PRESENTS

INDUSTRY
REPORT
2023-24
ISSUE DETAILS AND COPYRIGHT

Edition 1
Industry Report, Consult Club, IIM Calcutta

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No part of this publication may be reproduced in any form without prior consent of the Consult Club of IIM Calcutta.

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FOREWORD

Greetings!

The Consult Club of IIM Calcutta is delighted to present the first edition of the Industry Report. In the past years, the industry report was published as part of
the casebook. However, this year, it is being launched as a separate report given the large number of and the depth in which the industries are covered in this
report. The purpose of this report is to better equip students, with a keen interest in pursuing a career in the field of management consulting, with the
different types of industries that are discussed as part of the case discussions asked during the recruitment process in both summer and final placements. This
industry report is a concise guide to developing the essential analytical approach to solving cases that cover a wide range of industries. It has been curated
with utmost care with inputs from the 59th and earlier batches and includes a collection of 14 different industries. We are grateful to all of them for their
contributions.

Please note that this is meant to supplement the excellent work done by our and other schools in earlier casebooks and interview experience compendia, so
we strongly encourage you to not make this your sole reference. We hope you enjoy reading this report and practicing cases with your peers. The process is
just as fun as the destination!

While preparing this casebook, we have referred to a wide range of reports & websites and we would like to acknowledge their efforts & give them the due
credits. Additionally, in the Key Sectoral Data segment, we have included the latest data that we were able to find which could mean that the data is sourced
from any of the years from FY19-23 and is only tentative data. Also, as a reader you may notice a difference in values mentioned in this report & on other
websites. This could be because there is a difference in the way different websites define different industries and what they include when defining the
industry.

We would would be grateful if you could share your feedback for the same with us and kindly highlight to us if you find any errors. We would be happy to
correct the same. Godspeed.

Regards,
Consult Club, IIM Calcutta
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CONTENTS
Sr. No. Industry Overview Page No.
1. Automobile Industry 5
2. Aviation Industry 6
3. Cement Industry 7
4. E-Commerce Industry 8
5. Financial Services Industry – All 9
6. Financial Services Industry – Banking Sector 10
7. Fast Moving Consumer Goods (FMCG) Industry 11
8. Iron & Steel Industry 12
9. IT & ITES Industry 13
10. Metals & Mining Industry 14
11. Oil and Gas Industry 15
12. Pharmaceutical Industry 16
13. Power Industry 17
14. Telecommunication Industry 18

4
Automobile Industry
Industry Overview Industry Structure Key Sectoral Data
• Definition: The automobile industry is divided into Automobile Sector Macroeconomic data Segment sales
majorly four biz. segments of which two-wheelers &
4% 1%
passenger vehicles dominate domestic demand Industry Size $222B 18%
Two Three Commercial Passenger
• Globally, India is the fifth largest automobile market wheelers vehicles vehicles CAGR (2022-27) 9%
wheelers
with annual production of 23M vehicles in FY22
Leading players Mopeds Passenger Light CV Cars GDP Contribution 7.1%
77%
Scooters Goods Heavy CV Utility Units Produced 23M

Motorcycle Multi-purpose Units Exported 6M 2W PV CV 3W

Two-Wheeler Cos. Four-Wheeler Cos. EVs

Key Drivers Industry Trends & Challenges Recent Policy Updates & News
Sales volume Product mix
Trends Challenges • Schemes such as FAME, CAFÉ-2 & BS-VI launched by
Revenue the Indian Govt. will help promote production &
Financing services After sales service
• Electric vehicles (EV) • EV adoption commercialization of EVs
Commodities (RM) R&D • The Automotive Mission Plan 2016–2026 (AMP
Cost • Autonomous driving • AV regulations 2026) seeks to enhance the industry’s contribution to
Distribution Compliance
• In-car technologies • Supply chain risks GDP and employment
Fuel prices Inflation • Shared mobility • Shifting preferences • After touching peak PV sales (3.4M) in FY19, the
Macro
automobile industry witnessed lows till FY21.
Factors Policy support Market sentiment • Industry 4.0 • Emission compliance
However, it has shown recovery signs in FY22 (3.1M)
Value Chain Analysis

Pre-Production During Production Post-Production

R&D RM Inbound Inventory Process Others Outbound Distribution Marketing After-sales
• Designing • Commoditi • Mode • Conditions • Equipment • Assembly • Mode • Dealer • Advertising • Repair
• Innovation es • Route • Location • Mfg. • Utilities • Route Mgmt. • Insurance • Rentals
• Labour • Technology • Labour • Costs • Quality • Labour • Labour • Salesforce • Financing • Labour

