Hycom Engineering, a manufacturer and supplier of precision engineering products to JCB, Bobcat, and John Deere, among others, aims to double its revenue to ₹115 crore by FY29. The company reported ₹50 crore in revenue for FY24.

The engineering company is also discussing establishing a third facility in Bidadi, with a proposed capital expenditure of ₹100 crore. Currently operating two plants in Peenya that manufacture 40,000 units annually, Hycom aims to double this capacity to 80,000 units by FY29, according to M Seethapathy Rao, Chairman and Managing Director of Hycom Engineering. The new plant is expected to create direct employment for 250 people.

Expanding domestically and globally

Hycom currently holds a 2-3 per cent share in the global market and plans to increase this to 15 per cent within the next 3-4 years, Rao added. Domestically, the company commands a 75 per cent market share in swivel joints and a 100 per cent share in rotary actuators.

Explaining the growth of the construction equipment market, Rao noted that it was valued at approximately ₹68,000 crore in 2023.

India is emerging as a strong alternative for manufacturing, driven by global shifts such as the China-plus-one strategy and efforts to de-risk dependence on a single country, he said. This has led to a 10-15 per cent (YoY) growth in India’s manufacturing footprint, and is expected to reach ₹1.5-2 lakh crore by 2030. As part of its market diversification strategy, Hycom is targeting exports alongside its domestic operations to capitalise on these trends.

“Our goal is to grow faster than the overall market,” Rao added. “While addressing the domestic demand, we are also focusing on exports to accelerate our growth.”

“Exports account for 15-18 per cent on our sales, and by FY29, we plan to increase this to 35-40 per cent,” he said.

The key export markets for construction equipment for Hycom include North America, Europe, Japan, and China. Among these, the company is currently focusing on the USA, which shows strong traction, along with Europe, according to Rao. Canada remains a smaller market, while Japan is in the nascent stages of exploration for Hycom. “We have initiated work with Japanese OEMs, but it hasn’t progressed significantly yet,” he explained.

Founded in 2010, Hycom Engineering is the manufacturer and supplier of swivel joints and rotary actuators used in construction equipment, material handling, and access equipment in India.

The company supplies to Hyundai Construction Equipment, CNH Industrial, Sany, XCMG, Volvo Construction Equipment, Doosan, and Wacker Neuson.