According to IMF, India is the fifth-largest economy. With such a large economy, it comes as no surprise that many of its cities and towns are home to some of the most powerful companies in the world.
In this article, we’ll take an in-depth look at the 20 largest Indian companies based on their market capitalization (market cap) as of April 2024. Market cap measures a company’s total value based on its stock price and number of shares.
20 Largest Companies in India by Market Cap 2024:
1. Reliance Industries ($244.65 billion)
Reliance Industries is a multinational conglomerate and India’s largest company by market cap. It has diverse businesses spanning energy, petrochemicals, telecom, retail, and more.
- Founded in 1973 by Dhirubhai Ambani, Reliance has grown rapidly through innovation and expansion.
- Key businesses include Reliance Jio (telecom), Reliance Retail, and Reliance Petroleum.
- Chairman Mukesh Ambani is Asia’s richest person with a net worth of over $116 billion.
2. Tata Consultancy Services ($172.02 billion)
Tata Consultancy Services (TCS) is a global leader in IT services, consulting, and business solutions. It is part of the Tata Group, India’s largest conglomerate.
- TCS is India’s second-largest company and the world’s largest IT services firm by market cap.
- Serves over 1000 large corporate clients across industries like banking, retail, telecom and more.
- Has over 600,000 employees across 46 countries, and is one of India’s top private employers.
3. HDFC Bank ($149.46 billion)
HDFC Bank is India’s largest private sector bank, offering a wide range of banking and financial services to retail and corporate customers.
- Founded in 1994, HDFC Bank has over 8,000 branches and 20,760 ATMs across India.
- Consistently ranked as India’s top bank for service quality, innovation and financial performance.
- Has a strong focus on digital banking and serves millions of customers through its mobile app and website.
4. ICICI Bank ($93.47 billion)
ICICI Bank is a leading private sector bank in India, offering a comprehensive suite of financial products and services.
- Operates through a network of over 6,000 branches and 17,000 ATMs across India.
- Offers retail, corporate and international banking services to millions of customers.
- Has a significant international presence with branches in 17 countries.
5. Bharti Airtel ($86.98 billion)
Bharti Airtel is a leading global telecommunications company with operations in 18 countries across Asia and Africa.
- Bharti Airtel is India’s second-largest telecom operator after Reliance Jio.
- Provides mobile, broadband and DTH services to over 500 million customers in India and world.
- Known for pioneering the low-cost mobile revolution in India in the early 2000s.
6. State Bank of India ($82.44 billion)
State Bank of India (SBI) is India’s largest public sector bank and its oldest, with a history dating back to 1806.
- Has over 22,000 branches and 65,000 ATMs, giving it the largest banking network in India.
- The government of India owns a majority 56% stake in SBI.
- Provides retail, corporate, and international banking services in India and globally.
7. Infosys ($75.30 billion)
Infosys is a global leader in next-generation digital services and consulting, enabling clients in over 50 countries to navigate their digital transformation.
- Infosys is India’s second-largest IT services company after TCS.
- Employs over 250,000 people and serves clients in 46 countries across industries.
- Founded in 1981, Infosys was an early pioneer of India’s IT services revolution.
8. Life Insurance Corporation of India ($74.76 billion)
Life Insurance Corporation of India (LIC) is the largest life insurance company in India and a state-owned enterprise.
- LIC is India’s largest life insurer and also its largest asset manager with over ₹30 trillion AUM.
- Has over 280 million policy holders, making it one of the world’s largest insurance companies by customer base.
- Made India’s largest-ever IPO of ₹210 billion ($2.7 billion) in 2022.
9. Hindustan Unilever ($64.25 billion)
Hindustan Unilever Limited (HUL) is India’s largest fast-moving consumer goods (FMCG) company and a subsidiary of global consumer products giant Unilever.
- Manufactures products across food, home care, personal care, and refreshments categories.
- Its iconic brands like Lux, Lifebuoy, Surf Excel and Kissan are used daily by millions of Indians.
- Reaches over 80% of Indian households through its extensive distribution network.
10. ITC ($64.19 billion)
ITC Limited is an Indian multinational conglomerate with diversified presence in FMCG, Hotels, Packaging, Paperboards and Specialty Papers and Agri-Business.
- ITC’s FMCG brands like Aashirvaad, Sunfeast, Bingo and Classmate are market leaders in India.
- One of India’s largest taxpayers, contributing over $6 billion in taxes annually.
- 25% of the company is owned by British multinational BAT (British American Tobacco).
11. Larsen & Toubro ($62.97 billion)
Larsen & Toubro (L&T) is an Indian multinational engaged in EPC projects, hi-tech manufacturing and services.
- L&T’s businesses include engineering, procurement, construction, manufacturing and financial services.
- Has built many of India’s landmark infrastructure projects like metros, airports, stadiums etc.
- Operates in over 30 countries and is one of India’s top exporters of engineering goods.
12. Bajaj Finance ($53.58 billion)
Bajaj Finance is a deposit-taking Non-Banking Financial Company (NBFC) in India, engaged in lending and allied activities.
- Bajaj Finance is India’s largest non-banking financial company (NBFC) specializing in consumer lending.
- Provides personal loans, credit cards, insurance and other financial products to millions of Indians.
- Part of the Bajaj Group, one of India’s oldest and most respected business conglomerates.
