The Indian economy is one of the fastest-growing in the world, and the top companies in India have been the main drivers of this growth in recent years.
In 2010, India’s GDP of $1.7 trillion placed it 9th in the world. Just 13 years later, in 2023 it had jumped up to 5th place with a GDP of $3.8 trillion.
Let’s take a look at the companies that are coming out on top in India’s booming economy. This Business2Community article will give you an up-to-date snapshot of who these companies are, what they do, and how they are performing.
Top Companies in India By Market Valuation
We’ve ranked these top Indian companies by market value. They have a combined market cap of $1.22 trillion and span industries including IT, telecommunication, banking, and FMCG.
1. Reliance Industries Limited – $244.13 Billion (₹20.47 Trillion INR)
The largest company in India is Reliance Industries Limited, a multinational conglomerate operating in the energy, retail, and entertainment industries, among others.
The company was founded in 1957 as Reliance Commercial Corporation and began trading commodities such as yarn and spices. It set up its first petrochemical plant in the 1980s and later branched into energy exploration and processing.
The company’s main revenue streams for FY23/24 were:
- Oil to chemicals: $67.7 billion
- Retail: $36.8 billion
- Digital services: $15.9 billion
- Oil and gas E&P: $2.9 billion
- Media and entertainment: $1.3 billion
In 2024, Reliance became the first Indian company to exceed a market value of ₹20 trillion. It is currently the 47th largest company in the world.
Reliance Industries’ Managing Director and Chairman, Mukesh Ambani, has an estimated net worth of $110 billion, making him India’s richest man.
In February 2024, Reliance entered into an $8.5 billion joint venture with Disney to introduce a new OTT streaming service.
| Company Name | Reliance Industries Limited |
| Sector | Energy, retail, entertainment |
| Founded | 1957 |
| Headquarters | Mumbai, India |
| Market Cap | $244.13 billion (₹20.47 trillion) |
| Traded On | NSE (RELIANCE.NS) |
2. Tata Consultancy Services Limited – $194.29 Billion (₹16.29 Trillion)
IT firm Tata Consultancy Services (TCS) is the second-largest Indian company by market value. It is part of the Tata Group, India’s largest conglomerate. TCS’s IPO in 2004 reached almost $1.2 billion, making it the largest in the country’s history.
TCS provides technology-based consulting and business solutions including next-generation digital services that use AI and cloud computing.
In the financial year 2023/4, the company reported revenue of almost $29 billion (₹240,893 crore) with an impressive operating profit of 24.6%.
CEO K. Krithivasan gave the following interview to explain why he is optimistic about the company’s performance in FY25:
TCS’s diverse portfolio of notable clients include:
- GE HealthCare: Digital transformation with a new operating model for its app portfolio.
- UK Department for Education (DfE): Managing administration services and improving customer experience with a digitally-enhanced omnichannel platform.
- Australian Securities Exchange (ASX): A next-generation clearing and settlement platform.
TCS is the title sponsor of marathons in London, New York, Toronto, and Amsterdam, as well as several other running events. The company is also the official technology partner of the Jaguar TCS Racing team in Formula E, which won the 2024 World Championship.
| Company Name | Tata Consultancy Services Limited |
| Sector | Information technology |
| Founded | 1968 |
| Headquarters | Mumbai, India |
| Market Cap | $194.29 billion (₹16.29 trillion) |
| Traded On | NSE (TCS.NS) |
3. HDFC Bank Limited – $155.48 Billion (₹12.50 Trillion)
HDFC Bank is India’s largest public sector bank and the 74th largest bank in the world by assets held, according to S&P Global data.
It was one of the first private banks to be incorporated in India, back in 1994. Now it has over 8,880 branches and 21,000 ATMs servicing customers in 3,836 towns and cities. It also operates branches in Hong Kong, Bahrain, and Dubai.
As well as personal and corporate banking, HDFC offers specialist services and financial products including agricultural banking, asset management, and healthcare finance.
In it’s 2024 accounts, the bank’s revenue reached $18.99 billion (₹1,57,773.5 crore) with $286 billion (₹23,79,786 crore) held in deposits.
HDFC’s payment app, PayZapp, reached 7.5 million registrations in FY24. The app allows customers to make convenient contactless, QR, and UPI payments.
| Company Name | HDFC Bank Limited |
| Sector | Banking |
| Founded | 1994 |
| Headquarters | Mumbai, India |
| Market Cap | $155.48 billion (₹12.50 trillion) |
| Traded On | NSE (HDFCBANK.NS) |
4. Bharti Airtel Limited – $107.90 Billion (₹9.00 Trillion)
The youngest of the 10 largest companies in India is telecommunications giant Bharti Airtel, founded in 1995. The giant was able to capture much of the exponentially growing cellphone markets in India, Bangledesh, Africa, and Sri Lanka, rocketing the company to great success.
