Market capitalisation is the stock market's price tag for a whole company: the share price multiplied by the number of shares. It moves every trading day, so a ranking taken on one afternoon can look different a week later.
This list uses a steadier measure. Twice a year the Association of Mutual Funds in India (AMFI) publishes each listed company's average market capitalisation over the previous six months. Mutual funds are required to use that list to decide which stocks count as large cap, mid cap and small cap, which makes it the closest thing India has to an official size ranking of listed companies.
The current list covers 1 January to 30 June 2026. Across that period the ten companies below were worth ₹93.27 lakh crore between them.
How this ranking works
- Measure. Average full market capitalisation for the six months ended 30 June 2026, as published by AMFI. For a company that trades on more than one exchange, AMFI averages the figures across exchanges.
- Who can appear. Companies listed on a recognised Indian stock exchange. Unlisted companies have no market price and are not in the list.
- Comparison. Rises and falls are measured against AMFI's previous list, for the six months ended 31 December 2025.
- What we changed. Nothing. The order and the values are AMFI's. We converted crore to lakh crore and rounded to two decimals.
- What it does not tell you. Sales, profit, headcount, or whether a share is worth buying. A large market value records what investors paid in that period. It is not a forecast.
| Rank | Name | Average market cap | Industry | Headquarters | Founded |
|---|---|---|---|---|---|
| 1 | Reliance Industries | ₹18.73 lakh crore | Conglomerate | Mumbai | 1958 |
| 2 | HDFC Bank | ₹12.86 lakh crore | Banking | Mumbai | 1994 |
| 3 | Bharti Airtel | ₹11.16 lakh crore | Telecom | New Delhi | 1995 |
| 4 | State Bank of India | ₹9.76 lakh crore | Banking | Mumbai | 1955 |
| 5 | ICICI Bank | ₹9.48 lakh crore | Banking | Mumbai | 1994 |
| 6 | Tata Consultancy Services | ₹9.35 lakh crore | IT services | Mumbai | 1968 |
| 7 | Bajaj Finance | ₹5.80 lakh crore | Non-bank lender | Pune | 1987 |
| 8 | Larsen & Toubro | ₹5.46 lakh crore | Engineering and construction | Mumbai | 1938 |
| 9 | Infosys | ₹5.36 lakh crore | IT services | Bengaluru | 1981 |
| 10 | Hindustan Unilever | ₹5.29 lakh crore | Consumer goods | Mumbai | 1933 |
The 10 largest listed companies in India
Ranked by average market cap. Figures as of 30 June 2026.
- 1
Reliance Industries
Energy, retail and telecom conglomerate
- Average market cap
- ₹18.73 lakh crore
- Headquarters
- Mumbai
- Founded
- 1958
- Industry
- Conglomerate
- Listing
- NSE: RELIANCE
Reliance was first in both of AMFI's last two lists, and the gap behind it is wide: its average value is 46% higher than HDFC Bank's and about 3.5 times that of tenth-placed Hindustan Unilever.
The company refines oil and makes petrochemicals, runs a retail business, and owns the Jio telecom network. The Ambani family holds about half of the shares, and Mukesh Ambani is chairman and managing director. Its average value was down 4.9% on the previous six months.
- 2
HDFC Bank
The most valuable bank in India
- Average market cap
- ₹12.86 lakh crore
- Headquarters
- Mumbai
- Founded
- 1994
- Industry
- Banking
- Listing
- NSE: HDFCBANK
HDFC Bank is the largest Indian bank by market value and the only company besides Reliance and Bharti Airtel averaging above ₹10 lakh crore. It was incorporated in August 1994, promoted by the housing lender HDFC, and opened for business in January 1995.
Its average value was down 15.2% on the previous period, one of three falls of more than 15% in the top ten. It still kept second place by ₹1.70 lakh crore.
