Top 20 Companies in India by Market Capitalization

Market, shares, stocks, capital, assets, profit and loss, etc. play a key role in the business sector in India that determine the performance and value among other things, of companies that do business both within and outside of the country.

India is home to several companies which do business in the public and private sectors. You can name any company or business, such as IT, enterprises, organizations, product manufacturing companies, retailers, banks and financial institutions, educational institutions, not-for-profit NGOs and charity groups, and many more. All these categories of companies are also valued by the country’s stock exchange market, the Bombay Stock Exchange (BSE).

In this article, we’re going to share with you a non-exhaustive list of a few top companies in India that have been valued for their market capitalization as per the data from BSE.

What is Market Capitalisation?

In simple words, market capitalization (or market cap) is meant to value a publicly listed company or business entity. In most cases, the market cap of any given company or business in India can be easily calculated by multiplying the share price of the particular company or business by the number of outstanding shares of that company or business entity. The market cap is the total market value of a publicly traded company’s outstanding shares and is commonly used to measure how much a company is worth.

Whatever is the result (which is usually in INR or US Dollars), that would be the monetary value of that company or business entity, including its assets.

Top 20 Indian-based Companies & Businesses Valued by Their Market Capital as of March 2022

Here are the top twenty companies of India that are valued by their market capitalization as listed on the BSE (Bombay Stock Exchange).

1. Reliance Industries Ltd.

Type of Business: Multinational Conglomerate

Market Capitalisation: INR 16,57,248.97 Crores (US $243 Billion)

Reliance Industries Ltd. is a family-owned multi-industry business that is operated by the Ambani brothers, Mukesh Ambani and Anil Ambani, and also by their family members. Its main products and business operations include petroleum, petrochemicals, natural gas, financial services, textiles, retail, software, telecommunications, television, media, entertainment, and music.

As of March 2022, Reliance Industries Ltd. has a market cap of USD243 Billion. This makes the multi-industry company the largest Indian company by market cap according to the data.

2. Tata Consultancy Services (TCS)

Type of Business: Multinational IT (Information Technology), Consulting & Outsourcing

Market Capitalisation: INR 12,48,797.64 Crores (US $200 Billion)

Tata Consultancy Services (TCS) is India’s largest IT firm and is owned by Tata Sons Limited, which is also a part of the Tata Group, their parent company.

The company is popular for its services in the IT sector, such as providing consulting services, providing technical support services for computer systems, software research and development (R&D) center, and business process outsourcing (IT outsourcing) services.

3. HDFC Bank Ltd.

Type of Business: Banking & Financial Services

Market Capitalisation: INR 7,47,991.29 Crores (US $122 Billion)

HDFC Bank is one of India’s biggest private sector banks. It is an auxiliary of the Housing Development Finance Corporation Ltd. of India. HDFC Bank also owns two subsidiary companies under its umbrella, which are HDFC Securities and HDB Financial Services.

HDFC Bank operates its business by providing services and products, which include consumer banking, commercial banking, credit cards, finance and insurance, investment banking, private banking, wealth management, personal loans, auto loans, mortgage loans, and private equity.

4. Infosys Ltd.

Type of Business: Multinational IT (Information Technology), Consulting & Outsourcing

Market Capitalisation: INR 6,42,466.19 Crores (US $100 Billion)

Infosys Ltd. is one of India’s largest multinational IT sector companies that mainly provides IT and consultation services to customers worldwide. Their other services also include software development and maintenance, integrated AI platform, cloud suite, cloud-based enterprise transformation services, engineering services, digital marketing, and independent validation services to companies in finance, insurance, manufacturing, and other domains.

5. Hindustan Unilever Limited (HUL)

Type of Business: Manufacturer of Consumer Products

Market Capitalisation: INR 5,08,298.83 Crores (US $98 Billion)

Hindustan Unilever Limited (or HUL) is one of India’s oldest companies that mainly deals with the manufacture and selling of consumer goods. Their products include personal care products, home care products, fast-moving consumer goods, cleaning agents, water purifiers, foods, and beverages. In addition, the company produces several other consumer products in different categories.

