As of January 24, 2025, Reliance Industries is the most valuable company in India, with a market cap of $186 billion. Following it are Tata Consultancy Services ($174 billion) and HDFC Bank Limited ($147 billion).
Which one is the most valuable in India by market cap? This list comprises the biggest companies currently in India by market cap in 2024:
India’s Largest Companies by market capitalization, 2024
| RANK | COMPANY | MARKET CAPITAL (USD DOLLAR) |
|---|---|---|
| 1 | RELIANCE INDUSTRIES LTD | $186 billion |
| 2 | TATA CONSULTANCY SERVICES LTD. | $174 billion |
| 3 | HDFC BANK LIMITED | $147 billion |
| 4 | BHARTI AIRTEL LIMITED | $113 billion |
| 5 | ICICI BANK LIMITED | $98.18 billion |
| 6 | INFOSYS LIMITED | $89.39 billion |
| 7 | STATE BANK OF INDIA | $77.01 billion |
| 8 | ITC LIMITED | $63.72 billion |
| 9 | HINDUSTAN UNILEVER LIMITED | $63.11 billion |
| 10 | LIFE INSURANCE CORPORATION OF INDIA | $61.26 billion |
| 11 | HCL TECHNOLOGIES LIMITED | $56.66 billion |
| 12 | LARSEN & TOUBRO LIMITED | $55.72 billion |
| 13 | BAJAJ FINANCE LIMITED | $53.22 billion |
| 14 | SUN PHARMACEUTICAL INDUSTRIES LTD. | $50.9 billion |
| 15 | MARUTI SUZUKI INDIA LTD | $43.81 billion |
| 16 | KOTAK MAHINDRA BANK LIMITED | $43.58 billion |
| 17 | WIPRO LIMITED | $38.43 billion |
| 18 | OIL AND NATURAL GAS CORPORATION LIMITED | $38.28 billion |
| 19 | ULTRATECH CEMENT LIMITED | $38.08 billion |
| 20 | MAHINDRA & MAHINDRA LIMITED | $37.23 billion |
| 21 | NTPC LTD | $36.31 billion |
| 22 | TITAN COMPANY LIMITED | $34.92 billion |
| 23 | AXIS BANK LIMITED | $34.08 billion |
| 24 | BAJAJ FINSERV LTD. | $32.2 billion |
| 25 | TATA MOTORS LIMITED | $32.05 billion |
| 26 | ADANI ENTERPRISES LIMITED | $31.9 billion |
| 27 | POWER GRID CORPORATION OF INDIA LIMITED | $31.67 billion |
| 28 | HINDUSTAN AERONAUTICS LIMITED | $30.35 billion |
| 29 | ADANI PORTS & SPECIAL ECONOMIC ZONE LIMITED | $27.59 billion |
| 30 | COAL INDIA LIMITED | $27.51 billion |
Market capitalization, commonly known as market cap, refers to the total market value of a company’s outstanding shares. It is calculated by multiplying the current stock price by the total number of shares outstanding. For example, if a company has 2.34 billion shares outstanding and its stock price is $66.66 per share, its market cap would be $156 billion (2,340,000,000 x $66.66). Investors often use the market cap as a quick estimate of a company’s overall value and as a factor in determining whether to buy a stock. Stocks are often categorized by market cap: mega-cap ($100 billion-plus), large-cap ($10 billion-$100 billion), mid-cap ($2 billion-$10 billion), small-cap ($300 million-$2 billion), and micro-cap (less than $300 million).
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