Murugappa Group

What Murugappa Group does

Murugappa Group is a 125-year-old diversified Indian conglomerate headquartered in Chennai, Tamil Nadu, operating through Murugappa Management Services Private Limited as its management services entity. The Group reported INR 902 billion (90,178 crore) turnover, employs 94,000+ people, and operates 14 manufacturing facilities across 11 countries. Its operating footprint spans four vertical segments: Agriculture (Coromandel International for fertilizers and crop protection, EID Parry for sugar, nutraceuticals and consumer staples, plus the 1,100+ Gromor rural retail chain), Engineering (Carborundum Universal/CUMI for materials science and abrasives, CG Power for transformers, switchgears, motors and semiconductor initiatives, Tube Investments of India for precision tubes, bicycles and electric vehicles, plus Shanthi Gears and Wendt India), Financial Services (Cholamandalam Investment & Finance for lending, Chola MS General Insurance in joint venture with Mitsui Sumitomo Insurance, and CMSRS for EHS risk consulting), and Other Businesses (Parry Agro for tea, Ambadi Enterprises for textiles, Murugappa Water Technology & Solutions, and Parry Travels). The Group consists of 10 publicly listed entities on Indian stock exchanges and serves more than 20 million farmers, 17 million financial services customers, and global OEM relationships including 95%+ market share in Indian two-wheeler safety-critical front fork tubes.

Revenue mechanics are highly diversified across hardware sales (manufactured goods, fertilizers, sugar, bicycles, electric vehicles, transformers), recurring financial streams (interest income from INR 2.27 lakh crore+ AUM, insurance premiums, processing fees), professional services (EHS consulting via CMSRS with 15,000+ projects executed), and consumer brands (Parry's, BSA, Hercules, Montra, Netlon). Distribution channels span 1,757+ Chola branches concentrated in Tier III-VI towns, 35,000+ insurance intermediaries across 660+ locations, 1,100+ Gromor stores covering over 2 million square feet, Track & Trail premium bicycle retail, OEM supply relationships, and direct export operations across 130+ countries for CG Power and 60+ countries for CUMI. Pricing is largely quote-based and tailored across B2B industrial products and financial services, with consumer brands occupying mass-market and premium tiers.

Name

Murugappa Group

Legal name

Murugappa Management Services Private Limited

Website

http://www.murugappa.com

Company type

Public

Founded year

1900

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Murugappa Group is a 125-year-old diversified Indian conglomerate operating across agriculture (Coromandel, EID Parry), engineering (CUMI, CG Power, Tube Investments), and financial services (Chola, Chola MS), serving 20M+ farmers and 17M+ financial customers across 11 countries with INR 902 billion turnover.

Ownership category

akta.pro rank

Headquarters

HQ city

Chennai

HQ country

India

HQ region

Asia

Offices27 records

Markets served

GTM type

B2B and B2C

Offering type

Hardware or Manufacturing

Cost components

Personnel, Supply Chain, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Engineering Products Manufacturing: Manufacturing and sale of precision-engineered products including tubes, chains, abrasives, ceramics, transformers, switchgears, motors, bicycles, and electric vehicles
2. Financial Services - Lending: Vehicle finance, loan against property, home loans, SME loans, personal loans, gold loans, consumer durable loans generating interest income and processing fees
3. General Insurance Premiums: Collection of insurance premiums for motor, health, home, crop, SME, and engineering insurance products
4. Fertilizers and Crop Protection: Manufacturing and distribution of phosphatic fertilizers, specialty nutrients, insecticides, fungicides, herbicides to farmers
5. Sugar and Bio-energy: Sugar manufacturing, co-generation of power from bagasse, ethanol production, and consumer products including supergrains, dals, rice
6. Risk Consulting Services: HSSR consulting services, on-site safety management, environmental advisory, training through CMSRS Safety Academy
7. Tea and Agro Products: Tea cultivation and processing (14 million kg annually), export of organic teas, retail branded tea products

