JK Maini Global Aerospace (JKMGAL), the aerospace and defence business of Raymond Ltd (Engineering), is growing faster than its precision engineering business JK Maini Precision Technology (JKMPTL), according to Gautam Maini, managing director of the group’s engineering business.
“Aerospace contributes a smaller percentage but it has a higher growth rate,” Maini said in an interview with Mint. “We’re already growing at 25%,” he added.
This shift comes as global aerospace companies turn to India for precision engineering to de-risk supply chains under the . According to the IMARC Group, India’s aerospace parts manufacturing market is projected to grow from $13.6 billion in 2023 to $21.48 billion by 2030, expanding at a compound annual growth rate (CAGR) of about 6.8%.
JKMGAL’s order book is also on the rise. According to the Raymond Group’s FY26 annual report, the company’s current orders will generate over ₹2,350 crore over the next five years. This growth comes as the firm deepens its presence in India’s ‘build-to-spec’ aerospace supply chain and lays the groundwork to enter defence component manufacturing.
Maini said with , there seems to be a lot of headroom for growth, considering the global backlog on aircraft manufacturing. Global aircraft delivery backlogs have surged past 17,000 aircraft, according to the International Air Transport Association’s (IATA) Annual Review 2026. This massive queue represents nearly 60% of all active fleets, or roughly 12 years of production capacity, a sharp increase from the historical norm of 30% to 40%.
Building to spec
After building precision-manufacturing capability across automotive and industrial sectors for two decades, the company entered aerospace in 2004 by targeting engine components, a segment with almost no Indian players at the time.
“We had a capability model and not a product model, which means we were not afraid to make any precision part,” Maini said. This is why the company works across different aircraft components, including complex engine parts, structural parts and system parts. These account for 75%, 15% and 5%, respectively, of revenue from the aerospace segment. The balance comes from other parts.
Most of its revenue (79%) comes from its exports to other nations, with Europe accounting for a majority of that share, according to the company. The domestic business accounts for the rest.
While the company has historically operated as a build-to-print manufacturer, it is pivoting its strategy. According to Maini, the firm intends to move up the value chain to capitalize on India’s current manufacturing boom “We know that in the future a lot of manufacturing will be done in India. The momentum is there, and we want to be ready for it.”Since last year, JKMGAL has hired designers to start creating its own parts with its own intellectual property. The company said it has received its first set of orders, but declined to name them.Climbing the value chainTo further boost its growth in the aerospace components engineering space, the company announced last year that it would set up an aerospace manufacturing facility in Andhra Pradesh at a cost of ₹510 crore.“We’re still going to be in precision machining, We are moving up the value chain. So, from components, we’re going to subassemblies, we’re going to assemblies,” Maini said.
On , the company is still at the homework stage, building samples and prototypes rather than booking revenue, and expects to stay focused on supplying components to other manufacturers rather than direct government contracts, even as it climbs the value chain more broadly.