Best Small Cap Stocks to Buy now in India

Best Small Cap Stocks to Buy now in India

In this article, we will cover

– What are Small-cap stocks?
– Best Small-Cap Stocks to Buy now in India
– List of Best Small-Cap Stocks to Buy now in India 2020
– What should an investor look at while picking stocks in this collection of Small-cap stocks?
Small-Cap Stock Model Portfolio
– Detailed profile, pros, and cons of stocks in the model Small-cap portfolio:
– Key risks associated with Small-cap companies
– video on how you can select the Best Small-Cap Stocks
– A detailed table with various parameters for Best Small-Cap Stocks to buy

In this article, you shall get a complete list of best small-cap stocks to buy today. this list is compiled by our research experts. Before we get to the list of best small caps to buy today listed on NSE and BSE lets understand a bit about small-cap stocks.

What are Small-cap stocks?

Small-cap is a term that consists of companies that are neither large-cap nor mid-cap. Smallcaps fall below the market capitalization of approximately Rs.5,000 Cr. This classification can change with a change in a company’s market valuation. Market capitalization refers to the market value of a company’s outstanding number of shares available.

However, the classification is also subject to a company’s rank in the benchmark indices such as Sensex and Nifty. For instance, the companies which are listed from 251st – 500th in the Nifty Index are generally considered small-cap companies. Nifty also has a benchmark small-cap index in India called the Nifty Smallcap 50 which hosts the top 50 most traded small-cap securities in the market.

Best Small-Cap Stocks to Buy now in India

One should know that every large or mid-cap company was once a small-cap company and the one who grows their business and sustains its profits can only graduate and step up the ladder from small to mid-cap/large-cap company. Most of the small-cap companies have low revenues and a small number of employees as compared to bigger companies.

However, these companies have a high potential for growth and at the same time, they also carry higher risk. Mostly Aggressive and higher risk-tolerant investors are attracted to small-cap companies in the hope of earning high returns.

List of Best Small-Cap Stocks to Buy now in India 2020

Sr. No. Company Name BSE Scrip Code NSE Symbol Rating CMP as on 5th Aug 2020 Industry
1 Thyrocare Technologies Ltd 539871 THYROCARE 4.5 680.8 Healthcare Services
2 Bajaj Consumer Care 533229 BAJAJCON 5 171.1 FMCG
3 Heidelberg Cement 500292 HEIDELBERG 2 185.8 Cement
4 Indian Energy Exchange 540750 IEX 4.5 182.6 Power Generation/Distribution
5 Affle India Ltd 542752 AFFLE 0.5 1793.6 Telecommunication
6 VST Industries 509966 VSTIND 5 3448.8 Consumer Goods
7 KEI Industries 517569 KEI 0.5 354 Industrial Manufacturing
8 NESCO Ltd. 505355 NESCO 4 436.7 Services
9 Sobha Ltd 532784 SOBHA 0.5 220.1 Construction
10 Dhanuka Agritech Ltd. 507717 DHANUKA 1 806.4 Fertilizers & Pesticides
11 Justdial Ltd. 535648 JUSTDIAL 3 385.3 IT
12 Mishra Dhatu Nigam Ltd. 541195 MIDHANI 3 210.1 Metals
13 TCNS Clothing Ltd 541700 TCNSBRANDS 1 329.5 Textiles
14 INOX Leisure Ltd 532706 INOXLEISUR 0.5 234.6 Media & Entertainment
15 CARE Ratings 534804 CARERATING 4 425.8 Financial Services
16 Sterlite Technologies Ltd 532374 STRTECH 0.5 122.6 Telecommunication
17 Gulfoil Lubricant Ltd 538567 GULFOILLUB 2 680.2 Oil & Gas
18 JK Paper Ltd 532162 JKPAPER 0.5 94 Paper
19 Gujarat Narmada Valley Fertilizers & Chemicals Ltd (GNFC) 500670 GNFC 0.5 164.3 Chemicals
20 Delta Corp Ltd 532848 DELTACORP 0.5 95.3 Services


What should an investor look at while picking stocks in this collection of Small-cap stocks?

Financial Strength: 

This is one of the common criteria which Investors should look at before investing in any company. Generally, small-cap companies do not have as many sales as large-cap or mid-cap companies but if the company’s balance sheet is stable with decent cash flows and low debt, these companies can relatively survive and do better against its peers. So, No matter what the size of the business is, it is important to invest in financially stable companies combined with high potential to grow in the future.