6. ICICI Bank Ltd.

Type of Business: Multinational Banking & Financial Services

Market Capitalisation: INR 4,96,364.87 Crores (US $82 Billion)

ICICI Bank is a public sector banking products and financial services provider in India and in other countries as well. The company also provides other financial services through its subsidiaries to both corporate and retail customers, which include ICICI Prudential, ICICI Lombard, ICICI Direct, and ICICI Securities, respectively. These financial services that are offered to corporate and retail customers in India, as well as overseas, are mostly specialized in the areas of investment banking, life, non-life insurance, venture capital, and asset management.

7. State Bank of India (SBI)

Type of Business: Multinational Banking & Financial Services

Market Capitalisation: INR 4,25,168.49 Crores (US $80 Billion)

State Bank of India (SBI) is India’s largest and oldest public sector banking products and financial services, provider. The banking and financial services company of India, SBI, provides to corporate and retail customers products and services, which include retail banking, corporate banking, investment banking, private banking, credit cards, mortgage loans, wealth management, and finance and insurance.

8. Adani Green Energy Ltd. (AGEL)

Type of Business: Renewable Energy

Market Capitalisation: INR 4,16,645.58 Crores (US $65 Billion)

Adani Green Energy Ltd. is a renewable energy sector company that was started under the umbrella of the Adani Group. The company mainly operates its business on solar and wind energy by setting up power plants in different regions of the country.

9. Housing Development Finance Corporation Limited

Type of Business: Housing Financial Services

Market Capitalisation: INR 4,02,627.45 Crores (US $53 Billion)

The Housing Development Finance Corporation Limited (HDFC Ltd.) is an Indian-based private sector company that provides financial services to corporate and retail customers in the country. In addition to providing housing financial services, HDFC Ltd. has also expanded its business in areas, such as banking, life, and general insurance, asset management, venture capital, realty, education, deposits, education loans, and mortgage loans.

10. Bharti Airtel Ltd.

Type of Business: Multinational Telecommunications

Market Capitalisation: INR 3,97,018.65 Crores (US $52 Billion)

Bharti Airtel, or simply Airtel, is a widely known telecommunications company in India. They provide products and services overseas as well. Their main business operation lies in mobile telecoms, like providing mobile pre-paid and post-paid SIM cards, mobile data (2G, 3G, 4G LTE), fixed-line broadband, Wi-Fi internet, and fibre-optic (FTTH) network connectivity, subscription-based DTH (Direct-to-Home) Dish TV, Airtel Payments Bank, and many more products and services.

11. Kotak Mahindra Bank Ltd.

Type of Business: Banking & Financial Services

Market Capitalisation: INR 3,49,538.63 Crores (US $50 Billion)

Kotak Mahindra Bank Ltd. is a private-sector banking and financial services company having a market capitalization of US $50 Billion as per the 2022 data from the BSE. The bank offers products and services to corporate and retail customers in the categories of banking, commodities, credit cards, equities trading, insurance, investment management, mortgage loans, mutual funds, private equity, risk management, wealth management, and asset management. These banking and financial services are provided through various major subsidiaries that function under the umbrella of Kotak Mahindra Bank Ltd.

12. Bajaj Finance Limited

Type of Business: Non-Banking Financial Services

Market Capitalisation: INR 3,38,313.86 Crores (US $48 Billion)

Bajaj Finance Limited is a non-banking sector interest-free consumer financial services provider in India having a market capitalization of US $48 Billion as per the BSE. The company started its business in the two and three-wheeled auto-mobile sector providing finance to customers, however, it later turned its business to providing financial loans at zero interest rates to individuals.

13. ITC Limited

Type of Business: Multi-Industry Company

Market Capitalisation: INR 3,11,716.76 Crores (US $45 Billion)

ITC Limited is a conglomerate that started as a tobacco cultivation and exporter company in India. In the later years, the company expanded its business in various areas, and in doing so, it also renamed itself the now-called “ITC Limited” (formerly called the India Tobacco Company). The company caters to industries and consumer products, which include consumer goods, apparel, education, hotels and resorts, paperboards and specialty papers (stationery), packaging, agricultural business, Information Technology (IT), and tobacco/cigarettes.

