Top 10 Companies in India by Revenue

India has one of the world’s fastest-growing economies. The country is home to massive companies across various industries that generate billions in revenue annually. This article lists the top 10 companies in India by revenue. 

With one of the fastest-growing economies globally, India is home to some of the world’s largest and most powerful companies. These leading corporations drive the country’s economic activity through massive scale, brand value, and sustained financial outperformance. This has enabled the creation of huge shareholder wealth over decades. This article ranks the top 10 companies in India by revenue.

The rankings are based on the latest annual financial results declared by companies. Performance is assessed through the total sales or turnover generated. The higher the revenue, the larger is the company’s scale of operations. The list provides crucial insights into the segments where corporates have achieved market dominance.

The companies featured in the top 10 list generate over ₹25 lakh crore in total revenue. This highlights their scale as well as their importance to the Indian economy. These are India’s corporate champions, which contribute significantly to GDP growth through investments, innovation and driving competition. Their success also underscores India’s rapidly expanding consumer demand and improving business environment.

The top 10 list includes giants from diverse sectors like oil & gas, automobiles, banking, insurance, mining and power generation. Leading names like Reliance Industries Ltd, Indian Oil Corporation, ONGC, and State Bank of India dominate the list. Most companies have retained leadership positions over decades, indicating financial discipline and strong execution. Competitive intensity in sectors like telecom retail has resulted in major churn, with new-age firms entering top 10 leagues.

India’s consumption and infrastructure growth in the future should spur further expansion of the largest companies. It will be interesting to track changing sector dynamics and corporate rivalry to capture top positions and impressive rankings based on financial metrics like revenue, profits and market capitalization.

Setting the Scene: the Indian Economic Landscape

1. India’s Economic Growth Trajectory and Key Drivers

India's Economic Growth Trajectory and Key Drivers

India has registered rapid gross domestic product growth, averaging over 6% annually over the past decade. Rising consumption, supportive government reforms, and growing integration with global markets have powered this economic expansion. However, India’s corporate giants have played an equally crucial role in nation-building through investments, job creation, and showcasing business potential. This article ranks the top 10 companies in India by revenue – a key indicator of corporate success.

2. The Role of Corporate Giants in India’s Economic Development

The Role of Corporate Giants in India's Economic Development

The top line or revenue growth number highlights the scale of operations and market dominance these leading corporates achieve. Higher revenue signifies efficient capacity utilization, superior execution, and competitive advantages over decades of experience. These top 10 giants cumulatively generate over ₹25 lakh crore annually, underscoring their importance within the domestic economy. Outperformance by the largest companies also signals a positive business environment within sectors and strong consumer demand.

3. Revenue as a Measure of Corporate Success and Its Significance

Revenue as a Measure of Corporate Success and Its Significance

Sectors like oil & gas, banking, automobiles and insurance are represented within the top 10 league. Companies such as Reliance Industries Ltd, Indian Oil Corporation, ONGC as well as State Bank of India have retained leadership positions over years driven by visionary leadership, financial discipline and seamless execution of strategies. Their sustained market dominance has also enabled creation of significant shareholder wealth over long term. Moreover, their growth fuels expansion across supplier ecosystems creating a multiplier effect within the economy.

In the future, India’s rising infrastructure needs and burgeoning middle-class demand should drive earnings growth for these corporate titans even higher. It will be interesting to see churn within the coveted rankings as new-age companies across retail, telecom and technology solutions begin challenging current incumbents.

Companies were analyzed and ranked based on their most recently reported total sales or turnover.

List of Top 10 Companies in India by Revenue | Total Sales

1. Reliance Industries Limited

Reliance Industries Limited

  • Industry: Conglomerate
  • Headquarters: Mumbai
  • CEO: Mukesh Ambani
  • Revenue: ₹7,92,756 crore ($104.6 billion)

The largest company in India by revenue is Reliance Industries Limited (RIL). It dominates the oil and gas, petrochemicals, telecom, and retail sectors. Reliance Retail and Jio’s telecom service are market leaders in their respective industries. For the financial year 2022, RIL had reported the highest-ever revenue by an Indian company.