5
Source: IBEF, Invest India
Note: Mfg. refers to Manufacturing
Aviation Industry
Industry Overview Industry Structure Key Sectoral Data
• Definition: Aviation industry encompasses domestic Aviation Industry AAI Airports Activity Aviation Governance*
and international air transportation services
Domestic International
(including passenger & cargo) operated by an airline 2M AAI
189M 3 MMT
• India’s aviation sector is 3rd largest in the world in MRO & Ground 11% 62% managed
Airlines Airports 9% 125
terms of handling domestic air-traffic Services
339
Leading players Non-AAI
Aircraft Mfg. Air Traffic Control 89% 91% 39% managed
Other
players Aviation Education Aviation Tech AAI managed airports – Airports Authority Act (1994)
Other airports – Aircraft Act (1934)

Key Drivers Industry Trends & Challenges Recent Policy Updates & News
Ticket sales Freight services
Trends Challenges • India plans to mandate the use of 1% sustainable
Revenue aviation fuel for domestic airlines by 2025
Routes & locations Ancillary revenues
• New routes • Low profitability • The MCA has launched UDAN 5.1 to enhance
Fuel costs Airport charges connectivity in remote areas through helicopters
Cost • Consolidation • Traffic congestion
• Both Air India & IndiGo have placed large orders for
Wages MRO costs • Sustainability • Limited suppliers aircraft purchase from Airbus and Boeing
Exchange rates Geopolitical factors • Digitalization • Fuel price volatility • Air India to merge subsidiaries & operate two airlines
Macro
Factors • Passenger exp. • Safety concerns • Other points to note: Launch of Akasa airlines,
Tourism trends Govt. policies
GoFirst insolvency concerns & role of engine makers
Value Chain Analysis**

Operational Value Chain Analysis Commercial Value Chain Analysis Support Value Chain Analysis
Flight Ops. Ground Ops. MRO Revenue Distribution Customer Exp. HR Supply Chain Corporate
• Scheduling • Passenger • Maintenance • Fare • Ticketing • Reservation • Pilot / Crew • Procurement • Finance
• Rostering • Baggage • Repairing • Demand • AIS • Boarding • Safety & • Inv. Mgmt. • Legal
• Performance • Ramp • Overhauling Forecast • Ancillary • In-flight security • Fuel • Strategy
• Seat Mgmt. training Dept.

6
Source: IBEF. Note: MRO refers to Maintenance, Repair & Overhaul. AAI: Airports Authority of India, AIS refers to advanced information systems, MCA refers to Ministry of Civil Aviation
*The Aviation Governance pie-chart indicates the total number of airports & airstrips governed by different acts in India, **Other often used method to analyze Aviation Value Chain is to map customer journey
Cement Industry
Industry Overview Industry Structure Key Sectoral Data
• Definition: This industry refers to players involved in Macroeconomic data Cement Demand
Raw
the production, distribution & sale of cement Clinker Cement Packaging
Materials
• India is the second largest cement producer Industry Size (‘22) $143B Rural
worldwide with over 7% of the global installed Raw meal Clinker 23%
Limestone, Cement CAGR (2021-29) 5.5% 29% Urban
heated, grinded w/
capacity clay, etc. packaging
cooled & Gypsum & GDP Contribution 4.5% Infra.
Leading players extracted into bags 23%
calcinated stored in 25%
& mixed to for sending Industry
in Kiln to silos to Top 4 players 75%
form Raw to retailers
remove form
meal / sites Total Capacity* 360MT Rural & urban housing account for
moisture cement
52% of the cement demand

Key Drivers Industry Trends & Challenges Recent Policy Updates & News
Prices Market demand
Trends Challenges • Adani’s $6.5B acquisition of Ambuja and its
Revenue subsidiary ACC was the largest M&A in Indian infra.
Real estate growth Govt. spending
• Cement blending • Lack of support infra. sector
Raw materials Energy costs • Synergies & M&As – (Adani Group, Ambuja, Input
Cost • Affordable housing • Land acquisition
utilities synergies); (Ultratech, NTPC, input utilities
Transportation Labor costs • Capacity expansion • Env. concerns synergies)
GDP growth rate Urbanization • M&As • Financing constraints • Governmental schemes to grow Indian economy help
Macro
Factors • Carbon neutrality • Commodity prices the cement sector – NIP, NMP, PMAY (Urban /
Exchange rates Interest rates**
Gramin) Smart Cities, AMRUT
Value Chain Analysis

Pre-Production During Production Post-Production

R&D RM Inbound Inventory Process Others Outbound Distribution Marketing After-Sales
• Alternate • Mining • Mode • EOQ • Kiln • Utilities • Fulfilment • Margins • Branding • Support
RMs • Grinding • Route • Handling • Grinding • Waste • Tracking • Efficiency • Pricing • Complaint
• MIxing • Quality • Vendor • JIT • QC • Packaging • Route • Channel • Feedbacks Mgmt.

