Top 10 companies in India by market valuation in 2025
Looking for insights into the Indian stock market? Check out our list of the top 10 companies in India by market valuation
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Jul 23, 2025, 11:25 IST8 min
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India, a rapidly developing economy, is home to some of the world"s most valuable companies. These companies span various sectors, including technology, finance, and consumer goods, contributing significantly to India"s economic growth.
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This article presents a list of the top 10 companies in India by market valuation, providing insights into their sectors and market capitalisation.
Understanding Market Valuation
Let"s understand market valuation. Market valuation is the total value of all a company"s shares of stock. A company’s current market price per share is multiplied by the number of shares outstanding to determine its market valuation. This calculation provides insight into the company"s value.In other words, market valuation measures a company"s size and success. It"s a key factor investors look at when investing in a company. A high market valuation often indicates that a company is successful and profitable. In contrast, a low market value may indicate a company is struggling or in a less thriving industry.
Top 10 Companies by Market Cap in India
Which are the top market cap companies in India? Our list is headed by Reliance Industries, to probably no one’s surprise.Here are the top 10 companies in India by market cap as of July 23, 2025:
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| Rank & Company | Market Cap (in INR, Lakh Crore) | Sector |
|---|---|---|
| #1 Reliance Industries Limited (RIL) | 19.24 | Oil Exploration and Production |
| #2 HDFC Bank | 15.46 | Banking |
| #3 TATA Consultancy Services (TCS) | 11.48 | Information Technology |
| #4 Bharti Airtel | 10.98 | Telecommunications |
| #5 ICICI Bank | 10.56 | Banking |
| #6 State Bank of India (SBI) | 7.54 | Banking |
| #7 Infosys | 6.59 | Information Technology |
| #8 Bajaj Finance | 6.00 | Finance |
| #9 Life Insurance Corporation Of India | 5.83 | Insurance |
| #10 Hindustan Unilever Limited (HUL) | 5.76 | Consumer Goods |
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1. Reliance Industries
- Chairman & MD: Mukesh D. Ambani
- Year of Foundation: 1958
Reliance had a deal lined up with oil giant Saudi Aramco worth $15 billion, announced in August 2019. Reliance sold an equity stake in its oil-to-chemicals division to Aramco. However, the deal was put on hold in 2021, with both companies citing the Covid-19 pandemic as one of the major reasons for this setback.
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Meanwhile, among its many achievements, Reliance’s Jio has invited investments from tech giants like Google and Meta (formerly known as Facebook) and the Reliance BP Mobility Ltd. (Jio-bp)- which is the fuel retailing venture jointly launched by Reliance and BP Plc from the UK, has introduced a premium diesel with technology that could bring a fuel economy benefit of as much as 4.3 percent. Reliance Retail has also collaborated with international designers to bring brands like Gap to the Indian audience.
Disclaimer: Network18, the parent company of Forbes India, is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.
2. HDFC Bank
- MD and CEO: Sashidhar Jagdishan
- Year of Foundation: 1977
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The bank had merged with its parent company HDFC Ltd. on July 1, 2023, to benefit both their shareholders and clients as the Indian economy grows by leaps and bounds. It is now the seventh largest bank in the world and the largest bank in India by market cap.
3. TATA Consultancy Services (TCS)
- MD and CEO: K. Krithivasan
- Year of Foundation: 1968
TCS has notably partnered with the National Employment Savings Trust (NEST) in the UK, which uses TCS ValueBPSâ„¢ to help clients plan and save for retirement. Marks & Spencer also partners with TCS to scale their business operations and optimise their SRD (space, scope, and display) operational capabilities.
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Among its other initiatives, TCS sponsors many marathons around the globe- from the Indian cities of Kolkata, Bengaluru, and Mumbai to New York City, London, and many more.
4. Bharti Airtel
- Current CEO: Gopal Vittal
- Year of Foundation: 1995
The operator has now teamed up with Alphabet, the parent company of Google, to try out high-speed internet in the rural regions of India through laser technology using light beams.
5. ICICI Bank
- Managing Director and CEO: Sandeep Bakhshi
- Year of Foundation: 1994
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At the end of 2022, the former CEO at ICICI Bank, Chanda Kochhar, was accused of misusing her position and appropriating bank funds for personal gains. Sandeep Bakhshi succeeded Kocchar at a very precarious time indeed. Still, he turned the tables quickly and restored the brand’s reputation while bringing a robust balance sheet and substantial profits.
6. State Bank of India (SBI)
- Current Chairman: Challa Sreenivasulu Setty
- Year of Foundation: 1955
The history of SBI goes back to the first decade of the 19th century when the Bank of Calcutta (later named the Bank of Bengal) was established in 1806. Along with the two other Presidency Banks of the Bank of Bombay and the Bank of Madras, a joint entity was formed on January 27, 1921, named The Imperial Bank of India. Post the State Bank of India Act of 1955, the RBI got a controlling interest in the Imperial Bank of India, which became the State Bank of India on July 1, 1955.
The Indian government took over the RBI’s stake in SBI to eradicate any conflicts due to the RBI being the Indian regulatory body for banking.
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7. Infosys
- Current CEO: Salil Parekh
- Year of Foundation: 1981
Notably, the UK Prime Minister Rishi Sunak’s wife, Akshata Murthy, is the daughter of Infosys co-founder NR Narayana Murthy and owns a 0.9 percent stake in the company.
Infosys has recently entered a $1.5 billion partnership with the global energy company bp for end-to-end application services accounting for development, management, maintenance, and more.
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8. Bajaj Finance
- Current CEO: Sanjiv Bajaj
- Year of Foundation: 1987
9. Life Insurance Corporation of India (LIC)
- Current CEO: Siddhartha Mohanty
- Year of Foundation: 1956
The LIC came into existence after nationalising and merging 245 private insurance companies through the passing of the LIC Act 1956 by the Indian government. Today, it has a vast network of clients, which is served by more than 13.5 lakh agents, 1580 satellite offices, 2048 branch offices, 113 divisional offices, eight zonal offices, and one central office.
The government launched LIC’s IPO in May 2022. In the IPO, the government sold over Rs21,000 crore worth of 22.13 crore shares, a 3.5 percent of the company.
10. Hindustan Unilever Limited
- Current CEO: Rohit Jawa
- Year of Foundation: 1933
Rohit Jawa has taken over as the CEO of the entity from Sanjiv Mehta very recently. The many brands under the Hindustan Unilever umbrella include Lux, Dove, Lipton, Vim, Kissan, Bru, Close Up, Clinic Plus, and Pond"s.
FAQs
1. How is market valuation calculated?To determine a company"s market valuation, you need to multiply its outstanding shares by the current market price of one share.
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2. What is a good market valuation?
A good market valuation depends on various factors, including the company"s financial performance, growth prospects, and economic conditions. It is also relative to the industry and the market conditions.
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