2. Indian Oil Corporation Limited (IOCL)

Indian Oil Corporation Limited (IOCL)

  • Industry: Oil and Gas
  • Headquarters: New Delhi
  • Chairman: Shrikant Madhav Vaidya
  • Revenue: ₹7,28,460 crore

Indian Oil Corporation Limited is India’s largest commercial enterprise. It accounts for nearly half of India’s petroleum products market share, through its vast network of over 50 oil refineries, pipelines, marketing terminals and aviation fuel stations etc. As an integrated Oil and gas corporation, India posted strong growth in revenue and profits in 2022.

3. Oil and Natural Gas Corporation Limited

Oil and Natural Gas Corporation Limited

  • Industry: Oil and Gas
  • Headquarters: Dehradun
  • Chairman & MD: Arun Kumar Singh
  • Revenue: ₹445,375 crore ($57.6 billion)

Oil and Natural Gas Corporation Limited (ONGC) is India’s top oil and gas exploration and production company. It contributes around 70% to Indian domestic production. ONGC has a strong presence across the entire hydrocarbon value chain through its E&P, refining, pipeline, marketing and petrochemical operations. It recorded its highest-ever net profit in 2022.

4. State Bank of India (SBI)

State Bank of India (SBI)

  • Industry: Banking and Financial Services
  • Headquarters: Mumbai
  • Chairman: Dinesh Kumar Khara
  • Revenue: ₹445,987.59 crore ($57.7 billion)

The State Bank of India (SBI) is the largest bank in India with over 24,000 branches across the country. SBI provides a wide range of banking products through its network. It serves over 45 crore customers with global presence across 36 countries. SBI is also among largest public sector company in India by revenue. For FY 2022, its total income increased 6% YoY.

5. Bharat Petroleum Corporation Limited

Bharat Petroleum Corporation Limited

  • Industry: Oil and Gas
  • Headquarters: Mumbai
  • Chairman & MD: Arun Kumar Singh
  • Revenue: ₹433,070 crore ($56 billion)

Bharat Petroleum Corporation Limited (BPCL) is a leading Public Sector Undertaking (PSU) in the petroleum and natural gas sector. It is engaged across the entire oil and gas value chain – from refining, pipeline transportation and marketing to production of petrochemicals. With strong financial performance, BPCL reported highest revenue from operations in 2022.

6. Tata Motors Limited

Tata Motors Limited

  • Industry: Automobile
  • Headquarters: Mumbai
  • CEO & MD: Guenter Butschek
  • Revenue: ₹278,453 crore ($36 billion)

Tata Motors Limited is India’s leading automobile brand both in commercial and passenger vehicles. Its diverse portfolio includes cars, sports utility vehicles (SUVs), trucks, buses, and defence vehicles. Tata Motors is present in over 175 countries. It registered its highest ever annual revenue in 2022 supported by broad-based market recovery.

7. NTPC Limited

NTPC Limited

  • Sector: Power Generation
  • Headquarters: New Delhi
  • Chairman & MD: Gurdeep Singh
  • Revenue: ₹122,287 crore ($15.8 billion)

NTPC Limited, formerly National Thermal Power Corporation Limited, is India’s largest power generation company. It contributes over 20% of the total electricity produced in India through coal-based thermal power plants, gas based plants, renewable energy projects etc. Higher electricity generation across NTPC stations led to 9.5% increase in its gross sales in 2022.

8. Hindustan Petroleum Corporation Limited

Hindustan Petroleum Corporation Limited

  • Industry: Oil Refining and Marketing
  • Headquarters: Mumbai
  • Chairman & MD: Pushp Kumar Joshi
  • Revenue: ₹121,233 crore ($15.7 billion)

Hindustan Petroleum Corporation Limited (HPCL) is a Navratna Oil & Gas PSU in India. It has two refineries producing a range of petroleum fuels. HPCL also has a dominant market share in petroleum product pipeline transportation and marketing. Backed by strong industry environment, HPCL posted highest ever total sales in 2022 with around 15% growth over previous year.