7
Source: IBEF, Statista, MOSPI, Trading Economics, MaximizeMarketResearch. Note: *MT: Million Tonnes, **Interest rates are an important consideration for cement industry as they impact
financing availability for construction projects, EOQ: Economic Order Quantity, JIT: Just-in-time.
E-Commerce Industry
Industry Overview Industry Structure Key Sectoral Data
• Definition: This sector encompasses companies E-Commerce Industry Biz. Models Macroeconomic data Segment Sales
involved in the buying & selling of goods and services
Industry Size $75B 6% Electronics
through electronic platforms, primarily the internet 7%
• India could outpace more mature markets to become Pure Marketplace Model Inventory Led Model 7%
CAGR (2022-30) 21% Apparels
the 3rd largest globally with $350B size by 2030 40%
Zero inventory Significant inventory GDP Contribution 2.4% Food
Leading players
Players Marketplace E-Tailers Logistics E-Com Sales 10% Jewellery
Involved Internet Eco. FinTech infra. Regulator 40%
Internet Penetration 55% Others
Marketplace Online Retailers (E-Tail) Logistics & Delivery Internet Economy Players Another way to categorize this industry – B2B vs B2C

Key Drivers Industry Trends & Challenges Recent Policy Updates & News
GMV # of transactions
Trends Challenges • Through its ‘Digital India’ campaign, GoI is aiming to
Revenue create a trillion-dollar online economy by 2025
Average order value Seller commissions
• Omnichannel sales • Last mile delivery • Currently, 100% FDI via automatic route is permitted
Fulfillment costs Customer acq. costs in the marketplace model of e-commerce
Cost • Ancillary revenues • Payment challenges • In Q1’22, PE/VC investments in e-commerce sector
Technology infra. Advertising costs
• Geo. expansion • Counterfeit products stood at $2.7B with 47 total deals
Internet penetration Consumer spends • Social commerce • Customer trust • Wireless internet data usage has surged 7x since ‘18
Macro
• ONDC (launched in 2023) helped in combating rising
Factors Payment infra. Govt. policies • Personalized exp. • Reverse logistics
tomato prices by selling tomatoes at cheaper rates
Value Chain Analysis

Supply Chain & Operations Technology & Platform Marketing & Customer Engagement
Procurement Inventory Others Development Products Others Mkt. Research Branding Others
• Suppliers • Warehouse • Order mgmt. • Website/App • Catalogue • Gateway • Target mkt. • Identity • SEO / PPC
• Contract • Stocking • Packaging • Front-end • Taxonomy • Cyber-risk • Mkt. trend • Pricing • Cust acq.
• QC • Expiry mgmt. • Shipping • Back-end • Discounts • Subscription • Competitors • Positioning • Loyalty pts.
• Inv. forecast • Monitoring • Reverse logi. • Payments • Reviews • Metrics • Pricing • Product USP • Cust. service
Even here, the analysis could have been done via operational value chain -> commercial value chain -> support value chain as has been done in majorly other service based industries
8
Source: IBEF
Note: GMV – Gross Merchandise Value, AOV – Average Order Value. E-Com Sales % represents the proportion of total sales in India that happens through E-Commerce
Financial Services Industry – All
Industry Overview Industry Structure Key Sectoral Data
• Definition: This sector encompasses various financial Financial Services Industry Macroeconomic data MF breakdown
institutions & organizations that provide financial
1%
products & services to individuals & businesses Gross Savings / GDP 29.3% 22% Corporates
Capital
• According to GS, India’s stock market is likely to reach Insurance NBFCs Banks
Insurance AUM (’25E) $1T
Markets
$5T surpassing UK to become the 5th largest by 2024 44% HNIs
MFs Life Asset fin. Commercial MF AUM $478B
Leading players
/ Retail Retail
Broking Non-Life Loan cos. Banks MF Penetration 5-6%
33%
(Discussed IPO Capital Raised $7B Others
Multi-segment players
IB in next slide) Industry regulators: RBI, SEBI, IRDAI
Insurance NBFC

Key Drivers Industry Trends & Challenges Recent Policy Updates & News
Client base AUM
Trends Challenges • GoI has approved 100% FDI for insurance
Revenue intermediaries and increased limit to 74% in
Cross-selling Ancillary fees
• Digitalization • Cybersecurity insurance from the previous 49%
Employee benefits Tech infra. costs • A pilot programme for Central Bank Digital Currency
Cost • Rise of FinTech • NPA management (CBDC) was launched by RBI in November 2022
Rents & Leases Compliance
• Financial inclusion • Debt market liquidity • In September 2021, 8 banks announced that they are
Economic stability Interest rates • Account aggregation • Customer trust expecting to roll out account aggregator framework
Macro
• Key Deals: (HDFC Bank, HDFC); (Piramal Group,
Factors Exchange rates Financial literacy • ESG Focus • Economic volatility
DHFL); (LIC IPO); (Axis Bank, Citi Bank retail business)
Value Chain Analysis

