Synopsis : Several companies from the Murugappa Group are entering their next growth phase through capacity expansion, new business initiatives, backward integration, and technology investments. From financial services and engineering to agriculture and industrial manufacturing, these five companies are positioning themselves to benefit from long-term sectoral opportunities.
The Murugappa Group has built a reputation for creating businesses that quietly compound wealth over long periods through disciplined execution and strategic diversification.
Founded in 1900 and headquartered in Chennai, the group operates across financial services, engineering, agriculture, fertilisers, mobility solutions, electrical equipment, and industrial manufacturing.
What makes the group particularly interesting today is the scale of expansion underway across several listed entities. Whether it is CG Power’s capacity additions, Tube Investments’ semiconductor ambitions, Coromandel’s backward integration projects, or Cholamandalam’s push into new lending segments, the group is deploying significant capital to fuel future growth.
Here are five Murugappa Group companies investors may want to keep on their radar.
Cholamandalam Investment and Finance
Cholamandalam Investment remains the financial services flagship of the Murugappa Group.
The company has built a diversified lending franchise across vehicle finance, home loans, personal loans, SME lending, and secured business loans, supported by a nationwide network of more than 1,250 branches.
Over the last five years, the company has delivered strong growth in both revenue and profitability while maintaining healthy return ratios.
Looking ahead, management expects lower interest rates to support vehicle finance growth and improve asset quality. At the same time, the company is aggressively expanding its gold loan business through branch additions, technology investments, and experienced talent hiring.
The diversification into newer lending segments could help sustain growth momentum over the coming years.
Tube Investments of India
Tube Investments has evolved from a traditional engineering company into a diversified industrial powerhouse.
The company continues to maintain leadership positions in precision steel tubes, automotive chains, and fine blanking products. Its acquisition of a controlling stake in CG Power & Industrial Solutions has further strengthened its growth profile.
CG Power itself is expanding across electrical equipment, electric vehicle components, medical devices, electronics manufacturing, and semiconductor assembly.
One of the most closely watched developments is the group's entry into the outsourced semiconductor assembly and testing (OSAT) business, which could position it to benefit from India's semiconductor manufacturing push.
With multiple growth engines operating simultaneously, Tube Investments remains one of the group's most diversified expansion stories.
Coromandel International
Coromandel International is one of India's leading agricultural input companies and among the largest players in phosphatic fertilisers.
The company has steadily expanded beyond traditional fertilisers into specialty nutrients, crop protection products, nano fertilisers, biological solutions, and agri-retail services.
A major focus area has been backward integration. During FY26, the company commissioned new phosphoric acid and sulphuric acid plants to reduce dependence on imported raw materials and improve profitability.
Coromandel is also expanding its presence in high-growth segments such as drone spraying services and specialty agricultural solutions.
Combined with government support for the fertiliser sector and a strong balance sheet, the company appears well-positioned to participate in India's long-term agricultural growth story.
EID Parry
EID Parry remains one of India's leading integrated sugar and ethanol producers.
The company has significantly increased its distillery capacity in recent years to capitalise on India's ethanol blending programme, which targets 20% ethanol blending in petrol.
Its operations span sugar manufacturing, ethanol production, cogeneration power plants, and value-added food businesses.
A key advantage lies in its integrated business model, which enables the company to maximise value across the sugarcane value chain while reducing dependence on sugar price cycles.
Additionally, EID Parry holds a valuable stake in Coromandel International, providing indirect exposure to the agricultural inputs sector.
As India's ethanol blending targets continue to advance, the company could benefit from both policy support and rising demand.
Shanthi Gears
Shanthi Gears is a niche industrial manufacturing company specialising in gears and gearboxes for sectors such as cement, steel, power, railways, material handling, and general engineering.
Since becoming a subsidiary of Tube Investments, the company has benefited from stronger operational discipline, better capital allocation, and business synergies.
The company currently enjoys healthy demand from both original equipment manufacturers and replacement markets. Its order book provides visibility for future revenue growth, while scale benefits and cost optimisation efforts continue to support profitability.
With strong market positioning in specialised industrial products and growing demand across manufacturing sectors, Shanthi Gears remains a relatively under-the-radar growth story within the Murugappa ecosystem.
Conclusion
The Murugappa Group's expansion strategy is not built around speculative bets but around strengthening established businesses and entering adjacent growth opportunities.
Whether it is financial services expansion at Cholamandalam, semiconductor ambitions through Tube Investments and CG Power, agricultural solutions at Coromandel, ethanol capacity additions at EID Parry, or industrial manufacturing growth at Shanthi Gears, each company has identifiable catalysts that could support future growth.
For long-term investors, these businesses offer exposure to multiple sectors of the Indian economy while benefiting from the governance standards and capital allocation discipline associated with one of India's oldest business groups.
Disclaimer : The companies discussed above are mentioned for informational and educational purposes only and should not be construed as investment recommendations. Investors should evaluate business fundamentals, valuations, industry risks, corporate governance standards, and their own financial objectives before making any investment decision. Equity investments are subject to market risks, and past performance does not guarantee future returns. Consulting a SEBI-registered investment advisor is recommended before taking any investment action.
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