Largest Public Companies in India: Top Companies, Revenue, Market Cap, Sectors & Ranking
adminThe largest public companies in India include some of the country's biggest listed businesses across banking, oil and gas, automobiles, IT, telecommunications, infrastructure, pharmaceuticals and consumer goods.
The term public company can have two meanings in India. A company can be legally incorporated as a public company without being listed, while a listed public company has its securities traded on a recognised stock exchange. For a ranking of the largest public companies, it is more useful to focus on listed companies and clearly identify the metric being used.
For this article, company size by revenue/total income and market capitalization are treated separately. Fortune India describes its Fortune 500 as a ranking of India's biggest corporations based on revenue, while market capitalization measures the stock market value of listed equity.
Largest Public Companies in India: Top Companies, Revenue, Market Cap, Sectors & Ranking
India has hundreds of publicly listed companies, but only a relatively small group has reached very large scale. These companies operate some of the country's biggest businesses and have a major influence on India's economy and stock market.
The largest public companies include Reliance Industries, State Bank of India, HDFC Bank, ICICI Bank, Tata Motors, TCS, Bharti Airtel, Larsen & Toubro and ONGC.
What Is a Public Company?
A public company is a company incorporated under the Companies Act that is not a private company. A public company may be listed or unlisted.
This distinction is important:
- Public company: A legal form of company.
- Listed company: A company whose securities are listed on a recognised stock exchange.
- Public-sector company: A company controlled by the government.
Therefore, a company can be a public company and privately controlled, or a public company controlled by the government.
For rankings based on stock-market value, the focus is generally on listed companies.
Top 10 Largest Public Companies in India by Revenue
Using the latest available Fortune India 500 2025 ranking, which ranks India's largest corporations by revenue-related financial measures, the following companies are among the largest listed public companies in India.
| Rank | Company | Industry | Total Income |
| 1 | Reliance Industries | Oil & Gas / Diversified | ₹9,97,795 crore |
| 2 | Life Insurance Corporation of India | Insurance | ₹8,93,465 crore |
| 3 | Indian Oil Corporation | Oil & Gas | ₹7,66,008 crore |
| 4 | State Bank of India | Banking | ₹6,63,343 crore |
| 5 | ONGC | Oil & Gas | ₹6,24,805 crore |
| 6 | HDFC Bank | Banking | ₹4,70,916 crore |
| 7 | Tata Motors | Automobiles | ₹4,49,357 crore |
| 8 | Bharat Petroleum Corporation | Oil & Gas | ₹4,43,948 crore |
| 9 | ICICI Bank | Banking | ₹2,94,587 crore |
| 10 | Larsen & Toubro | Infrastructure & Engineering | ₹2,60,745 crore |
Fortune India's ranking uses total income as a key financial measure. Banking and insurance income should not be compared mechanically with manufacturing or retail revenue because accounting structures differ.
- Reliance Industries
Reliance Industries Limited (RIL) is India's largest company by total income in the latest Fortune India 500 ranking.
It reported total income of approximately ₹9.98 lakh crore.
Its businesses include:
- Oil refining
- Petrochemicals
- Telecommunications
- Retail
- Digital services
- Media and entertainment
- New energy
Reliance is also India's largest listed company by market capitalization in recent market rankings, making it particularly significant when looking at both revenue and market value.
- Life Insurance Corporation of India
Life Insurance Corporation of India (LIC) is India's largest life insurer and one of the country's largest listed companies by total income.
It reported total income of approximately ₹8.93 lakh crore in Fortune India 500 2025.
LIC offers:
- Life insurance
- Pension products
- Annuities
- Savings plans
- Group insurance
- Investment-linked products
LIC is government-controlled but publicly listed, making it an important example of the difference between a public company and a private-sector company.
- Indian Oil Corporation
Indian Oil Corporation (IOCL) is one of India's largest energy companies.
Its total income was approximately ₹7.66 lakh crore.
The company operates across:
- Oil refining
- Fuel marketing
- Petroleum products
- Pipelines
- Natural gas
- Petrochemicals
- Aviation fuel
Indian Oil is government-controlled and listed on Indian stock exchanges.
- State Bank of India
State Bank of India (SBI) is India's largest public-sector bank and one of its largest listed companies.
SBI reported total income of approximately ₹6.63 lakh crore in Fortune India 500 2025.
Its major businesses include:
- Retail banking
- Corporate banking
- Home loans
- Personal loans
- Credit cards
- Digital banking
- International banking
- Investment services
SBI demonstrates that government-owned companies can also be among India's largest public companies.
- ONGC
Oil and Natural Gas Corporation (ONGC) is India's leading oil and natural gas exploration and production company.
Its total income was approximately ₹6.25 lakh crore.
Its activities include:
- Oil exploration
- Natural gas exploration
- Crude oil production
- Offshore operations
- Energy development
ONGC is one of India's most important listed energy companies.
- HDFC Bank
HDFC Bank is one of India's largest private-sector banks and one of the country's largest listed companies.
It recorded total income of approximately ₹4.71 lakh crore in the Fortune India 500 2025 ranking.