Operational Value Chain Analysis Commercial Value Chain Analysis Support Value Chain Analysis
Risk mgmt. Investment Settlements Marketing Onboarding Relationship Tech. infra. Compliance HR
• Risk analysis • Financial • Payment • Branding • Prospecting • Cust. • H/W & S/W • Regulations • Workforce
• Underwriting planning processing • Research • Conversion Support mgmt. • Filings planning
• Risk • Portfolio • Trade • Lead • Account • Cross-selling • N/w mgmt. • Audits • Employee
mitigation mgmt. execution generation setup • Loyalty pts. • Data security • AML / KYC. benefits

9
Source: IBEF, Note: GS refers to Goldman Sachs, IB/RB/CB: Investment Banking, Retail Banking, Commercial Banking; MF AUM: Mutual Fund Industry Asset Under Management, AML / KYC
refers to Anti-money laundering & know your customer processes.
Financial Services Industry – Banking Sector
Industry Overview Industry Structure Key Sectoral Data
• Definition: A part of the financial services industry Financial Services Industry Macroeconomic data Payment volume
that is specifically focused on traditional banking 9%
activities such as loans, deposits, fund transfers, etc. Banking Assets $2.7T UPI P2M
Banking (Governed by RBI)
• Compared to the world's developed nations, 40% of PSB Share in Assets 60%
23% 41% Credit Card
the world's total digital transactions happen in India SCBs
Cooperative Financial
Leading players Credit Cos. Institutions # of ATMs 2.1L
Debit Card
Public Sector Banks Foreign Banks FinTech Industry $150B
SCB
28%
Types Pvt. Sector Banks Cooperative Banks Total # of SCBs ~1L *Digital transactions only. PPI
Public Sector Banks Private Sector Banks Foreign Banks Rough estimates (Dec’21)

Key Drivers Industry Trends & Challenges Recent Policy Updates & News
Interest income Investment gains
Trends Challenges • Around 470M beneficiaries have been banked under
Revenue PMJDY scheme of GoI amounting to $21B
Cross-selling Forex Income
• Mobile banking & • Capital adequacy & • RBI has launched the RBI Retail Direct Scheme
Employee benefits Marketing costs through which retail investors can now directly invest
Cost payments other requirements in Government securities
Rents & leases Compliance
• Rise of FinTech • Loan recovery & NPA • Budget 2022 proposed to integrate the Indian post
Monetary policy Systemic risks • Unbanked banking management offices into the core banking system
Macro
• NPCI is planning to launch UPI Lite which will provide
Factors Exchange rates Consumer trust • AI & automation • Financial crimes
offline UPI payments upto Rs. 200
Banking Process Mapping

Pre-service delivery stage Service delivery stage Post-service delivery stage

Research A/c opening Advisory Services A/c mgmt. Cust. support Relationship Resources VAS
• A/c types • Documentati • Goal setting • Deposit / • Mobile • Query • Relationship • Financial • Insurance
• Bank on • Product Withdrawal banking resolution manager education upgrades
comparison • A/c setup & recomm. • Loan / Credit • Credit mgmt. • Compliant • Cross-selling • Account • Exclusive
• FNA activation • Fin. planning • Investment • Invt. tracking handling • Loyalty pts. review benefits
Since the value chain is very similar for banking sector & the entire financial services industry, a banking process mapping has been done which highlights the end-to-end banking process
10
Source: IBEF, Times of India. Note: SCBs – Scheduled Commercial Banks, FNA refers to Financial Needs Assessment which is sometimes an offering of the banks, Invt. - abbreviation for
Investment. FinTech Industry Size is as per 2025 estimates. Payment Volume doesn’t include cash transactions
Fast Moving Consumer Goods (FMCG) Industry
Industry Overview Industry Structure Key Sectoral Data
• Definition: The FMCG industry refers to the FMCG Industry Macroeconomic data Segment sales
production, distribution, and sale of often purchased,
non-durable goods such as household products. Industry Size (‘20) $110B
• India's FMCG market grew at 16% in FY21, the fastest F&B
Food & Household & CAGR (2020-27) 28%
seen in the previous nine years Healthcare 40% 30%
Beverages Personal Care
Leading players GDP Contribution 3.5% Health

Internet Users 780M 30%

Trade General Trade D2C / E-Commerce
HPC
Channels Modern Trade Omni-channel Urban Sales 65%

Key Drivers Industry Trends & Challenges Recent Policy Updates & News
Consumer spends Urbanization
Trends Challenges • To promote FMCG sector, GoI has approved 100% FDI
Revenue in single-brand retail & 51% FDI in multi-brand retail
Rural markets E-Commerce sales
• Health & Wellness • Price sensitivity • The industry is witnessing regulatory headwinds in
Raw materials Packaging the form of regulations in E-Com (deep discounting),
Cost • E-Commerce rise • Distribution mgmt. quality standards (honey adulteration), etc.
Manufacturing Distribution costs
• Sustainability • Rural penetration • Key M&As – (HUL, GSK CH); (Tata Digital, BigBasket);
Consumer behavior SC disruptions • Convenience culture • Illicit trade (Marico, Beardo); (Dabur, Badshah Masala)
Macro
• Reliance's entry into the FMCG poses a significant
Factors Festivals & seasons Population growth • ONDC • Intense competition
threat, due to its deep pockets and vast network
Value Chain Analysis