Go-to-market motion3 records

Distribution channels6 records

Marketing channels8 records

Core offering

Murugappa Group is a 125-year-old diversified Indian conglomerate operating across Agriculture (fertilizers, crop protection, sugar, nutraceuticals, FMCG via Coromandel and EID Parry), Engineering (abrasives, ceramics, precision tubes, bicycles, electric vehicles, transformers, switchgears, motors, railway equipment via CUMI, CG Power, and Tube Investments), Financial Services (vehicle finance, home loans, SME loans, general insurance, risk consulting via Chola and Chola MS), and Other Businesses (tea, water treatment, textiles, travel). With INR 902 billion turnover, the Group serves over 20 million farmers, 17 million financial services customers, and exports to 130+ countries through its 10 listed companies.

Product overview

The Murugappa Group is a 125-year-old diversified Indian conglomerate with INR 902 billion turnover operating across four main segments: Agriculture (fertilizers, crop protection, sugar, nutraceuticals, FMCG), Engineering (abrasives, ceramics, precision tubes, bicycles, electric vehicles, transformers, switchgears, motors, railway equipment), Financial Services (loans, insurance, risk services), and Other Businesses (tea, water treatment, textiles, travel). The Group consists of 10 listed companies including Coromandel International (agri-solutions with My Gromor retail chain), EID Parry (sugar/nutraceuticals with Parry's Consumer Products), CUMI (abrasives/ceramics in 60+ countries), Tube Investments/TI India (precision tubes, BSA/Hercules/Montra Electric bicycles), CG Power (transformers/switchgears/semiconductors), Cholamandalam/Chola (financial services with 44.7 lakh+ customers), and Chola MS (general insurance). The portfolio includes iconic consumer brands like BSA, Hercules, Parry's, Netlon, and Gromor, alongside industrial products exported globally.

Differentiator

Problem solved

Functional benefit

Brands

• CUMI (Carborundum Universal Limited): Materials science, abrasives, electrominerals, industrial ceramics, super refractories
• CG
• Chola
• Chola MS
• Coromandel
• Parry's
• BSA
• Hercules
• Montra Electric
• Mach City
• Ladybird
• Roadeo
• Gromor
• Netlon
• Tube Products of India
• TI Cycles of India
• Parry Agro
• Ambadi
• Murugappa Water Technology and Solutions
• Parry Travels

