SME Report March 2023
Table of contents
An in-depth analysis of SME sector in India
1. Summary
2. SME industry and cluster attractiveness matrix (tool aiding sector shortlisting)
2.1. Methodology
3. Manufacturing and allied (51 sectors)
3.1. Sector overview
3.2. Sector prospects
3.3. Cluster comparison
3.4. Cluster analysis
4. Services (11 sectors)
4.1. Sector overview
4.2. Sector prospects
4.3. Cluster analysis
5. Trading (7 sectors)
6. Sector-wise and cluster-wise financial benchmarking
6.1. Revenue growth
6.2. EBITDA margins
6.3. PAT margins
6.4. Debt equity ratio
6.5. Interest coverage ratio
6.6. Return on capital employed
Research
6.7. Asset turnover ratio
6.8. Working capital days
7. Lending opportunities in SME industry
7.1. SME lending market size and outlook
7.2. Historical and future trends in share of banks vis-à-vis NBFCs in SME lending
8. Asset quality for SME across clusters / sectors
8.1. Views on SME’s asset quality across clusters
8.2. Benchmarking a sector’s asset quality with the overall cluster
9. Data and statistics
9.1. Companies with financials (~4,500 companies)
9.1.1. Location
9.1.2. Listing status
9.1.3. Outstanding rating
9.1.4. Outlook
9.1.5. Amount rated (Rs million)
9.1.6. Rating action
9.1.7. Last rating action (date)
9.1.8. Year ended
9.1.9. Result type
9.1.10. Operating income (Rs. million)
9.1.11. Net worth (Rs million)
9.1.12. Total debt (Rs million)
9.1.13. Operating profit margin (%)
9.1.14. Net profit margin (%)
9.1.15. RoCE (%)
9.1.16. Debt to equity (times)
9.1.17. Interest coverage (times)
9.1.18. NCA to total debt (times)
9.1.19. Current ratio (times)
9.2. Companies without financials (~600 companies)
9.2.1. Location
9.2.2. SME/NSIC rating
9.2.3. Constitution
9.3. Bank-wise lending to SME for past 3 years
9.4. State-wise lending to SME for top 10 states
10. Financial tool (Aggregates for ~19,000 companies)
Research 1
10.1. Past 3 years’ financial comparison within sectors
10.2. Past 3 years’ financial comparison within clusters
10.3. Past 3 years’ financial comparison between sectors and clusters
11. Business tool (~4,500 companies)
11.1. Year of incorporation
11.2. Constitution
11.3. Main products
11.4. Capacity
11.5. Plant location
11.6. Key clients
11.7. Exports presence
11.8. Future capital expenditure plans
12. Six-month surveillance dashboard
12.1. Demand/ supply sentiment over the past six months
12.2. Trend in key raw material movement
12.3. Impact of regulatory change/ new developments
12.4. Any reason for change in business potential/ financial strength
12.5. Any cluster severely impacted with reasoning
12.6. Rating upgrades-to-downgrades ratio
12.7. Financial performance update
13. Key SME sector beneficiaries of PLI scheme
14. News and analysis
15. SME-related CRISIL releases
16. Financials by revenue cut (provided on request basis only)
16.1. Rs 0-250 million
16.2. Rs 250- 750 million
16.3. Rs 750 -1250 million
16.4. Rs 1250 -1750 million
16.5. Rs 1750- 2500 million
17. List of 69 sectors (Annexure 1)
18. List of 147 clusters (Annexure 2)
Research 2
ANNEXURE 1 – List of 69 sectors
Manufacturing & Allied
Sr. no. Sector Sr. no. Sector
1 Auto components 28 Milk and dairy products
2 Bicycles and accessories 29 Packaged foods
3 Bio-technology 30 Pesticides
4 Brass and brass parts 31 Pharmaceuticals - bulk drugs
