Project portfolio management (PPM) is nowadays more talked about in the industries. The various components accounting for PPM is well researched with its implication on the business success. Business success is a very broad term and is a bit difficult to define by only one or two parameters. Business success is always affected by the risks associated with it. Managing the risks in time does require skills and experience. Managing project portfolios do need proper risk management. Indian Auto Component Industry (IACI) has evolved as one quality parts suppliers to the various giants of automobile manufacturers. In the era of global competition and the dynamic nature of the market, even IACI is facing challenges in terms of meeting the customer requirements. The project portfolios handled in IACI needs a deep insight as it affects the business success. One of the main components of PPM is risk management.T his research paper talks about the risk management in the project portfolios in the different organizations of IACI through an empirical study.