13. HCL Technologies ($50.18 billion)
HCL Technologies is a leading global technology company that helps enterprises reimagine their businesses for the digital age.
- HCL is India’s third-largest IT services company after TCS and Infosys.
- Operates in 50 countries providing software development, business consulting and outsourcing services.
- Expanding rapidly in fast-growing areas like cloud, cybersecurity, AI and IoT.
14. Maruti Suzuki India ($48.76 billion)
Maruti Suzuki India Limited is India’s largest passenger vehicle manufacturer, accounting for over 50% market share.
- Was formed in 1982 as a joint venture between the Indian government and Japan’s Suzuki Motor Corp.
- Makes popular car models like Alto, Swift, Dzire, Baleno, Brezza and Ertiga.
- Has a vast sales and service network of over 4,000 touchpoints across 2,000+ cities in India.
15. Sun Pharmaceutical ($45.81 billion)
Sun Pharmaceutical Industries Limited is the largest pharmaceutical company in India and the 4th largest in the world by revenue.
- Sun Pharma makes high-quality yet affordable generic medicines that are sold in over 100 countries.
- Manufactures drugs across various segments like psychiatry, anti-infectives, neurology and cardiology.
- Operates through a global network of 43 manufacturing sites and 100 distribution centers.
16. Tata Motors ($44.63 billion)
Tata Motors Limited is an Indian multinational automotive manufacturing company and a member of the Tata Group.
- Tata Motors manufactures cars, trucks, buses, defense vehicles, and is India’s largest automaker by revenue.
- Acquired the Jaguar Land Rover (JLR) brands from Ford in 2008 for $2.3 billion.
- Makes the Tata Nexon, India’s best-selling compact SUV, and the ultra-low-cost Tata Nano.
17. Adani Enterprises ($44.03 billion)
Adani Enterprises Limited is the flagship company of Adani Group, one of India’s largest business conglomerates with interests in energy, infrastructure, mining and more.
- The group has business interests in ports, power, renewable energy, mining, airports, and more.
- Is India’s largest private port operator and thermal coal importer, and 2nd largest private airport operator.
- Adani recently acquired Swiss giant Holcim’s India cement assets ACC and Ambuja for $10.5 billion.
18. Kotak Mahindra Bank ($43.14 billion)
Kotak Mahindra Bank is an Indian private sector bank offering a wide range of banking products and financial services.
- Kotak Mahindra is India’s third-largest private sector bank after HDFC Bank and ICICI Bank.
- Founded in 1985 by Uday Kotak, who still owns 26% of the bank and is its CEO.
- Provides a full suite of banking products and services, and also has brokerage and asset management arms.
19. NTPC Limited ($42.64 billion)
NTPC Limited, formerly known as National Thermal Power Corporation Limited, is an Indian public sector undertaking engaged in the generation of electricity and allied activities.
- NTPC is India’s largest power utility company, generating nearly a quarter of India’s total electricity.
- Increasingly diversifying into renewable energy like solar and wind, with a target of 60GW green capacity.
- Is at the forefront of making India’s power sector cleaner and helping meet its climate goals.
20. Oil & Natural Gas Corporation ($41.15 billion)
Oil and Natural Gas Corporation (ONGC) is an Indian public sector multinational crude oil and gas company.
- ONGC is India’s largest oil and gas exploration company, 60% owned by the Indian government.
- Accounts for 70% of India’s domestic oil and gas production from its plants and fields across the country.
- Is playing a key role in India’s push for “energy independence” through increased domestic production.
Conclusion
In conclusion, this list of India’s largest companies provides a snapshot of the corporate leaders driving India’s economic growth story. Spanning sectors like energy, IT, banking, telecom, automobiles, infrastructure and more, these companies are not only dominant players in the Indian market but also increasingly prominent on the global stage. With their scale, capabilities and vision, these companies are well-positioned to lead India’s continued ascent as an economic superpower in the decades ahead. As India’s economy develops and new industries emerge, this list is likely to evolve, but the entrepreneurial spirit and dynamism embodied by these companies will undoubtedly continue to shape India’s corporate landscape.
All market cap data is in US dollars. (Source: companiesmarketcap.com)
FAQs
What is Market Capitalization?
Market capitalization is one way of measuring a company’s size, compared to others. The term refers to how much money it would take to buy up all its outstanding shares at market prices.
Which is the largest company in India?
As of April 2024, Reliance Industries is the largest company in India by market capitalization at $244.65 billion.
Which is the largest IT company in India?
Tata Consultancy Services (TCS) is the largest IT services company in India by market capitalization, valued at $172.02 billion as of April 2024. TCS is followed by Infosys at $75.30 billion and HCL Technologies at $50.18 billion, making them the second and third largest IT companies in India respectively by market value.
Which is the most valuable bank in India by market capitalization?
HDFC Bank is the most valuable bank in India by market capitalization, with a market value of $149.46 billion as of April 2024. It is India’s largest private sector bank and is consistently ranked as the country’s top bank for service quality, innovation and financial performance.
Which is the largest bank in India?
The State Bank of India (SBI) is the largest bank in India by assets, deposits and number of branches.
Which is the oldest company in India?
The Wadia Group, founded in 1736, is one of the oldest business conglomerates in India.