Top Indian Companies by Market Cap

Tanushree Jaiswal Tanushree Jaiswal

Last Updated: 5th June 2024 - 03:51 pm

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In today’s dynamic and global economy, a few companies, propelled by resilience, innovation and sheer determination, have made their mark. With a staggering market capitalization, these corporate giants serve as pillars of success, driving innovation and shaping the business landscape. Moreover, with a relentless pursuit of excellence, they have revolutionized their sectors, propelled economic growth, and captured the imagination of investors worldwide. This article gives a general overview of the top Indian companies by market cap. However, before diving into the details, let’s understand the concept of the market capitalization of Indian companies. Read on to find out what makes these companies top contenders. 

What is Market Capitalization? 

Market capitalization is used to determine the size of a company. It is a financial metric that measures the total value of a company’s outstanding stock shares. Investors take the assistance of market cap to find out the size of the company.

The market cap provides an indication of a company's size and relative value compared to other companies in the market. It is often used by investors, analysts, and financial professionals to assess a company's worth and to compare it with other companies in the same industry.

Market capitalization provides valuable insights into a company's overall value and prominence within the market. However, it is important to note that market capitalization alone does not necessarily indicate the financial health, profitability, or long-term potential of a company. It should be used in conjunction with other financial and qualitative analysis tools to make informed investment decisions.

Understanding Market Capitalization with an Example

To better understand the concept of market capitalization, let’s take the example of XYZ Corporation. Assume the firm has a current stock price of ₹1,000 per share and the total number of outstanding shares is 10 million. The formula for the calculation of market cap is- 

MC= Current Price of share x Total number of outstanding shares 
Market Cap = 1000 x 10,000,000 = ₹10,000,000,000
XYZ Corporation's market capitalization would be ₹10,000 crores.

Remember that market capitalization is subject to change as the stock price fluctuates, and the number of outstanding shares can vary. It's important to conduct thorough research and consider various factors beyond market capitalization when making investment decisions, such as financial performance, industry outlook, and overall market conditions.

Let's take a look at the list of top ten companies in India by market cap. 

List of Top 10 Indian Companies by Market Cap 

Listed below are the top Indian companies by market cap: 

1.    Reliance Industries 
2.    Tata Consultancy Services (TCS)
3.    HDFC Bank 
4.    Infosys 
5.    Life Insurance Corporation of India (LIC)
6.    Hindustan Unilever 
7.    Housing Development Finance Corporation Limited (HDFC)
8.    ICICI Bank 
9.    Bajaj Finance 
10.    State Bank of India (SBI)

Let's take an overview of these largest Indian companies by market cap. 

Overview of 10 Indian Companies by Market Cap 

Discussed below are the top 10 Indian companies by market cap and their nature of business operations. 

1.    Reliance Industries: Reliance Industries is a conglomerate involved in various sectors, including energy, textiles, retail, petrochemicals, and natural resources. With a market capitalization of ₹1,726,605.70 Crore, Reliance Industries is one of the largest Indian companies with the highest market cap and most influential companies in India. Its operations encompass oil and gas exploration, refining, production, and distribution, as well as telecommunications, retail, and e-commerce. As per the Forbes Global 2000 list, Reliance ranks in 45th place. 

2.    Tata Consultancy Services (TCS): TCS is a leading global IT services and consulting company. With a market capitalization of ₹11.80 trillion, TCS provides a wide range of information technology services, business solutions, and consulting services to clients across various industries worldwide. Their expertise includes software development, system integration, business process outsourcing, and digital transformation solutions. TCS has secured the 66th position in the Forbes list. 

3.    HDFC Bank: HDFC Bank, with a market capitalization of ₹8.89 trillion, operates as a leading financial institution in India. It offers a comprehensive range of retail and corporate banking services, including savings accounts, loans, credit cards, trade services, treasury operations, and more. HDFC Bank is known for its customer-centric approach and technologically advanced banking solutions. As per the Forbes Global 2000 list, HDFC Bank ranks 128. 