With over 600 million registered users in 17 countries, Airtel is the second-largest mobile network provider in the world behind Chinese company China Mobile.
Its customer base is spread over the following regions:
- India: 406.3 million
- Africa: 152.7 million
- Bangladesh: 58.1 million
- Sri Lanka: 2.9 million
Over 72 million of these are 5G customers. In addition to mobile services, Airtel provides home telephone, high-speed broadband, and digital TV services to consumers as well as a range of business and enterprise services.
The company saw steady growth in all these areas in 2024, with overall revenue increasing by 7.79% to $17.88 billion (₹1.50 trillion).
Bharti Airtel is an S&P Global 2024 Sustainability Yearbook member, although it ranks #18 out of the 21 telecommunications companies that are members. It’s committed to achieving net zero by 2050 by using renewable energy and making its sites and data centers more energy-efficient.
In 2022, Bharti Airtel partnered with Google’s parent company Alphabet on a project that uses laser technology to deliver high-speed internet to rural communities.
| Company Name | Bharti Airtel Limited |
| Sector | Telecommunications |
| Founded | 1995 |
| Headquarters | New Delhi, India |
| Market Cap | $107.90 billion (₹9.00 trillion) |
| Traded On | NSE (BHARTIARTL.NS) |
5. ICICI Bank Limited – $101.21 Billion (₹8.54 Trillion)
The Industrial Credit and Investment Corporation of India (ICICI) was founded in 1955 as a government institution. Until the 1990s, its primary function was to provide long-term funding for industrial projects.
In 1994, ICICI Bank was established as a wholly-owned subsidiary of ICICI, at which point it expanded into more diverse operations including corporate and personal banking products. The two companies merged into a single entity in 2002.
The bank recorded a strong performance in FY24, with profit before tax increasing by 28.3% to $6.49 billion (₹544.79 billion). Similarly, net profit increased by 28.2% to $4.87 billion (₹408.88 billion).
The bank encountered challenges in 2018 when its CEO, Chanda Kochhar, stepped down due to corruption claims. An inquiry determined she was guilty of misconduct and ordered her to repay millions in bonuses. The new CEO, Sandeep Bakhshi, has effectively restored the bank’s reputation and improved its performance.
In May 2024, Business Today voted ICICI Bank the best company to work for in India, reflecting its investment in employee wellbeing and DEI.
| Company Name | ICICI Bank Limited |
| Sector | Banking |
| Founded | 1955 |
| Headquarters | Mumbai, India |
| Market Cap | $101.21 billion (₹8.54 trillion) |
| Traded On | NSE (ICICIBANK.NS) |
6. Infosys Limited – $92.94 Billion (₹7.77 Trillion)
Infosys is another of the top Indian companies by market capitalization operating in the information technology sector.
A pioneer of next-generation digital services and consulting, the firm works with clients in over 55 countries with a strong focus on using generative AI to enhance human potential.
Over 60% of Infosys‘ revenue comes from North America. Its client base includes Microsoft, LG Electronics, Kellogg’s, and AMD.
The company’s 2024 financial year was split into the following business segments:
- Financial services and insurance: 27.4%
- Retail and logistics: 14.7%
- Manufacturing: 14.5%
- Energy, utilities, resources, and services: 13%
- Communications and media: 11.7%
- Hi-tech: 8.1%
- Life sciences and health: 7.5%
- Others: 3.1%
Infosys was founded in 1981 by Indian businessman N. R. Narayana Murthy, who was the company’s CEO until 2002. His daughter, Akshata Murty, holds a 0.94% share in the company and is married to British politician Rishi Sunak, who was Prime Minister of the UK from 2022 to 2024.
Sunak came under scrutiny during his term for giving Infosys “VIP access” to government contracts, while his wife was criticized over her tax status. The firm also faced pressure when it was slow to cease its operations in Russia following the invasion of Ukraine.
| Company Name | Infosys Limited |
| Sector | Information technology |
| Founded | 1981 |
| Headquarters | Bengaluru, India |
| Market Cap | $92.94 billion (₹7.77 trillion) |
| Traded On | NSE (INFY.NS) |
7. State Bank of India – $86.75 Billion (₹7.28 Trillion)
Although State Bank of India (SBI) is only the second-largest bank by market capitalization, it holds the largest assets base of any bank in the country at $727 billion (₹61 trillion).
