ET 500: India’s Largest Companies

Please note that we are not authorised to provide any investment advice. The content on this page is for information purposes only.


The Economic Times (ET) 500 is an annual ranking of the largest companies in India based on their total income (revenues). The current list was published in December 2012 – taking into account financial data for the year ended June 30, 2012.

The list gives a snapshot of India’s commercial progress, where the money has gone and how it’s moved to new industries over time.


The Economic Times (ET) 500 is an annual ranking of the largest companies in India based on their total income (revenues). The current list was published in December 2012 – taking into account financial data for the year ended June 30, 2012.

The list gives a snapshot of India’s commercial progress, where the money has gone and how it’s moved to new industries over time.

2012 was a difficult year for Indian companies. Besides the weak rupee, which has offset any benefit from falling global commodity prices, industrial demand has also been low – due to lower capital expenditure, sliding export growth, and high interest rates that have weighed on growth and profitability of companies.

Additionally, weak government reforms have caused little change in India’s business operating environment, exacerbating the general slowdown in the economy.

In terms of economic outlook, things do not seem promising in the face of high inflation, political uncertainty and Indian’s own version of the fiscal cliff.

That said, top companies such as HDFC Bank, Sun Pharma, Lupin and TCS have been observed to be holding their fort in spite of the bearish market sentiment. Earnings of these companies have improved despite an increase in the cost of capital. When interviewed about their strategy, a common mantra that emerged is their decision to stick with their core strengths and “avoid adventure” in the sea of uncertainty.

In total, the 500 companies on the list earned revenues of $908.84 billion, with profits of over $64.06 billion. Check out the 2012 list of the ET 500’s top 100 companies below (all figures converted from INR to USD).

