Business Today 201129 PDF

businesstoday.
in The BT 500 lisT
OC
November 29, 2020 `100
SPECIAL ISSUE
INDIA’S
MOST
VALUABLE
COMPANIES
The fight for the top 20 ranks gets
tight while a host of new entrants
barge their way into the 500 list
From the Editor
http://www.businesstoday.in
BT500: Harm And Hope Editor-in-Chief: aroon purie

Group Editorial Director: Raj Chengappa
Editor: Rajeev Dubey
B
Group Creative Editor: Nilanjan Das
Group Photo Editor: Bandeep Singh
T500 is Business Today’s longest running annual project. Its unin- Executive Editor: anand adhikari
terrupted run since 1993 has been witness to every twist and turn of Deputy Editors: ajita Shashidhar,
Naveen Kumar (Money Today)
the Indian economy and every rise and fall in India Inc.
special projects and events
But it hasn’t ever seen a year like the one that is unfolding in front of our Senior Editor: anup Jayaram
eyes now. A near three-month shutdown of the economy due to the Corona- correspondents
virus-induced lockdown, widespread disruption in manufacturing, services, Senior Editors: p.B. Jayakumar, Nevin John,
Joe C. Mathew, Dipak Mondal, Manu Kaushik,
supply chains and logistics — the march of the migrants — and innumerable Sumant Banerji
Associate Editor: Nidhi Singal, Nirbhay Kumar
job losses, the effects of which will be visible in corporate India’s performance Senior Assistant Editor: Sonal Khetarpal
in the coming quarters. consulting editor: Rukmini Rao
But what is already visible in India Inc.’s health are the effects of 18 quar- research
ters of persistent slowdown. After all, while Coronavirus was unanticipated, Principal Research Analysts: Niti Kiran, Shivani Sharma
the slowdown preceding it was not. That is why, the combined net profit of copy desk
Senior Editor: Mahesh Jagota
the BT500 universe has fallen sharply by 21 per cent despite a meagre 1.2 per Associate Editor: Samali Basu Guha
Copy Editor: aprajita Sharma
cent growth in the topline. Both numbers representing a new low in corpo-
rate performance in the past four years. photography
Deputy Chief Photographers:
But just as the lockdown is opening, there appears a ray of hope. E-way bill Yasir Iqbal
Principal Photographer: Rajwant Singh Rawat
generation — which represents movement of goods worth `50,000 or higher
— has hit an all-time high of 6.41 crore in October. Power demand — repre- art
Deputy Art Director: amit Sharma
senting restarting of industrial activity — which had fallen to 85 billion units Assistant Art Director: Raj Verma
in April has risen to 110 billion units in October. The index of the eight core production
Chief of Production: Harish aggarwal
industries which had fallen to -37.9 per cent in April due to the lockdown, is Senior Production Coordinator: Narendra Singh
Associate Chief Coordinator: Rajesh Verma
still negative, but barely. At 0.8 per cent in September, it is set to get back to
positive territory. Also, with companies gradually raising output amid rising library
Assistant Librarian: Satbir Singh
demand, the PMI has hit a decadal high of 58.9. Unemployment rate is low-
Publishing Director: Manoj Sharma
er — down from the peak of 23.52 per cent in April to just 6.98 per cent. GST Associate Publisher (Impact): Vidya Menon
collections have exceeded the `1 lakh crore mark for the first time in eight impact team
Senior General Manager: Jitendra Lad (West)
months. General Managers: Upendra Singh (Bangalore)
There’s a catch, though. Macro indicators continue to be a cause of worry. Kaushiky Gangulie (East)
Private investment is showing no signs of pick-up as value of new project an- Marketing: Vivek Malhotra, Group Chief Marketing Officer
nouncements is one-fourth of long-term average, exports are at a seven-year Newsstand Sales: Deepak Bhatt, Senior General Manager
(National Sales); Vipin Bagga, General Manager (Operations);
low and with tax collections falling, both states and Centre are struggling Rajeev Gandhi, Deputy General Manager (North),
to meet public expenditure projections. Private consumption which had Syed asif Saleem, Regional Sales Manager (West),
S. paramasivam, Deputy Regional Sales Manager (South),
ground to a halt is showing signs of life — but only in select pockets. India Inc. piyush Ranjan Das, Senior Sales Manager (East)
will bear the full impact of the good, the bad and the ugly in the current finan-
cial year. Vol. 29, No. 24, for the fortnight November 16 to
November 29, 2020. Released on November 16, 2020.
But BT500 has already thrown some interesting trends. At the top, for Editorial Office: India Today Mediaplex, FC 8, Sector 16/A, Film City, Noida-201301; Tel:
0120-4807100; Fax: 0120-4807150 Advertising Office (Gurgaon): A1-A2, Enkay Centre,
years it’s been a constant battle between Reliance Industries and TCS. This Ground Floor, V.N. Commercial Complex, Udyog Vihar, Phase 5, Gurgaon-122001; Tel: 0124-
year, Reliance has taken its widest lead over TCS — `2.6 lakh crore, thanks to 4948400; Fax: 0124-4030919; Mumbai: 1201, 12th Floor, Tower 2 A, One Indiabulls Centre
(Jupiter Mills), S.B. Marg, Lower Parel (West), Mumbai-400013; Tel: 022-66063355; Fax: 022-
new investments in Jio Platforms and Reliance Retail. Corporate India’s prof- 66063226; Chennai: 5th Floor, Main Building No. 443, Guna Complex, Anna Salai,
Teynampet, Chennai-600018; Tel: 044-28478525; Fax: 044-24361942; Bangalore: 202-204
its may have fallen but expense management improved. Covid uncertainties Richmond Towers, 2nd Floor, 12, Richmond Road, Bangalore-560025; Tel: 080-22212448,
080-30374106; Fax: 080-22218335; Kolkata: 52, J.L. Road, 4th floor, Kolkata-700071; Tel:
prompted investors to invest in large and established companies as safe ha- 033-22825398, 033-22827726, 033-22821922; Fax: 033-22827254; Hyderabad: 6-3-885/7/B,
Raj Bhawan Road, Somajiguda, Hyderabad-500082; Tel: 040-23401657, 040-23400479;
vens. As a result, Top 211 firms have seen their market cap climb 21.7 per cent Ahmedabad: 2nd Floor, 2C, Surya Rath Building, Behind White House, Panchwati, Off: C.G.
Road, Ahmedabad-380006; Tel: 079-6560393, 079-6560929; Fax: 079-6565293; Kochi:
while 280 of the BT500 firms have seen a fall in market cap. Karakkatt Road, Kochi-682016; Tel: 0484-2377057, 0484-2377058; Fax: 0484-370962
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November 29, 2020 Cover by
Volume 29, Number 24 NilaNjaN das
26
Rush
illustration by raj verma
To Quality
Top BT500 companies grow at a fast
pace, while others lag, mirroring
trends in broader economy
8
Anaemic Growth Back With increase over the
a Bang previous year, and their
Market cap of BT500
troubles seem to be far
companies rose just 1.1 Bharti Airtel is in a
from over
per cent this year. Key sweet spot again,
trends from our study thanks to tariff hikes Pg. 66
Pg. 32 last year, digital
gameplan and
Less Taxing, More
Rewarding
It is raining dividends
before the new tax
rules kick in 14
Pg. 70
TABLes
MOsT VALUABLe 500
The market churn
throws up new winners
Mukesh Ambani N Chandrasekaran and losers in BT 500
Chairman & MD, RIL Chairman, Tata Sons Pg. 76
Battle Total Income The Point

Of The Titans relentless focus
on winning quality Pg. 106
The investments of customers Visible Green Shoots
Facebook and Google The economy is showing signs
Pg. 52
in Jio Platforms Profit After Tax of recovery in the festival
have cemented RIL’s season
Pg. 112
position, catapulting
Belying Hopes
its market value and
putting it way ahead of With private sector
Total Debt
TCS in the No.1 spot missing from action,
PSUs were expected Pg. 117
Pg. 36
to play saviour, an 128
expectation they failed
Market’s New to live up to Total Assets
Favourites Pg. 60 Pg.118 Network
Newly listed insurance,
mutual fund, pure play The Voracious Reader
Crisis Zone Public sector Ganesh Kumar, Coo, Raymond
credit card and small
finance banking players The 15 most-indebted Undertakings Lifestyle, is a voracious reader.
are charming Dalal non-BFSI companies Pg.124 But, what sets him apart is his
Street had a combined debt ability to read two or even three
Pg. 44 of `10 lakh crore in books parallelly
FY20, a 15 per cent
businesstoday.in
STAY CoNNeCTeD WITh US oN 130

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An Feature focus “Hire those who
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Feature”, "Focus" or “Advertorial” in Business Today. This long-term mission of
is no different from an advertisement and the magazine’s
editorial staff is not involved in its creation in any way. the company”
Greg Moran
10 Business Today 29 November 2020

The Point
VISIBLE
GREEN
SHOOTS
The economy is showing signs of
54.1
recovery in the festival season Services PMI in
October, compared
By Niti Kiran | Graphics by Tanmoy Chakraborty to 49.8 in September.
This is the first
expansion of the
services sector
since February
` 3.86
lakh crOre
Value of UPI transactions
in October,
a record high

GST Collections Manufacturing
Exceed Output Expands at
`1 Lakh Crore Multi-Year High Pace
GST COLLECTION (`crore) IHS MaRKIT INDIa MaNUFaCTURING PMI

1,20,000 60
1,00,000 50
80,000
40
60,000
30
40,000
20
20,000
0 10
Nov-15 Oct-20
Oct-20
Jan-20
Feb-20
Mar-20
Apr-20
May-20
Jun-20
Jul-20
Aug-20
Sep-20
0
2016 2017 2018 2019 2020
Dip in Car Sales Get

Number of Festive Boost,
Unemployed Rise 17 per cent
CaR SaLES
UNEMPLOYMENT RaTE (%) ('000 units)
25
69
20 69
Oct-2020
Oct-2019
164
15 139 334
2 4 21
285
13
(á17%)
10
13
5 50 57
0
Oct-19
Nov-19
Dec-19
Jan-20
Feb-20
Mar-20
Apr-20
May-20
Jun-20
Jul-20
Aug-20
Sep-20
Oct-20
Maruti Suzuki Hyundai

Tata Kia Others
Record E-way Decent Rise

Bills Generated in FDI Despite
in October Lockdown
GROSS FDI INFLOwS
E waY BILLS( in crore)
($ Million) (Y-o-Y % change)
35,727
7
31,602
29%
30,117
6
26%
25,012
23,319
5
4
3 14% 12%
2
1
0 -17%
Oct-19
Nov-19
Dec-19
Jan-20
Feb-20
Mar-20
Apr-20
May-20
Jun-20
Jul-20
Aug-20
Sep-20
Oct-20
FY17
FY17
FY18
FY19
FY20
FY21
FY18
FY19
FY20
FY21
(April to August) (April to August)

Source: PIB, CMIE, RBI, GSTN
29 November 2020 Business Today 15
The Point
Centre tightens
GRoss FIscal deFIcIt (` crore)
3,00,000
Purse strings 2,50,000
î The central government's gross fiscal deficit was 2,00,000

`43,646 crore in September, the lowest since the
beginning of the current fiscal 1,50,000
î The deficit was lower by a sharp 55.3 per cent
compared to the year-ago period. 1,00,000
î It fell due to a 26 per cent cut in government

50,000
expenditure to `2.3 lakh crore in September 2020
î Capital expenditure declined by 20.9 per cent 0
in August and by 38.9 per cent in September, on a Apr-20 Source: CMIE Sep-20
yearly basis.
Inflation
Rises, Food
Prices on Fire
IlluSTrATIon
î CPI-based inflation rose to an eight-

month high of 7.3 per cent in September
compared with 6.7 per cent in August
î The rise was led by food inflation, which
touched the highest level (10.7 per cent)
since February
î Core inflation fell slightly to 5.7 per cent
compared with 5.8 per cent in August New INvestmeNt
ProPosals see
InFlatIon (%)
15
12
9
sharP DIP In `lakh cRoRe
î The September quarter 6
6 saw new investment
Food Inflation proposals worth `58,689 5
3 crore, lower than `69,054
Retail Inflation 4
crore in the June quarter
0
î Private sector
Jan-20
Feb-20
Mar-20
Apr-20
May-20
Jun-20
Jul-20
Aug-20
Sep-20
3
announced projects
worth `32,845 crore. 2
Source: MOSPI Government proposals
stood at `25,844 crore 1
î Average quarterly new 0
investment proposals
Sep-18
Dec-18
Mar-19
Jun-19
Sep-19
Dec-19
Mar-20
Jun-20
Sep-20
were way higher at `3.6

lakh crore in two years
prior to the lockdown
Source: CMIE

The Point
Trade Import
In $ billion
Export
Shows 50
Signs of
40
30
Rebound 20
10
î Exports rose for the first
time in seven months in 0
Sep-19
Oct-19
Nov-19
Dec-19
Jan-20
Feb-20
Mar-20
Apr-20
May-20
Jun-20
Jul-20
Aug-20
Sep-20
September by expanding
6 per cent to $27.6 billion
î Imports fell 19.6 per cent
to $30.3 billion TRadE BalancE
0.6
(In $ billion)
î Trade deficit narrowed
sharply to $2.7 billion from
-2.7
$6.8 billion in August
-3.7
-4.8
-6.8
-6.9
-10
-10.2
-11.7
-11.8
-12.5
-12.8
-15.3
Frail ExpoRT GRowTh (%)
recovery
in World
Trade
î Global trade fell 4.5
per cent year-on-year
in Q3 of calendar year
2020; it had declined
19 per cent in Q2
Russian Federation*
United Kingdom*
European Union*
î There was universal

10.9
downtrend in Q3,
Unites States*
South Africa*
8.8
except for some Asian

Singapore*
Australia*
economies like China &

Thailand*
Canada*
Pakistan
Vietnam
Japan
Brazil
India
0.7
î Overall global trade

is expected to fall about
7 per cent in 2020,
Turkey
Vietnam
China
-1.2
according to UNCTAD
-4.6
-5.1
-6
-6.1
-7.7
-9.1
-9.7
-9.9
-10.6
-11.6
Growth in Q3 2020
-11.5
relative to Q3 2019 (%);

*estimates
Source: UNCTAD
-19

The Point
Unemployment Rural Wages

Rate Dips Rise 28% in
Five Years
î Unemployment rate in urban areas moderated
to 8.4 per cent in July-September 2019 from
8.9 per cent in April-June 2019, according to
Periodic Labour Force Survey (PLFS)
î Average wage for male agricultural labourers
î Urban unemployment in the age group of 15-29 in rural India has risen almost 28 per cent
years was 20.6 per cent in July-September 2019, between FY15 (`224.6) and FY20 (`286.6)
lower than 21.6 per cent in the previous quarter
î Average wage rate for male non-agricultural
î Female unemployment rate dropped labourers in rural India rose nearly 24 per cent
1.6 percentage points during the period between 2014/15 and 2019/20
URban UnemploYment Rate (%) î Karnataka saw the highest increase in wages
at 42.3 per cent, Rajasthan clocked the lowest
Jul-Sep Oct-Dec Jan-Mar Apr-Jun Jul-Sep
(10.3 per cent)
2018 2018 2019 2019 2019
aveRage Wage Rate
8.9% 9.2% 8.7% 8.3% 8% change in Five YeaRs (%)*
Punjab Jammu & Bihar
22.7% Kashmir 29.4%
23.2%
Haryana Himachal Meghalaya
15.2% Pradesh 32.4%
35.4%
mALe
Rajasthan Uttar Assam
Jul-Sep Oct-Dec Jan-Mar Apr-Jun Jul-Sep 10.3% Pradesh 25.7%
2018 2018 2019 2019 2019 34.3%
12.7% 12.3% 11.6% 11.3% 9.7% Gujarat
30.3%
Tripura
28.9%
Madhya
FemALe Pradesh West
Jul-Sep Oct-Dec Jan-Mar Apr-Jun Jul-Sep 31.6% Bengal
2018 2018 2019 2019 2019 23.7%
9.7% 9.9% 9.3% 8.9% 8.4%
Maharashtra Andhra Odisha
17.3% Pradesh 28.9%
38.9%
ALL
Karnataka Kerala Tamil Nadu INDIA
42.3% 21.8% 22.6% 27.6%
* Between FY15& FY20 for Men-Agricultural Labourers
OveRALL Source: RBI
Source: PLFS, Mospi; for all ages

The Point
PE/VC Investments Dip
î PE/VC investments fell î Excluding PE î Telecom was
21 per cent to $28.9 billion investments the top sector
IndIa
in first nine months of 2020 in Reliance with $10 billion
compared to same group entities, invested
period last year; number of the decline is across 13
SlIpS In
deals declined 10 per cent 53 per cent to deals, mainly
$17.2 billion investments in
Jio Platforms
Global INvestmeNt betweeN
HunGer
JaN-seP ($million)
40,000
Index
30,000
20,000
î India was ranked 94
10,000
among 107 nations in
Global Hunger Index
2020, behind Nepal, 0
Pakistan, Indonesia and
2016
2017
2018
2019
YTD
2020
Bangladesh
î It was ranked at 102 out Number
of 117 countries last year Of deals
1,032
î Only 13 countries,
767
686
596
588
including Afghanistan,
Nigeria and Rwanda, fared
worse than India Source: IVCa-Ey report
î The report terms hunger
India 9th in No. of IPOs

in India as 'serious' with a
score of 27.2 out of 50
î Indian stock 2019 in main markets. were the most active

Country rank markets have seen 24 There was no IPO in with two IPOs each in
initial public offers Q2 Q3 of 2020
thailand 48 (IPOs)
î Real estate, î Europe, Middle
year-to-date
Malaysia 59 hospitality & East, India and Africa
î There were four construction and accounted for a
Sri Lanka 64 IPOs in Q3 of 2020 technology and 15 per cent share in
versus three in Q3 telecommunications number of IPOs
Philippines 69
Indonesia 70 Shanghai 180
(Main Board and Star Market)
nepal 73
US NASDAQ 119
Bangladesh 75
Shenzhen 115
Pakistan 88 (Main Board, SME and Chinext)
India 94 Hong Kong 99
(Main Board and GEM)
nigeria 98 54
This is not a comprehensive list
Tokyo (First Section, Second
Source: Welthungerhilfe and Section), MOTHERS, JASDAQ & PRO 45
Concern Worldwide
Indonesia (IDX)
31
New York (nySE)
Australia (aSX) 25
India National (nSE and SME) and 24 Data for 2020 year-to-
Bombay (BSE and SME) date; Source: Ey India IPo
NASDAQ OMX and First North 23 trends report

INDIA’S MOST VALUABLE COMPANIES lead essay
Rush To
Quality
Top BT500 companies grow at a fast
pace, while others lag, mirroring
trends in broader economy
By RAJEEV DUBEy
IllUstRAtIoN By RAJ VERmA
27
or improved their EBITDA. So, cost control

has been better. This cost-cutting is likely
A
to continue,” says Sachchidanand Shukla,
Chief Economist, Mahindra & Mahindra.
Debt Rush
But the most interesting trend is in India
Inc.’s indebtedness. Despite the pressure on
top line and bottom line, the combined debt
of non-BFSI BT500 firms grew 13 per cent.
Interestingly, the bigger the company, the
more additional debt it took over. And that’s
largely because while interest rates started
crashing in early 2019, they have now hit
lip-smacking rates that firms do not want to
As lockdown opens across the country, India’s micro miss out on. Repo rate has fallen from 6.50
economy is finally beginning to show signs of life even as the per cent in January 2019 to 4 per cent now.
macro economy remains in deep freeze. But that’s just one of the “For some companies, the prevailing rates
contradictions the nation’s beleaguered economy is dealing with. are the lowest ever. I can’t think of a time
Stock markets, for instance, are completely divorced from the real when the best companies got rates lower
economy. Even when the GDP is set to shrink by a record 10-12 per than what they are getting now. Even com-
cent this year, the Sensex — already past the 40k mark — hit a new panies which didn’t need funds have cor-
all-time high of 42,645.33 on November 9, 2020. Among other con- nered debt,” says Mahindra’s Shukla.
tradictions, economic growth in rural India has been far better But there is a catch. This applies only to
than in urban India for the past few quarters; and right through the large firms as banks have opened their purse
slowdown of the last 18-odd quarters, larger strings only for large and established firms
firms have performed substantially better instead of companies they perceive as risky.
12%
vis-a-vis medium and smaller firms. “Barring top companies, you won’t see the
This year’s BT500 captures these trends. same interest rates,” says Shukla.
Combined market capitalisation of BT500 As a result, top firms have raised debt at a
companies rose 1.08 per cent as against a fall frenetic pace. While debt on books of India’s
of 1.5 per cent in the 2019 edition. But with 100 most indebted companies increased 15.6
stock investors avoiding risky investments per cent, top 10 companies’ debt grew 21.9
Rise in value of
and putting their money in large, percep- per cent. They accounted for 58.6 per cent of
Top 10 companies
tively safer companies, market cap of the the total debt of BT500’s non-BFSI universe.
in BT500
Top 10 companies rose faster by nearly 12 per “Post April, only four-five banks got liquid-
cent. “The top line is seeing formalisation as ity, and they disbursed only to the premier
market share is moving to larger players. Their higher market cap companies,” says Shukla. Small and medium
comes from that,” says Samiran Chakraborty, Chief Economist, firms’ ability to get the same rates was lim-
Citibank India. Only 211 of the 500 firms reported an increase in ited due to setback to their businesses.
market cap. In fact, smaller and medium firms registered a 21 per
cent drop in their market cap. Cost Management Accelerated
Up until Covid, a persistent slowdown last-
Revenue Flat, Bottom Line Hurt ing nearly 18 quarters had already got India
For FY20, corporate India’s top line moved largely in sync with the Inc. into an expense tightening mode. In
economy. With slowdown playing out deep across industries, all general, commodity costs have been fall-
BT500 companies together reported barely 1.2 per cent growth in ing; for better-run firms, the interest outgo
total income during the financial year. But the real impact of the has been dipping due to loan swaps and staff
slowdown is evident in the sharp dip in profits. Net profits for the costs checked by hiring of temporary staff.
BT500 universe have fallen an astounding 21 per cent. Organisations reaped maximum sav-
However, despite that, firms managed a healthy EBITDA, ings in material and labour costs and en-
which indicates top order cost management. sured tight control over travel and adver-
“Broadly, corporate India’s top line is in line with nominal tising & promotion costs. In the lockdown,
GDP. What is different is that better companies have maintained for instance, a large chunk of companies

21%
brought down travel and advertising & “Just because it’s improving does not mean
promotion to near zero. Even though, it will keep improving. Trajectory of virus
as the economy opens, both these costs is crucial. All is contingent on how the virus
start to rise, digitisation brought about behaves,” says Crisil’s D.K. Joshi.
by the lockdown will leave a long-term For instance, October auto sales have
impact on cost and productivity. “Ev- seen an astounding growth over October
erybody used this period to rethink and Fall in market cap of 2019; power demand is growing at a very
find different ways of doing business, small and medium healthy rate; GST collections hit an eight-
which will increase productivity in the companies month high in October, crossing the `1 lakh
long run,” says Citi’s Chakraborty. crore for the first time this fiscal; e-way bills
However, economists caution are showing a consistent upward trend and
against the serious downside of ag- grew over 21 per cent in October. “In auto,
21.4%
gressive expense management: direct the base was low. The numbers were dipping
impact on the informal sector. “Most since July. When you adjust for low base and
important in EBITDA management pent-up demand, even people in the industry
is the line item of ‘other expense’. It’s are taken by surprise,” says Shukla.
the business of transport, canteen, etc. There are other signs of hope too. Since
This is bound to hurt the informal sec- firms are raising output amid uptick in de-
tor,” says Shukla. “EBITDA has been Fall in net profit of mand, manufacturing PMI rose to 58 in Oc-
largely maintained because you are BT500 companies, de- tober from lows of under 30 during the lock-
squeezing the informal sector. There spite a 1.2 per cent rise down. Petrol and diesel sales have breached
are exceptional cuts in unnecessary in total income last year’s numbers, signaling greater vehic-
versus necessary.” ular movement ahead of the festive season.
“Manufacturing is bouncing back every-
Dividend Rush where. It’s on a stronger footing. The sticking
Then there’s the dividend rush, peculiar and specific to FY20 due point will be services — airlines, hotels, res-
to a surprise announcement in the Budget. In the past five years, taurants, travel and tourism. Behaviourally,
companies have, on an average, paid 43 per cent of the year’s net services will remain subdued due to anxi-
profits as dividends. But FY20 was exceptional. Despite shrinking ety,” says Joshi. Also, CMIE’s unemploy-
bottom lines, companies chose to distribute an astounding 66 per ment rate fell from the worst 23.5 per cent in
cent of their earnings in the financial year. As a result, despite a 21 April to just under 7 per cent in October.
per cent drop in combined net profit of BT500 firms, dividend paid “Don’t get carried away by two-three
shot up to a high of `2.27 lakh crore during FY20, growing 14.7 per months’ numbers. Because this is how psy-
cent as against just 2.8 per cent in the previous year. chology works. People are hoping against
hope. So far, vaccine hopes are not reflecting
he new dividend taxation rules effective in consumer sentiment and faith in the real
April 1, 2020, scrapped dividend distri- economy,” says Shukla. Crisil’s Joshi adds:
T
bution tax (DDT), which was paid by “The initial pickup is because we fell very
companies. Instead, it shifted the inci- sharply. I won’t extrapolate these trends.”
dence of dividend taxation to share- With all-round growth still looking dis-
holders at their applicable tax rates. tant, the big question is whether the growth
This hit promoters the most. A promot- in pockets of the economy will sustain be-
er with income in excess of `5 crore will yond the festive season. A similar cheer last
now pay up to 43 per cent tax on dividend income. Under the previ- year due to demand in September-February
ous tax rules, the effective tax rate was 20.56 per cent (including turned out to be a false alert. “Recovery back
cesses and surcharges), borne by the dividend paying company. to pre-Covid level is definitely happening.
“Dividends need to be seen in conjunction with the Budget. Every- The recovery index is at 90 per cent of pre-
body is rushing to give it back to the promoters,” says Shukla. Pro- Covid. The last 5-7 per cent will be perma-
moters of private firms rewarded themselves the most with `68,845 nent damage. But the question is, how much
crore in dividends, followed by government with `35,686 crore. of the recovery is from pent-up demand?”
says Chakraborty. “There are two lost years
Signs Of Life before we get back to pre-Covid levels.”
There are definite signs of life in pockets of the economy but it
would be fatal to mistake them for an about turn in slowdown. @rajeevdubey

INDIA’S MOST vALUABLE COMPANIES BY the nUmBerS
Anaemic TOP fIvE hOLd GROUNd

1 reliance
1 Industries
1,050,4892
778,973
Growth
Market cap of BT500 companies
rose just 1.1 per cent this year.
2 tata Consultancy
2 Services
3 hdFC
3 Bank
4 hindustan 477,054
608,564
601,661
790,385
772,458
Key trends from our study 4 Unilever 379,125

By Shivani Sharma 5 housing 345,449
Graphics by Tanmoy Chakraborty development
5 344,325
Finance Corp.
2020 rank 2019 rank Average MCAP (` crore)
1 Oct 2019 - 30 Sept 2020
1 Oct 2018 - 30 Sept 2019
ROARING BEARS
the average market cap of
Bt500 companies rose only
1% in 2020, despite 34%
growth in rIl mcap
BT500 MCAP*
50
40
% change
30
20
10 SECTORAL
0
-10
wINNERS
7 Kotak Mahindra Bank 280,562
3 HDFC Bank 608,564
13 maruti Suzuki India 192,898
11 State Bank Of India 2,16,328

140
42 Mahindra & Mahindra 64,366

139
137
(` lakh crore)
107 Kansai Nerolac Paints 25,094
113
94
53 Berger Paints India 49,935

94
83
115 Bharat Electronics 22,338
38 Pidilite Industries 72,037

62
8 ICICI Bank 2,74,561

58
61
14 Asian Paints 169,354

44
54 Hero MotoCorp 48,729
163 AIA Engineering 15,667
5 HDFC 345,449
52 Eicher Motors 52,029
72 Havells India 37,934

33 Bajaj Auto 83,661
110 ABB India 23,372

2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
57 Siemens 46,522
76 UPL 37,331
*Since 2002, average market

capitalisation between April 1
and September 30 was being
used to calculate the total. Also
before 2011, state-run companies
were listed separately. Since 2015
figures are the average market cap aUto & CapItal BFSI ChemICalS
for the period Oct -Sept . anCIllarIeS GoodS

4 Hindustan Unilever 477,054
321
186
372
10 ITC 254,327
472
379
467
365
354
499
404
2020
2020
18 Nestle India 152,320
FmCG
RANK
RANK
34 Dabur India 83,623
716
297
262
264
236
566
945
206
608
1,273
2019
2019
36 Britannia Industries 78,596
HEG
2 TCS 790,385
TOP LOSERS
TOP GAINERS
6 Infosys 326,616
IIFL Finance
Dish TV India
15 HCL Tech 159,354
GMM Pfaudler
Alok Industries
Future Consumer
19 Wipro 136,068
It & IteS
COMPANY
COMPANY
Thomas Cook (India)

41 Tech Mahindra 65,899
Ruchi Soya Industries
Alkyl Amines Chemicals

IOL Chemicals & Pharma
27 Coal India 98,949

35 Hindustan Zinc 82,693
UP
591
159
143
210
140
245
236
202
249
58 Vedanta 45,325
1,087
dOwN
73 Hindalco Industries 37,709

96 NMDC 29,144
mInInG & metalS

Figures are 2020 rank and average mcap (in ` cr) for Oct 2019 to Sept 2020
1 Reliance Ind. 1,050,489
21 ONGC 121,897
29 Indian Oil Corp. 96,722
31 Bharat Petroleum 91,813
8
29 November 2020 Business Today

oIl & GaS
2.6%
Crude oil
55 GAIL (India) 47,726
25 Sun Pharma 108,437

47 Divis Laboratories 59,296
48 Dr. Reddys Lab. 58,957
Growth %
Banks
59 Cipla 44,885
28
0.4%
pharma &
65 Biocon 40,044
healthCare
FmCG
26 NTPC 101,002
30
no sector has shown healthy growth
30 Power Grid Corp. Of India 93,690

It
68 Adani Green Energy 39,529

0.2% 0.2%
23
power
99 Adani Power 28,250
No. of Companies
TOP PERfORMING SECTORS
118 NHPC 21,973
33
INDIA’S MOST VALUABLE COMPANIES RIL vs TCs
Battle
Of The
Titans The investments of
Facebook and Google
in Jio Platforms
have cemented RIL’s
position, catapulting
its market value and
putting it way ahead of
Mukesh Ambani
TCS in the No.1 spot Chairman & MD, RIL
By NeviN JohN
photgraph By BaNdeep siNgh

photograph By rachit goswami
N Chandrasekaran
Chairman, Tata Sons

INDIA’S MOST VALUABLE COMPANIES RIL VS TCS
the Google investment of `33,737 crore for a