Top-Line & Bottom-Line Growth:

It is also important to check the past performance of small-cap companies. These companies should have a decent track record in at least the last 5 years. For instance, check the company’s last 5 years Sales and Profit CAGR growth and compare the same with its peers. This will give you an idea as to how that particular company has performed compared to its peers. A company that grows its sales and profits consistently eventually provides better returns to investors. 

Market size & Positioning:

Generally, small-cap companies are a single product or single service line companies. It is important to know the overall market size of the business a company is operating in, and also the presence of that company in that market. This will give you a broad outlook on the positioning of the company in the market size of its business. A niche positioning in the market or some entry barriers created can make a significant difference to the company valuations.

Management Quality & Commentary:

In every company, its Management plays a crucial role in deciding the company’s future. Before Investing in a small-cap company it is better to scrutinize its management history and any possible lapses done by them in the past. As we see, a lot of small companies and even some bigger companies fall prey to poor corporate governance and inflation of financial statements. Also, avoid those companies which are facing legal/regulatory battles. Small cap companies tend to get overwhelmed by such regulatory challenges and it is best to avoid such cases. 

Detailed profile, pros, and cons of stocks in the model Small-cap portfolio:

Thyrocare Technologies

Thyrocare offers a wide range of biochemistry based and preventive healthcare tests. Its offerings include more than 600 tests and 130 profiles of tests, which help to detect several disorders. The company offers radiology tests, which involves imaging procedures such as X-rays, ultrasounds, CT scans, MRIs and highly specialised PET-CT scans. Thyrocare has grown tremendously and has managed to become one of the leading pan-India diagnostic chains. The management’s credible reputation, extensive experience, and business acumen has helped drive the growth and operating performance of the company.

The company uses a very innovative strategy of reducing prices of its best-selling ‘Aarogyam’ packages. In this it targets price sensitive customers which further increases in the number of samples processed per day due to its low-cost strategy. This makes the company the lowest-cost operator in the industry. The samples processed each day have increased from 31,772 in FY 2016 to 51,384 in FY 2019. Currently, the company is processing around 60,000 samples per day. These increasing volumes are supported by its focus on the B2B segment, entrance into untapped areas via door-to-door services, well-established brand – ‘Aarogyam’, venture into different areas of diagnosis such as tuberculosis test, non-invasive prenatal test, blood-based cancer screening, etc. On the back of such good volumes, the company has grown its 5 year sales at a CAGR of 15% and its profits have grown at a CAGR rate of 20% in the last 5 years. It has also maintained healthy EBITDA margins of close to 40% and PAT margins between 25-30%.

On the negative front, the company faces stiff competition as India’s diagnostics industry is fragmented in nature with standalone centres account for 45% – 50% of the market and organised players have 15% – 20% share. Apart from this any drastic changes in the technology can impact the growth of the company. Any failure to keep pace with advancing technologies or failure to introduce new technologies could have a material adverse effect on the business, financial condition and results.

Bajaj Consumer Care

Bajaj Consumer Care Ltd is a part of the Shishir Bajaj Group, one of India’s leading producers of hair oil. It is the third-largest producer of hair oils in the country and leader in the light hair oil (LHO) category with a volume market share of ~60% and value market share of upto 64%. The company’s flagship brand Bajaj Almond Drops Hair Oil (ADHO) is the leader in the LHO category, and it commands one of the highest per-unit prices in the industry and accounts for ~90% of total revenue. With the Nomarks acquisition in 2013, Bajaj forayed into the anti-marks category.

On a company level, the brand has shown an impressive growth of 14% on an annual basis. The market share of the brand in the anti-marks category segment is at 8.6%. It’s distribution network has been its major strength as it implemented latest technologies to improve efficiencies in its sales force and networks. Its products are distributed through a network of more than 4 million retail outlets in the country. The company has been restaging its crucial portfolios to maintain its market share. In 2019 it re-launched its flagship hair oil product Bajaj Almond Drops Oil to catch the attraction of the new age population due to which the performance of the brand in the total hair oil segment touched an all-time high of 10%.

