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Heavy Engineering &
Capital
Goods.

Strategic intelligence across power equipment, industrial machinery, process plant, defence engineering, robotics, and engineering services — for manufacturers, EPC contractors, project developers, and investors operating in industries where one wrong capital allocation decision costs hundreds of millions.

75+
Engineering engagements completed
14yr
Sector experience
9
Engineering markets covered
$1.4B
Decisions supported
Coverage Areas

Every segment of
capital goods and engineering.

01 · Power Equipment

Power Generation Equipment

Turbine and boiler market dynamics, EPC contractor capability benchmarking, thermal vs renewable equipment demand transition, and competitive intelligence for power equipment manufacturers and project developers across India and the GCC.

Turbine demandEPC benchmarkingEquipment transition
02 · Industrial Machinery

Process & Industrial Machinery

Demand mapping for industrial process equipment, end-user capex intent research, equipment age-and-replace cycle intelligence, and competitive positioning for industrial machinery manufacturers targeting Indian manufacturing sector upgrades.

Capex intent researchReplace cycle intelCompetitive positioning
03 · Pumps, Valves & Instrumentation

PV&I and Flow Control

Market sizing for pumps, valves, and instrumentation across oil and gas, water, power, and chemical end markets in South Asia, with channel economics, distributor landscape, and localisation pressure intelligence for global PV&I manufacturers.

End-market sizingDistributor landscapeLocalisation pressure
04 · Material Handling

Material Handling & Lifting Equipment

Port, warehouse, and factory material handling equipment demand research, crane and conveyor market sizing, and competitive intelligence for material handling equipment manufacturers targeting India's infrastructure and logistics investment cycle.

Equipment demandWarehouse MHE sizingCrane market intel
05 · Robotics & Automation

Industrial Robotics & Automation

Robot density benchmarking, automation adoption readiness by sector, system integrator landscape mapping, and competitive positioning for robotics and automation equipment companies targeting India's manufacturing automation wave.

Robot densityAutomation readinessSI landscape mapping
06 · Engineering Services

Engineering, Procurement & Construction

EPC contractor competitive benchmarking, project delivery performance intelligence, engineering services outsourcing intent, and competitive positioning for engineering consultancies and EPC contractors pursuing large industrial and infrastructure projects.

EPC benchmarkingDelivery performanceOutsourcing intent

Questions we've answered for
heavy engineering clients.

These are the actual questions clients bring to us. We've answered some version of each of them, multiple times, across multiple geographies.

What is the real capital goods investment cycle in Indian manufacturing over the next 4 years — by sector, by equipment type, and factoring the PLI-driven capacity additions that have actually been committed versus announced?
We're a German industrial machinery company evaluating India manufacturing entry. Which sub-sectors are importing the highest volumes of our product category, and is the localisation case based on real demand or protectionist policy alone?
Our power equipment order book is 80% from one large utility. Tell us how to diversify the customer base across industrial captive power, renewables, and exports — and what the realistic 3-year pipeline looks like.
We're acquiring an Indian engineering services company at 9x EBITDA. How real is the order backlog, which contracts are genuinely sticky, and what is the key-person dependency risk in the management team?
Who will capture India's industrial robotics market in 2028 — the global automation majors with local assembly, the domestic integrators, or the Chinese low-cost entrants — and what is still a defensible position?
Our pumps and valves business has 60% revenue from oil and gas customers. With energy transition accelerating, tell us which adjacent end markets are the most credible near-term revenue shift — and what it requires to win there.
Heavy Engineering Case Studies

Evidence of
decisions made better.

ENG.01 · Power Equipment · India

$200M Power Equipment Market Strategy

Global power equipment manufacturer evaluating India market share recovery strategy. NEO ran EPC contractor procurement behaviour research, end-user capex intent mapping, and competitor market share analysis across turbine, boiler, and balance-of-plant segments.

Market strategy approved · 3 EPC partners engaged
Read Case Study
ENG.02 · Robotics · India

Industrial Robotics Market Entry: India Manufacturing

Japanese robotics company mapping India market entry across automotive, electronics, and food processing sectors. System integrator landscape research, automation readiness by sub-sector, and competitive pricing benchmarking.

Auto sector prioritised · 2 SI partnerships signed
Read Case Study
ENG.03 · Engg Services · M&A DD

$80M Engineering Services Acquisition DD

PE fund acquiring an Indian engineering consultancy. Order backlog verification through client interviews, contract renewal intelligence, and key-person dependency assessment across the management team.

Backlog verified · Key-person risk mitigated via retention plan
Read Case Study
Heavy Engineering Intelligence

Latest heavy engineering
thinking.

Market Report

India's Capital Goods Cycle 2026–2030: Which PLI-Driven Investments Are Real and Which Equipment Categories Will Benefit

March 2026
Strategy Brief

Industrial Automation in India: Robot Density by Sector, Adoption Readiness, and the System Integrator Market Nobody Has Mapped

February 2026
Due Diligence Note

Engineering M&A DD: Order Backlog Verification, Contract Stickiness, and Key-Person Risk in Technical Services Businesses

December 2025
Heavy Engineering Practice Leadership

The team behind
the intelligence.

SK
Partner & Heavy Engineering Practice Lead
Sameer Khanna

18 years in industrial and engineering strategy consulting. Led 45+ market entry, competitive intelligence, and M&A mandates across power equipment, industrial machinery, and engineering services in Asia. Former Oliver Wyman Industry Practice.

DG
Director — Power & Process Equipment
Deepti Gupta

Specialist in power generation and process equipment market intelligence. 13 years of capex intent research, EPC procurement behaviour analysis, and equipment market sizing across India, Southeast Asia, and the GCC.

AT
Director — Robotics & Automation
Arjun Tewari

10 years in industrial automation market research. Specialist in robot density benchmarking, system integrator landscape mapping, and automation adoption readiness analysis across Indian manufacturing sub-sectors.

An engineering decision
you need to get right.
Brief the Heavy Engineering Practice →

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