7.73 per cent stake were done. Ambani sold
32.97 per cent in JPL to raise `1.52 lakh crore,
In
amazing industrialists who were confined to
their homes. These deals resulted in the av-
erage market cap of RIL during the October
2019-September 2020 period touching `10.5
lakh crore, a 35 per cent rise over the previ-
ous year.
The battle for the top spot in the BT500
rankings ever since its inception in 2003
has been a two-horse race — between RIL
and Tata Consultancy Services (TCS). RIL
held the top spot from 2003 to 2012, before
TCS became numero uno from 2013 to 2017.
RIL took the top spot again since 2018. In
early March, when the government was contemplating a na- 2019, while RIL was the leader with an av-
tionwide lockdown to control the spread of coronavirus, billion- erage market value of `7.78 lakh crore, TCS
aire Mukesh Ambani’s core team was in the last lap of negotiations was just a hair-breadth behind at `7.72 lakh
with global tech giants Facebook, Intel, Qualcomm and a slew crore. This time, while TCS is at `7.8 lakh
of foreign private equity investors, inviting them to invest in Jio crore, RIL is streets ahead at `10.5 lakh crore.
Platforms (JPL), the telecom and digital subsidiary of Reliance That’s exemplified by the way RIL’s
Industries (RIL). Talks with Google were also shaping up, though share hit a peak of `2,369 in mid-Septem-
there were differences on valuation. The lockdown had a devastat- ber, from the low in March, scripting a 170
ing effect on the economy — factories grounded to a halt, migrant per cent rise in six months. The market cap
workers rushed to their home towns, the stock market crashed and crossed `15 lakh crore for the first time for
banks counted on possible loan defaults. On March 23, RIL’s share any Indian company. Apart from the JPL
crashed to `875 from its January high of around `1,500. deals, another subsidiary, Reliance Retail
A month later, on April 22, JPL announced sale of 9.99 per cent Ventures (RRVL), raised `47,265 crore by
stake to Facebook for `43,574 crore. Over the next three months, selling 10.52 per cent stake to seven private
when everyone was working from home, 13 more deals, ending with equity giants, including Silver Lake, KKR,
How The Top 5 Fared

Average Market Cap FY20
Oct 1, 2019 - Oct 1, 2018 - Oct 1, 2017 - Oct 1, 2016 -
Company Name Sept 30, 2020 Sept 30, 2019 Sept 30, 2018 Sept 30, 2017 Total Income
Reliance Industries 1,050,489 778,973 627,315 416,125 350,689
Tata Consultancy Services 790,385 772,458 622,143 466,816 139,388
HDFC Bank 608,564 601,661 511,218 377,676 138,073
Hindustan Unilever 477,054 37,9125 315,599 210,631 39,518
HDFC Ltd 345,449 344,325 301,766 236,569 58,763

General Atlantic, Mubadala and ADIA. In fuel retail, RIL sold 49 per
cent stake to BP plc and raised `7,629 crore. The company also ex-
ecuted the largest rights issue of `53,124 crore and raised 25 per cent
(`13,275 crore) of the total during the time of subscription in June.
As a result, RIL mopped up an investment of `2.5 lakh crore during
the pandemic and cleared off the entire net debt of `1.61 lakh crore
it had in March.
The meteoric rise in RIL share prices helped the recovery of the
Sensex and the Nifty from historic lows. According to brokerage
house Motilal Oswal, RIL has dramatically increased its weight-
age in the Nifty to 14.9 per cent in September from 9.8 per cent in
32.97%
December last year. In comparison, total weightage of the IT sec-
tor increased to 16.8 per cent from 12.8 per cent during this period.
Banking, financial services and insurance (BFSI) companies still
have the highest weightage of 33.3 per cent. It fell from 42 per cent.
his is the largest difference in market

RIL's stake sale in Jio capitalisation between RIL and TCS in
T
Platforms to global giants, the last eight years. TCS overtook RIL
including Facebook and recently in March, when the latter’s
Google. RIL raised a total of share price crashed more than that of
`1.52 lakh crore through the the IT major. As on October 30, the mar-
stake sales ket capitalisation of RIL stood at `13.52
lakh crore, compared to TCS’ `10 lakh
crore. The IT giant’s shares scaled an all-time high of `2,885 in the
second week of October, rising over 72 per cent in seven months,
72%
thanks to its `16,000-crore share buyback plan. However, RIL’s
share price has been slipping from the second week of October and
fell the most after the September-quarter result.
Since N. Chandrasekaran, former MD and CEO of TCS, be-
came the Chairman of the Tata group in 2017, the tech giant’s im-
portance inside the group has risen. Chandrasekaran started im-
Rise in TCS' shares in the plementing the TCS way of doing things in other group firms. It is
seven months to mid-Oc- showing results, especially in digital transformation, e-commerce
tober. It scaled an all-time outreach and creation of businesses by realigning old ones.
high of `2,885 in October There are many strong companies behind TCS in the pecking
FY19 FY20 FY19 FY20 FY19 FY20 FY19 FY20 FY19
Total Income PAT Networth Total Debt Cash and Bank Balance
380,438 30,903 35,163 424,579 405,311 262,345 161,720 8,443 3,768
130,797 33,260 30,065 73,486 78,640 0 6 4,824 8,900
116,598 26,257 21,078 170,986 149,206 N/A** N/A** 86,619 81,348
38,888 6,738 6,036 8,015 7,634 0 0 5,017 3,688
43,378 17,770 9,632 85,149 76,257 419,102 366,214 3,426 1,596
All figures in ` crore; * Market cap numbers are average of the entire year; ** Banks do not give out debt figures; Source: Ace Equity

INDIA’S MOST VALUABLE COMPANIES RIL VS TCS
15%
order. HDFC Bank, which overtook TCS once in 2017, stands third
with an average market capitalisation of `6.1 lakh crore, at a time
when the Indian banking sector is struggling due to the fear of a rise
in non-performing assets (NPAs). The HDFC group is also growing
strong with HDFC Ltd, HDFC Life, HDFC Asset Management and
Gruh Finance. In fact, it jointly overtook 29 Tata group companies
once last year. Hindustan Unilever (HUL) is the only multinational Fall in RIL's net profit to
in the top five. HUL, which saw a 600 per cent spike in market value `9,567 crore in Q2 FY21.
over the last 10 years, saw things slow down in the last one year. Revenue declined 24 per
HUL’s market cap stood at `4.87 lakh crore on October 30, followed cent to `1.16 lakh crore
by HDFC Ltd at the fifth spot with `3.45 lakh crore.
4.9%
Driving Transformation
V Srikanth, Joint Chief Financial Officer, RIL, says the market capi-
talisation of the company increased by more than $100 billion dur-
ing March-August on the back of equity addition, including rights
issue, investments by strategic and financial institutions and clear
articulation of growth plans and its execution. “From the market Increase in TCS' net profit
capitalisation point of view, we are in top 50 globally and top 10 to `8,433 crore in Q2.
in Asia. All these activities mean that we make our balance sheet Revenue rose 3 per cent
strong and all these funds support future growth plans,” he adds. to `40,135 crore
During the first half of 2019/20, RIL posted a net profit of
`23,850 crore on revenues of `2,29,314 crore. While profit dropped
15 per cent year-on-year to `9,567 crore in the July-September tail, which together constitute 40-45 per cent
quarter, operational revenue dipped 24 per cent to `1.16 lakh crore. of its business. It affected profitability. BFSI
saw spending cuts, while retail went through
CS’s net profit rose 4.9 per cent to `8,433 structural changes. As a result, growth went
crore in the second quarter, while reve- down to below 10 per cent even before the
T
nue increased 3 per cent to `40,135 pandemic. “We were hopeful that we will be
crore. The company has been investing able to get back to double-digit growth but
in research and innovation, intellectual then the pandemic came...But we see growth
property and digital upskilling of em- coming back now, and we are quite hopeful
ployees over the years. V Ramakrish- of getting back to double-digit levels,” says
nan, Chief Financial Officer, TCS, says Ramakrishnan. “In the long term, the busi-
there has been waves of changes happening in technology in the ness model, investments and the compelling
last couple of decades, in terms of applications, data management factors will continue to guide us through.”
and communications. “But TCS stayed ahead of the curve by sens- RIL is also betting big on its digital ver-
ing the changes early and working with niche tech companies and tical. JPL is foraying into broadband in a big
the understanding new customer needs in the disruptive business way. It has made its network 5G-ready and
environment,” he adds. The company implemented the working- is preparing for trials. It has also launched
from-home model for employees during Covid. From a highly cen- products such as JioMeet, e-learning and
tralised one with large campuses accommodating thousands of online healthcare services. Reliance Retail
employees, TCS was able to switch to a distributed delivery model, recently launched e-commerce venture
with 95 per cent of its 448,000 workforce enabled to work remotely, JioMart in 200 cities. Jio currently has 405.6
in a matter of days through their new operating model called Se- million customers on its network, while Re-
cure Borderless Workspaces (SBWS). TCS was also among the first liance Retail has around 12,000 stores.
to announce the 25x25 work model, through which only 25 per cent The stage is set, and the battle of the big-
of its employees will need to work from office by 2025 at any point of gies will be more ferocious as the market
time and every associate will be able to realise their potential with- rides back to pre-Covid growth levels.
out spending more than 25 per cent of his/her time in a TCS office.
During the last two years, TCS saw a slowdown in BFSI and re- @nevinji

INDIA’S MOST VALUABLE COMPANIES BFSI
Market’s New
Favourites
Newly listed insurance, mutual
fund, pure play credit card and
small finance banking players are
charming Dalal Street
By ANANd AdhikAri
illustrAtioN By rAj vermA
August, HDFC Life, the fastest-growing private sector
in
life insurance company, entered the coveted Nifty-50, the
flagship index of the National Stock Exchange tracked by
global investors. The newly listed private insurer is now rub-
bing shoulders with the likes of HDFC Bank, ICICI Bank,
Axis Bank and Kotak Mahindra Bank. Soon, Life Insurance
Corp of India (LIC) is also set to debut on Dalal Street, which,
according to experts, could be dubbed as India's ARAMCO
moment (the Saudi Arabian oil major recently turned out
to be the company with the largest market cap globally). In
fact, with a likely valuation of over `10 lakh crore, LIC will
only be second to Reliance Industries in market cap (`14
lakh crore), ahead of biggies such as TCS, HUL and Infosys.

The BFSI — banking, financial services

and insurance — game is changing the stock
market. For decades, banks and non-bank-
ing financial firms (NBFCs) ruled the stock
market in terms of market cap and investors
interest. However, the last few years have
seen increasing number of listings from life
insurance, general insurance, mutual fund
asset management companies (AMCs),
pure play credit card companies and small
finance banks. Business Today’s listing of top
500 companies in India captures the trend.
HDFC Life, for instance, has gone up eight
ranks, from 32 to 24. A pure play credit card
company, SBI Cards & Payments, which got
listed this year, has been ranked 43rd in the
very first year. HDFC AMC has improved its
ranking from 75th to 49th position. Small fi- SBI Cards & Payments: First pure
nance banks have also found a place among play credit card company, with
the top 100 companies.
market value almost half of parent’s
The Positives
So, what is working in their favour?
t
A well-established brand name, global he initial public offering of SBI Cards &
tie-ups, a stable business model with exist- Payments, a subsidiary of India’s largest
bank, came at a time when the pandemic
ing operation of 15-20 years, profitability, was raging around the world. The issue
and a huge opportunity to grow the business was listed a week before the nationwide
lockdown. The stock market tanked soon
are some of the reasons for investor interest after. But that didn't deter the spirits of SBI
in these companies. “We have now widened Cards, a pure play credit card company,
and deepened customer offerings. Globally, on Dalal Street. The issue, which was oversubscribed by over
26 times, gave a 22 per return at its peak price against the
financial services comprise deposit-taking offer price of `750-755 per share. Current stock appreciation
machines, or banks, asset management is around 6-7 per cent. The market capitalisation of `75,000
crore in the very first year of listing is a big feat compared to
companies for investments and life insur- the parent's `173,000 crore.
ance entities for protection as well as invest- These achievements reflect in the BT-500 Study where the
company has been ranked 43rd. In 2019/20, it earned profits
ments,” says Vimal Bhandari, a veteran in of `1,245 crore against `845 crore in the previous year.
financial services, who sits on boards of RBL SBI Cards was set up as a joint venture between SBI
Bank, Piramal and DCM Shriram Group. and GE Capital some 23 years ago. Three years ago, SBI and
private equity player Carlyle Group acquired GE's stake. Cur-
According to Amit Tandon, Founder and rently, SBI holds 74 per cent of the equity and Carlyle 26 per
MD of proxy advisory firm IiAS, and for- cent. The card business is a very lucrative segment for banks.
HDFC Bank, ICICI Bank, Axis Bank, BOB Cards are major play-
mer MD of Fitch Ratings in India, these are ers in this segment. Global players such as Citi, StanChart and
all professional companies with pedigree American Express, which have a long history, are selective in
picking customers.
of large institutions. “In the next decade, Post the pandemic, new innovations, including e-cards
linkages with their parents will tend to fray with instant PIN generation, are fast catching up among
young customers. In fact, the company was among the very
because of regulatory and other factors to few to introduce NFC or contactless technology. "We also
make them truly professionally run compa- started video KYC and e-sign for contactless and presence-
nies,” he says. Investor interest, including less customer on-boarding," says the company.
The biggest risk in investing in a credit card company
from global companies, also stems from the comes from the unsecured nature of the business. In the past,
professional management and independent the card business has witnessed huge losses because of high-
er defaults. Given the economic slowdown, salary cuts and
boards of these new listers. job losses, there are chances of higher delinquencies. This
The one thing common among these is already evident in the second quarter results of SBI Cards.
Gross NPAs have jumped to 4.29 per cent in July-September
companies is that they all started some 15- 2020/21 against 2.33 per cent a year-ago. Higher delinquen-
20 years ago when the sector opened up cies have also impacted profitability.

health insurance providers. “We will

have niche BFSI segments in future,
New BFSI Players In Town like health insurers, getting listed in

the stock market. Investors will have a
choice between life, non-life and health
...current crop of listed players belong to to invest,” says the CEO of a private sec-
big, established institutions tor life insurance firm. It’s like diversi-
fying within the sector itself. Currently,
BFSI Players BT500 Market Total Net the investment in a life insurance stock
Rank Cap* Assets Profit generally get precedence over general
HDFC Life Insurance 24 113,523 132,162 1,295 insurance in terms of diversification,
compared to banks and NBFCs. “Life
SBI Life 32 85,568 165,580 1,422
insurance comes first when one thinks
SBI Cards & Payments 43 63,854 25,302 1,245 of taking insurance. So, this business
ICICI Prudential Life 44 63,172 144,253 1,068 has huge potential,” says Mohit Man-
HDFC AMC 49 58,705 4,308 1,262 gal, Research Analyst at Anand Rathi
Shares & Stock Brokers.
ICICI Lombard 50 58,168 37,043 1,194
The largest state-owned reinsurer,
BT500 rank 2020 based on market capitalisation; all figures in ` crore for GIC Re, is also listed in the market. In
2019/20: * market cap numbers are average for October 2019 to September the mutual fund segment, UTI Mutual
2020; Source: Ace Equity
Fund got listed last week. HDFC AMC
and Nippon Life AMC are the other
two listed mutual fund houses. Market
15%
grapevine has it that SBI AMC is also
firming up plans for listing. “AMC is actually a fee-based business
and comes close to businesses like credit ratings,” says Gaurav Jani,
analyst at Centrum Broking. CRISIL and Care Ratings are current-
ly listed. “It is a choice between AMC and credit rating for investors
when it comes to investments,” adds Jani.
CAGR of HDFC AMC's revenues in SBI Card & Payments is the only pure play card company listed
the last five years. Net profit has on the bourses. Similarly, there are also small finance banks, which
grown at a CAGR of 25 per cent are mostly micro finance institutions with decade of experience
during the same period that have now converted into banks.
Strong Numbers
The numbers speak for themselves. In the last five years, HDFC
AMC has grown its revenues at a compounded annual growth
for private participation. The first set of li- rate (CAGR) of 15 per cent to `2,000 crore, with net profit show-
cences was secured by large private institu- ing a CAGR of 25 per cent to `1,262 crore. The AMC has around 38
tions in partnerships with global giants in per cent of its AUM locked in equity schemes, while 62 per cent is
mutual fund, insurance, credit card etc. For parked in fixed-income instruments. “Our unique investor count
instance, from a single player (LIC) in the stands at 56 lakh, against the industry total of 2.08 crore. So, over
life insurance sector some two decades ago, one out of every four mutual fund investors have invested with us,”
there are now over two dozens. Private sec- Milind Barve, MD, HDFC AMC, recently said to investors.
tor companies have also been steadily build- HDFC Life faced some initial hiccups, but later witnessed a
ing scale. The most profitable ones, includ- turnaround. The credit goes to Amitabh Chaudhry, who recently
ing HDFC Life, ICICI Pru Life and SBI Life, left the company to head Axis Bank. In 2019/20, the company col-
are listed on the bourses. Similarly, general lected new business premium of `17,238 crore, and had a market
insurance has two listed entities — one each share of 21 per cent. The life insurer’s AUM is around `1.27 lakh
from private (ICICI Lombard) and public crore, with a balance portfolio of unit-linked plans (28 per cent),
(New India Assurance) sectors. The sec- participating policies (19 per cent), non-participating (41 per cent),
tor has some 34 players, including pure play protection (8 per cent) and annuity (4 per cent).

New BFSI Segments Huge growth

opportunities in
under-penetrated
Digital Boost
Like in banking, the digitisation of offerings
right from customer on-boarding to servic-
...an opportunity to insurance and ing is transforming business models. ICICI
mutual funds
diversify Lombard, for instance, issues over 96 per
cent of its policies online. The insurance in-
dustry manages renewals and claim settle-
Life insurance
ments online. There are now AI-enabled
offers low-risk
annuity business claim settlement engines. Public sector
for investors companies, however, have still some catch-
ing-up to do in the digitisation space.
These new businesses have huge oppor-
Mutual fund or tunities to grow if one look at penetration
AMC business is levels. The share of household savings in
pure fee-based financial assets (excluding physical assets)
business shows the share of mutual funds at 6 per cent
and insurance at 11 per cent. Given the fall-
ing interest rates, equity as an asset class will
Pure play credit
see an exponential growth. Similarly, the
card business
penetration of life and general insurance has
offers high-risk,
high-return
been in single-digits for decades. Small fi-
opportunity nance banks such as Ujjivan are operating in
under-served and under-banked territories,
where there is huge potential for growth.
Small finance These new business models also have
28%
bank has their risks. For instance, SBI Cards recently
considerable saw gross NPAs doubling in the second
exposure to MSME quarter of 2020/21 because of lockdown and
businesses economic slowdown. The general insurance
business of motor, fire etc is linked to the
performance of the economy and the indus-
Year-on-year growth in cardholders trial sector. In its recent report, HDFC Secu-
of SBI Cards in 2019/20. Card rities cautioned that more health claims due
spends jumped 27 per cent during to a second wave of Covid could result in sig-
the same period nificant increase in claims. Some companies
recently exited the crop insurance business
because of higher underwriting losses. Simi-
larly, unit-linked business in life insurance
depends on stock movements. During a bear
In its recent report, Emkay Global said HDFC Life’s balanced phase, the return comes under pressure.
product mix provides a cushion against any business cyclicality. AMCs also face credit risks like in the
“We expect margins to improve gradually with the rising share of event of the IL&FS failure. “It is difficult to
protection plans and increasing penetration in geographies,” ac- manage a risk,” says Jani of Centrum. This
cording to the report. Dinesh Khara, the new SBI chairman, who is because some of the investment grade pa-
was on the board of SBI Cards as a director, recently said the com- per became junk overnight. Small finance
pany’s card business is growing faster than the industry average. banks, too, have a higher reliance on unse-
This reflects in the 28 per cent year-on-year growth in card holders cured products and a particular class of bor-
to 1.05 crore in 2019/20. Card spends jumped 27 per cent to `1.30 rowers who are not salaried.
lakh crore in the same period. Investors therefore need to be careful
In the small finance banking space, Ujjivan Small Finance while taking pricing bets, and invest long-
Bank is riding high. It reported a 49 per cent year-on-year jump in term in these new businesses.
revenues to `3,026 crore, while net profit rose 76 per cent to `350
crore in 2019/20. @anandadhikari

Sunil Bharti Mittal
Chairman, Bharti Airtel

INDIA’S MOST VALUABLE COMPANIES BHARTI AIRTEL
Back With
a Bang
By MANU KAUSHIK
Bharti Airtel is
in a sweet spot
again, thanks
to tariff hikes
last year, digital
gameplan and
relentless focus
on winning
quality customers
t’s not hard to figure out where a company is headed. Among other
I
things, it requires paying attention to words of its leadership team.
In Airtel’s case, there are compelling reasons to believe that the com-
pany wants to shed the tag of a telecom firm and be known as a digital
services company. CEO and MD (South Asia and India) Gopal Vittal
emphasised on this at the latest conference call with investors, there
was ample prior evidence of the company’s ambitions. For instance,
the number of times Vittal mentioned ‘digital’ during earnings call
jumped from zero in June 2018 quarter to four in December 2019
quarter to 28 in March 2020 quarter.
“We are maniacal about morphing ourselves into a digital servic-
es provider by riding on our core strengths and building this virtual
flywheel... I see all this coming together to make Airtel more mean-

INDIA’S MOST VALUABLE COMPANIES bharti airtel
ingful for customers than ever before,” Vittal told investors during continues today. The telco also moved out of
the earnings call. 3G completely and re-farmed the 900 MHz
spectrum, used to deliver 2G, for 4G, where
is clear that Airtel is building a new narra- all the action has been happening.
tive around itself. There are largely three le- Then, it acquired smaller players like
It
vers for this transformation: pandemic-led Telenor India, Videocon Telecom and Tata
change in the telecom ecosystem, a similar Teleservices’ mobile business. These didn’t
shift at arch-rival Reliance Jio and search give it a stable customer base but brought
for new revenue sources. For instance, Air- valuable spectrum. “It was a buyers’ mar-
tel’s digital platform is a bouquet of services ket when Airtel acquired these companies
and products either developed in-house or through partnerships. in 2016-2018. The fringe players could not
The telco has been silently building digital assets over the past withstand Jio’s onslaught. That gave Airtel
three years, a domain where it employs over 1,200 people. a chance to bolster its spectrum holding and
And markets are happy with the makeover. Airtel has made a prevent acquisition of these entities by Jio,”
comeback into the top 10 of BT500 companies after staying out for says a telecom consultant.
seven years. If analysts are to be believed, it is a lasting comeback. Since Jio had 4G-only network, Airtel
“Airtel seems to be in a sweet spot. The consolidation in the saw this both as an opportunity and a threat.
Key Points
Consolidation
and AGR Focus on
payments issue Has been building digital
have ensured consistently assets and
that there are growing its partnerships
just two strong, average revenue across content, The 10-year Airtel has also
large players in per user on the tech, etc, has AGR payouts been working
the market with back of growth opened new will continue to on developing
Bharti Airtel being in quality revenue streams put pressure on network solutions,
one of them subscriber base for the company balance sheet on the lines of Jio
telecom sector followed by last year’s increase in tariffs, improve- Initially, it was a threat because a number
ment in internal metrics such as ARPU [average revenue per user], of Airtel’s prepaid customers switched to
solid 4G customer additions and lower churn indicate that Airtel Jio due to its brand-new network and dirt-
is back in the game. The company’s three-year growth trajectory cheap tariffs. Airtel, on the other hand,
looks strong,” says Bhupendra Tiwary, telecom analyst at ICICI Se- maintained a premium over Jio in tariffs. Af-
curities. The turnaround has been a result of careful planning and ter the market stabilised a bit, Airtel sensed a
execution. big opportunity to gradually upgrade its 2G
subscribers to 4G. This resulted in `60-70
Focussing on Strengths rise in Airtel’s ARPU. Lastly, the telco booted
Soon after the Jio juggernaut hit the sector, Airtel went back to the out low-paying and inconsistent users by
drawing board and decided to revisit its wireless strategy. The first launching minimum recharge plans in late
step was to accelerate 4G investments and minimise subscriber 2018. This caused a sharp drop in subscrib-
churn. Historically, Airtel has been strong in the postpaid segment, ers but streamlined subscriber base and im-
and so it decided to load its postpaid subscribers with data and con- proved profitability.
tent choices. The aim was to retain this high-value customer base. The results are evident. ARPU rose from
Though there was major churn initially, especially in the prepaid `100 in September 2018 to `162 in Septem-
segment, the value proposition that Airtel offered, including qual- ber 2020. “Bharti Airtel’s [second quarter
ity of service and network availability backed by a strong spectrum FY21] result shows its superior execution
bank, arrested the fall in the wireless subscriber base. The trend in mobile and other segments. Bharti’s In-

ON THE MOVE
10
12 Healthy 14
Subscriber
0 21 15 Additions
-2 3
ep 13
(in million)
S 0
r-2 6
a 28 10 3
M -19 3
S ep
87 1
r-19 32
Ma Sep-18 -2 Sep-19 Mar-20 Sep-20
-18 66
Sep
Non-4G subscribers
4G subscribers -12
Number of 4G Subscribers Rises

(in million)
Network Also Expands at Healthy
Pace: Number of sites
1,71,000
Sep-18
1,55,000
1,81,000
Mar-19
1,73,000
0 16
-2 12 15 2
p 0 19 8 4 1,86,000
Se -2 p- 12
ar Se -19 10 3
Sep-19
1,82,000
M ar 18 0
M p-
Se 1,94,000
ARPUs Jump Mar-20
1,92,000
(` per month)
2,01,000
Sep-20
1,9,9000
Revenue Mix Broadband sites Total sites
(as on Sep 30, 2020)
Revenues Picking Up
(in ` crore)
Mobile Airtel Tower Digital TV Home
96,532
95,468
67% Business Infrastructure 4% 3%

87,539
82,639
80,780
17% 9%
Fibre Network Expands (in kms)
Sep-18 2,64,000
Mar-19 2,81,000
FY16
FY17
FY18
FY19
FY20
Sep-19 2,95,000
Mar-20 3,05,000
Sep-20 3,10,000
Source: Jefferies

INDIA’S MOST VALUABLE COMPANIES bharti airtel
dia mobile print shows marked improvement in many areas such reduction in differential with wireless given
as growth in subscribers without ARPU dilution, lower churn in- the impending wireless tariff hikes,” says a
creasing lifetime value of customers and continued 4G net addi- recent JM Financial report.
tions, which have likely matched the market leader. Our estimates Airtel added 1,30,000 home broadband
for FY21 had downside risk due to delay in tariff hike. However, ro- subscribers in the last quarter. “Broadband
bust performance has offset much of it. We believe higher 4G base is at the cusp of growth. With Covid a trig-
will enable Bharti to better transfer tariff hike into ARPU whenev- ger point, we are seeing a rise in work from
er it happens (and believe it is matter on ‘when’ and not ‘if’),” says a home, online education and streaming ser-
recent ICICI Securities report. vices. We are doubling down on broadband
through four approaches. First is rapid ex-
espite improvement, ARPUs are still below pansion of coverage. Second is acceleration
the desired levels. Airtel’s Chairman Sunil of LCO [local cable operator] partnership
D
Bharti Mittal had said last year that the model. Third is bringing the full power of
ARPU per month needed to go up to `300 Airtel services and partner services to de-
to become healthy and sustainable. But liver converged offer encompassing connec-
this requires multiple rounds of tariff tivity, entertainment and more. Finally, an
hikes and Airtel has expressed its reluc- adjustment in entry prices due to competi-
tance to lead the pack. Vodafone Idea, though, has indicated that tive reasons,” says Vittal.
it might go for a tariff increase without which its survival will be The other big opportunity for Airtel is
in jeopardy. “We are at a premium. We don’t want to risk any slow- in the enterprise market where again there
down in momentum by moving pricing at a time when it’s uncom- is huge scope to grow given that it accounts
petitive. We will welcome change in tariffs and follow immedi- for over 28 per cent of the global telecom
ately,” Vittal said recently. Nevertheless, in the middle of the AGR market as against just 9 per cent in India.
(adjusted gross revenue) imbroglio, it managed to raise over What’s more, Covid has forced businesses of
`46,000 crore between May 2019 and January 2020 through a all sizes to have a digital presence, which has
combination of rights issue, foreign currency convertible bonds opened new growth avenues.
and qualified institutional placement. “After Covid-19, not only larger enter-
prises, MSMEs are also focussing on digi-
New Growth Engines tising business operations, having omni-
Cut to 2020. Airtel is speaking a different language, some influ- channel presence and business continuity
enced by Jio, which is repositioning itself plans. India’s enterprise telecom segment is
as tech+consumer company. In part, Air- significantly under-penetrated with market
tel’s digital ambitions are driven by recent leader Bharti having only about 2,500 large
changes in the business environment. Even clients and one million SME clients, when
as Airtel was putting its house in order, Co- India has around 63 million MSMEs,” says
vid changed the telecom landscape and the the JM Financial report.
way people and companies consume tele- To handle the demand from enterprise
com services. customers, Airtel Business recently added
Brokerage JM Financial says fixed almost 7.6 terabits of capacity to its trans-
broadband and enterprise segments are port network. The launch of Airtel IQ in the
new growth areas for telcos such as Airtel. $1-billion cloud communications market
In broadband, for instance, the market pen- in October will also help Airtel customers
etration is low at 6-7 per cent as compared engage with their users in a safe and secure
9%
to 55 per cent in China and 70-80 per cent manner across multiple channels – voice,
in developed markets. “This could rise sig- SMS and video.
nificantly driven by remote working and With key concerns like AGR and height-
development of a dispersed workforce strat- ened competition under control, Airtel is in
egy, reduction in prices of smart TVs, which a position to acquire more quality custom-
require fixed broadband connectivity for Share of enterprise ers, drive greater share of customer wallet
seamless streaming, bundling of live TV segment in telecom and develop new revenue streams in times
and OTT [over-the-top] by DTH [direct-to- market in India. The to come.
home] and cable TV providers to offset the global number
‘cord-cutting’ phenomenon and possible is 28 per cent @manukaushik

INDIA’S MOST VALUABLE COMPANIES PSUs
Belying Hopes
With private sector missing from
action, PSUs were expected to
play saviour, an expectation they
failed to live up to
By DIPAK MONDAL
ILLustrAtION By rAj verMA
ublic sector units (PSUs) account for 12.5 per cent market capi-
P
talisation of BT 500 universe and a significant chunk of the econo-
my. When the economy was struggling to cope with Covid-19 and
the resultant lockdown, many had expected that the government
would unleash their full potential to support the economy. The
idea was to push capex through large PSUs and lending through
large public sector banks (PSBs). But that doesn’t seem to have
been the story. Sunil Mittal
As per the Reserve Bank of India (RBI) Chairman,
data, grossBharti
bank credit
Airtel
fell 1 per cent between March 27 and September 25. Investments in
new and completed projects during first six months of FY21 fell 37

per cent from `8 lakh crore to `5 lakh crore, happened, as they do not have the money,” says head of equity and
says CMIE. According to National Statisti- research of a brokerage firm. Most PSUs, in fact, got de-rated fur-
cal Office, gross capital formation was down ther because of negative earnings in FY21. “Worse, earnings visi-
almost 50 per cent in first quarter of 2020. bility is very poor for the next two-four quarters. There is complete
While these numbers reflect performance lack of re-rating trigger for them,” he says.
of both private and public sectors, it is clear BT500 data may not paint such bleak picture but shows the
that the public sector’s performance was not cracks. A good number of large PSUs have seen a 15-40 per cent
up to the mark. shrinking of average market cap between October 1, 2019, and
“PSBs should have been the biggest September 30, 2020. These include crown jewels like ONGC, Coal
funders of growth and CPSEs the biggest ca- India, IOCL and GAIL. The damage has been across the board – oil
pex spenders, but that does not seem to have and gas exploration/marketing, metals and finance.

