India’s leading firms span energy, petrochemicals, automotive and telecommunications. But which companies report the largest revenues?
We’ve compiled a list of the top revenue-earning companies in India, converted to USD at the Reserve Bank of India exchange rate as of 17 April 2026.
Our rankings show the top 10 companies by revenue (turnover) in USD for the previous financial year, as of 17 April 2026.
| Rank | Company | Revenue (USD) | Share price (USD) |
|---|---|---|---|
| 1 | Reliance Industries | $116.5bn | $14.76 |
| 2 | Life Insurance Corporation of India (LIC) | $104.8bn | $9.11 |
| 3 | Indian Oil | $90.3bn | $1.58 |
| 4 | Rajesh Exports | $69.6bn | $1.37 |
| 5 | Oil & Natural Gas | $69.1bn | $3.07 |
| 6 | Bharat Petroleum | $52.4bn | $3.38 |
| 7 | Hindustan Petroleum | $51.2bn | $4.01 |
| 8 | Tata Motors | $46.9bn | $4.52 |
| 9 | State Bank of India | $43.2bn | $11.68 |
| 10 | Larsen & Toubro | $31.5bn | $44.29 |
The information on this page is based on data from public disclosures, including company annual reports and the Forbes Global 2000. It is provided for informational purposes only and does not constitute investment advice. While believed to be accurate as of the stated date, figures may change without notice.
India remained one of the world's fastest-growing major economies in 2025, with GDP growth estimated at 6.4–6.8% for FY2025, supported by strong domestic consumption, government capital expenditure, and a resilient services sector (IMF / News on AIR, 30 July 2025; NDTV, 14 October 2025). The International Monetary Fund ranked India as the fourth-largest economy globally by nominal GDP in 2025, with total output crossing $4 trillion after surpassing Japan (Times of India, 5 May 2025; Moneycontrol, 6 May 2025). This macroeconomic environment provided a stable foundation for large-cap Indian companies to maintain and expand their revenues.
Seven of the 10 companies on this list operate in energy, petrochemicals, or related sectors, reflecting India's large and growing demand for fuel, power, and refined products. India is the world's third-largest oil consumer, importing over 4.6 million barrels per day, which helps explain the scale of companies such as Indian Oil, Bharat Petroleum, and Hindustan Petroleum (U.S. Energy Information Administration, 19 December 2024. State oil marketing companies (OMCs) benefit from high-volume throughput, which raises top-line revenue figures even when profit margins remain relatively thin due to regulated retail fuel pricing (Business Standard / Nomura, 2 April 2026).
Several companies on this list derive their scale from operating across multiple business segments rather than from a single sector. Reliance Industries, for example, spans petrochemicals, retail, digital services through Jio, and media, which can help support revenue resilience across economic cycles (CPMA / Reliance Industries, 3 August 2023). Tata Motors similarly benefits from its ownership of Jaguar Land Rover, which contributes approximately 71–80% of consolidated global revenue (WhalesBook, 2 April 2026). This diversification means headline revenue figures can be driven by very different underlying business mixes, making direct cross-company comparisons more nuanced than they may first seem.
Revenue, or turnover, is a company’s total income from core operations and any non-operating activities, recorded before expenses and taxes. It reflects gross sales rather than net profit.
Newer traders can start by reviewing each company’s revenue sources, profit margins, and sector trends. You may wish to try a demo account to help build familiarity with CFD trading in a risk-free setting before trading with real funds. Contracts for difference (CFDs) are derivatives, which means you don’t own the underlying shares, and traded on margin – leverage amplifies both profits and losses.
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