For the seventh year in a row India has contributed the second highest number of companies to Forbes Asia’s 'Fab 50' list, an annual honour roll of the region’s best publicly traded large companies.
Eight Indian companies—Bajaj Finserv, HDFC Bank, IndusInd Bank, Interglobe Aviation, Motherson Sumi Systems, Rajesh Exports, UPL and Yes Bank—have made it to the 13th Fabulous 50 list.
India had eight companies on the list last year too. The notable dropouts from 2016 include Tech Mahindra, Aurobindo Pharma, Sun Pharmaceutical Industries and Eicher Motors.
The Fab 50 companies are selected from a pool of 1,694 public companies in the region with at least $1.8 billion in annual revenue. Companies that are losing money or whose revenue is less than it was five years ago do not qualify.
“The list also excludes companies that have a high debt ratio, are more than 50 percent state-owned or more than 50 percent-owned by listed parents. Companies are then analysed using a battery of more than a dozen financial measures. The result is a stellar lineup of high-performing blue chips, the region’s best of the best,” Forbes Asia said in its press release.
Interglobe Aviation, Rajesh Exports, UPL and Yes Bank made their debut on the list this year, along with 16 other companies.
Bangalore-based Rajesh Exports has the highest revenue on the Fab 50 list, at $36.1 billion. The world’s largest gold company, which has operations from mining and refining to wholesaling and retailing, has seen its revenue jump seven-fold in five years. Started by brothers Rajesh and Prashant Mehta, it has refineries in Switzerland and India, and a retail chain under the name Shubh Jewellers. It plans to expand from the current 80 stores to around 500 in three years, according to Forbes Asia.
InterGlobe Aviation, which operates India’s largest passenger airline IndiGo, and crop-protection company UPL also demonstrated stellar growth, earning them spots on this year’s list.
Chinese companies have dominated the list once again, with 29 firms making the cut in 2017, up from the 22 companies on the list last year. The country also boasts of the two most valuable companies on the list - Alibaba Group and Tencent Holdings - with market capitalisations of $399 billion and $387 billion, respectively. These two companies are also ranked first and second in terms of net profits.