Top 10 Indian Companies listed on the Indian Stock Exchanges, based on their Market Capitalization as of 14th July 2022, have been discussed below.


Top 10 Listed Companies in India

Everyone would be interested to know which the largest company in India is. Some of us are not sure whether it is Reliance Industries or TCS or HDFC? Some companies are public companies listed on stock exchanges but some others are privately held companies. There are several criteria to measure the size of a company such as its turnover, net profit after tax, market capitalization, enterprise valuation, capital employed etc.

Here we need to adopt criteria for measuring the size to arrive at the top 10 companies. Since the parameters of turnover, profitability, enterprise valuation etc have varying weights in different sectors, we have selected Market Capitalization or Market Cap as the best criteria for measuring the size. Please note that, since we have selected market cap as the criteria, many privately held companies (like Reliance Jio, Bennett Coleman & co. Ltd (Times Group), Parle Products, Amul, Zomato, Byju’s App etc) are not included in the top 10 list as, being unlisted companies, the concept of Market Cap is not applicable to them.


What is Market Capitalization?

Market capitalization is the aggregate market valuation of a company based on its current share price and the total number of outstanding stocks. It can be simply calculated by multiplying the current market price of the company’s share with its total outstanding shares.

Based on the market cap of companies listed on Indian stock exchanges, the top 10 Indian companies, in ascending order, are discussed hereafter. The figures for these calculations have been taken based on the closing price of shares, as of 14th July 2022, listed on the Bombay Stock Exchange (BSC) and extracted from

Viewers should keep in mind that stock prices change every day by market forces hence the market cap will also keep changing. For the purpose of US$ conversion, 1 US$ = 79.80 Indian Rupees *. Top 10 Indian Companies.


Top 10 Ranking based on Market Capitalization

The ranking of the top 10 Indian companies in India as of 14th July 2022 is as follows

Company Name Last Price 52 wk
52 wk
Market Cap
(Rs. cr)
Market Cap (US$ billion)
Reliance 2,391.00 2,855.00 2,016.60 1,617,621.88 202.71
TCS 2,992.50 4,045.50 2,992.50 1,094,971.12 137.21
HDFC Bank 1,355.10 1,724.30 1,271.75 752,798.83 94.34
Infosys 1,420.65 1,953.70 1,367.20 597,755.64 74.91
HUL 2,498.25 2,859.10 1,901.80 586,986.64 73.56
ICICI Bank 751.20 859.70 639.40 522,567.68 65.48
LIC India 711.15 949.00 650.00 449,802.21 56.37
SBI 478.75 549.05 401.30 427,265.79 53.54
HDFC 2,169.50 3,021.10 2,026.55 393,649.22 49.33
ITC 290.45 296.95 201.60 358,623.65 44.94


Detailed Ranking- Top 10 Indian Companies

Number 10ITC Limited

Top 10 Indian Companies

ITC Limited is an Indian multinational conglomerate company headquartered in Kolkata, India. It was established in 1910 as the ‘Imperial Tobacco Company of India Limited, the company was renamed the ‘India Tobacco Company Limited’ in 1970 and later to ‘I.T.C. Limited’ in 1974. ITC has a diversified presence across industries such as Cigarettes, FMCG, Hotels, Packaging, Paper boards & Specialty Papers and Agribusiness. It has a market cap value of ₹3,58,623.65 crores, equal to US$ 44.94 billion.


Number 9- HDFC Limited

Expanded as Housing Development Finance Corporation Limited, is an Indian financial services company based in Mumbai, India. It is a major housing finance provider in India, with a presence in banking, general insurance, asset management, realty, venture capital and other areas. The market cap value of HDFC, as on 14th July 2022, is  3,93,649.22 crores, equal to US$49.33 billion.


Number 8- SBI

Top 10 Indian Companies

State Bank of India is an Indian multinational public sector bank and financial services statutory body headquartered in Mumbai, Maharashtra. SBI is the 43rd largest bank in the world and ranked 221st in the Fortune Global 500 list of the world’s biggest corporations of 2020, being the only Indian bank on the list. State Bank of India, a financial powerhouse, provides banking services like saving account, fixed deposits, personal loans, education loan, SME loans and many other lending products. The market cap value of SBI, as on 14th July 2022, is 4,27,265.79 crores, equal to US$53.54 billion.


