Artificial intelligence and blockchain aren’t the only innovations reshaping global markets – India’s blue-chips are driving growth across sectors from energy to banking. But which companies top the list by market value? We’ve compiled the largest publicly traded Indian companies by market capitalisation as of 26 May 2026.
Our rankings below show the top Indian shares by market capitalisation as of 26 May 2026. Each company’s market cap is presented in US dollars (USD) – with conversions applied where relevant – alongside its latest share price.
| Rank | Company | Market cap (USD) | Share price (USD) |
|---|---|---|---|
| 1 | Reliance Industries | $192.9bn | $14.25 |
| 2 | HDFC Bank | $127bn | $24.74 |
| 3 | Bharti Airtel | $118.7bn | $19.48 |
| 4 | State Bank of India | $93.5bn | $10.13 |
| 5 | ICICI Bank | $93.1bn | $25.98 |
| 6 | Tata Consultancy Services | $87.1bn | $24.07 |
| 7 | Bajaj Finance | $61.1bn | $9.83 |
| 8 | Larsen & Toubro | $58.3bn | $42.36 |
| 9 | Life Insurance Corporation of India (LIC) | $56.6bn | $8.95 |
| 10 | Hindustan Unilever | $54.4bn | $23.16 |
| 11 | Infosys | $51.3bn | $12.67 |
| 12 | Adani Power | $49.3bn | $2.55 |
| 13 | Sun Pharmaceutical | $46bn | $19.19 |
| 14 | Maruti Suzuki India | $43.7bn | $138.97 |
| 15 | Adani Ports & SEZ | $43.6bn | $18.92 |
| 16 | Adani Enterprises | $42.3bn | $30.83 |
| 17 | Axis Bank | $42.3bn | $13.59 |
| 18 | Kotak Mahindra Bank | $40.5bn | $4.07 |
| 19 | NTPC Limited | $39.6bn | $4.09 |
| 20 | ITC | $39.6bn | $3.16 |
The information on this page is based on data from public company disclosures, including stock exchange filings and financial aggregators. It is provided for informational purposes only and does not constitute investment advice or a recommendation to trade. While considered accurate as of the stated date, figures may change without notice.
India’s financial sector has grown alongside rising credit penetration, higher household incomes and policy efforts to formalise the economy. Bank lending has generally expanded faster than nominal gross domestic product (GDP), as retail credit, MSME loans and infrastructure financing have scaled from a low base (World Bank, accessed 26 May 2026). Aadhaar, direct benefit transfers and digital payments have also brought more households and small businesses into the formal system, supporting deposits and credit demand (South Indian Bank, accessed 26 May 2026). Meanwhile, tighter regulation and asset-quality clean-ups have encouraged banks and non-bank lenders to strengthen capital buffers and risk controls. These shifts have helped financials take a larger share of India’s equity indices, making banking and diversified financial services a core part of the large-cap market (Reserve Bank of India, 20 November 2025).
India’s energy and utilities sector reflects rising power demand, fuel security needs and decarbonisation goals (MOSPI, 26 March 2025). Urbanisation, appliance ownership and industrial growth have lifted electricity use, supporting investment in generation, transmission and distribution (World Bank, accessed 26 May 2026). Thermal power remains a major part of the mix, while policy support and lower renewable costs have added momentum to solar and wind capacity (Ember, 22 April 2026). Grid expansion, lower technical losses and better payment discipline among state distribution companies are also important to sector finances (Ministry of Power, 29 December 2025). For market participants, this mix of long-term demand growth and energy transition helps explain the scale of listed utilities and energy producers within India’s market capitalisation (Economic Survey of India, accessed 26 May 2026).
India’s IT and IT-enabled services sector has become a major export engine and a key weight in domestic stock market indices (NASSCOM, 24 February 2025). Large companies across North America, Europe and Asia outsource application development, maintenance, infrastructure management and business process services to Indian providers, supported by deep talent pools and competitive costs (The Economic Times, 25 February 2025). These export revenues help diversify India’s external accounts, while supporting high-skill employment in urban centres (Press Information Bureau, 29 January 2026).
Infrastructure and capital-goods sectors are closely tied to India’s multi-year push to upgrade roads, rail, ports, power networks and urban facilities (Economic Survey of India, accessed 26 May 2026). Public-sector spending on highways, metro systems, freight corridors and renewable energy has created long project pipelines for engineering, construction and equipment suppliers (Ministry of Finance, February 2026). Firms with stronger balance sheets, technical expertise and delivery records are often better placed to win and execute these projects, contributing to market-share concentration among listed companies (Asian Development Bank, accessed 26 May 2026). Private-sector investment in manufacturing, logistics and warehousing also supports demand for industrial machinery, construction services and project management (World Bank, April 2026). As these activities are capital-intensive and often long-term, industrials and infrastructure-linked businesses have a natural place among India’s higher-capitalisation stocks (International Monetary Fund, accessed 26 May 2026).
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