Its services include:
- Savings accounts
- Loans
- Credit cards
- Corporate banking
- Digital banking
- Wealth management
- Business banking
HDFC Bank is also among India's largest companies by market capitalization.
- Tata Motors
Tata Motors is one of India's largest automobile companies.
It reported total income of approximately ₹4.49 lakh crore.
Its businesses include:
- Passenger cars
- SUVs
- Commercial vehicles
- Electric vehicles
- Luxury vehicles
- Automotive technology
Its international operations, including Jaguar Land Rover, give Tata Motors a significant global presence.
- Bharat Petroleum Corporation
Bharat Petroleum Corporation Limited (BPCL) is another major government-controlled listed energy company.
Its total income was approximately ₹4.44 lakh crore.
BPCL operates in:
- Oil refining
- Fuel marketing
- Petroleum products
- Aviation fuel
- Lubricants
- Gas
- Petrochemicals
It is one of India's major public-sector companies as well as a listed public company.
- ICICI Bank
ICICI Bank is one of India's largest private-sector banks.
Its total income was approximately ₹2.95 lakh crore in Fortune India 500 2025.
The bank offers:
- Retail banking
- Corporate banking
- Home loans
- Personal loans
- Credit cards
- Wealth management
- Digital financial services
- Larsen & Toubro
Larsen & Toubro (L&T) is one of India's largest engineering and infrastructure companies.
It reported total income of approximately ₹2.61 lakh crore.
Its businesses include:
- Infrastructure
- Construction
- Heavy engineering
- Defence
- Energy
- Manufacturing
- Technology services
- Hydrocarbon projects
L&T is particularly important to India's infrastructure and industrial development.
Largest Public Companies in India by Market Capitalization
Revenue is only one way of measuring company size. For listed companies, market capitalization is another major measure.
Market capitalization is calculated as:
Market Cap = Current Share Price × Outstanding Shares
Based on recent 2026 market data, some of India's largest listed companies by market capitalization include:
| Company | Major Sector |
| Reliance Industries | Diversified / Energy |
| Bharti Airtel | Telecommunications |
| HDFC Bank | Banking |
| ICICI Bank | Banking |
| State Bank of India | Banking |
| TCS | IT Services |
| Bajaj Finance | Financial Services |
| Larsen & Toubro | Infrastructure |
| Infosys | IT Services |
| Hindustan Unilever | FMCG |
India's overall stock-market capitalization remains among the world's largest, although its position relative to other countries changes with market movements. Reuters reported in May 2026 that India's position as the world's fifth-largest equity market by capitalization was coming under pressure from Taiwan.
Revenue vs Market Capitalization
The largest company by revenue is not always the largest company by market capitalization.
| Revenue | Market Capitalization |
| Measures business income | Measures market value |
| Based on financial statements | Based largely on share price |
| Changes with business performance | Can change every trading day |
| Oil, banking and insurance companies can dominate | Technology, banking and consumer companies can rank highly |
| Can be used for listed and unlisted businesses | Normally used for listed companies |
For example, a company may have very high revenue but a lower market value if investors expect limited future growth.
Largest Public Companies by Sector
India's largest public companies represent a wide range of industries.
Banking
Major listed banks include:
- HDFC Bank
- ICICI Bank
- State Bank of India
- Axis Bank
- Kotak Mahindra Bank
Banking has a particularly strong representation among India's largest listed companies.
Oil and Gas
Major listed energy companies include:
- Reliance Industries
- Indian Oil
- ONGC
- BPCL
- HPCL
- Oil India
Oil and gas companies generate very large revenues because of the scale and value of energy products.
Information Technology
India's leading listed IT companies include:
- TCS
- Infosys
- HCL Technologies
- Wipro
- Tech Mahindra
TCS is India's largest IT-services company by market capitalization and is also among the country's largest corporations by revenue.
Automobiles
Major listed automobile companies include:
- Tata Motors
- Mahindra & Mahindra
- Maruti Suzuki
- Bajaj Auto
- Eicher Motors
Telecommunications
Bharti Airtel is India's leading listed telecommunications company and one of the country's most valuable listed businesses.
The sector has expanded rapidly with:
- 5G
- Broadband
- Mobile data
- Enterprise connectivity
- Digital services
Infrastructure and Engineering
Major listed companies include:
- Larsen & Toubro
- Adani Enterprises
- Adani Ports
- Tata Projects-related listed businesses
- Siemens India
L&T remains one of India's most important engineering and construction companies.
Pharmaceuticals
Important listed pharmaceutical companies include:
- Sun Pharmaceutical Industries
- Dr. Reddy's Laboratories
- Cipla
- Divi's Laboratories
- Lupin
Sun Pharma is one of India's largest pharmaceutical companies by market capitalization.
FMCG and Consumer Goods
Major listed consumer companies include:
- Hindustan Unilever
- ITC
- Nestlé India
- Titan
- Asian Paints
These businesses benefit from India's large consumer market.
Government-Owned vs Private Public Companies
The word "public" does not automatically mean government-owned.
