India’s growth story is increasingly being fuelled by rapid capacity expansion across critical industries such as solar manufacturing, automobile production, electronics, and liquor. Companies that are heavily investing in expanding their production base often signal long-term confidence in demand and aim to capture market share ahead of competition.
In this article, we have used the Net Block metric as a key indicator to assess the scale of capacity expansion undertaken by companies. A rising Net Block value over the last three years typically reflects increased investments in fixed assets such as plants and machinery, signalling aggressive capital expenditure and long-term growth intent.
Here are five stocks that have undertaken significant capital expenditure and manufacturing expansion over the last few years, reflecting strong sales growth, rising fixed asset base, and large ongoing or planned investments.
1. Waaree Energies (NSE: WAAREEENER)
Waaree Energies Limited, incorporated in 1990, is one of India’s leading manufacturers of solar photovoltaic (PV) modules with five manufacturing units and a current module manufacturing capacity of 15 GW. It has an international presence and is aiming to scale up its capacity aggressively.
According to sources, the company is planning to invest nearly Rs. 14,700 crore over the next two years to increase its solar module capacity to 25.7 GW and solar cell capacity to 15.4 GW by 2027. The company also plans 10 GW of ingot-wafer capacity by FY27. Its recent capex announcement includes Rs. 2,700 crore, with a total planned capital expenditure of Rs. 12,000 crore and the focus remains on scaling sales, production and projects with US export orders and a healthy order book of Rs. 49,000 Crore.
The company has a market cap of Rs. 82,795.02 crore and is currently trading at Rs. 2,882. Its net block has grown from Rs. 624.62 crore three years ago to Rs. 4,051.10 crore currently, with sales growth of 34.70 percent. Last year, the net block stood at Rs. 1,449.85 crore.
2. Dixon Technologies (India) Ltd (NSE: DIXON)
Dixon Technologies, incorporated in 1993, is an Electronic Manufacturing Services (EMS) company engaged in making consumer electronics, mobiles, security systems, home appliances, and lighting products. It has also partnered with Imagine Marketing to design and manufacture audio devices.
Dixon is expanding its capacity by 50 percent to cater to rising exports, particularly to North America. It has signed a Master Services Agreement with Tech Mahindra for automation services and plans to ramp up volumes for clients like Xiaomi, Longcheer, and large US brands.
The company has a market cap of Rs. 97,952.60 crore and trades at Rs. 16,190. Its net block has increased from Rs. 1,003.29 crore three years ago to Rs. 2,774.59 crore now, up from Rs. 1,996.25 crore last year. Sales have grown by 114.85 percent.
3. Maruti Suzuki India Ltd (NSE: MARUTI)
Maruti Suzuki India Limited manufactures and sells passenger and commercial vehicles, along with spare parts and accessories under the Maruti Suzuki Genuine Parts and Accessories brands. It also deals in pre-owned car sales, fleet management, and financing.
Maruti is investing Rs. 7,410 crore to set up a new plant at Kharkhoda with a capacity of 2.5 lakh units per year. This will take the total capacity at the Kharkhoda location to 7.5 lakh units annually once all phases are complete, and it will be finished by 2029.
The company has a market cap of Rs. 4,05,736.52 crore and trades at Rs. 12,905. Its net block has increased from Rs. 13,747.20 crore three years ago to Rs. 32,983 crore currently. Last year, net block was Rs. 27,864.80 crore. The company has reported a sales growth of 7.33 percent.
4. Kaynes Technology India Ltd (NSE: KAYNES)
Kaynes Technology is a fully integrated electronics manufacturing company with expertise in IoT and EMS. It caters to sectors like automotive, aerospace, nuclear, defense, IT, and healthcare.
Its subsidiary, Kaynes Circuits India, has signed an MoU with the Tamil Nadu government to invest around Rs. 4,995 crore over six years to build greenfield manufacturing units and expand existing plants.
The company has a market cap of Rs. 40,910.78 crore and is trading at Rs. 6,110. Its net block has expanded from Rs. 113.34 crore to Rs. 936.09 crore in three years. Last year, it stood at Rs. 319.21 crore. Sales growth was 43.74 percent.
5. Radico Khaitan Ltd (NSE: RADICO)
Radico Khaitan, founded in 1943, is one of the most prominent IMFL (Indian Made Foreign Liquor) brands in India. Its flagship brand 8PM whisky achieved millionaire status within a year of launch in 1997.
The company has commissioned a new distillery in Sitapur, Uttar Pradesh, doubling its capacity from 104.9 million litres in FY23 to 213.3 million litres in FY24. Including JV capacities, total manufacturing capacity stood at 321.2 million litres as of March 31, 2025.S
Radico has a market cap of Rs. 38,165.63 crore and is trading at Rs. 2,851. Its net block has grown from Rs. 820.60 crore three years ago to Rs. 1,766.57 crore currently. Last year, it was Rs. 1,657 crore. Sales growth stands at 21.38 percent.
Written by – Manan Gangwar
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