Top 5 Largest Companies in India: Economic Pillars in 2025

India’s economy stands tall on the shoulders of its corporate giants. What makes a company not just big but truly impactful? Well, the largest companies in India don’t just dominate revenue charts—they shape industries, enable innovation, and inspire a generation of leaders.

From energy to IT, these organizations are the lifeblood of India’s economic engine. Impressive! Isn’t it? In this blog, you will discover that giants that top the list of the largest companies in India are not only pushing profits but also making the way for sustainable growth and global excellence.

Excited? Let’s get started!

List of top 10 largest companies in India

Here are the top 5 largest companies in India

1. Reliance Industries Limited (RIL)

Reliance Industries Limited (RIL) is not just one of the largest companies in India but is at the top of the list as of 2025 through strategic growth and diversification.

Here are 10 key points highlighting its success:

1. Market Leadership: As of January 2025, RIL led India’s corporate sector with a market capitalization exceeding $196.85 billion.

2. Revenue Growth: In fiscal year 2024, RIL reported revenue of ₹10 trillion, an actual increase from the previous year.

3. Telecom Expansion: Reliance Jio, RIL’s telecom arm, dominates the Indian market with over 479 million subscribers. An IPO is planned for 2025, aiming for a valuation above $100 billion.

4. Retail Presence: Reliance Retail operates more than 3,000 supermarkets across India, contributing significantly to RIL’s revenue.

5. Energy Transition: RIL is investing $10 billion in renewable energy, constructing the Dhirubhai Ambani Green Energy Giga Complex in Jamnagar. This facility will produce solar panels, batteries, and green hydrogen, aspiring to meet 10% of India’s energy needs in the next decade.

6. Financial Strategy: To manage its debt, RIL is negotiating a $3 billion loan to refinance maturing obligations, aligning with its growth objectives.

7. Shareholder Value: In September 2024, RIL announced a 1:1 bonus share issue, its first since 2017, improving shareholder wealth.

8. Media Ventures: RIL’s media subsidiary, Viacom18, merged with Disney’s Indian assets in February 2024, creating India’s largest entertainment company valued at $8.5 billion.

9. Stock Performance: RIL’s stock has shown strong growth, contributing to record highs in India’s benchmark equity indexes. The NSE Nifty 50 and S&P BSE Sensex reached 24,010.60 and 79,032.73 points, respectively, in June 2024.

10. Employment Impact: As of 2024, RIL employs over 347,000 individuals, playing a crucial role in India’s economic development.

2. TATA Consultancy Services (TCS)

Tata Consultancy Services (TCS) has firmed its position as one of the largest companies in India through strategic growth and innovation. Here are 10 key points highlighting its success as of 2025:

1. Revenue Growth: In Q3 FY2025, TCS reported revenue of $7.54 billion, marking a 3.6% year-over-year increase.

2. Profit Margins: The operating margin stood at 24.5%, with a net margin of 19.4%, reflecting efficient cost management.

3. Market Capitalization: As of January 16, 2025, TCS’s share price closed at ₹4,233.75, contributing to a substantial market capitalization.

4. Employee Strength: TCS employs over 607,000 individuals, maintaining a diverse workforce with 35.5% women and representation from 151 nationalities.

5. Client Confidence: CEO K Krithivasan indicated a potential demand revival, leading to a 6% surge in TCS’s share price on January 10, 2025.

6. Sector Performance: Growth was led by the Consumer Business Group (+1.1%) and Energy, Resources, and Utilities (+3.4%), showcasing sectoral diversification.

7. Global Presence: TCS’s growth markets include India (+70.2%), the Middle East & Africa (+15.0%), and Latin America (+7.0%), highlighting its international expansion.

8. Deal Wins: The company secured a Total Contract Value (TCV) of $10.2 billion in Q3 FY2025, indicating strong client acquisition.

9. Employee Promotions: Over 25,000 associates were promoted in Q3, totaling more than 110,000 promotions in the financial year, reflecting investment in talent development.

10. Optimistic Outlook: Leadership expresses confidence in future growth, highlighting investments in AI and technology advancements.

3. HDFC Bank

HDFC Bank has achieved remarkable growth, establishing itself as one of the largest companies in India by 2025.

Here are 10 key points highlighting its success:

1. Market Capitalization: As of January 2025, HDFC Bank’s market cap stands at $150.55 billion, ranking it among the world’s top 100 most valuable companies.

2. Deposit Growth: In Q3 FY2025, the bank’s deposits increased by 4.2%, reaching ₹24.53 trillion ($286.03 billion). This growth outpaced the 0.9% rise in gross advances, which totaled ₹25.43 trillion.

3. Financial Performance: HDFC Bank reported a strong 17% profit growth in Q2 FY2025, demonstrating strong financial health.

4. Strategic Merger: The merger with its parent company, HDFC, in July 2023, significantly improved the bank’s loan-to-deposit ratio to approximately 110%, necessitating strategic adjustments to balance growth.

5. Capital Requirements: Following the merger, the Reserve Bank of India elevated HDFC Bank’s classification, requiring an additional capital buffer of 0.40% of risk-weighted assets, up from 0.20%.

6. Loan Securitization: To manage its loan-to-deposit ratio, the bank securitized ₹216 billion worth of loans in the December 2024 quarter, optimizing its balance sheet.