India's largest listed public companies include both government-controlled and privately controlled businesses.
Government-controlled listed companies
- LIC
- SBI
- Indian Oil
- ONGC
- BPCL
- NTPC
- Coal India
- Power Grid
- Bharat Electronics
Privately controlled listed companies
- Reliance Industries
- HDFC Bank
- Tata Motors
- ICICI Bank
- TCS
- Bharti Airtel
- Infosys
- L&T
- Bajaj Finance
This distinction is useful because public company, public-sector company and listed company are three different concepts.
Public Company vs Private Company
| Public Company | Private Company |
| Separate legal form under company law | Separate legal form under company law |
| Can raise capital through permitted public mechanisms | Cannot invite the public to subscribe to its securities |
| Can be listed or unlisted | Generally unlisted |
| Shares can be more widely held | Ownership is more restricted |
| More disclosure requirements when listed | Generally fewer public-market disclosure requirements |
A listed company can still be privately controlled.
For example, Reliance Industries is a privately controlled business but a publicly listed company.
Public Company vs Public-Sector Company
These terms should not be used interchangeably.
A public company refers to a legal company structure.
A public-sector company refers to a company in which the government has controlling ownership.
Therefore:
- Reliance Industries → public company and private-sector company
- HDFC Bank → public company and private-sector company
- SBI → public company and public-sector company
- Indian Oil → public company and public-sector company
Largest Unlisted Public Companies
Not every public company is listed on a stock exchange.
An unlisted public company can have a large business but will not have a conventional market capitalization because its shares do not trade continuously on a stock exchange.
This is why rankings of "largest public companies" should specify whether they mean:
- All public companies by revenue
- Listed public companies by revenue
- Listed companies by market capitalization
- Government-owned public companies
For example, India's unlisted corporate sector includes very large privately held businesses. The JM Financial–Hurun Unlisted Gems 2026 ranking identified Reliance Retail as India's largest unlisted company by revenue, at around ₹2.7 lakh crore in 2025.
Why Are India's Largest Public Companies Important?
Large public companies have a major impact on India's economy.
They contribute through:
- Employment
- Infrastructure investment
- Manufacturing
- Financial services
- Technology
- Exports
- Tax payments
- Supply-chain development
- Capital investment
Their share prices can also influence major stock-market indices such as the Nifty 50 and Sensex.
How Do Public Companies Raise Money?
Listed public companies can raise capital through various methods, depending on applicable regulations.
Common methods include:
- Initial Public Offering (IPO)
- Follow-on public offering
- Rights issue
- Qualified institutional placement
- Debt securities
- Bank financing
- Internal cash generation
An IPO is the process through which a company offers shares to the public and becomes listed on a stock exchange.
India's public-market ecosystem continues to expand. As of 2026, the country has also seen a strong pipeline of large IPOs, including the proposed Jio Platforms and NSE offerings.
Frequently Asked Questions
Which is the largest public company in India?
If "largest" is measured by total income, Reliance Industries ranks first in the Fortune India 500 2025 ranking. It reported total income of approximately ₹9.98 lakh crore.
Which is the largest listed company in India?
Reliance Industries has been India's largest listed company by market capitalization in recent market rankings, although market-cap rankings can change every trading day.
Which is India's largest public-sector company?
The answer depends on the metric. LIC, Indian Oil, SBI and ONGC are among the largest government-controlled listed companies by business scale.
Is Reliance Industries a public company?
Yes. Reliance Industries is a publicly listed company, even though it is privately controlled rather than government-owned.
Is HDFC Bank a public company?
Yes. HDFC Bank is a listed public company and is privately controlled.
Is SBI a public company?
Yes. SBI is a listed public company and is also a public-sector company because it is controlled by the Government of India.
What is the difference between a public company and a listed company?
A public company is a legal form under company law. A listed company has securities traded on a recognised stock exchange. A public company does not necessarily have to be listed.
What is the difference between a public company and a public-sector company?
A public company describes the legal structure of a company, while a public-sector company describes government ownership or control.
Can a public company be unlisted?
Yes. A public company can remain unlisted. It can have shareholders without having its shares traded on a stock exchange.
Which is India's largest IT public company?
Tata Consultancy Services (TCS) is India's largest IT-services company by market capitalization and is also among the country's largest corporations by revenue.
Which is India's largest private-sector public company?
By total income in the Fortune India 500 2025 ranking, Reliance Industries is the largest private-sector listed company.
Final Thoughts
The largest public companies in India cover almost every major part of the economy. Reliance Industries, LIC, Indian Oil, SBI and ONGC lead the Fortune India 500 2025 ranking by total income, while companies such as Bharti Airtel, HDFC Bank, ICICI Bank, TCS and Infosys are among the country's most valuable listed businesses.
The most important point is that public company, listed company and public-sector company do not mean the same thing. A company can be privately controlled and publicly listed, or government-controlled and publicly listed.
For a meaningful ranking, always specify whether you are comparing companies by revenue, total income, profit, market capitalization or total assets. Each metric measures a different aspect of corporate size.
