Cycle Pure Agarbathies, from NR Group, says it is targeting a market share of 30 per cent in the next three years and also, plans to expand its markets in Sri Lanka, Bangladesh, and Nepal, where local manufacturing is possible, says Arjun M. Ranga, director, N. Ranga Rao & Sons Pvt. Ltd.

“India is still our biggest market, and in the next three years, we expect to double our domestic market share. Also, as we are among the largest exporters, exports are a big opportunity for us,” said Ranga. At present, Cycle Agarbathi says it has a market share of about 15–18 per cent in India and exports to 75 countries, with total exports standing at ₹1000 crore, according to the latest figure shared by the company.

Slump in growth due to Covid-19

“Prior to Covid, we expected growth from Rajasthan, MP, Punjab, and Haryana, where our market share is significantly lower. However, the pandemic actually slowed down our growth in those markets,” said Ranga.

It annually manufactures around 1.5 billion sticks and has half a million square feet of manufacturing space across 16 locations. “The only way we’ve taken price increases is by reducing the volume of sticks. Therefore, the capacity increase has not been significant. If we are planning to double our market share in three years, we will have to increase production and the increase will predominantly come from other states,” he added.

TMS Mindful

Apart from agarbathies in 2020, Rangsons, a part of NR Group also launched TMS Mindful, a depression treatment clinic. It has six centres in the US and four in India, including two in Gurgaon, and two in Bangalore.

“In the next five years, we want to have centres in the top 30 cities in the country, and in the international market, we want to go into the Middle East and Italy because these places utilise TMS,” Ranga told BusinessLine.