Number 7- LIC India

Top 10 Indian Companies -

Life Insurance Corporation of India (LIC) is an Indian statutory insurance and investment corporation headquartered in the city of Mumbai, India. It is under the ownership of the Government of India. The Life insurance corporation of India was established on 1 September 1956, when the Parliament of India passed the Life Insurance of India Act which nationalized the insurance industry in India. Over 245 insurance companies and provident societies were merged to create the state-owned Life Insurance Corporation of India. The market cap value of LIC, as on 14th July 2022, is 4,49,802.21 crores, equal to US$56.37 billion.


Number 6- ICICI Bank Ltd

Top 10 Indian Companies

It is an Indian multinational banking and financial services company headquartered in Mumbai and its registered office in Vadodara, Gujarat. It offers a wide range of banking products and financial services in the areas of investment banking, life, non-life insurance, venture capital, and asset management. ICICI Bank currently has a network of around 5,324 branches and 15,688 ATMs across India. The market cap value of ICICI bank is 5,22,567.68 crores, equal to US$65.48 billion  as of 14th July 2022.


Number 5- Hindustan Unilever Limited (HUL)

HUL was established in 1933. It is a British-Dutch manufacturing company headquartered in Mumbai, India. Its products include foods, beverages, cleaning agents, personal care products, water purifiers, and consumer goods. The market capitalization value of HUL is 5,86,986.64 Crores, equal to US$73.56 billion.


Number 4- Infosys Limited

Infosys Limited is an Indian multinational corporation that provides business consulting, information technology and outsourcing services. It is the second-largest Indian IT company after Tata Consultancy Services with its headquarters in Bangalore, Karnataka, India. The market capitalization value of Infosys is . 5,97,755.64 Crores, equal to 74.91 billion US$.


Number 3- HDFC Bank Limited

Top 10 Indian Companies

HDFC Bank is an Indian banking and financial services company that was incorporated in 1994, with its registered office in Mumbai, India. It is the largest private sector bank in India by assets and market cap. HDFC Bank was the first bank in India approved by the RBI to offer financial services in the private sector. As of September 30, 2019, the Bank had a nationwide distribution network 5485 branches and 15,541 ATMs in 2768 cities/towns.  As of 14th July 2022, the market capitalization value of HDFC Bank is 7,52,798.83 Crores, equal to US$94.34 billion.


Number 2- Tata Consultancy Services Limited (TCS)

Top 10 Indian Companies

TCS is an Indian multinational information technology (IT) service and consulting company headquartered in Mumbai, Maharashtra, India. It is a subsidiary of Tata Group and operates in 149 locations across 46 countries. TCS is the second largest Indian company by market capitalization. TCS is now placed among the most valuable IT services brands worldwide. The market capitalization value of TCS is 10,94,971.12 crores, equal to US$ 137.21 billion.


Number 1 Reliance Industries Limited (RIL)

Reliance Industries is an Indian multinational company headquartered in Mumbai and is the largest company by market capitalization. The company was co-founded by Dhirubhai Ambani and Champaklal Damani in the 1960s as Reliance Commercial Corporation. Reliance owns businesses across India engaged in energy, petrochemicals, textiles, natural resources, retail, and telecommunications. Reliance is one of the most profitable companies in India, currently managed by Mr. Mukesh Ambani. The market capitalization value of Reliance Industries, as on 14th July 2022, is . 16,17,621.88 crore, equal to  US$ 202.71 billion.

So we have two companies in the 100 billion $ club- Reliance Industries and TCS.

  1. Private Equity- an effective way of Corporate Growth and Value Enhancement
  2. Mezzanine Finance- an alternative form of capital
  3. Bridge Finance


Resources on private equity: 

– All about private equity – Considerations in selecting a private equity firm
– Private equity Vs Public Equity – Risk consideration in private equity funds
– Private equity offer letter (term sheet) – Glossary of terms and definitions in private equity


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