Top 10 PSUs by Market Cap

Avg Mcap - 1 Change
Oct 2019- 30 in market Total
Sept 2020 cap(%) Income PBIDT PAT Net Worth
State Bank Of India 2,16,328 (19.7) 3,02,545 24,802 14,488 2,08,245
Oil & Natural Gas Corporation 1,21,897 (36.1) 1,15,701 46,708 13,445 1,94,338
NTPC 1,01,002 (19.4) 1,04,421 34,717 10,113 1,11,036
Coal India 98,949 (32.3) 12,521 11,359 11,281 16,813
Indian Oil Corporation 96,722 (28.7) 4,93,473 224,05 1,313 93769
Power Grid Corporation Of India 93,690 (7.5) 38,320 33,534 10,811 49,008
Bharat Petroleum Corporation 91,813 19.6 2,87,650 9,721 2,683 33,214
SBI Life Insurance Company 85,568 30.5 0 0 1,422 8,884
SBI Cards And Payment Services 63,854 N/A 9,752 3,134 1,245 5,323
GAIL (India) 47,726 (34.6) 73,487 9,786 6,621 43,971
All figures except change in market cap in ` cr; Total Income, PBIDT, PAT and Net Worth as on 31 March 2020; Source: Ace Equity
21.6%
ake ONGC, a maharatna company, whose
T
market cap fell 36 per cent from `1.9 lakh
crore to `1.2 lakh crore. Or Coal India Ltd,
another maharatna, whose market value fell
32 per cent from `1.4 lakh crore to `99,000
crore. Continuing with the maharatnas, Fall in gross revenue of
Gas Authority of India Ltd’s (GAIL’s) mar- PSUs in the first quarter
ket cap eroded 34 per cent to `48,000 crore. In banking and finance, of FY21
State Bank of India’s averahe market cap declined 20 per cent from
`2.7 lakh crore during October 1, 2018, to September 30, 2019, as
compared to `2.16 lakh crore over October 1, 2019, to September 30,
2020. The value of General Insurance Corporation fell 25 per cent.
The others losers are LIC Housing Finance (-31 per cent), Bank of Weak Numbers; De-rating
India (-22 per cent) and Bank of Baroda (-17 per cent). In the power During this period, some PSU heavyweights
sector, NTPC’s market cap fell more than 19 per cent, Power Grid saw a downward revision in revenue and
Corporation’s by 7.5 per cent and NHPC’s by 10 per cent. In many profit estimates. Some stocks were also de-
cases, the decline looks less sharp as BT500 takes average market rated. In the first quarter of the financial
cap over one year, which nullifies the extreme highs and lows of year, gross revenue of PSUs fell 21.6 per cent
point-to-point comparisons. For instance, in case of ONGC, a to `5.31 lakh crore from `6.78 lakh crore a
point-to-point comparison shows 47 per cent fall in market cap (av- year ago. Net profit shrank 31.5 per cent to
erage is 36 per cent). In case of State Bank of India, point-to-point `22,433 crore. Profit margins contracted 60
comparison shows a 31.5 per cent fall (average is 20 per cent). The basis points to 4.22 per cent.
Sensex fell 1.5 per cent during the period. ONGC’s consolidated 1st quarter rev-

Filling
enue fell 43 per cent while profit was down tainty over asset quality. “The policy could
85 per cent. Ratings agency Moody’s has esti- open a window for banks to build capital buf-
mated that ONGC’s FY21 revenues and earn- fers while putting off full recognition of the
ings before interest, tax, depreciation and
amortisation (EBITDA) will decline `1,500-
1,600 crore on account of lower gas prices.
Coffers pandemic’s impact on loan portfolios but is
reminiscent of a strategy adopted over 2010-
2016 that delayed and exacerbated problems
“The decline is equal to around 0.4 per cent Centre Has Budgeted for banks,” it says.
of the company’s expected consolidated for Huge CPSE
Dividends in FY21
revenue and around 3.5 per cent of consoli- Critical for Government Finances
dated EBITDA for fiscal year ending March Government-owned companies and banks
65,747
31, 2021,” says a report by Moody’s Research. are not just key to economic revival of the
No wonder that despite lower valuations (15- country, they are also critical for govern-
48,256
46,499
43,052
18x forward price-earnings ratio), not many ment finances. The government has budget-
analysts are excited by ONGC. ICICI Direct ed for around `66,000 crore dividend from
Research has maintained a ‘hold’ rating on Central Public Sector Enterprises, and close
the stock. “Although oil prices have recov- to `90,000 crore from RBI and PSU banks,
ered, they are still at a lower level, which will in the current financial year.
affect ONGC’s profitability. Due to lower In the first six months of the financial
production growth on a sustainable basis, year, out of the `1.55 lakh crore target for div-
despite cheaper valuations, we maintain a idends from CPSEs, banks and RBI, the gov-
FY18 FY19 FY20 FY21
‘hold’ rating with a target of `80 a share,” ernment had raised around `60,000 crore.
reads its September 2 report. FY21 figures are Budget This was largely due to RBI’s `57,000 crore
Gail India also reported weak first quar- Estimates; FY20 figures dividend announced in August this year.
are revised estimates and rest
ter numbers as revenues fell 34 per cent. are actuals The government has also budgeted for
EBITDA declined 72 per cent to `622.6 crore `90,000 crore from disinvestment. It has
and net profit 80 per cent to `255.5 crore on time and again said that this time disinvest-
the back of lower sales. In its August 14 re- ment will be for real, that is, public sector companies will be sold
port, ICICI Direct changed the rating on the to private players, unlike earlier, when one PSU bought another
stock from ‘hold’ to ‘reduce’. in what was a disinvestment only in the name. In a recent webi-
Bharat Heavy Electricals Ltd’s con- nar on capital markets organised by the Confederation of Indian
solidated first quarter revenues more than Industry, Tarun Bajaj, Secretary, Department of Economic Af-
halved to `1,991 crore even as it posted a loss fairs, Ministry of Finance, said: “We are going to come out with a
of `1,704 crore compared to a profit of `560 policy where we will say that we are going to keep at the most four
crore in the same quarter of previous year. PSUs in the strategic sector and sell the rest. While some efforts
Banks, though, have shown some resil- are being made, this is the first time government is going to hive
ience due to improved asset quality. State off PSUs to the private sector.” He also said that the government
Bank of India’s net interest income (NII) was proactively looking for buyers for companies such as Concor,
rose 16 per cent while Bank of Baroda’s NII BPCL and Air India.
rose 5 per cent in the first quarter. But im-
provement in asset quality could be transi- owever, the sales are unlikely to fructify in
tory. Experts say asset quality risks are rising the current financial year, if at all the gov-
H
due to economic contraction and RBI’s one- ernment is successful in finding buyers. A
time asset restructuring scheme has only research analyst from a brokerage puts it
delayed the inevitable rise in defaults. Under succinctly: “I am personally not gung-ho
the scheme, loan accounts of companies in about the divestment story. Who’s going to
29 identified sectors will be allowed to be re- buy BPCL at $15 billion valuation when peo-
scheduled by two years provided they were ple are talking about fossil fuels going out of favour in the next eight
not impaired prior to March 1, 2020. During years? When the world’s most profitable airlines — Delta Airlines
this period, banks won’t be required to rec- — is talking about cutting 30 per cent workforce, do you expect an
ognise defaults in these accounts as NPAs. MNC to give you a premium on Air India?”
According to a Fitch Rating report, the one-
time restructuring will extend the uncer- @dipak_journo

INDIA’S MOST VALUABLE COMPANIES debt
Crisis Zone
The 15 most-indebted
non-BFSI companies
had a combined debt of
`10 lakh crore in FY20, a
15 per cent increase over
A
the previous year, and
their troubles seem to be
far from over
By NeviN johN
illustratioN By raj verma
lbert Einstein once said, “We cannot

solve our problems with the same thinking
28.8%
we used when we created them.” Businesses
Rise in interest outgo in their aggression to grow wealth or in their
of the 15 failure to understand the storm that chases
most-indebted non-
them, usually end up leveraging the entity.
BFSI companies in
FY20 against FY19 In recent times, companies that leveraged
beyond their repayment ability had to un-
dergo insolvency proceedings and some
billionaire promoters returned home with
empty pockets.
32.4%
The BT500 rankings shows that despite
past lessons, corporate debt is still on the
Increase in their rise. The total debt of India Inc.’s 15 most-in-
cash and bank debted non-BFSI companies (excluding Re-
balance in FY20 liance Industries, which turned net debt free
compared to FY19 in the September quarter using investments
received in digital and retail businesses)
increased by 15 per cent to `10 lakh crore in

INDIA’S MOST VALUABLE COMPANIES debt
2019/20, from `877,441 crore in 2018/19. Interest outgo jumped 28.8 highest-ever loss by any Indian company in
per cent to `74,065 crore from `57,506 crore. However, there is im- a financial year — `73,878 crore in 2019/20
provement in companies’ cash and bank balance, which increased — after provisioning for over `50,000 crore
by 32.4 per cent to `41,841 crore from `31,603 crore. as statutory AGR dues as mandated by the
Half of the 15 most-indebted companies are state-owned enter- Supreme Court. The apex court ordered that
prises. This includes the likes of Bharat Petroleum and Hindustan non-telecom revenues be included in the cal-
Petroleum, which the government is looking to privatise. These culation of statutory dues, forcing the man-
companies cover a wide spectrum of industries — there are four agement to acknowledge that the liability
steel companies, three each from power and oil sectors, two each has “cast significant doubt on the company’s
from telecom and infrastructure, and one carmaker. Four of the 15 ability to continue as a going concern”. The
companies have a negative interest coverage ratio (ICR) as opposed court has given firms 10 years to clear dues.
to just one last year. ICR measures the number of times a company Vodafone, which was among the worst
can cover its interest payment with available earnings.. hit after the launch of Jio, merged with Idea
Cellular in mid-2018 to form Vodafone Idea.
Towering Troubles The merger, however, did not result in any
Vodafone Idea which was the only company last year with a nega- improvement in its share price and market
tive ICR now has company in Bharti Airtel, Tata Motors and Ve- valuation never looked up. The value of the
danta. Vodafone, the third-largest telecom operator, registered the share fell to a record low of `2.40 in Novem-
The most indebted

Total Debt Interest ICR*
Sr.
No. Company Name FY20 FY19 FY20 FY19 FY20 FY19
1 NtPC 166,743 142,807 6,799 4,717 3.84 2.87
2 Power Grid Corp. Of India 147,980 146,086 9,814 9,203 2.46 1.97
3 Indian Oil Corp. 116,545 86,359 6,028 4344 0.39 6.78
4 Vodafone Idea 115,118 125,940 15,510 9,551 -3.02 -0.85
5 bharti Airtel 82,363 83,753 11,463 7,848 -3.45 0.33
6 Steel Authority Of India 54,127 45,170 3,487 3,155 1.91 2.06

7 JSW Steel 52,293 44,412 4,022 3,789 2.07 4.09
8 bharat Petroleum Corp. 47,817 29,099 2,182 1,319 2.22 8.92
9 Hindustan Petroleum Corp. 43,021 27,240 1,082 726 2.45 13.86
10 tata Steel 41,423 29,701 3,031 2,824 3.18 6.75
11 Vedanta 38,937 42,204 3,328 3,757 -2.14 2.32
12 Adani Ports and Special economic 28,899 24,994 1,879 1,477 2.08 3.48
Zone
13 Larsen & toubro 25,785 11,990 2,592 2,070 4.03 5.85
14 tata Motors 25,445 18,631 1,973 1,794 -2.61 2.34
15 NHPC 23,224 19,056 876 933 5.12 5.01
Figures in ` crore except ICR; ICR refers to interest coverage ratio; companies that have filed for bankruptcy not included in the list; Source: Ace Equity

ber 2019. Vodafone Idea’s market cap stood the general economic slowdown, was further affected by the lock-
at `24,300 crore as on November 5, while down,” Tata Motors said in the FY20 results statement. The car-
Bharti Airtel was at `2.5 lakh crore. Bharti maker has lined up an exciting product range while driving a robust
Airtel too had posted a loss of `32,183 crore cost and cash-savings agenda. Actions are underway to deleverage
in 2019/20 due to provisioning of AGR dues Tata Motors, with Jaguar Land Rover set to become sustainably
worth `25,976 crore (after paying `18,000 cash positive from 2021/22.
crore). In comparison, Reliance subsidiary
Jio Platforms (JPL) raised private equity nil Agarwal-led Vedanta reported a net loss
capital at a valuation of `4.9 lakh crore. of `4,743 crore in 2019/20, compared to a net
A
Tata Motors and Vedanta are the other profit of `9,698 crore in the previous year.
companies with negative ICR due to losses The company wrote off `17,132 crore on im-
at the consolidated level. Tata Motors closed pairment of assets in oil and gas, copper and
2019/20 with a consolidated net loss of iron ore businesses in the fourth quarter,
`12,070.85 crore, compared to a net loss of leading to losses in the full financial year.
`28,826.23 crore in the previous fiscal. Besides, plans to delist Vedanta also failed, since the premium over
The automobile sector has been going the floor price demanded by shareholders was unaffordable for pro-
through tough times. “In India, demand moters. State-run Life Insurance Corp (LIC), which holds 6.37 per
which was already adversely impacted by cent stake in Vedanta, submitted all its shares at `320 a piece, a 267
per cent premium over the floor price of `87.25.
The legacy acquisition of Corus Plc in 2007 is still a lingering is-
sue for Tata Steel. It closed 2019/20 with a consolidated net profit of
`2,720 crore, 73.55 per cent decline year-on-year. According to lat-
est reports, Swedish steelmaker SSAB AB is in talks with Tata Steel
to merge their businesses in Europe. JSW Steel also has high debt,
but is executing cost cuts and debt-reduction plans. The company
plans to bring down the debt to EBITDA ratio to 3.75 times by March
2021, from the current 4.73 times, says Seshagiri Rao, Joint MD and
Cash & Bank Balance
Group CFO. JSW Steel is the majority investor in the acquisition of
FY20 FY19 Bhushan Power and Steel and Asian Colour Coated. “We will not
2,209 2,144 consolidate them with the flagship company. For instance, JSW
Steel will spend for the equity portion of the acquisition of Bhushan.
5,395 4,332
The debt will be raised on the books of Bhushan for the acquisition
589 88 and it will have to make the repayments from its cash flow,” he says.
2,534 785 Infrastructure behemoth Larsen & Toubro (L&T) has been
planning to become asset-light for a long time. CEO and MD
3,398 235
S.N. Subrahmanyan recently said the company will reduce its
363 219 `1.24-lakh-crore debt by `30,000 crore before March 2021 by sell-
11,401 5,813 ing its entire stake in L&T Infrastructure Development Projects
and Nabha Power, and transferring its stake in Hyderabad Metro
116 95
to an infrastructure investment trust. Adani group’s flagship com-
113 96 pany, Adani Ports and SEZ, is the other most indebted company.
1,227 718 In the past, many of the high debtors in the list included Reliance
2,193 3,891 Communications, Bhushan Steel, Essar Steel, Videocon, Lanco In-
fra and Jaiprakash Associates. All had filed for bankruptcy. Some of
4,444 3,869
them were sold to new promoters and others went for liquidation.
With the government suspending the Insolvency and Bank-
3,938 7,620 ruptcy Code (IBC) for a year since March, highly leveraged compa-
3,532 1,307 nies will get a chance to restructure their loan books. But they will
389 391 have to tighten their belts and focus on costs, and create markets
and new products range.
@nevinji

INDIA’S MOST VALUABLE COMPANIES dividends
Less Taxing,
More
Rewarding
It is raining dividends before the new
tax rules kick in
By NITI KIRAN
IllusTRATIoN By RAj veRmA
you get more when you give more? Yes, India Inc.
believes so. The country’s 500 most valuable companies
Do
were generous with dividends. It's hardly surprising then
that promoters, the largest shareholders in companies,
turned out to be the biggest beneficiaries. Equity divi-
dends paid by these companies touched `2.27 lakh crore
in FY20, which was a high of at least five years. They grew
14.7 per cent compared to 2.8 per cent increase in FY19
and average growth of 9.2 per cent in previous three
years. This was despite a 26.6 per cent fall in their com-
bined net profit as against a rise of 20.2 per cent in FY19.
Revenue growth of the sample was anaemic too.

INDIA’S MOST VALUABLE COMPANIES dividends
66%
A Paradigm Shift
So, what made these companies distribute as much as 66 per cent
of their earnings as dividends, when the average figure for previ-
ous five years was only 43 per cent? “Change in dividend taxation
rules with effect from April 1, 2020, enticed a lot of promoters to
give higher dividends. The total tax burden was lower before April
Earnings paid out as
1, 2020,” says Deepak Jasani, Head of Retail Research, HDFC
Securities. dividends in FY20,
The Budget 2020 had scrapped dividend distribution tax compared to 43%
(DDT) on companies and shifted the tax burden to shareholders in previous five years
at applicable rates. Till FY20, companies were required to pay 15
per cent DDT on dividend, plus surcharge and cess, in addition to
tax on profits. However, from FY21, India adopted the classical sys-
tem of dividend taxation under which dividends shall be taxed in
hands of recipients at applicable tax rates. This means a promoter
or shareholder with income in excess of `5 crore will end up paying
up to 43 per cent tax (his/her tax slab) on dividend income. The ef-
52%
fective tax rate for dividend paying companies was 20.56 per cent
(including cess and surcharge) in the older regime.
ey Beneficiary
Promoters took close to 52 per cent
K
(`1,16,981 crore) of the total dividends
paid. Of this, `68,845 crore, went to pri- Share of promoters
vate promoters followed by government
with `35,686 crore. “Promoters will be in total dividends
the largest beneficiaries as they hold paid. This comes to
the biggest stakes. The policy about the `1,16,981 crore
amount and type of distribution (dividend versus buyback) is often
decided based on how it impacts the promoter group,” says Jasani.
For instance, Tata Sons, with 72.02 per cent holding in the top divi-
dend payer, Tata Consultancy Services, received `27,115 crore as
dividends. Mukesh Ambani, who held 50.07 per cent in Reliance
Industries (as on March 31, 2020) through his family and privately-
held companies, got `1,929 crore. the payouts consistently; 46 per cent saw a
Dividend payments by nearly 30 per cent of companies with steady rise for three straight years.
promoter stake of over 70 per cent trebled between FY19 and FY20. Public sector units (PSUs) were a drag
In almost 17 per cent with promoter holding of over 70 per cent, the as they paid out less. This included the top
payouts more than doubled, while 41 per cent saw an increase of 50- guns — ONGC saw an 18.6 per cent drop in
100 per cent. dividend payout as its standalone profit fell
50 per cent while Coal India paid nearly 9
Top Guns per cent less despite 7.7 per cent growth in its
Nearly one-third payouts came from the top six companies, TCS, earnings.
Infosys, ONGC, Coal India, ITC and HDFC Bank. TCS, which de- PSUs altogether paid 4 per cent less
clared a total dividend of `73 per share in FY20, including a special in FY20, which translated into a lower
dividend of `40 per share, paid `37,634 crore (including tax on divi- share of 26.7 per cent in overall payouts
dend), a three-fold rise from the previous year. compared to 32 per cent in FY19. Private
Another regular dividend payer, which has been rewarding companies, on the other hand, saw 52 per
shareholders since inception, was ITC with a 12 per cent increase cent growth as against 13.4 per cent rise
in payments, while HDFC Bank saw a rise of 61.4 per cent. Ap- a year ago, increasing their contribution
proximately 37 per cent companies in the sample have been dis- from 46.2 per cent to 61.2 per cent. “Pri-
tributing dividends for the past six years with 42 firms increasing vate companies can’t attract capital unless

THE BONANZA
Equity Dividend YoY Growth
Paid (` cr)
18.1 20.2
FY16 1,57,305 14.7
12.9
6.5
FY17 1,70,059 2.8
8.1
FY18 1,92,075 FY16 FY17 FY19 FY20
-9.1 -8.1
FY19 1,97,454
Dividend PAT
FY20 2,26,515
-26.6
WHO GOT WHAT
Of
which
Total Dividends Paid Promoter Private Government Foreign

`2,26,515 cr `1,16,981 cr `68,845 cr `35,686 cr `12,449 cr
Based on aggregate of BT 500 companies: Source Ace Equity
they deliver appropriate returns. They will HUL and ITC. Demand for FMCG companies has largely re-
have a higher share of profits and thus even mained stable,” says Amar Ambani, President and Head of Re-
in dividend payouts. We expect this trend search - Institutional Equities at Yes Securities. Software com-
to continue as share of state in commercial panies have large cash reserves, so a higher payout, especially
enterprises progressively declines,” says as they have abstained from acquisitions in these times, makes
Nirav Sheth, CEO, Emkay Institutional sense, he added. The ones conserving capital includes crude oil
Equities. companies, which paid 19.8 per cent less in FY20. “Oil, while a
large sector, is cyclical and capital intensive, thus absolute pay-
Sectoral Performance outs could vary significantly in sync with oil cycle and capex
Among sectors, the ones having a signifi- plans,” says Sheth.
cant share in overall dividends such as A company’s dividend policy is largely dependent on how it im-
information technology (IT), finance and pacts the promoter group. These payouts could continue, though
FMCG rewarded investors handsomely large companies may prefer buybacks. However, compared to
— the IT segment recorded 75 per cent FY20, the dividend payout in terms of absolute amount may be
growth while finance and FMCG saw a lower in FY21 due to slowdown because of coronavirus that may
rise of over 18 per cent. “Dividend outgo impact profits, says Jasani.
for IT and FMCG companies increased
significantly, primarily driven by TCS, @niti_kiran

INDIA’S MOST VALUABLE COMPANIES methodology
How We
Did It
The Process
Our study is based on numbers from Accord
B
Fintech’s Ace Equity database. To arrive at
our listings, we began with a master sample
of 3,777 listed and actively traded compa-
nies. We used BSE market cap for all cases,
except companies that are listed only on the
National Stock Exchange. Companies that
were not traded on at least 20 per cent out of
250 trading days in the October 2019-Sep-
tember 2020 period were excluded.
This reduced the number of companies
to 3,311. Thereafter, we extracted the aver-
age market cap of each company over this
period (October 2019-September 2020)
usiness Today has been ranking India’s largest companies and used it to rank the top 1,000 compa-
– the BT500 – based on market capitalisation since 1993. This nies. You can find the Top 500 players from
year’s rankings are based on average market capitalisation for the page 76, while the ranking of the next 501-
12-month period from October 1, 2019, to September 30, 2020. 1,000 companies can be accessed online
This provides readers the advantage of looking at the most recent atbusinesstoday.in.
numbers from stock exchanges. Along with October-September
average market cap, we also provide average market cap over the Other Parameters
past two fiscals for better understanding of how the companies The study is not limited to market cap.
have performed. Metrics such as return on net worth
We also have tables that rank companies by assets, profit af- (RONW) and return on capital employed
ter tax, total income and debt. Companies in banking, financial (ROCE) are also there to help you make
services and insurance (BFSI) sectors have not been ranked on discerning comparisons. For most com-
these parameters as their method of capturing and measuring panies, the financial year ending is March
these metrics is markedly different. BFSI companies have been 31. The exceptions have been mentioned in
highlighted in the tables so that you can easily identify them. the footnotes.

INDIA’S Most
vAlUABle COMPANIES
The lisT (1-15 / 500)
Most
vAlUABle
500
The markeT churn
Throws up new winners
and losers in BT 500
illustrations by raj Verma
RANK AveRAge MARKet CApitAlisAtioN (` CRoRe)

2020 2019 CoMpANy Oct ’19 - Sept ’20 Oct ’18 - Sept ’19 Growth % FY 2019/20 FY 2018/19
1 1 Reliance Industries 1,050,489 778,973 34.9 857,233 708,766

2 2 Tata Consultancy Services 790,385 772,458 2.3 797,054 723,030
3 3 HDFC Bank 608,564 601,661 1.1 648,697 553,055
4 4 Hindustan Unilever 477,054 379,125 25.8 417,044 359,970
5 5 Housing Development Finance Corp. 345,449 344,325 0.3 374,433 321,553
6 7 Infosys 326,616 315,855 3.4 317,464 293,608
7 9 Kotak Mahindra Bank 280,562 256,649 9.3 293,672 237,352
8 10 ICICI Bank 274,561 247,392 11.0 291,866 209,997
9 17 Bharti Airtel 264,946 148,989 77.8 206,320 137,870
10 6 ITC 254,327 340,903 (25.4) 306,958 345,935
11 8 State Bank of India 216,328 269,302 (19.7) 276,420 246,900
12 15 Bajaj Finance 207,472 169,788 22.2 219,241 140,124
13 11 Maruti Suzuki India 192,898 205,722 (6.2) 201,327 243,049
14 21 Asian Paints 169,354 135,215 25.2 155,693 127,175
15 19 HCL Technologies 159,354 141,275 12.8 148,686 136,614
Overall ranks are based on average market capitalisation (October 2019 to September 2020); "Rank 2019" is as published in last year's
BT500; Parameter ranks are for within the top 1,000 companies; Ranks have been assigned based on multiple decimals; Because of
rounding off, some ranks may appear incorrect; Results are audited and standalone; Figures in brackets denote negative value; ROCE:
return on capital employed; RONW: return on net worth; na: not available; N/A: not applicable; N/L: not listed on bourses; N/R: not ranked

totAl Assets (` CRoRe) totAl iNCoMe (` CRoRe) pRoFit AFteR tAx (` CRoRe) pRoFit As 2019/20
% oF totAl
FY 2019/20 FY 2018/19 RANK 2020 FY 2019/20 FY 2018/19 RANK 2020 FY 2019/20 FY 2018/19 RANK 2020 sAles RoNW (%) RoCe (%)
968,912 775,745 1 350,689 380,438 2 30,903 35,163 2 8.46 7.45 8.36

102,756 97,403 15 139,388 130,797 5 33,260 30,065 1 25.33 43.73 56.18
1,530,511 1,244,541 N/A 138,073 116,598 N/A 26,257 21,078 N/A 22.87 16.40 15.27
19,341 17,526 64 39,518 38,888 25 6,738 6,036 14 15.07 86.11 117.25
522,526 457,947 N/A 58,763 43,378 N/A 17,770 9,632 N/A 30.25 22.02 10.84
79,612 77,816 17 82,275 75,965 9 15,543 14,702 3 19.66 24.98 32.96
360,252 312,172 N/A 32,302 28,547 N/A 5,947 4,865 N/A 22.08 13.08 11.31
1,098,365 964,459 N/A 91,247 77,913 N/A 7,931 3,363 N/A 10.60 7.25 8.28
277,671 217,927 5 56,560 53,708 15 (36,088) (1,869) 873 (66.44) (36.16) (21.63)
75,235 69,798 18 48,645 47,490 18 15,136 12,464 4 32.34 25.66 31.55
3,951,394 3,680,914 N/A 302,545 279,644 N/A 14,488 862 N/A 5.63 7.16 6.26
137,156 107,839 N/A 23,834 17,399 N/A 4,881 3,890 N/A 20.49 19.13 12.23
62,552 62,932 24 79,153 88,703 10 5,651 7,501 17 7.47 11.95 15.18
13,588 13,683 87 17,552 16,677 47 2,654 2,132 30 13.33 29.01 38.10
51,518 35,349 28 33,193 26,820 31 8,969 8,185 9 27.51 26.48 33.59
last year; All the latest data for FY 2019/20 unless otherwise indicated; * 12 months ending September 2019; ** 12 months ending March
2019; ^ 12 months ending June 2019; # 12 months ending December 2019; ##12 months ending December 2018. BFSI (banking, financial
services and insurance) companies have a different way of earning and presenting financial data, so their income, profit and asset num-
bers have not been ranked. See BT500 companies over the past 20 years at: www.businesstoday.in/bt500. Source: Ace Equity

RANK AveRAge MARKet CAPItAlISAtIoN (` CRoRe)
2020 2019 CoMPANy Oct ’19 - Sept ’20 Oct ’18 - Sept ’19 Growth % FY 2019/20 FY 2018/19
16 14 Axis Bank 158,665 179,775 (11.7) 193,753 155,152

17 12 Larsen & Toubro 153,622 193,199 (20.5) 189,714 186,520
18 26 Nestle India # 152,320 107,158 42.1 128,272 98,606
19 16 Wipro 136,068 157,874 (13.8) 149,026 140,479
20 31 Avenue Supermarts 135,574 89,712 51.1 107,644 92,447
21 13 Oil & Natural Gas Corp. 121,897 190,617 (36.1) 167,932 205,859
22 23 UltraTech Cement 114,153 112,059 1.9 119,616 107,000
23 24 Bajaj Finserv 113,938 109,581 4.0 130,519 97,324
24 32 HDFC Life Insurance 113,523 85,174 33.3 105,222 86,052
25 25 Sun Pharmaceutical 108,437 108,153 0.3 100,554 124,198
26 22 NTPC 101,002 125,271 (19.4) 119,320 128,939
27 18 Coal India 98,949 146,223 (32.3) 128,136 161,912
28 30 Titan Company 97,721 93,577 4.4 104,394 81,975
29 20 Indian Oil Corp. 96,722 135,686 (28.7) 125,892 146,317
30 28 Power Grid Corp. of India 93,690 101,285 (7.5) 101,251 100,648
INDIA’S MoSt
vAlUABle COMPANIES
LisT (16-49/ 500)

The Lis
31 35 Bharat Petroleum Corp. 91,813 76,767 19.6 91,146 78,606

32 44 SBI Life Insurance 85,568 65,562 30.5 82,171 63,003
33 34 Bajaj Auto 83,661 80,844 3.5 84,707 80,394
34 37 Dabur India 83,623 73,503 13.8 77,963 72,070
35 27 Hindustan Zinc 82,693 107,015 (22.7) 91,608 118,946
36 41 Britannia Industries 78,596 69,750 12.7 70,157 72,057
37 45 Shree Cement 74,883 62,960 18.9 72,639 57,551
38 46 Pidilite Industries 72,037 60,238 19.6 68,425 55,525
39 36 Adani Ports & SEZ 69,745 76,733 (9.1) 77,336 75,710
40 40 Godrej Consumer Products 66,823 70,697 (5.5) 67,296 78,954
41 39 Tech Mahindra 65,899 71,095 (7.3) 71,077 69,628
42 33 Mahindra & Mahindra 64,366 82,569 (22.0) 70,043 100,528
43 N/L SBI Cards And Payment Services 63,854 N/A N/A 62,009 N/A
44 54 ICICI Prudential Life Insurance Company 63,172 50,920 24.1 61,391 51,612
45 29 IndusInd Bank 60,589 94,817 (36.1) 91,361 104,113
46 47 Bandhan Bank 59,531 59,523 0.0 68,646 61,991
47 68 Divis Laboratories 59,296 41,692 42.2 46,533 35,411
48 61 Dr. Reddy's Laboratories 58,957 43,790 34.6 46,524 39,998
49 75 HDFC Asset Management Company 58,705 36,658 60.1 54,163 31,580

totAl ASSetS (` CRoRe) totAl INCoMe (` CRoRe) PRoFIt AFteR tAx (` CRoRe) PRoFIt AS 2019/20
% oF totAl
FY 2019/20 FY 2018/19 RANK 2020 FY 2019/20 FY 2018/19 RANK 2020 FY 2019/20 FY 2018/19 RANK 2020 SAleS RoNW (%) RoCe (%)
915,165 800,997 N/A 78,172 68,116 N/A 1,627 4,677 N/A 2.60 2.15 5.73
140,128 123,818 9 90,383 90,491 8 6,679 7,491 15 7.68 13.09 14.92
7,058 8,088 166 12,617 11,552 62 1,970 1,607 37 15.43 70.27 98.16
64,873 66,607 22 53,160 50,692 16 8,681 7,614 10 17.22 18.19 21.78
12,084 6,998 99 24,738 19,968 38 1,350 936 59 4.99 16.20 21.14
296,681 299,708 4 115,701 135,173 6 13,445 26,765 5 13.97 6.79 10.75
71,817 69,271 19 41,376 40,495 23 5,456 2,412 18 13.42 16.50 12.53
3,592 3,185 N/A 815 449 N/A 667 307 N/A 85.51 20.10 20.44
N/A N/A N/A N/A N/A N/A 1,295 1,277 N/A 0.00 20.49 0.00
38,747 38,052 40 14,043 11,589 54 3,211 817 24 23.21 13.60 12.19
340,452 302,199 2 104,421 91,388 7 10,113 11,750 8 10.35 9.32 9.91
22,417 19,058 54 12,521 11,595 64 11,281 10,470 6 1,088.58 73.23 73.38
13,016 11,385 93 20,156 19,252 42 1,518 1,374 49 7.58 23.34 25.87
330,064 334,187 3 493,473 532,110 1 1,313 16,894 61 0.23 1.30 1.15
264,104 254,050 6 38,320 35,733 27 10,811 9,939 7 29.88 22.47 12.37
SBI Cards And Payment

