In this article, we will look into the top 20 most valuable Indian companies. If you want to skip our detailed analysis, you can go directly to the Top 5 Most Valuable Indian Companies.
An Outlook of the Indian Economy
According to Deloitte’s Indian Economic Outlook 2023, The Indian economy is poised to emerge as the world’s third-largest economy by 2027, reporting a GDP of over $5 trillion. By 2047, India is expected to become a developed country. According to the IMF, India will require a growth rate of 6.5% to reach the expected GDP by 2027. After that, India will be required to grow at around 9% to become a developed country by 2047.
The Micro, Small, and Medium Enterprises (MSME) sector will have a crucial role in India’s economic growth. it will play a significant role in generating income, abilities, capacities, and systems to facilitate widespread investments. The MSME sector will be a key driver of innovation, jobs, and entrepreneurship in rural India, especially for women. The MSME sector is contributing approximately 30% to India’s GDP, employing nearly 123 million people. However, for MSMEs to grow further and adapt to innovation and technology, the Indian government must implement policies to make the scaling up of MSMEs affordable and accessible. This will help foster entrepreneurship and create jobs in the region.
In the first quarter of 2023, India’s economy surged by 7.8%. The growth is driven by high domestic demand and private investments. The investments in the private sector surged by 7.8% on a year-over-year basis. The manufacturing and construction sector reported strong growth in the first quarter. The growth is characterized by increased government investments, rising demands for residences, and falling input prices. The highest growth was reported by the services sector, which surged at a rapid pace of 10.3%. Financial services, business services, and real estate are driving the growth in the services sector. The trade, transport, and communication sector also experienced a significant growth of 9.2%. However, the agriculture sector reported slower-paced growth of 3.5%, due to delayed monsoons and spatial rains across the country.
India is also making rounds in the space and technology sector. On August 23, 2023, India became the first country to launch a spacecraft, Chandraayan-3 on the unexplored south pole of the moon. India is now set to reach new heights of space exploration and technological advancements. According to Reuters, on September 2, India’s space agency, ISRO announced the launch of its first solar mission with the spacecraft, Aditya-L1, to study the sun. The spacecraft will study solar winds that can cause disturbances, commonly known as auroras, on Earth. In another news report by Reuters, on October 17, India shared its aim of sending an astronaut to the moon by 2040. The Indian Prime Minister, Narendra Modi issued instructions to the space authorities in India and also shared the plan of launching a space station by 2035.
Major Players in the Indian Market
Some of the key players dominating the Indian market include Reliance Industries Ltd (NSE:RELIANCE), Tata Consultancy Services Limited (NSE:TCS), and HDFC Bank Limited (NYSE:HDB).
Reliance Industries Ltd (NSE:RELIANCE) is the largest Indian conglomerate. Its businesses include telecommunication, mass media, retail, energy, and textile among others. Jio Platforms is a subsidiary of Reliance Industries Ltd (NSE:RELIANCE) and is the holding company for India’s largest mobile network operator, Jio. On October 27, Jio Platforms launched JioSpaceFiber, India’s first-ever satellite-based gigabit fiber service. The fiber service utilizes MEO satellite technology to enhance broadband services in India. The JioSpaceFiber provides high-speed broadband in areas with no cable or fiber connections. The fiber service is currently available in four remote locations and will be made available throughout the country at affordable prices. Jio has partnered with SES AI Corp (NYSE:SES) to utilize the world’s most advanced satellite technology. The new JioSpaceFiber will provide high-speed, affordable, and reliable broadband services all over India.
Tata Consultancy Services Limited (NSE:TCS) is a leading Indian multinational information technology services and consulting company. On November 2, the company announced the launch of its AI-assisted Cyber Insights Platform that utilizes Amazon Security Lake and Artificial Intelligence to assist customers in strengthening their cyber security and compliance. The platform will help customers unify their data from multiple sources in a central repository. The Cyber Insights Platform also provides industry-specific solutions using generative AI.
Now that we have talked about the Indian economy and discussed the major players in the Indian market, let’s have a look at the top 20 most valuable Indian companies.
Top 20 Most Valuable Indian Companies
Methodology
To rank the top 20 most valuable Indian companies, we identified major players in the Indian market, comprising companies from a wide range of sectors. Then, we utilized stock screeners such as Finviz and Yahoo Finance, to identify additional companies that are leading the Indian market. We formed a list of 30 companies from our research and further narrowed them down to the top 20 most valuable companies based on their market cap, as of November 6. For companies whose market cap was expressed in Indian Rupees, we converted their market cap into dollars based on the dollar exchange rate as of November 6, to ensure a consistent valuation throughout our list. We finally ranked our companies based on their market cap in ascending order.
20 Most Valuable Indian Companies
20. Ultratech Cement Limited (OTC:OCLQF)
Market Cap as of November 6: $29.7 billion
Ultratech Cement Limited is the top cement company in India, headquartered in Mumbai. It is the largest manufacturer of grey cement, ready-mix concrete, and white cement in India. Ultratech Cement Limited (OTC:OCLQF) is ranked among the most valuable Indian companies with a market cap of $29.7 billion as of November 6.
Reliance Industries Ltd (NSE:RELIANCE), Tata Consultancy Services Limited (NSE:TCS), and HDFC Bank Limited (NYSE:HDB) are some of the top companies in the Indian market.
19. Sun Pharmaceutical Industries Ltd (NSE:SUNPHARMA)
Market Cap as of November 6: $33.7 billion
Sun Pharmaceutical Industries Ltd (NSE:SUNPHARMA) is the fourth largest specialty generic pharmaceutical company in the world. It has business in over 100 countries and is ranked 19th on our list. As of November 6, Sun Pharmaceutical Industries Ltd (NSE:SUNPHARMA) boasts a market cap of $33.7 billion.
