In this article, I have ranked the top 10 companies in India based on their market capitalization. I have also provided the company’s financial overview, the company’s revenue and profits, the company’s industry, and much more. So, don’t forget to read this article.
Top 10 companies in India by market capitalization (updated Mar 2024)
Quick List: here is the list of the top 10 companies in India with the highest market capitalization in India along with some other popular companies:
| S.No. | Company Name | Market Capitalization (in Crores) |
|---|---|---|
| 1 | Reliance Industries | 1942824 |
| 2 | TCS | 1657600 |
| 3 | HDFC Bank | 867000 |
| 4 | ICICI Bank | 541000 |
| 5 | Infosys | 720450 |
| 6 | LIC | 571328 |
| 7 | SBI | 654408 |
| 8 | Bharti Airtel | 514920 |
| 9 | HUL | 482790 |
| 10 | ITC | 522000 |
Disclaimer: This data is updated in March 2024. If the stock price changes in the future, the market capitalization will also change. Therefore, the list of top 10 Indian companies by market capitalization may change in the future.
According to the International Monetary Fund (IMF), India ranks sixth in the world with an estimated nominal gross domestic product (GDP) of $2.87 trillion. This is mainly due to the trade carried out by various Indian companies in India and abroad.
Every company operating in India strives to improve quality and customer satisfaction for the products or services it offers. A company is usually valued based on various parameters such as assets, profit, sales, market value, share price, etc., and classified accordingly.
However, when we talk about the size of a company, one of the most important factors to consider is market capitalization.
In this article, we look at the top 10 listed companies in India based on their current market capitalization.
What is market capitalisation?
Market capitalization is an aggregate measure of a company’s value based on the current price of its shares and the total number of shares outstanding. It is calculated as follows
Market capitalization = (current market price per share)*(total number of shares outstanding)
It classifies companies into different types, such as large, medium, and small capitalization companies.
Companies with a market capitalization between ₹250 crore and ₹10,000 crore are defined as Mid-Cap in Indian Market. Companies with a market cap above ₹ 10,000 crore are Large cap and those below ₹ 250 crore are small cap.
Let’s take an example.
You can’t judge the size of a company by its share price alone. For example, here are the stock prices of two companies in the automotive sector.
- Maruti Suzuki – Rs 11,573
- MRF – Rs 1,33,710
Which company is the biggest?
Just looking at the share price, you would think that MRF’s share price is quite high compared to Maruti Suzuki’s and therefore could be higher. However, the total number of outstanding Maruti Suzuki shares is much larger than that of MRF. Maruti Suzuki has about 314,392,157 shares and MRF has 4,241,186 outstanding shares.
Thus, Maruti market cap is – ₹3,63,846.04 crores and MRF market cap as per the formula is – ₹ 5,670.89 crores . So Maruti Suzuki is a bigger company than MRF.
Here is the detailed list of top 10 companies by market capitalization (using shares price and outstanding shares on March 15, 2024):
| Company Name | Total Outstanding Shares in Crores(Illustrative) | Share Price (INR) | Market Capitalization(in Crores) |
|---|---|---|---|
| Reliance Industries | 676.00 | 2874 | 1942824 |
| TCS | 400.00 | 4144 | 1657600 |
| HDFC Bank | 600.00 | 1445 | 867000 |
| ICICI Bank | 500.00 | 1082 | 541000 |
| Infosys | 450.00 | 1601 | 720450 |
| LIC | 632.00 | 904 | 571328 |
| SBI | 894.00 | 732 | 654408 |
| Bharti Airtel | 420.00 | 1226 | 514920 |
| HUL | 210.00 | 2299 | 482790 |
| ITC | 1,250.00 | 417.6 | 522000 |
India’s top 10 companies by market capitalization
Here is a list of the top 10 companies in India by market capitalization:
1. Reliance Industries
Reliance Industries Limited (RIL) is an Indian multinational company headquartered in Mumbai and currently headed by Mukesh Ambani. The company was founded in the 1960s by Dhirubhai Ambani and Champaklal Damani as Reliance Commercial Corporation.
