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What are the biggest companies in India by market cap?

This list ranks the biggest public companies in the Indian market by market capitalisation. We’ll also highlight other key figures, such as revenue, gross profit, and 1-year return. Key facts like the company's exchange, founding year, and country are also covered.

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1. Reliance Industries Ltd. (RELIANCE)

• Market cap: $209.8 billion
• Revenue: $108.41 billion
• Gross profit: $29.94 billion
• 1-yr return: -10.23%
• Exchange: NSE
• Year founded: 1957
• Country: India

India’s largest and most valuable company, a globally reaching conglomerate with influence spanning energy, tech and consumer services. 

• Oil-to-chemicals: This is Reliance’s core and most profitable division. It operates the world’s largest single-location oil refinery, and produces everything from transportation fuel to plastics, providing huge streams of cashflow to other areas of the business. 
• Reliance Retail: India’s largest retailer with over 18,000 stores across the country, supplying its customers with groceries, electronics and fashion.
• Jio Platforms (digital services): The largest mobile network operator in India with over 450 million subscribers, offering telecoms, streaming services (JioCinema), payment apps, and other online services. 

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2. HDFC Bank (HDFCBANK)

• Market cap: $163.47 billion
• Revenue: $54.83 billion
• Gross profit: N/A
• 1-yr return: +8.76%
• Exchange: NSE
• Year founded: 1994
• Country: India

India’s largest private-sector bank by assets, operating a broad spectrum of banking services with a strong focus on both individual consumers and large corporations. 

• Retail banking: serves over 80 million customers across India with current and savings accounts, personal, car and business loans, and credit cards. 
• Wholesale banking: provides medium and large-sized businesses, corporations and institutional clients with capital loans, trade finance, cash management solutions, and investment banking services.
• HDFC merger: HDFC Bank merged with HDFC Ltd. — India’s largest housing finance company — in 2023. This gave HDFC Bank a massive book of home loans, making it a leader in the mortgage market.

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3. Bharti Airtel Ltd. (BHARTIARTL)

• Market cap: $122.05 billion
• Revenue: $20.87 billion
• Gross profit: $8.28 billion
• 1-yr return: +9.59%
• Exchange: NSE
• Year founded: 1995
• Country: India

One of the world’s leading telecommunications companies, with a significant presence across South Asia and Africa. In the Indian market, Airtel is a key rival of Reliance Jio, in mobile, broadband and digital services. 

• Airtel India: serves over 300 million subscribers with mobile services, broadband, digital TV and payment services through their ‘Thanks’ app. 
• Airtel Africa: leading telecom and money provider across 14 countries in Africa, providing mobile and data services, alongside mobile payments that allow users to transfer money, pay bills, and access other financial services. 

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4. Tata Consultancy Services Ltd. (TCS)

• Market cap: $117.99 billion
• Revenue: $28.81 billion
• Gross profit: $9.1 billion
• 1-yr return: -32.62%
• Exchange: NSE
• Year founded: 1968
• Country: India

A huge IT services and consulting company, part of the huge Tata Group multinational conglomerate. They rival big firms like Accenture and IBM as a global tech services leader.

• IT services and consulting: providing a range of tech solutions to multinational corporations globally, with their cloud infrastructure, cybersecurity, data and analytics and bespoke software development.
• Business and industry solutions: specialises in tailored industry-specific solutions, particularly within banking and financial services, and insurance — this is their largest source of revenue. They also have clients within retail, manufacturing and healthcare, helping them manage core processes like supply chain and customer relations. 

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5. ICICI Bank Ltd. (ICICI)

• Market cap: $108.28 billion
• Revenue: $32.98 billion
• Gross profit: N/A
• 1-yr return: +4.33%
• Exchange: NSE
• Year founded: 1955
• Country: India

One of India’s largest private-sector banks and a key player in the country’s financial system. A key competitor of HDFC Bank and the State Bank of India.

• Retail banking: provides millions of customers with current accounts, savings accounts, personal loans, mortgages, and credit cards. It has a strong digital product presence from its iMobile Pay app, that provides a wide array of payment and banking services.
• Corporate and institutional banking: Provides financial solutions to businesses of all sizes, including working capital finance, and term loans, alongside cash management and trade finance services to aid business operations. 

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6. State Bank of India (SBIN)

• Market cap: $90.5 billion
• Revenue: $74.06 billion
• Gross profit: N/A
• 1-yr return: +8.8%
• Exchange: NSE
• Year founded: 1921
• Country: India

India's largest public-sector bank and a cornerstone of the nation's financial system. With its unparalleled reach across the country, it is a dominant force in both retail and corporate banking.

