15 Largest Indian Companies by Market Cap

In this article, we will take a look at 15 of the largest Indian companies by market capitalization. To see more of the largest Indian companies by market cap, head straight to 5 Largest Indian Companies by Market Cap.

Like the United States, India will experience significant inflation in 2022. Retail inflation stood at 7.41% in September and a Reuters poll of economists from October 13-19 estimates inflation for the year ending March 2023 could average 6.7% before falling to 5.2% for the year ending March 2024. The Bank of India’s inflation target is now 2% to 6%.

The Indian economy is also expected to slow down at least next year. According to the Reuters survey of economists, the Indian economy is expected to grow at 6.9% for fiscal year 2022-2023, before slowing to 6.1% for fiscal year 2023-2024.

Given inflation and despite slowing growth, the Reserve Bank of India has quadrupled the short-term bond or repo rate from 9/30 to 5.4%.

While India will face headwinds in the near term, India has significant potential.

With a population soon to surpass China’s, India has the advantage of having one of the youngest populations in the world with an average age of 29 years.

India’s GDP per capita could also rise significantly in the coming decades. According to the World Bank, India had a GDP per capita of $2277.4 in 2021, up from $443.3 per capita in 2000, but significantly lower than the GDP per capita of developed countries.

Given its demographics and GDP per capita, India has a much greater growth potential than developed countries.

India’s strong ties to the United States also contribute to the country’s growth. The close ties have the potential for increased trade and foreign direct investment in India. In terms of trade between the United States and India, bilateral trade in goods and services between the US and India increased from USD 120.6 billion in 2020 to USD 159.1 billion in 2021. As India’s economy continues to grow, trade can also grow and benefit the citizens of both countries.

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In terms of foreign direct investment, foreign direct investment has increased significantly over the past decade. According to investindia.gov.in,

The total inflow of FDI into the country over the past 22 years (April 2000 – March 2022) was $847 billion while the total inflow of FDI over the past 8 years (April 2014-March 2022) was $523 billion amounted to almost 40% of the total inflow of FDI over the past 22 years. In FY 2014-15, India’s FDI inflow was just $45.15 billion, rising to $60.22 billion in 2016-17 and on to the highest-ever reported annual FDI inflow of $83.57 billion. during FY 2021-22.

With more foreign direct investment, India’s economy may grow even faster, as foreign companies, including US companies, often bring in the expertise, in addition to capital, that India needs to realize its full potential.

Leading Indian Companies

In terms of the most valuable Indian companies by market capitalization, many financial institutions are considering the importance of financial institutions for the growth of an emerging market. Several others also do business in infrastructure and housing, given the importance of infrastructure to a growing economy.

Given India’s size, the 15 most valuable Indian companies are all worth $40 billion or more as of 10/27/2018.

Photo by Sylwia Bartyzel on Unsplash

Methodology

For our list of 15 largest Indian companies by market cap, we have taken the top 15 largest companies by market cap of companiesmarketcap.com’s largest Indian companies by market cap list as of 27-10.

15 largest Indian companies by market capitalization15. Kotak Mahindra Bank

Market cap as of 10/27: $44.96 billion

Kotak Mahindra Bank is an India-based bank that offers a range of banking services such as retail banking, treasury bills, corporate banking and more.

For the June-September quarter, Kotak Mahindra Bank reported a 27% year-over-year profit increase to 25.8 billion Indian rupees ($313 million) compared to analyst estimates of 23.68 billion rupees. One of the reasons for the jump is the central bank’s rate hikes, which could help net interest income. Another reason is that Kotak Mahindra Bank’s gross bad loans as a percentage of total loans fell to 2.08% at the end of September, from 2.24% at the end of the previous quarter in June. Although an interest rate that is too high would not be good for Kotak Mahindra Bank’s profits, the bank is doing well given the current economic conditions. As of October 27, Kotak Mahindra Bank has a market cap of $44.96 billion, making it 15th on our list of 15 largest Indian companies by market capitalization.

