Public sector undertakings, or PSUs, are companies in which the government holds a majority of the shares. Many of the largest are listed, which means part of each company trades on the stock exchange and has a market price.
This ranking orders listed companies majority-owned by the Government of India by that market value, using the six-month average published by the Association of Mutual Funds in India (AMFI). Between them the ten below were worth ₹36.97 lakh crore on average from January to June 2026.
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 in which the Government of India holds more than half the shares. That includes public sector banks and LIC as well as central public sector enterprises. Companies owned by state governments 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 | Headquarters | Founded |
|---|---|---|---|---|---|
| 1 | State Bank of India | ₹9.76 lakh crore | Banking | Mumbai | 1955 |
| 2 | Life Insurance Corporation of India (LIC) | ₹5.19 lakh crore | Life insurance | Mumbai | 1956 |
| 3 | NTPC | ₹3.61 lakh crore | Power generation | New Delhi | 1975 |
| 4 | Oil and Natural Gas Corporation (ONGC) | ₹3.38 lakh crore | Oil and gas | New Delhi | 1956 |
| 5 | Bharat Electronics (BEL) | ₹3.13 lakh crore | Defence electronics | Bengaluru | 1954 |
| 6 | Hindustan Aeronautics (HAL) | ₹2.84 lakh crore | Aerospace and defence | Bengaluru | 1940 |
| 7 | Coal India | ₹2.74 lakh crore | Coal mining | Kolkata | 1975 |
| 8 | Power Grid Corporation of India | ₹2.71 lakh crore | Power transmission | Gurugram | 1989 |
| 9 | Indian Oil Corporation | ₹2.15 lakh crore | Oil and gas | New Delhi | 1959 |
| 10 | Bank of Baroda | ₹1.46 lakh crore | Banking | Vadodara | 1908 |
The 10 largest government-owned companies in India
Ranked by average market cap. Figures as of 30 June 2026.
- 1
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 most valuable company the Government of India owns, by a wide margin. On its own it is 26% of the combined value of this list, and it is worth more than the next two companies put together.
The government holds about 55.5%. SBI's average value was up 21.2% on the previous six months, the largest rise among the ten, and it is now the fourth most valuable listed company in India of any kind.
- 2
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 was created by an Act of Parliament in 1956 and is India's largest insurance company. The government owns about 96.5%, the highest government stake in this list, so only a small part of the company trades on the market.
Its average value was down 8.2%, and it dropped from ninth to eleventh among all listed companies.
- 3
NTPC
Power generator under the Ministry of Power
- Average market cap
- ₹3.61 lakh crore
- Headquarters
- New Delhi
- Founded
- 1975
- Industry
- Power generation
NTPC, formerly National Thermal Power Corporation, is a central public sector undertaking under the Ministry of Power. Generating electricity is its core business.
Its average value was up 11.5%, which moved it from twenty-second to twentieth overall.
- 4
Oil and Natural Gas Corporation (ONGC)
Oil and gas explorer and producer
- Average market cap
- ₹3.38 lakh crore
- Headquarters
- New Delhi
- Founded
- 1956
- Industry
- Oil and gas
ONGC is the largest government-owned oil and gas explorer and producer in the country. It was founded in 1956, and the government owns about 58.9%.
Its average value was up 11.3%. ONGC and NTPC are close: ₹22,378 crore separates third from fourth.
- 5
Bharat Electronics (BEL)
Defence electronics maker
- Average market cap
- ₹3.13 lakh crore
- Headquarters
- Bengaluru
- Founded
- 1954
- Industry
- Defence electronics
BEL makes electronic equipment for the armed forces and is one of the public sector undertakings under the Ministry of Defence. The government owns about 51.1%, the smallest majority in this list.
Its average value was up 6.9%. That was enough to move it ahead of Hindustan Aeronautics, which was the more valuable of the two defence companies in the previous list.
