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Top 10 Companies in India by Market Capitalization: According to the 2021 data published by the International Monetary Fund (IMF), India is the sixth-largest economy in the world in terms of nominal Gross Domestic Product (GDP), which is valued to be worth US$ 3.04 trillion and estimated to a GDP growth rate of 9.5% in the upcoming year. This is complementary to the various Indian companies that have been doing business in India and overseas. 

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Every company operating in India works extremely hard to get better in terms of the product/service quality and customer satisfaction that they provide. An organization is generally evaluated on different parameters such as assets, revenue, profits, sales, market value, share price, etc, and is ranked accordingly.

However, when we talk about the size of a company, one of the biggest factors to look at is its market capitalization. In this post, we are going to discuss the top 10 Indian companies based on their latest market capitalization.

What is Market Capitalization?

Market capitalization is the aggregate valuation of the company based on its current share price and the total number of outstanding stocks. It is calculated by

Market capitalization = (Current market price of 1 share)*(total number of outstanding shares)

It helps to classify the companies into different types like large-cap, mid-cap, and small-cap companies. The companies with a market cap of Rs 28,500 crore or more are large-cap stocks. Company stocks with a market cap between Rs 8,500 crore and 28,500 crore are mid-cap stocks and those less than Rs 8,500 crore market cap are small-cap stocks. (Related post: Basics of Market Capitalization in Indian Stock Market.)

Let’s understand with an example 

Just by looking at the share price, you cannot judge the size of a company. For example, here are the share price of two companies from the automobile sector.

  1. Maruti Suzuki – Rs 8,453
  2. MRF – Rs 89,713

Which company is bigger?

If you just look at the share prices, you might think that MRF’s share price is quite large compared to Maruti Suzuki, and hence, it may be bigger. However, the total number of outstanding shares of Maruti Suzuki is much large compared to MRF. Maruti Suzuki has around 30.21 Crore shares while MRF has 0.42 crore shares.

Therefore, the market capitalization of Maruti Suzuki is Rs 255,360  Crores while the market capitalization of MRF is Rs 38,038  Crores. Therefore, Maruti Suzuki is a bigger company compared to MRF.

Top 10 Companies in India by Market Capitalization

Here is the list of the top 10 companies in India by market capitalization:

1. Reliance Industries

Reliance Industries Limited Office | Top 10 Companies in India

Reliance Industries Limited (RIL) is an Indian multinational company headquartered in Mumbai, currently headed by Mukesh Ambani. 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. The market capitalization value of RIL is Rs. 1,669,450  Crores with a current price of Rs. 2,468.

2. Tata Consultancy Services (TCS)

TCS building

Tata Consultancy Services Limited (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 biggest IT company in India and 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 Rs. 1,234,765 Crores with a current price of Rs. 3,375.

3. HDFC Bank

HDFC Bank Office | Top 10 Companies in India

HDFC Bank is an Indian banking and financial services company that was incorporated in 1994, with its registered office in Mumbai, India. Its first corporate office at Sandoz House, Worli was inaugurated by the then Union Finance Minister, Manmohan Singh. It is the largest private bank in India.

As of  March 2020, it had a base of 1,16,971 permanent employees with 5,130 branches across 2,764 cities. It is India’s largest private sector lender by assets and market capitalization. It has a market capitalization value of Rs. 892,643 Crores with a current price of Rs. 1,601.

4. Infosys

Infosys building

Infosys Limited is an Indian multinational corporation that provides business consulting, information technology, and outsourcing services and was originally founded in 1981.

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 Rs. 629,441 Crores with a current price of Rs. 1,504.

5. Hindustan Unilever (HUL)

Hindustan Unilever Office | Top 10 Companies in India

Hindustan Unilever Limited (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 Hindustan Unilever is Rs. 616,533 Crores with a current price of Rs. 2,624.

6. Life Insurance Corporation of India (LIC)

Life Insurance Corporation of India (LIC) is an Indian statutory insurance and investment corporation, headquartered in Mumbai. It is under the ownership of the Government of India. It stands as one of the oldest and largest insurance providers serving for more than 65 years in India. 

The newly listed LIC is the only public insurance player in the country. It is also one of the largest asset managers in India with a total AUM of ₹40.1 trillion on a standalone basis. The market capitalization value of LIC is Rs. 450,846 Crores with a current market price of Rs. 713.

7. Housing Development Finance Corporation Limited (HDFC)

HDFC Limited

Housing Development Finance Corporation Limited (HDFC) is an Indian financial services company founded in 1977 as the first specialized mortgage company in India based in Mumbai. It is a major provider of finance for housing in India.

HDFC also has a presence in banking, life and general insurance, asset management, venture capital, realty, education, deposits, and education loans. The market capitalization value of HDFC is Rs. 478,915 Crores with a current price of Rs. 2,622.

8. ICICI Bank

ICICI bank Office | Top 10 Companies in India

ICICI Bank 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 has 5,275 branches and 15,589 ATMs across India and has a presence in 17 countries including India as of February 2020. The market capitalization value of ICICI bank is Rs. 609,470 crores with a current price of Rs. 873.

9. Bajaj Finance

Bajaj Finance Office

Bajaj Finance Limited, a subsidiary of Bajaj Finserv, is an Indian non-banking financial company (NBFC). The company deals in consumer finance, SME (small and medium-sized enterprises) and commercial lending, and wealth management.

