Exports from Mihan, known as the country's largest multi-product Special Economic Zone (SEZ), have recorded a growth of nearly 40% during the financial year 2025-26. However, a minor decline was observed in services exports, which predominantly come from the IT sector with a significant presence in the zone.
Two Decades of Operations
Mihan-SEZ has completed two decades of operations. According to figures compiled by the development commissioner's office under the Ministry of Commerce, the value of exports for the last financial year stood at Rs9,626 crore, compared to Rs6,935 crore in fiscal 2024-25.
Services exports were recorded at Rs2,926 crore in fiscal 2025-26, as against Rs2,974 crore in 2024-25, said senior officials involved in SEZ management. The two aircraft maintenance, repair and overhaul depots, operated by Air India Engineering Services Limited (AIESL) and Indamer, also contribute to services exports.
Manufacturing Sector Drives Growth
Data indicates that the manufacturing sector has made a major contribution to the export growth. Key players include those from the aviation sector, such as Dassault Reliance Aviation Limited (DRAL) and Tata Advanced Systems Limited (TASL), both engaged in manufacturing aircraft components. DRAL produces parts for Dassault's Falcon business jet as well as the Rafael fighter jet. Lupin Pharma is among the oldest units in the manufacturing sector.
Several factors have contributed to the growth in exports, including a costlier dollar, according to Manohar Bhojwani, president of the Mihan Industries Association, a body representing companies in the SEZ. There has also been demand in overseas markets. The easing of tariffs after an initial hike has helped push exports. Lupin Pharma is a major contributor, and apart from software, pharmaceuticals, and aircraft components, Mihan also exports niger seeds and pulses.
Net Foreign Exchange Earning Requirement
Units in a SEZ are required to achieve net foreign exchange earnings, making it necessary for companies to maintain sufficient export levels.
The state government agency Maharashtra Airport Development Company (MADC), which developed Mihan, expects a couple of new large investors, as talks are underway with companies, said a source. Solar Defence and Aerospace Limited (SDAL) is the latest entrant, having recently held a groundbreaking ceremony for its robots and drones unit in the SEZ.