Products and services

• Coromandel International - Agri-solutions One of India's largest agri-solutions providers and number 1 manufacturer of Phosphatic Fertiliser in the private sector; also the 3rd largest Indian crop protection player. Operates India's largest rural retail chain under My Gromor, Mana Gromor, Namma Gromor, and Aapla Gromor brands with 1,100+ outlets covering over 2 million square feet across Andhra Pradesh, Telangana, Karnataka, Tamil Nadu and Maharashtra. Reaches farmers through 100,000+ farmer touch points across 80+ countries.
• EID Parry (India) Limited - Sugar and Nutraceuticals Leading sugar and nutraceuticals company with 6 sugar factories (40,800 TCD crushing capacity) and 5 distilleries (582 KLPD). Manufactures sugar, generates power from bagasse co-generation, produces ethanol, and offers Parry's Consumer Products including premium super grains (millets, dals, rice) branded as 'Better Grains, Better Health'.
• Carborundum Universal Limited (CUMI) Pioneer in materials science and engineering with over 70 years of experience. Major global producer of electrominerals, leading market player in abrasives, and the world's second-largest producer of silicon carbide. Operations span Abrasives (Bonded, Coated, Super Abrasives), Electrominerals (Brown/White Fused Alumina, Silicon Carbide, Alumina Zirconia), Industrial Ceramics, and Super Refractories divisions. Products sold in 60+ countries.
• Tube Investments of India Limited (TII) - Engineering and Mobility India's premier engineering company specializing in precision-engineered tubes, chains, and metal-formed products. India's largest manufacturer of precision tubes with 95%+ share of business in safety-critical front fork tubes for two-wheelers. Also the largest bicycle manufacturer with iconic brands including BSA, Hercules, Ladybird, Roadeo, Montra, Montra Electric and Mach City; 2nd largest bicycle producer in India.
• CG Power and Industrial Solutions Limited Global leader in Transformers, Switchgears, Motors, Drives and Automation, Railways and Consumer Products. Exports to over 130 countries with 18 manufacturing units across India and Europe. Largest manufacturer of Low-Tension Motors in India. Offers Smart Motors for EVs and NABL-accredited test laboratory. Forayed into semiconductor manufacturing (OSAT facility in Sanand) and semiconductor design (RF Components acquisition from Renesas).
• Cholamandalam Investment and Finance Company Limited (Chola) Comprehensive financial services provider offering Vehicle Finance, Loan Against Property, Home Loans, SME loans, Secured Business Personal Loans, Consumer & Small Enterprises Loans, Consumer Durable Loans, and Gold Loan. 44.7+ lakh customers, INR 2.27 Lakh Crore AUM, 1,757+ branches across 26 States and 7 Union Territories with 92% presence in Tier-III, IV, V and VI towns.
• Chola MS General Insurance Company Limited Joint venture between Murugappa Group and Mitsui Sumitomo Insurance, Japan. Leading general insurer offering Motor, Health, Accident, Travel, Home, Crop, SME, and Engineering Insurance. 13.05+ million policies issued in FY2024-25. 150+ branches across 660+ locations with 35,000+ intermediaries. Recognized as Insurer of the Year - Best Operating Performance (Non-Life) by FICCI 2025.
• Cholamandalam MS Risk Services Limited (CMSRS) India's largest EHS (Environment, Health, Safety, and Sustainability) consulting firm. 500+ EHS professionals, 15,000+ projects executed across 50+ sectors. Joint venture with Mitsui Sumitomo Insurance Group with technical collaboration from InterRisk Japan. Part of Inogen Alliance global network. Services include on-site safety management, environmental advisory, training through CMSRS Safety Academy.
• Parry Agro Industries Limited - Tea Tea producer with estates across India's premier growing regions (Anamalai Hills, Nilgiris-Wayanad, Assam). 3,210 hectares producing 14 million kilograms of tea annually. All estates and factories Trustea-certified with Rainforest Alliance certification for South Indian estates. Organic certification at Paralai and Iyerpadi for IMO, NOP (USA), and NPOP (India) markets. Exports organic teas to US, UK, and Europe.
• Murugappa Water Technology & Solutions (MWTS) Water and wastewater management arm providing turnkey solutions for raw water, process water, effluent treatment, reuse/recycle, ZLD, and resource recovery systems. Commissioned 500+ major projects across Sugar, Pharma, Food & Beverage, Semicon, PV, EV, and Automotive industries.
• Ambadi Enterprises Limited Home & Hospitality products including home furnishings, made-ups, and floor coverings. Among top 10 exporters of carpets & floor coverings from India's organised sector with integrated manufacturing in Panipat and Bhadohi. UK subsidiary Parry Murray & Co. supplies bespoke textiles and soft furnishings to global brands and interior designer labels.
• Parry Enterprises India Limited Diversified enterprise with five business divisions: Tuflex India (extruded polymer nets and geo-synthetic systems with Netlon mosquito proofing brand), Murugappa Membranes (hollow fibre membrane technology for UF, MBR, RO with state-of-the-art Palej facility), General Marketing Division (food ingredients), and Parry Travels (corporate travel and MICE).
• NACL Industries Limited Crop protection chemicals manufacturer producing insecticides, fungicides, and herbicides for Indian and global agricultural markets.
• Shanthi Gears Limited Top-ranked gear and gearbox manufacturer in India under Tube Investments group, serving industrial and automotive applications.
• Wendt (India) Limited Manufacturer of grinding solutions, precision grinding wheels, and super abrasives under the Murugappa Group's materials science portfolio.
• TI Clean Mobility Limited Electric mobility arm of Tube Investments manufacturing electric 3-wheelers, small commercial vehicles, tractors, and heavy commercial vehicles under the Montra Electric brand. Offers EViator, Super Auto, Super Cargo, and Rhino 5538EV (India's first electric truck with battery swapping technology).