- 6
Hindustan Aeronautics (HAL)
Aircraft and helicopter maker
- Average market cap
- ₹2.84 lakh crore
- Headquarters
- Bengaluru
- Founded
- 1940
- Industry
- Aerospace and defence
HAL designs, builds and overhauls combat aircraft, helicopters and engines. It began as Hindustan Aircraft in 1940 and took its present name in 1964. The government owns about 71%.
Its average value was down 8.4%, the largest fall among the ten. It slipped from twenty-third to twenty-ninth overall.
- 7
Coal India
State-owned coal miner
- Average market cap
- ₹2.74 lakh crore
- Headquarters
- Kolkata
- Founded
- 1975
- Industry
- Coal mining
Coal India is the state-owned coal miner, headquartered in Kolkata, and the largest coal producer in the world by output. The government owns about 63.1%.
Its average value was up 15.5%, lifting it from thirty-sixth to thirtieth overall and past Power Grid in this list.
- 8
Power Grid Corporation of India
Electricity transmission company
- Average market cap
- ₹2.71 lakh crore
- Headquarters
- Gurugram
- Founded
- 1989
- Industry
- Power transmission
Power Grid carries bulk electricity between states over its transmission network. It is a central public sector undertaking under the Ministry of Power, based in Gurugram.
Its average value was up 3.3%. Coal India and Power Grid are separated by ₹2,952 crore, about 1% of either company's value.
- 9
Indian Oil Corporation
Oil refiner and fuel retailer
- Average market cap
- ₹2.15 lakh crore
- Headquarters
- New Delhi
- Founded
- 1959
- Industry
- Oil and gas
Indian Oil is an oil and gas company under the Ministry of Petroleum and Natural Gas. It is headquartered in New Delhi and its registered office is in Mumbai.
Its average value was almost unchanged, down 0.7%.
- 10
Bank of Baroda
Public sector bank founded in Vadodara
- Average market cap
- ₹1.46 lakh crore
- Headquarters
- Vadodara
- Founded
- 1908
- Industry
- Banking
Bank of Baroda takes tenth place. Sayajirao Gaekwad III, the ruler of Baroda, founded it in 1908, and it was nationalised in 1969 along with 13 other large banks. The government owns about 64%.
Its average value was up 8.1%, moving it from sixty-sixth to fifty-eighth among all listed companies and past Indian Railway Finance Corporation and Bharat Petroleum, both of which ranked above it six months earlier.
What changed since the last list
Seven of the ten gained value. State Bank of India and Coal India rose most. LIC, Hindustan Aeronautics and Indian Oil fell. The same ten were worth ₹34.52 lakh crore in the second half of 2025.
| 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 |
|---|---|---|---|---|---|
| State Bank of India | 6th | 4th | ₹8.05 lakh crore | ₹9.76 lakh crore | +21.2% |
| Life Insurance Corporation of India (LIC) | 9th | 11th | ₹5.65 lakh crore | ₹5.19 lakh crore | −8.2% |
| NTPC | 22nd | 20th | ₹3.23 lakh crore | ₹3.61 lakh crore | +11.5% |
| Oil and Natural Gas Corporation (ONGC) | 25th | 24th | ₹3.04 lakh crore | ₹3.38 lakh crore | +11.3% |
| Bharat Electronics (BEL) | 27th | 25th | ₹2.93 lakh crore | ₹3.13 lakh crore | +6.9% |
| Hindustan Aeronautics (HAL) | 23rd | 29th | ₹3.09 lakh crore | ₹2.84 lakh crore | −8.4% |
| Coal India | 36th | 30th | ₹2.37 lakh crore | ₹2.74 lakh crore | +15.5% |
| Power Grid Corporation of India | 33rd | 32nd | ₹2.63 lakh crore | ₹2.71 lakh crore | +3.3% |
| Indian Oil Corporation | 39th | 41st | ₹2.17 lakh crore | ₹2.15 lakh crore | −0.7% |
| Bank of Baroda | 66th | 58th | ₹1.35 lakh crore | ₹1.46 lakh crore | +8.1% |
What the list tells you
Finance and energy are most of it
The two banks and LIC make up 44% of the list's value. The five energy companies, NTPC, ONGC, Coal India, Power Grid and Indian Oil, make up 39%. The two defence manufacturers, BEL and HAL, account for the remaining 16%.
