ICRA – Indian Capital Goods Industry, Feb 2025

Industry overview: Capital goods is a highly heterogeneous sector and is driven by capex in various end-user industries. This has been a cyclical sector in the past. Heavy electrical equipment and process plant equipment are the largest sub-segments within the capital goods industry with a total market size of approximately Rs. 3 lakh crore. Key demand drivers include power, real estate, railways and metros, infrastructure, metals and mining, cement, auto, oil & gas, data centres, and manufacturing...