- 3
Bharti Airtel
Telecom operator in India and Africa
- Average market cap
- ₹11.16 lakh crore
- Headquarters
- New Delhi
- Founded
- 1995
- Industry
- Telecom
- Listing
- NSE: BHARTIARTL
Airtel was third in both periods. Sunil Bharti Mittal founded it in 1995, and it now sells mobile, broadband and television services in India and runs mobile networks in Africa. The Bharti group owns about 40% and Singapore's Singtel about 8%.
It is one of only three companies in the top ten headquartered outside Mumbai. Its average value was down 6.6%.
- 4
State Bank of India
The largest government-owned bank
- Average market cap
- ₹9.76 lakh crore
- Headquarters
- Mumbai
- Founded
- 1955
- Industry
- Banking
- Listing
- NSE: SBIN
SBI is the biggest riser in the list. Its average value went from ₹8.05 lakh crore to ₹9.76 lakh crore, up 21.2%, which lifted it from sixth to fourth and past both ICICI Bank and TCS.
It is the only company in the top ten that is majority-owned by the Government of India, which holds about 55.5%. The bank took its present name in 1955 and traces its history to the Bank of Calcutta, founded in 1806.
- 5
ICICI Bank
Private sector bank
- Average market cap
- ₹9.48 lakh crore
- Headquarters
- Mumbai
- Founded
- 1994
- Industry
- Banking
- Listing
- NSE: ICICIBANK
ICICI Bank stayed fifth: SBI overtook it, and it overtook TCS. Its average value was down 5.0%. The bank was incorporated in 1994 by ICICI, a development finance institution set up in 1955. Its head office is in Mumbai and its registered office is in Vadodara.
Fourth, fifth and sixth place are close. SBI, ICICI Bank and TCS are separated by ₹40,932 crore from top to bottom, about 4% of ICICI Bank's value, so the order among them could easily change in the next list.
- 6
Tata Consultancy Services
India's largest IT services company
- Average market cap
- ₹9.35 lakh crore
- Headquarters
- Mumbai
- Founded
- 1968
- Industry
- IT services
- Listing
- NSE: TCS
TCS had the steepest fall in the top ten. Its average value was down 17.2%, a drop of ₹1.95 lakh crore, and it slipped from fourth to sixth. It remains the most valuable IT company in India by a distance: Infosys, the next largest, is worth a little over half as much.
TCS is part of the Tata Group. Tata Sons, the group's holding company, owns about 71.7% of it.
- 7
Bajaj Finance
Consumer and business lender
- Average market cap
- ₹5.80 lakh crore
- Headquarters
- Pune
- Founded
- 1987
- Industry
- Non-bank lender
- Listing
- NSE: BAJFINANCE
Bajaj Finance moved up from eighth to seventh even though its own average value was down 4.6%, because Infosys fell further. It is a non-banking financial company: it lends and takes deposits but is not a bank. It started in 1987 as Bajaj Auto Finance and is a subsidiary of Bajaj Finserv, which owns about 52.5%.
There is a clear break in the list here. Sixth-placed TCS is worth ₹3.54 lakh crore more than Bajaj Finance, while the companies ranked seventh to eleventh all sit between ₹5.1 lakh crore and ₹5.9 lakh crore.
- 8
Larsen & Toubro
Engineering and construction group
- Average market cap
- ₹5.46 lakh crore
- Headquarters
- Mumbai
- Founded
- 1938
- Industry
- Engineering and construction
- Listing
- NSE: LT
L&T is the new entrant. It was eleventh in the previous list and is eighth now, after its average value went up 5.3%. Only L&T and SBI gained value among the ten.
Two Danish engineers, Henning Holck-Larsen and Søren Kristian Toubro, founded the firm in Mumbai in 1938. It has no controlling shareholder.
- 9
Infosys
IT services and consulting
- Average market cap
- ₹5.36 lakh crore
- Headquarters
- Bengaluru
- Founded
- 1981
- Industry
- IT services
- Listing
- NSE: INFY
Infosys fell from seventh to ninth as its average value went down 15.6%. Together with the fall at TCS, that makes IT services the weakest part of the top ten in this period.