9. Coal India Limited (CIL)

Coal India Limited (CIL)

  • Industry: Mining
  • Headquarters: Kolkata
  • Chairman & MD: Pramod Agrawal
  • Revenue: ₹1,06,540 crore ($13.7 billion)

Coal India Limited (CIL) is a state owned coal mining corporation. It is the largest coal producer company in the world contributing over 80 percent of India’s coal output. CIL operates through its subsidiaries across over 300 mines spread over eight states in India. Higher sales volume led to 21% jump in CIL’s turnover in 2022.

10. Life Insurance Corporation of India (LIC)

Life Insurance Corporation of India (LIC)

  • Industry: Insurance
  • Headquarters: Mumbai
  • Chairman: M R Kumar
  • Revenue: ₹84,353.18 crore ($10.9 billion)

Life Insurance Corporation of India (LIC) is country’s largest insurance company. It was formed by merging and nationalizing 245 private life insurance companies in 1956. LIC provides insurance coverage to millions holding over 280 million policies. LIC manages over Rs 41 lakh crore of Assets Under Management (AUM) with dominant 66% market share in India.

Comparative Analysis and Industry Trends

Comparative Analysis and Industry Trends

Revenue Breakdown and Comparative Analysis

The top 10 companies in India by revenue belong to diverse sectors like oil & marketing, banking, automobiles, mining and insurance. The cumulative annual revenue for these leading corporates exceeds ₹25 lakh crore highlighting their scale as well large contribution to India’s gross domestic product.

Reliance Industries Ltd is the leader with over ₹7.9 lakh crore in total revenue driven by operations across oil refining, petrochemicals, telecom, and retail segments. Oil and gas contributors like IOCL, ONGC, BPCL and HPCL account for over 60% of the cumulative revenues, indicating the sector’s importance and size. Automobile manufacturers like Tata Motors along with mining giant Coal India Ltd are the non-energy representatives within the coveted top 10 league.

Interestingly, new-age companies like Reliance Jio have entered the rankings within 5-6 years of launch, showcasing their dynamism. However, the energy sector incumbents have showcased tremendous staying power given high entry barriers, integrated operations, and natural competitive advantages.

Industry Trends and Future Outlook

India’s nominal GDP is anticipated to reach $7.5 trillion by 2031 driven by rising household incomes and urbanization. This should drive major growth opportunities across automobile, oil & gas, banking and insurance sectors.

India’s energy demand is estimated to grow at 4% CAGR over next decade leading to higher capacity build-out by incumbents like ONGC, IOCL as well as NTPC Ltd. Higher rural penetration, increasing financial savings and digitization trends would be growth catalysts for leading banks and insurers.

However, new-age digital disruptors like Paytm and PolicyBazaar, along with REITs, pose competition over the long term. But the top 10 league is anticipated to churn slowly, given high entry barriers in capital-intensive sectors and scale benefits. The top 10 giants are well-positioned to retain dominant positions over the next decade.

Frequently Asked Questions

Q 1: Which Company Has the Highest Revenue in India?

A: With revenue of over ₹7.92 lakh crore for 2022, Reliance Industries Ltd (RIL) is the highest revenue company in India currently.

Q 2: Which Sector Companies Dominate the Top 10 Companies List?

A: Oil and gas sector companies like IOCL, ONGC, BPCL, and HPCL account for half of the top 10 firms. So oil and gas is the dominant sector with 5 companies.

Q 3: Has the List of Top 10 Companies in India Changed Significantly Over the Years?

A: The list has remained fairly consistent, with minor changes in rankings over recent years. Companies like RIL, IOCL, ONGC, and SBI have retained top positions, indicating their scale and market leadership.

Q 4: Which Company Pays the Highest Salary in India?

A: Reliance Industries Ltd ranked first among India’s top companies for highest salary packages offered, with average compensation reaching around ₹18.5 lakhs per annum.


India has emerged as one of the most vibrant economies globally, with many massive companies across sectors. The top 10 companies in India cumulatively generate over ₹25 lakh crore in total revenue, underscoring their scale and importance. Leading corporations like Reliance Industries Limited, Indian Oil Corporation Limited, ONGC, SBI, and BPCL dominate this list. These companies have maintained leadership over decades and continue to drive India’s economic growth through new investments.

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