List of largest companies in India 2024: India, the world's fifth largest economy, is experiencing rapid growth, with the size of its nominal GDP to nearly double to over US $ 7 trillion by fiscal 2030–31 from US $ 3.6 trillion in fiscal 2023–24, according to S&P Global Market Intelligence projections. It is likely to make India the third-largest economy in the world, raising its share in global GDP from 3.6 per cent to 4.5 per cent and lifting its per-capita income to the upper-middle-income group, S&P further stated. The success of India's largest companies is driving the country's economy and industries forward by achieving remarkable sales and profits, which is significantly enhancing their market valuations and global influence. India currently boasts 71 companies on Forbes' Global 2000, up from 55 the previous year, surpassing the United Kingdom and South Korea, and ranking among the top five most represented countries. Not so surprisingly, Reliance Industries, led by billionaire Mukesh Ambani, is the largest Indian company in 2024. It ranks 49th globally with $109 billion in sales over the past 12 months and a market capitalization of $233 billion in 2024. Another notable mention is the Life Insurance Corporation of India (LIC), which debuted on the list last year at rank 362, this year has risen to 70th place, with profits skyrocketing ninefold to $4.9 billion and the stock price increasing by 70% since going public in 2022. Top 10 largest companies in India for 2024 Forbes' Global 2000 ranks companies based on sales, profits, assets, and market value; here are the top 10 companies in India for 2024: India Rank Global Rank Company Name Sales (in $, billion) Profit (in $, billion) Assets (in $, billion) Market Value (in $, billion) 1 49 Reliance Industries $108.8 B $8.4 B $210.5 B $233.1 B 2 55 State Bank of India $71.8 B $8.1 B $807.4 B $87.6 B 3 65 HDFC Bank $49.3 B $7.7 B $483.2 B $133.6 B 4 70 Life Insurance Corp. of India (LIC) $98 B $4.9 B $561.4 B $73.6 B 5 142 ICICI Bank $28.5 B $5.3 B $283.5 B $95.3 B 6 207 Oil & Natural Gas $77.5 B $5.1 B $80.6 B $41.9 B 7 259 Indian Oil $93.8 B $5 B $57.8 B $27.8 B 8 284 Tata Motors $52.9 B $3.8 B $44.4 B $43.8 B 9 293 Axis Bank $16.7 B $3.2 B $182 B $42.3 B 10 372 NTPC $21.2 B $2.4 B $54.7 B $42.5 B Source: Forbes' The Global 2000 Please note: It has utilised the latest 12 months of financial data as of May 2024. 1. Reliance Industries Ltd (RIL): Reliance Industries is a leading Indian multinational conglomerate, headquartered in Mumbai, catering to diverse sectors like energy, petrochemicals, natural gas, retail, entertainment, telecommunications, mass media, and textiles. 2. State Bank of India (SBI): The largest public bank and financial services statutory body, SBI has a strong presence in both urban and rural areas, with its headquarters in Mumbai. It offers diverse banking and financial services, like personal banking, agricultural banking, corporate banking, international banking, and NRI services. 3. Housing Development Finance Corporation (HDFC) Bank: HDFC Bank—currently the largest bank in India and the eighth largest bank globally—is the third-largest company in India, with a strong presence in retail and corporate banking, offering a wide range of financial products and services. 4. Life Insurance Corp. of India (LIC): A major player in the public insurance sector, experiencing significant growth in profits and market valuation ever since it went public in 2022, LIC is the largest public-sector life insurance, insurance, and institutional investor company in India, headquartered in Mumbai and offering life insurance schemes, pension plans, mutual funds, asset management, and more. 5. Industrial Credit and Investment Corporation of India (ICICI) Bank: India's second-largest private multinational bank and financial services company, ICICI Bank, is known for its diverse financial services, such as retail banking, corporate banking, and wealth management. It is headquartered in Mumbai with a registered office in Vadodara. 6. Oil and Natural Gas Corporation (ONGC): ONGC, India's largest government-owned oil and gas producer, is a key player in the energy sector, accounting for 70% of India's crude oil production and 84% of natural gas. Headquartered in Delhi, the company is under the ownership of the Government of India and administration of the Ministry of Petroleum and Natural Gas. 7. Indian Oil: Indian Oil Corporation Limited, known as IndianOil, is the largest commercial enterprise and multinational oil and gas company in India. Owned by the Government of India and under the administrative control of the Ministry of Petroleum and Natural Gas, the company is headquartered in New Delhi and is involved in the refining and marketing of petroleum products. 8. Tata Motors: Tata Motors Limited is an Indian multinational automotive corporation based in Mumbai. The company manufactures vehicles, trucks, vans, and buses. Its subsidiaries include British Jaguar Land Rover and South Korean Tata Daewoo. 9. Axis Bank: Axis Bank is one of the largest private-sector banks that focuses on providing financial services to large and mid-sized corporations as well as SMEs. The bank offers a wide range of financial products and services to customers across India. It prioritizes digital banking to ensure a seamless and user-friendly experience, catering to diverse retail, corporate, and institutional needs. 10. National Thermal Power Corporation (NTPC): India's largest thermal power generation public company based in New Delhi, NTPC, contributes significantly to the country's energy and power production in terms of installation and output, with a focus on sustainability initiatives.