5 Cashew processing 32 Pharmaceuticals - formulations
6 Ceramic tiles and sanitary ware 33 Plastic and plastic products
7 Chemicals 34 Plastic pipes and pipe fittings
8 Coir and coir products 35 Plywood and laminates
9 Construction - irrigation projects 36 Poultry
10 Construction - real estate and industrial 37 Printing and packaging
11 Construction - roads and bridges 38 Refractories
12 Dal milling 39 Rice milling
13 Dyes and pigments 40 Seafood
14 Edible oil 41 Steel - non-integrated/ re-rollers
15 Electrical equipment and components 42 Steel - pig iron/ sponge iron
16 Electronics 43 Sugar
17 ERW steel pipes 44 Tea
18 Farm equipment 45 Textile - cotton spinning
19 Gems and jewellery 46 Textile - home furnishing
20 Glass 47 Textile - readymade garment
21 Heavy engineering 48 Textile - weaving, knitting and processing
22 Industrial paper 49 Tobacco processors
23 Leather and leather products 50 Wheat milling
24 Light engineering 51 Wood and wood products
25 Machine tools
26 Maize processing
27 Medical equipment
Research 3
Services
Sr. no. Sector Sr. no. Sector
1 Air freight and courier services 7 Media - movies and entertainment
2 Coaching classes 8 Security services
3 Hospitals and nursing homes 9 Ship-breaking
4 Hotels and resorts 10 Transport operators
5 IT enabled services (BPO) 11 Travel agents and tour operators
6 Media - advertising
Trading
Sr. no. Sector Sr. no. Sector
1 Ceramic & tiles 5 Iron and steel
2 Chemicals 6 Pharmaceuticals
3 Coal 7 Wood and wood products
4 Electronics
Research 4
ANNEXURE 2 – List of 147 clusters
Sr. no. Sector Cluster Sr. no. Sector Cluster
Construction - real estate and
1 Auto components Ahmednagar 27 Hyderabad
industrial
Construction - real estate and
2 Auto components Aurangabad 28 NCR
industrial
Construction - real estate and
3 Auto components Chennai 29 Chennai
industrial
Construction - real estate and
4 Auto components Ludhiana 30 Bengaluru
industrial
Construction - real estate and
5 Auto components NCR 31 Pune
industrial
Construction - real estate and
6 Auto components Pantnagar 32 Kolkata
industrial
7 Auto components Pune 33 Construction - roads and bridges Gujarat
8 Auto components Rajkot 34 Construction - roads and bridges Rajasthan
9 Bicycles and accessories Ludhiana 35 Construction - roads and bridges UP
Andhra
10 Bio-technology Hyderabad 36 Construction - roads and bridges
Pradesh
11 Bio-technology Bangalore 37 Construction - roads and bridges Karnataka
12 Bio-technology Pune 38 Construction - roads and bridges Telangana
13 Bio-technology NCR 39 Dal milling Nagpur
14 Brass and brass parts Jamnagar 40 Dyes and pigments Ahmedabad
15 Brass and brass parts Moradabad 41 Electronics NCR
16 Brass and brass parts Warangal 42 Electronics Bangalore
17 Brass and brass parts Patna 43 Farm equipment Coimbatore
18 Cashew processing Goa 44 Farm equipment Karnal
19 Cashew processing Kollam 45 Gems and jewellery Surat
Ceramic tiles and sanitary
20 Morbi 46 Gems and jewellery Domjur
ware
21 Chemicals Vadodara 47 Gems and jewellery Thrissur
22 Chemicals Mumbai 48 Gems and jewellery Coimbatore
23 Chemicals Delhi 49 Glass Ambala
24 Coaching classes Kota 50 Glass Firozabad
25 Coir and coir products Alleppey 51 Heavy engineering Chennai
Construction - real estate
26 Mumbai 52 Heavy engineering Mumbai