The penetration of Bajaj Almond Drops has gone up from 17.6% to 20.1%, which is an impressive rise of 2.5% in penetration within one year (FY19). It also launched new age products like ‘Bajaj Cool Almond Drops’ in a cooling hair oil segment. To improve the company’s product strategies it has also appointed a reputed consultant Bain & Company to help them to grow its hair oil brands faster. On the financial front it being a small-cap FMCG company, has registered a healthy 6.5% CAGR growth in its Top-Line over the past 5 years and 8.2% CAGR growth over the past 5 years. It has also maintained consistent Return on Equity and Return on Capital Employed of 42% and 52% respectively over the last 5 years which is also quite similar to 3 years growth, this shows the consistency of returns given by this company. I consider it as the ITC of Small Cap companies.

Apart from this it has maintained a very high dividend yield of 7.6% and it has been maintaining a very Healthy Dividend payout ratio of 85%. Additionally Bajaj Consumer is a Debt free company. It is currently trading at a valuation of 14x as against Industry valuation of 69x making it even more attractive. The company may face big risks if it fails to revive growth in its Hair oil category as the COVID-19 led lockdowns have impacted its volumes. 

CARE Ratings 

Credit Analysis & Research Ltd (CARE) is the second largest rating company in India in terms of rating turnover which caters 30% of the rating market share. Rating business accounts for around 97% of the total revenue of the company as of now. CARE has rated cumulatively a large volume of debt of around Rs.128.37 lakh Cr as of March 31, 2019 and has completed 76,531 rating assignments since inception. CARE has also entered into collaboration with four credit rating agencies from emerging markets like in Brazil, Portugal, Malaysia, and South Africa each to provide ratings in those countries, and set up ARC ratings in those countries. CARE also provides research services and it has been expanding its product portfolio to include newer services. This company is exploring opportunities to provide risk management solutions and acquired 75.1% stake in Kalypto, a firm providing risk management software solutions in Nigeria.

Overall increase in Debt rated Instruments jumped by 25% to Rs.16,480 bn in FY19 which involves around 10,200 Instruments and 4079 new clients which were added to the client base in FY19 which lead to more than 16,000 clients and bank loan ratings showed growth of around 7.6% and 9.4% in long term debt ratings and 175% growth in the short term debt ratings, due to higher volume of commercial papers. Also Majority of the office spaces are owned by the company as this is its major advantage which adds to its profit margin as the company does not need external funding for the same.

On the financial front, Care has been maintaining a healthy Return on Equity of 30% from the last 5 years and a healthy Return on Capital Employed of 43% in the last 5 years. It is also a net debt free company. CARE has also been maintaining highest Operating Profit Margins of 63% in the last 5 years which is way higher than the industry leader who enjoys just 25% and this margin of Care’s ratings is expected to remain constant due to rising focus on low margin SME business.

On the negative front CARE rating’s revenues are very much concentrated on its rating business which accounts for 97% of its consolidated revenues as compared to CRISIL and ICRA which are more diversified in terms of their revenue profiles. Also every rating business has a risk of default by any of their clients, as this would impact the credibility of the rating agency and affect their brand faith in the market.

Heidelberg Cement

Heidelberg India Cement Ltd (HCIL), earlier known as Mysore Cement Ltd, was set up by the SK Birla Group in 1958. HCIL is a subsidiary of Cementrum BV (a company incorporated under the laws of The Netherlands, which is 100% controlled by Heidelberg Cement AG). After taking over the controlling stake from Birlas in July 2006, The Heidelberg group’s capabilities and global experience in the cement business played out as a turnaround story for them. Heidelberg Cement expanded its global footprint and added to its R&D capabilities. In the significantly expanded Heidelberg Cement Group, around 58,000 employees work at more than 3,000 production sites in around 60 countries on five continents. In 2009, the Company undertook a brownfield capacity expansion in Central India to increase its cement manufacturing capacity from 2.1 million tonnes per annum to 5.4 million tonnes per annum.

Over the years, the company has consistently and steadily increased the capacity utilisation from about 78% in FY15 to about 70% in FY20 Going ahead, the Government of India’s focus on construction of roads (~83000 km to be built over the next five years) and affordable housing bodes well for the cement demand even though short term hurdles are there but considering the company’s good historical steady performance will help it come back to normal levels once the situation revives. On the financial front the company has reported Top-Line CAGR growth of 12% in the last three years. It’s Bottom-line has grown at a CAGR of 50% in the last 5 years on the back of cost efficiency techniques. It has reported EBITDA per tonne of Rs.1,122 in FY20 and efficient cash conversion cycle of -27 days which is among the best in small cap cement companies.

