Note (November 2026): This list has been updated from an older ranking to the Fortune India 500 2025 ranking, which uses FY2024-25 results. Rajesh Exports, Hindustan Petroleum, Tata Steel and Coal India are no longer in the top 10; LIC, HDFC Bank, ICICI Bank and L&T have entered it.
Quick answer: By total income in FY2024-25, India’s biggest company is Reliance Industries (Rs 9,97,795 crore), followed by LIC, Indian Oil, State Bank of India and ONGC. The figures come from the Fortune India 500 2025 list, the latest edition as of November 2026. Together, the 500 companies had a combined total income of more than $2 trillion for the first time.
Top 10 Largest Companies in India by Revenue (FY2024-25)
| Rank | Company | Total income FY25 (Rs crore) | Sector |
|---|---|---|---|
| 1 | Reliance Industries | 9,97,795 | Conglomerate (energy, retail, telecom) |
| 2 | Life Insurance Corporation of India (LIC) | 8,93,465 | Insurance |
| 3 | Indian Oil Corporation | 7,66,008 | Oil refining and marketing |
| 4 | State Bank of India | 6,63,343 | Banking |
| 5 | Oil and Natural Gas Corporation (ONGC) | 6,24,805 | Oil and gas exploration |
| 6 | HDFC Bank | 4,70,916 | Banking |
| 7 | Tata Motors | 4,49,357 | Automobiles |
| 8 | Bharat Petroleum Corporation | 4,43,948 | Oil refining and marketing |
| 9 | ICICI Bank | 2,94,587 | Banking |
| 10 | Larsen & Toubro | 2,60,745 | Engineering and construction |
How this ranking works: Fortune India ranks companies by total income, which includes other income as well as revenue from operations, using audited results for the latest financial year (FY2024-25 for most companies). 437 of the 500 companies are ranked on consolidated figures and 63 on standalone figures. That is why banks and insurers rank higher here than in lists based only on sales.
1. Reliance Industries
Reliance, chaired by Mukesh Ambani and based in Mumbai, is India’s largest company by income. Its businesses span oil-to-chemicals refining, retail (Reliance Retail) and telecom (Jio). FY25 total income: Rs 9,97,795 crore.
2. Life Insurance Corporation of India (LIC)
The state-owned life insurer was formed in 1956 and listed on the stock exchanges in 2022. Premiums and investment income put it second on the list. FY25 total income: Rs 8,93,465 crore.
3. Indian Oil Corporation
IndianOil is the state-owned oil refiner and fuel retailer, with India’s largest network of petrol pumps. FY25 total income: Rs 7,66,008 crore.
4. State Bank of India
SBI is India’s largest bank and is majority-owned by the government. FY25 total income: Rs 6,63,343 crore.
5. Oil and Natural Gas Corporation (ONGC)
ONGC is the state-owned company that explores for and produces most of India’s domestic crude oil and natural gas. FY25 total income: Rs 6,24,805 crore.
6. HDFC Bank
India’s largest private-sector bank grew further after merging with its parent, HDFC Ltd, in July 2023. FY25 total income: Rs 4,70,916 crore.
7. Tata Motors
Tata Motors makes passenger and commercial vehicles in India and owns Jaguar Land Rover. These figures are from before the company demerged its commercial-vehicle business in 2025. FY25 total income: Rs 4,49,357 crore.
8. Bharat Petroleum Corporation
BPCL is a state-owned refiner and fuel retailer. FY25 total income: Rs 4,43,948 crore.
9. ICICI Bank
ICICI Bank is India’s second-largest private-sector bank. In March 2025 it delisted its broking arm, ICICI Securities, and made it a wholly owned subsidiary. FY25 total income: Rs 2,94,587 crore.
10. Larsen & Toubro
L&T is an engineering, construction and technology group that builds infrastructure, defence and energy projects in India and abroad. FY25 total income: Rs 2,60,745 crore. TCS was a close 11th at Rs 2,59,286 crore.
Frequently Asked Questions
Which is the biggest company in India by revenue?
Reliance Industries, with total income of Rs 9,97,795 crore in FY2024-25, according to the Fortune India 500 2025.
Which is the largest government-owned company in India?
By total income, LIC (Rs 8,93,465 crore) is the largest state-owned company, ahead of Indian Oil Corporation and State Bank of India.
Which is the biggest private bank in India?
HDFC Bank, ranked sixth overall with total income of Rs 4,70,916 crore in FY2024-25.
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