Top 5 companies by market capitalization

Created on 30 Jun 2022

Wraps up in 5 Min

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Updated on 01 Nov 2023

The Indian stock market is the 5th largest by stock market capitalisation at $ 3.31 trillion despite a 7.4% fall during 2022 as of March 2023. 

But, before that, let’s answer the obvious. What is Market capitalisation? It refers to the total number of outstanding shares issued by the company multiplied by the market price of one share in the stock market. 

Let’s take a look at the largest companies by market cap:

Reliance Industries Limited: 

Name of Company

Market capitalisation ₹ Crore as on 10/10/2023


Reliance Industries Limited


The Shahrukh Khan of the Indian stock market, it occupies No:1 position 

Reliance heads the list of top companies by market cap. Reliance is the big dada of the Indian stock market and the bellwether stock. His holdings of Reliance Industries have made Mukesh Ambani the richest man in Asia. Reliance Industries is a true conglomerate whose humungous valuations have made its many shareholders rich and enabled Mukesh to employ millions of Indians. 

Reliance Industries has been witness to the following events:

  • High drama during the demerger of the Reliance Industries post-Dhirubhai Ambani’s demise

  • Reliance’s foray into Jio marked a guerrilla strike on the other telecom sector companies to capture a considerable market share

  • During the distressing times of the COVID-19 pandemic, the company converted all its debt into equity and got large players like Facebook, Google, and General Atlantic to subscribe to its shares

Reliance also plans to become a zero-carbon company by 2035 by investing US$ 10 billion over the next three years. The next big venture to come out of the reliance umbrella is Reliance ventures. Reliance Industries has delivered a 32% CAGR in returns since the time of its IPO in 1977. Reliance has four verticals: its oil to chemicals business, digital services incorporating its telecom arm, Jio services, retail including eCommerce and new energy.

Tata Consultancy Services Limited: 

Name of Company

Market capitalisation ₹ Crore as on 10/10/2023


Tata Consultancy Services Limited


The Arjun Kapoor of the industry, it is in the second position through leading the IT industry pack.

In the list of Indian companies by Market Cap, Tata Consultancy Services has surpassed IBM to become the 2nd most valuable IT services company in the world. It has also been ranked 66th in Forbes magazine's most innovative companies worldwide. It also tops India’s IT industry rankings. Bespectacled N. Chandrasekhar, succeeded by the bespectacled Rajesh Gopinath, has ably steered the TCS ship and taken it to lofty heights. TCS leads the results season and also the shareholder’s anticipation about super results, extraordinary dividends and bonuses. Moreover, the company has worked hard to reward employees and shareholders alike. Also, TCS has seen the price grow at a compounded annual growth rate of 12% for the past 10 years. It was the first Indian IT company to migrate from on-premise data centres to cloud services.

HDFC Bank:

Name of Company

Market capitalisation ₹ Crore as on 10/10/2023


HDFC Bank Ltd


Like Salman Khan, it is the heavyweight of the banking industry

HDFC Bank is the largest private sector lender and the behemoth of the Indian banking sector. It is the fastest-growing bank across its three verticals: retail banking, wholesale banking and treasuries. It has 5000+ branches in 2748 cities with one of the lowest Non Performing Asset ratios in the whole banking industry. Its superior credit rating of AAA by Care Ratings allows it to borrow funds at one of the lowest costs in the industry and earn excellent interest margins. The bank’s revenue has displayed a compounded annual growth rate of 20% over the last ten years. Aditya Puri has steered HDFC bank ably over these past many years. He is credited with giving the bank its retail-oriented focus and making HDFC bank a technology-focused bank. The company shows robust growth and profit trends.

HDFC Bank also compounded shareholder wealth by 26% over the past 25 years. 

ICICI Bank Ltd.: 

Name of Company

Market capitalisation ₹ Crore as on 10/10/2023


ICICI Bank limited


Like Aamir Khan, ICICI ranks 4th in the list.

Incorporated in 1994 by ICICI group, the bank is India's largest private sector commercial bank. ICICI Bank and its subsidiaries offer products and services in commercial banking to retail and corporate customers (domestic and international), treasury and investment banking and other products like insurance and asset management.

The Bank's commercial banking operations for retail customers consist of retail lending and deposits, private banking, distribution of third-party investment products and other fee-based products and services, and issuance of unsecured redeemable bonds. The Bank provides a range of commercial banking and project finance products and services to corporations, growth-oriented middle market companies, and small and medium enterprises, including loan products, fee and commission-based products and services, deposits, and foreign exchange and derivatives products.

Infosys Ltd:

Name of Company

Market Capitalisation ₹ Crore as on 10/10/2023


Infosys Limited


Infosys is the Aditya Roy Kapoor with a fifth position in the rankings. 

Infosys is one of the prominent wealth compounders growing from a market capitalisation of a mere $ 250 to US$ 68.14 billion as of November 2023. It is the second-largest technology giant in India, formed by a few tech entrepreneurs. The formation of Infosys cemented India's reputation as a leading IT services provider. 

The company has over 13 subsidiaries spread across the globe. Its primary verticals are business consulting, technology and outsourcing services. Over the last ten years, it has had a compound annual growth rate of 10.5%. Infosys has also faced some whistleblower-related issues in 2019. Also, slower growth in the BFSI segment means the company may face some pressure on its revenue and profitability growth. 

Indian stock markets are divided by market capitalisation of companies into large-cap, midcap and small-cap. The leviathans discussed above occupy a large portion of the large-cap segment. These stocks with established fundamentals produce steady returns with lower volatility compared to the midcap and stock cap stocks. They also have proven management that has established a credible track record of performance.

The Bottom Line

Investing in stock markets is subject to volatility. Portfolio diversification across asset classes and different segments in each asset class is a prudent investment strategy. It is imperative that you perform fundamental analysis before choosing stocks for your portfolio, along with a technical analysis before timing your entry and exit. Investing in stock markets produces the highest return in the medium to long term, outperforming other asset classes.

*Disclaimer: The stock discussed above aren't recommendations from Finology, and shall not be construed as a replacement for professional advice. Consult a professional or conduct the necessary research before making an investment decision.

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