It’s also the oldest of the largest companies in India, with a heritage dating back to 1806 as the Bank of Calcutta.
SBI serves personal, corporate, and retail customers with local, agricultural, and international banking services. It operates a vast network of over 22,500 branches and 63,580 ATMs within India, with a presence in 29 foreign countries.
The bank currently boasts over 500 million customers and a 26.8% market share of mobile banking transactions.
SBI has a number of ESG initiatives that include installing solar rooftops, purchasing green power, planting trees, and installing PET bottle-crushing machines. It aims to reach net zero by 2055.
| Company Name | State Bank of India |
| Sector | Banking |
| Founded | 1806 |
| Headquarters | Mumbai, India |
| Market Cap | $86.75 billion (₹7.28 trillion) |
| Traded On | NSE (SBIN.NS) |
8. Life Insurance Corporation of India – $79.36 Billion (₹6.711 Trillion)
Life Insurance Corporation of India (LIC) is India’s largest public insurance company. It holds a market share of 69.91%, equating to over 300 million policies.
LIC operates a central office in Mumbai with eight zonal offices and over 2,000 branches. The country as a whole has a relatively low life insurance penetration rate of 3%, but LIC also offers pension schemes, health plans, and investment plans.
LIC was formed in 1956 through the government’s nationalization and merger of 245 individual insurance companies. In May 2022, the government launched LIC’s IPO with the company’s shares closing at ₹949.75 (about $12.25 at the time).
The company’s value fell after its IPO, and it wasn’t until 31 January 2024 that its shares closed above its IPO price. The highest closing price for the stock to date was recorded on 30 July 2024 at ₹1,188.10 ($14.16).
| Company Name | Life Insurance Corporation of India |
| Sector | Insurance |
| Founded | 1956 |
| Headquarters | Mumbai, India |
| Market Cap | $79.36 billion (₹6.711 trillion) |
| Traded On | NSE (LICI.NS) |
9. Hindustan Unilever Limited – $79.05 Billion (₹6.62 Trillion)
To conclude this list of the 10 biggest companies in India, we have two consumer goods companies. The first is Hindustan Unilever Limited (HUL), a subsidiary of the British brand Unilever. The company’s strong brand portfolio includes cleaning and personal care products, foods and beverages, and other FMCGs.
9 out of 10 consumers in India use Hindustan Unilever products, which are available in over 9 million retail outlets.
HUL boasts an impressive long-term track record, with increases in turnover and profit after tax almost every year of the past decade.
However, the company has seen its fair share of controversy over the years. This includes mercury dumping that led to a factory closure in 2001, skin whitening creams that promoted racist, anti-black sentiments, and an advert that disparaged a Hindu pilgrimage and led to a mass boycott with the hashtag #BoycottHindustanUnilever.
| Company Name | Hindustan Unilever Limited |
| Sector | Consumer Goods |
| Founded | 1888 |
| Headquarters | Mumbai, India |
| Market Cap | $79.05 billion (₹6.62 trillion) |
| Traded On | NSE (HINDUNILVR.NS) |
10. ITC Limited – $75.42 Billion (₹6.33 Trillion)
ITC Limited (formerly Imperial Tobacco Company of India Limited) is an Indian consumer goods company which, despite its diversification into different business segments including hotels and paper, still made the majority (47.8%) of its revenue from tobacco products in FY24.
ITC is the fourth-largest tobacco company in the world by market cap. Although it has complained about “discriminatory and punitive taxation on cigarettes” in India making people turn to alternative products, the company still managed to increase its revenue in this segment by around 8% year-on-year.
As of March 2024, Life Insurance Corporation of India is the second-largest shareholder in the company with a 15.9% stake.
ITC’s other notable achievements include brands of notebooks, noodles, body wash, and cream biscuits.
Listen to the following podcast to learn how ITC and other companies in India are working on innovation and sustainability.
| Company Name | ITC Limited |
| Sector | Consumer Goods |
| Founded | 1910 |
| Headquarters | Kolkata, India |
| Market Cap | $75.42 billion (₹6.33 trillion) |
| Traded On | NSE (ITC.NS) |
Learning From the Top Companies in India
We have seen a wide range of business strategies bringing these companies success. Some have a long history in traditional industries such as banking and consumer goods; others are built on more modern industries such as IT, telecommunications, and digital services.
What they all have in common is that they are staying at the forefront of technological innovation and digital transformation so as to stay relevant to their customers and ahead of their competitors. In India’s vast and fast-paced economy, these companies have taken advantage of huge economies of scale as well as being first to market with products and services that have given them the edge, such as Reliance’s petrochemical businesses.