Horiba targets ¥20 billion India revenue by 2028 as manufacturing, R&D footprint expands
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Japanese precision instruments and testing systems manufacturer Horiba on Monday said it is targeting a revenue of 20 billion yen from its India operations by 2028, as the country emerges as an increasingly important base for its global manufacturing and research roadmap.
The company, which is marking 20 years of operations in India, reported an annual turnover of about 15 billion yen in FY 2025, at an average annual growth rate of over 15%.
“Looking at our global businesses, India is probably the most exciting and growing energetic market for us. Going forward…it would definitely be a key market for the Horiba Group.
"India has grown from a market for our technology into a base where it is manufactured, adapted, and increasingly developed. Twenty years in, our commitment to this market remains as strong as ever, and we see India playing an even larger role in Horiba's global growth in the years ahead," Dan Horiba, Executive Director, Horiba Ltd, Japan, said in a statement.
The Kyoto-headquartered group employs over 600 workers across eight locations in India. The company’s global employee count stands at over 9,000.
Hideyuki Koishi, Executive Corporate Officer of Horiba Ltd and Chairman of Horiba India, said the company's progression in India has moved from sales and service to manufacturing and is now focusing on expanding local R&D so that India contributes directly to the group's global technology pipeline.
The company management noted that approximately 40% of Horiba India’s revenue comes from domestically assembled or manufactured products.
In terms of sectoral contributions in India, Bio & Healthcare and Energy & Environment account for 40% each, while the Materials & Semiconductor segment represents the remaining 20%.
The company, in January 2026, acquired Gujarat-based Pristine Deeptech, marking Horiba Group's first acquisition in India. Pristine Deeptech specialises in lab-grown diamond R&D for semiconductor and quantum applications.
In the semiconductor segment, Horiba, which claims to hold an estimated 60% global market share in Mass Flow Controllers (MFCs) used in semiconductor manufacturing processes, commenced local MFC manufacturing at its Pune facility in 2024.
The company management stated they expect local semiconductor-related demand to scale up over the next three to five years as domestic commercial fabs and assembly units become operational.
“As Horiba India enters its next phase, the company is focused on enhancing local R&D, expanding advanced manufacturing capabilities and strengthening collaborations across industry, academia and the innovation ecosystem, with the ambition to not just watch India grow, but to be one of the companies creating new markets and new technologies as part of that growth,” the company said.