You may have heard enough about buying monopoly businesses or businesses with a strong economic moat which can not be replaced. The article below presents examples of some such monopoly businesses in India.
| Company Name |
Market Share Description |
| Coal India |
82% market share in coal production |
| Indian Energy Exchange Ltd |
Controlling over 98% of electricity trading |
| Computer Age Management Services Ltd |
69.4% market share in mutual fund assets |
| Hindustan Zinc Ltd |
78% market share in India’s zinc market |
| Indian Railway Catering & Tourism Corp |
100% market share in railway ticketing & catering |
| Multi Commodity Exchange of India Ltd |
96% share in the commodity futures market |
| Pidilite Industries Ltd |
70% share in India’s adhesive market |
| Asian Paints |
Over 55% share in India’s organized paint market |
| ITC Ltd |
Over 80% share in the domestic cigarette market |
| Hindustan Aeronautics Ltd |
100% market share in defense manufacturing |
| Bharat Heavy Electricals Ltd |
67% share in the power plant equipment sector |
| Hindustan Unilever Ltd |
Market leader in ~90% of its businesses |
| Marico |
62% market share in the oil products segment |
| Nestle |
Over 95% in infant nutrition; over 60% in noodles |
| IndiaMART Intermesh Ltd |
60% market share in the online B2B space |
| GMM Pfaudler Ltd |
50% in global glass-lined equipment |
| DreamFolks Services Ltd |
95% market share in airport lounge access |
| BLS International |
2nd highest market share in visa processing |
| NOCIL Ltd |
40% market share in rubber chemicals |
| APL Apollo Tubes Ltd |
50% market share in steel construction pipes |
| ZF Commercial Vehicle Control System |
85% market share in advanced braking systems |
| Triton Valves Ltd |
75% market share in automotive tube valves |
| Manorama Industries Ltd |
Top exporter of specialty fats and butter |
| Deepak Nitrite |
75% market share in sodium nitrite, etc. |
| Oriental Carbon & Chemicals |
55%-60% market share in the domestic market |
| Praj Industries Ltd |
70% share in fuel ethanol plants in India |
| Container Corporation of India |
68.52% market share in cargo carrier space |
| Jamna Auto Industries Ltd |
90% market share in parabolic springs |
| Zomato |
57% market share in online food delivery |
| Procter & Gamble Hygiene & Health Care |
Over 50% in feminine care and health care |
| Info Edge (India) Ltd |
60% market share in online recruitment (Naukri) |
| Eicher Motors |
90% in >250cc motorcycle segment (Royal Enfield) |
| Sula Vineyards |
Market share of 52% in the Indian wine industry |
Coal India
Founded in November 1975, Coal India Ltd is the largest coal-producing company in the world and operates under the Ministry of Coal, Government of India. The company holds an 82% market share in coal production in India, making it a dominant player in this segment.
Indian Energy Exchange Ltd
Indian Energy Exchange Ltd (IEX), founded in 2007, is India’s leading power exchange, controlling over 98% of electricity trading volumes with a participant base of 6,300+. Regulated by the Central Electricity Regulatory Commission (CERC), IEX facilitates spot trading in electricity, Renewable Energy Certificates (RECs), and Energy Saving Certificates (ESCerts). It holds 98% of India’s short-term electricity contracts market. The main activity of the company is to provide an automated platform and infrastructure for carrying out trading in electricity units for the physical delivery of electricity.
Computer Age Management Services Ltd
CAMS serves as India’s largest RTA (Registrar and Transfer Agency) and provides services to financial institutions, including India’s largest mutual fund registration and transfer agency, holding a 69.4% market share in total mutual fund assets, totaling INR 22 trillion.
Hindustan Zinc Ltd
Hindustan Zinc Ltd, a subsidiary of Vedanta Resources Plc, is a leading integrated mining and resources company in India. It is the world’s 2nd largest zinc producer and the 5th largest silver producer, with an annual output of ~714 tonnes. The company commands a 78% share of India’s zinc market and specializes in the mining, smelting, refining, and marketing of zinc, lead, and silver, along with producing by-products such as cadmium and sulphuric acid.
Indian Railway Catering & Tourism Corporation Ltd (IRCTC)
India’s leading travel services provider. It is the sole authorized entity for online ticketing and catering services for Indian Railways. IRCTC enjoys the true monopoly in the business with a 100% market share in railway ticketing, railways catering, and holds a monopoly on packaged drinking water at railway stations and trains under the ‘Rail Neer’ brand.
Multi Commodity Exchange of India Ltd
MCX is an exchange for commodity derivatives, facilitating online trading of commodity derivatives. The Company has a 96% share in the Commodity future market in FY24. It controls a 100% share of Precious metals & stones, 99.61% in Energy & 99.80% in base metals except agri-commodities where it commands a share of 2.65%. Co. is the 7th largest by the number of Commodity Futures traded and the 6th largest by the number of Commodity Options.