#
43 Services
Highest rank by a previously
unlisted company
126,469 115,627 11 287,650 300,259 3 2,683 7,132 29 0.82 7.67 6.61

N/A N/A N/A N/A N/A N/A 1,422 1,327 N/A 0.00 17.40 0.00
24,773 27,380 48 31,652 31,796 32 5,100 4,675 20 17.05 24.46 31.38
6,078 5,579 183 6,587 6,548 122 1,170 1,264 69 17.24 27.95 31.72
45,153 40,533 33 20,495 22,900 40 6,805 7,956 12 36.66 18.41 22.06
7,253 5,653 162 11,322 10,700 72 1,484 1,122 50 12.83 35.94 41.47
18,594 14,581 68 12,193 11,968 69 1,570 951 46 13.17 13.94 15.78
8,379 7,500 140 6,484 6,285 125 1,102 979 72 17.40 25.53 33.53
50,858 46,620 29 7,673 7,735 105 1,934 2,638 38 41.66 9.59 8.30
8,648 8,162 137 5,566 5,774 138 1,180 1,755 68 21.55 23.53 28.11
29,886 30,124 44 31,592 28,188 33 4,535 4,380 21 15.52 21.53 23.79
50,502 52,697 30 47,251 55,399 19 1,331 4,796 60 2.93 3.90 8.95
25,028 19,983 N/A 9,752 7,287 N/A 1,245 865 N/A 13.42 28.24 15.21
N/A N/A N/A N/A N/A N/A 1,069 1,141 N/A 0.00 14.88 0.00
307,058 277,819 N/A 35,734 27,908 N/A 4,418 3,301 N/A 15.35 14.71 11.73
91,718 56,442 N/A 12,435 7,706 N/A 3,024 1,952 N/A 27.78 22.91 24.62
9,408 8,800 125 5,500 5,036 141 1,373 1,333 54 25.85 19.21 25.23
18,863 16,248 66 12,594 10,899 63 2,938 1,277 26 24.79 21.22 18.58
4,287 3,224 N/A 2,143 2,097 N/A 1,262 931 N/A 63.02 35.64 46.82

50 59 ICICI Lombard General Insurance 58,168 45,346 28.3 55,073 37,092

51 42 JSW Steel 55,422 68,500 (19.1) 60,877 77,943
52 49 Eicher Motors 52,029 55,356 (6.0) 52,775 69,375
53 87 Berger Paints India 49,935 31,226 59.9 41,122 29,291
54 50 Hero MotoCorp 48,729 54,664 (10.9) 49,581 63,325
55 38 GAIL (India) 47,726 72,958 (34.6) 60,516 78,512
56 53 Interglobe Aviation 47,036 51,070 (7.9) 57,074 42,659
57 72 Siemens * 46,522 39,100 19.0 47,811 35,662
58 43 Vedanta 45,325 65,696 (31.0) 55,356 81,399
59 63 Cipla 44,885 43,140 4.0 39,242 46,391
60 48 Tata Steel 44,868 58,576 (23.4) 51,638 66,084
61 51 Grasim Industries 43,627 54,233 (19.6) 51,101 61,017
62 76 DLF 43,627 36,304 20.2 46,460 33,326
63 57 Marico 43,328 46,497 (6.8) 45,378 44,413
64 67 United Spirits 42,708 41,834 2.1 42,976 44,128
65 82 Biocon 40,044 34,211 17.1 32,049 37,581
INDIA’S Most
vAlUABle COMPANIES
LisT (50-84/ 500)

The Lis
66 55 Bharti Infratel 39,674 50,732 (21.8) 46,192 53,697

67 56 Tata Motors 39,610 48,868 (18.9) 46,373 67,561
68 285 Adani Green Energy 39,529 6,525 505.8 14,727 6,520
69 66 Ambuja Cements # 39,048 42,517 (8.2) 40,885 43,196
70 52 Bosch 38,260 52,200 (26.7) 44,415 57,517
71 84 Colgate-Palmolive (India) 38,233 33,073 15.6 35,781 32,280
72 60 Havells India 37,934 44,020 (13.8) 42,575 39,663
73 58 Hindalco Industries 37,709 46,167 (18.3) 42,739 49,924
74 81 Petronet LNG 37,674 34,901 7.9 37,894 33,408
75 97 Torrent Pharmaceuticals 37,496 28,817 30.1 29,986 27,521
76 64 UPL 37,331 43,056 (13.3) 44,186 36,864
77 77 Lupin 36,674 36,165 1.4 33,617 37,819
78 69 Aurobindo Pharma 35,763 41,275 (13.4) 32,607 40,679
79 71 Hindustan Petroleum 35,282 39,109 (9.8) 40,715 40,149
80 123 Muthoot Finance 35,179 22,154 58.8 26,975 18,093
81 83 Procter & Gamble Hygiene & Health Care ^ 34,745 33,215 4.6 35,463 31,930
82 62 Motherson Sumi Systems 34,185 43,557 (21.5) 37,840 57,498
83 93 IDBI Bank 33,648 29,586 13.7 29,886 27,908
84 120 Info Edge (India) 33,590 22,433 49.7 28,138 17,849

% oF totAl
N/A N/A N/A N/A N/A N/A 1,194 1,049 N/A 0.00 20.84 349.87
122,042 107,425 13 64,890 77,592 12 5,291 8,121 19 8.23 14.51 9.78
10,579 9,477 111 9,693 10,303 84 1,904 2,054 39 20.97 24.93 31.54
5,773 5,238 191 5,843 5,569 133 699 436 99 12.28 28.10 34.63
19,823 19,233 60 29,614 34,342 34 3,633 3,385 22 12.60 26.94 34.05
70,401 66,370 20 73,487 76,671 11 6,621 6,026 16 9.21 15.04 17.02
41,754 25,012 35 37,292 29,822 28 (248) 156 839 (0.69) (3.89) 20.43
21,286 19,755 55 14,156 13,005 53 1,087 894 73 7.94 12.53 19.37
135,986 150,864 10 38,728 44,802 26 (6,732) 5,075 871 (18.77) (9.14) (6.23)
20,406 18,419 58 13,573 12,952 58 2,318 1,888 33 17.10 14.00 18.08
150,393 137,498 8 60,843 73,017 14 6,744 10,533 13 11.16 9.29 8.73
49,495 51,794 31 19,135 21,120 43 1,270 515 62 6.04 3.19 3.85
39,689 33,481 37 4,915 3,715 160 2,264 688 35 95.54 9.22 13.45
4,617 4,570 236 6,164 6,272 127 1,006 1,129 76 15.89 28.95 35.69
9,581 9,431 123 9,187 9,076 88 705 659 98 2.46 20.30 22.86
8,131 8,039 146 2,389 3,003 304 441 493 156 20.19 6.08 7.62
info edge (india)

#
84 Sees 49.7 per cent growth in
average market cap during
Oct 2019 to Sept 2020
20,345 18,069 59 7,204 8,585 112 1,747 2,779 43 25.92 11.83 17.18
62,590 60,910 23 45,311 71,763 21 (7,290) 2,021 872 (16.59) (36.76) (12.18)
6,327 5,402 175 1,580 625 429 134 (35) 343 10.77 9.43 6.58
26,991 25,187 45 12,094 11,732 70 1,529 1,487 48 13.10 7.07 9.38
13,325 13,032 89 10,459 12,853 76 650 1,598 103 6.56 7.06 10.02
5,126 4,901 216 4,574 4,500 176 816 776 88 18.04 53.75 67.41
7,048 7,126 167 9,541 10,195 85 733 787 94 7.72 17.26 22.00
80,058 81,502 16 41,052 46,923 24 620 1,205 108 1.54 1.32 3.85
18,699 15,085 67 35,825 38,846 30 2,698 2,155 28 7.61 25.67 32.16
11,845 12,027 102 6,405 6,144 126 939 745 81 15.00 18.52 14.68
13,828 13,903 84 10,147 9,275 80 461 405 148 4.78 5.76 8.68
20,681 19,690 57 11,501 11,648 71 728 1,539 96 6.13 4.26 6.39
19,535 18,141 62 13,670 12,457 56 1,873 1,530 41 14.07 15.37 16.05
114,011 103,839 14 270,605 276,890 4 2,637 6,029 31 0.91 9.23 4.17
50,460 38,051 N/A 8,723 6,881 N/A 3,018 1,972 N/A 34.63 28.29 16.06
1,595 1,402 474 3,002 2,479 253 419 375 164 14.22 49.79 71.48
9,158 9,014 127 7,252 7,768 111 899 814 83 13.08 14.17 15.65
299,942 320,284 N/A 25,295 25,372 N/A (12,887) (15,116) N/A (61.88) (44.13) (8.09)
3,902 3,620 276 1,360 1,209 459 206 282 265 16.16 8.75 13.93

RANK AveRAge MARKet CApItAlIsAtIoN (` CRoRe)
85 86 Punjab National Bank 33,406 31,362 6.5 35,735 25,573

86 95 Larsen & Toubro Infotech 32,991 29,172 13.1 29,496 29,294
87 79 Bajaj Holdings & Investment 32,158 35,544 (9.5) 37,870 32,632
88 65 General Insurance Corp. of India ** 32,112 42,652 (24.7) 38,736 54,762
89 91 Cadila Healthcare 31,623 30,831 2.6 26,251 37,365
90 152 Abbott India 31,327 17,058 83.7 22,931 15,558
91 172 Tata Consumer Products 30,257 14,370 110.5 18,485 14,702
92 78 Bank of Baroda 30,020 36,068 (16.8) 40,250 33,130
93 129 Indraprastha Gas 29,854 20,684 44.3 25,991 19,135
94 70 Piramal Enterprises 29,535 41,136 (28.2) 36,217 44,488
95 80 United Breweries 29,176 35,490 (17.8) 34,240 33,275
96 89 NMDC 29,144 31,169 (6.5) 31,634 33,639
97 125 Alkem Laboratories 28,779 21,806 32.0 23,817 23,111
98 85 Container Corp. of India 28,305 31,563 (10.3) 32,268 31,568
99 114 Adani Transmission 28,250 23,316 21.2 27,927 20,201
INDIA’S Most
vAlUABle COMPANIES
LisT (85-118/ 500)

The Lis
100 141 Whirlpool of India 27,084 18,766 44.3 23,830 19,163

101 104 MRF 26,641 25,286 5.4 25,781 29,170
102 99 Power Finance Corp. 26,182 28,514 (8.2) 29,983 23,923
103 131 Honeywell Automation India 25,687 20,213 27.1 23,544 18,097
104 98 ACC # 25,429 28,600 (11.1) 28,247 27,488
105 121 GlaxoSmithKline Pharmaceuticals 25,218 22,379 12.7 23,408 23,615
106 112 Hindustan Aeronautics 25,121 23,937 4.9 23,637 28,671
107 111 Kansai Nerolac Paints 25,094 23,979 4.6 25,662 25,057
108 74 Yes Bank 24,731 38,505 (35.8) 22,323 63,133
109 94 Oracle Financial Services Software 23,772 29,514 (19.5) 26,083 32,681
110 96 ABB India # 23,372 29,141 (19.8) 29,308 27,157
111 103 Page Industries 23,043 25,578 (9.9) 24,057 29,666
112 101 REC 22,908 26,275 (12.8) 27,316 23,110
113 107 3M India 22,881 24,614 (7.0) 24,470 24,381
114 156 Jubilant FoodWorks 22,570 16,628 35.7 19,088 17,169
115 116 Bharat Electronics 22,338 22,942 (2.6) 24,061 24,629
116 143 Godrej Properties 22,146 18,725 18.3 23,055 15,849
117 183 PI Industries 22,129 13,635 62.3 17,640 11,445
118 108 NHPC 21,973 24,536 (10.4) 23,518 25,812

totAl Assets (` CRoRe) totAl INCoMe (` CRoRe) pRoFIt AFteR tAx (` CRoRe) pRoFIt As 2019/20
% oF totAl
830,666 774,949 N/A 63,074 58,688 N/A 336 (9,975) N/A 0.62 0.68 2.77
8,103 6,070 147 10,615 9,239 74 1,552 1,475 47 15.24 32.00 41.82
10,881 10,906 N/A 2,206 1,003 N/A 1,827 788 N/A 84.43 16.85 19.01
53,792 52,309 N/A N/A N/A N/A 2,224 3,234 N/A 0.00 9.71 14.98
18,156 15,074 70 7,702 7,114 104 1,413 1,486 52 20.63 14.25 13.72
3,532 2,928 296 4,208 3,793 188 593 450 114 14.49 27.09 36.54
12,050 4,971 101 5,811 3,612 135 524 411 124 9.20 6.87 9.88
1,157,916 780,987 N/A 86,301 56,065 N/A 546 434 N/A 0.72 0.93 2.17
7,172 5,949 164 6,642 5,911 120 1,137 787 70 15.86 24.73 31.18
39,280 42,498 38 4,928 4,132 159 145 (868) 329 3.43 0.69 6.41
5,516 5,379 203 6,514 6,504 123 427 563 161 2.92 12.75 16.71
37,042 35,998 43 12,213 12,741 68 3,610 4,642 23 30.86 13.50 22.54
8,284 6,656 142 6,773 5,782 116 1,264 800 63 18.10 21.53 20.39
11,552 12,607 104 6,754 7,216 117 376 1,215 179 5.73 3.68 5.30
12,947 12,824 94 1,654 1,631 411 6 42 751 0.65 0.34 6.19
Abbott India
#
90 Rises 62 ranks as average market
cap increases 83.7 per cent during
4,306 3,675 254 6,121 5,502 128 476 407 141 6.54 20.73 28.69
19,154 18,228 65 16,322 16,254 51 1,395 1,097 53 8.72 12.31 12.98
358,835 340,665 N/A 34,540 29,773 N/A 5,655 6,953 N/A 16.60 12.79 8.90
3,401 2,816 299 3,400 3,269 216 491 359 136 14.94 25.11 35.49
17,082 16,025 74 15,970 14,943 52 1,359 1,507 57 7.72 12.33 19.21
7,207 7,778 163 3,302 3,230 224 110 425 379 3.41 5.53 16.51
52,730 50,428 27 21,732 20,384 39 2,832 2,346 27 13.21 22.42 24.34
4,592 4,306 238 4,970 5,236 157 535 467 121 9.76 14.85 19.06
257,827 380,826 N/A 37,923 34,215 N/A (16,418) 1,720 N/A (62.98) (67.52) (10.02)
5,993 4,404 184 3,721 3,789 201 1,583 1,282 45 44.89 34.97 42.96
7,590 8,962 156 8,333 10,959 97 303 511 201 3.70 8.06 12.76
1,513 1,351 490 2,970 2,889 257 343 394 182 11.65 43.04 57.80
346,073 297,167 N/A 29,877 25,344 N/A 4,886 5,764 N/A 16.40 14.09 8.66
2,637 2,470 349 2,806 2,842 266 219 323 256 7.92 11.13 16.41
3,318 1,914 304 3,955 3,578 195 275 323 217 7.09 22.07 44.44
23,414 19,992 50 13,254 12,396 59 1,794 1,927 42 13.88 19.01 26.29
9,609 7,403 122 2,288 1,894 317 313 209 197 17.91 8.15 10.50
5,751 3,854 192 3,355 2,910 218 442 408 153 13.38 18.22 22.62
67,321 61,708 21 10,115 9,909 81 3,007 2,631 25 34.43 13.44 10.31

RANK AVeRAge MARKet CApItAlIsAtIoN (` CRoRe)
119 146 AU Small Finance Bank 21,722 18,277 18.8 22,488 18,347
120 164 Adani Enterprises 21,270 15,852 34.2 18,790 16,375
121 150 Apollo Hospitals Enterprise 20,891 17,608 18.6 19,732 15,616
122 155 Balkrishna Industries 20,656 16,628 24.2 16,956 20,508
123 100 The New India Assurance 20,627 27,796 (25.8) 22,938 40,778
124 73 Zee Entertainment Enterprises 20,534 38,595 (46.8) 29,436 47,265
125 179 SRF 20,518 13,899 47.6 17,576 11,512
126 185 Bayer CropScience 20,511 13,370 53.4 14,613 14,904
127 138 Voltas 20,470 19,141 6.9 21,215 18,628
128 106 Shriram Transport Finance Company 20,190 25,136 (19.7) 24,438 28,768
129 167 Varun Beverages # 20,104 15,631 28.6 18,870 13,822
130 187 Trent 20,048 12,774 56.9 17,111 11,374
131 N/L Indian Railway Catering & Tourism Corp. 19,515 N/A N/A 17,162 N/A
132 130 Cholamandalam Investment & Finance Company 19,480 20,568 (5.3) 22,635 21,523
133 117 TVS Motor Company 19,418 22,718 (14.5) 20,755 26,326
134 180 Pfizer 19,297 13,848 39.3 16,419 12,727
INDIA’S Most
VAlUABle COMPANIES
The LisT (119-153/ 500)
135 160 Bata India 19,114 16,357 16.9 19,967 12,739

136 102 Ashok Leyland 19,112 26,268 (27.2) 22,776 34,666
137 119 Bharat Forge 19,104 22,643 (15.6) 20,924 27,734
138 90 Vodafone Idea 19,065 30,918 (38.3) 22,949 29,437
139 122 Gillette India ^ 19,014 22,279 (14.7) 22,352 21,304
140 192 Nippon Life India Asset Management 18,654 11,992 55.6 17,279 12,232
141 202 Ipca Laboratories 18,551 10,839 71.2 13,377 9,412
142 190 Coromandel International 18,063 12,273 47.2 13,696 12,748
143 214 Gujarat Gas 17,966 10,306 74.3 14,024 9,939
144 137 Adani Power 17,840 19,333 (7.7) 21,642 13,478
145 142 Rajesh Exports ** 17,242 18,765 (8.1) 20,103 18,149
146 147 Mphasis 17,235 18,212 (5.4) 17,107 19,871
147 124 Bank of India 17,220 21,992 (21.7) 23,363 17,198
148 126 Sun TV Network 17,014 21,707 (21.6) 19,014 27,976
149 127 Aditya Birla Capital 16,994 21,010 (19.1) 20,428 26,418
150 182 Sanofi India # 16,952 13,639 24.3 14,414 13,341
151 110 LIC Housing Finance 16,690 24,216 (31.1) 22,489 24,493
152 134 IDFC First Bank 16,582 19,548 (15.2) 20,210 16,182
153 105 L&T Finance Holdings 16,572 25,212 (34.3) 21,945 30,216

% oF totAl
42,143 32,623 N/A 4,992 3,411 N/A 675 382 N/A 15.74 18.56 12.73
13,807 14,505 85 16,619 15,939 48 699 487 100 4.31 19.94 20.96
11,112 9,278 108 9,812 8,351 83 470 303 146 4.80 11.95 15.53
6,731 6,430 171 5,148 5,459 152 945 782 80 19.76 19.47 19.86
N/A N/A N/A N/A N/A N/A 1,418 580 N/A 0.00 9.01 0.00
10,118 10,869 115 7,447 7,067 109 748 1,655 92 10.36 10.12 16.21
8,820 8,672 134 6,693 6,502 118 974 517 78 15.21 22.66 16.76
5,928 5,537 188 3,676 3,221 203 475 337 143 11.55 19.77 24.80
7,492 6,764 158 7,656 6,956 106 570 464 116 7.75 14.80 19.48
118,055 108,129 N/A 16,583 15,632 N/A 2,502 2,564 N/A 15.11 14.79 10.88
8,444 6,130 138 5,714 3,954 136 449 332 151 7.99 13.90 15.08
5,288 2,553 210 3,329 2,568 221 155 127 317 4.49 7.37 20.03
3,383 2,575 300 2,355 1,959 311 529 309 123 23.23 44.07 62.75
63,472 56,973 N/A 8,653 6,993 N/A 1,052 1,186 N/A 12.16 14.72 10.30
9,361 8,369 126 16,455 18,217 50 592 670 115 3.61 17.01 16.49
4,405 3,940 248 2,336 2,249 313 509 429 128 23.66 15.89 20.38
Vodafone India
#
138 Slips 48 ranks after average
market cap falls 38.3 per cent
during Oct 2019 to Sept 2020
3,624 2,369 292 3,122 2,997 243 327 330 189 10.71 17.95 33.70
16,390 18,224 76 17,591 29,206 46 240 1,983 240 1.34 3.08 4.83
9,717 9,939 120 4,725 6,716 171 474 1,071 145 10.38 8.81 8.59
228,886 224,136 7 46,153 37,943 20 (73,132) (14,055) 875 (163.55) (202.05) (29.83)
1,178 1,193 567 1,878 1,690 376 253 229 232 13.59 34.56 47.12
2,803 2,700 N/A 1,222 1,589 N/A 412 475 N/A 36.43 16.48 22.32
5,185 4,458 214 4,422 3,677 184 652 455 102 14.94 19.18 20.84
10,218 10,647 113 13,155 13,240 60 1,059 714 74 8.07 27.17 25.90
7,897 7,127 150 10,384 7,866 79 1,193 417 67 11.34 43.59 29.17
22,530 28,928 53 1,916 3,470 364 (1,341) (225) 858 (133.35) (16.45) (0.66)
21,170 19,929 56 42,722 33,699 22 442 441 154 1.04 10.15 6.72
5,320 4,207 208 4,670 3,639 174 1,205 769 66 27.72 35.27 39.14
656,995 625,223 N/A 49,066 45,427 N/A (2,957) (5,547) N/A (6.98) (8.11) (1.31)
6,317 6,069 177 3,653 3,896 205 1,372 1,395 55 40.30 24.80 32.64
9,626 8,899 N/A 216 199 N/A 30 (10) N/A 14.94 0.36 1.15
5,240 4,769 212 3,165 2,861 239 414 381 165 13.49 18.07 25.75
216,286 200,030 N/A 19,704 17,365 N/A 2,402 2,431 N/A 12.19 13.94 9.11
149,200 167,185 N/A 17,589 12,800 N/A (2,864) (1,944) N/A (18.05) (17.10) 3.91
11,338 10,015 N/A 522 526 N/A 267 267 N/A 56.12 3.47 4.54

RANK AveRAge MARKet CApitAliSAtioN (` CRoRe)
154 109 Mahindra & Mahindra Financial Services 16,510 24,464 (32.5) 21,604 27,813
155 201 Union Bank of India 16,409 11,118 47.6 13,707 9,742
156 159 The Ramco Cements 16,393 16,373 0.1 17,871 16,002
157 178 Adani Gas 16,118 13,943 15.6 16,346 10,963
158 186 Aarti Industries 16,088 13,036 23.4 14,657 11,008
159 157 Sundaram Finance 15,997 16,620 (3.7) 17,328 17,182
160 176 Astral Poly Technik 15,892 14,018 13.4 16,119 12,456
161 144 Canara Bank 15,796 18,693 (15.5) 18,238 18,872
162 148 Oberoi Realty 15,789 18,046 (12.5) 19,118 16,797
163 161 AIA Engineering 15,667 15,933 (1.7) 16,000 15,331
164 220 Relaxo Footwears 15,665 9,922 57.9 13,177 9,012
165 177 Crompton Greaves Consumer Electricals 15,435 14,017 10.1 15,226 14,108
166 170 Jindal Steel & Power 15,274 14,824 3.0 14,569 18,674
167 154 L&T Technology Services 15,118 16,745 (9.7) 16,488 15,364
168 174 Mindtree 14,971 14,219 5.3 13,639 15,513
169 184 Supreme Industries 14,898 13,548 10.0 14,538 14,353
INDIA’S MoSt
vAlUABle COMPANIES
LisT (154-188/ 500)

The Lis
170 128 Steel Authority of India 14,855 20,862 (28.8) 17,478 27,374
171 188 Torrent Power 14,748 12,559 17.4 13,565 11,753
172 193 Syngene International 14,370 11,988 19.9 12,363 11,797
173 140 Exide Industries 14,259 18,782 (24.1) 16,090 21,455
174 171 Tata Communications 14,257 14,472 (1.5) 12,273 15,873
175 213 Alembic Pharmaceuticals 13,917 10,333 34.7 10,326 10,477
176 166 Aditya Birla Fashion and Retail 13,916 15,696 (11.3) 16,629 13,836
177 208 Atul 13,865 10,535 31.6 11,954 9,262
178 145 Tata Power Company 13,803 18,612 (25.8) 16,032 20,232
179 136 Dalmia Bharat 13,779 19,334 (28.7) 17,478 18,533
180 227 Indian Overseas Bank 13,755 9,654 42.5 11,355 8,067
181 249 Dr Lal PathLabs 13,591 8,682 56.5 11,149 7,841
182 197 Max Financial Services ** 13,452 11,243 19.7 12,194 11,874
183 153 The Indian Hotels Company 13,202 16,942 (22.1) 16,937 16,192
184 149 The Federal Bank 13,177 18,014 (26.9) 17,831 16,952
185 165 Endurance Technologies 13,167 15,772 (16.5) 14,560 17,692
186 1,273 Ruchi Soya Industries ** 13,160 207 6,251.4 594 306
187 132 Cummins India 13,058 20,192 (35.3) 17,073 20,392
188 268 ICICI Securities 12,962 7,474 73.4 9,583 9,572

totAl ASSetS (` CRoRe) totAl iNCoMe (` CRoRe) pRoFit AFteR tAx (` CRoRe) pRoFit AS 2019/20
% oF totAl
73,582 66,706 N/A 10,248 9,940 N/A 906 1,557 N/A 8.98 8.17 9.17
550,683 494,039 N/A 42,492 38,541 N/A (2,898) (2,947) N/A (7.78) (10.56) (2.90)
10,182 8,296 114 5,406 5,175 145 601 506 111 7.62 12.85 12.26
2,486 2,058 367 1,919 1,806 363 436 229 157 21.91 33.66 34.73
6,089 5,628 182 4,005 4,030 193 523 481 125 11.87 19.16 15.50
33,296 30,569 N/A 3,939 3,342 N/A 724 1,126 N/A 18.84 13.68 9.59
1,942 1,785 420 2,054 1,927 347 201 141 269 9.83 16.66 20.60
723,875 694,767 N/A 56,748 53,385 N/A (2,236) 347 N/A (4.57) (7.13) 0.67
7,596 7,069 155 744 1,158 614 315 454 195 50.81 5.11 6.18
3,994 3,609 270 3,062 2,954 246 833 415 85 32.11 24.53 27.46
1,841 1,611 431 2,420 2,305 299 226 175 250 9.39 19.16 24.81
2,693 2,610 344 4,571 4,527 177 495 403 134 10.96 42.94 35.28
61,801 60,640 25 26,439 27,923 36 618 (263) 109 1.65 2.67 8.75
4,045 3,216 265 5,394 4,863 146 790 700 90 15.25 31.69 42.56
4,973 4,140 223 7,840 7,111 100 631 754 106 8.12 19.60 27.28
3,448 3,069 298 5,540 5,640 140 496 461 133 9.01 24.07 27.99
Ruchi Soya
#
186 Sees the sharpest rise in
ranking, from 1,273 last year
123,090 113,539 12 62,646 67,500 13 2,022 2,179 36 3.28 5.19 7.51

22,880 23,825 52 13,705 13,245 55 1,238 889 64 9.21 13.66 8.09
4,039 3,611 266 2,108 1,902 338 412 331 166 20.45 20.20 19.57
8,242 8,172 143 9,921 10,627 82 826 844 87 8.38 13.44 17.04
13,172 12,378 90 5,966 5,509 130 209 (442) 264 3.63 2.54 4.92
5,879 4,549 190 4,279 3,686 187 969 611 79 23.46 32.00 27.08
9,494 6,358 124 8,808 8,197 93 (145) 321 825 (1.48) (11.89) 13.10
4,054 3,590 263 3,983 3,947 194 640 429 104 16.39 22.38 28.14
37,616 38,135 42 8,815 9,013 92 148 1,769 321 1.84 1.07 4.41
7,700 7,677 153 317 257 756 135 101 342 89.40 1.78 2.06
260,727 250,008 N/A 20,766 21,838 N/A (8,527) (3,738) N/A (48.99) (61.57) (35.44)
1,296 1,045 543 1,331 1,211 463 223 195 252 17.52 23.66 32.60
2,424 2,299 N/A 318 264 N/A 49 144 N/A 15.60 2.53 3.91
8,907 7,881 131 2,878 2,871 263 401 264 170 14.63 8.85 10.56
180,638 159,340 N/A 15,142 12,770 N/A 1,543 1,244 N/A 11.68 11.11 10.86
2,983 2,959 320 4,975 5,434 156 428 358 160 8.61 19.46 24.31
7,937 7,721 149 12,829 12,029 61 77 (5,573) 458 0.60 0.00 3.39
5,954 5,854 185 5,490 5,956 142 629 723 107 12.20 15.15 17.13
6,094 5,839 N/A 1,738 1,727 N/A 537 487 N/A 31.23 49.72 39.91

RANK AveRAge MARKet CApItAlIsAtION (` CRORe)
2020 2019 COMpANy Oct ’19 - Sept ’20 Oct ’18 - Sept ’19 Growth % FY 2019/20 FY 2018/19
189 115 Bharat Heavy Electricals 12,951 23,208 (44.2) 18,371 26,404
190 158 Godrej Industries 12,835 16,441 (21.9) 14,752 18,573
191 241 Polycab India 12,793 9,083 40.9 11,579 N/A
192 238 Manappuram Finance 12,761 9,274 37.6 12,051 8,433
193 175 City Union Bank 12,715 14,107 (9.9) 15,434 12,953
194 N/R Sumitomo Chemical India 12,637 N/A N/A 11,300 N/A
195 173 Castrol India # 12,610 14,327 (12.0) 13,528 16,022
196 135 Oil India 12,562 19,438 (35.4) 16,611 22,645
197 218 UCO Bank 12,493 10,049 24.3 12,193 7,358
198 226 GMR Infrastructure 12,435 9,685 28.4 11,087 10,352
199 168 Schaeffler India # 12,386 15,064 (17.8) 14,134 12,174
200 191 Wabco India 12,384 12,000 3.2 11,922 13,035
201 151 Emami 12,380 17,061 (27.4) 14,237 21,806
202 209 Gujarat State Petronet 11,987 10,526 13.9 11,841 10,122
203 247 Aavas Financiers 11,889 8,936 33.0 12,473 6,680
204 200 Natco Pharma 11,717 11,122 5.3 10,317 13,488
INDIA’S MOst
vAlUABle COMPANIES
LisT (189-223/ 500)