and industrial
Research 5
Sr. no. Sector Cluster Sr. no. Sector Cluster
53 Heavy engineering Pune 106 Printing and packaging Ludhiana
54 Heavy engineering Tiruchirapalli 107 Printing and packaging Karnal
55 Heavy engineering NCR 108 Printing and packaging Sivakasi
56 Heavy engineering Kolkata 109 Printing and packaging Krishnagiri
57 Hotels and resorts Mumbai 110 Printing and packaging Mumbai
58 Hotels and resorts Hyderabad 111 Refractories Asansol
59 Hotels and resorts NCR 112 Refractories Chirkunda
60 Hotels and resorts Chennai 113 Refractories Rajahmundry
61 Hotels and resorts Kerala 114 Rice milling Amritsar
62 Hotels and resorts Goa 115 Rice milling Karnal
63 Industrial paper Muzzafarnagar 116 Rice milling Chandrapur
64 Industrial paper Vapi 117 Rice milling Thanjavur
Leather and leather
65 Agra 118 Sea food Veraval
products
Leather and leather
66 Kanpur 119 Sea food Cochin
products
Leather and leather
67 Chennai 120 Ship breaking Alang
products
Leather and leather
68 NCR 121 Steel – non-integrated/ re-rollers Raipur
products
Leather and leather
69 Kolkata 122 Steel – non-integrated/ re-rollers Kolkata
products
Leather and leather
70 Jalandhar 123 Steel – non-integrated/ re-rollers Mandi
products
71 Light engineering NCR 124 Sugar Uttar Pradesh
72 Light engineering Ahmedabad 125 Sugar Maharashtra
73 Light engineering Rajkot 126 Sugar Karnataka
74 Light engineering Bengaluru 127 Tea West Bengal
75 Light engineering Hosur 128 Tea Tamil Nadu
76 Light engineering Ludhiana 129 Textile - cotton spinning Coimbatore
77 Light engineering Hyderabad 130 Textile - cotton spinning Rajkot
78 Light engineering Belgaum 131 Textile - home furnishing Panipat
79 Light engineering Kolhapur 132 Textile - home furnishing Solapur
80 Light engineering Kolkata 133 Textile - home furnishing Karur
81 Light engineering Howrah 134 Textile - readymade garment Mumbai
82 Light engineering Jalandhar 135 Textile - readymade garment Delhi
83 Light engineering Jaipur 136 Textile - readymade garment Tirupur
Research 6
Sr. no. Sector Cluster Sr. no. Sector Cluster
84 Light engineering Coimbatore 137 Textile - readymade garment Kolkata
85 Machine tools Rajkot 138 Textile - readymade garment Dhalavaipuram
86 Machine tools Bengaluru 139 Textile - readymade garment Kancheepuram
87 Machine tools Ludhiana 140 Textile - readymade garment Ludhiana
88 Machine tools Coimbatore 141 Textile - readymade garment Bengaluru
Textile - weaving, knitting and
89 Packaged foods Pune 142 Erode
processing
Textile - weaving, knitting and
90 Packaged foods Indore 143 Surat
processing
91 Pesticides Hyderabad 144 Tobacco processors Guntur
92 Pesticides Ahmedabad 145 Wood and wood products Kannur
93 Pesticides Delhi NCR 146 Wood and wood products Ernakulam
Pharmaceuticals - bulk
94 Hyderabad 147 Wood and wood products Kolkata
Drugs
Pharmaceuticals -
95 Ahmedabad
formulations
Pharmaceuticals -
96 Indore
formulations
Pharmaceuticals -
97 Chennai
formulations
Pharmaceuticals -
98 Mumbai
formulations
Plastic and plastic
99 Chennai
products
Plastic and plastic
100 Mumbai
products
101 Plywood and laminates Yamuna Nagar
102 Plywood and laminates Kolkata
103 Plywood and laminates Morbi
104 Printing and packaging Ahmedabad
105 Printing and packaging NCR
Research 7
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