US Exports Exposure: Indian Companies (FY24)
Source: SBI Securities, Company Filings (FY24 Estimates)
Last Updated: August 2024
Textiles Sector
| Company | Ticker | Revenue (₹ Cr) | US Exports % | Remarks |
|---|---|---|---|---|
| Gokaldas Exports | GOKEX | 2,500 | 80% | Heavy reliance on North America |
| Kitex Garments | KITEX | 800 | 70% | US-focused; vulnerable to tariffs |
| Welspun Living | WELSPUNIND | 7,500 | 60-65% | Top supplier to Walmart/Costco |
| KPR Mill | KPRMILL | 5,200 | 21%* | Moderate US exposure (*of exports) |
| Vardhman Textiles | VTL | 9,000 | 30-45% | US key but diversified |
| Indo Count Industries | ICIL | 3,800 | 97.5%* | Top 3 US bed-linen supplier (*of exports) |
Pharmaceutical Sector
| Company | Ticker | Revenue (₹ Cr) | US Exports % | Remarks |
|---|---|---|---|---|
| Natco Pharma | NATCOPHARM | 3,200 | 68.0% | High US dependence; generics-driven |
| Dr Reddy's | DRREDDY | 25,000 | 48.6% | US contributes ~₹12,150Cr |
| Aurobindo Pharma | AUROPHARMA | 28,000 | 48.2% | ~₹13,500Cr from US |
| Zydus Lifesciences | ZYDUSLIFE | 18,000 | 44.4% | ~₹8,000Cr US revenue |
| Biocon | BIOCON | 11,500 | 41.3% | Biosimilars key to US growth |
| Lupin | LUPIN | 16,000 | 35.5% | ~₹5,680Cr from US |
| Sun Pharma | SUNPHARMA | 45,000 | 32.1% | ~₹14,450Cr US revenue |
| Cipla | CIPLA | 24,000 | 30.0% | ~₹7,200Cr from US |
| Glenmark Pharma | GLENMARK | 12,000 | 26.2% | ~₹3,144Cr US revenue |
| Ajanta Pharma | AJANTPHARM | 3,500 | 23.2% | Minimal US exposure |
Auto & Ancillaries Sector
| Company | Ticker | Revenue (₹ Cr) | US Exports % | Remarks |
|---|---|---|---|---|
| Mahindra & Mahindra | M&M | 1,20,000 | Significant | Major tractor exporter; exact % undisclosed |
| Bharat Forge | BHARATFORG | 12,000 | 40%* | US plants mitigate risks (*Americas revenue) |
| Balkrishna Industries | BALKRISIND | 9,500 | 15% | Low US share but Mexico exposure (tyres) |
| Ramkrishna Forgings | RKFORGE | 3,200 | Significant | North America orderbook-driven |
| JK Tyre | JKTYRE | 14,000 | High* | Mexican subsidiary feeds US (*via exports) |
| Steel Strip Wheels | SSWL | 1,800 | 63%* | Highly export-dependent (*of exports) |
| Samvardhan Motherson | MOTHERSON | 85,000 | Major | Global diversified clientele |
| Garware Hi-Tech Films | GARWARPOLY | 2,000 | 45% | Niche products; high US reliance |
Cables & Solar Sector
| Company | Ticker | Revenue (₹ Cr) | US Exports % | Remarks |
|---|---|---|---|---|
| RR Kabel | RRKABEL | 7,000 | 7-8% | Low overall US exposure |
| Polycab | POLYCAB | 15,000 | 2% | 1/3rd of exports to US |
| Waaree Energies | Private | 6,500 | 17% | US plant mitigates tariffs (~₹1,105Cr US revenue) |
Gems & Jewellery Sector
| Company | Ticker | Revenue (₹ Cr) | US Exports % | Remarks |
|---|---|---|---|---|
| Goldiam | GOLDIAM | 600 | 90% | Extreme US reliance; high vulnerability |
| Pokarna | POKARNA | 900 | 82% | ~₹738Cr from US |
| Avanti Feeds | AVANTIFEED | 3,500 | 77% | US-centric revenue (~₹2,695Cr) |
Key Takeaways
- Textiles & Gems/Jewellery: Highest US exposure (70-97% revenue for major players) makes them most vulnerable to tariff changes.
- Pharmaceuticals: Significant US dependence (23-68% revenue) but currently excluded from tariffs.
- Auto Ancillaries: Mixed exposure; companies with US manufacturing (Bharat Forge) are better protected.
- Cables/Solar: Generally low US exposure (2-17%), though Waaree has mitigation through US plant.
- Revenue Scale: Pharma giants (Sun Pharma, Dr Reddy's) have largest absolute US revenues (₹12,000-14,000Cr).
Disclaimer
This report is for informational purposes only. Data is based on FY24 estimates from SBI Securities and company filings, and may change. Percentage figures represent approximate values. Please consult a financial advisor before making any investment decisions. The author and publisher are not responsible for any losses resulting from use of this information.