Schwing Stetter India accelerates product expansion amid robust growth

The expansion aligns with the company’s strategy to identify and capitalise on market gaps in India’s construction equipment landscape.

By Shahkar Abidi calendar 30 Aug 2024 Views icon3421 Views Share - Share to Facebook Share to Twitter Share to LinkedIn Share to Whatsapp
Schwing Stetter India accelerates product expansion amid robust growth

Schwing Stetter India, the wholly-owned subsidiary of Germany’s Schwing Group, is gearing up to launch 16 new products and 14 variants this year, as it seeks to address gaps in its product portfolio and cater to specific customer needs. The new launches will span all five segments in which the company operates, with a pronounced focus on concreting equipment—a segment that generates 56% of the firm’s total revenue. 

The company operates in concrete, construction, material handling,  and mining and foundation equipment. 

In an interview with Autocar Professional, Schwing Stetter India's Chairman and Managing Director Sakthikumar VG noted that the expansion aligns with the company’s strategy to identify and capitalise on market gaps in India’s construction equipment landscape.

"We are playing a major role in identifying the gap in the Indian industry across all five areas where we can accelerate progress with specific imported machines in the short term," said Sakthikumar. He added that the company’s long-term goal is to localise manufacturing, as demand scales up. 

The planned product launches follow a period of robust financial performance for Schwing Stetter India. The company posted a net profit of Rs 106.89 crore in 2023, a 30.5% increase from Rs 81.90 crore in 2022. Revenue surged by 37.7% to Rs 5,395.77 crore, compared to Rs 3,919.26 crore in the previous year.

Last year, the company introduced 25 new products and variants, with their full sales potential expected to materialise in 2024. 

The Indian Construction Equipment Manufacturers Association (ICEMA) in its latest report, noted that the construction equipment industry had grown by 26% year-on-year (YoY) with 1,35,650 units in sales, surpassing all expectations during FY24 as compared to 1,07,779 units in the previous fiscal year.

Schwing Stetter India's aggressive expansion plans, coupled with its strong financial performance and the booming construction equipment market in India, suggests the positive growth trajectory for the construction equipment industry in years to come.

RELATED ARTICLES
SIAM Conclave Explores Sustainable Strategies for Automotive Logistics

auther Sarthak Mahajan calendar18 Jul 2025

Stakeholders discuss multimodal transport, digital innovation, and sustainable practices to improve efficiency and resil...

Varroc Appoints Padmanabh Sinha as Independent Director

auther Shruti Shiraguppi calendar18 Jul 2025

Sinha returns to Varroc’s Board with over 25 years of investment experience across private equity and technology.

Railways To Introduce More Specialized Wagons For Vehicle Transportation: Hitendra Malhotra

auther Kiran Murali calendar18 Jul 2025

Hitendra Malhotra, a member of the Railway Board for Operations & Business Development at the Ministry of Railways noted...