Reliance operates across India in the energy, petrochemical, textile, natural resources, retail, and telecommunications sectors. Reliance is one of the most profitable companies in India.
2. Tata Consultancy Services (TCS)
Tata Consultancy Services Limited (TCS) is an Indian multinational information technology (IT) and consulting services company, headquartered in Mumbai, Maharashtra, India. It is a subsidiary of the Tata Group which operates in 149 locations in 46 countries.
TCS is the second-largest company in India in terms of market capitalization. TCS is one of the most valuable IT services brands in the world.
3. HDFC Bank
HDFC Bank is an Indian banking and financial services company established in 1994 and headquartered in Mumbai, India. The company’s first headquarters, Sandoz House in Worli, was inaugurated by Manmohan Singh, the then finance minister.
As of March 2020, the company had 1,16,971 permanent employees and 5,130 stores in 2,764 cities. It is the largest private lender in India in terms of assets and market capitalization.
4. ICICI Bank
It is an Indian multinational banking and financial services company headquartered in Mumbai and headquartered in Vadodara, Gujarat. It offers a wide range of banking products and financial services in the areas of investment banking, life and non-life insurance, venture capital and asset management.
ICICI Bank has 5 275 branches and 15 589 ATMs in India and is present in 17 countries including India as of February 2020.
5. Infosys
Infosys Limited is an Indian multinational company providing business consulting, information technology and outsourcing services.
It is the second-largest IT company in India after Tata Consultancy Services, headquartered in Bangalore, Karnataka, India.
6. Life Insurance Corporation of India (LIC)
Life Insurance Corporation of India (LIC) was established in 1956 after the Indian government nationalized the life insurance industry. It is a state-owned insurance group headquartered in Mumbai, India. LIC provides life insurance, pension products and investment plans to individuals and groups across India.
By the fiscal year 2022-23, LIC had a vast product portfolio spanning over 50 plans across categories like term insurance, endowment plans, money-back plans, pension plans, and unit-linked insurance plans. The corporation employed over 1 lakh employees and had over 13 lakh active individual agents as of March 2023. LIC reported a total premium income of Rs 4,74,005 crore in FY 2022-23, registering a 10.9% growth over the previous year.
With assets under management of over Rs 46 lakh crore as of June 2023, LIC is one of the largest financial institutions in India. The corporation had a market capitalization of around Rs 5.56 lakh crore as of March 2024. LIC continues to be the dominant life insurer in India with a 62.58% market share in new business premium income as of September 2023.
Citations:
https://licindia.in/history
https://licindia.in/documents/d/guest/presentation-1-
https://licindia.in/products
https://irdai.gov.in/evolution-of-insurance
https://licindia.in/documents/d/guest/press-release-dtd-10-08-2023
https://licindia.in/documents/20121/93502/Investor%2BPresentation%2BQ2FY24%2B-%2BFinal.pdf/871d6eca-70a4-c04f-0ed6-051898cb9397?t=1699619612838
7. State Bank of India (SBI)
State Bank of India (SBI) is an Indian multinational state-owned bank and financial services company headquartered in Mumbai, Maharashtra.
SBI commands a 24% market share in the Indian banking industry and maintains a domestic network of over 22,000 branches across India as of September 2023. The bank has a significant international presence with over 190 offices in 32 countries spanning all time zones.
SBI reported a net profit of Rs 50,232 crore for FY 2022-23, registering a 59% growth over the previous year. As of March 2023, the bank had total deposits of over Rs 41 lakh crore and gross advances exceeding Rs 30 lakh crore. With a market capitalization of around Rs 4.8 lakh crore as of March 2024, SBI is the largest commercial bank in India by assets, deposits, profits, and employee base.