Quantifiable outcome

• 20 million farmers served through agriculture segment
• +3 more outcomes

Named customers4 records

Segments5 records

Ideal customer profiles5 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Four partnerships are on record, tiered core and supporting.

• Mitsui Sumitomo Insurance Company LimitedcoreStrategic or Co-development Partner · 1 January 2002Joint venture partner for Cholamandalam MS General Insurance Company Limited. Chola MS began operations in 2002 as a joint venture between Murugappa Group and Mitsui Sumitomo Insurance Company Limited, Japan. The partnership combines global insurance expertise with local market knowledge, with Chola MS champions T3 philosophy - Trust, Transparency and Technology.
• Mitsui Sumitomo Insurance GroupcoreStrategic or Co-development PartnerJoint venture partner for Cholamandalam MS Risk Services (CMSRS), combining global expertise with deep local insight to deliver integrated solutions in Health, Safety, Sustainability, and Risk Engineering (HSSR).
• InterRisk JapansupportingTechnology or IntegrationTechnical collaboration partner for CMSRS providing internationally benchmarked risk engineering solutions and expertise in the HSSR domain.
• Inogen AlliancesupportingStrategic or Co-development PartnerCMSRS is part of the Inogen Alliance, a global network of Environmental, Health, Safety and Sustainability (EHS&S) consulting firms that enables delivery of internationally benchmarked solutions tailored to Indian industry needs.

Scale indicators19 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Tata Group: India's most prominent diversified family-controlled conglomerate with comparable breadth across steel, motors, IT services, chemicals, and consumer brands. Most analogous in structure to Murugappa with multiple listed subsidiaries governed centrally and similar century-plus legacy.
• ITC Limited: Diversified Indian conglomerate with parallel agri-business (e-Choupal, leaf tobacco, agri-exports), FMCG, paperboards, and hotels. Directly comparable to EID Parry in sugar/FMCG and to Coromandel in agri-inputs, with similar rural sourcing and distribution infrastructure.
• Godrej Group: Family-controlled diversified Indian group spanning consumer products, appliances, real estate, and agrochemicals (Godrej Agrovet). Similar in age and breadth, with shared exposure to rural distribution and consumer-facing branded products paralleling Parry's and Coromandel.
• Aditya Birla Group: Diversified Indian conglomerate spanning metals (Hindalco), cement (UltraTech), textiles, chemicals, and financial services. Closely comparable to Murugappa in operating model — multiple listed entities, materials-to-consumer vertical integration, and global manufacturing footprint.
• RPG Group: Indian diversified conglomerate with listed entities in tires (CEAT), power transmission (KEC International), retail (Spencer's), and IT services. Comparable structure as a multi-decade family-controlled group with overlapping engineering and consumer-facing businesses.
• Mahindra Group: Diversified Indian group with strong parallels: automotive OEM presence, large NBFC arm (Mahindra Finance), agri-business (Mahindra Farm Equipment), and hospitality. Overlapping exposure to rural finance and two/three-wheeler segments directly relevant to Chola and Montra Electric.
• Bajaj Group: Indian conglomerate with significant overlap in two-wheeler OEMs (Bajaj Auto), NBFC/financial services (Bajaj Finance, Bajaj Finserv), and consumer durables. Directly comparable to Murugappa on the financial services side and a direct competitor in motorcycle-adjacent components.

Broad incumbents

• Reliance Industries Limited: India's largest private-sector conglomerate with newer forays into renewables, semiconductors, and green energy that overlap CG Power's strategic direction. Comparable as a scaled conglomerate executing large capital reallocation into new technology verticals.
• Larsen & Toubro: Large Indian engineering and construction conglomerate with comparable industrial products exposure in electrical equipment and project execution. Less direct overlap on agri and financial services but a relevant peer on the engineering and power systems side versus CG Power.

Emerging players

• Shriram Group: India-focused conglomerate with parallel financial services (Shriram Finance) and two-wheeler financing exposure. Most directly comparable to Chola on the NBFC and small-town credit business, with overlapping Tier III–VI customer profiles.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

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Compliance18 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries18 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments2 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Murugappa Group