driven model.Speaking with Business Today, Chairman and Managing Director (Addl Charge) and Director (Finance), Radha Krishna A. says, “For the first time in the history of Indian space program, Indian industry has been entrusted by NSIL with the responsibility to realize launch vehicle on an end-to-end basis. NSIL has enabled Indian industries to develop fully indigenous space products with technical support from ISRO and produce them in bulk to implement on a PAN India level.”NSIL is also moving beyond marketing ISRO’s capabilities to building an industrial ecosystem around them. In September 2025, it signed an agreement with ISRO, IN-SPACe and Hindustan Aeronautics Ltd (HAL) to transfer Small Satellite Launch Vehicle (SSLV) technology to industry, aiming to create production capacity for the quick-turnaround rocket and tap the growing global small-satellite launch market.The shift is visible in NSIL’s expansion. In February 2026, it opened an office at Gujarat’s GIFT City to facilitate international collaboration in launch, satellite and mission-support services.With India’s space economy targeted to grow from about $8.4 billion to $44 billion by 2033, NSIL sits at a vital intersection. @PalakAgarwal64Apparel Ace: Page IndustriesIncorporated in 1994, Page Industries is one of India’s leading branded apparel manufacturers and the exclusive licensee of Jockey and Speedo in India. The company manufactures, markets and distributes innerwear, athleisure, activewear and swimwear, with Jockey as its flagship brand.The company has built a strong manufacturing and distribution network, backed by experienced management headed by Chairman Sunder Genomal and more than 21,000 employees, with women accounting for around 80% of its workforce.Page has 15 manufacturing units with annual production capacity of around 280 million pieces and strong backward integration. Its distribution network spans more than 1,16,600 multi-brand outlets, 1,615 exclusive brand stores and 893 large-format stores, while e-commerce has emerged as an important growth channel.Page has also expanded its international footprint, with Jockey products reaching markets including Sri Lanka, Nepal, Kuwait, Oman, Qatar, the UAE, Saudi Arabia and Bahrain. The company also manufactures, markets and distributes Speedo products in India.Srinivasan Kari, Senior President and Chief Operating Officer (Manufacturing & Operations) says, “Our 6P philosophy—Purpose, People, Process, Productivity, Planet and Progress—aligns our vision, mission, and values with operational excellence and sustainable growth.”Financially, Page delivered a strong performance in FY26. Revenue stood at Rs 5,567 crore, EBITDA at Rs 1,152.9 crore and profit after tax at Rs 763.8 crore. Gross sales increased from Rs 1,796 crore in FY16 to Rs 5,567 crore in FY26, a 210% rise, while PAT more than tripled from Rs 231.5 crore to Rs 763.8 crore, registering 230% growth. Managing Director V.S. Ganesh said, at the investor’s call, for FY26 the revenue grew 6.3% and PAT increased 4.8%. He highlighted brand strength, product innovation, distribution expansion, retail excellence and supply-chain capabilities as key growth drivers. Page also continues to invest in technology, automation and digital systems to improve efficiency and consumer reach.As Jockey marks its 150th anniversary, Page Industries was recognised by Jockey International with the “Licensee of the Decade” award for the second consecutive term, reflecting the strength of the partnership. @PrinceInMediaFactory Reset: Honeywell AutomationFor many indian factories, the question is no longer whether to adopt Industry 4.0 technologies, but how to do so without stopping production. Across automotive, electronics and chemicals, manufacturers continue to run decades-old plants while chasing global benchmarks in productivity, quality and sustainability. Honeywell Automation India Ltd (HAIL) is betting on that shift.Its edge lies in combining automation, software and engineering to help manufacturers modernise without disruption. “Leadership is built on the combined strength of deep technology, disciplined execution, trusted customer partnerships and steady focus on innovation,” says Atul Pai, Managing Director, HAIL, and Vice President & General Manager, Building Automation, Asia (excluding China), Honeywell Technologies, India.HAIL reported sales turnover of Rs 4,190 crore and total assets of Rs 4,163 crore, according to Deloitte. It also posted a five-year average return on capital employed of 22% and a negligible debt-equity ratio of 0.02, reflecting a strong balance sheet.Honeywell Automation favours incremental modernisation. Pai says it uses retrofit-friendly architectures, digital twins and Industrial Internet of Things platforms that allow customers to upgrade plants line by line while operations continue.Platforms Honeywell Forge and Digital Prime consolidate data from legacy systems, simulate process changes before deployment and lower risk. Pai says this helps manufacturers move “from automation to autonomy.”The strategy is particularly relevant as India pushes to raise manufacturing’s contribution to GDP to 25% while positioning itself as a global manufacturing hub.The company also sees India moving beyond manufacturing into innovation. Its engineering teams develop digital twins, industrial software and building automation solutions used globally. It also makes STQC-certified Series 50 security cameras, fire sensors and building management system actuators in India.Pai calls this a “Built by India, for the world” approach. Pai says smart manufacturing adoption is strongest in capital-intensive sectors linked to global supply chains, including automotive and electric vehicles, electronics manufacturing services (EMS), chemicals, petrochemicals and life sciences. Pai expects the “factory of 2030” to be connected, AI-enabled and cybersecure.For Honeywell, the next phase of competitiveness will depend less on replacing factories than on making existing ones intelligent. @palakagarwal64Wellness Vanguard: Zydus WellnessAs Zydus Wellness expands its portfolio of consumer wellness products and builds a larger international business, it simultaneously stepping up investments in manufacturing technology and operational efficiency.The company’s manufacturing footprint currently includes four owned plants in Ahmedabad, Aligarh and Sikkim, supported by 25+ contract manufacturing sites across India, Bangladesh, New Zealand and Dubai. During FY26, it increased capacity across categories, while also reporting its highest-ever production of Everyuth sachets at Sikkim, and mayonnaise and chocolate at Ahmedabad.Zydus Wellness completed 450 Kaizen, or continuous-improvement, projects during the year, while Overall Equipment Effectiveness (OEE)—a measure of how efficiently a manufacturing line is being used—stood at 84% for Sugar Free, 78% for Everyuth and 75% for fat spreads. “Our priority is to strengthen the foundations of the business for resilient, agile and responsible growth. Manufacturing is key, but so is building capabilities for innovation, new categories and global expansion. Sustainability remains integral to how we grow,” says Tarun Arora, CEO and Whole Time Director.Its manufacturing facilities also supports exports, with 23% of chocolate and 58% of chocolate spread produced at Ahmedabad being exported, along with 11% of cookies produced at Aligarh.The company is also adding infrastructure in anticipation of further demand. Its Annual Report says it has undertaken infrastructure-development projects for new manufacturing facilities. Zydus Wellness completed 450 Kaizen and continuous improvement projects during the year.The manufacturing investments come as the business itself expands. In Q1FY27, Zydus Wellness reported net sales of Rs 1,429.9 crore, up 66.7% YoY, while EBITDA rose 55.3% to Rs 241.7 crore. Its organised-channel saliency in India also reached 38% in Q1FY27, comprising 17% from modern trade and 21% from e-commerce.International operations are also becoming a larger part of the business. The company reported high double-digit topline growth in its international business in Q1FY27, with Sugar Free, Complan, RiteBite Max Protein and Nycil contributing significantly.For Zydus Wellness, the manufacturing strategy is being built around capacity, productivity and flexibility as the company adds products and markets. @neetu_csharma