N. R. Narayana Murthy and six co-founders started the company in Pune in 1981. It is now headquartered in Bengaluru, which makes it the only company in the top ten based in southern India. Its shares also trade in New York.
- 10
Hindustan Unilever
Consumer goods maker owned by Unilever
- Average market cap
- ₹5.29 lakh crore
- Headquarters
- Mumbai
- Founded
- 1933
- Industry
- Consumer goods
- Listing
- NSE: HINDUNILVR
HUL held tenth place with an average value down 1.8%, the smallest move of any company in the list. It is the only one of the ten with a foreign parent: Unilever plc owns about 61.9%. The company began in 1933 as Lever Brothers India.
Its hold on tenth is thin. Life Insurance Corporation of India, in eleventh, is just ₹10,063 crore behind, a gap of about 2%.
What changed since the last list
Eight of the ten companies were worth less on average in January to June 2026 than in July to December 2025. Taken together, the same ten companies were worth 5.9% less than in the previous period. State Bank of India and Larsen & Toubro were the exceptions.
| Company | Rank, Jul to Dec 2025 | Rank, Jan to Jun 2026 | Average value, Jul to Dec 2025 | Average value, Jan to Jun 2026 | Change |
|---|---|---|---|---|---|
| Reliance Industries | 1st | 1st | ₹19.71 lakh crore | ₹18.73 lakh crore | −4.9% |
| HDFC Bank | 2nd | 2nd | ₹15.16 lakh crore | ₹12.86 lakh crore | −15.2% |
| Bharti Airtel | 3rd | 3rd | ₹11.96 lakh crore | ₹11.16 lakh crore | −6.6% |
| State Bank of India | 6th | 4th | ₹8.05 lakh crore | ₹9.76 lakh crore | +21.2% |
| ICICI Bank | 5th | 5th | ₹9.99 lakh crore | ₹9.48 lakh crore | −5.0% |
| Tata Consultancy Services | 4th | 6th | ₹11.30 lakh crore | ₹9.35 lakh crore | −17.2% |
| Bajaj Finance | 8th | 7th | ₹6.08 lakh crore | ₹5.80 lakh crore | −4.6% |
| Larsen & Toubro | 11th | 8th | ₹5.19 lakh crore | ₹5.46 lakh crore | +5.3% |
| Infosys | 7th | 9th | ₹6.35 lakh crore | ₹5.36 lakh crore | −15.6% |
| Hindustan Unilever | 10th | 10th | ₹5.39 lakh crore | ₹5.29 lakh crore | −1.8% |
| Life Insurance Corporation of India | 9th | 11th | ₹5.65 lakh crore | ₹5.19 lakh crore | −8.2% |
What the list tells you
Finance carries the most weight
Four of the ten are lenders: HDFC Bank, State Bank of India, ICICI Bank and Bajaj Finance. They account for 40.6% of the combined value of the top ten. If LIC had held its place, half the list would be financial companies.
The top is heavy
Reliance, HDFC Bank and Bharti Airtel make up 45.8% of the top ten's value between them. The six largest companies are each worth more than ₹9 lakh crore. Nobody else is above ₹6 lakh crore.
Mumbai dominates
Seven of the ten have their headquarters in Mumbai. The others are in New Delhi (Bharti Airtel), Pune (Bajaj Finance) and Bengaluru (Infosys).
IT services lost ground
TCS and Infosys both lost more than 15% of their average value and each dropped two places. HCLTech, the third-largest IT company, fell from fifteenth to nineteenth over the same two lists.