• Retail banking: Serves a massive customer base of over 450 million people through an extensive network of more than 22,000 branches. It is a leader in personal banking, offering services from basic savings accounts and home loans to wealth management, and operates the popular YONO digital banking app.
• Corporate banking and treasury: Acts as the primary banker to many of India's largest corporations and state-owned enterprises, providing project finance, working capital loans, and treasury services. Due to its government ownership, it plays a key role in financing national infrastructure and industrial projects.

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7. Bajaj Finance Ltd. (BAJFINANCE)

• Market cap: $69.45 billion
• Revenue: $7.75 billion
• Gross profit: $4.88 billion
• 1-yr return: +28.96%
• Exchange: NSE
• Year founded: 1987
• Country: India

One of India's largest and most diversified non-banking financial companies (NBFCs). A leader in consumer finance, it is renowned for its rapid growth and use of technology to provide instant loans to millions of customers.

• Consumer lending: This is the company's core business, offering a vast array of financing options directly to consumers. It is a dominant player in providing instant loans for electronics, home appliances, and furniture at thousands of retail stores, as well as offering personal loans and credit cards.
• SME and commercial lending: Provides a range of financial solutions to small and medium-sized enterprises (SMEs) and commercial clients, including working capital loans and financing for business expansion. It also has a significant presence in lending to real estate developers. 

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8. Infosys Ltd. (INFY)

• Market cap: $67.31 billion
• Revenue: $18.34 billion
• Gross profit: $5.69 billion
• 1-yr return: -23.31%
• Exchange: NSE
• Year founded: 1981
• Country: India

A global leader in IT services and consulting, and one of the most prominent technology companies to emerge from India. It is a major competitor to other IT giants like TCS, Wipro, and Accenture.

• Digital services and consulting: Focuses on helping large businesses modernise their technology through "digital transformation." This includes moving clients to the cloud, implementing AI and data analytics solutions, and enhancing cybersecurity.
• Core enterprise services: Manages the foundational IT operations for its global clients. This involves application development and maintenance, modernising legacy systems, and outsourcing business processes to improve efficiency.

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9. Hindustan Unilever Ltd. (HINDUNILVR)

• Market cap: $66.07 billion
• Revenue: $7.07 billion
• Gross profit: $3.16 billion
• 1-yr return: -15.17%
• Exchange: NSE
• Year founded: 1956
• Country: India

India's largest Fast-Moving Consumer Goods (FMCG) company and a subsidiary of the British multinational, Unilever. Its products are a household staple, reaching nine out of ten Indian homes.

• Home and personal care: This is HUL's largest division, encompassing a vast portfolio of iconic brands. It includes soaps and skincare (Lifebuoy, Lux, Dove), laundry detergents (Surf Excel, Rin), and surface cleaners (Vim).
• Foods and refreshment: HUL is a major player in India's food and beverage market. Key brands include Brooke Bond and Lipton teas, Bru coffee, Knorr soups and noodles, and Kwality Wall's ice cream.

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10. Life Insurance Corp. of India (LICI)

• Market cap: $63.7 billion
• Revenue: $101.18 billion
• Gross profit: N/A
• 1-yr return: -11.9%
• Exchange: NSE
• Year founded: 1956
• Country: India

India's largest state-owned life insurer and a dominant force in the country's insurance sector. As a household name, it is one of the biggest institutional investors in the Indian stock market.

• Insurance and pension plans: This is LIC's core business, offering a vast range of life insurance policies, annuities, and pension plans to millions of individual customers. It operates through an extensive network of over a million agents, giving it enormous reach into both urban and rural India.
• Investment operations: LIC manages a colossal investment portfolio, making it a cornerstone of the Indian economy. It invests the premiums collected from policyholders into government securities and equities, making it one of the largest single investors in many Indian companies.

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What are the biggest companies by total annual revenue?

• Reliance Industries Ltd.: $108.41 billion 
• Life Insurance Corp. of India: $101.18 billion 
• Indian Oil Corp Ltd.: $85.38 billion 
• State Bank of India: $74.06 billion 
• Oil & Natural Gas Corp. Ltd.: $69.03 billion

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What are the biggest companies by workforce?

• Tata Consultancy Services Ltd.: 607,980
• Quess Corp. Ltd.: 441,150 
• Larsen & Toubro Ltd.: 412,970
• Infosys Ltd.: 323,580 
• Petrobras: 236,230

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Summary

Understanding a company's performance is crucial; it's how you truly know what you own. These metrics directly drive the value of your stocks and funds. When you understand these key drivers, you can navigate market changes with confidence, rather than just reacting to headlines.

Next we’ll be looking at the biggest companies in Europe by market cap.

All market data sourced from TradingView and company reports as of 30.09.2025.

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When investing, your capital is at risk. The value of your investments can go down as well as up and you may get back less than your original investment. Chip does not offer financial advice and this should not be considered as a personal recommendation.