Japanese precision instrument major Horiba aims for ¥20 billion in annual Indian revenue by 2028, up from ¥15 billion in FY2025. The company is pivoting from a service-centric model to a core manufacturing and R&D hub to serve India’s growing semiconductor and healthcare markets.
Horiba, the Kyoto-based manufacturer known for its precision testing and measurement systems, is looking to significantly increase its footprint in India. The company has announced a target of ¥20 billion in annual revenue by 2028, marking a shift from its FY2025 turnover of ¥15 billion. This objective is part of a broader strategy to evolve its Indian operations from a regional sales and support office into a global hub for research, development, and manufacturing.
Transitioning to Local Manufacturing
For years, international precision engineering firms often used India as a service base. Horiba is changing this model by increasing its domestic manufacturing capabilities. Currently, approximately 40% of the company's revenue in India comes from products that are assembled or manufactured locally. This shift is intended to help the company integrate India into its global technology pipeline more effectively. With a workforce of over 600 employees spread across eight sites, the firm is utilizing local expertise to drive proprietary research rather than just importing finished systems.
Strategic Bet on Semiconductors and Deep Tech
Horiba’s growth strategy is tied to the development of India's high-tech manufacturing ecosystem. The company currently derives 40% of its Indian revenue from the Bio & Healthcare segment and 40% from Energy & Environment. The remaining 20% comes from its Materials & Semiconductor division. This segment is a key area of focus for the company, especially as it looks to capitalize on India’s developing fabrication infrastructure.
Earlier this year in January 2026, the company completed the acquisition of Gujarat-based Pristine Deeptech. This move was a strategic step to secure specialized R&D capabilities in lab-grown diamond technology, which is essential for advanced semiconductor and quantum applications. By owning this technology locally, Horiba aims to support the next generation of chip manufacturing in India.
Investor Context and Risks
While the company is scaling its operations, its success is largely dependent on the broader maturation of India’s semiconductor and electronics manufacturing sectors. As a supplier of critical equipment like Mass Flow Controllers—which the company already produces in Pune—Horiba’s growth is directly linked to the speed at which commercial fabrication and assembly facilities are built and become operational in the country.
Additionally, integrating the Pristine Deeptech acquisition and scaling its specialized research capabilities presents a standard execution risk. The company must ensure that its local production can maintain the strict quality and precision standards required by global semiconductor clients while managing the competitive pressures of the measurement technology market. Investors will likely monitor how quickly India's industrial fabrication infrastructure grows, as this will determine the pace at which the Materials & Semiconductor division can scale.