Pre-Production During Production Post-Production

R&D RM Inbound Inventory Process Others Outbound Distribution Marketing Reverse Logi.
• Product • Forecasting • Mode • EOQ • Production • Utilities • Fulfilment • Margins • Branding • Recalls
• Packaging • Supplier • Route • Tracking • QC & QA • Waste • Tracking • Efficiency • Pricing • Returns
• Consumer • Pricing • Labour • Warehouse • Packaging • Labelling • Route • Channel • Feedbacks • Recycling
insights

11
Source: IBEF.
Note: Urban Sales refers to the sales from Urban regions as a % of total sales. D2C refers to Direct-To-Consumer Channel, Reverse Logi. refers to Reverse Logistics
Iron & Steel Industry
Industry Overview Industry Structure Key Sectoral Data
• Definition: The sector that is involved in the Macroeconomic data* Export locations
Raw Iron- Steel-
production, processing, and distribution of iron and Finishing
Materials making making
steel products Total Capacity 144MT 23% Korea
• India is the second largest crude steel producer in the Iron Ore
BOF/EAF: Rolling CAGR (2022-25) 7-8% China
Mining,
world, with a total production of 133 MT in FY22. Conversion Iron to (shaping & 4%
Production Consumption 115MT 50% Japan
Leading players of iron ore Steel reducing
of Coke 6%
to molten conversion. thickness), Taiwan
from coal, Total Exports 14MT
iron Casting of Surface
Scrap 17% Others
steel Treatment Total Imports 5MT
collection

Key Drivers Industry Trends & Challenges Recent Policy Updates & News
Automotive growth Govt infra. spends
Trends Challenges • National Steel Policy (2017) has envisaged achieving
Revenue production capacity of 300MT by 2030-31
Exports Steel prices
• Tech. transformation • RM availability • Schemes such as PMAY, Smart Cities, PLI, etc. are
Raw materials Energy costs expected to boost steel demand in the coming years
Cost • Sustainability • Volatile input costs • Currently, 100% FDI (via the automatic route) is
Transportation Labor costs
• Steel consumption • Lack of support infra. available in the steel industry
GDP growth rate Int’l trade tariffs • Consolidation • Financing constraints • Side note: India is home to fifth-highest reserves of
Macro
Iron-Ore in the world giving India a comp. advantage
Factors Exchange rates Interest rates** • Steel recycling • Dumping allegations
• Steel industry supplied medical O2 during Covid-19#
Value Chain Analysis

Pre-Production During Production Post-Production

R&D RM Inbound Inventory Process Others Quality Inventory Marketing Others
• Alloy dev. • Mining • RM • EOQ • Ironmaking • Casting • Non- • FG inv. • Branding • Channel
• Process • Coking transport • Handling • Steel gen. • Waste & destructive • Handling • Pricing mgmt.
optimizn. • Scrap • Energy • Tracking • Alloying energy testing • Order • Feedbacks • Outbound
processing input • QC & QA mgmt. • Compliance fulfillment Logistics

12
Source: IBEF, Statista, Ministry of Steel, GoI; Note: *MT: Million Tonnes Note: *MT: Million Tonnes, **Interest rates are an important consideration for cement industry as they impact financing
availability for construction projects. #: Steel mfr. were permitted to produce & sell industrial oxygen during Covid-19 pandemic. Curr. steel industry O2 capacity = 1500MT per day. BOF/EAF: Google.
IT & ITES Industry
Industry Overview Industry Structure Key Sectoral Data
• Definition: This industry involves a wide range of IT & ITES Sector Macroeconomic data Exports by Region
services related to information technology, software
Industry Size $230B 7% 2%
development, & business process outsourcing
Biz. Process Software 12% US
• This industry accounts for 56% of the global IT Services
Mgmt. Services
Hardware CAGR (2021-28) 13%
outsourcing market UK
Leading players GDP Contribution 7.4% 62%
81% rev. 87% rev. 84% rev. Major rev. 17% Europe
from exports from exports from exports from India FDI Inflows Rank 2
APAC
50% 20% 20% 10% # of employees 5M RoW

