India's largest companies have been ranked based on real-time market capitalisation. For a deeper perspective, we have also provided total income, total assets, profit after tax (PAT), PAT margin (%), return on net worth (%) and return on capital employed (%) for the latest financial year or latest data available.
India's largest companies have been ranked based on market capitalisation by Business Today every year since 1992. This year's rankings are based on the average market capitalisation of the companies for the 12-month period from October 1, 2022 to September 30, 2023.
We began with a master sample of around 4,200 listed and actively traded companies. We have used the BSE market capitalisation for all cases, except companies that are listed only on the NSE. Some 332 companies that were not traded on at least 20 per cent of the 247 total trading days in the October 2022-September 2023 period were excluded from the list. Thereafter, we extracted the average (daily) market capitalisation of each company over the period under consideration and used it to rank the Top 1,000 companies.
For a deeper perspective, we have also provided the average market capitalisation over the past two fiscals (FY23 and FY22), return on net worth (RONW) and return on capital employed (ROCE), in the tables. We have also ranked companies by assets, profit after tax, total income and debt.
Companies in banking, financial services and insurance (BFSI) sectors have not been ranked on these parameters as their method of capturing and measuring these metrics is markedly different. For most companies, the financial year ends on March 31. The exceptions have been mentioned in the footnotes below the tables. All data has been sourced from the ACE Equity database as on October 3, 2023.
Meanwhile, some major mergers, demergers and acquisitions took place during the period of study. For instance, mortgage lender HDFC Ltd merged into HDFC Bank, LTI and Mindtree merged to form LTIMindtree, while Piramal Pharma demerged from Piramal Enterprises. On the other hand, some changed their names. For example, Adani Transmission is now known as Adani Energy Solutions, IIFL Wealth Management has changed its name to 360 One Wam and Welspun India is now called Welspun Living, among others.
*This is the average market capitalisation (October to September)
*ROCE stands for Return on Capital Employed
*RONW stands for Return on Net Worth
Note Names are representative as promoter holdings include shares of all the promoters. Value of total promoter holding is calculated by multiplying the number of shares of all the promoters by the market price. Data as of November 10, 2023; only companies that are part of the BT500 have been considered
The methodology used to prepare the BT500 2022 list that ranks the top 500 listed firms in India by average market capitalisation
India's largest companies have been ranked based on market capitalisation by Business Today every year since 1992. This year's rankings are based on the average market capitalisation of the companies for the 12-month period from October 1, 2021 to September 30, 2022.
We began with a master sample of 4,271 listed and actively traded companies. We have used the BSE market capitalisation for all cases, except companies that are listed only on the NSE. Some 230 companies that were not traded on at least 20 per cent of the 249 total trading days in the October 2021-September 2022 period, were excluded from the list. Thereafter, we extracted the average (daily) market capitalisation of each company over the period under consideration and used it to rank the top 1,000 companies.
For a deeper perspective, we have also provided the average market capitalisation over the past two fiscals (FY22 and FY21), return on net worth (RONW) and return on capital employed (ROCE), in the tables. We have also ranked companies based on assets, profit after tax, total income and debt, and taken only consolidated numbers except in cases where companies don't report their consolidated results.
Data provider (ACE Equity) has not considered share of profit/loss of associates and joint ventures for calculating profit after tax wherever applicable.
Companies in the banking, financial services and insurance (BFSI) sector have not been ranked on these parameters as their method of capturing and measuring these metrics is markedly different. For most companies, the financial year ending is March 31. The exceptions have been mentioned in the footnotes below the tables. All data has been sourced from the ACE Equity database as on November 7, 2022.
A few companies have also changed their names in the past one year ended September 30. For
instance, Ruchi Soya is now known as Patanjali Foods, Escorts has changed its name to Escorts Kubota, ABB Power to Hitachi Energy, Sterling and Wilson Solar to Sterling and Wilson Renewable Energy, Burger King India to Restaurant Brand Asia and Minda Industries to Uno Minda, among others.
*This is the average market capitalisation (October to September)
*ROCE stands for Return on Capital Employed
*RONW stands for Return on Net Worth