Mumbai is where most of India's largest companies keep their head offices. This ranking takes the list of every listed company's average market capitalisation, published twice a year by the Association of Mutual Funds in India (AMFI), and picks out the ones headquartered in the city.
The ten below were worth ₹84.42 lakh crore between them on average from January to June 2026. Nine of the ten are also among the 13 most valuable companies in the whole country.
How this ranking works
- Measure. Average full market capitalisation for the six months ended 30 June 2026, as published by the Association of Mutual Funds in India (AMFI). For a company that trades on more than one exchange, AMFI averages the figures across exchanges.
- Who can appear. Listed companies whose corporate headquarters are in Mumbai. Companies that are only registered in Mumbai, or that have large offices there but are run from another city, are not included.
- Comparison. Rises and falls are measured against AMFI's previous list, for the six months ended 31 December 2025.
- What we changed. Nothing. The values are AMFI's. We filtered its all-company list to this group, converted crore to lakh crore and rounded.
- What it does not tell you. Sales, profit, or whether a share is worth buying. Market value records what investors paid in that period. It is not a forecast.
| Rank | Name | Average market cap | Industry | Founded |
|---|---|---|---|---|
| 1 | Reliance Industries | ₹18.73 lakh crore | Conglomerate | 1958 |
| 2 | HDFC Bank | ₹12.86 lakh crore | Banking | 1994 |
| 3 | State Bank of India | ₹9.76 lakh crore | Banking | 1955 |
| 4 | ICICI Bank | ₹9.48 lakh crore | Banking | 1994 |
| 5 | Tata Consultancy Services | ₹9.35 lakh crore | IT services | 1968 |
| 6 | Larsen & Toubro | ₹5.46 lakh crore | Engineering and construction | 1938 |
| 7 | Hindustan Unilever | ₹5.29 lakh crore | Consumer goods | 1933 |
| 8 | Life Insurance Corporation of India (LIC) | ₹5.19 lakh crore | Life insurance | 1956 |
| 9 | Sun Pharma | ₹4.22 lakh crore | Pharmaceuticals | 1983 |
| 10 | Mahindra & Mahindra | ₹4.07 lakh crore | Automobiles | 1945 |
The 10 largest companies headquartered in Mumbai
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
India's most valuable listed company is run from Mumbai. Reliance's average value of ₹18.73 lakh crore is 22% of the combined value of the ten companies in this list. Its businesses span oil refining and petrochemicals, retail and the Jio telecom network. Our Reliance SWOT analysis looks at where it is strong and where it is exposed.
- 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
The most valuable bank in the country, incorporated in 1994 and promoted by the housing lender HDFC. Its average value was down 15.2% on the previous six months, the second-largest fall among the ten, but it remains well ahead of every other bank. See our ranking of India's largest banks.
- 3
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's corporate centre is at Nariman Point. It is the largest government-owned company in India by market value and had the biggest rise in this list: its average value was up 21.2%, lifting it past ICICI Bank and TCS.
- 4
ICICI Bank
Private sector bank
- Average market cap
- ₹9.48 lakh crore
- Headquarters
- Mumbai
- Founded
- 1994
- Industry
- Banking
- Listing
- NSE: ICICIBANK
ICICI Bank has its head office in Mumbai and its registered office in Vadodara. Its average value was down 5.0%. With HDFC Bank and SBI, it makes Mumbai home to the three most valuable banks in the country.
- 5
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 is the most valuable company in the Tata Group and the largest IT services company in India. Its average value was down 17.2%, the largest fall in this list. Our TCS SWOT analysis explains what lies behind that.
- 6
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 was founded in Mumbai in 1938 by two Danish engineers and is still headquartered in the city, at Ballard Estate. Its average value was up 5.3%, which moved it into India's top ten.
- 7
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 is the Indian arm of Unilever, which owns about 61.9% of it. Its average value was down 1.8%. Our HUL SWOT analysis covers its brands and its growth.
- 8
Life Insurance Corporation of India (LIC)
The state life insurer
- Average market cap
- ₹5.19 lakh crore
- Headquarters
- Mumbai
- Founded
- 1956
- Industry
- Life insurance
- Listing
- NSE: LICI
LIC is India's largest insurer and is about 96.5% owned by the government. Its average value was down 8.2%, and it slipped out of the national top ten to eleventh place.
- 9
Sun Pharma
The largest pharmaceutical company in India
- Average market cap
- ₹4.22 lakh crore
- Headquarters
- Mumbai
- Founded
- 1983
- Industry
- Pharmaceuticals
Sun Pharma is the largest drug maker in India by market value, worth about as much as the next three combined. Its average value was up 4.2%. See our ranking of pharmaceutical companies.