The Lis
205 194 Amara Raja Batteries 11,585 11,842 (2.2) 11,462 13,247
206 162 Tata Chemicals 11,561 15,911 (27.3) 15,429 17,500
207 207 CRISIL # 11,518 10,595 8.7 10,704 12,044
208 244 Ajanta Pharma 11,363 9,001 26.2 9,184 9,692
209 113 RBL Bank 11,266 23,760 (52.6) 18,948 23,606
210 118 Future Retail ** 10,978 22,669 (51.6) 19,085 25,839
211 266 Escorts 10,691 7,703 38.8 7,762 9,586
212 233 Phoenix Mills 10,531 9,501 10.8 10,932 9,375
213 189 Thermax 10,453 12,323 (15.2) 12,185 12,620
214 243 Vinati Organics 10,240 9,042 13.3 10,227 6,620
215 224 Fortis Healthcare 10,186 9,725 4.7 10,263 8,568
216 163 Glenmark Pharmaceuticals 10,147 15,858 (36.0) 11,231 17,182
217 210 Hexaware Technologies # 10,124 10,469 (3.3) 10,439 11,693
218 204 Hatsun Agro Products 10,088 10,769 (6.3) 10,374 10,856
219 245 Prestige Estate Projects 9,995 8,980 11.3 11,129 8,819
220 263 Coforge 9,919 7,840 26.5 9,087 7,240
221 235 Motilal Oswal Financial Services 9,806 9,356 4.8 10,146 11,027
222 290 JK Cement 9,803 6,419 52.7 8,430 5,730
223 250 Mahanagar Gas 9,796 8,640 13.4 9,365 8,619

tOtAl Assets (` CRORe) tOtAl INCOMe (` CRORe) pROFIt AFteR tAx (` CRORe) pROFIt As 2019/20
% OF tOtAl
FY 2019/20 FY 2018/19 RANK 2020 FY 2019/20 FY 2018/19 RANK 2020 FY 2019/20 FY 2018/19 RANK 2020 sAles RONW (%) ROCe (%)
60,814 63,822 26 25,556 33,439 37 (1,473) 1,209 860 (6.06) (4.86) (0.15)
5,021 5,313 219 2,030 2,186 351 31 (101) 628 1.56 1.89 5.55
5,928 5,595 187 8,900 8,004 91 761 501 91 8.64 22.89 29.64
23,740 17,580 N/A 4,353 3,427 N/A 1,230 790 N/A 28.54 25.48 15.36
49,734 45,259 N/A 4,849 4,282 N/A 476 683 N/A 11.43 9.40 10.16
2,091 1,846 409 2,434 2,231 297 206 167 266 8.49 20.36 24.24
2,170 2,054 398 3,942 3,989 196 827 708 86 19.36 66.22 90.67
43,297 50,220 34 13,651 15,170 57 2,584 2,590 32 21.31 9.91 7.21
235,908 230,484 N/A 18,006 15,844 N/A (2,437) (4,321) N/A (16.10) (17.22) (9.83)
24,282 22,293 49 1,163 1,149 496 (1,479) (1,034) 861 (183.61) (12.45) (2.87)
3,622 3,735 293 4,424 4,696 183 368 420 180 8.43 12.97 18.82
2,180 2,336 396 1,993 2,927 359 159 282 313 8.23 8.64 12.26
2,435 2,583 376 2,484 2,526 293 289 305 209 12.10 14.96 17.49
9,103 8,950 128 2,433 1,937 298 1,109 795 71 46.80 17.79 17.53
7,658 5,627 N/A 903 711 N/A 249 176 N/A 27.61 12.72 10.19
4,647 4,356 233 1,914 2,116 366 475 667 143 25.13 12.86 14.85
Oil India
196
# Average market cap falls 35
per cent during Oct 2019 to
Sept 2020
5,001 4,496 220 6,895 6,841 114 661 483 101 9.66 18.91 24.04
13,459 14,567 88 3,229 6,008 232 6,840 855 11 234.23 56.20 55.95
2,225 2,134 389 1,308 1,272 467 266 278 226 22.59 37.15 48.20
3,328 2,763 302 2,381 1,875 306 441 392 155 20.08 19.17 27.01
88,978 80,359 N/A 10,425 7,743 N/A 506 867 N/A 5.94 5.58 6.94
10,528 8,194 112 20,185 18,493 41 733 11 95 3.32 21.17 19.02
5,312 4,997 209 5,853 6,299 132 486 485 139 8.43 14.96 19.28
3,940 3,751 272 487 503 690 148 173 322 33.20 5.30 7.02
4,369 6,018 250 4,289 5,312 186 214 275 259 5.11 7.82 11.61
1,443 1,228 508 1,074 1,158 516 334 282 184 32.45 28.65 36.55
10,633 10,108 109 1,640 1,181 416 513 123 126 73.14 5.96 8.05
18,147 16,431 71 7,319 7,485 110 1,355 1,622 58 20.18 10.77 11.24
2,104 1,860 408 2,178 1,848 328 508 453 130 23.71 28.93 33.10
2,714 2,246 343 5,317 4,766 148 112 115 373 2.12 13.14 13.33
19,383 18,015 63 3,567 2,579 208 262 289 227 7.82 5.51 9.36
2,792 2,364 335 2,516 2,153 289 423 299 163 18.94 23.13 26.77
6,166 5,706 N/A 1,430 1,313 N/A 197 322 N/A 15.50 7.45 7.88
8,026 7,051 148 5,550 5,061 139 400 325 171 7.33 13.30 15.71
4,129 3,441 261 3,071 2,869 245 794 546 89 24.31 29.66 37.00

224 N/R IIFL Wealth Management 9,696 11,539 (16.0) 10,936 N/A
225 228 Solar Industries (India) 9,365 9,642 (2.9) 10,029 9,699
226 229 Central Bank of India 9,276 9,590 (3.3) 9,480 13,776
227 199 JSW Energy 9,247 11,188 (17.4) 10,977 11,367
228 282 CreditAccess Grameen 9,200 6,555 40.4 9,226 5,390
229 92 Indiabulls Housing Finance 9,167 29,746 (69.2) 18,834 42,459
230 265 Akzo Nobel India 9,143 7,747 18.0 8,658 8,084
231 221 SJVN 9,118 9,918 (8.1) 9,629 10,948
232 219 Jubilant Life Sciences 8,998 9,967 (9.7) 8,183 11,922
233 232 Godrej Agrovet 8,912 9,515 (6.3) 9,398 10,914
234 259 ITI ** 8,828 7,953 11.0 7,605 8,294
235 230 SKF India 8,817 9,537 (7.5) 9,840 9,291
236 280 Tube Investments of India 8,688 6,583 32.0 7,833 5,394
237 223 CESC 8,632 9,730 (11.3) 9,642 11,245
238 205 Sundram Fasteners 8,585 10,713 (19.9) 9,885 12,054
239 253 Minda Industries 8,520 8,500 0.2 8,951 9,414
INDIA’S Most
vAlUABle COMPANIES
LisT (224-258/ 500)

The Lis
240 274 Zydus Wellness 8,510 7,011 21.4 8,399 5,612

241 N/R Dhani Services 8,426 18,938 (55.5) 12,522 26,509
242 240 V-Guard Industries 8,257 9,136 (9.6) 9,459 8,859
243 248 TTK Prestige 7,698 8,742 (11.9) 8,470 7,844
244 258 Bombay Burmah Trading Corp. 7,691 8,108 (5.1) 7,420 9,817
245 242 Cholamandalam Financial Holdings 7,683 9,044 (15.0) 9,146 10,504
246 195 Apollo Tyres 7,620 11,590 (34.3) 9,848 13,991
247 323 Metropolis Healthcare 7,601 5,185 46.6 6,432 N/A
248 269 PVR 7,454 7,397 0.8 8,477 6,567
249 341 Astrazeneca Pharma India 7,392 4,598 60.8 5,717 3,811
250 256 Kajaria Ceramics 7,354 8,250 (10.9) 8,633 7,733
251 381 Indiamart Intermesh 7,264 3,889 86.8 1,101 1,753
252 275 JM Financial 7,206 6,839 5.4 7,210 8,757
253 255 Symphony 7,191 8,385 (14.2) 8,631 8,819
254 169 Edelweiss Financial Services 7,132 14,987 (52.4) 11,598 21,065
255 301 Procter & Gamble Health ## 7,131 6,015 18.6 6,967 4,514
256 270 KEC International 7,058 7,328 (3.7) 7,545 8,054
257 231 NLC India 7,025 9,523 (26.2) 8,054 11,329
258 343 Timken India 6,944 4,585 51.5 5,847 4,525

% oF totAl
2,515 2,662 N/A 567 607 N/A 193 152 N/A 51.98 8.58 9.76
1,384 1,292 523 1,547 1,684 431 213 191 260 14.12 22.39 23.98
356,436 330,718 N/A 27,199 25,052 N/A (1,121) (5,641) N/A (4.76) (6.53) (1.46)
15,070 17,017 78 4,514 5,553 180 498 251 132 11.54 5.10 6.06
11,053 7,629 N/A 1,684 1,283 N/A 328 322 N/A 19.45 13.06 11.59
92,303 120,103 N/A 12,025 15,576 N/A 2,160 3,729 N/A 18.95 13.42 10.18
3,720 3,407 284 2,699 2,961 275 237 211 242 8.92 20.04 28.03
16,042 16,522 77 3,282 3,123 226 1,652 1,364 44 61.15 14.37 16.83
5,433 4,864 204 3,313 3,517 223 321 148 191 10.23 12.98 10.10
3,243 2,885 308 5,160 4,395 151 293 208 205 5.59 19.78 22.00
6,959 7,008 168 2,013 1,803 355 93 231 412 5.55 0.00 33.64
2,452 2,274 373 2,946 3,127 259 289 336 210 10.17 16.05 21.46
2,767 2,980 339 4,341 5,352 185 331 244 186 7.73 21.19 22.85
26,952 26,089 46 8,007 7,938 98 918 937 82 11.71 9.27 10.95
3,232 3,396 309 3,145 4,020 240 314 436 196 10.05 16.00 15.51
2,866 2,496 329 3,238 3,543 231 107 188 382 3.37 8.38 9.65
Minda Industries
#
239 Rises 14 ranks despite negligible
increase in average market cap
4,792 4,958 229 263 315 781 (41) 96 810 (26.49) (1.25) 1.77
5,030 6,441 N/A 418 317 N/A 246 105 N/A 59.78 4.77 5.29
1,438 1,356 510 2,506 2,585 291 185 166 284 7.46 20.32 26.04
1,709 1,532 451 1,961 1,994 361 199 190 270 10.25 16.21 20.72
782 718 667 283 277 773 (17) (20) 795 (7.94) (6.94) 2.92
1,322 1,068 N/A 91 74 N/A 83 67 N/A 91.69 7.64 7.42
18,560 15,600 69 11,097 12,465 73 509 592 129 4.60 6.64 7.22
832 740 649 695 602 625 112 101 374 16.84 24.28 31.74
7,130 3,797 165 3,330 3,073 220 30 190 633 0.92 2.06 20.87
776 591 670 845 745 584 72 54 475 8.68 21.83 34.61
2,195 2,047 393 2,622 2,761 280 279 246 215 10.84 16.98 20.79
1,094 733 586 692 538 626 146 13 326 23.45 69.88 98.01
2,843 2,657 N/A 303 271 N/A 127 111 N/A 49.62 5.10 6.50
799 808 659 763 557 607 186 101 282 25.96 28.22 36.53
3,653 4,051 N/A 265 336 N/A 83 103 N/A 34.85 2.47 3.06
2,583 1,516 356 1,857 782 378 839 94 84 98.79 73.79 100.08
12,120 11,100 98 10,611 10,346 75 546 498 118 5.21 20.47 24.52
40,180 35,504 36 9,294 9,294 86 1,414 1,267 51 17.86 11.24 10.98
2,494 2,232 365 1,640 1,680 415 246 149 239 15.21 16.87 20.88

259 216 National Aluminium Company 6,880 10,272 (33.0) 8,302 12,567
260 416 Navin Fluorine International 6,840 3,359 103.6 4,282 3,368
261 215 Shriram City Union Finance 6,797 10,290 (34.0) 9,298 12,331
262 286 Sheela Foam 6,775 6,518 3.9 6,470 7,177
263 314 Bank of Maharashtra 6,661 5,573 19.5 7,218 3,444
264 319 Rites 6,635 5,325 24.6 6,374 5,054
265 251 KIOCL 6,630 8,564 (22.6) 7,326 11,107
266 196 Mangalore Refinery & Petrochemicals 6,625 11,537 (42.6) 8,964 14,287
267 N/L Ujjivan Small Finance Bank 6,621 N/A N/A 8,515 N/A
268 271 Aster DM Healthcare 6,602 7,258 (9.0) 7,013 8,277
269 329 Avanti Feeds 6,565 4,913 33.6 5,845 6,403
270 396 Deepak Nitrite 6,536 3,581 82.5 4,538 3,367
271 257 Housing & Urban Development Corp. 6,526 8,180 (20.2) 7,445 10,150
272 376 Multi Commodity Exchange of India 6,516 3,994 63.1 5,165 3,862
273 277 Aegis Logistics 6,436 6,802 (5.4) 6,610 7,514
274 379 Fine Organic Industries 6,423 3,944 62.8 5,276 3,271
INDIA’S Most
vAlUABle COMPANIES
The LisT (259-293/ 500)
275 261 Eris Lifesciences 6,384 7,903 (19.2) 6,496 9,619

276 288 Blue Star 6,356 6,474 (1.8) 7,349 6,311
277 300 Security And Intelligence Services India 6,305 6,111 3.2 6,688 7,174
278 294 Finolex Industries 6,238 6,331 (1.5) 6,539 6,960
279 281 Chambal Fertilisers & Chemicals 6,121 6,571 (6.9) 6,508 6,584
280 348 Narayana Hrudayalaya 6,112 4,447 37.4 5,385 4,743
281 217 EIH 6,103 10,132 (39.8) 9,005 10,013
282 198 Indian Bank 6,077 11,238 (45.9) 8,387 13,571
283 299 Grindwell Norton 6,052 6,128 (1.2) 6,468 5,751
284 384 Laurus Labs 6,038 3,882 55.5 3,904 4,468
285 334 Johnson Controls - Hitachi Air Conditioning India 6,018 4,781 25.9 5,377 5,566
286 N/L Suven Pharmaceuticals 5,979 N/A N/A 3,196 N/A
287 237 Quess Corp 5,930 9,298 (36.2) 7,759 13,036
288 474 Dixon Technologies (India) 5,803 2,567 126.0 3,456 2,980
289 398 EPL 5,776 3,554 62.5 4,386 3,496
290 326 VST Industries 5,609 5,076 10.5 5,811 4,732
291 273 KRBL 5,598 7,174 (22.0) 6,083 8,700
292 336 Godfrey Phillips India 5,598 4,762 17.5 5,556 4,418
293 181 PNB Housing Finance 5,596 13,823 (59.5) 9,967 18,034

% oF totAl
14,550 15,147 80 8,746 11,831 94 138 1,732 339 1.63 1.35 2.26
1,933 1,706 421 1,054 990 522 400 148 172 39.11 32.73 21.10
34,120 32,207 N/A 5,888 5,784 N/A 1,001 989 N/A 17.00 14.72 11.83
1,170 1,023 569 1,799 1,846 383 166 124 308 9.43 22.08 29.78
168,867 164,536 N/A 13,145 12,397 N/A 389 (4,784) N/A 3.38 5.61 1.31
5,678 5,176 199 2,665 2,164 277 596 445 112 24.84 24.05 33.29
2,489 2,407 366 2,057 2,013 346 43 112 577 2.24 2.22 3.78
26,010 32,519 47 51,107 62,217 17 (2,708) 332 866 (4.46) (29.23) (16.22)
18,411 13,742 N/A 3,026 2,038 N/A 350 199 N/A 12.94 15.26 12.26
3,552 3,376 295 875 679 571 61 48 514 7.97 2.06 3.16
1,453 1,277 507 3,225 2,783 234 286 223 211 9.04 25.29 33.44
2,047 1,828 411 2,237 1,797 322 544 138 120 24.40 42.68 47.21
76,582 73,415 N/A 7,572 5,599 N/A 1,708 1,180 N/A 22.68 14.67 9.73
2,546 2,362 N/A 482 391 N/A 209 137 N/A 56.29 13.86 15.87
1,726 1,255 447 926 727 555 25 89 671 2.86 2.92 2.30
856 709 642 1,050 1,068 523 167 129 305 16.22 29.23 32.34
Navin Flourine International
260
# More than doubles its average
market cap during
1,373 1,402 529 1,036 929 527 291 285 207 28.55 23.76 24.74
3,255 3,162 307 4,906 4,807 162 121 122 360 2.53 13.35 14.96
1,727 1,451 445 3,041 2,525 249 86 119 429 2.88 11.99 13.87
2,815 3,273 331 3,020 3,133 251 324 350 190 10.86 14.54 16.77
14,530 13,846 81 12,386 10,261 65 1,224 545 65 10.03 34.24 14.45
2,220 2,074 390 2,263 2,095 319 68 50 488 3.03 5.82 9.79
3,914 3,852 275 1,447 1,631 447 124 113 354 9.22 4.31 4.76
309,468 280,065 N/A 24,717 21,068 N/A 753 322 N/A 3.52 4.26 5.84
1,568 1,423 484 1,599 1,605 425 183 164 286 11.79 16.30 21.59
3,670 3,269 288 2,803 2,252 267 267 95 225 9.55 15.72 14.41
1,795 1,715 440 2,207 2,257 325 84 86 443 3.80 12.84 14.95
1,230 816 554 852 378 580 270 109 221 32.39 39.71 46.23
4,008 3,861 268 7,792 5,746 102 (337) 234 845 (4.35) (13.71) (6.61)
1,421 1,103 519 3,681 2,530 202 111 56 377 3.01 25.50 33.27
1,078 1,006 590 882 864 569 106 64 383 N/A N/A N/A
1,371 1,174 530 1,287 1,138 469 304 227 200 22.19 41.91 57.92
4,413 4,627 247 4,521 4,134 179 559 503 117 12.44 19.17 21.17
3,097 2,644 313 2,960 2,556 258 388 241 174 12.39 19.60 27.24
78,599 83,699 N/A 8,486 7,485 N/A 682 1,081 N/A 8.05 8.94 8.65

RANK AveRAGe MARKet CAPitAlisAtioN (` CRoRe)
294 316 Tata Elxsi 5,518 5,499 0.4 5,075 7,039

295 318 Westlife Development 5,510 5,364 2.7 5,484 5,725
296 322 Bharat Dynamics 5,481 5,225 4.9 5,331 5,954
297 276 Blue Dart Express 5,429 6,811 (20.3) 5,997 7,870
298 337 Persistent Systems 5,403 4,727 14.3 4,788 5,667
299 368 Galaxy Surfactants 5,384 4,129 30.4 4,744 4,377
300 345 Linde India # 5,313 4,515 17.7 4,835 4,205
301 N/R Spandana Sphoorty Financial 5,246 5,629 (6.8) 6,681
302 279 Carborundum Universal 5,238 6,593 (20.6) 6,122 6,743
303 N/L Gujarat Fluorochemicals 5,184 N/A N/A 6,027 N/A
304 283 DCM Shriram 5,146 6,551 (21.4) 6,333 5,725
305 272 Engineers India ** 5,118 7,180 (28.7) 6,496 7,957
306 254 Future Lifestyle Fashions ** 5,095 8,426 (39.5) 8,266 8,059
307 361 Can Fin Homes 5,056 4,215 20.0 5,183 4,184
308 289 Jyothy Labs 5,016 6,456 (22.3) 5,747 7,252
309 225 NBCC (India) ** 4,979 9,711 (48.7) 7,474 12,607
INDIA’S Most
vAlUABle COMPANIES
LisT (294-328/ 500)

The Lis
310 338 Indian Energy Exchange 4,946 4,610 7.3 4,480 4,907
311 360 Ratnamani Metals & Tubes 4,939 4,220 17.0 4,714 4,217
312 252 Mahindra CIE Automotive # 4,863 8,511 (42.9) 6,662 9,393
313 284 Kalpataru Power Transmission 4,856 6,525 (25.6) 6,825 5,954
314 306 BASF India 4,838 5,869 (17.6) 4,746 7,490
315 293 VIP Industries 4,827 6,360 (24.1) 6,060 6,534
316 307 Asahi India Glass 4,793 5,823 (17.7) 5,167 7,382
317 481 Granules India 4,782 2,495 91.7 3,022 2,456
318 239 Sterlite Technologies 4,776 9,186 (48.0) 5,712 12,336
319 287 Chalet Hotels 4,730 6,484 (27.0) 6,599 6,129
320 278 Finolex Cables 4,717 6,655 (29.1) 5,891 8,275
321 566 GMM Pfaudler 4,699 1,767 165.9 2,488 1,459
322 303 Vardhman Textiles 4,690 5,950 (21.2) 5,642 6,431
323 335 Radico Khaitan 4,647 4,766 (2.5) 4,377 5,344
324 292 Dilip Buildcon 4,593 6,370 (27.9) 5,793 9,306
325 351 Birla Corp. 4,561 4,371 4.3 4,680 5,002
326 463 JB Chemicals & Pharmaceuticals 4,532 2,721 66.5 3,235 2,493
327 222 Century Textiles & Industries 4,497 9,894 (54.5) 7,904 10,239
328 211 Graphite India 4,490 10,465 (57.1) 6,107 15,596

totAl Assets (` CRoRe) totAl iNCoMe (` CRoRe) PRoFit AFteR tAx (` CRoRe) PRoFit As 2019/20
% oF totAl
1,380 1,137 526 1,675 1,640 405 256 290 230 15.91 25.20 34.36
483 482 N/A N/A N/A N/A (0) (0) N/A (62.02) (0.06) (0.06)
5,631 5,397 200 3,211 3,208 236 535 423 122 17.28 22.15 30.90
2,210 2,030 392 3,181 3,185 237 (38) 88 809 (1.21) (6.14) (2.05)
2,630 2,483 351 2,263 2,064 320 408 315 167 19.34 18.19 23.68
1,389 1,307 522 1,799 2,034 384 182 168 288 10.16 21.79 24.42
3,215 3,385 310 1,781 2,214 387 727 33 97 41.28 40.81 45.13
5,935 4,698 N/A 1,651 1,519 N/A 337 309 N/A 23.89 15.02 18.28
1,573 1,526 481 1,699 1,810 398 191 166 277 11.59 14.56 18.17
5,724 n/a 195 2,718 n/a 274 190 (0) 280 7.57 10.29 15.82
8,712 7,581 136 7,792 7,784 101 744 907 93 9.36 19.42 18.97
5,022 4,691 206 2,672 1,976 213 370 378 159 15.13 16.29 25.10
4,537 3,379 240 5,416 4,252 144 145 111 328 2.46 9.66 14.81
21,010 18,705 N/A 2,030 1,731 N/A 376 297 N/A 18.52 19.13 9.42
1,487 1,600 497 1,685 1,797 402 158 193 315 9.47 19.75 18.72
8,427 8,213 139 7,493 6,079 108 384 334 176 5.30 22.69 36.71
GMM Pfaudler
#
321 Goes up 245 ranks as average
market cap zooms 166 per cent
668 706 703 297 294 768 178 165 294 69.22 47.77 60.32
2,544 2,052 358 2,645 2,796 279 307 253 199 11.73 19.04 24.09
4,748 4,539 231 2,927 3,172 261 172 94 299 5.95 4.56 7.15
9,655 8,237 121 7,981 7,188 99 463 401 147 5.86 13.85 20.54
4,501 3,811 244 7,636 6,135 107 19 82 702 0.25 1.33 6.62
1,143 1,024 572 1,739 1,795 392 89 129 423 5.18 16.29 23.88
3,812 3,665 280 2,615 2,879 281 160 190 310 6.15 12.33 10.99
3,146 2,824 311 2,336 2,127 312 444 162 152 19.11 27.59 22.67
6,264 6,142 178 4,793 4,897 167 434 535 158 9.11 25.95 21.97
3,799 3,506 282 1,004 1,031 533 82 (10) 445 8.36 5.46 7.19
3,012 2,769 318 3,049 3,223 248 402 344 169 13.99 15.61 19.49
485 376 761 522 426 677 62 41 508 12.00 25.42 34.21
8,727 8,369 135 6,497 6,633 124 545 696 119 8.62 10.03 9.59
2,460 2,231 370 2,440 2,110 294 228 188 249 2.42 16.05 17.05
11,158 10,907 107 9,015 9,165 90 425 765 162 4.73 12.48 17.42
7,856 7,800 151 4,829 4,505 166 316 138 194 6.65 9.11 11.60
2,012 2,327 414 1,690 1,541 400 268 182 222 16.34 18.30 22.94
6,478 6,179 173 3,472 4,047 212 450 6,076 150 13.13 13.09 9.52
4,642 5,943 234 3,032 6,934 250 31 2,806 625 1.09 0.74 0.40

329 378 Hathway Cable & Datacom 4,405 3,952 11.5 3,973 2,782
330 430 Rallis India 4,402 3,136 40.4 3,376 3,621
331 321 TV18 Broadcast 4,393 5,261 (16.5) 4,158 7,591
332 324 Rail Vikas Nigam ** 4,360 5,179 (15.8) 4,954 n/a
333 327 Cochin Shipyard 4,331 4,920 (12.0) 4,808 5,666
334 421 APL Apollo Tubes 4,329 3,236 33.8 3,849 3,609
335 N/R Affle (India) 4,296 2,275 88.8 3,536 N/A
336 295 Spicejet ** 4,293 6,259 (31.4) 6,736 5,580
337 304 Sunteck Realty 4,285 5,950 (28.0) 6,128 5,718
338 328 Bajaj Electricals 4,275 4,914 (13.0) 4,356 5,416
339 313 Welspun India 4,263 5,677 (24.9) 5,036 5,988
340 298 IDFC 4,258 6,144 (30.7) 5,573 7,156
341 472 Amber Enterprises India 4,252 2,591 64.2 3,150 2,913
342 N/R Sterling and Wilson Solar 4,210 9,831 (57.2) 6,139 N/A
343 260 Varroc Engineering 4,158 7,923 (47.5) 6,022 10,727
344 436 FDC 4,151 3,046 36.3 3,235 3,689
INDIA’S Most
vAlUABle COMPANIES
LisT (329-363/ 500)

The Lis
345 434 MAS Financial Services ** 4,122 3,070 34.2 3,929 3,042
346 426 Orient Electric 4,113 3,160 30.2 3,858 2,937
347 393 Ircon International 4,075 3,681 10.7 3,780 3,775
348 332 Sun Pharma Advanced Research Company 4,060 4,824 (15.8) 3,980 7,739
349 382 Heidelberg Cement India 4,048 3,885 4.2 4,265 3,413
350 366 PNC Infratech 4,035 4,145 (2.7) 4,632 3,891
351 356 Tata Investment Corp. 3,990 4,317 (7.6) 4,210 4,423
352 N/L Rossari Biotech 3,990 N/A N/A N/A N/A
353 394 Redington (India) 3,968 3,671 8.1 4,147 4,086
354 945 Alok Industries ** 3,946 486 712.4 578 488
355 375 Maharashtra Scooters 3,942 3,999 (1.4) 4,783 3,254
356 411 Nesco 3,903 3,423 14.0 4,100 3,434
357 385 Strides Pharma Science 3,898 3,857 1.1 3,618 4,108
358 305 DCB Bank 3,865 5,939 (34.9) 5,925 5,345
359 291 Cyient 3,853 6,411 (39.9) 5,115 7,679
360 315 GE Power India 3,853 5,502 (30.0) 5,130 5,428
361 365 KPR Mill 3,804 4,188 (9.2) 4,277 4,407
362 364 The Great Eastern Shipping Company 3,793 4,195 (9.6) 4,073 4,604
363 415 E.I.D. Parry (India) 3,779 3,371 12.1 3,202 3,927

% oF totAl
5,340 5,290 207 820 586 590 17 211 710 2.93 0.39 4.26
2,954 2,693 323 2,286 2,014 318 185 154 283 8.24 13.76 17.58
4,114 3,877 262 1,216 1,112 488 22 85 694 1.61 0.79 2.51
11,479 7,752 105 10,411 7,882 77 607 470 110 6.03 17.11 14.37
6,358 5,178 174 3,670 3,193 204 638 481 105 18.63 18.05 24.98
2,760 2,757 340 5,958 5,913 131 115 126 366 1.88 10.15 10.95
274 104 829 189 126 814 33 17 617 18.05 31.13 41.96
4,795 4,032 228 9,258 7,888 87 (316) 567 843 (3.47) 0.00 (15.11)
2,718 2,491 341 333 308 747 104 190 385 35.27 5.46 5.64
4,513 5,097 242 5,029 6,739 154 (0) 167 777 (0.00) (0.01) 7.67
6,221 6,264 180 5,367 5,478 147 475 142 142 8.92 17.93 14.05
9,403 9,878 N/A 162 204 N/A 64 128 N/A 42.07 0.68 0.82
2,521 2,084 362 3,009 2,197 252 118 93 363 3.93 11.47 12.62
4,148 4,717 260 4,900 8,366 164 311 196 198 6.87 56.61 43.29
2,219 2,038 391 2,372 2,625 308 99 120 395 4.27 8.81 10.39
2,419 2,156 378 1,414 1,131 451 247 172 238 18.07 16.59 22.06
Affle (India)
#
335 Enters the ranking after average
market cap rises 80 per cent
3,770 2,749 N/A 573 451 N/A 152 103 N/A 26.58 18.07 17.68
939 869 625 2,066 1,874 343 79 69 455 3.66 23.75 31.22
12,550 12,825 96 5,842 5,149 134 490 445 137 9.41 12.08 15.25
273 398 830 87 196 846 (312) (145) 842 (406.70) (225.08) (178.22)
2,793 2,696 334 2,222 2,168 323 268 221 224 12.36 21.57 27.70
4,289 3,548 256 4,966 3,140 158 460 325 149 9.44 19.75 27.09
8,325 9,702 N/A 152 182 N/A 119 148 N/A 78.08 1.50 1.64
521 281 748 604 517 651 66 46 493 10.86 32.49 38.47
5,696 5,183 198 19,006 16,909 44 490 152 138 2.63 28.75 27.52
16,477 17,156 75 3,254 5,439 230 2,282 (18,217) 34 72.40 0.00 58.02
8,193 11,714 145 214 96 800 180 73 290 1,170.32 1.84 1.96
1,607 1,346 467 474 392 698 234 180 245 54.15 18.54 23.65
4,594 4,583 237 1,774 1,652 389 112 110 375 6.67 3.48 5.40
38,505 35,792 N/A 3,928 3,392 N/A 338 325 N/A 9.56 11.16 11.69
2,645 2,561 348 1,650 1,795 413 248 441 237 16.28 11.49 16.11
3,954 4,178 271 2,571 2,035 285 85 76 436 3.48 9.42 26.87
2,187 2,397 394 2,935 3,016 260 295 289 204 10.11 19.54 19.90
10,006 10,341 117 3,169 2,913 238 281 (19) 213 9.78 5.54 7.15
3,996 3,830 269 2,030 2,266 352 2 163 765 0.10 0.11 4.37

