Top Indian Companies by Revenue: Largest Companies, Revenue, Sectors & Ranking
adminThe top Indian companies by revenue include some of the country's biggest names in oil and gas, banking, insurance, automobiles, infrastructure, IT and telecommunications. These companies generate enormous annual income through their core businesses and play an important role in India's economy.
According to the latest Fortune India 500 2025 ranking, Reliance Industries is India's largest company by total income, followed by Life Insurance Corporation of India (LIC), Indian Oil Corporation, State Bank of India and ONGC. Fortune India says the combined total income of the 500 companies crossed $2 trillion for the first time.
Note: The latest completed Fortune India 500 ranking available is the 2025 edition, based on companies' financial performance for the relevant financial year. Revenue figures can differ slightly between rankings because of differences in methodology and accounting treatment.
Top 10 Indian Companies by Revenue
The following ranking uses total income reported by Fortune India 500 2025, which is particularly useful for comparing companies across different industries.
| 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 | Automobile | ₹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 |
- Reliance Industries
Reliance Industries Limited (RIL) is India's largest company by revenue or total income in the latest Fortune India 500 ranking.
It reported total income of approximately ₹9.98 lakh crore.
Reliance operates across several major industries:
- Oil refining
- Petrochemicals
- Retail
- Telecommunications
- Digital services
- Media and entertainment
- New energy
Its diversified business model makes it different from companies that depend primarily on a single industry.
- Life Insurance Corporation of India
LIC is India's largest life insurance company and ranks second among Indian companies by total income.
Its Fortune India 500 total income was approximately ₹8.93 lakh crore.
LIC's business includes:
- Life insurance
- Pension products
- Annuities
- Savings plans
- Investment-linked products
- Group insurance
Insurance companies can report very large income figures because of the nature of their premiums, investments and financial operations.
- Indian Oil Corporation
Indian Oil Corporation (IOCL) is one of India's largest energy companies.
It generated approximately ₹7.66 lakh crore in total income.
Its business covers:
- Oil refining
- Petroleum products
- Fuel distribution
- Pipelines
- Natural gas
- Petrochemicals
- Aviation fuel
- Retail fuel stations
Indian Oil's enormous revenue is largely connected with the scale of India's fuel and energy consumption.
- State Bank of India
State Bank of India (SBI) is India's largest public-sector bank and ranks fourth overall by total income.
Its reported total income was approximately ₹6.63 lakh crore.
SBI provides:
- Savings and current accounts
- Home loans
- Personal loans
- Business loans
- Corporate banking
- Credit cards
- Investment services
- Digital banking
- International banking
SBI's position also shows why financial institutions can appear very high in revenue-based corporate rankings.
- ONGC
Oil and Natural Gas Corporation (ONGC) is India's largest oil and gas exploration and production company.
It reported total income of around ₹6.25 lakh crore in the Fortune India 500 ranking.
Its major activities include:
- Crude oil production
- Natural gas production
- Exploration
- Offshore drilling
- Oil and gas development
ONGC is also investing heavily in deepwater and ultra-deepwater exploration. In August 2026, the company announced plans to invest about ₹1 trillion over five years in exploration and related projects.
- HDFC Bank
HDFC Bank is one of India's largest private-sector banks.
It recorded total income of approximately ₹4.71 lakh crore.
Its major services include:
- Retail banking
- Corporate banking
- Loans
- Credit cards
- Digital banking
- Wealth management
- Business banking
HDFC Bank's strong position demonstrates the enormous scale of India's private banking industry.
- Tata Motors
Tata Motors is one of India's largest automobile companies and ranks seventh in the Fortune India 500 2025 ranking.
Its total income was approximately ₹4.49 lakh crore.
The company's business includes:
- Passenger vehicles
- Commercial vehicles
- Electric vehicles
- Luxury vehicles through Jaguar Land Rover
- Automotive components and related businesses
Its large international operations also contribute significantly to the scale of the Tata Motors group.
- Bharat Petroleum Corporation
Bharat Petroleum Corporation Limited (BPCL) is another major Indian oil and gas company.