- 10
Mahindra & Mahindra
Automobile maker in the Mahindra Group
- Average market cap
- ₹4.07 lakh crore
- Headquarters
- Mumbai
- Founded
- 1945
- Industry
- Automobiles
Mahindra & Mahindra, established in 1945, is headquartered at Worli and is part of the Mahindra Group. Its average value was down 5.8%. It ranks fourteenth among all listed companies in India.
What changed since the last list
Three of the ten gained value and seven lost it. The same ten were worth ₹88.80 lakh crore in the second half of 2025, so the group as a whole is 4.9% smaller.
| Company | All-India rank, Jul to Dec 2025 | All-India 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% |
| 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% |
| Larsen & Toubro | 11th | 8th | ₹5.19 lakh crore | ₹5.46 lakh crore | +5.3% |
| Hindustan Unilever | 10th | 10th | ₹5.39 lakh crore | ₹5.29 lakh crore | −1.8% |
| Life Insurance Corporation of India (LIC) | 9th | 11th | ₹5.65 lakh crore | ₹5.19 lakh crore | −8.2% |
| Sun Pharma | 17th | 13th | ₹4.04 lakh crore | ₹4.22 lakh crore | +4.2% |
| Mahindra & Mahindra | 14th | 14th | ₹4.32 lakh crore | ₹4.07 lakh crore | −5.8% |
What the list tells you
Finance is the city's largest industry by value
Four of the ten are financial companies: HDFC Bank, State Bank of India, ICICI Bank and LIC. Together they are 44% of the list's value.
Old companies dominate
The newest company in the list was incorporated in 1994. Three date from before independence: Hindustan Unilever (1933), Larsen & Toubro (1938) and Mahindra & Mahindra (1945). State Bank of India traces its history to 1806.
Two are owned by the government
State Bank of India and LIC are majority-owned by the Government of India. The other eight are privately controlled. Hindustan Unilever has a foreign parent, Unilever, and TCS is majority-owned by Tata Sons.
Mumbai's share of the national top 25
Thirteen of the 25 most valuable listed companies in India are headquartered in Mumbai: the ten here, plus Axis Bank, Kotak Mahindra Bank and UltraTech Cement.
The next three Mumbai companies
| Company | All-India rank | Average market cap |
|---|---|---|
| Axis Bank | 15th | ₹4.05 lakh crore |
| Kotak Mahindra Bank | 16th | ₹3.94 lakh crore |
| UltraTech Cement | 22nd | ₹3.48 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 position on any single day can differ from its position here.
Market value is one way to measure size. Ranked by revenue, profit, assets or number of employees, the list would look different. Nothing here is investment advice. 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 biggest company in Mumbai?
Reliance Industries, by market value. Its average market capitalisation for the six months ended 30 June 2026 was ₹18.73 lakh crore.
How many of India's top 10 companies are in Mumbai?
Seven: Reliance Industries, HDFC Bank, State Bank of India, ICICI Bank, TCS, Larsen & Toubro and Hindustan Unilever. The other three are Bharti Airtel in New Delhi, Bajaj Finance in Pune and Infosys in Bengaluru.
Which is the largest bank headquartered in Mumbai?
HDFC Bank, at ₹12.86 lakh crore. State Bank of India (₹9.76 lakh crore) and ICICI Bank (₹9.48 lakh crore) are also based in the city.
Is TCS headquartered in Mumbai?
Yes. Tata Consultancy Services is headquartered in Mumbai and is part of the Tata Group.
Why is Bharti Airtel not in this list?
Bharti Airtel is headquartered in New Delhi. This list covers only companies run from Mumbai.
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.
- 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.
- Larsen & Toubro, 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.
- Life Insurance Corporation, Wikipedia. en.wikipedia.org. Accessed 11 October 2026. Company background. Secondary source.
- Sun Pharma, Wikipedia. en.wikipedia.org. Accessed 11 October 2026. Company background. Secondary source.
- Mahindra & Mahindra, Wikipedia. en.wikipedia.org. Accessed 11 October 2026. Company background. Secondary source.
- Axis Bank, Wikipedia. en.wikipedia.org. Accessed 11 October 2026. Company background. Secondary source.
- Kotak Mahindra Bank, Wikipedia. en.wikipedia.org. Accessed 11 October 2026. Company background. Secondary source.
- UltraTech Cement, Wikipedia. en.wikipedia.org. Accessed 11 October 2026. Company background. Secondary source.
