India's leading manufacturing giants have demonstrated exceptional performance in the international markets during the last financial year, marking a significant milestone in the country's export trajectory, while major players such as ITC, Maruti Suzuki, and Dabur have reported a substantial increase in their export activities, leading to a positive net foreign currency position. This growth comes at a critical time when global economic conditions remain volatile, yet Indian corporations have managed to expand their footprint across borders effectively.
Record Breaking Export Earnings
According to a comprehensive study conducted on 20 of the country's largest publicly listed companies, the total forex earnings from exports witnessed a remarkable 29 percent growth in the last financial year. This surge pushed the collective export revenue of these firms to over 1 lakh crore rupees. Specifically, the total forex earnings for the financial year 2026 stood at 1,08,269 crore rupees. This growth rate is the highest recorded in the last four years, excluding the financial year 2022 which saw a 55 percent jump due to a low base effect following the pandemic-induced disruptions in 2021.
Strategic Localization and Cost Management
The achievement of these companies is particularly noteworthy given the array of challenges they faced. The global market was hit by US tariffs and a significant depreciation in the value of the rupee, which typically makes imports more expensive. However, these manufacturing leaders countered these pressures by aggressively increasing localization. By producing more components and raw materials domestically, they managed to mitigate the impact of rising import costs, thereby protecting their margins and enhancing their competitive edge in international markets.
Company Specific Performance and Forex Gains
The list of top performers includes a diverse range of sectors from automobiles to consumer electronics and FMCG. Companies like ITC, Maruti Suzuki, Hyundai Motor India, LG Electronics, Hero MotoCorp, Dabur, Asian Paints, Pidilite Industries, Tata Consumer Products, Voltas, and United Spirits collectively earned 1,08,269 crore rupees from exports. On the other hand, their total forex expenditure on importing raw materials, components, spare parts, and capital goods was 1,04,361 crore rupees, which saw a 17 percent increase. Despite this rise in spending, the higher export growth ensured they remained net forex positive.
Revenue Contribution from Exports
The study highlights a clear trend of increasing reliance on international revenue. Several companies saw the contribution of exports to their total revenue grow by 1 to 5 percentage points in FY26. For instance, Maruti Suzuki's export contribution rose from 14 percent in FY25 to 19 percent in FY26. Hyundai Motors saw an increase from 21 percent to 26 percent. Bajaj Auto, already a strong exporter, saw its contribution rise from 32 percent to 34 percent. Other notable increases include Marico (9 percent to 11 percent), Hero MotoCorp (5 percent to 7 percent), Blue Star (5 percent to 7 percent), and Godrej Consumer Products (3 percent to 4 percent). ITC maintained a steady 10 percent contribution from exports.
Executive Insights and Future Outlook
Atul Khanna, Chief Accounting Officer at LG Electronics India, emphasized that despite challenges like rupee depreciation and rising input costs, the company aims to continue expanding exports by adding new regions and product categories. He noted that localization is expected to increase by 1 to 2 percentage points annually, which will further benefit margins. Similarly, ITC stated in its latest annual report that it prioritizes forex earnings. The company believes that engaging with foreign markets is essential for all its businesses to test and demonstrate international competitiveness and to explore profitable growth opportunities.
Success in the Spirits and Automobile Sectors
Radico Khaitan, a prominent name in the liquor industry, has also made significant strides. Managing Director Abhishek Khaitan shared that the company now exports to over 100 countries. While exports account for 5 to 6 percent of total sales by volume, their value contribution is much higher. " Radico Khaitan's forex earnings from exports grew by 25 percent to reach 327 crore rupees in the last financial year. Meanwhile, Hyundai India attributed its cost competitiveness in FY26 to localization, focusing on manufacturing high-value parts like AGM batteries, front cameras, fuel delivery pipes, and standard fasteners within the country.