India's largest companies have been ranked based on market capitalisation by Business Today every year since 1992. This year's rankings are based on the average market capitalisation of the companies for the 12-month period from October 1, 2021 to September 30, 2022.
We began with a master sample of 4,271 listed and actively traded companies. We have used the
BSE market capitalisation for all cases, except companies that are listed only on the NSE. Some 230 companies that were not traded on at least 20 per cent of the 249 total trading days in the October 2021-September 2022 period, were excluded from the list. Thereafter, we extracted the average (daily) market capitalisation of each company over the period under consideration and used it to rank the top 1,000 companies.
For a deeper perspective, we have also provided the average market capitalisation over the past two fiscals (FY22 and FY21), return on net worth (RONW) and return on capital employed (ROCE), in the tables. We have also ranked companies based on assets, profit after tax, total income and debt, and taken only consolidated numbers except in cases where companies don't report their consolidated results.
Data provider (ACE Equity) has not considered share of profit/loss of associates and joint ventures for calculating profit after tax wherever applicable.
Companies in the banking, financial services and insurance (BFSI) sector have not been ranked
on these parameters as their method of capturing and measuring these metrics is markedly different. For most companies, the financial year ending is March 31. The exceptions have been mentioned in the footnotes below the tables. All data has been sourced from the ACE Equity database as on November 7, 2022.
A few companies have also changed their names in the past one year ended September 30. For
instance, Ruchi Soya is now known as Patanjali Foods, Escorts has changed its name to Escorts Kubota, ABB Power to Hitachi Energy, Sterling and Wilson Solar to Sterling and Wilson Renewable Energy, Burger King India to Restaurant Brand Asia and Minda Industries to
Uno Minda, among others.
*This is the average market capitalisation (October to September)
*ROCE stands for Return on Capital Employed
*RONW stands for Return on Net Worth