CASE India Sets Out to Double Revenue by 2030 Despite a Slowing Start to FY27

CASE Construction Equipment wants to double its India revenue by 2030, working up from a base of roughly Rs 2,700-2,800 crore in FY25. That's a target that sounds simple enough on paper, but it actually implies growing well ahead of where the overall market is headed.

The Two-Part Plan Behind the 2030 Target

"My gut feeling and my sense is that in the next four years, we should be doubling, nearly a 2x growth versus where we are right now in terms of overall revenue," Shalabh Chaturvedi, Managing Director of CASE Construction Equipment India and SAARC, told Autocar Professional. The construction business sits inside CNH India's roughly $1 billion (around Rs 9,570 crore) operation, which also covers agricultural machinery under the New Holland brand.

Chaturvedi split the plan into two clear pieces. "By organic, I mean the current product lines that we already have, gaining more volumes, more market share, as the overall size of the market grows in India," he said. "By inorganic, I mean product lines that we are today not manufacturing and selling in India. Once we start bringing them in, they are also going to generate incremental revenue share."

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What Pithampur Has to Do With It

The organic side of the plan leans on CASE's track record in backhoe loaders and vibratory compactors, its two core segments, where the company says it's kept gaining market share even through last fiscal year's downturn — a period when the domestic industry as a whole declined 7%, according to figures from industry body ICEMA, while CASE managed to hold revenue roughly flat. In excavators, Chaturvedi described CASE as "a very, very marginal player," which cuts both ways — swings in that segment barely move the needle on results, but any share gained there is basically pure upside.

The inorganic leg runs entirely through the Pithampur plant in Madhya Pradesh. Having built roughly 7,500-8,000 machines last year, the plant is targeted to cross 10,000 units within a couple of years, partly by localising skid steer loaders and compact track loaders — compact machines suited to tight urban worksites — along with additional excavator ranges. It's a meaningful step up for the kind of new heavy construction equipments being built in India rather than imported. About half of Pithampur's output already goes to export markets, so the capacity case isn't riding purely on Indian demand either — industry exports grew 32% last fiscal, per ICEMA.

Why the Math Is Actually Pretty Aggressive

Here's where the ambition really shows. In its May 2026 annual data release, ICEMA pegged the Indian construction equipment sector — the world's third largest — at about $10 billion in FY25, projected to reach $14.76 billion by 2030 at a compound annual growth rate of 8.3%. Doubling revenue over roughly four years works out to needing about 19% annual growth from CASE, more than double the pace of the overall market. That gap is exactly why the localisation pipeline and share gains matter so much — there's no way to hit this number just by riding the market's natural growth curve.

The FY27 Slowdown Nobody's Ignoring

The near-term picture has softened lately, though. Chaturvedi has trimmed his FY27 industry growth expectation from double digits down to single digits, pointing to the West Asia crisis and its knock-on effect on bitumen prices, which has slowed road construction activity across the country. So the 2030 target is effectively being set from a slower starting line than the company might have hoped for a few months ago.

As for whether CNH's ongoing search for a partner for its global construction business changes any of this, Chaturvedi was pretty clear: "The investment, the capacity, the new product lines — they are all coming to Pithampur, regardless of what may or may not happen as a corporate structure." Whether that 19% annual growth rate actually holds up against a softer FY27 is something the next few quarters will make clearer, but for now the company is sticking with its target for new heavy construction equipments production and localisation regardless.

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Frequently Asked Questions on CASE India's 2030 Revenue Target

Q1. By how much does CASE want to grow its India revenue by 2030?

Ans. CASE wants to double its India revenue by 2030 from a base of roughly Rs 2,700-2,800 crore in FY25, which implies about 19% annual growth over the next four years.

Q2. What are the two parts of CASE's growth plan?

Ans. The plan combines organic growth in existing product lines like backhoe loaders and vibratory compactors and inorganic growth from localising new product lines such as skid steer loaders, compact track loaders and additional excavator ranges.

Q3. Why has CASE trimmed its FY27 growth expectations?

Ans. The West Asia crisis has pushed up bitumen prices, which has slowed road construction activity in India, prompting CASE to lower its FY27 industry growth forecast from double digits to single digits.

Q4. How big is India's construction equipment market expected to become?

Ans. According to ICEMA, the market was valued at about $10 billion in FY25 and is projected to reach $14.76 billion by 2030, growing at a compound annual rate of 8.3%.