Founded in 1900 by Dewan Bahadur A. M. Murugappa Chettiar, the Murugappa Group of Companies began as a modest money-lending enterprise in Burma (now Myanmar) and soon charted a trajectory of strategic expansion across Southeast Asia. Today, headquartered in Chennai, the Group stands as one of India’s most venerable and diversified conglomerates, with businesses spanning agriculture, engineering, financial services, manufacturing, and more.
With over INR 85,000 crore in estimated net worth (~USD 9.8 billion) and a workforce exceeding 73,000, the Murugappa Group remains a cornerstone of Indian industry. Its approach to blending tradition—rooted in family-led values—and modern corporate governance makes it particularly relevant to investors, policymakers, and readers tracking India’s industrial evolution.
Table of Contents
1. Murugappa Group Profile & Legacy
The Murugappa Group’s revolutionary journey showcases how adaptability and vision can transform a small enterprise into a diversified industrial powerhouse. From its banking roots in early 20th-century Burma, the group relocated operations to India amid wartime upheavals, laying the foundation for expansion into industrial manufacturing and financial services.
Key milestones include:
- Entry into engineering with Tube Investments in 1949,
- Expansion into abrasives via Carborundum Universal (CUMI) in the 1954, formed through a pioneering JV with U.S. and U.K. firms,
- Acquisition of EID Parry, one of India’s oldest sugar and agro-processing firms, in 1981.
The Group now operates across four strategic sectors—Engineering, Financial Services, Agriculture & Chemicals, and Others—united by core values of integrity, governance, long-term thinking, and social responsibility. With over 29 businesses (including 10 publicly listed), the conglomerate’s balanced portfolio continues to thrive.
2. Murugappa Group Companies
Here’s a concise overview of the Murugappa Group of Companies, segmenting the listed entities and a few notable unlisted ones for quick reference:
3. Murugappa Group Companies List
- Carborundum Universal (CUMI) – Engineering (abrasives, ceramics)
- CG Power & Industrial Solutions – Engineering (power equipment)
- Cholamandalam Financial Holdings– Financial services holding company
- Cholamandalam Investment & Finance Co. (CIFC) – NBFC (vehicle finance, home loans)
- Coromandel International – Agriculture/chemicals (fertilisers, crop protection)
- EID Parry (India) – Agriculture (sugar, bio-products)
- Shanthi Gears – Engineering (industrial gears)
- Tube Investments of India (TII) – Engineering (bicycles, auto components)
- Wendt (India) – Engineering (super abrasives, precision grinding)
Other Prominent Murugappa Group Companies (unlisted/subsidiaries):
- Cholamandalam MS General Insurance – Insurance JV with Mitsui Sumitomo
- Parry Agro Industries – Agriculture (tea plantations, agribusiness)
- Parry Enterprises, Coromandel Engineering, Others – Supportive manufacturing and services arms
4. Murugappa Group of Companies – Detailed Overview
Below is the detailed overview of all Murugappa Group Companies:
A) Tube Investments of India (TII)
Tube Investments India is the flagship engineering arm of Murugappa Group of Companies with businesses spanning precision steel tubes, metal-formed products, chains, bicycles (Hercules, BSA, Montra) and a growing clean-mobility arm (TI Clean Mobility). In FY25, TII posted consolidated revenue of ₹19,465 crore (vs ₹16,890 crore in FY24) and profit before exceptional items of INR 1,665 crore. On a standalone basis, revenue was INR 7,893 crore and PBT INR 1,544 crore. Management also recognised a fair-value gain related to TI Clean Mobility CCPS during Q4. Strategically, the group continued to build out EVs under Montra Electric and benefited from momentum at subsidiaries, while CG Power (a key investee) secured Cabinet approval to set up an OSAT semiconductor facility—an ecosystem positive for the group.
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B) Cholamandalam Investment & Finance Company (Chola)
Chola is a leading NBFC focused on vehicle finance, home loans, LAP, SME and consumer/SME ecosystems, with a pan-India footprint. FY25 was another year of scale: consolidated PAT rose to INR 4,262.7 crore (from INR 3,420.1 crore) on total income of INR 26,152.8 crore; AUM expanded to INR 1,99,876 crore. PBT for FY25 came in at ~INR 5,740 crore, with management noting prudent liquidity and calibrated risk in vehicle finance amid mixed segment trends. Notably, FY25 loan losses rose to 1.6% (vs 1.2% in FY24) as the franchise deepened in newer products. The medium-term stance emphasises diversified growth with tight ALM and underwriting.