18. Titan Company Ltd (NSE:TITAN)
Market Cap as of November 6: $34.8 billion
Titan Company Ltd (NSE:TITAN) is ranked among the most valuable companies in India. It manufactures fashion accessories such as jewelry, watches, and eyewear. As of November 6, Titan Company Ltd (NSE:TITAN) has a market cap of $34.8 billion.
17. Asian Paints Ltd (NYSE:ASIANPAINTS)
Market Cap as of November 6: $34.9 billion
Asian Paints Ltd (NYSE:ASIANPAINTS) is an Indian multinational company, headquartered in Mumbai. Its key operations include the manufacturing, selling, and distribution of paints and coatings. As of November 6, Asian Paints Ltd (NYSE:ASIANPAINTS) has a market cap of $34.9 billion.
16. Maruti Suzuki India Ltd (NSE:MARUTI)
Market Cap as of November 6: $37.2 billion
Maruti Suzuki India Ltd (NSE:MARUTI) is a subsidiary of Japanese automaker, Suzuki Motor Corporation (OTC:SZKMY). It provides a wide range of products including hatchbacks, sedans, MUVs, and SUVs. As of November 6, Maruti Suzuki India Ltd (NSE:MARUTI) boasts a market cap of $37.2 billion.
15. Axis Bank Ltd (NSE:AXISBANK)
Market Cap as of November 6: $37.7 billion
Axis Bank Ltd (NSE:AXISBANK) is an Indian financial services company headquartered in Mumbai. Axis Bank Ltd (NSE:AXISBANK) is a multinational company with 8 locations including Dubai, Singapore, and London among others. As of November 5, Axis Bank Ltd (NSE:AXISBANK) has a market cap of $37.7 billion.
14. HCL Technologies Ltd (NSE:HCLTECH)
Market Cap as of November 6: $41.4 billion
HCL Technologies Ltd (NSE:HCLTECH) is a multinational information technology services and consulting company, headquartered in Noida. As of November 6, HCL Technologies Ltd (NSE:HCLTECH) boasts a market cap of $41.4 billion. It is ranked 14th on our list.
13. Kotak Mahindra Bank Ltd Fully Paid Ord. Shrs (NSE:KOTAKBANK)
Market Cap as of November 6: $41.6 billion
Kotak Mahindra Bank Ltd Fully Paid Ord. Shrs (NSE:KOTAKBANK) is ranked among the most valuable Indian companies. It is a banking and financial services company, headquartered in Mumbai. As of November 6, Kotak Mahindra Bank Ltd Fully Paid Ord. Shrs (NSE:KOTAKBANK) has a market cap of $41.6 billion.
12. Life Insurance Corporation of India (NSE:LICI)
Market Cap as of November 6: $46.5 billion
Life Insurance Corporation of India (NSE:LICI) is a multinational insurance company, located in Mumbai. It is the largest insurance company in India and is ranked 12th on our list of the most valuable Indian companies. As of November 6, it has a market cap of $46.5 billion.
11. Larsen & Toubro Limited (OTC:LTOUF)
Market Cap as of November 6: $49.5 billion
Larsen & Toubro Limited (OTC:LTOUF) is a multinational Indian conglomerate with businesses in engineering, construction, manufacturing, technology, and IT. As of November 6, Larsen & Toubro Limited (OTC:LTOUF) has a market cap of $49.5 billion.
10. Bajaj Finance Ltd (NSE:BAJFINANCE)
Market Cap as of November 6: $54.4 billion
Bajaj Finance Ltd (NSE:BAJFINANCE) is an Indian financial services company, headquartered in Pune. The company specializes in lending, asset management, wealth management, and insurance. As of November 5, Bajaj Finance Ltd (NSE:BAJFINANCE) has a market cap of $54.4 billion.
9. State Bank of India (NSE:SBIN)
Market Cap as of November 6: $62.2 billion
State Bank of India (NSE:SBIN) is a public sector bank and financial services company in India. It has over 2,200 branches in the country and a presence in 27 global locations. As of November 6, the State Bank of India (NSE:SBIN) has a market cap of $62.2 billion.
8. ITC Limited (NSE:ITC)
Market Cap as of November 6: $64.7 billion
ITC Limited (NSE:ITC) is a leading multinational conglomerate with diverse businesses including FMCG, hotels, software, packaging, and agribusiness among others. As of November 6, ITC Limited (NSE:ITC) has a market cap of $64.7 billion.
7. Bharti Airtel Limited (NSE:BHARTIARTL)
Market Cap as of November 6: $65.8 billion
Bharti Airtel Limited (NSE:BHARTIARTL) is a multinational telecommunications services company, headquartered in New Delhi. It has a global presence in 18 countries. As of November 6, Bharti Airtel Limited (NSE:BHARTIARTL) has a market cap of $65.8 billion.
6. Infosys Limited (NYSE:INFY)
Market Cap as of November 6: $69.8 billion
Infosys Limited (NYSE:INFY) is an Indian multinational information technology and consulting services company. Infosys Limited (NYSE:INFY) is headquartered in Bengaluru India and has business in 50 countries. As of November 6, Infosys Limited (NYSE:INFY) has a market cap of $69.8 billion. It is ranked 6th on our list of the most valuable Indian companies.
Investors seeking exposure to the Indian market can research the most prominent Indian stocks such as Reliance Industries Ltd (NSE:RELIANCE), Tata Consultancy Services Limited (NSE:TCS), and HDFC Bank Limited (NYSE:HDB).
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Disclosure: None. Top 20 Most Valuable Indian Companies is originally published on Insider Monkey.