Key Drivers Industry Trends & Challenges Recent Policy Updates & News
Pricing Talent pool
Trends Challenges • Indian cos. are now looking to expand global
Revenue footprint to support global delivery model (Eg: TCS
Global demand Tech. adoption
• Cloud computing • Global competition expansion in UK)
Salaries Infra. costs • In August 2022, CERT India (CERT-In) team carried
Cost • Data centre • Attrition out a ‘cyber-security’ exercise with CSA, Singapore to
Constant R&D Compliance
investments • Price volatility build resiliency against ransomware attacks
Economic growth Exchange rates • Generative AI • New regulations • The Indian IT industry is facing headwinds (as of
Macro
Q1’24) owing to uncertain global environment
Factors Tech. trends Inflation • Cybersecurity • Rising wages
leading to cuts in FY24 revenue growth estimates
Value Chain Analysis

Operational Value Chain Analysis Commercial Value Chain Analysis Support Value Chain Analysis
Development Delivery Operations Revenue Marketing Relationship HR IT Support Quality
• Planning • Deployment • Monitoring • Pricing • Insights • Acc. Mgmt. • Talent • Helpdesk • Legal
• Design • Integration • Incident res. • Billing • Cust. Acq. • NPS scores acquisition • IT assets • QC & QA
• Coding • Migration • Improvemen • Profitability • Proposal • Custom • Training mgmt. • Compliance
• Training t assessment • Negotiation products • Perf. Mgmt. • N/w infra.

13
Source: IBEF, Statista, Times of India, Note: FDI Inflows Rank is a rank which indicates that IT & ITES sector has witnessed the 2nd highest FDI inflow in the country in the past few years.
Data mentioned in industry structure section is tentative segmental sales
Metals & Mining Industry
Industry Overview Industry Structure Key Sectoral Data
• Definition: This industry encompasses exploration, Metals & Mining Industry Macroeconomic data Mineral Production
extraction, refining, and processing of various 12% Odisha
metallic and non-metallic minerals found in India Industry Size $127B
Ferrous Non- Precious Industrial
• This industry is one of the core industries as it Metals Ferrous Metals Minerals CAGR (2022-25) 7.1% 11% Chhatisgarh
provides basic raw materials to many other industries 47%
Aluminium, Gold, Silver, GDP Contribution 4.1% Karnataka
Leading players Limestone, 14%
Iron & Steel. Zinc, Copper, Diamond,
Gold & Silver Coal Metallic mines 525 Rajasthan
Lithium. Platinum
mines across
India Non-metallic mines 720 16%
Cu Al Zn LST* Others The process flow is similar in all – RM extraction -> intermediate product -> Final metal / Others
Ferrous Metals* Non-Ferrous Metals Precious Metals Industrial Minerals mineral -> this is further used by other industries as its base RM Governed by National Mineral Policy (2019)

Key Drivers Industry Trends & Challenges Recent Policy Updates & News
Global demand Commodity prices
Trends Challenges • The Mines and Minerals Amendment Act (2021)
Revenue enabled captive mine owners to sell up to 50% of
Capacity utilization Export opportunities
• Sustainability focus • Limited workforce their annual mineral production in the open market
Energy costs Machinery costs • State-run Cos. have shown interest to buy mining
Cost • Mine exploration • Geopolitics assets related to Lithium & Cobalt overseas
Environmental costs Logistics costs
• Rise of PPP • Lack of financing • FDI upto 100% is allowed in the exploration of metal
Economic growth Exchange rates • Digitalization • Commodity prices and non-metal ores via the automatic routes
Macro
• Side Note: Usually, leases are given out for a long
Factors Financing options Social responsibility • Social responsibility • Safety standards
period (~50 years) for the purpose of mining
Value Chain Analysis

Pre-Production During Production Post-Production

R&D RM Inbound Inventory Process Others Quality Distribution Marketing Finance
• Mining • Identifying • Equipment • Tracking • Mining • Pollution • Compliance • Warehouse • Pricing • Budgeting
equipment reserves transport ore grades operations mgmt. • Recycling • Exports • Mkt. • Cost control
• Exploration • Acquiring • Route • Handling • Processing • Rehabilitati • Waste • Optimizing research • Investment
methods licenses • Storage • Refining on mgmt. SC mgmt.

14
Source: IBEF, Statista, Times of India, ResearchandMarkets. Note: *Ferrous Metals, Limestone, Coal are covered in more details in the industry reports of Iron & Steel, Cement and Power
Industries , Cu/Al/Zn/LST: Copper, Aluminium, Zinc, Limestone. SBI: State Bank of India
Oil & Gas Industry
Industry Overview Industry Structure Key Sectoral Data
• Definition: This sector encompasses companies Oil & Gas Industry Macroeconomic data Indian Oil Imports
involved exploration, refining, transportation, &
marketing of petroleum and natural gas products #1 in Upstream ONGC 19%
Middle East
• India is the third-largest consumer of energy in the Upstream Midstream Downstream
#1 in Midstream IOCL Africa
world, as of 2022 13% 53%
Leading Players Exploration Storage Refining #1 in Downstream ONGC USA