14. Life Insurance Company of India (LIC)

Market cap as of 10/27: $45.72 billion

Life Insurance Corporation of India (LIC) is India’s largest insurer that has benefited from India’s economic upturn since the pandemic. In August, Life Insurance Corporation of India (LIC) reported a 20.4% increase in premium income for the June quarter as the company’s 1.3 million sales agents benefited from the easing of COVID-19 restrictions . For the three months ended June 30, the company’s profit was rupees 6.83 billion, compared to rupees 29.4 million in the previous year’s quarter, which was impacted by the COVID-19 lockdowns. If it maintains its leading market share, the financial results of Life Insurance Corporation of India (LIC) are likely to be significantly higher in the coming decades.

13. Adani Companies

Market cap on 10/27: $46.02 billion

Adani Enterprises is a holding company that owns businesses ranging from mining, oil and gas exploration to ports, power generation and solar. Although US markets fell sharply in 2022, Adani Enterprises shares have nearly doubled since the start of the year. As a result, Adani Enterprises has a market cap of just over $46 billion, making it number 13 on our list of 15 largest Indian companies by market capitalization.

12. Adani Total Gas

Market cap as of 10/27: $46.90 billion

Adani Total Gas produces and distributes natural gas in India. The company also sells industrial and compressed natural gas to the country’s commercial, residential and transportation sectors. While India aims to have net zero carbon emissions by 2070, natural gas is cleaner than coal and India aims to increase its contribution to the country’s energy mix to 15% by 2030, from 6.2% today. If that happens, Adani Total Gas could benefit from increased demand in the medium term if it maintains its existing market share. As of October 27, Adani Total Gas has a market cap of $46.9 billion.

11. Bajaj Finance

Market cap as of 10/27: $51.25 billion

Bajaj Finance is an India-based non-bank financial company that provides both consumer loans and loans to small and medium-sized enterprises. In terms of its strategy for the future, Bajaj Finance managing director Rajeev Jain commented on a earnings call,

What I also understand from shareholders, our view is that we are focused on building from financial services to payment and financial business, and that we will remain a non-bank for the next 2-3 years and comply with all banking-like regulations. We want to reach 100 million customer franchise in the next five years.

With its market capitalization according to companiesmarketcap.com, Bajaj Finance is also one of the most valuable Indian companies in the world.

10. ITC

Market cap on 10/27: $52.07 billion

ITC is an India-based holding company with companies active in the FMCG, Hotels, Paperboards, Paper and Packaging, as well as the Agri sectors. While the US stock market and many other stock markets around the world have fallen in 2022, ITC’s shares have risen more than 50% so far. As a result of the increase, ITC has a market cap of over $52 billion as of October 27, placing it 10th on our list of 15 largest Indian companies by market capitalization.

9. Housing Financing Company

Market Cap on 10/27: $52.58 Billion

Housing Development Finance Corporation is an India-based holding company that provides financing to individuals, businesses and developers for the purchase, development and repair of houses, apartments and commercial real estate. Housing Development Finance Corporation also provides loan, insurance and asset management services. On October 27, Housing Development Finance Corporation had a market cap of $52.58 billion.

8. Bharti Airtel

Market cap on 10/27: $58.79 billion

Bharti Airtel is a global telecommunications company headquartered in India but with operations in 18 countries in Asia and Africa. Bharti Airtel offers both mobile services and digital TV. According to the company, Bharti Airtel ranks among the top 3 mobile service providers in the world in terms of the number of subscribers, considering its 490 million customers across all its operations. Considering its market cap of nearly $59 billion, Bharti Airtel is also number 8 on our list of 15 largest Indian companies by market cap.

7. State Bank of India

Market cap on 10/27: $62.80 billion

State Bank of India is an India-based banking and financial services company providing treasury, corporate and wholesale banking, as well as retail banking and insurance services. State Bank of India is one of the largest banks in India and the retail business of the company is expected to grow. As of 10/27, State Bank of India has a market cap of nearly $63 billion.

6. Hindustan Unilever

Market cap on 10/27: $71.85 billion

Hindustan Unilever is an India-based consumer goods company that sells home care, beauty and personal care, and food and refreshment products. Hindustan Unilever is also a subsidiary of Unilever and accounts for approximately 10.7% of the company’s group turnover. With India’s growing population and economy, Hindustan Unilever has significant growth potential if it manages to maintain its market share.

Click to read on and check out the 5 largest Indian companies by market cap.

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Disclosure: none. 15 Largest Indian Companies by Market Cap was originally published on Insider Monkey.

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