Who just missed the top 10
| Rank | Company | Average market cap |
|---|---|---|
| 11 | Life Insurance Corporation of India | ₹5.19 lakh crore |
| 12 | Maruti Suzuki | ₹4.41 lakh crore |
| 13 | Sun Pharmaceutical Industries | ₹4.22 lakh crore |
| 14 | Mahindra & Mahindra | ₹4.07 lakh crore |
| 15 | Axis Bank | ₹4.05 lakh crore |
Limits of this ranking
This is a six-month average that ended on 30 June 2026. It will not match the market capitalisation shown on a stock exchange or trading app today, and a company's rank on any single day can differ from its rank here.
Market value is one way to measure size. Ranked by revenue, profit or number of employees, the list would look different. AMFI publishes its next list, for July to December 2026, in early January 2027, and this page will be updated when it does.
Frequently asked questions
Which is the No. 1 company in India by market capitalisation?
Reliance Industries. Its average market capitalisation for the six months ended 30 June 2026 was ₹18.73 lakh crore, ahead of HDFC Bank at ₹12.86 lakh crore.
Which is the most valuable bank in India?
HDFC Bank, at ₹12.86 lakh crore. State Bank of India is second among banks at ₹9.76 lakh crore and ICICI Bank third at ₹9.48 lakh crore.
Is market capitalisation the same as revenue?
No. Market capitalisation is the share price multiplied by the number of shares, so it is what the stock market says the whole company is worth. Revenue is the money a company takes in from sales in a year. A company can have high revenue and a modest market value, or the reverse.
Why does this list differ from the ranking I see on a stock app?
Apps show market capitalisation at the latest share price. This list uses the average over six months, which smooths out short-term swings. The two can disagree, especially for companies that are close together.
What counts as a large-cap company in India?
Under SEBI's rules for mutual funds, the 100 largest listed companies by full market capitalisation in AMFI's list are large cap. Companies ranked 101 to 250 are mid cap, and the rest are small cap. In the current list the 100th company is GAIL, at ₹1.06 lakh crore.
How often does the ranking change?
AMFI publishes a new list twice a year, after the end of June and the end of December. Funds then have one month to adjust their portfolios to the new categories.
Sources
- Average market capitalisation of listed companies during the six months ended 30 June 2026, Association of Mutual Funds in India (AMFI). portal.amfiindia.com. Accessed 11 October 2026. Source of every market capitalisation figure and rank in this article.
- Average market capitalisation of listed companies during the six months ended 31 December 2025, Association of Mutual Funds in India (AMFI). amfiindia.com. Accessed 11 October 2026. Used for the comparison with the previous six months.
- Categorization and Rationalization of Mutual Fund Schemes, circular SEBI/HO/IMD/DF3/CIR/P/2017/114, 6 October 2017, Securities and Exchange Board of India (SEBI). amfiindia.com. Accessed 11 October 2026. Defines large, mid and small cap and how AMFI prepares the list.
- Reliance Industries, Wikipedia. en.wikipedia.org. Accessed 11 October 2026. Company background. Secondary source.
- HDFC Bank, Wikipedia. en.wikipedia.org. Accessed 11 October 2026. Company background. Secondary source.
- Bharti Airtel, Wikipedia. en.wikipedia.org. Accessed 11 October 2026. Company background. Secondary source.
- State Bank of India, Wikipedia. en.wikipedia.org. Accessed 11 October 2026. Company background. Secondary source.
- ICICI Bank, Wikipedia. en.wikipedia.org. Accessed 11 October 2026. Company background. Secondary source.
- Tata Consultancy Services, Wikipedia. en.wikipedia.org. Accessed 11 October 2026. Company background. Secondary source.
- Bajaj Finance, Wikipedia. en.wikipedia.org. Accessed 11 October 2026. Company background. Secondary source.
- Larsen & Toubro, Wikipedia. en.wikipedia.org. Accessed 11 October 2026. Company background. Secondary source.
- Infosys, Wikipedia. en.wikipedia.org. Accessed 11 October 2026. Company background. Secondary source.
- Hindustan Unilever, Wikipedia. en.wikipedia.org. Accessed 11 October 2026. Company background. Secondary source.
