Until about five years ago, the Maintenance, Repair, and Overhaul (MRO) industry in India was considered to be in its nascent stage. However, in the postpandemic era, it is on a fast trajectory of growth. India’s strategic location, the influx of next-generation aircraft, budding talent, and expanding aviation market make it an attractive ground for a thriving MRO sector.
According to a recent study by CRISIL Ratings, India’s annual MRO revenue could grow more than threefold to $55-60 billion from roughly $18 billion by fiscal 2028. This growth is driven by the overall expansion in civil aviation and the policy support. The study focused on three MRO service providers that account for more than 90 per cent of the industry’s revenue in India.
Currently, revenue per domestic aircraft fleet for Indian operators is less than $5 million, compared to more than $4 billion in one of Asia’s largest MRO hubs — Singapore. Recognising the untapped potential, the government, airlines, airports, third-party MROs, and aviation stakeholders across India have come together to develop a robust ecosystem. With around 1500 aircraft expected to join the Indian fleet over the next decade, the maintenance work required for each aircraft will be substantial throughout its lifespan. Could there be more opportune time to build a strong MRO foundation for the future? Missing the bus could result in a significant loss of business to other regions, such as South Asia (Malaysia, Thailand, and Indonesia) or the Middle East, which are strong contenders for upcoming MRO facilities.
Major Players in the Indian MRO Industry
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