RANK AveRAge MARKet CAPitAlisAtioN (` CRoRe)
364 333 TeamLease Services 3,741 4,821 (22.4) 4,611 4,654

365 206 IIFL Finance 3,720 10,658 (65.1) 5,951 18,109
366 354 Gujarat Pipavav Port 3,698 4,330 (14.6) 4,010 5,204
367 452 Infibeam Avenues 3,696 2,887 28.0 3,057 7,036
368 357 Ceat 3,676 4,301 (14.5) 3,860 5,202
369 312 Sundaram-Clayton 3,643 5,694 (36.0) 4,411 7,720
370 362 Vakrangee 3,623 4,206 (13.9) 4,303 5,438
371 494 Vaibhav Global 3,593 2,386 50.6 2,703 2,242
372 608 Alkyl Amines Chemicals 3,591 1,565 129.5 2,023 1,405
373 308 Delta Corp 3,566 5,799 (38.5) 4,912 6,551
374 425 KEI Industries 3,546 3,183 11.4 3,831 3,052
375 355 Star Cement 3,535 4,329 (18.3) 4,071 4,598
376 428 Brigade Enterprises 3,531 3,157 11.9 3,907 2,905
377 367 Gulf Oil Lubricants India 3,507 4,135 (15.2) 4,096 4,159
378 498 Mishra Dhatu Nigam 3,506 2,328 50.6 2,749 2,434
379 236 HEG 3,431 9,325 (63.2) 4,604 13,707
INDIA’S Most
vAlUABle COMPANIES
LisT (364-398/ 500)

The Lis
380 320 Zensar Technologies 3,394 5,290 (35.8) 4,523 5,515

381 377 MOIL 3,369 3,976 (15.3) 3,569 4,524
382 358 V-Mart Retail 3,323 4,256 (21.9) 3,715 4,493
383 311 Lakshmi Machine Works 3,306 5,710 (42.1) 4,333 7,370
384 302 Karur Vysya Bank 3,290 5,970 (44.9) 4,834 6,907
385 422 KNR Construction 3,281 3,230 1.6 3,538 3,249
386 451 Shilpa Medicare 3,275 2,890 13.3 2,645 3,320
387 470 Capri Global Capital 3,248 2,621 23.9 3,250 1,926
388 373 Elgi Equipments 3,241 4,011 (19.2) 3,961 4,183
389 371 Hindustan Copper 3,207 4,070 (21.2) 3,547 5,277
390 389 JK Lakshmi Cement 3,206 3,760 (14.7) 3,766 3,824
391 406 Ujjivan Financial Services 3,196 3,468 (7.8) 3,797 3,863
392 392 Century Plyboards (India) 3,194 3,699 (13.6) 3,505 4,883
393 454 Inox Leisure 3,171 2,854 11.1 3,531 2,450
394 405 BEML 3,158 3,475 (9.1) 3,696 3,512
395 417 Kama Holdings ** 3,141 3,305 (4.9) 3,312 3,114
396 414 Cera Sanitaryware 3,124 3,375 (7.5) 3,428 3,461
397 380 Rain Industries # 3,112 3,932 (20.9) 3,325 6,218
398 419 Lux Industries 3,110 3,242 (4.1) 3,195 4,067

totAl Assets (` CRoRe) totAl iNCoMe (` CRoRe) PRoFit AFteR tAx (` CRoRe) PRoFit As 2019/20
% oF totAl
1,167 965 570 4,829 4,162 165 42 97 583 0.87 7.67 17.84
19,159 17,537 N/A 2,745 2,998 N/A 149 451 N/A 5.70 4.17 8.58
2,774 2,656 337 786 747 596 292 206 206 39.76 14.24 17.83
2,921 2,994 326 595 554 654 39 39 593 6.58 1.49 2.43
6,945 6,062 169 6,625 6,888 121 271 289 220 4.11 9.54 10.87
1,574 1,712 479 1,424 1,933 449 69 120 485 5.19 10.71 9.31
2,788 2,689 336 705 1,535 621 65 20 502 10.35 2.56 3.14
647 721 709 543 489 671 127 33 350 29.57 23.83 22.54
915 859 630 1,000 850 534 215 84 258 21.68 47.91 46.84
2,012 2,110 415 492 542 689 100 183 392 17.79 5.23 8.05
3,271 2,775 306 4,901 4,234 163 255 182 231 5.22 22.49 28.04
1,488 1,517 496 1,801 1,735 382 219 256 257 12.33 20.16 21.87
7,666 7,460 154 1,994 1,929 358 261 234 229 14.10 10.77 12.39
1,523 1,233 486 1,679 1,736 403 203 178 268 12.32 30.63 29.16
2,398 1,825 379 749 748 609 160 131 311 22.41 17.82 20.59
4,350 5,070 251 2,293 6,702 316 53 3,050 538 2.48 1.49 1.57
Century Plyboards
#
392 Retains its ranking despite a 14 per
cent fall in market cap during
Sept 2019 to Oct 2020
2,051 1,715 410 1,491 1,493 441 231 258 246 16.86 15.50 21.46
3,286 3,591 305 1,219 1,631 486 248 474 236 23.91 8.49 11.65
1,208 620 557 1,667 1,440 406 49 62 553 2.97 11.49 29.74
2,514 2,594 363 1,664 2,742 407 45 189 573 2.87 2.69 3.87
68,278 69,340 N/A 7,145 6,779 N/A 235 211 N/A 3.92 3.61 5.01
2,716 2,153 342 2,301 2,201 314 225 263 251 10.04 14.83 19.34
2,021 1,668 412 846 681 583 194 124 273 24.04 14.17 14.44
3,592 3,513 N/A 583 504 N/A 136 129 N/A 23.52 9.63 11.62
1,032 966 605 1,130 1,193 504 100 85 391 9.29 14.64 17.59
3,065 3,318 314 889 1,853 565 (569) 146 854 (68.44) (67.09) (21.97)
4,550 4,433 239 4,094 3,940 191 235 80 243 5.82 14.56 15.97
2,097 1,858 N/A 21 31 N/A 9 22 N/A 80.19 0.50 0.57
1,571 1,705 482 2,294 2,270 315 158 159 314 6.64 15.49 17.40
3,638 1,426 290 1,915 1,707 365 15 133 720 0.79 1.81 37.74
4,859 4,883 226 3,108 3,536 244 68 63 486 2.26 3.08 2.74
571 543 737 38 37 862 38 36 600 100.59 6.94 6.65
1,126 1,089 578 1,225 1,359 483 116 115 365 9.59 15.74 19.25
1,424 1,455 518 125 209 831 35 60 606 55.55 3.87 4.56
827 803 652 1,207 1,218 491 126 101 353 10.48 27.63 29.47

RANK AveRAge MARKet CApitAliSAtioN (` CRoRe)
399 420 Trident 3,105 3,237 (4.1) 3,125 3,237

400 455 Balrampur Chini Mills 3,093 2,852 8.4 3,311 2,057
401 317 Lemon Tree Hotels 3,088 5,439 (43.2) 4,753 5,774
402 453 The India Cements 3,084 2,877 7.2 2,735 3,317
403 483 Garware Technical Fibres 3,081 2,461 25.2 2,618 2,414
404 264 Future Consumer ** 3,073 7,812 (60.7) 5,609 9,227
405 353 IRB Infrastructure Developers 3,073 4,343 (29.2) 3,244 6,312
406 464 Thyrocare Technologies 3,072 2,710 13.4 2,705 3,112
407 412 Network 18 Media & Investment 3,060 3,415 (10.4) 2,713 4,497
408 N/L CSB Bank 3,059 N/A N/A 3,242 N/A
409 536 Bharat Rasayan 3,054 1,979 54.3 2,277 2,401
410 401 Firstsource Solutions 3,033 3,499 (13.3) 3,197 4,131
411 346 TCNS Clothing Co 3,025 4,474 (32.4) 4,229 4,211
412 403 Welspun Corp 3,014 3,487 (13.6) 3,683 3,552
413 296 GE T&D India 3,011 6,222 (51.6) 4,704 7,480
INDIA’S MoSt
vAlUABle COMPANIES
LisT (399-432/ 500)

The Lis
414 431 Kaveri Seed Company 3,001 3,118 (3.8) 2,952 3,466
415 342 Wockhardt 3,001 4,595 (34.7) 3,455 6,352
416 383 Just Dial 2,918 3,882 (24.9) 3,960 3,415
417 404 CCL Products (India) 2,915 3,476 (16.1) 3,070 3,653
418 410 Sonata Software 2,902 3,431 (15.4) 3,352 3,473
419 500 Central Depository Services (India) 2,886 2,315 24.6 2,360 2,636
420 497 Sudarshan Chemical Industries 2,857 2,331 22.6 2,574 2,820
421 340 Sobha 2,843 4,601 (38.2) 4,248 4,470
422 477 Swan Energy 2,830 2,553 10.9 2,649 3,257
423 372 Indiabulls Real Estate 2,820 4,049 (30.3) 3,781 5,688
424 344 Raymond 2,801 4,525 (38.1) 4,088 5,175
425 487 TCI Express 2,790 2,436 14.5 2,697 2,315
426 439 Caplin Point Laboratories 2,783 3,028 (8.1) 2,758 3,332
427 330 Bajaj Consumer Care 2,775 4,869 (43.0) 3,835 5,859
428 350 Prism Johnson 2,744 4,393 (37.5) 3,899 4,832
429 479 Den Networks 2,704 2,524 7.1 2,607 1,741
430 489 Fertilisers & Chemicals Travancore 2,695 2,432 10.8 2,455 2,713
431 347 Gujarat Narmada Valley Fertilizers & Chemicals 2,660 4,472 (40.5) 3,312 5,872
432 516 Tasty Bite Eatables 2,660 2,178 22.1 2,317 2,138

totAl ASSetS (` CRoRe) totAl iNCoMe (` CRoRe) pRoFit AFteR tAx (` CRoRe) pRoFit AS 2019/20
% oF totAl
5,718 6,103 197 4,743 5,265 170 342 371 183 7.27 11.59 10.34
5,220 5,033 213 4,780 4,329 169 509 571 127 10.74 22.87 16.14
1,586 1,395 477 275 285 776 32 63 621 11.94 3.24 6.72
11,452 11,105 106 5,085 5,659 153 (36) 69 807 (0.70) (0.67) 3.05
1,204 1,077 560 1,030 1,048 529 178 126 293 18.84 25.03 27.89
2,370 2,086 383 3,050 2,480 247 61 32 515 2.02 4.61 5.46
13,109 10,013 92 4,162 3,623 189 279 329 214 6.99 10.74 7.75
431 486 776 411 384 719 79 95 451 19.86 19.23 27.20
3,722 4,119 283 123 129 834 (472) (635) 849 (423.38) (32.81) (9.55)
18,864 16,911 N/A 1,731 1,483 N/A 13 (197) N/A 0.84 1.05 7.33
752 756 678 1,232 995 479 158 112 316 12.97 32.41 33.74
2,118 2,142 406 971 831 544 182 199 289 19.37 8.43 10.44
1,299 888 542 1,170 1,155 494 69 131 483 5.52 11.83 16.30
4,938 4,401 224 5,202 5,832 150 268 (277) 223 5.59 16.84 21.49
5,074 5,145 218 3,218 4,277 235 (303) 213 841 (9.58) (24.41) (17.62)
CSB Bank
#
408 Enters the listing for
the first time
1,621 1,561 463 925 812 556 251 215 234 28.45 25.19 26.19
4,512 4,399 243 1,457 2,185 444 (231) (82) 836 (16.86) (21.41) (3.95)
1,832 1,549 434 1,093 992 512 272 207 219 28.57 24.86 31.49
1,348 1,213 533 963 839 546 239 125 241 29.04 33.15 27.63
632 646 717 976 848 540 211 172 263 24.09 46.88 61.70
653 609 N/A 211 188 N/A 77 84 N/A 45.98 13.90 17.48
1,833 1,517 433 1,526 1,509 433 149 152 320 9.79 24.16 19.12
10,616 10,528 110 3,830 3,435 197 289 287 208 7.71 13.26 22.50
1,329 1,182 535 311 874 763 4 2 756 1.35 0.43 1.27
8,849 10,620 132 635 555 638 (85) 106 821 (23.52) (1.32) 2.60
4,617 4,241 235 3,316 3,441 222 94 74 406 2.96 5.99 8.28
432 379 775 1,036 1,027 526 89 73 421 8.63 29.68 38.14
691 539 694 594 572 655 198 148 272 37.44 38.92 49.14
835 622 648 875 934 572 191 226 278 22.57 32.95 38.95
4,993 4,378 221 5,599 5,976 137 56 146 531 0.96 4.98 12.27
3,692 3,930 286 1,383 1,064 455 86 (219) 430 7.22 3.23 5.13
2,612 2,314 354 2,802 1,981 268 976 163 77 35.22 0.00 118.71
8,342 7,542 141 5,315 6,117 149 499 741 131 9.66 9.76 7.62
298 225 820 455 355 706 41 30 588 9.60 28.02 28.75

433 388 Omaxe ** 2,627 3,773 (30.4) 3,355 3,959

434 391 Gujarat Alkalies & Chemicals 2,621 3,721 (29.6) 3,174 4,197
435 386 MMTC ** 2,612 3,840 (32.0) 3,081 4,778
436 407 Triveni Turbine 2,595 3,467 (25.1) 3,164 3,620
437 456 Federal-Mogul Goetze (India) 2,593 2,829 (8.4) 3,061 2,530
438 432 Indostar Capital Finance 2,588 3,084 (16.1) 2,586 3,676
439 460 Techno Electric & Engineering Company 2,579 2,781 (7.2) 2,899 3,129
440 559 Poly Medicure 2,573 1,812 42.0 1,910 1,980
441 441 Birlasoft 2,563 3,002 (14.6) 2,140 4,573
442 443 ICRA 2,558 2,968 (13.8) 2,768 3,288
443 370 Equitas Holdings 2,527 4,099 (38.3) 3,737 4,563
444 423 Tata Steel BSL 2,521 3,210 (21.5) 2,927 2,985
445 447 Mahindra Holidays & Resorts India 2,519 2,911 (13.5) 2,938 3,396
446 547 Dhanuka Agritech 2,496 1,891 32.0 1,786 2,394
447 654 Aarti Drugs 2,513 1,313 91.5 1,265 1,355
INDIA’S Most
vAlUABle COMPANIES
LisT (433-466/ 500)

The Lis
448 573 Shipping Corp. of India 2,485 1,714 44.9 2,017 2,412
449 429 Rashtriya Chemicals & Fertilizers ** 2,484 3,137 (20.8) 2,753 3,640
450 387 Gujarat State Fertilizers & Chemicals 2,470 3,822 (35.4) 3,182 4,351
451 424 Greaves Cotton 2,437 3,195 (23.7) 3,200 3,200
452 413 Mahindra Logistics 2,400 3,387 (29.2) 2,929 3,771
453 448 JSW Holdings 2,398 2,902 (17.4) 2,856 2,441
454 493 Responsive Industries ** 2,375 2,386 (0.5) 2,407 2,244
455 325 NCC 2,361 5,127 (53.9) 4,014 5,734
456 369 Shoppers Stop 2,346 4,128 (43.2) 3,545 4,677
457 476 Allcargo Logistics 2,327 2,564 (9.3) 2,484 2,811
458 471 Orient Refractories 2,316 2,608 (11.2) 2,579 2,513
459 339 Himadri Speciality Chemical 2,293 4,605 (50.2) 3,279 5,378
460 449 Suprajit Engineering 2,291 2,900 (21.0) 2,650 3,341
461 578 Sequent Scientific 2,250 1,698 32.5 1,816 1,545
462 612 Hawkins Cookers 2,240 1,553 44.3 1,846 1,549
463 562 Nirlon 2,236 1,792 24.8 2,098 1,755
464 397 ISGEC Heavy Engineering 2,222 3,560 (37.6) 2,961 4,090
465 475 Jindal Saw 2,204 2,567 (14.1) 2,541 2,851
466 409 Ashoka Buildcon 2,179 3,454 (36.9) 3,061 3,908

% oF totAl
6,189 5,399 181 928 1,314 554 23 64 686 3.01 1.32 9.76
5,893 5,532 189 2,814 3,222 265 333 690 185 12.22 7.48 10.82
4,224 5,182 258 28,997 16,514 35 81 49 446 0.28 5.54 8.44
786 720 665 832 845 587 110 88 378 13.59 24.09 32.22
1,037 1,089 602 1,091 1,347 513 30 83 637 2.80 4.01 4.96
9,447 12,260 N/A 1,474 1,183 N/A (340) 255 N/A (23.13) (12.22) 3.18
2,312 2,266 387 916 1,045 557 177 182 295 20.17 12.28 15.12
772 661 673 665 603 631 92 66 413 14.30 22.85 24.64
1,598 1,554 472 1,502 1,653 438 141 168 334 9.63 12.00 19.33
1,009 944 607 248 275 790 65 96 497 31.27 11.49 16.58
1,745 1,806 N/A 19 23 N/A 8 9 N/A 43.71 0.44 0.75
38,833 39,586 39 18,306 21,024 45 (649) 1,713 855 (3.57) (3.61) 2.97
5,947 5,400 186 1,037 963 525 92 64 416 9.37 0.00 0.00
932 835 627 1,145 1,027 503 141 113 332 12.63 20.96 26.43
1,471 1,373 502 1,636 1,457 417 136 87 341 8.30 23.79 21.29
Aarti Drugs
#
447 Shoots up 207 ranks as average
market cap rises 92 per cent
13,733 14,155 86 4,677 4,105 173 302 (122) 202 6.83 4.23 5.88
8,920 6,324 130 9,016 7,375 89 139 79 335 1.57 4.67 7.29
9,957 10,351 118 7,730 8,679 103 99 494 396 1.30 1.40 2.90
1,283 1,409 546 1,892 2,038 371 148 169 323 8.10 15.89 21.59
1,312 1,103 539 3,274 3,673 227 55 84 534 1.69 10.77 18.22
7,663 8,897 N/A 121 107 N/A 104 88 N/A 85.99 1.37 1.51
797 970 660 643 1,099 637 28 13 648 4.52 4.53 7.47
12,565 12,986 95 8,370 12,198 96 382 564 177 4.65 7.77 14.11
3,801 2,443 281 3,817 3,906 199 (141) 79 824 (3.72) (25.32) 23.12
2,838 2,073 330 1,735 1,689 394 220 221 254 13.57 15.62 15.52
765 664 674 703 766 622 87 90 426 12.53 21.73 29.27
2,691 3,027 345 1,808 2,391 381 81 311 447 4.49 4.87 5.76
1,199 1,052 561 1,096 1,089 510 123 115 356 11.52 16.75 17.61
1,003 1,034 609 242 180 792 21 8 695 9.30 2.41 2.96
297 266 821 677 657 630 72 54 472 10.76 56.13 62.28
1,878 1,520 426 311 300 762 109 64 380 35.31 27.16 13.49
4,488 4,332 245 4,912 4,166 161 153 128 318 3.13 10.87 14.90
13,152 13,307 91 10,393 10,135 78 594 500 113 5.87 8.99 10.44
5,264 5,257 211 4,082 3,936 192 387 286 175 9.83 16.09 20.54

RANK AveRAge MARKeT CApITAlIsATIoN (` CRoRe)
467 716 IOL Chemicals & Pharmaceuticals 2,146 1,030 108.3 1,081 767
468 435 BSE 2,130 3,030 (29.7) 2,577 3,664
469 473 KPIT Technologies 2,124 2,584 (17.8) 2,495 N/A
470 505 India Tourism Development Corp. ** 2,121 2,266 (6.4) 2,261 3,023
471 669 Garden Reach Shipbuilders & Engineers 2,116 1,238 70.9 1,789 1,052
472 262 Thomas Cook (India) 2,086 7,849 (73.4) 5,261 9,061
473 418 IFB Industries 2,069 3,282 (36.9) 2,728 4,179
474 445 Sharda Cropchem 2,053 2,940 (30.2) 2,522 3,196
475 N/R Privi Speciality Chemicals ** 2,027 1,717 18.0 1,948 1,485
476 624 Esab India 2,027 1,481 36.8 1,828 1,229
477 521 Goodyear India 2,018 2,122 (4.9) 2,151 2,374
478 492 KSB # 2,012 2,412 (16.6) 2,305 2,648
479 552 Ingersoll-Rand (India) 1,997 1,845 8.2 1,968 1,846
480 661 Valiant Organics 1,991 1,280 55.6 1,704 668
481 509 Vesuvius India # 1,983 2,244 (11.6) 2,162 2,438
INDIA’S MosT
vAlUABle COMPANIES
The Lis
LisT (467-500)
482 507 La Opala RG 1,955 2,247 (13.0) 1,977 2,620

483 461 Suzlon Energy 1,926 2,779 (30.7) 1,934 3,739
484 544 Advanced Enzyme Technologies 1,921 1,938 (0.9) 1,854 2,204
485 399 eClerx Services 1,911 3,526 (45.8) 2,426 4,469
486 580 Elantas Beck India # 1,910 1,686 13.3 1,843 1,648
487 504 Kennametal India ^ 1,910 2,279 (16.2) 2,287 1,972
488 457 Venky's (India) 1,908 2,819 (32.3) 2,283 3,729
489 524 Balmer Lawrie & Company 1,908 2,084 (8.5) 2,001 2,309
490 528 Greenlam Industries 1,904 2,030 (6.2) 2,089 2,343
491 437 Maharashtra Seamless 1,902 3,034 (37.3) 2,629 3,125
492 584 Indoco Remedies 1,902 1,676 13.5 1,637 1,809
493 482 JK Paper 1,896 2,482 (23.6) 2,181 2,596
494 486 Navneet Education 1,886 2,446 (22.9) 2,249 2,752
495 469 HFCL 1,882 2,629 (28.4) 2,347 2,974
496 502 Schneider Electric Infrastructure 1,874 2,290 (18.2) 1,982 2,459
497 485 VRL Logistics 1,854 2,454 (24.4) 2,365 2,837
498 408 Dishman Carbogen Amcis 1,852 3,464 (46.5) 2,494 4,178
499 297 Dish TV India 1,851 6,211 (70.2) 3,782 10,104
500 462 Minda Corp. 1,844 2,761 (33.2) 2,283 3,385

ToTAl AsseTs (` CRoRe) ToTAl INCoMe (` CRoRe) pRoFIT AFTeR TAx (` CRoRe) pRoFIT As 2019/20
% oF ToTAl
1,353 1,010 532 1,910 1,696 367 361 237 181 19.07 56.93 68.09
2,714 3,116 N/A 542 612 N/A 174 201 N/A 33.51 7.25 7.31
1,291 1,239 544 982 266 538 178 74 292 18.68 18.36 19.87
631 626 719 380 391 730 42 18 582 11.77 12.28 17.03
5,384 4,190 205 1,659 1,558 409 163 110 309 11.41 15.73 21.67
2,484 2,690 368 2,191 2,328 326 (25) 21 801 (1.17) (1.67) 1.19
1,614 1,204 465 2,579 2,553 284 28 74 654 0.86 4.42 5.89
2,543 2,352 359 1,737 1,660 393 192 144 276 11.87 15.45 17.99
188 176 843 254 239 760 22 19 603 8.61 22.83 22.38
458 377 765 711 688 619 71 58 479 10.23 23.63 32.46
1,828 1,821 435 1,781 1,950 386 89 102 422 5.09 10.00 13.59
1,376 1,189 527 1,320 1,120 465 98 74 398 7.20 13.10 17.89
552 598 741 745 775 612 85 81 438 11.99 21.16 28.89
611 402 726 604 612 650 139 133 338 23.74 44.67 45.05
1,460 1,367 505 916 948 558 86 93 433 9.64 11.09 16.09
Thomas Cook (India)
472
# Falls 210 ranks as market cap
slumps 73 per cent during Oct
2019 to Dec 2020
611 601 725 287 296 770 84 74 442 31.21 15.69 19.49
5,723 8,523 196 619 3,043 644 (3,277) (7,413) 867 (871.56) 0.00 (310.53)
423 376 779 256 228 784 58 35 526 23.43 16.98 21.45
1,480 1,484 500 1,174 1,196 493 124 210 355 11.03 10.40 16.70
456 415 766 412 421 718 50 66 552 12.58 13.71 17.74
996 866 611 941 802 550 86 52 430 9.31 18.04 25.24
1,597 1,557 473 3,296 3,072 225 (27) 174 802 (0.83) (3.16) (1.77)
1,883 1,883 424 1,627 1,862 420 171 182 301 11.16 13.03 17.51
1,033 873 604 1,250 1,198 476 93 65 410 7.55 20.43 19.30
4,918 4,332 225 2,683 3,110 276 (21) 262 798 (0.79) (0.66) 1.93
1,240 1,223 552 1,111 974 508 24 (3) 676 2.19 3.62 5.79
4,743 4,236 232 3,136 3,312 241 493 437 135 14.96 22.35 23.60
1,300 1,296 541 1,467 1,380 442 219 177 255 15.21 23.87 26.70
3,625 3,054 291 3,602 4,414 206 204 184 267 5.75 13.30 19.67
1,119 1,148 579 1,396 1,434 453 (30) (24) 804 (2.14) 0.00 3.87
1,217 978 556 2,129 2,117 334 90 92 419 4.25 14.27 17.78
5,735 5,816 193 650 621 634 39 56 594 6.63 0.80 1.89
8,961 10,840 129 1,678 4,050 404 (1,394) (1,289) 859 (91.84) (30.07) (29.76)
1,866 1,982 428 2,178 2,412 327 (241) 161 838 (11.32) (24.16) (11.69)

INDIA’S moST
VAlUABle COMPANIES Total
THE LIST (1-200/ 500)
T
Income
ToTAl Income (` cr) BT ToTAl Income (` cr) BT
1,000 1,000
Income Growth Rank Income Growth Rank
RAnK compAny 2019/20 2018/19 % 2020 RAnK compAny 2019/20 2018/19 % 2020
1 Indian Oil Corp. 493,473 532,110 (7.26) 29 51 MRF 16,322 16,254 0.41 101
2 Reliance Industries 350,689 380,438 (7.82) 1 52 ACC # 15,970 14,943 6.88 104
3 Bharat Petroleum Corp. 287,650 300,259 (4.20) 31 53 Siemens * 14,156 13,005 8.85 57
4 Hindustan Petroleum Corp. 270,605 276,890 (2.27) 79 54 Sun Pharmaceutical Industries 14,043 11,589 21.17 25
5 Tata Consultancy Services 139,388 130,797 6.57 2 55 Torrent Power 13,705 13,245 3.47 171
6 Oil & Natural Gas Corp. 115,701 135,173 (14.41) 21 56 Aurobindo Pharma 13,670 12,457 9.74 78
7 NTPC 104,421 91,388 14.26 26 57 Oil India 13,651 15,170 (10.01) 196
8 Larsen & Toubro 90,383 90,491 (0.12) 17 58 Cipla 13,573 12,952 4.80 59
9 Infosys 82,275 75,965 8.31 6 59 Bharat Electronics 13,254 12,396 6.92 115
10 Maruti Suzuki India 79,153 88,703 (10.77) 13 60 Coromandel International 13,155 13,240 (0.64) 142
11 GAIL (India) 73,487 76,671 (4.15) 55 61 Ruchi Soya Industries ** 12,829 12,029 6.65 186
12 JSW Steel 64,890 77,592 (16.37) 51 62 Nestle India # 12,617 11,552 9.22 18
13 Steel Authority of India 62,646 67,500 (7.19) 170 63 Dr. Reddy's Laboratories 12,594 10,899 15.55 48
14 Tata Steel 60,843 73,017 (16.67) 60 64 Coal India 12,521 11,595 7.98 27
15 Bharti Airtel 56,560 53,708 5.31 9 65 Chambal Fertilisers & Chemicals 12,386 10,261 20.72 279
16 Wipro 53,160 50,692 4.87 19 66 Jindal Stainless 12,357 12,613 (2.03) 504
17 Mangalore Refinery & Petrochemicals 51,107 62,217 (17.86) 266 67 National Fertilizers ** 12,302 9,052 35.91 566
18 ITC 48,645 47,490 2.43 10 68 NMDC 12,213 12,741 (4.14) 96
19 Mahindra & Mahindra 47,251 55,399 (14.71) 42 69 Shree Cement 12,193 11,968 1.88 37
20 Vodafone Idea 46,153 37,943 21.64 138 70 Ambuja Cements # 12,094 11,732 3.09 69
21 Tata Motors 45,311 71,763 (36.86) 67 71 Lupin 11,501 11,648 (1.26) 77
22 Rajesh Exports ** 42,722 33,699 26.78 145 72 Britannia Industries 11,322 10,700 5.82 36
23 UltraTech Cement 41,376 40,495 2.17 22 73 Apollo Tyres 11,097 12,465 (10.98) 246
24 Hindalco Industries 41,052 46,923 (12.51) 73 74 Larsen & Toubro Infotech 10,615 9,239 14.90 86
25 Hindustan Unilever 39,518 38,888 1.62 4 75 KEC International 10,611 10,346 2.57 256
26 Vedanta 38,728 44,802 (13.56) 58 76 Bosch 10,459 12,853 (18.63) 70
27 Power Grid Corp. of India 38,320 35,733 7.24 30 77 Rail Vikas Nigam ** 10,411 7,882 32.09 332
28 Interglobe Aviation 37,292 29,822 25.05 56 78 Jindal Saw 10,393 10,135 2.55 465
29 Chennai Petroleum Corp. 37,196 41,397 (10.15) 548 79 Gujarat Gas 10,384 7,866 32.02 143
30 Petronet LNG 35,825 38,846 (7.78) 74 80 UPL 10,147 9,275 9.40 76
31 HCL Technologies 33,193 26,820 23.76 15 81 NHPC 10,115 9,909 2.08 118
32 Bajaj Auto 31,652 31,796 (0.45) 33 82 Exide Industries 9,921 10,627 (6.65) 173
33 Tech Mahindra 31,592 28,188 12.08 41 83 Apollo Hospitals Enterprise 9,812 8,351 17.50 121
34 Hero MotoCorp 29,614 34,342 (13.77) 54 84 Eicher Motors 9,693 10,303 (5.92) 52
35 MMTC ** 28,997 16,514 75.59 435 85 Havells India 9,541 10,195 (6.42) 72
36 Jindal Steel & Power 26,439 27,923 (5.32) 166 86 NLC India 9,294 9,294 0.00 257
37 Bharat Heavy Electricals 25,556 33,439 (23.57) 189 87 SpiceJet ** 9,258 7,888 17.36 336
38 Avenue Supermarts 24,738 19,968 23.89 20 88 United Spirits 9,187 9,076 1.22 64
39 Hindustan Aeronautics 21,732 20,384 6.61 106 89 Rashtriya Chemicals & Fertilizers ** 9,016 7,375 22.26 449
40 Hindustan Zinc 20,495 22,900 (10.50) 35 90 Dilip Buildcon 9,015 9,165 (1.63) 324
41 Future Retail ** 20,185 18,493 9.15 210 91 Polycab India 8,900 8,004 11.20 191
42 Titan Company 20,156 19,252 4.69 28 92 Tata Power Company 8,815 9,013 (2.20) 178
43 Grasim Industries 19,135 21,120 (9.40) 61 93 Aditya Birla Fashion and Retail 8,808 8,197 7.45 176
44 Redington (India) 19,006 16,909 12.40 353 94 National Aluminium Company 8,746 11,831 (26.08) 259
45 Tata Steel BSL 18,306 21,024 (12.93) 444 95 Jindal Stainless (Hisar) 8,438 9,052 (6.79) 526
46 Ashok Leyland 17,591 29,206 (39.77) 136 96 NCC 8,370 12,198 (31.38) 455
47 Asian Paints 17,552 16,677 5.25 14 97 ABB India # 8,333 10,959 (23.96) 110
48 Adani Enterprises 16,619 15,939 4.27 120 98 CESC 8,007 7,938 0.87 237
49 PTC India 16,488 13,627 20.99 543 99 Kalpataru Power Transmission 7,981 7,188 11.03 313
50 TVS Motor Company 16,455 18,217 (9.67) 133 100 Mindtree 7,840 7,111 10.25 168