Pidilite Industries Ltd
Pidilite Industries is a global leader in adhesives, sealants, construction chemicals, and art materials with a presence in over 50 countries. It dominates India’s adhesive market with a 70% share. Its flagship brands, including Fevicol, Dr. Fixit, Fevikwik, Roff, M-Seal, and Fevicryl, are renowned for their quality and reliability across key sectors like adhesives, construction chemicals, industrial adhesives, and polymers & Resins.
Asian Paints
The company is the largest paint company in India, 2nd largest in Asia, and 8th largest in the world. It holds a market share of over 55% in the organized domestic paints market, 60% in the decorative paints segment, and 20% in the automotive industrial coatings segment.
ITC Ltd
The company is especially known for its dominant position in the tobacco industry, where it holds more than 80% market share in the organized domestic cigarette market.It offers a diverse selection of brands, some of which include Insignia, India Kings, Classic, Gold Flake, and American Club, amongst others.
Hindustan Aeronautics Ltd
Hindustan Aeronautics Ltd (HAL) is India’s leading aerospace and defense company, holding a 100% market share in defense manufacturing.It specializes in manufacturing helicopters and aircraft, and provides maintenance services for key clients like the Indian Air Force, Army, Navy, and Coast Guard. HAL also serves civil clients, including ONGC and the Border Security Force, and exports to international customers like Airbus, Boeing, and the Mauritius Coast Guard. HAL plays a pivotal role in India’s defense sector as the only company with these capabilities.
Bharat Heavy Electricals Ltd
Bharat Heavy Electricals Ltd (BHEL) is a leading manufacturer of power plant equipment in India, holding a 67% market share in the sector. It provides a wide range of products and services, including design, engineering, manufacturing, and servicing for key sectors like power, transmission, transportation, renewable energy, oil & gas, and defense. As a government-owned enterprise, BHEL is one of India’s most prestigious engineering and manufacturing firms.
Hindustan Unilever Ltd
The company’s brands are available across 80 lakh+ stores across India and around 90% of all households in India use 1 or more of company’s branded products. The company is the market leader in many product categories such as skin cleansing, skin care, hair care, fabric wash, household care, tea, health food drinks and ketchup. It is a market leader in ~90% of its businesses.
Marico
The company holds a ~62% market share in the oil products segment, making it a significant player in this market. Marico is renowned for its top products like edible oils, hair oils, skincare, health supplements, and food items. Notable brands under its umbrella include Parachute, Saffola, Hair & Care, Nihar, Livon, Set Wet, and Mediker.
Nestle
Nestle enjoys more than 95% market share in the infant nutrition category and more than 60% market share in the noodle category
Indiamart Intermesh Ltd
IndiaMART is the first and largest B2B digital marketplace in the country connecting buyers with sellers. It stands out as a game-changer in the B2B landscape. .
The company commands nearly 60% market share of the online B2B classifieds space which makes it the largest player in the industry. It has a portfolio of ~7.9 million supplier storefronts, ~2,14,000 paying subscription suppliers,~108 mn live product listings, ~24 mn unique business enquiries & a total traffic of 252 million repeated users.
GMM Pfaudler Ltd
GMM Pfaudler manufactures corrosion-resistant glass-lined equipment. It is a leading process equipment supplier to the pharmaceutical and chemical industries. Over the years GMMP has diversified its product portfolio to include Mixing Systems, Filtration & Drying Equipment, Engineered Systems, and Heavy Engineering equipment that finds extensive usage in pharma and chemical industries.
The company is the market leader in the global glass-lined equipment segment, holding a market share of 50% in America, 40% in Europe, 20% in China, and 50% in India. While it faces intense competition in the small vessel segment, the group enjoys a near monopoly in the large vessel segment.
Dreamfolks Services Ltd
DreamFolks Services Ltd. is the leading player in India’s lounge aggregation industry, holding a 95% market share in airport lounge access. The company provides 100% coverage across airports and railways, offering a wide range of services such as lounges, food and beverage, spa, meet and assist, airport transfers, transit hotels, golf, visa services, and E-SIMs. Powered by a technology-driven platform, DreamFolks enhances the travel experience for passengers, cementing its leadership in the airport service ecosystem.
Bls International
Bls International is the only listed company all over the world in the visa processing space with the second-highest market share.
NOCIL
NOCIL Ltd is a part of Arvind Mafatlal Group and is India’s Largest Rubber Chemicals Manufacturer with 40% market share in India. The products manufactured by the co are used in tires and tubes, Molded components for vehicles, Industrial belts, Gloves and other latex applications, Hoses, Footwear, etc.
The company has long term business relationships with Tire Majors (Domestic & International) such as Apollo, MRF, JK, Fiat, Ceat, Michelin, Bridgestone, Yokohama rubber, Sumitomo Rubber, Continental etc.
APL Apollo Tubes Ltd
The company is the dominating player in the domestic market of steel construction pipes and presently commands a 50% market share (vs 27% in FY16). They aim for 60% market share by 2025. The products find their use in buildings, houses, warehouses, factories, skyscrapers & industrial & agricultural activities. The company is gradually De-commoditizing its Product Portfolio.
