Top 10 Companies in India by Market Capitalization

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Top 10 Companies in India by Market Capitalization

Top 10 Companies in India by Market Capitalization

As per the recently published 2023 data by the International Monetary Fund (IMF), India stands at the sixth position among the world’s largest economies, considering the nominal Gross Domestic Product (GDP), with a total worth of US₹ 3.04 trillion.

The projected GDP growth rate for the upcoming year is estimated to be 9.5%. The Indian economy’s remarkable growth is further enhanced by the outstanding performance of various Indian companies that have been excelling both in India and overseas.

In India, the evaluation of an organization’s performance usually depends on various parameters like assets, revenue, profits, sales, market value, share price, and more, which are used to rank the company accordingly.

When it comes to measuring the size of a company, market capitalization is one of the most significant factors to consider. In this post, we will be exploring the top 10 Indian companies, ranked based on their latest market capitalization.

What is Market Capitalization?

Market capitalization is determined by multiplying the current market price of a company’s stock by its total outstanding shares.

The calculation of market capitalization is as follows:

Market Capitalization = Current Stock Price x Total Outstanding Shares

For instance, if a company has 1,000,000 outstanding shares and the current market price of each share is ₹100, then the market capitalization of the company would be:

Market Capitalization = ₹100 x 1,000,000

Market Capitalization = ₹100,000,000

Therefore, the market capitalization of the company would be ₹100 million.

Top 10 Companies in India by Market Capitalization

In the first quarter of 2023, based on the market cap, in this blog, we will discuss the Top 10 companies in India.

No.CompanyMarket Cap As of 2023
1Reliance Industries$ 194. 16 B
2TCS$ 137.93 B
3HDFC Bank$ 130.13 B
4ICICI Bank$ 76.23 B
5Hindustan Unilever$ 73.20 B
6Infosys$  62.12 B
7HDFC$ 61.97 B
8ITC$ 60.99 B
9State Bank of India$ 59.34 B
10Bharti Airtel$ 56.13 B

1. Reliance Industries

Reliance Industries, a Mumbai-based multinational corporation, tops the list with a massive market capitalization of $194.16 Billion, making it the largest company in India.

The company has diversified its operations into various sectors such as telecommunications, petrochemicals, retailing, natural resources, and textiles over the years. Notably, Mukesh Ambani, the chairman and managing director of Reliance Industries Ltd., has made it to Forbes’ top 10 richest people globally, which comes as no surprise given the company’s phenomenal success.

2. Tata Consultancy Services

Tata Consultancy Services (TCS)  rank 2nd  among India’s leading companies with a market capitalization of $137.93 B.

TCS is a prominent IT company in India that offers consultations and business solutions and is one of the global leaders as a seamless IT services provider. The company operates across 149 locations in over 46 countries worldwide and has an employee strength of over 600,000, as of July 2022.

3. HDFC Bank

HDFC Bank holds a third position on the list of the 15 biggest companies in India by market capitalization with a market cap of $130.13 B. HDFC Bank is a well-known brand in the Indian financial sector, known for providing seamless and reliable banking services to its customers.

HDFC Bank was the first RBI-approved private bank in India and was established in 1994. The bank has earned a reputation for being one of the most trusted and customer-centric banks in India.

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4. ICICI Bank

ICICI Bank, with a market cap worth $76.23 Billion, holds the 4th position on the list of best companies in India.

ICICI  Bank is Popular for its premium banking products and impeccable financial services,  and it has a  vast customer base that includes retailers and corporate clients.

5. Hindustan Unilever

Hindustan Unilever Limited, or HUL, is a well-known consumer goods company in India, with a market cap of $73.20 Billion. The company manufactures a wide range of products, including cleaning agents, beverages, personal care and grooming products, fast-moving consumer goods, water purifiers, and more.

HUL is considered to be the most valuable company in India, given its wide impact on people’s daily lives. Almost every household in India uses Unilever’s consumer goods, which has contributed to its strong market position.

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6. Infosys

Infosys is one of the best IT companies in India, ranks 6th on the list of the biggest companies in India, with a market cap of $62.12 Billion.

Founded in 1981, Infosys is known for providing excellent IT services, including top-grade business consulting and outsourcing services.

The company is also a popular choice among final-year college students during placement drives, thanks to its reputation and work culture.


HDFC, with a market capitalization of $61.97 Billion, secures the seventh position in the list of the largest companies in India. Based in Mumbai, HDFC stands for Housing Development Finance Corporation Limited, and it is a well-regarded financial services provider.

HDFC operates in several areas, including general insurance, banking, real estate, deposits, venture capital, education, and asset management.

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8. ITC

ITC is one of India’s biggest FMCG sector companies with a market capitalisation of US $ 45 billion and a turnover of US $ 7 billion.

ITC ranks among Asia’s s 50 best-performing companies and it also rakes among India’s top 10 best companies as per Market cap. ITC has a diversified business in FMCG, Hotels, Paperboards & Specialty Papers, Packaging, Agri-Business, and Information Technology. It is also a big player in its traditional businesses of Cigarettes, Hotels, Paperboards, Packaging and Agri-Exports.

  ITC has a market cap of $60.99 Billion, Which keep ITC at the world’s 255th most valuable company by market cap.

9. SBI

State Bank of India (SBI) holds the 9th position among the top 15 biggest companies in India with a market cap of $59.34 Billion.

 This public sector bank is headquartered in Mumbai and is known for providing reliable and hassle-free financial services, especially to the middle-class population of the country.

SBI also offers excellent investment schemes to its customers. In fact, SBI is ranked 43rd among the largest banks in the world.

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10. Bharti Airtel

Bharti Airtel Limited, also known as Airtel, falls in the category of telecommunications services business.

In India, Airtel offers 2G, 4G LTE, 4G+ and 5G mobile services, fixed line broadband, and voice services. Airtel’s Volte technology had also been available across all Indian telecom circles. It is the world’s 3rd largest mobile network operator and India’s 2nd largest mobile network provider. As of now, the market capitalization value of Airtel is $56.13 Billion.

In conclusion, the Indian market has seen tremendous growth in recent years, with a number of companies making a mark for themselves across various sectors. The companies listed above are among the top 10 in India in terms of market capitalization and have established themselves as key players in their respective industries.

From financial services to consumer goods, these companies have built a reputation for themselves through their quality offerings and reliable services. Their continued success is a testament to India’s rapidly growing economy and its potential for further development in the coming years.


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