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C) Carborundum Universal (CUMI)
Carborundum Universal is a diversified materials tech arm of the Murugappa Group companies across abrasives, industrial/engineered ceramics and electrominerals, with global subsidiaries (incl. Rhodius, Foskor Zirconia; exposure to Russia’s VAW). In FY25, consolidated sales were INR 4,833.52 crore and consolidated PAT INR 298.71 crore (after exceptional impacts at certain overseas units). Through FY25, core India operations held up; overseas minerals/abrasives faced pockets of pressure (notably VAW), yet ceramics saw healthy traction. Management continued portfolio integration and capex in higher-margin ceramics/electrominerals.
D) Coromandel International
Among India’s top agri-solutions players and the second phosphatic fertiliser manufacturer, Coromandel operates in Nutrient & Crop Protection with a fast-expanding retail network. FY25 delivered scale and earnings: consolidated total income INR 5,114 crore; PAT INR 578 crore. Operationally, management highlighted expansion projects—phosphoric & sulphuric acid plants, a new granulation train at Kakinada, and capacity/footprint upgrades in crop protection (Dahej, Ankleshwar), plus increased stake (to ~53.8%) in the Senegal rock mine. The retail store count crossed 900 with deeper reach and tech-enabled services (drones, nano-fertilisers).
E) E.I.D. Parry (India): Sugar Player in Murugappa Group Companies
EID Parry is a sugar, bio-energy and nutrition player (six sugar plants; 40,800 TCD; 140 MW cogeneration; 582 KLPD distillery capacity) and the parent of Coromandel. FY25 consolidated revenue was INR 31,609 crore; EBITDA INR 2,992 crore (ex-exceptional); consolidated PAT INR 878 crore, slightly lower YoY amid cane availability pressure and an exceptional impairment at a subsidiary on the standalone books. The distillery business grew (revenue INR 1,102 crore), aided by expansions; the Consumer Products Group scaled to INR 884 crore revenue. Sectorally, profitability was affected by lower cane crushing (~38 LMT vs 50 LMT in FY24) and higher FRP (INR 3,400/MT), partly offset by realisations. Near-term focus stays on ethanol maximisation, cost control and branded foods.
F) Cholamandalam MS General Insurance (Chola MS GI)
Chola MS GI is a Murugappa–Mitsui Sumitomo joint venture offering a full suite of general insurance products. In FY25, the insurer delivered GWP of INR 8,564 crore (↑14% YoY) and PAT of INR 484 crore under Ind-AS, supported by improved investment income and scale. Strategically, management is investing in distribution and operations (a new New Delhi zonal office to strengthen North India presence) and has indicated IPO plans within five years, subject to market conditions. The JV structure blends Murugappa’s domestic network with Mitsui Sumitomo’s technical expertise—a long-running partnership since the early 2000s.
G) Shanthi Gears
A precision industrial gearing solutions company (design/manufacture of gears, gearboxes, geared motors), Shanthi is a TII subsidiary with a strong returns focus. FY25 saw healthy growth: full-year revenue ~INR 605 crore (↑13% YoY) and PBT INR 130.1 crore (↑19%); FCF INR 75.5 crore; and an order book of INR 239 crore at Mar-25. Dividend for FY25 totalled INR 5/share. Execution discipline, a higher share of customised solutions and after-market services are key profit drivers, while Q1 FY26 prints showed steady profitability even as revenue moderated sequentially. The medium-term pipeline remains underpinned by steel, cement, power and OEM demand.
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H) Parry Agro Industries
Parry Agro is the group’s tea-plantation and processing company with estates across Assam, Nilgiris and Anamallais; the brand is known for Orthodox and speciality teas, and runs accredited R&D/labs. FY25 total income was INR 248.49 crore, with management noting strong auction traction for Deckiajuli mark and improved mix; losses narrowed significantly versus FY24 on cost actions and better realisations, though weather and input cost variability persisted. The company continues to invest in quality, certifications and sustainability across estates/factories, while expanding market presence pan-India.
I) Parry Enterprises India (PEIL)
PEIL houses diverse businesses—Polynet (industrial products), General Marketing (B2B distribution) and Travel services—leveraging Murugappa relationships in materials and industrials. FY25 marked a stronger financial year: the annual report shows Sales INR 198.5 crore, PBT INR 11.75 crore and PAT INR 9.89 crore, with multi-year improvement in profitability and reserves. Board commentary points to operational discipline and prudent working-capital management; a dividend of INR 1/share was proposed. The company continues to sharpen its portfolio and cross-sell across group ecosystems.
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Conclusion
The Murugappa Group of Companies exemplifies resilience, innovation, and diversification, evolving from a small money-lending venture into a powerhouse spanning engineering, finance, agriculture, and manufacturing. With strong governance, robust financials, and sustainable growth, the Murugappa Group of Companies continues to shape India’s industrial landscape while upholding its legacy of values and vision.
The Murugappa group of companies offers a blend of compounding franchises and cyclical hedges. Over the medium term, execution on capex (EVs, OSAT, acids/mines) and maintaining high-teens ROE across core platforms remain the swing factors for sustaining market-beating returns.