Headquartered in Pune, Maharashtra, the company has 294 consumer branches and 497 rural locations with over 33,000+ distribution points. Market capitalization value of Bajaj Finance is Rs. 361,913 crores with a current price of Rs. 5,978.

10. State Bank of India (SBI)

State Bank of India Office | Top 10 Companies in India

State Bank of India (SBI) is an Indian multinational, public sector banking and financial services statutory body headquartered in Mumbai, Maharashtra. SBI has a 23% market share by assets and a 25% share of the total loan and deposits market.

SBI has over 22,000 branches and 62,617 ATMs as of 2021. The current market capitalization value of the State Bank of India is Rs. 535,566 crores with the latest share price of Rs. 600, this places it among the top 10 Indian companies by Market Capitalization.

Bonus – Bharti Airtel

Bharti Airtel Building

Bharti Airtel Limited, often known as Airtel, is an Indian telecommunications services business headquartered in New Delhi.

Depending on the country of operation, Airtel offers 2G, 4G LTE, 4G+ mobile services, fixed line broadband, and voice services. Airtel’s VoLTE technology had also been pushed out across all Indian telecom circles. It is India’s second-largest mobile network operator and the world’s third-largest mobile network provider. The current market capitalization value of Airtel is Rs. 441,373 crores with a current price of Rs. 764.

Also Read :

Summary: Top 10 Companies in India by Market-cap

Here is the list of companies with the largest market cap in India with a few other popular companies:

CompanyIndustry Market Cap (RS)Current Price (RS)
Reliance Industries Ltd.Refineries1,669,450 Cr2,468
Tata Consultancy Services Ltd.IT - Software1,234,765 Cr3,375
HDFC Bank Ltd.Bank - Private892,643 Cr1,601
Infosys Ltd.IT - Software629,441 Cr1,504
Hindustan Unilever Ltd.Household & Personal Products616,533 Cr2,624
Housing Development Finance Corporation Ltd.Finance - Housing478,915 Cr2,622
ICICI Bank Ltd.Bank - Private609,470 Cr873
Bajaj Finance Ltd.Finance - NBFC361,913 Cr5,978
State Bank Of IndiaBank - Public535,566 Cr600
Bharti Airtel Ltd.Telecommunication - Service Provider441,373 Cr764
Kotak Mahindra Bank Ltd.Bank - Private353,583 Cr1,780
Wipro Ltd.IT - Software216,131 Cr394
Asian Paints Ltd.Paints279,045 Cr2,909
HCL Technologies Ltd.IT - Software292,479 Cr1,078
ITC Ltd.Cigarettes-Tobacco408,055 Cr329
Avenue Supermarts Ltd.Retailing250,281 Cr3,864
Bajaj Finserv Ltd.Finance - Investment221,585 Cr1,391
Larsen & Toubro Ltd.Engineering - Construction302,631 Cr2,153
Ultratech Cement Ltd.Cement & Construction Materials209,261 Cr7,249
Axis Bank Ltd.Bank - Private287,290 Cr934

Disclaimer: This data provided is as on 16th Jan 2023. As the stock price changes in the future, market capitalization will also change. Hence, the list of top 10 companies in India by market capitalization can also change in the future.

Also read: How to Invest in Share Market? A Beginner’s guide!

That’s all for this post on the top 10 companies in India by Market Capitalization. Let us know your thoughts on the article Top 10 Indian companies in the comment section below. Take care and Happy Investing!

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Frequently Asked Questions (FAQs)

Which Indian company has the highest market capitalization in 2022?

While looking into the biggest Indian company, Reliance Industries Ltd has the highest market capitalization amongst Indian Companies in 2022. It has a market cap of ₹1,619,455.90 Crores, followed by TCS, HDFC Bank, Infosys, and more.

Who is No 1 company in India?

In terms of market capitalization, Reliance Industries, which is headed by Mukesh Ambani, is the number one company in India. It is a multinational conglomerate that is headquartered in Mumbai, India. It is a Fortune 500 company and the largest private sector company in India. Its products and services touch almost all Indians on a daily basis and include energy, petrochemicals, natural gas, retail, telecommunications, mass media, and textiles. It has achieved global leadership in many of its businesses.

What is the market capitalization of India?

India ranks 6th in terms of market capitalization after overtaking France and ranked after the US, China, Japan, Hong Kong, and the UK. In October 2021, India’s market cap had reached $3.46 trillion, up by 37%, according to an index compiled by Bloomberg. Thanks to the pandemic, and the IPO rush, many Indians opened Demat accounts and started trading in order to make an additional source of income, apart from trying to multiply their wealth.

Is a high market cap good?

A company with a high market cap is generally matured and considered to be a large-cap company. Unlike companies with small market capitalization, which are comparatively riskier and volatile, a high market cap can be considered good for investors. Companies with extremely high market cap are good especially for conservative and less aggressive investors who want moderate returns with very little risk.

Does market cap affect stock price?

Market cap does not directly affect the stock price, however, it reflects the company’s perceived value in the eyes of the investors and this can affect the share price in the long term. Market capitalization is used to calculate various ratios a part of fundamental analysis and may affect an investor’s decision to invest or not and ultimately the stock price of the company.

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