Bajaj Auto and ITC emerge top net forex earners outside IT, Pharma

With the rupee inching towards 91 per US dollar, export-oriented companies across IT, pharma and automobiles are likely to see some cushioning in their margins. While IT and pharma are traditionally known for their export exposure, favourable foreign-exchange movements are also expected to benefit other exporters such as auto makers, chemical companies and others where overseas revenues meaningfully influence the top line.

Within the auto space, Bajaj Auto tops the list, reporting a net foreign-currency inflow of ₹13,280 crore in FY25, followed by Maruti Suzuki India with a net forex inflow of ₹6,500 crore.

Other companies outside the IT and pharma sectors include FMCG major ITC and Reliance Industries. Reliance Industries reported a net foreign-currency inflow of ₹79,161 crore in FY25, second only to the country’s largest IT services company, Tata Consultancy Services, which posted a net forex inflow of over ₹1.2 lakh crore, according to data compiled from the Ace Equity database.

For Bajaj Auto, exports accounted for 33.7% of its top line in FY25, up from 33.2% in the previous year. While net inflow in foreign currency accounted 40% to 50% of standalone revenues of Bharat Forge, Sona BLW Precision Forgings and AIA Engineering.

During FY25, ITC, along with its subsidiaries, earned ₹10,445 crore in foreign exchange, largely from exports of agri-commodities. Its forex expenditure — primarily towards raw material purchases, spares and other costs — stood at ₹3,426 crore, resulting in a net forex inflow of ₹7,019 crore for the year.

According to Rakesh Sharma, Executive Director at Bajaj Auto, a weaker rupee is beneficial for the company, given that nearly 50% of its revenues come from international business.

“On an annualised basis, every ₹1 depreciation against the dollar lifts EBITDA by over ₹200 crore. The impact of the rupee’s fall flows through to our financials almost immediately, though the entire benefit does not get reflected as part of it is absorbed by hedging,” Sharma said in an interaction with CNBC-TV18 earlier this month.

The rupee ended Monday’s session at 90.73 against the dollar and has depreciated 5.8% so far in FY26, compared with a 2.4% decline in FY25.

Data further shows that around 72 companies from the BSE 500 index reported net forex inflows of at least ₹1,000 crore in FY25, with IT firms dominating the list at 20 companies, followed by healthcare with 18, while automobile companies accounted for another 11.

On the outflow side, oil marketing companies such as Indian Oil Corporation, BPCL and HPCL recorded the highest net forex outflows, owing to dollar-denominated crude imports and high foreign-currency borrowings on their balance sheets.