4.    Infosys: Infosys is a global technology services and consulting company with a market capitalization of ₹5.33 trillion. It specializes in software development, IT outsourcing, and business consulting solutions. Infosys serves clients in various industries, helping them leverage technology to improve efficiency, drive innovation, and transform their businesses. The company was ranked among the top 3 employers in the world. 

5.    Life Insurance Corporation of India (LIC): It is an investment company that offers life insurance policies, pension plans, and investment products to individuals and businesses. With a market capitalization of ₹3.79 trillion, LIC is one of India's largest life insurance companies. It provides financial protection and long-term savings options to millions of policyholders across the country. LIC ranks as the 10th most valued insurance company in the world. 

6.    Hindustan Unilever: Hindustan Unilever is a consumer goods company with a market capitalization of ₹6.32 trillion. It manufactures and distributes a diverse range of personal care, home care, and food products. Hindustan Unilever's well-known brands cater to the needs and preferences of consumers in India and other markets, contributing to their everyday lives and well-being.

7.    Housing Development Finance Corporation Limited (HDFC): HDFC is a leading financial institution with a market capitalization of ₹4.85 trillion. It operates in various segments, including banking, housing finance, insurance, asset management, and other financial products. HDFC offers a comprehensive suite of financial services, including home loans, insurance, and investment solutions, catering to the diverse needs of individuals and businesses.

8.    ICICI Bank: ICICI Bank is a major private sector bank with a market capitalization of ₹6.55 trillion. It provides various banking and financial services, including retail and corporate banking, loans, investments, and insurance. ICICI Bank's extensive network and innovative digital banking solutions make it one of the leading financial institutions in India. The bank ranked number 1 under the ‘Best Services’ category by the Euromoney-Asiamoney Trade Finance Survey. 

9.    Bajaj Finance: Bajaj Finance is a non-banking financial company (NBFC) specializing in consumer finance, SME lending, commercial lending, and wealth management services. With a market capitalization of ₹4.29 trillion, Bajaj Finance offers a diverse range of financial products and services, including loans, insurance, and investment options, to cater to the evolving financial needs of individuals and businesses.

10.   State Bank of India (SBI): SBI is the largest public sector bank in India, with a market capitalization of ₹5.13 trillion. It offers individuals, businesses, and government entities a comprehensive range of banking and financial services. SBI provides savings accounts, loans, investments, insurance, and foreign exchange services, contributing significantly to the country's banking and financial ecosystem. The bank has a global ranking of 105. 

Summary: Top 10 Companies in India 

Mentioned below is a list of Indian companies by market cap, along with their industry and current price.


Market Cap

Current Price


Bharti Airtel Ltd.

Rs. 467193.87 Cr.



Larsen & Toubro

Rs. 332628.79 Cr.



Asian Paints

Rs. 317993.25 Cr.


Paint and Decor

HCL Technologies

Rs. 311800.12 Cr.


Information technology Consulting Outsourcing

Axis Bank

Rs. 302038.68 Cr.



Maruti Suzuki Ltd.

Rs. 290075.40 Cr.



ITC Ltd.

Rs. 563237.76 Cr.



Wipro Ltd.

Rs. 209344.43 Cr.


IT and Consultant

Nestle India Ltd.

Rs. 221492.93 Cr.


Food and Beverage

Tata Consultancy Services Ltd.

Rs. 1161840.29 Cr.


IT, Consulting, Business Solutions


The realm of top Indian companies by market cap showcases the immense power and influence these enterprises hold. With their impressive market valuations, they exemplify the potential for success and growth in the business world. These largest Indian companies by market cap have achieved remarkable financial milestones and contributed to the nation's economic development and global presence. As we look ahead, we can anticipate these industry leaders' continued impact and ability to shape the future of Indian business. 

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