The industrial equipment industry suffered from unprofitable growth during the pandemic but still managed to drag itself out of the adverse circumstances in a comparatively better way than the other sectors.
The reason is that the demand for industrial equipment would never drop as none of the manufacturing industries can survive without equipment. Over and above that, it is difficult for a company to self-produce all the machinery and equipment. You can’t be an expert in everything, right?
And therefore, the companies partner with different industrial equipment suppliers to procure various equipment. For example, automobile companies do not produce all the vehicle parts. They source a few components, such as air cleaner, disk brake, spark plug, alternator, and other automobile pieces from the suppliers.
Keep reading to know the best industrial equipment suppliers in India.
Cummins India Ltd
Cummins Inc is an American multinational corporation that began its operation in India in 1962. The company manufactures and distributes engines, filtration and power generation products and equipment.
Cummins India owns 3 Generator Original Equipment Manufacturers (GOEMs), 21 dealerships and 120+ dealership branch offices across India, handling four business segments: Engine Business Unit, Power System Business Unit, Component Business Unit, and Distribution Power Unit.
The industrial machinery company generated a revenue of more than INR 4,300 crore in FY 2021 and is expected to increase by more than INR 5,800 crore by the end of FY 2023.
Timken India Ltd
In 1987, TIL was established in India as Tata Timken Ltd, a joint venture between Tata Steel (Previously known as Tata Iron and Steel Company) and The Timken Company. Both Tata Steel and Timken Co. held 40 percent equity each, and the public held the rest.
In mid-1999, Timken acquired the 40 percent stake of Tata Steel and also changed the name to Timken India Ltd. The company manufactures bearings and power transmission products and has offices in Bangalore, Chennai, Delhi, Jamshedpur, Kolkata and Pune. It earned a revenue of INR 1,640.27 crore in FY 2020 and INR 1,430.12 crore in FY 2021.
ELGI Equipments Ltd
Besides being a dedicated supplier of compressors to Indian Railways for over three decades, ELGI Equipment also provides air solutions for electrical and diesel locomotives. It is the sixth-largest of air compressor producers in the world.
ELGI initially collaborated with Pumpenfabrik Urach Germany to manufacture low-cost compressors, car-washing machines, and hydraulic lifts, and then had a technical tie-up with Landwehr Germany to manufacture lubricating equipment.
Lately, the compressor-making company has been planning to restructure its business strategies to become one of the top three global players within five years. In FY 2021, it earned consolidated revenue of INR 1924 crore and sold its products to more than 120 countries, having a presence in 26 countries.
ISGEC Heavy Engineering Ltd
Established in 1933 as Saraswati Sugar Syndicate Company, ISGEC manufactures air pollution control equipment, process equipment, industrial boilers, steel & iron castings, sugar plants & distilleries and mechanical & hydraulic presses.
With a high revenue of INR 5,477 crore, ISGEC was ranked 252 by ET and 253 by Fortune India 500 for 2021 in the heavy engineering segment. It has also successfully supplied its products to 91 countries over the years, out of which Switzerland, Germany, China, Japan, USA, France, Canada and Australia are the regular customers.
Schaeffler India Ltd
Formerly known as FAG Bearings India Ltd, Schaeffler is one of India’s largest ball and rolling bearing manufacturers in terms of revenue. Additionally, it is the largest supplier of hub bearings to the Indian passenger car industry.
Apart from this, it supplies bearings to all major Indian industries, like construction, machinery, electrical engineering, fluid technology, industrial gears, mining and many more. It also exports hugely to Europe, US and Asian countries.
Some of the biggies across the globe to which Schaeffler supplies are Daimler, Chrysler, Volvo, Volkswagen, Renault, Voith, Otis and General Dynamics. In FY 2021, the company witnessed an immense gain as the net profit increased by 116.21% and the net sales increased by 47.81%.
Lakshmi Machine Works Ltd
Lakshmi Machine Works is India’s largest textile machinery and CNC machine tool manufacturer. In 1962, it began the production of textile machines with a technical collaboration with Rieter, a Swiss-based manufacturer and steel & ammunition with Krupp, a German-based manufacturer.
LMW was awarded the ‘Most Innovative Company of the Year’ in 2020 by the Confederation of Indian Industry (CII), a non-government trade association and advocacy group. Furthermore, it generated a revenue of INR 1,638.89 crore from operation in FY 2021.
Greaves Cotton Ltd
One of the well-known suppliers of farm equipment, diesel, petrol, kerosene, gasoline engines, diesel pump sets, and diesel generators, Greaves Cotton, started its operation in 1859.
Apart from industrial machinery, it has also entered the E-mobility segment by acquiring Ampere Electric Vehicles in 2018 and Bestway in 2021. It has partnered with TVS for service support and eBikeGo for performance electric scooters.
Moreover, Greaves Cotton has achieved a yield of INR 1,321.88 from operation in FY 2021, with 60% revenue generated from the E-mobility business.
The Future of Industrial Machinery and Equipment Industry
The machine industry is one of the most advanced industries with respect to adapting technical trends. It has already brought a significant change in the business model by adapting the concept of ‘Equipment-as-a-Service’. And now, it is planning to enter the blockchain component to conduct safe and secure transactions with the cloud platform.