8. Bharti Airtel
Bharti Airtel Limited was established in 1995 after the Indian government opened up the telecom sector for private players. It is a multinational telecommunications services company headquartered in New Delhi, India.
Airtel provides mobile voice and data services, fixed-line broadband, DTH, and enterprise solutions to customers across India and several international markets.
By the fiscal year 2022-23, Airtel had over 500 million customers across its operations in 16 countries. The company’s product portfolio spanned 4G/5G mobile services, fiber-to-the-home broadband, DTH services, enterprise solutions like data centers, cloud, cybersecurity and IoT.
Airtel employed over 25,000 people as of March 2023. Airtel reported consolidated revenues of Rs 1.2 lakh crore for FY 2022-23, with mobile services contributing around 60% of the total revenue. The company had over 330 million mobile subscribers in India as of December 2023, commanding a 31.6% revenue market share.
With a market capitalization of around Rs 4.1 lakh crore as of March 2024, Bharti Airtel is one of the largest telecom operators in India and the world’s third-largest mobile operator by subscribers. The company has operations across South Asia and Africa, with over 25% revenue coming from its international operations as of FY 2022-23.
9. Hindustan Unilever (HUL)
Hindustan Unilever Limited (HUL) was established in 1933. It is a British-Dutch production company based in Mumbai, India. The company’s products include food, beverages, cleaning products, personal care products, water purifiers and consumer products.
By the fiscal year 2022-23, HUL had grown into a consumer goods giant with over 50 brands spanning 14 categories like foods, beverages, cleaning agents, personal care, and water purifiers. Its iconic brands include Lifebuoy, Lux, Surf Excel, Rin, Wheel, Fair & Lovely, Dove, Clinic Plus, Sunsilk, Brooke Bond, Kissan, Knorr and Pureit among others.
HUL employs over 21,000 people and has an extensive supply chain with 31 factories across India. Its products reach around 9 million retail outlets facilitated by a vast distribution network covering over 8 million outlets.126 For the year 2022-23, HUL reported a turnover of Rs 61,092 crore (around $7.7 billion)
10. ITC – Imperial Tobacco Company
ITC Limited is an Indian multinational conglomerate company headquartered in Kolkata, West Bengal. It has a diversified presence across sectors like fast-moving consumer goods (FMCG), hotels, paperboards and packaging, agri-business and information technology.
ITC’s roots go back to 1910 when the company was incorporated as the Imperial Tobacco Company of India Limited. Over the decades, it transformed from a pure tobacco company to a multi-business corporation with a portfolio of over 25 world-class Indian brands.
By the fiscal year 2022-23, ITC had established leadership positions in several FMCG categories with popular brands like Aashirvaad, Sunfeast, Bingo!, YiPPee!, B Natural, Fabelle, Classmate, Mangaldeep and Vivel among others.
The company’s hotels business comprised over 100 properties under brands like ITC Hotels, WelcomHotel and Fortune. ITC’s Paperboards and Specialty Papers Business is a market leader with an output of over 700,000 tonnes per annum.
Its Agri Business is one of India’s largest exporters of agri-products.
The company’s IT subsidiary ITC Infotech provides IT services, solutions and digital transformation.
For FY 2022-23, ITC reported a revenue of Rs 68,923 crore and employed over 36,000 people across its businesses. With a market capitalization of around Rs 4.2 lakh crore as of April 2024, ITC is one of India’s most valuable and respected corporations.
ITC is an exemplar in Triple Bottom Line sustainability practices focusing on economic, environmental and social capital formation.
Also read: How to invest in the stock market? A guide for beginners!
So much for this post on the top 10 Indian companies by market capitalization. I hope this was helpful. Good luck and have fun investing.
Frequently Asked Questions
Which company in India has the highest market cap?
Reliance Industries is the company with the highest market cap in India.
What is the No 1 company in India?
Reliance Industries is No 1 company in India as per market capitalisation. As a conglomerate, Tata Group is the largest conglomerate in India.