Forbes India 15th Anniversary Special

Top 10 companies in India by market valuation in 2024

Looking for insights into the Indian stock market? Check out our list of the top 10 companies in India by market valuation

Published: Jun 28, 2024 08:25:37 AM IST
Updated: Jun 28, 2024 01:33:42 PM IST

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.

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.

Also Read: Top 10 FMCG companies in India by market cap

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 June 28, 2024:

Rank & Company Sector Market Cap (in INR, Lakh Crore)
#1 Reliance Industries Oil Exploration and Production 21.12
#2 TATA Consultancy Services (TCS) Information Technology 14.29
#3 HDFC Bank Banking 12.89
#4 ICICI Bank Banking 8.51
#5 Bharti Airtel Telecommunications 8.32
#6 State Bank of India (SBI) Banking 7.66
#7 Infosys Information Technology 6.56
#8 LIC India
Insurance 6.33
#9 Hindustan Unilever (HUL)
Consumer Goods 5.83
#10 ITC Consumer Goods 5.32

Let’s take a look at the top market cap companies in India:

Also Read: Nifty 50 stocks list in 2024: Stock weightage, sectors and computation methodology

Reliance Industries

  • Chairman & MD: Mukesh D. Ambani
  • Year of Foundation: 1958
Reliance Industries, a conglomerate holding company, is the largest company in India by market cap. It operates in various sectors, including energy, petrochemicals, textiles, natural resources, retail, and telecommunications. The market valuation of Reliance Industries is a testament to its diverse operations and strong market presence. The conglomerate became the first Indian company to cross the Rs 21 lakh crore mcap milestone on June 28, 2024, after its telecom unit Reliance Jio Infocomm announced new tariffs for unlimited plans effective July 3, 2024.

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.

Also Read: Top 10 equity mutual funds in India to invest in 2024

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.

Also Read: Unicorns in India: List of startup companies with unicorn status in 2024

TATA Consultancy Services (TCS)

  • MD and CEO: K. Krithivasan
  • Year of Foundation: 1968
TCS, a subsidiary of the Tata Group, operates in the information technology sector. This company provides various IT services, consulting, and business solutions, which has helped it become the second-largest Indian company in market capitalisation. The market valuation of TCS reflects its dominance in the IT sector.

TCS has notably partnered with the National Employment Savings Trust (NEST) in the UK, which uses TCS ValueBPS™ 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.

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.

Also Read: Top dividend paying stocks in India 2024: From Vedanta, Hindustan Zinc to Coal India and REC


  • MD and CEO: Sashidhar Jagdishan
  • Year of Foundation: 1977
HDFC Bank, which has the largest assets among private banks in India, provides a diverse range of financial products and services. It has a strong presence in both retail and corporate banking. HDFC Bank's market valuation indicates its robust financial performance and customer trust. The bank's market valuation reflects its strong customer base and wide range of services.

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.

Also Read: Top 10 biggest companies in the world by market cap in 2024


  • Managing Director and CEO: Sandeep Bakhshi
  • Year of Foundation: 1994
ICICI Bank is a leading private-sector bank in India. They provide corporate and retail customers with various banking products and financial services. These offerings can be accessed through multiple delivery channels, including their specialised subsidiaries. The market valuation of ICICI Bank is a testament to its comprehensive offerings and customer-centric approach.

Also Read: Top 10 IT companies in India in 2024 by market capitalisation

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.

Bharti Airtel

  • Current CEO: Gopal Vittal
  • Year of Foundation: 1995
Bharti Airtel is a prominent telecommunications company in 18 countries across Asia and Africa. It offers mobile voice and data services, fixed lines, high-speed broadband, IPTV, DTH, and enterprise services. Bharti Airtel's market valuation indicates its strong network and wide customer base.

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.

State Bank of India (SBI)

  • Current Chairman: Dinesh Kumar Khara
  • Year of Foundation: 1955
SBI reigns as the largest public sector bank in India. Their extensive services encompass personal banking, agricultural banking, corporate banking, international banking, and NRI services. The market valuation of SBI reflects its extensive network and various services.

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.

Also Read: Top 10 index funds in India by AUM


  • Current CEO: Salil Parekh
  • Year of Foundation: 1981
With its next-generation digital services and consulting, Infosys is a renowned global leader that helps clients from 46 countries navigate digital transformation. The market valuation of Infosys reflects its innovative solutions and worldwide presence.

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.

Also Read: The 10 largest banks in the world in 2024

Life Insurance Corporation of India (LIC)

  • Current CEO: Siddhartha Mohanty
  • Year of Foundation: 1956
Life Insurance Corporation of India (LIC) is India's biggest public insurance company. Besides general insurance, LIC also deals in mutual funds, asset management, exchange trades, and index funds.

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.

Hindustan Unilever

  • Current CEO: Rohit Jawa
  • Year of Foundation: 1933
Hindustan Unilever, an Indian consumer goods company, is a subsidiary of the British-Dutch company Unilever. Its diverse portfolio includes cleaning agents, water purifiers, and personal care products. The market valuation of Hindustan Unilever reflects its strong brand portfolio and wide consumer base.

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.


  • Current CEO: Sanjiv Puri
  • Year of Foundation: 1910
ITC is a multi-business conglomerate with a diverse portfolio, including FMCG, hotels, paperboards and packaging, agri-business, and information technology. The market valuation of ITC is a reflection of its strong brand presence and diverse operations.

The company first came about as the Imperial Tobacco Company of India Limited. However, in 1970 the name was changed to India Tobacco Company Limited, and then simply to ITC. Known brands under ITC’s influence include Flama, Classmate, Sunfeast, Sunrise, Vivel, Savlon, and more.


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.

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.