7. Share Price Performance: On January 14, 2025, HDFC Bank’s stock closed at ₹1,630.1 per share, reflecting positive investor sentiment.

8. Analyst Outlook: Analysts anticipate improved performance for HDFC Bank in 2025, citing the end of valuation derating and expected credit growth.

9. Global Ranking: HDFC Bank is recognized as the world’s 7th most valuable company, underscoring its global financial standing.

10. Strategic Investments: The Reserve Bank of India has permitted HDFC Bank to acquire stakes up to 9.5% in Kotak Mahindra Bank, AU Small Finance Bank, and Capital Small Finance Bank within a year from approval, indicating strategic expansion plans.

4. Bharti Airtel

Bharti Airtel has experienced significant growth, establishing itself as one of the largest companies in India by 2025.

Here are 10 key points highlighting its success:

1. Revenue Growth: In Q2 FY2025, Bharti Airtel reported consolidated revenue of ₹414.7 billion, marking a 12% increase from the same quarter in the previous year.

2. Profit Surge: The net income for the same quarter rose by 168% year-over-year to ₹35.9 billion, indicating substantial profitability improvements.

3. EBITDA Margin: The company achieved an EBITDA margin of 54.8% in Q2 FY2025, reflecting a 1.1% improvement, showcasing enhanced operational efficiency.

4. Subscriber Base: Airtel maintained a powerful subscriber base of 355 million, with an Average Revenue Per User (ARPU) increasing by 6.5% quarter-over-quarter to ₹248 per month.

5. Market Share Expansion: The company’s revenue market share in the Indian telecom sector rose to 38.6% in 2024, narrowing the gap with the market leader.

6. Dividend Projections: Analysts project a 114% year-on-year increase in dividends to ₹17 per share for fiscal 2025, with expectations of further growth to ₹34 per share by fiscal 2027.

7. Stock Performance: As of January 16, 2025, Bharti Airtel’s share price closed at ₹1,607.45, reflecting positive investor sentiment and confidence in the company’s growth path.

8. Credit Rating Outlook: Fitch Ratings affirmed Bharti Airtel’s ‘BBB-’ rating with a stable outlook, citing expectations of continued revenue growth and stable leverage.

9. Analyst Projections: Analysts anticipate Bharti Airtel to experience the highest revenue growth and subscriber additions among Indian telecom operators in Q3 FY2025, with an expected sequential revenue increase of 5%.

10. Strategic Investments: The company has been actively investing in network expansion and technology upgrades, including the rollout of 5G services, to enhance customer experience and drive future growth.

5. ICICI Bank

ICICI Bank’s journey to becoming one of the largest companies in India is truly remarkable.

Here are 10 key highlights of their success:

1. Record Profits: In Q2 FY2025, ICICI Bank achieved a net profit of ₹11,746 crore (approximately $1.4 billion), marking a 14.5% increase from ₹10,261 crore in Q2 FY2024.

2. Powerful Loan Growth: The bank’s total advances reached ₹12,77,240 crore (around $152.4 billion) by September 30, 2024, reflecting a 15% year-on-year growth.

3. Expanding Deposits: Deposits grew by 15.7% year-on-year, totaling ₹14,97,761 crore (approximately $178.7 billion) at the end of September 2024.

4. Improved Asset Quality: The gross non-performing assets (NPA) ratio declined to 1.97% as of September 30, 2024, from 2.15% a year earlier, indicating better asset quality.

5. Strong Capital Adequacy: The bank maintained a total capital adequacy ratio of 16.66% and a Common Equity Tier 1 (CET-1) ratio of 15.96%, both well above regulatory requirements.

6. Technological Advancements: Approximately 72% of trade transactions were conducted digitally in Q2 FY2025, showcasing the bank’s commitment to technology integration.

7. Diverse Loan Portfolio: The retail loan segment constituted 53% of the total loan portfolio by September 30, 2024, highlighting a balanced and diversified lending approach.

8. Enhanced Digital Services: The bank introduced ‘SmartLock,’ an industry-first feature allowing customers to instantly lock or unlock key banking services via the iMobile Pay app.

9. Consistent Earnings Growth: ICICI Bank’s profit before tax grew by 13.5% year-on-year to ₹15,490 crore (about $1.8 billion) in Q2 FY2025, reflecting sustained financial performance.

10. Market Leadership: As of January 2025, ICICI Bank’s American Depositary Receipts (ADR) showed improved price strength, with a Relative Strength (RS) Rating upgrade from 68 to 72, indicating strong market performance.

Expert Opinion

India’s market is becoming a global powerhouse, with innovation and sustainability at the core of growth strategies. The future looks bright, with this list of the largest companies in India that are leading the charge.

1. The largest companies in India are setting the stage for the next phase of economic transformation with a remarkable market capitalization.

2. The country’s telecommunications sector has been revolutionized by Bharti Airtel and Reliance Jio, as seen in their combined market share of nearly 73.4%, positioning them for the 5G future.

3. In the IT sector, TCS and Infosys continue to lead with powerful year-over-year revenue growth, maintaining margins, reflecting strong cost management and international expansion.

4. India’s banking giants like ICICI and HDFC are showing impressive resilience, with net profits growing by over 14% annually, supported by a significant rise in digital transaction volumes.

5. The energy transition led by Reliance, investing $10 billion in green energy, is likely to make India one of the world’s top renewable energy producers by 2030.

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Simran Khan