Midstream Players 15% RoW

Production Transportation Retail Distbn. Oil imports
88%
(% demand)
In FY23, suddenly 33% of Indian oil
Crude Oil, Gas Crude Oil, LNG Petrol, LPG Indian Oil Imports - $120B imports came from Russia
Upstream Players Downstream Players

Key Drivers Industry Trends & Challenges Recent Policy Updates & News
Volumes & reserves Oil and gas prices
Trends Challenges • As per the Biofuel policy (‘22), GoI plans to achieve
Revenue 20% ethanol blending with petroleum by 2026
Refining margins Petroleum demand
• Energy transition • Crude oil price • Currently, 100% FDI (via the automatic route) for oil
Oil acquisition costs Exploration costs and gas PSUs is approved
Cost • Biz. diversification volatility • Only three states (Assam, Gujarat, and Rajasthan)
Refining costs Distribution costs
• Digitalization • Env. regulations account for more than 96% oil production in India
Geopolitics Int’l crude oil prices • Infra. development • Financing constraints • India heavily relies on imported LNG. Globally, it is
Macro
the fourth largest LNG importer
Factors Exchange rates Energy trends • Energy efficiency • Energy security
• India diversified crude oil sourcing from Guyana (‘21)
Value Chain Analysis

Upstream Midstream Downstream

Exploration Drilling Field Dev. Pipelines Storage LNG Ops. Refining Blending Distribution
• Geo. survey • Wells design • Feasibility • Design • Tank farms • Gas • Crude oil • Refined • Network
• Reserve • Drilling rigs studies • Construction • (Un) Loading processing distillation products mgmt.
estimation • Reservoir • Infra design • Pumping • QC & QA • Liquefication • Petrochemic blending • Pricing
• Risk analysis management • Compliance • Monitoring • Safety • LNG storage al • QC • Branding

15
Source: IBEF. Note: Almost all of the mentioned players, operate in multiple streams and not just one stream. They have categorized in only one of their operating streams. The same
is true in other industries as well
Pharmaceutical Industry
Industry Overview Industry Structure Key Sectoral Data
• Definition: The pharmaceutical industry involves the Pharmaceutical Industry Macroeconomic data Exports by Region
development, production, and commercialization of
Industry Size $50B 2%
drugs for medical treatment and prevention America
Active Pharma. Ingredients 16%
• India ranks 3rd worldwide for pharmaceutical Formulations CAGR (2021-30) 13%
/ Bulk Drugs Europe
production by volume and 14th by value 40%
Leading players Branded Generics Branded Generics GDP Contribution 1.7% 19% Asia

Total Exports $25B Africa

Other OTC Medications Biosimilars
23% RoW
Types Contract Mfg. Vaccines Total Imports $8B

Key Drivers Industry Trends & Challenges Recent Policy Updates & News
Branded drug sales Exports
Trends Challenges • Due to supply chain disruptions, the industry has
Revenue witnessed a rise in prices of raw materials ranging
Contract mfg. Healthcare spending
• Digitalization • Price controls from 25%-120%
Raw materials R&D • Recognising this dependence, Govt. has launched a
Cost • Personalized meds. • Low R&D investment PLI scheme for promotion of domestic manufacturing
Manufacturing Compliance
• Generics exports • Reliance on China of key raw materials in India with implications of
Healthcare infra. Exchange rates • Contract mfg. • Supply chain risks about ₹15,000 crore (FY21)
Macro
• Due to these rising costs, the drug pricing authority
Factors Patent expirations Disease outbreaks • Green practices • Counterfeit drugs
allowed price hikes for the first time in many years
Value Chain Analysis

Pre-Production During Production Post-Production

R&D RM Inbound Inventory Process Others Outbound Distribution Marketing After-Sales
• Discovery • APIs • Mode • Conditions • Formula- • Utilities • Mode • Cold • Pricing • Support
• Trials • Prices • Route • Location tion • Labelling • Route storage • Consumer • Complaint
• IP • Incentives • Labour • Costs • QC & QA • Compliance • Labour • Retailer Insights Mgmt.
• GMP N/W Mgmt.

16
Source: IBEF, CARE
Note: QC & QA refers to Quality Control & Quality Assurance
Power Industry
Industry Overview Industry Structure Key Sectoral Data
• Definition: This sector encompasses companies Macroeconomic data Power Sources
Gene- Trans- Distri-
involved in the generation, transmission, distribution, End-User
ration mission bution 11% 2%
and consumption of electrical power Total Capacity 411GW
• India is the 3rd largest producer & consumer of Gene- Thermal Peak Demand 205GW
Renew- Hydro /
electricity worldwide behind China & USA ration (Coal /
able Nuclear Largest player NTPC
Leading Players Sources Diesel) 30% 57%
State Transmission & 72GW
Distribution Cos. Equipment Mfr. IPPs NTPC Capacity
Other
Power
Renewable players Power industry is governed by Thermal Renewables
Generating Cos.
Energy Cos.
Power Trading Cos. EPCs Electricity Act (2003) Hydro Nuclear