It reported total income of approximately ₹4.44 lakh crore.
BPCL operates in:
- Oil refining
- Fuel marketing
- Petroleum products
- Aviation fuel
- Lubricants
- Gas
- Petrochemicals
The company is majority owned by the Government of India and is one of India's major public-sector energy companies.
- ICICI Bank
ICICI Bank ranks ninth among India's largest companies by total income.
Its total income was approximately ₹2.95 lakh crore.
The bank offers:
- Retail banking
- Corporate banking
- Home loans
- Personal loans
- Credit cards
- Wealth management
- Digital banking
- International financial services
ICICI Bank has also become one of India's largest private-sector financial institutions by market value and business scale.
- Larsen & Toubro
Larsen & Toubro (L&T) is India's leading engineering, construction and infrastructure group.
It reported total income of approximately ₹2.61 lakh crore.
Its business areas include:
- Infrastructure
- Construction
- Heavy engineering
- Defence
- Energy
- Manufacturing
- Technology services
- Hydrocarbon projects
L&T is an important example of how India's infrastructure and engineering sector contributes to the country's corporate economy.
Top 20 Indian Companies by Revenue
Expanding the ranking beyond the top 10 gives a better picture of India's largest businesses. The Fortune India 500 ranking includes major companies from energy, automobiles, steel, IT, telecommunications, infrastructure and consumer industries.
| Rank | Company | Industry |
| 1 | Reliance Industries | Oil & Gas |
| 2 | LIC | Insurance |
| 3 | Indian Oil Corporation | Oil & Gas |
| 4 | State Bank of India | Banking |
| 5 | ONGC | Oil & Gas |
| 6 | HDFC Bank | Banking |
| 7 | Tata Motors | Automobile |
| 8 | Bharat Petroleum | Oil & Gas |
| 9 | ICICI Bank | Banking |
| 10 | Larsen & Toubro | Infrastructure |
| 11 | TCS | IT Services |
| 12 | Hindalco Industries | Metals |
| 13 | Tata Steel | Steel |
| 14 | NTPC | Power |
| 15 | Bharti Airtel | Telecommunications |
| 16 | Infosys | IT Services |
| 17 | Tata Consumer Products | FMCG |
| 18 | Coal India | Mining |
| 19 | HDFC Life / major financial businesses | Financial Services |
| 20 | Mahindra & Mahindra | Automobile |
The exact position after the top 15 can vary depending on whether the ranking uses total income, revenue, consolidated figures or another financial measure.
Top Indian Companies by Revenue: Sector-Wise
India's largest companies are concentrated in several important sectors.
Oil and Gas
Oil and gas companies dominate the upper portion of the revenue ranking.
Major names include:
- Reliance Industries
- Indian Oil Corporation
- ONGC
- Bharat Petroleum
- Hindustan Petroleum
- Oil India
The sector generates very high revenue because of the enormous value of crude oil, petroleum products and natural gas traded through these businesses.
Banking and Financial Services
Banking is another major sector.
Leading companies include:
- State Bank of India
- HDFC Bank
- ICICI Bank
- Axis Bank
- Kotak Mahindra Bank
However, bank revenue should not be compared mechanically with manufacturing-company revenue because banks generate income through interest, financial services and other banking activities.
Automobile
India's automobile industry has several large companies.
Important names include:
- Tata Motors
- Mahindra & Mahindra
- Maruti Suzuki
- Bajaj Auto
- Eicher Motors
Automobile companies generate revenue through vehicle sales, financing, components and related businesses.
IT Services
India's IT industry is globally important.
Major companies include:
- TCS
- Infosys
- HCLTech
- Wipro
- Tech Mahindra
TCS is among India's largest companies by revenue and is one of the country's biggest exporters of technology services.
Steel and Metals
India's large industrial economy supports major metals companies such as:
- Tata Steel
- Hindalco Industries
- JSW Steel
- Vedanta
These businesses supply materials to construction, automobiles, infrastructure, engineering and manufacturing industries.
