When we think of ERP product coming from an Indian company, we can think of only Ramco. I just went on their site and found that they have now come up with ERP on Demand, which is nothing but a SaaS offering. What I found interesting on their site is one whitepaper in which they have addressed the security concern, which is associated with any hosted application. They have compared keeping data on capus against in vendor's data center with keeping family valuables in home against in bank's lockers. In India, where bank lockers are perceived to be quite safe to put family valuables, this comparison really connects with Indian psyche. Obviously they have provided quite a few details on the security of their data center and have mentioned their 27001 security certification. It's worth reading this whitepaper fully!
While Tally is a leader in accounting packages in India, its site also mentions an upcoming ERP product, named TallyAscent. It will be interesting to see how much market can be penetrated by TallyAscent.
Finally, I was pleasantly surprised to see an ERP product from Godrej Infotech. eNccompass - ERP claims to have leveraged Godrej group's experience of running various manufacturing companies. It seems it has been implemented in various Godrej companies so it must have got matured by now. It will be worth watching its market penetration in coming time.