Apart from this the company has a good dividend track report and has consistently declared dividends for the last 5 years. In FY20 its Dividend yield was at 4.1%. On the negative side demand revival in the real-estate and other construction related sectors is crucial as the construction activities were halted due to COVID-19 led lockdown. The recovery in the construction sector may take some more which will be a key risk for this stock. If the rise in fuel cost sustains for more time it may hurt the company’s efficiency in the near term.

VST Industries

The Vazir Sultan Tobacco Company Limited was incorporated on 10th November, 1930. The name of the Company was subsequently changed to VST Industries Limited on 30th April, 1983. The Company has its Registered Office and Manufacturing facility at Hyderabad. VST Industries is the second largest player in Indian Cigarette industry by sales. ITC has a market share of ~84% while VST Ind. and Godfrey Phillips account for 16% each. Balance is made up by imports, unorganised sector & some other smaller players. VST has positioned itself as the lowest cost filter cigarette provider with market presence in India as well as outside India.

VST has collaborated with British American Tobacco which holds 32.16% stake in the company. The major brands include Charminar, Charminar Special Filter, Charms Mini Kings, Charms Virgina Filter, XL Filter, Vijay, Shaan etc. The company’s products are targeted at the lower income segment where it has dominance. The major chunk of revenue (~80%) comes from the sale of cigarettes while unmanufactured tobacco contributes to (~20%) of total revenue. The company’s subsidiary namely Hallmark Tobacco Company has amalgamated with another wholly owned subsidiary, VST Distribution, Storage & Leasing Company.

It’s Profits have grown consistently with a 26.1% CAGR in the last three years and no capex requirement, VST is generating more than Rs.250 Cr of free cash flows every year. Further, it had a consistent dividend payout of 60-70% in 2009-19. The company’s sales have grown at a CAGR rate of 10% in the last 3 years. Additionally it has also given Return on Equity and Return on Capital Employed of 37% and 56% in the last 5 years. VST also remains a net-debt free company which makes it more attractive for Investors.

On the negative front all the cigarette making companies are prone to hike in excise duty and other taxes and any dramatic changes in taxes for these companies could impact their bottom-line growth. Also a major concern for cigarette makers has been the Illegal cigarette market which has grown consistently in the country and accounts for 1/4th of the overall Indian cigarette market.

Indian Energy Exchange

IEX Ltd is the one of the first and largest energy exchanges in India which provided a nationwide automated trading platform for physical delivery of electricity, Renewable Energy Certificates and Energy Saving Certificates. This exchange platform enables competent price discovery and increases the availability and transparency of the power market in India while also enhancing the speed and efficiency of trade execution. More than 6,600 participants are registered on IEX from 29 states and 5 UTs. Over 4,800 registered participants were eligible to trade electricity contracts and over 4,400 registered participants were eligible for trading Renewable energy certificates (REC) contracts.

The Power exchanges provide a nationwide automated trading platform for mainly physical delivery of electricity and renewable energy certificates (RECs). Exchanges began operations with two products, namely Day Ahead Market (DAM; electricity sector’s equivalent of spot price) and Term Ahead Market (TAM), catering to the shorter-end of the market up to 11 days. Recently, they launched a new product: Real Time Market (RTM), which addresses last-mile system imbalances. With a 95% market share, IEX has a monopoly in the power exchange market.

IEX has logged a 32% volume CAGR since inception (FY09-20). Post-CERC approval, exchanges were launched for trading in the short-term power market in 2008 with a duopoly market structure. Despite a 20% decline in power demand during April and May 2020 (lockdown period), IEX registered electricity volume growth of ~19%. This is attributable to lower spot prices resulting in higher participation, mainly from discoms. IEX has also planned to launch its own Gas Exchange as Gas is similar to electricity in terms of logistics and complexity in trade, this launch will further deepen the prospects of growth for the company. IEX reported 78.6% EBITDA margin (down 120bps YoY) with a PAT margin of 68% in FY20. Over the last 5 years the company delivered a sales growth of 8% and profit growth of 11%. It also reported healthy Return on Equity and Return on Capital Employed of 49% and 70% over the past 5 years. So the company is very efficient in terms of its financials and future growth.