Power and Energy
Large power companies include:
- NTPC
- Power Grid Corporation
- Adani Power
- Tata Power
- Coal India
India's increasing electricity demand and infrastructure investment make energy an important part of the corporate sector.
Government vs Private Companies by Revenue
India's biggest companies include both government-owned and privately controlled businesses.
Major government-owned companies
- LIC
- Indian Oil
- SBI
- ONGC
- BPCL
- NTPC
- Coal India
- Power Grid
Major private-sector companies
- Reliance Industries
- HDFC Bank
- Tata Motors
- ICICI Bank
- L&T
- TCS
- Infosys
- Bharti Airtel
The Fortune India 500 ranking shows that government-owned companies continue to have a very strong presence among India's largest businesses.
Revenue vs Total Income: What Is the Difference?
This is an important point when creating a ranking of India's largest companies.
Revenue generally refers to income generated from a company's main business activities.
Total income can include operating income and certain other income depending on the company's accounting and the ranking methodology.
Fortune India publishes columns for Total Income and Net Operating Income separately. For example, in its 2025 ranking, Reliance reported total income of ₹9,97,795 crore and net operating income of ₹9,64,693 crore.
Therefore, a website should clearly state which financial measure it is using instead of mixing revenue, total income and market capitalization.
Top Indian Companies by Revenue vs Market Capitalization
A company that generates the highest revenue is not necessarily the most valuable company on the stock market.
| Revenue Ranking | Market Cap Ranking |
| Measures business income | Measures market value |
| Based on financial performance | Based largely on share price |
| Changes relatively slowly | Can change every trading day |
| Oil, banking and insurance can dominate | Technology, banking and consumer companies can rank highly |
| Can include unlisted companies | Conventional market cap applies to listed companies |
For example, Reliance Industries ranks first by revenue and has also been India's largest listed company by market capitalization in recent rankings. But the order of the other companies can be very different depending on the metric being used.
Why Are These Companies Important to India?
The largest companies contribute to the economy through:
- Employment
- Tax payments
- Infrastructure investment
- Manufacturing
- Exports
- Energy supply
- Financial services
- Technology
- Supply-chain development
- Capital investment
They also influence India's stock market, industrial activity and business ecosystem.
Frequently Asked Questions
Which is the largest company in India by revenue?
Reliance Industries is the largest company in India by total income in the Fortune India 500 2025 ranking, with approximately ₹9.98 lakh crore in total income.
Which company has the second-highest revenue in India?
Life Insurance Corporation of India (LIC) ranks second, with approximately ₹8.93 lakh crore in total income.
Which is India's largest government company by revenue?
Among the companies in the Fortune India 500 ranking, LIC has the highest total income, followed by Indian Oil, SBI and ONGC.
Which is India's largest private company by revenue?
Reliance Industries ranks first overall and is the largest Indian private-sector company by total income in the Fortune India 500 2025 ranking.
Which is India's largest IT company by revenue?
Tata Consultancy Services (TCS) is India's largest IT-services company by revenue in the Fortune India 500 ranking.
Which is India's largest oil company by revenue?
Reliance Industries ranks first overall by total income, while Indian Oil Corporation is the largest government-owned oil company in the ranking.
Is revenue the same as profit?
No. Revenue measures the income generated by a business, while profit is the amount left after deducting applicable expenses and costs. A company can have very high revenue but a much lower profit margin.
Is revenue the same as market capitalization?
No. Revenue measures business income, while market capitalization represents the market value of a listed company's equity.
Final Thoughts
The top Indian companies by revenue demonstrate the enormous scale of India's corporate economy. Reliance Industries, LIC, Indian Oil, SBI and ONGC occupy the top five positions in the latest Fortune India 500 ranking.
The ranking also shows that India's biggest businesses are spread across oil and gas, banking, insurance, automobiles, infrastructure, IT, metals, power and telecommunications.
For an accurate comparison, however, it is important to identify the metric being used. Revenue, total income, profit and market capitalization measure different aspects of a company, so the "largest" company can change depending on the ranking method.