Key Drivers Industry Trends & Challenges Recent Policy Updates & News
Demand PPAs
Trends Challenges • To meet India’s 500 GW renewable energy target, GoI
Revenue has identified 81 thermal plants to be replaced by
Tariff / Price Carbon Credits
• Renewable energy • Aging infra. renewable energy generation by 2026
Fuel Costs Losses • Currently, 100% FDI is available in the power industry
Cost • PPPs • Financial viability of • GoI schemes such as UDAY, DDUGJY IPDS, etc. are
Transmission Compliance
• Digitalization power DISCOMs pushing for increasing electrification in the country
Int’l prices Financing options • Open access • Energy theft • In 2021, the EXIM Bank of India extended $100M line
Macro
of credit to Sri Lankan government to ensure 70%
Factors Weather / Climate GDP Growth • Customer changeover • EV chargers
renewable power generation in Sri Lanka by 2030
Value Chain Analysis

Power Generation Transmission & Distribution Energy Market & Customer

Fuel procuring Power plant Compliance Grid infra. Grid mgmt. Cust. service Market ops. Cust. analysis Other services
• Sourcing • Steam Gen. • Pollution • Substation • Load mgmt. • Metering • Trading • Tariff pricing • Energy
• Transport • Turbine ops. control • Transmission • Voltage • Billing • Mkt price • Consumption audits
• Quality • Control Sys. • Waste Lines regulation • Complaint forecasting analysis • Energy
• Maintenance management • Transformer • Grid stability resolution • Settlement advisors

17
Source: IBEF
Note: IPP – Independent Power Producers , EPC – Engineering, Procurement & Construction Cos., PPA – Power Purchase Agreements, DISCOMS – Distribution Companies
Telecommunication Industry
Industry Overview Business
Industry Segments
Structure Key Sectoral Data
• Definition: This industry involves provision of various Telecommunication Industry Macroeconomic data Indian Tele-density
communication services, including voice, data, and
multimedia transmission over long distances Network / Internet Providers Industry Size $37B
• India's telecom sector is the second largest globally CAGR (2023-28) 9.40%
Urban
with regards to subscriber base & internet users also Mobile Fixed-line Internet 44%
(Wireless) (~Broadband) Service GDP Contribution 1.1% 56%
Leading players Rural
Equipment mfr. Infrastructure cos. Total Subscribers 1.1B
Other
Network + Internet Satellite players Satellite
The process flow is similar services
in all – RM Value
extraction -> intermediate added
product -> Finalservice
metal / Internet Users 780M
Equipment Manufacturer Communication Services Infrastructure Cos. mineral which is further used by other industries as their base RM Total Tele-density is at 80% of population
Providers (ISPs)

Key Drivers Industry Trends & Challenges Recent Policy Updates & News
ARPU Demand for data
Trends Challenges • FDI limit was increased to 100% from previous 49%
Revenue via the automatic route in 2021
Value added service Partnerships w/ OTT
• Bundled services • Intense competition • PLI scheme worth $1.6B for telecom & networking
Infra. maintenance License fees products was approved by the Union Cabinet
Cost • OTT popularity • Debt burdens • As of August 2021, the DoT is working on a package
Spectrum purchase Energy costs
• Convergence with • Data privacy laws to reduce the revenue sharing license fee to 6% of
Govt. policies Economic growth other sectors • Digital divide Adj. Gross Revenue from 8%
Macro
• Now, focus is on manufacturing equipment in India
Factors Tech. advancement Consumer behavior • 5G race • Network congestion
• Other things to note: BharatNet, USOF, RailTel, NDCP
Value Chain Analysis

Operational Value Chain Analysis Commercial Value Chain Analysis Support Value Chain Analysis
N/W planning N/W maint. Service S&M Customer VAS Procurement IT systems Others
• Coverage • Monitoring • Activation • Pricing • Acquisition • Partnerships • N/W • Billing • Finance
• Infra. design • Trouble- • SLA mgmt. • Mkt research • Account • Content equipment • Data • Legal
• Spectrum shooting • QOS • Promotions mgmt. • Cross-selling • Spare parts analytics • HR
mgmt. • Upgrades assurance & advertising • Loyalty pts. • VAS pricing • System Dev. • R&D
Please note - IT & ITES industry acts as a key support industry to the Telecommunication industry. So role of IT & ITES industry can also be mentioned during the value chain analysis discussion
18
Source: IBEF, Statista, Times of India, Mordor Intelligence. Note: Industry Size of Telecom Industry includes just Network & Internet Service Providers and not other players mentioned in the
industry. It is interesting to note that, as per IBEF, the Industry Revenues have declined from $40B in 2016 to $37B in 2021. SLA: Service Level Agreement, QOS: Quality of Service