On the negative front IEX faces risk in terms of any adverse regulatory changes and increasing competition intensity from existing new platforms.

Affle India Ltd

Affle is India’s leading digital advertising platform provider which provides a highly efficient end to end platform for their customers. Affle India generates most of its consolidated revenue (~90% of total revenue) by CPCU model (Cost per converted user model). In the CPCU model Affle charges its client only when the user or target customer performs action very close to the transaction. CPCU models not only help to save client’s money but also allow them to identify further needs of their clients and give a focused offering. Affle has developed strong algorithms and leverages big data analytics to understand the client’s behavior in an accurate manner (through ML & AI). It has developed a Data Management Platform (DMP) having a large data set with more than 250 bn data points, more than 21,000 Mn connected devices and 35.1 mn converted users. So shopkeepers get ample data points to target customers precisely.

The company’s management is expecting E- commerce shoppers to increase by 20.7% CAGR upto the year 2025 compared to those shoppers in 2017. Thus it sees an increase in the shoppers by leaps where the company compares its numbers for the period 2017 to 2025E. Affle has also developed a strong mFaaS platform to rectify any frauds and avoid any exploits from the fraud transaction. This also provides a cushion for their customers for larger and repetitive transactions. This CPCU model over impressions (CPMs) delivers a strong return on investment (ROI) for customers and ensures better customer retention.

Affle has seen 80% to 100% of customer recurrence in the past two years, while six of its top-10 clients associated with the company for more than three years. On the Financials front the company has consistently improved its Top-Line and Bottom-Line over the past years, and reported a robust sales growth of 52% in the last five years and a robust profit growth of 145% in the last five years. Also it reported a consistent Return on Equity and Return on Capital Employed of 32% and 36% respectively during the last 5 years.

On the negative front, Affle India has high client concentration, as more than 65% of its revenues come from top 10 clients. So if anyone client is lost it could have a significant impact on the revenues of the company. Apart from this any new change in technology, entry of big players and competition in its product’s pricing could impact growth and profits of the company.

Key risks associated with Small-cap companies:

Value Traps: Value trap is when a company is consistently operating in lower profits with very limited cash flows and cannot break through the phase while investors wait for them to turn profitable one day. Small-cap companies, especially the low ranking ones, are more prone to being value traps and might go defunct if the trend continues for a longer period.

Stay away from small caps facing Regulatory charges: Small-cap companies are more prone to going bankrupt especially when they are facing any legal or regulatory issues. So it is advisable for investors to stay away from those companies which are facing any legal issues. Also, the company’s debt is an important factor, you should stay away from high debt companies as they are more prone to bankruptcy than any other stocks. It is advisable to invest in very low or zero debt companies to avoid this risk.

Market cycle: A small-cap company’s exceptional performance can be a result of a high up-cycle. A small-cap company grows at an exponential phase in this up-cycle/financial bubble. Let’s understand this with an example. During the 90s almost all IT stock was booming and most of the returns were given by small I.T companies because there was a consensus that IT sector will do well in a coming decade so every IT stock was booming but the Dot-com bubble burst in the year 1999 and those small-cap stocks were the first to get beaten down the most. So, It’s important to find the market cycle for a particular business before investing in them.

Here’s a quick video from our team on how you can select the Best Small-Cap Stocks:

Small-Cap Stock Model Portfolio:

In order to get exposure to best small-cap stocks, you need a total of Rs.18,432 for the below-curated portfolio as of 5th Aug, 2020.

Company Name Weightage CMP as on 5th Aug Quantity Total
Thyrocare Technologies 11% 680.8 3 2042.4
Bajaj Consumer Care 14% 171.1 15 2566.5
CARE Ratings 7% 425.8 3 1277.4
Heidelberg Cement 10% 185.8 10 1858
VST Industries 19% 3,448.8 1 3448.8
Indian Energy Exchange 20% 182.6 20 3652
Affle India 19% 1,793.6 2 3587.2
Total 18432.3

A detailed table with various parameters for Best Small-Cap Stocks to buy:

Sr. No Company   Name BSE Scrip Code NSE Symbol Rating CMP as on 5th   Aug 2020 Industry Market   Capitalization (Cr) P/E Ratio (x) Price to Sales Dividend Yield   (%) Debt/Equity   Ratio Current Ratio Return on   Equity (%) Return on   Capital Employed (%) Operating   Profit Margin (%) 3 Years Sales   CAGR 3 Years Net   Profit CAGR Inventory   Turnover Ratio
4 Indian Energy   Exchange 540750 IEX 4.5 182.6 Power   Generation/Distribution 5,498 30.3 17.8 1.4 0 1.5 47.5 67 74 14.4 15.2 0
5 NESCO Ltd. 505355 NESCO 4 436.7 Services 3,055 13 6.5 0.7 0 1 18.5 23.6 61 11.5 11.2 4.1
3 Thyrocare   Technologies Ltd 539871 THYROCARE 4.5 680.8 Healthcare Services 3,698 41.8 9.7 0.7 0 1.4 20.2 31.3 37 16.3 16.4 6.9
20 Delta Corp Ltd 532848 DELTACORP 0.5 95.3 Services 2,911 29.7 4.6 1.4 0 4.9 5.2 8 35.1 18.2 23.7 44.7
2 VST Industries 509966 VSTIND 5 3448.8 Consumer Goods 5,391 17.7 4.6 2.9 0 1.9 41.8 57.9 34 10.4 26.1 2.1
15 Sobha Ltd 532784 SOBHA 0.5 220.1 Construction 2,099 7.3 0.7 3.2 1.3 1.1 13.3 22.5 29.5 19.8 27.3 0.6
1 Bajaj Consumer Care 533229 BAJAJCON 5 171.1 FMCG 2,690 14.7 3.36 7.7 0 3 46 56 29 4.5 4.5 5.7
9 Heidelberg Cement 500292 HEIDELBERG 2 185.8 Cement 4,148 17.4 2.1 4.1 0.2 0.9 19.9 24.8 27 8.9 84.9 6.1
8 Mishra Dhatu Nigam   Ltd. 541195 MIDHANI 3 210.1 Metals 3,837 24 5.4 0.5 0.1 2.2 16.1 21.7 25 -0.3 3.4 0.7
18 JK Paper Ltd 532162 JKPAPER 0.5 94 Paper 1,651 4.3 0.6 4.3 0.7 1.6 23.7 25.2 24.9 10.1 92.9 9.7
6 CARE Ratings 534804 CARERATING 4 425.8 Financial Services 1,277 15.6 5.2 3.9 0 4.6 24.6 36 23 4.5 4.9 0
7 Justdial Ltd. 535648 JUSTDIAL 3 385.3 IT 2,465 8.3 2.8 0 0 0.25 15.8 21.9 23 10.1 13.8 0
17 Sterlite Technologies   Ltd 532374 STRTECH 0.5 122.6 Telecommunication 4,986 15.6 1.1 2.8 1 0.9 41.1 33.9 20.7 33.9 43.4 14.2
13 Affle India Ltd 542752 AFFLE 0.5 1793.6 Telecommunication 4,700 142.9 14.1 0 0 1.2 43.6 62.8 20 10.2 91 0
16 INOX Leisure Ltd 532706 INOXLEISUR 0.5 234.6 Media &   Entertainment 2,396 1.7 0.4 0.1 0.4 15.8 21.9 18.2 13.4 18 156.8
11 Dhanuka Agritech Ltd. 507717 DHANUKA 1 806.4 Fertilizers &   Pesticides 3,723 20.9 2.9 1.5 0 3.6 17.4 23.4 17 6.7 2 2.7
10 Gulfoil Lubricant Ltd 538567 GULFOILLUB 2 680.2 Oil & Gas 3,137 15.5 1.9 2.2 0.5 1.5 33.7 36.6 16.5 19 21 2.9
19 Gujarat Narmada   Valley Fertilizers & Chemicals Ltd (GNFC) 500670 GNFC 0.5 164.3 Chemicals 2,570 5.2 0.5 3 0 2.4 15.7 16.6 14.7 9 62.5 7.8
12 TCNS Clothing Ltd 541700 TCNSBRANDS 1 329.5 Textiles 2,103 30.3 1.8 0 0.6 3.1 25.7 31.7 14.3 33.2 72.9 1.6
14 KEI Industries 517569 KEI 0.5 354 Industrial   Manufacturing 3,373 13.2 0.7 0.4 0.8 1.2 26.5 29.4 10.5 22 43 6.8

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