Rank Company Revenues
(US$billion)
Profits 
(US$billion)
Assets
(US$billion)
Mkt. Cap.
(US$billion)
1 Indian Oil 69.84 0.71 23.97 10.49
2 Reliance Industries 61.11 3.30 44.09 44.42
3 Bharat Petroleum 35.79 0.13 7.98 4.23
4 Hindustan Petroleum 31.22 0.03 9.94 1.74
5 State Bank of India 29.66 2.57 307.04 25.23
6 Tata Motors 27.87 2.26 14.94 14.30
7 Oil and Natural Gas 25.83 4.72 30.14 39.97
8 Tata Steel 23.10 0.90 18.72 6.63
9 Coal India 13.85 2.48 12.22 37.75
10 Hindalco Industries 13.67 0.57 13.64 3.78
11 Bharti Airtel 12.03 0.71 19.84 17.00
12 NTPC 11.57 1.64 23.23 23.32
13 ICICI Bank 11.17 1.28 101.31 20.50
14 Larsen & Toubro 10.92 0.79 14.09 16.92
15 Mahindra & Mahindra 10.03 0.52 8.10 8.79
16 Essar Oil 9.89 (0.70) 2.60 1.45
17 Mangalore Refinery And Petrochemicals 9.07 0.15 2.18 1.92
18 Bharat Heavy Electricals 8.31 1.19 6.44 10.10
19 Tata Consultancy Services 8.26 1.74 5.16 42.71
20 Steel Authority of India (SAIL) 8.17 0.60 10.45 5.79
21 GAIL (India) 7.49 0.74 6.38 7.94
22 Sterlite Industries (India) 7.43 0.81 12.64 5.67
23 Punjab National Bank 6.99 0.84 78.83 4.58
24 Chennai Petroleum Corporation 6.86 0.01 1.26 0.33
25 Wipro 6.44 0.94 5.59 14.70
26 Maruti Suzuki India 6.19 0.28 2.91 6.64
27 Infosys 5.97 1.40 5.27 23.43
28 Bank of Baroda 5.80 0.88 76.64 5.38
29 JSW Steel 5.77 0.09 6.40 2.78
30 Reliance Industries 61.11 3.30 44.09 44.42
31 HDFC Bank 5.54 0.88 57.16 24.90
32 Bank of India 5.35 0.46 64.94 2.86
33 Ruchi Soya Industries 5.13 0.01 1.43 0.39
34 Housing Development Finance 5.02 0.92 33.86 19.46
35 Axis Bank 4.60 0.71 47.83 8.12
36 ITC 4.58 1.05 3.34 37.37
37 Tata Power Company 4.43 (0.18) 8.72 4.14
38 Grasim Industries 4.35 3.30 44.09 44.42
39 IDBI Bank 4.29 0.34 48.72 2.12
40 Reliance Infrastructure 4.20 0.27 8.15 2.27
41 Hero MotoCorp 4.01 0.40 1.02 6.11
42 Hidustand Unilever 3.99 0.47 0.79 20.92
43 Union Bank of India 3.93 0.30 44.13 1.87
44 Petronet LNG 3.82 0.18 1.14 2.06
45 Aditya Birla Nuvo 3.71 0.15 6.75 1.76
46 Suzlon Energy 3.64 (0.08) 3.30 0.49
47 HCL Technologies 3.52 0.41 2.17 6.85
48 Central Bank of India 3.45 0.10 38.61 0.93
49 Reliance Communications 3.42 0.16 13.06 2.09
50 Bajaj Auto 3.38 0.51 1.09 8.57
51 UltraTech Cement 3.29 0.40 3.17 9.30
52 Idea Cellular 3.28 0.12 4.53 4.55
53 Indian Overseas Bank 3.28 0.18 36.80 1.06
54 Oil India 3.13 0.58 3.04 4.90
55 Jindal Steel & Power 3.10 0.66 5.98 6.41
56 Jet Airways (India) 2.90 (0.24) 2.15 0.52
57 Oriental Bank of Commerce 2.86 0.19 29.93 1.44
58 Allahabad Bank 2.82 0.31 30.73 1.18
59 Syndicate Bank 2.74 0.22 30.57 1.18
60 UCO Bank 2.61 0.19 30.34 0.86
61 Jaiprakash Associates 2.53 0.11 11.62 3.22
62 Motherson Sumi Systems 2.50 0.04 1.21 1.53
63 Adani Enterprises 2.45 0.31 15.94 4.24
64 Corporation Bank 2.43 0.25 27.43 1.02
65 Tata Communications 2.40 (0.13) 2.85 1.18
66 Tata Chemicals 2.34 0.14 2.57 1.38
67 Videocon Industries 2.27 (0.23) 5.88 0.92
68 Indian Bank 2.26 0.30 23.71 1.33
69 Future Retail 2.24 0.00 1.90 0.75
70 Ashok Leyland 2.24 0.09 1.24 1.06
71 NMDC 2.23 1.22 4.10 12.47
72 Power Finance Corporation Ltd 2.19 0.51 20.33 4.33
73 Kotak Mahindra Bank 2.18 0.31 15.47 7.82
74 Hindustan Zinc 2.17 0.93 4.51 9.49
75 Cairn India 2.14 1.33 8.62 10.63
76 Siemens 2.12 0.10 0.75 3.99
77 Andhra Bank 2.11 0.22 21.06 1.03
78 EID Parry (India) 2.11 0.05 1.33 0.68
79 Apollo Tyres 2.04 0.07 0.98 0.74
80 MRF 2.01 0.13 0.78 0.73
81 JSW Ispat Steel 1.93 (0.04) 1.21 0.42
82 Power Grid Corporation of India 1.90 0.55 13.85 9.16
83 Crompton Greaves 1.90 0.06 0.82 1.41
84 Punj Lloyd 1.81 0.02 1.33 0.30
85 Ranbaxy Laboratories 1.78 (0.49) 1.25 3.80
86 Rural Electrification Corporation 1.77 0.48 17.59 3.63
87 ACC 1.75 0.22 1.26 4.51
88 Lanco Infratech 1.74 (0.02) 6.87 0.57
89 DLF 1.71 0.20 9.23 6.12
90 Asian Paints 1.70 0.17 0.56 6.26
91 Bhushan Steel 1.67 0.17 5.11 1.77
92 Coromandel International 1.67 0.11 0.91 1.36
93 Dr. Reddy’s Laboratories 1.66 0.22 1.39 4.83
94 Alok Industries 1.66 0.02 3.26 0.17
95 United Spirits 1.58 0.03 2.23 2.71
96 Welspun Corp 1.55 0.04 1.84 0.38
97 Sesa Goa 1.54 0.45 3.16 2.49
98 Titan Industries 1.50 0.10 0.26 4.01
99 Ambuja Cements 1.48 0.21 1.36 5.40
100 Jindal Stainless 1.48 (0.03) 2.15 0.22

About EW Content Team PRO INVESTOR

The core team focusing on economics, industries, investing, businesses & personal finance.