41.4%
Sterling & Wilson Solar
Fall in total income to
`4,900 crore in FY20 from
`8,366 crore in FY19
BT ToTAl Income (` cr) BT

ToTAl Income (` cr) 1,000 1,000
101 DCM Shriram 7,792 7,784 0.11 304 151 Godrej Agrovet 5,160 4,395 17.40 233
102 Quess Corp 7,792 5,746 35.62 287 152 Balkrishna Industries 5,148 5,459 (5.68) 122
103 Gujarat State Fertilizers & Chemicals 7,730 8,679 (10.94) 450 153 The India Cements 5,085 5,659 (10.14) 402
104 Cadila Healthcare 7,702 7,114 8.27 89 154 Bajaj Electricals 5,029 6,739 (25.36) 338
105 Adani Ports & SEZ 7,673 7,735 (0.80) 39 155 PC Jeweller 5,016 8,461 (40.72) 731
106 Voltas 7,656 6,956 10.07 127 156 Endurance Technologies 4,975 5,434 (8.45) 185
107 BASF India 7,636 6,135 24.47 314 157 Kansai Nerolac Paints 4,970 5,236 (5.07) 107
108 NBCC (India) ** 7,493 6,079 23.27 309 158 PNC Infratech 4,966 3,140 58.17 350
109 Zee Entertainment Enterprises 7,447 7,067 5.38 124 159 Piramal Enterprises 4,928 4,132 19.25 94
110 Glenmark Pharmaceuticals 7,319 7,485 (2.21) 216 160 DLF 4,915 3,715 32.29 62
111 Motherson Sumi Systems 7,252 7,768 (6.64) 82 161 ISGEC Heavy Engineering 4,912 4,166 17.92 464
112 Bharti Infratel 7,204 8,585 (16.08) 66 162 Blue Star 4,906 4,807 2.06 276
113 Apar Industries 7,074 7,602 (6.94) 562 163 KEI Industries 4,901 4,234 15.74 374
114 Amara Raja Batteries 6,895 6,841 0.79 205 164 Sterling and Wilson Solar 4,900 8,366 (41.42) 342
115 Arvind 6,788 6,597 2.90 666 165 TeamLease Services 4,829 4,162 16.02 364
116 Alkem Laboratories 6,773 5,782 17.15 97 166 Birla Corp. 4,829 4,505 7.20 325
117 Container Corp. of India 6,754 7,216 (6.41) 98 167 Sterlite Technologies 4,793 4,897 (2.12) 318
118 SRF 6,693 6,502 2.94 125 168 Future Enterprises ** 4,783 4,523 5.73 708
119 Bajaj Hindusthan Sugar 6,677 6,967 (4.17) 768 169 Balrampur Chini Mills 4,780 4,329 10.43 400
120 Indraprastha Gas 6,642 5,911 12.36 93 170 Trident 4,743 5,265 (9.91) 399
121 Ceat 6,625 6,888 (3.81) 368 171 Bharat Forge 4,725 6,716 (29.65) 137
122 Dabur India 6,587 6,548 0.59 34 172 Jaiprakash Associates 4,687 6,984 (32.89) 822
123 United Breweries 6,514 6,504 0.15 95 173 Shipping Corp. of India 4,677 4,105 13.93 448
124 Vardhman Textiles 6,497 6,633 (2.05) 322 174 Mphasis 4,670 3,639 28.34 146
125 Pidilite Industries 6,484 6,285 3.17 38 175 Shree Renuka Sugars 4,647 4,496 3.37 544
126 Torrent Pharmaceuticals 6,405 6,144 4.25 75 176 Colgate-Palmolive (India) 4,574 4,500 1.65 71
127 Marico 6,164 6,272 (1.72) 63 177 Crompton Greaves Consumer Elec. 4,571 4,527 0.96 165
128 Whirlpool of India 6,121 5,502 11.25 100 178 Jain Irrigation Systems ** 4,561 4,359 4.64 860
129 JK Tyre & Industries 6,120 7,690 (20.41) 528 179 KRBL 4,521 4,134 9.35 291
130 Tata Communications 5,966 5,509 8.30 174 180 JSW Energy 4,514 5,553 (18.72) 227
131 APL Apollo Tubes 5,958 5,913 0.76 334 181 Triveni Engineering & Industries 4,464 3,224 38.47 540
132 Escorts 5,853 6,299 (7.08) 211 182 Hindustan Construction Company ** 4,459 4,826 (7.60) 610
133 Berger Paints India 5,843 5,569 4.91 53 183 Schaeffler India # 4,424 4,696 (5.78) 199
134 Ircon International 5,842 5,149 13.45 347 184 Ipca Laboratories 4,422 3,677 20.25 141
135 Tata Consumer Products 5,811 3,612 60.88 91 185 Tube Investments of India 4,341 5,352 (18.90) 236
136 Varun Beverages # 5,714 3,954 44.51 129 186 Thermax 4,289 5,312 (19.26) 213
137 Prism Johnson 5,599 5,976 (6.32) 428 187 Alembic Pharmaceuticals 4,279 3,686 16.07 175
138 Godrej Consumer Products 5,566 5,774 (3.60) 40 188 Abbott India 4,208 3,793 10.95 90
139 JK Cement 5,550 5,061 9.65 222 189 IRB Infrastructure Developers 4,162 3,623 14.87 405
140 Supreme Industries 5,540 5,640 (1.78) 169 190 Uflex 4,152 4,243 (2.13) 522
141 Divis Laboratories 5,500 5,036 9.22 47 191 JK Lakshmi Cement 4,094 3,940 3.91 390
142 Cummins India 5,490 5,956 (7.83) 187 192 Ashoka Buildcon 4,082 3,936 3.71 466
143 Surya Roshni 5,472 5,981 (8.51) 727 193 Aarti Industries 4,005 4,030 (0.61) 158
144 Future Lifestyle Fashions ** 5,416 4,252 27.37 306 194 Atul 3,983 3,947 0.91 177
145 The Ramco Cements 5,406 5,175 4.46 156 195 Jubilant FoodWorks 3,955 3,578 10.54 114
146 L&T Technology Services 5,394 4,863 10.90 167 196 Castrol India # 3,942 3,989 (1.19) 195
147 Welspun India 5,367 5,478 (2.04) 339 197 Sobha 3,830 3,435 11.52 421
148 Hatsun Agro Products 5,317 4,766 11.55 218 198 Gujarat Ambuja Exports 3,826 4,033 (5.13) 513
149 Gujarat Narmada Valley Fert. & Chem. 5,315 6,117 (13.10) 431 199 Shoppers Stop 3,817 3,906 (2.27) 456
150 Welspun Corp 5,202 5,832 (10.81) 412 200 JMC Projects (India) 3,777 3,305 14.26 598
For keys to symbols used and other notes, see footnotes on page 76; NA: Not applicable;
The list excludes BFSI companies; Standalone data; Source: Ace Equity 107
INDIA’S moST
VAlUABle COMPANIES
THE LIST (201-400/ 500)

T

201 Oracle Financial Services Software 3,721 3,789 (1.77) 109 251 Amber Enterprises India 3,009 2,197 36.92 341
202 Dixon Technologies (India) 3,681 2,530 45.48 288 252 P & G Hygiene & Health Care ^ 3,002 2,479 21.07 81
203 Bayer CropScience 3,676 3,221 14.14 126 253 J Kumar Infraproject 2,999 2,815 6.52 678
204 Cochin Shipyard 3,670 3,193 14.94 333 254 Heritage Foods 2,984 2,625 13.69 555
205 Sun TV Network 3,653 3,896 (6.23) 148 255 Prakash Industries 2,981 3,595 (17.09) 759
206 HFCL 3,602 4,414 (18.40) 495 256 Page Industries 2,970 2,889 2.83 111
207 Jindal Poly Films 3,590 3,700 (2.98) 581 257 Godfrey Phillips India 2,960 2,556 15.79 292
208 Prestige Estate Projects 3,567 2,579 38.28 219 258 SKF India 2,946 3,127 (5.80) 235
209 Tata Steel Long Products 3,563 1,050 239.43 554 259 KPR Mill 2,935 3,016 (2.70) 361
210 Tamil Nadu Newsprint & Papers 3,509 4,122 (14.88) 651 260 Mahindra CIE Automotive # 2,927 3,172 (7.73) 312
211 India Glycols 3,489 3,384 3.12 700 261 Kirloskar Oil Engines 2,918 3,264 (10.62) 502
212 Century Textiles & Industries 3,472 4,047 (14.20) 327 262 The Indian Hotels Company 2,878 2,871 0.24 183
213 Gayatri Projects 3,466 3,503 (1.04) 715 263 Mukand 2,871 3,667 (21.72) 950
214 Dhampur Sugar Mills 3,406 2,787 22.23 627 264 Gujarat Alkalies & Chemicals 2,814 3,222 (12.66) 434
215 Honeywell Automation India 3,400 3,269 4.00 103 265 3M India 2,806 2,842 (1.24) 113
216 Jaiprakash Power Ventures 3,358 3,874 (13.31) 622 266 Laurus Labs 2,803 2,252 24.46 284
217 PI Industries 3,355 2,910 15.29 117 267 Fertilisers & Chemicals Travancore 2,802 1,981 41.41 430
218 Reliance Infrastructure 3,341 7,558 (55.80) 769 268 Filatex India 2,794 2,886 (3.17) 747
219 PVR 3,330 3,073 8.35 248 269 Godawari Power & Ispat 2,779 2,878 (3.44) 773
220 Trent 3,329 2,568 29.65 130 270 Patel Engineering 2,754 2,252 22.28 818
221 Raymond 3,316 3,441 (3.61) 424 271 Supreme Petrochem 2,736 3,204 (14.60) 517
222 Jubilant Life Sciences 3,313 3,517 (5.79) 232 272 Mangalore Chemicals & Fertilizers 2,734 3,086 (11.39) 941
223 GlaxoSmithKline Pharmaceuticals 3,302 3,230 2.24 105 273 Gujarat Fluorochemicals 2,718 0 #DIV/0! 303
224 Venky's (India) 3,296 3,072 7.30 488 274 Akzo Nobel India 2,699 2,961 (8.83) 230
225 SJVN 3,282 3,123 5.08 231 275 Maharashtra Seamless 2,683 3,110 (13.72) 491
226 Mahindra Logistics 3,274 3,673 (10.85) 452 276 Engineers India ** 2,672 1,976 35.23 305
227 Phillips Carbon Black 3,273 3,550 (7.82) 501 277 Rites 2,665 2,164 23.14 264
228 GHCL 3,272 3,385 (3.32) 529 278 JSW Ispat Special Products 2,664 1,906 39.76 784
229 Alok Industries ** 3,254 5,439 (40.18) 354 279 Ratnamani Metals & Tubes 2,645 2,796 (5.41) 311
230 Minda Industries 3,238 3,543 (8.63) 239 280 Kajaria Ceramics 2,622 2,761 (5.02) 250
231 Tata Chemicals 3,229 6,008 (46.25) 206 281 Asahi India Glass 2,615 2,879 (9.18) 316
232 CG Power & Industrial Solutions 3,226 5,632 (42.71) 746 282 Mahanagar Telephone Nigam ** 2,607 3,117 (16.37) 825
233 Avanti Feeds 3,225 2,783 15.88 269 283 Huhtamaki PPL # 2,599 2,386 8.94 509
234 GE T&D India 3,218 4,277 (24.76) 413 284 IFB Industries 2,579 2,553 1.03 473
235 Bharat Dynamics 3,211 3,208 0.10 296 285 GE Power India 2,571 2,035 26.32 360
236 Blue Dart Express 3,181 3,185 (0.14) 297 286 Avadh Sugar & Energy 2,565 2,134 20.22 903
237 The Great Eastern Shipping Co. 3,169 2,913 8.77 362 287 Transport Corp. of India 2,542 2,585 (1.68) 512
238 Sanofi India # 3,165 2,861 10.61 150 288 Electrosteel Castings 2,522 2,455 2.73 811
239 Sundram Fasteners 3,145 4,020 (21.76) 238 289 Coforge 2,516 2,153 16.82 220
240 JK Paper 3,136 3,312 (5.33) 493 290 Hinduja Global Solutions 2,507 2,239 11.95 573
241 Force Motors 3,123 3,734 (16.36) 575 291 V-Guard Industries 2,506 2,585 (3.05) 242
242 Bata India 3,122 2,997 4.18 135 292 Shankara Building Products 2,498 2,358 5.94 720
243 BEML 3,108 3,536 (12.09) 394 293 Emami 2,484 2,526 (1.66) 201
244 Mahanagar Gas 3,071 2,869 7.05 223 294 Radico Khaitan 2,440 2,110 15.64 323
245 AIA Engineering 3,062 2,954 3.67 163 295 Orient Cement 2,440 2,536 (3.81) 567
246 Future Consumer ** 3,050 2,480 22.97 404 296 Wheels India 2,439 3,189 (23.52) 595
247 Finolex Cables 3,049 3,223 (5.38) 320 297 Sumitomo Chemical India 2,434 2,231 9.13 194
248 Security & Intelligence Services India 3,041 2,525 20.42 277 298 Gujarat State Petronet 2,433 1,937 25.66 202
249 Graphite India 3,032 6,934 (56.27) 328 299 Relaxo Footwears 2,420 2,305 4.97 164
250 Finolex Industries 3,020 3,133 (3.62) 278 300 Kesoram Industries 2,409 3,988 (39.59) 802
108 The list excludes BFSI companies; Standalone data; Source: Ace Equity
239%
Tata Steel long
products
Growth in total income in
FY20 compared to FY19

301 Sutlej Textiles & Industries 2,405 2,589 (7.13) 901 351 Godrej Industries 2,030 2,186 (7.17) 190
302 Spencer's Retail 2,403 2,215 8.48 772 352 E.I.D. Parry (India) 2,030 2,266 (10.44) 363
303 Parag Milk Foods 2,395 2,350 1.89 662 353 Gujarat Mineral Dev. Corp. ** 2,022 2,170 (6.82) 527
304 Biocon 2,389 3,003 (20.44) 65 354 Indo Count Industries 2,019 1,823 10.78 646
305 Zuari Agro Chemicals 2,385 5,195 (54.09) 940 355 ITI ** 2,013 1,803 11.68 234
306 Ajanta Pharma 2,381 1,875 26.98 208 356 Subros 2,013 2,135 (5.71) 563
307 LT Foods 2,378 2,210 7.59 632 357 RattanIndia Power 1,994 2,089 (4.58) 669
308 Varroc Engineering 2,372 2,625 (9.62) 343 358 Brigade Enterprises 1,994 1,929 3.36 376
309 Sadbhav Engineering 2,368 3,650 (35.13) 576 359 Wabco India 1,993 2,927 (31.89) 200
310 Nectar Lifesciences 2,367 2,791 (15.19) 969 360 Prabhat Dairy ** 1,989 1,451 37.14 739
311 IRCTC 2,355 1,959 20.23 131 361 TTK Prestige 1,961 1,994 (1.62) 243
312 Granules India 2,336 2,127 9.85 317 362 Bombay Dyeing & Manufacturing Co. 1,945 4,487 (56.66) 556
313 Pfizer 2,336 2,249 3.86 134 363 Adani Gas 1,919 1,806 6.27 157
314 KNR Construction 2,301 2,201 4.55 385 364 Adani Power 1,916 3,470 (44.78) 144
315 Century Plyboards (India) 2,294 2,270 1.05 392 365 Inox Leisure 1,915 1,707 12.15 393
316 HEG 2,293 6,702 (65.79) 379 366 Natco Pharma 1,914 2,116 (9.55) 204
317 Godrej Properties 2,288 1,894 20.79 116 367 IOL Chemicals & Pharmaceuticals 1,910 1,696 12.67 467
318 Rallis India 2,286 2,014 13.48 330 368 Vindhya Telelinks 1,902 2,109 (9.79) 672
319 Narayana Hrudayalaya 2,263 2,095 8.05 280 369 Maithan Alloys 1,897 2,014 (5.82) 572
320 Persistent Systems 2,263 2,064 9.64 298 370 Ahluwalia Contracts (India) 1,895 1,764 7.42 515
321 DB Corp 2,259 2,487 (9.20) 507 371 Greaves Cotton 1,892 2,038 (7.18) 451
322 Deepak Nitrite 2,237 1,797 24.48 270 372 HSIL 1,891 1,644 15.03 937
323 Heidelberg Cement India 2,222 2,168 2.50 349 373 Texmaco Rail & Engineering 1,890 1,895 (0.27) 756
324 HG Infra Engineering 2,210 2,021 9.34 571 374 MEP Infrastructure Developers ** 1,882 1,491 26.25 862
325 Johnson Controls - Hitachi A-C India 2,207 2,257 (2.19) 285 375 Gabriel India 1,880 2,086 (9.88) 560
326 Thomas Cook (India) 2,191 2,328 (5.89) 472 376 Gillette India ^ 1,878 1,690 11.13 139
327 Minda Corp. 2,178 2,412 (9.68) 500 377 Kirloskar Ferrous Industries 1,865 2,165 (13.83) 661
328 Hexaware Technologies # 2,178 1,848 17.82 217 378 Procter & Gamble Health ## 1,857 782 137.52 255
329 Dalmia Bharat Sugar & Industries 2,172 2,105 3.15 710 379 GTPL Hathway 1,841 843 118.51 716
330 Asian Star Company 2,163 2,459 (12.03) 605 380 Welspun Enterprises 1,813 1,794 1.04 628
331 ITD Cementation India 2,146 2,306 (6.93) 689 381 Himadri Speciality Chemical 1,808 2,391 (24.35) 459
332 Time Technoplast 2,143 2,119 1.14 638 382 Star Cement 1,801 1,735 3.84 375
333 Tinplate Company of India 2,133 2,614 (18.37) 583 383 Sheela Foam 1,799 1,846 (2.54) 262
334 VRL Logistics 2,129 2,117 0.54 497 384 Galaxy Surfactants 1,799 2,034 (11.56) 299
335 Indo Rama Synthetics (India) 2,128 1,699 25.22 834 385 Jagran Prakashan 1,794 1,967 (8.79) 558
336 Kirloskar Brothers 2,122 2,248 (5.59) 640 386 Goodyear India 1,781 1,950 (8.67) 477
337 Jindal Worldwide ** 2,120 1,651 28.39 642 387 Linde India # 1,781 2,214 (19.59) 300
338 Syngene International 2,108 1,902 10.84 172 388 Deepak Fert. & Petrochem. Corp. 1,775 3,172 (44.04) 637
339 Nilkamal 2,092 2,321 (9.86) 503 389 Strides Pharma Science 1,774 1,652 7.40 357
340 Southern Petrochemical Ind. Corp. 2,090 3,177 (34.22) 936 390 Sunflag Iron & Steel Company 1,771 2,197 (19.41) 781
341 Tata Metaliks 2,068 2,165 (4.50) 541 391 VA Tech Wabag 1,767 1,770 (0.12) 681
342 Usha Martin 2,067 5,747 (64.04) 755 392 VIP Industries 1,739 1,795 (3.13) 315
343 Orient Electric 2,066 1,874 10.24 346 393 Sharda Cropchem 1,737 1,660 4.60 474
344 TVS Srichakra 2,062 2,393 (13.85) 603 394 Allcargo Logistics 1,735 1,689 2.77 457
345 Savita Oil Technologies 2,058 2,281 (9.78) 620 395 Siyaram Silk Mills 1,731 1,845 (6.20) 692
346 KIOCL 2,057 2,013 2.18 265 396 Srikalahasthi Pipes 1,727 1,610 7.27 702
347 Astral Poly Technik 2,054 1,927 6.56 160 397 Meghmani Organics 1,703 1,449 17.49 559
348 Power Mech Projects 2,054 1,751 17.29 726 398 Carborundum Universal 1,699 1,810 (6.13) 302
349 Cosmo Films 2,052 2,062 (0.48) 813 399 Thangamayil Jewellery 1,695 1,446 17.20 872
350 West Coast Paper Mills 2,030 2,000 1.51 585 400 JB Chemicals & Pharmaceuticals 1,690 1,541 9.66 326
INDIA’S moST
VAlUABle COMPANIES
THE LIST (401-500)

T

401 Himatsingka Seide 1,688 1,813 (6.90) 668 451 FDC 1,414 1,131 25.04 344
402 Jyothy Labs 1,685 1,797 (6.19) 308 452 HIL 1,397 1,514 (7.76) 677
403 Gulf Oil Lubricants India 1,679 1,736 (3.27) 377 453 Schneider Electric Infrastructure 1,396 1,434 (2.60) 496
404 Dish TV India 1,678 4,050 (58.56) 499 454 Skipper 1,392 1,872 (25.63) 906
405 Tata Elxsi 1,675 1,640 2.08 294 455 Den Networks 1,383 1,064 30.01 429
406 V-Mart Retail 1,667 1,440 15.76 382 456 Fiem Industries 1,379 1,445 (4.55) 829
407 Lakshmi Machine Works 1,664 2,742 (39.32) 383 457 HT Media 1,370 1,447 (5.31) 987
408 Jay Bharat Maruti 1,660 1,997 (16.86) 904 458 Insecticides (India) 1,366 1,194 14.36 654
409 Garden Reach Shipbuilders & Er. 1,659 1,558 6.49 471 459 Info Edge (India) 1,360 1,209 12.48 84
410 Uttam Sugar Mills 1,655 1,237 33.83 990 460 DCW ** 1,356 1,194 13.64 986
411 Adani Transmission 1,654 1,631 1.36 99 461 Solara Active Pharma Science 1,349 1,421 (5.02) 520
412 Sandhar Technologies 1,651 2,043 (19.20) 578 462 Dwarikesh Sugar Industries 1,342 1,120 19.76 844
413 Cyient 1,650 1,795 (8.09) 359 463 Dr. Lal PathLabs 1,331 1,211 9.89 181
414 Prince Pipes & Fittings 1,643 1,579 4.03 534 464 Puravankara 1,324 1,540 (14.05) 597
415 Timken India 1,640 1,680 (2.37) 258 465 KSB # 1,320 1,120 17.84 478
416 Fortis Healthcare 1,640 1,181 38.88 215 466 Munjal Showa 1,313 1,693 (22.44) 881
417 Aarti Drugs 1,636 1,457 12.30 447 467 CRISIL # 1,308 1,272 2.87 207
418 Indian Metals & Ferro Alloys 1,634 1,654 (1.20) 847 468 Everest Industries 1,293 1,411 (8.35) 957
419 Indian Hume Pipe Company 1,629 1,657 (1.71) 664 469 VST Industries 1,287 1,138 13.08 290
420 Balmer Lawrie & Company 1,627 1,862 (12.60) 489 470 Andhra Paper 1,284 1,442 (10.94) 648
421 Shriram Pistons & Rings 1,627 1,979 (17.79) 565 471 Greenply Industries 1,274 1,291 (1.35) 551
422 Bannari Amman Sugars 1,613 1,133 42.42 552 472 Renaissance Global 1,270 1,280 (0.76) 835
423 Somany Ceramics 1,612 1,718 (6.17) 762 473 Nava Bharat Ventures 1,261 1,438 (12.30) 629
424 Lumax Industries 1,611 1,877 (14.16) 599 474 Mangalam Cement 1,258 1,223 2.82 792
425 Grindwell Norton 1,599 1,605 (0.36) 283 475 Eveready Industries (India) 1,258 1,501 (16.19) 821
426 INEOS Styrolution India 1,586 2,104 (24.62) 602 476 Greenlam Industries 1,250 1,198 4.32 490
427 Steel Strips Wheels 1,585 2,059 (22.99) 675 477 Prataap Snacks 1,235 1,103 11.94 525
428 Universal Cables 1,584 1,429 10.87 863 478 Tamilnadu Petroproducts 1,233 1,252 (1.52) 999
429 Adani Green Energy 1,580 625 152.75 68 479 Bharat Rasayan 1,232 995 23.83 409
430 Capacite Infraprojects 1,554 1,824 (14.77) 653 480 Bodal Chemicals 1,232 1,394 (11.64) 711
431 Solar Industries (India) 1,547 1,684 (8.17) 225 481 Future Supply Chain Solutions ** 1,231 943 30.64 593
432 JTEKT India 1,542 1,786 (13.65) 510 482 Technocraft Industries (India) 1,227 1,185 3.58 750
433 Sudarshan Chemical Industries 1,526 1,509 1.17 420 483 Cera Sanitaryware 1,225 1,359 (9.90) 396
434 Emami Paper Mills 1,526 1,550 (1.51) 857 484 Rico Auto Industries ** 1,225 1,101 11.24 858
435 Gujarat Industries Power Co. ** 1,524 1,405 8.48 630 485 Kalyani Steels 1,222 1,420 (13.94) 682
436 PSP Projects 1,524 1,067 42.83 524 486 MOIL 1,219 1,631 (25.27) 381
437 Hikal 1,511 1,592 (5.08) 531 487 KSE ** 1,217 1,309 (7.05) 883
438 Birlasoft 1,502 1,653 (9.11) 441 488 TV18 Broadcast 1,216 1,112 9.34 331
439 Sarda Energy & Minerals 1,495 1,706 (12.34) 766 489 Pricol 1,216 1,387 (12.35) 914
440 Polyplex Corporation 1,493 1,540 (3.03) 519 490 Seshasayee Paper & Boards 1,208 1,348 (10.42) 656
441 Zensar Technologies 1,491 1,493 (0.17) 380 491 Lux Industries 1,207 1,218 (0.90) 398
442 Navneet Education 1,467 1,380 6.32 494 492 NCL Industries 1,188 1,277 (6.98) 946
443 Century Enka 1,466 1,813 (19.16) 949 493 eClerx Services 1,174 1,196 (1.80) 485
444 Wockhardt 1,457 2,185 (33.31) 415 494 TCNS Clothing Co 1,170 1,155 1.24 411
445 Ion Exchange (India) 1,456 1,146 26.98 612 495 Globus Spirits 1,168 992 17.70 932
446 LG Balakrishnan & Brothers 1,449 1,585 (8.57) 722 496 GMR Infrastructure 1,163 1,149 1.23 198
447 EIH 1,447 1,631 (11.26) 281 497 Action Construction Equipment 1,160 1,352 (14.20) 735
448 GTL Infrastructure 1,444 1,540 (6.21) 788 498 Tide Water Oil Company (India) 1,160 1,229 (5.58) 542
449 Sundaram-Clayton 1,424 1,933 (26.32) 369 499 SML Isuzu 1,159 1,414 (18.00) 767
450 NR Agarwal Industries 1,417 1,327 6.82 966 500 Unitech *** 1,155 1,332 (13.28) 925
INDIA’S moSt
VALUABLE COMPANIES Profit
THE LIST (1-200/ 500)
T
After Tax
profit AftEr tAX (` cr) BT profit AftEr tAX (` cr) BT
1,000 1,000
profit Growth Rank profit Growth Rank
rANK compANy 2019/20 2018/19 % 2020 rANK compANy 2019/20 2018/19 % 2020
1 Tata Consultancy Services 33,260 30,065 10.6 2 51 NLC India 1,414 1,267 11.6 257
2 Reliance Industries 30,903 35,163 (12.1) 1 52 Cadila Healthcare 1,413 1,486 (4.9) 89
3 Infosys 15,543 14,702 5.7 6 53 MRF 1,395 1,097 27.2 101
4 ITC 15,136 12,464 21.4 10 54 Divis Laboratories 1,373 1,333 3.0 47
5 Oil & Natural Gas Corp. 13,445 26,765 (49.8) 21 55 Sun TV Network 1,372 1,395 (1.7) 148
6 Coal India 11,281 10,470 7.7 27 56 NIIT 1,368 25 5,267.0 557
7 Power Grid Corp. Of India 10,811 9,939 8.8 30 57 ACC # 1,359 1,507 (9.8) 104
8 NTPC 10,113 11,750 (13.9) 26 58 Glenmark Pharmaceuticals 1,355 1,622 (16.5) 216
9 HCL Technologies 8,969 8,185 9.6 15 59 Avenue Supermarts 1,350 936 44.2 20
10 Wipro 8,681 7,614 14.0 19 60 Mahindra & Mahindra 1,331 4,796 (72.3) 42
11 Tata Chemicals 6,840 855 700.2 206 61 Indian Oil Corp. 1,313 16,894 (92.2) 29
12 Hindustan Zinc 6,805 7,956 (14.5) 35 62 Grasim Industries 1,270 515 146.4 61
13 Tata Steel 6,744 10,533 (36.0) 60 63 Alkem Laboratories 1,264 800 58.1 97
14 Hindustan Unilever 6,738 6,036 11.6 4 64 Torrent Power 1,238 889 39.2 171
15 Larsen & Toubro 6,679 7,491 (10.8) 17 65 Chambal Fertilisers & Chemicals 1,224 545 124.5 279
16 GAIL (India) 6,621 6,026 9.9 55 66 Mphasis 1,205 769 56.6 146
17 Maruti Suzuki India 5,651 7,501 (24.7) 13 67 Gujarat Gas 1,193 417 186.1 143
18 Ultratech Cement 5,456 2,412 126.1 22 68 Godrej Consumer Products 1,180 1,755 (32.8) 40
19 JSW Steel 5,291 8,121 (34.8) 51 69 Dabur India 1,170 1,264 (7.4) 34
20 Bajaj Auto 5,100 4,675 9.1 33 70 Indraprastha Gas 1,137 787 44.5 93
21 Tech Mahindra 4,535 4,380 3.5 41 71 Gujarat State Petronet 1,109 795 39.5 202
22 Hero MotoCorp 3,633 3,385 7.3 54 72 Pidilite Industries 1,102 979 12.5 38
23 NMDC 3,610 4,642 (22.2) 96 73 Siemens * 1,087 894 21.6 57
24 Sun Pharmaceutical Industries 3,211 817 293.2 25 74 Coromandel International 1,059 714 48.4 142
25 NHPC 3,007 2,631 14.3 118 75 Reliance Infrastructure 1,031 (913) N/A 769
26 Dr. Reddy's Laboratories 2,938 1,277 130.0 48 76 Marico 1,006 1,129 (10.9) 63
27 Hindustan Aeronautics 2,832 2,346 20.7 106 77 Fertilisers & Chemicals Travancore 976 163 499.6 430
28 Petronet LNG 2,698 2,155 25.2 74 78 SRF 974 517 88.4 125
29 Bharat Petroleum Corp. 2,683 7,132 (62.4) 31 79 Alembic Pharmaceuticals 969 611 58.6 175
30 Asian Paints 2,654 2,132 24.5 14 80 Balkrishna Industries 945 782 20.8 122
31 Hindustan Petroleum Corp. 2,637 6,029 (56.3) 79 81 Torrent Pharmaceuticals 939 745 25.9 75
32 Oil India 2,584 2,590 (0.2) 196 82 CESC 918 937 (2.1) 237
33 Cipla 2,318 1,888 22.8 59 83 Motherson Sumi Systems 899 814 10.4 82
34 Alok Industries ** 2,282 (18,217) N/A 354 84 Procter & Gamble Health ## 839 94 793.1 255
35 DLF 2,264 688 229.3 62 85 AIA Engineering 833 415 100.7 163
36 Steel Authority of India 2,022 2,179 (7.2) 170 86 Castrol India # 827 708 16.8 195
37 Nestle India # 1,970 1,607 22.6 18 87 Exide Industries 826 844 (2.2) 173
38 Adani Ports and SEZ 1,934 2,638 (26.7) 39 88 Colgate-Palmolive (India) 816 776 5.3 71
39 Eicher Motors 1,904 2,054 (7.3) 52 89 Mahanagar Gas 794 546 45.2 223
40 RattanIndia Power 1,899 (2,792) N/A 669 90 L&T Technology Services 790 700 12.8 167
41 Aurobindo Pharma 1,873 1,530 22.4 78 91 Polycab India 761 501 51.8 191
42 Bharat Electronics 1,794 1,927 (6.9) 115 92 Zee Entertainment Enterprises 748 1,655 (54.8) 124
43 Bharti Infratel 1,747 2,779 (37.2) 66 93 DCM Shriram 744 907 (18.0) 304
44 SJVN 1,652 1,364 21.1 231 94 Havells India 733 787 (6.9) 72
45 Oracle Fin. Services Software 1,583 1,282 23.4 109 95 Future Retail ** 733 11 6,379.3 210
46 Shree Cement 1,570 951 65.1 37 96 Lupin 728 1,539 (52.7) 77
47 Larsen & Toubro Infotech 1,552 1,475 5.2 86 97 Linde India # 727 33 2,071.6 300
48 Ambuja Cements # 1,529 1,487 2.8 69 98 United Spirits 705 659 7.0 64
49 Titan Company 1,518 1,374 10.4 28 99 Berger Paints India 699 436 60.4 53
50 Britannia Industries 1,484 1,122 32.3 36 100 Adani Enterprises 699 487 43.4 120