SBI stands apart
SBI is worth 1.9 times as much as LIC in second place. After that the list is tightly packed: the seven companies ranked third to ninth all fall between ₹2.1 lakh crore and ₹3.7 lakh crore.
Two places changed hands
Bharat Electronics moved ahead of Hindustan Aeronautics, and Coal India moved ahead of Power Grid. In both cases one company gained value while its neighbour fell or rose more slowly.
The market value is not the government's stake
Market capitalisation counts every share, including those the government holds and does not trade. The government's own holding ranges from about 51% of Bharat Electronics to about 96.5% of LIC.
Who just missed the list
Six more government-owned companies sit just behind Bank of Baroda, all within ₹18,841 crore of it. In the previous list two of them, Indian Railway Finance Corporation (54th overall) and Bharat Petroleum (59th), ranked above Bank of Baroda (66th). Both lost value while Bank of Baroda gained, which is how it reached tenth place here.
| Company | All-India rank | Average market cap |
|---|---|---|
| Bharat Petroleum | 62nd | ₹1.42 lakh crore |
| Power Finance Corporation | 68th | ₹1.38 lakh crore |
| Indian Railway Finance Corporation | 69th | ₹1.37 lakh crore |
| Union Bank of India | 75th | ₹1.34 lakh crore |
| Punjab National Bank | 78th | ₹1.32 lakh crore |
| Canara Bank | 80th | ₹1.27 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 PSU in India?
By market value, State Bank of India, at ₹9.76 lakh crore on average over January to June 2026. Among companies that are not banks or insurers, NTPC is the largest at ₹3.61 lakh crore.
What is a PSU?
A public sector undertaking is a company in which the central government or a state government owns more than half the shares. This ranking covers those owned by the central government and listed on a stock exchange.
Is LIC a government company?
Yes. LIC was set up by an Act of Parliament in 1956 and the Government of India owns about 96.5% of it. Its shares have traded on the stock exchanges since its public offer in May 2022.
Why is Indian Railways not in this list?
Indian Railways is run by a government ministry and is not a listed company, so it has no market capitalisation. Some railway-linked companies are listed separately, such as Indian Railway Finance Corporation and IRCTC.
Does a higher market value mean the company earns more?
Not necessarily. Market capitalisation is the stock market price of all the shares. Revenue and profit are separate measures, and a ranking by either would put these companies in a different order.
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.
- State Bank of India, 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.
- NTPC Limited, Wikipedia. en.wikipedia.org. Accessed 11 October 2026. Company background. Secondary source.
- Oil and Natural Gas Corporation, Wikipedia. en.wikipedia.org. Accessed 11 October 2026. Company background. Secondary source.
- Bharat Electronics, Wikipedia. en.wikipedia.org. Accessed 11 October 2026. Company background. Secondary source.
- Hindustan Aeronautics Limited, Wikipedia. en.wikipedia.org. Accessed 11 October 2026. Company background. Secondary source.
- Coal India, Wikipedia. en.wikipedia.org. Accessed 11 October 2026. Company background. Secondary source.
- Power Grid Corporation of India, Wikipedia. en.wikipedia.org. Accessed 11 October 2026. Company background. Secondary source.
- Indian Oil Corporation, Wikipedia. en.wikipedia.org. Accessed 11 October 2026. Company background. Secondary source.
- Bank of Baroda, Wikipedia. en.wikipedia.org. Accessed 11 October 2026. Company background. Secondary source.