14. Asian Paints Ltd.

Type of Business: Multinational Paints & Chemicals

Market Capitalisation: INR 2,91,538.58 Crores (US $40 Billion)

Asian Paints Ltd is one of India’s most popular brands in decorative paints. The company manufactures as well as sells and distributes consumer products, which include chemicals, decorative paints, coatings, bath fittings, home décor products, industrial finishing products, and other related products. Its products and services are also manufactured and made available in the Middle East and several other countries through its subsidiaries.

15. HCL Technologies Ltd.

Type of Business: Multinational IT (Information Technology), Consulting & Outsourcing

Market Capitalisation: INR 2,87,282.16 Crores (US $38 Billion)

Hindustan Computer Limited, better known today as HCL Technologies Ltd., is an Information Technology (IT) company with offices located in different countries. In addition to providing IT services, the company also provides services in areas, such as consulting and outsourcing business operations overseas. HCL Technologies Ltd currently operates as a subsidiary of HCL Enterprise, which mainly carries out research and development (R&D) operations in software.

16. Wipro Ltd.

Type of Business: Multinational Corporation

Market Capitalisation: INR 2,59,745.44 Crores (US $34 Billion)

Wipro Ltd. started its business in India as a manufacturer of vegetable and refined oils under the name Western India Vegetable Products Limited. Today, the company has expanded its business scope by entering into various industries, such as Information Technology (IT), consulting, business process outsourcing, consumer electrical appliances, personal care products, and healthcare products.

17. Adani Total Gas Ltd.

Type of Business: Natural Gas & Oil

Market Capitalisation: INR 2,52,329.43 Crores (US $33 Billion)

Adani Total Gas Ltd. is a division of the Adani Group catering to the oil and gas industry mostly in the Indian state of Gujarat. It serves as a distribution company for both residential and industrial customers within the state. The company has laid piped natural gas connections and compressed natural gas stations in various areas of the state for the distribution of gas to consumers. In addition to this, the company has also started a joint venture with a French oil company, TotalEnergies, a leading gas infrastructure company in Europe, Snam, and the Indian Oil Corporation.

18. Adani Transmission Ltd.

Type of Business: Electric Power Transmission

Market Capitalisation: INR 2,40,621.95 Crores (US $28 Billion)

Adani Transmission Ltd. is another division of the Adani Group that manages and distributes the electric power transmission system to residential and industrial customers in the state of Gujarat. The private-sector company was set up to handle the commissioning, operations, and maintenance of electrical power transmission and its distribution network state-wide.

19. Adani Enterprises Ltd.

Type of Business: Coal & Iron Ore

Market Capitalisation: INR 2,24,647.21 Crores (US $22 Billion)

Adani Enterprises Ltd. is a division of the Adani Group that mainly caters to the mining and trading of coal and iron ore. The company also functions as a stand-alone holding company for the Adani Group in its joint ventures with other companies. In addition to mining and trading iron ore minerals, Adani Enterprises Ltd. is also seeking expansion in various areas through its subsidiaries.

20. Maruti Suzuki India Ltd.

Type of Business: Consumer & Commercial Auto-mobiles

Market Capitalisation: INR 2,19,076.01 Crores (US $20 Billion)

Maruti Suzuki Ltd. is a major name/brand in the Indian automobile market and has crossed the US $10 Billion market capitalization in 2021-22. The joint venture between the Japan-based Suzuki auto-maker company and Indian-based Maruti Udyog Limited (before its merger) in the year 2003 made the company not only an importer of vehicles but also started its first production facility in India, in the city of Gurugram, Haryana. Indian consumers are the major buyers of Maruti Suzuki vehicles and have been for a couple of decades.

Conclusion

Most companies and business entities which are listed here are also among the oldest-operating companies in India. The Bombay Stock Exchange (BSE) is India’s main and the oldest stock exchange situated in Mumbai (formerly Bombay). The BSE holds eighth place in the world’s largest stock exchange with overall market capitalization.