The company innovated to be the world’s only company to make steel tubes with size range of 10x10mm to 1000x1000mm and thickness range of 0.23 mm to 40mm. As of FY24, company has 16 registered patents in its name.
ZF Commercial Vehicle Control System India Ltd
The company is a market leader in India for advanced braking systems, conventional braking products, and air-assisted technologies. With a robust customer base including Tata, Ashok Leyland, and Audi, it holds an 85% market share in the industry, showcasing its dominant position and strong industry presence.
Triton Valves Ltd
Triton Valves Ltd manufactures valves and cores for automobile tubes and supplies to tyres, tube, and original equipment manufacturers. It is a precision manufacturer and supplier of valves and components to industries ranging from air conditioning and hydraulics to aerospace, mining, defense, and industrial HVAC & R.
Triton Valves is the leading player in the domestic automotive tube valves and cores segment, holding a 75% market share. It supplies to nearly all major tyre manufacturers in India, including MRF, Apollo Tyres, JK Tyre, and Ceat, reinforcing its strong industry position.
Manorama Industries Ltd
Manorama Industries is engaged in manufacturing specialty fats and butter made from exotic seeds and nuts. The company is the top Indian exporter of specialty fats and butter made from Sal and Mango, and it is also the largest manufacturer of Sal fat butter worldwide.
The Company derives major revenue from the chocolate and confectionery industry. Its key customers include leading brands like L’oreal, Ferrero, Mondelez, Body Shop and Unigra.
Deepak Nitrite
Deepak Nitrite Limited is a leading producer of organic, inorganic, fine, and specialty chemicals in India. Headquartered in Gujarat, the company holds a prominent position in India’s chemical manufacturing sector, boasting a remarkable 75% market share for sodium nitrite, sodium nitrate, and NitroToluenes. The company has been successful in substituting the majority of the local market imports of Phenol and Acetone and attained a market share of about ~50%. It is also among the top three global players* for xylidines, cumidines, and oximes.
Oriental Carbon & Chemicals
Oriental Carbon & Chemicals is the sole manufacturer of insoluble Sulphur (IS) in the domestic market. It has a leadership position in the domestic market with nearly 55%-60% of the market share and around 10% market share in the global market.
IS used to ‘vulcanize’ rubber that finally goes into manufacturing tyres. Vulcanisation is nothing but heating rubber with Sulphur.
Praj Industries Ltd
Praj Industries started as a supplier for an ethanol plant, but today it has grown into a global firm that offers a variety of solutions with a concentration on the industries of agriculture, energy, and the environment. The company has a significant market share in the ethanol industry, including India: Praj has over 70% of the market share for fuel ethanol plants in India and nearly 10% share in the global ethanol plant market.
Container Corporation Of India
Container Corporation Of India (CONCOR) is engaged in the business of providing inland transportation of containers by rail. It also covers the Management of Ports, Air cargo complexes and establishes cold chains. The company has 68.52% market share in cargo carrier space.
Jamna Auto Industries Ltd
Jamna Auto Industries Limited manufactures conventional leaf springs, parabolic leaf springs, air suspensions and lift axles, predominantly for Commercial Vehicles. With over 90% of the Indian market share for parabolic springs and over 68% of the OEM spring market share overall, Jamna enjoys a monopoly position. From the standpoint of the customer, parabolic springs enable better ride quality with decreased weight, enabling it to withstand higher stress levels and less inter-leaf friction for extended fatigue life.
ZOMATO
ZOMATO holds a 57% market share in the online food delivery market.
Procter & Gamble Hygiene and Health Care Ltd
P&G has over 50% market share in the feminine care and health care categories. The company manufactures and sells branded packaged fast-moving consumer goods in the femcare and healthcare businesses. Its portfolio includes WHISPER – India’s leading Feminine Hygiene brand, and VICKS – India’s No. 1 Health Care brand and Old Spice.
Info Edge (India) Ltd
Info Edge is India’s premier online classified company with a portfolio of brands. It owns various brands in different fields like naukri.com (online recruitment), 99acres.com (online real estate), jeevansathi.com (online matrimonial) as well as shiksha.com (online education information services). The company’s largest business is online recruitment run under naukri.com which accounts for ~60% market share in job market space.
Eicher Motors
Eicher Motors (EML) is the market leader in the >250 cc premium motorcycle segment (market share ~90%) through its aspirational models under the Royal Enfield (RE) brand, such as Bullet, Classic, Himalayan, Interceptor, etc.
Sula Vineyards
Sula Vineyards Limited is India’s largest wine producer and seller as of March 31, 2022. The company also distributes wines under a bouquet of popular brands including “RASA,” “Dindori”, “The source,” “Satori”, “Madera” & “Dia” with its flagship brand “Sula” being the “category creator” of wine in India.
The company has a ~60% value market share in the elite and premium categories as of FY24, and an overall market share of 52% in the Indian wine industry.
The company is also recognized as the market leader across wine variants, including red, white, and sparkling wines. Sula Shiraz Cabernet is India’s largest-selling wine by value in FY24.