62.4%
Bharat petroleum
Fall in net profit
in FY20 compared to
the previous fiscal
BT profit AftEr tAX (` cr) BT

profit AftEr tAX (` cr) 1,000 1,000
101 Amara Raja Batteries 661 483 36.7 205 151 Varun Beverages # 449 332 35.0 129
102 Ipca Laboratories 652 455 43.4 141 152 Granules India 444 162 174.4 317
103 Bosch 650 1,598 (59.3) 70 153 PI Industries 442 408 8.5 117
104 Atul 640 429 49.3 177 154 Rajesh Exports ** 442 441 0.2 145
105 Cochin Shipyard 638 481 32.5 333 155 Ajanta Pharma 441 392 12.6 208
106 Mindtree 631 754 (16.3) 168 156 Biocon 441 493 (10.5) 65
107 Cummins India 629 723 (12.9) 187 157 Adani Gas 436 229 90.7 157
108 Hindalco Industries 620 1,205 (48.5) 73 158 Sterlite Technologies 434 535 (19.0) 318
109 Jindal Steel & Power 618 (263) N/A 166 159 Engineers India ** 370 378 (2.1) 305
110 Rail Vikas Nigam ** 607 470 29.2 332 160 Endurance Technologies 428 358 19.5 185
111 The Ramco Cements 601 506 18.8 156 161 United Breweries 427 563 (24.1) 95
112 Rites 596 445 34.1 264 162 Dilip Buildcon 425 765 (44.4) 324
113 Jindal Saw 594 500 18.9 465 163 Coforge 423 299 41.3 220
114 Abbott India 593 450 31.7 90 164 P & G Hygiene & Health Care ^ 419 375 11.9 81
115 TVS Motor Company 592 670 (11.6) 133 165 Sanofi India # 414 381 8.8 150
116 Voltas 570 464 22.7 127 166 Syngene International 412 331 24.4 172
117 KRBL 559 503 11.2 291 167 Persistent Systems 408 315 29.4 298
118 KEC International 546 498 9.7 256 168 GHCL 407 361 12.6 529
119 Vardhman Textiles 545 696 (21.6) 322 169 Finolex Cables 402 344 17.0 320
120 Deepak Nitrite 544 138 294.1 270 170 The Indian Hotels Company 401 264 52.2 183
121 Kansai Nerolac Paints 535 467 14.6 107 171 JK Cement 400 325 23.2 222
122 Bharat Dynamics 535 423 26.6 296 172 Navin Fluorine International 400 148 169.3 260
123 IRCTC 529 309 71.3 131 173 Usha Martin 395 59 570.2 755
124 Tata Consumer Products 524 411 27.4 91 174 Godfrey Phillips India 388 241 61.0 292
125 Aarti Industries 523 481 8.7 158 175 Ashoka Buildcon 387 286 35.3 466
126 Fortis Healthcare 513 123 317.1 215 176 NBCC (India) ** 384 334 15.1 309
127 Balrampur Chini Mills 509 571 (10.8) 400 177 NCC 382 564 (32.3) 455
128 Pfizer 509 429 18.7 134 178 Sadbhav Infrastructure Project 377 57 566.1 665
129 Apollo Tyres 509 592 (14.1) 246 179 Container Corp. Of India 376 1,215 (69.1) 98
130 Hexaware Technologies # 508 453 12.0 217 180 Schaeffler India # 368 420 (12.4) 199
131 Gujarat Narmada Valley Fert. & Chem. 499 741 (32.7) 431 181 IOL Chemicals & Pharmaceuticals 361 237 52.6 467
132 JSW Energy 498 251 98.0 227 182 Page Industries 343 394 (12.9) 111
133 Supreme Industries 496 461 7.7 169 183 Trident 342 371 (7.9) 399
134 Crompton Greaves Consumer Elec. 495 403 22.9 165 184 Vinati Organics 334 282 18.2 214
135 JK Paper 493 437 12.7 493 185 Gujarat Alkalies & Chemicals 333 690 (51.7) 434
136 Honeywell Automation India 491 359 37.0 103 186 Tube Investments of India 331 244 35.7 236
137 Ircon International 490 445 10.1 347 187 Bombay Dyeing & Manufacturing Co. 328 1,230 (73.3) 556
138 Redington (India) 490 152 221.8 353 188 Triveni Engineering & Industries 327 221 48.5 540
139 Escorts 486 485 0.1 211 189 Bata India 327 330 (0.8) 135
140 Jindal Poly Films 479 (353) N/A 581 190 Finolex Industries 324 350 (7.3) 278
141 Whirlpool of India 476 407 17.0 100 191 Jubilant Life Sciences 321 148 117.5 232
142 Welspun India 475 142 235.0 339 192 Jindal Stainless (Hisar) 320 262 22.4 526
143 Bayer CropScience 475 337 40.8 126 193 PTC India 320 262 22.0 543
143 Natco Pharma 475 667 (28.9) 204 194 Birla Corp. 316 138 129.2 325
145 Bharat Forge 474 1,071 (55.8) 137 195 Oberoi Realty 315 454 (30.6) 162
146 Apollo Hospitals Enterprise 470 303 55.3 121 196 Sundram Fasteners 314 436 (28.0) 238
147 Kalpataru Power Transmission 463 401 15.4 313 197 Godrej Properties 313 209 49.4 116
148 UPL 461 405 13.8 76 198 Sterling and Wilson Solar 311 196 58.8 342
149 PNC Infratech 460 325 41.7 350 199 Ratnamani Metals & Tubes 307 253 21.6 311
150 Century Textiles & Industries 450 6,076 (92.6) 327 200 VST Industries 304 227 34.1 290
INDIA’S moSt
VALUABLE COMPANIES
THE LIST (201-400/ 500)

T

201 ABB India # 303 511 (40.6) 110 251 KNR Construction 225 263 (14.5) 385
202 Shipping Corp. of India 302 (122) N/A 448 252 Dr. Lal PathLabs 223 195 14.2 181
203 National Fertilizers ** 298 213 40.3 566 253 Maithan Alloys 222 255 (13.1) 572
204 KPR Mill 295 289 1.9 361 254 Allcargo Logistics 220 221 (0.3) 457
205 Godrej Agrovet 293 208 41.1 233 255 Navneet Education 219 177 23.6 494
206 Gujarat Pipavav Port 292 206 42.2 366 256 3M India 219 323 (32.2) 113
207 Eris Lifesciences 291 285 2.1 275 257 Star Cement 219 256 (14.5) 375
208 Sobha 289 287 1.0 421 258 Alkyl Amines Chemicals 215 84 157.1 372
209 Emami 289 305 (5.3) 201 259 Thermax 214 275 (22.3) 213
210 SKF India 289 336 (13.9) 235 260 Solar Industries (India) 213 191 11.5 225
211 Avanti Feeds 286 223 28.0 269 261 Andhra Paper 213 200 6.4 648
212 Phillips Carbon Black 283 389 (27.0) 501 262 Dhampur Sugar Mills 211 255 (17.1) 627
213 The Great Eastern Shipping Co. 281 (19) N/A 362 263 Sonata Software 211 172 22.5 418
214 IRB Infrastructure Developers 279 329 (15.1) 405 264 Tata Communications 209 (442) N/A 174
215 Kajaria Ceramics 279 246 13.4 250 265 Info Edge (India) 206 282 (27.0) 84
216 West Coast Paper Mills 276 296 (6.6) 585 266 Sumitomo Chemical India 206 167 23.1 194
217 Jubilant FoodWorks 275 323 (14.7) 114 267 HFCL 204 184 10.8 495
218 DB Corp 275 274 0.3 507 268 Gulf Oil Lubricants India 203 178 13.9 377
219 Just Dial 272 207 31.7 416 269 Astral Poly Technik 201 141 42.0 160
220 Ceat 271 289 (6.3) 368 270 TTK Prestige 199 190 4.3 243
221 Suven Pharmaceuticals 270 109 147.2 286 271 Dalmia Bharat Sugar & Industries 198 187 5.7 710
222 JB Chemicals & Pharmaceuticals 268 182 47.3 326 272 Caplin Point Laboratories 198 148 33.4 426
223 Welspun Corp 268 (277) N/A 412 273 Shilpa Medicare 194 124 56.1 386
224 Heidelberg Cement India 268 221 21.5 349 274 HLV 193 (119) N/A 985
225 Laurus Labs 267 95 181.1 284 275 Meghmani Organics 193 169 14.4 559
226 CRISIL # 266 278 (4.1) 207 276 Sharda Cropchem 192 144 33.2 474
227 Prestige Estate Projects 262 289 (9.3) 219 277 Carborundum Universal 191 166 15.2 302
228 Jagran Prakashan 262 220 19.3 558 278 Bajaj Consumer Care 191 226 (15.7) 427
229 Brigade Enterprises 261 234 11.3 376 279 Andhra Sugars 190 166 14.7 734
230 Tata Elxsi 256 290 (11.7) 294 280 Gujarat Fluorochemicals 190 (0) N/A 303
231 KEI Industries 255 182 40.3 374 281 Srikalahasthi Pipes 188 118 59.7 702
232 Gillette India ^ 253 229 10.4 139 282 Symphony 186 101 84.1 253
233 Hinduja Global Solutions 252 230 9.2 573 283 Rallis India 185 154 20.3 330
234 Kaveri Seed Company 251 215 17.0 414 284 V-Guard Industries 185 166 11.9 242
235 3I Infotech ** 251 (87) N/A 948 285 J Kumar Infraproject 184 177 3.7 678
236 MOIL 248 474 (47.6) 381 286 Grindwell Norton 183 164 11.7 283
237 Cyient 248 441 (43.7) 359 287 Sarda Energy & Minerals 182 215 (15.1) 766
238 FDC 247 172 43.9 344 288 Galaxy Surfactants 182 168 8.2 299
239 Timken India 246 149 65.6 258 289 Firstsource Solutions 182 199 (8.5) 410
240 Ashok Leyland 240 1,983 (87.9) 136 290 Maharashtra Scooters 180 73 147.2 355
241 CCL Products (India) 239 125 90.5 417 291 Eveready Industries (India) 180 47 280.0 821
242 Akzo Nobel India 237 211 12.5 230 292 KPIT Technologies 178 74 139.7 469
243 JK Lakshmi Cement 235 80 195.7 390 293 Garware Technical Fibres 178 126 41.7 403
244 Jain Irrigation Systems ** 235 281 (16.6) 860 294 Indian Energy Exchange 178 165 7.8 310
245 Nesco 234 180 29.8 356 295 Techno Electric & Engg. Company 177 182 (2.7) 439
246 Zensar Technologies 231 258 (10.4) 380 296 Gujarat Ind. Power Company ** 176 245 (27.9) 630
247 Polyplex Corp. 230 228 0.8 519 297 Seshasayee Paper & Boards 175 190 (8.1) 656
248 JK Tyre & Industries 229 204 11.9 528 298 CESC Ventures 174 66 165.0 775
249 Radico Khaitan 228 188 21.0 323 299 Mahindra CIE Automotive # 172 94 83.5 312
250 Relaxo Footwears 226 175 29.0 164 300 Arvind 171 199 (14.1) 666
1,061%
indiamart intermesh
Sharp increase in net
profit in FY20 compared
to the previous fiscal

301 Balmer Lawrie & Company 171 182 (6.5) 489 351 Vindhya Telelinks 127 169 (24.8) 672
302 Kirloskar Oil Engines 170 225 (24.3) 502 352 Transport Corp. of India 126 128 (1.0) 512
303 Huhtamaki PPL # 170 35 387.4 509 353 Lux Industries 126 101 24.4 398
304 Prime Focus 167 (33) N/A 604 354 EIH 124 113 9.8 281
305 Fine Organic Industries 167 129 29.1 274 355 eClerx Services 124 210 (41.0) 485
306 Tata Metaliks 166 182 (8.8) 541 356 Suprajit Engineering 123 115 7.4 460
307 HG Infra Engineering 166 124 34.1 571 357 Nilkamal 122 111 9.7 503
308 Sheela Foam 166 124 33.8 262 358 Filatex India 121 85 43.2 747
309 Garden Reach Shipbuilders & Ers 163 110 48.7 471 359 Godawari Power & Ispat 121 213 (43.1) 773
310 Asahi India Glass 160 190 (15.9) 316 360 Blue Star 121 122 (0.8) 276
311 Mishra Dhatu Nigam 160 131 22.3 378 361 Hindustan Media Ventures 119 108 9.8 899
312 Welspun Enterprises 159 154 3.7 628 362 Prakash Industries 118 539 (78.1) 759
313 Wabco India 159 282 (43.7) 200 363 Amber Enterprises India 118 93 27.5 341
314 Century Plyboards (India) 158 159 (0.4) 392 364 NR Agarwal Industries 117 95 23.4 966
315 Jyothy Labs 158 193 (18.4) 308 365 Cera Sanitaryware 116 115 0.8 396
316 Bharat Rasayan 158 112 41.4 409 366 APL Apollo Tubes 115 126 (9.0) 334
317 Trent 155 127 21.2 130 367 Cosmo Films 114 58 95.3 813
318 ISGEC Heavy Engineering 153 128 19.3 464 368 GVK Power & Infrastructure ** 114 (36) N/A 828
319 Jindal Stainless 153 139 10.0 504 369 Balaji Amines 114 118 (3.7) 537
320 Sudarshan Chemical Industries 149 152 (1.9) 420 370 Prince Pipes & Fittings 113 82 37.0 534
321 Tata Power Company 148 1,769 (91.6) 178 371 Solara Active Pharma Science 112 59 91.7 520
322 Phoenix Mills 148 173 (14.7) 212 372 Kirloskar Ferrous Industries 112 98 14.5 661
323 Greaves Cotton 148 169 (12.9) 451 373 Hatsun Agro Products 112 115 (2.2) 218
324 Sandur Manganese & Iron Ores 147 147 0.0 826 374 Metropolis Healthcare 112 101 10.4 247
325 Himatsingka Seide 147 236 (37.9) 668 375 Strides Pharma Science 112 110 1.2 357
326 Indiamart Intermesh 146 13 1,061.0 251 376 Power Mech Projects 111 96 15.6 726
327 Gujarat Ambuja Exports 146 198 (26.4) 513 377 Dixon Technologies (India) 111 56 96.2 288
328 Future Lifestyle Fashions ** 145 111 31.5 306 378 Triveni Turbine 110 88 25.7 436
329 Piramal Enterprises 145 (868) N/A 94 379 GlaxoSmithKline Pharmaceuticals 110 425 (74.1) 105
330 Uflex 143 52 177.3 522 380 Nirlon 109 64 71.9 463
331 TV Today Network 142 130 9.3 570 381 Kitex Garments 109 81 33.4 742
332 Dhanuka Agritech 141 113 25.7 446 382 Minda Industries 107 188 (43.0) 239
333 Hindustan Oil Exploration Co. 141 149 (5.5) 645 383 EPL 106 64 65.2 289
334 Birlasoft 141 168 (16.0) 441 384 Tide Water Oil Company (India) 106 97 9.3 542
335 Rashtriya Chemicals & Fertilizers ** 139 79 76.6 449 385 Sunteck Realty 104 190 (45.6) 337
336 Apar Industries 139 147 (5.5) 562 386 Technocraft Industries (India) 103 102 0.3 750
337 Gujarat Mineral Dev. Corp. ** 139 428 (67.6) 527 387 Supreme Petrochem 103 49 108.6 517
338 Valiant Organics 139 133 4.0 480 388 Surya Roshni 102 121 (15.4) 727
339 National Aluminium Company 138 1,732 (92.0) 259 389 Bodal Chemicals 102 144 (29.1) 711
340 Kalyani Steels 137 132 3.8 682 390 LG Balakrishnan & Brothers 102 97 5.4 722
341 Aarti Drugs 136 87 55.5 447 391 Elgi Equipments 100 85 18.5 388
342 Dalmia Bharat 135 101 33.7 179 392 Delta Corp 100 183 (45.7) 373
343 Adani Green Energy 134 (35) N/A 68 393 Ester Industries 99 31 219.9 965
344 Nocil 131 184 (28.9) 514 394 Ion Exchange (India) 99 67 48.9 612
345 Seamec 130 77 69.6 636 395 Varroc Engineering 99 120 (17.2) 343
346 Tamil Nadu Newsprint & Papers 130 94 37.8 651 396 Gujarat State Fertilizers & Chem. 99 494 (80.0) 450
347 PSP Projects 129 90 43.2 524 397 Electrosteel Castings 99 (636) N/A 811
348 Nava Bharat Ventures 129 166 (22.6) 629 398 KSB # 98 74 32.1 478
349 India Glycols 128 148 (13.5) 700 399 Time Technoplast 98 126 (22.6) 638
350 Vaibhav Global 127 33 286.4 371 400 Nucleus Software Exports 96 76 27.0 671
INDIA’S moSt
VALUABLE COMPANIES
THE LIST (401-500)

T

401 Savita Oil Technologies 96 114 (16.3) 620 451 Thyrocare Technologies 79 95 (16.7) 406
402 Bannari Amman Sugars 96 76 25.9 552 452 Kirloskar Brothers 79 87 (9.3) 640
403 Century Enka 96 77 24.7 949 453 JMC Projects (India) 79 142 (44.4) 598
404 Tinplate Company of India 95 58 63.8 583 454 Fiem Industries 79 55 42.2 829
405 Kovai Medical Center & Hospital 95 60 57.3 725 455 Orient Electric 79 69 13.4 346
406 Raymond 94 74 27.8 424 456 PC Jeweller 79 (3) N/A 731
407 Genus Power Infrastructures 94 72 29.4 803 457 Beekay Steel Industries 78 98 (20.5) 900
408 Alembic 94 41 127.6 523 458 Ruchi Soya Industries ** 77 (5,573) N/A 186
409 Excel Industries 93 152 (38.5) 650 459 HIL 77 102 (24.4) 677
410 Greenlam Industries 93 65 42.3 490 460 Mangalam Cement 76 (10) N/A 792
411 Sunflag Iron & Steel Company 93 111 (16.3) 781 461 Grauer & Weil (India) 76 64 19.0 655
412 ITI ** 93 231 (59.9) 234 462 MSTC 75 (324) N/A 663
413 Poly Medicure 92 66 39.4 440 463 Garware Polyester ** 74 34 120.2 846
414 Bliss GVS Pharma 92 74 24.0 582 464 Indo Count Industries 74 59 24.6 646
415 Satia Industries 92 88 4.6 679 465 Quick Heal Technologies 74 84 (12.3) 724
416 Mahindra Holidays & Resorts India 92 64 43.3 445 466 Dwarikesh Sugar Industries 73 95 (22.8) 844
417 Capacite Infraprojects 91 96 (4.9) 653 467 Indian Hume Pipe Company 73 86 (15.0) 664
418 Parag Milk Foods 91 114 (20.5) 662 468 Tata Coffee 73 72 2.3 521
419 VRL Logistics 90 92 (2.0) 497 469 Kewal Kiran Clothing 73 80 (9.1) 626
420 Voltamp Transformers 89 85 5.3 608 470 Shriram Pistons & Rings 73 138 (47.2) 565
421 TCI Express 89 73 22.3 425 471 Transpek Industry 73 66 11.0 690
422 Goodyear India 89 102 (13.0) 477 472 Hawkins Cookers 72 54 33.7 462
423 VIP Industries 89 129 (31.1) 315 473 Elecon Engineering Company 72 12 499.8 997
424 Accelya Solutions India ### 89 104 (14.6) 550 474 Lumax Industries 72 107 (32.7) 599
425 Avadh Sugar & Energy 89 120 (26.1) 903 475 Astrazeneca Pharma India 72 54 32.6 249
426 Orient Refractories 87 90 (2.9) 458 476 Precision Camshafts 72 43 67.9 1,000
427 Oriental Aromatics 87 50 73.9 737 477 Kuantum Papers 72 78 (7.9) 924
428 Orient Cement 87 48 82.1 567 478 Oriental Carbon & Chemicals 72 74 (3.0) 691
429 Security & Intelligence Services India 86 119 (27.6) 277 479 Esab India 71 58 24.0 476
430 Den Networks 86 (219) N/A 429 480 Swaraj Engines 71 82 (13.8) 538
430 Kennametal India ^ 86 52 65.0 487 481 Siyaram Silk Mills 71 103 (31.2) 692
432 Insecticides (India) 86 122 (29.7) 654 482 Banco Products (India) 70 123 (43.4) 780
433 Vesuvius India # 86 93 (7.5) 481 483 TCNS Clothing Co 69 131 (47.2) 411
434 LT Foods 85 54 56.3 632 484 Man InfraConstruction 69 109 (36.7) 819
435 Sadbhav Engineering 85 187 (54.4) 576 485 Sundaram-Clayton 69 120 (42.6) 369
436 GE Power India 85 76 11.9 360 486 BEML 68 63 7.7 394
437 Gabriel India 85 95 (10.8) 560 487 GM Breweries 68 82 (17.6) 738
438 Ingersoll-Rand (India) 85 81 4.5 479 488 Narayana Hrudayalaya 68 50 35.3 280
439 Subros 85 76 11.1 563 489 Bhansali Engineering Polymers 67 47 43.6 723
440 Hikal 84 103 (18.1) 531 490 Honda India Power Products 67 54 22.8 616
441 TVS Srichakra 84 103 (18.2) 603 491 Newgen Software Technologies 66 96 (31.2) 584
442 La Opala RG 84 74 13.8 482 492 Bhageria Industries 66 72 (8.0) 845
443 Johnson Controls - Hitachi A-C India 84 86 (2.8) 285 493 Rossari Biotech 66 46 43.1 352
444 Sasken Technologies 82 94 (12.5) 694 494 Ramco Industries 66 73 (10.5) 547
445 Chalet Hotels 82 (10) N/A 319 495 Sanghi Industries 65 53 24.2 730
446 MMTC ** 81 49 66.7 435 496 Future Supply Chain Solutions ** 65 31 113.0 593
447 Himadri Speciality Chemical 81 311 (74.0) 459 497 ICRA 65 96 (32.3) 442
448 Mayur Uniquoters 81 87 (7.5) 649 498 Wonderla Holidays 65 55 16.9 614
449 Care Ratings 81 135 (40.4) 569 499 Praj Industries 65 62 3.7 535
450 Rupa & Company 80 93 (14.3) 561 500 Mangalore Chemicals & Fertilizers 65 33 96.3 941
116 The list excludes BFSI companies; Standalone data. Source: Ace Equity
INDIA’S moSt
VAlUAble COMPANIES Total
THE LIST (1-100)
T
Debt
totAl Debt (` cr) BT totAl Debt (` cr) BT
1,000 1,000
Debt Growth Rank Debt Growth Rank
RANK compANy 2019/20 2018/19 % 2020 RANK compANy 2019/20 2018/19 % 2020
1 Reliance Industries 262,345 161,720 62.2 1 51 GAIL (India) 5,557 1,001 455.1 55
2 NTPC 166,743 142,807 16.8 26 52 RattanIndia Power 5,491 6,979 (21.3) 669
3 Power Grid Corp. of India 147,980 146,086 1.3 30 53 Bajaj Hindusthan Sugar 5,487 6,022 (8.9) 768
4 Indian Oil Corp. 116,545 86,359 35.0 29 54 Torrent Pharmaceuticals 5,327 5,623 (5.3) 75
5 Vodafone Idea 115,118 125,940 (8.6) 138 55 Grasim Industries 5,068 3,311 53.1 61
6 Bharti Airtel 82,363 83,753 (1.7) 9 56 Bharat Heavy Electricals 5,062 2,586 95.8 189
7 Steel Authority of India 54,127 45,170 19.8 170 57 Wipro 5,046 5,128 (1.6) 19
8 JSW Steel 52,293 44,412 17.7 51 58 GTL Infrastructure 4,947 4,913 0.7 788
9 Bharat Petroleum Corp. 47,819 29,099 64.3 31 59 Prestige Estate Projects 4,819 4,771 1.0 219
10 Hindustan Petroleum Corp. 43,021 27,240 57.9 79 60 Shipping Corp. Of India 4,741 5,277 (10.2) 448
11 Tata Steel 41,423 29,701 39.5 60 61 Apollo Tyres 4,394 2,750 59.7 246
12 Reliance Communications 39,933 39,928 0.0 962 62 Bombay Dyeing & Manufacturing Co. 4,147 3,971 4.4 556
13 Vedanta 38,937 42,204 (7.7) 58 63 Unitech *** 3,889 3,600 8.0 925
14 Adani Ports & SEZ 28,899 24,994 15.6 39 64 Jindal Saw 3,807 4,175 (8.8) 465
15 Larsen & Toubro 25,785 11,990 115.1 17 65 Aurobindo Pharma 3,730 4,520 (17.5) 78
16 Tata Motors 25,445 18,631 36.6 67 66 Godrej Properties 3,704 3,516 5.4 116
17 Alok Industries ** 24,098 26,221 (8.1) 354 67 Cadila Healthcare 3,697 3,583 3.2 89
18 NHPC 23,224 19,056 21.9 118 68 Jindal Stainless 3,655 4,118 (11.2) 504
19 Hindalco Industries 23,050 19,534 18.0 73 69 The Great Eastern Shipping Co. 3,595 4,104 (12.4) 362
20 Mahanagar Telephone Nigam ** 19,737 17,019 16.0 825 70 Glenmark Pharmaceuticals 3,574 3,134 14.0 216
21 UltraTech Cement 18,282 20,637 (11.4) 22 71 The India Cements 3,533 3,270 8.0 402
22 Tata Power Company 17,802 17,453 2.0 178 72 Rashtriya Chemicals & Fertilizers ** 3,462 1,331 160.1 449
23 Tata Steel BSL 17,557 17,028 3.1 444 73 Hindustan Construction Co. ** 3,300 3,725 (11.4) 610
24 Jindal Steel & Power 16,835 19,700 (14.5) 166 74 Ashok Leyland 3,281 632 418.9 136
25 NLC India 16,780 13,166 27.5 257 75 Dilip Buildcon 3,256 3,576 (9.0) 324
26 Tata Teleservices (Maharashtra) 16,701 16,545 0.9 815 76 Bharat Forge 3,237 3,189 1.5 137
27 Adani Power 14,372 19,491 (26.3) 144 77 JK Tyre & Industries 3,209 3,320 (3.3) 528
28 Oil & Natural Gas Corp. 13,949 21,594 (35.4) 21 78 Varun Beverages # 3,201 2,492 28.4 129
29 Mangalore Refinery & Petrochem 11,896 9,131 30.3 266 79 Apollo Hospitals Enterprise 3,160 3,238 (2.4) 121
30 Suzlon Energy 11,893 6,783 75.3 483 80 Shree Cement 3,144 2,798 12.4 37
31 Adani Transmission 11,135 10,562 5.4 99 81 Mahindra & Mahindra 3,068 2,571 19.3 42
32 Piramal Enterprises 10,576 17,488 (39.5) 94 82 Rail Vikas Nigam ** 3,024 2,259 33.9 332
33 Chambal Fertilisers & Chemicals 9,614 8,545 12.5 279 83 The Ramco Cements 3,024 1,619 86.8 156
34 Oil India 8,885 11,624 (23.6) 196 84 Adani Enterprises 3,012 2,865 5.1 120
35 Chennai Petroleum Corp. 8,698 6,668 30.4 548 85 Sobha 3,002 2,536 18.4 421
36 Torrent Power 8,302 9,116 (8.9) 171 86 Godrej Industries 2,883 3,195 (9.8) 190
37 GMR Infrastructure 8,181 7,186 13.8 198 87 Adani Green Energy 2,811 3,113 (9.7) 68
38 IRB Infrastructure Developers 8,042 4,606 74.6 405 88 Aditya Birla Fashion and Retail 2,776 1,703 63.0 176
39 Ruchi Soya Industries ** 7,341 6,653 10.3 186 89 JK Cement 2,760 2,359 17.0 222
40 Reliance Power 6,911 7,540 (8.3) 718 90 SRF 2,664 3,103 (14.1) 125
41 Future Enterprises ** 6,479 5,731 13.1 708 91 Future Retail ** 2,657 1,286 106.5 210
42 National Fertilizers ** 6,464 3,061 111.2 566 92 Tata Steel Long Products 2,644 0 N/A 554
43 CESC 6,453 6,045 6.7 237 93 JSW Ispat Special Products 2,619 2,198 19.1 784
44 Jaiprakash Associates 6,443 6,186 4.2 822 94 Mukand 2,537 2,376 6.8 950
45 Sun Pharmaceutical Industries 6,406 6,437 (0.5) 25 95 Anant Raj ** 2,499 2,264 10.4 704
46 DLF 6,123 4,332 41.3 62 96 Himatsingka Seide 2,469 2,333 5.8 668
47 Rajesh Exports ** 6,072 8,595 (29.3) 145 97 Ircon International 2,461 3,077 (20.0) 347
48 Hindustan Aeronautics 5,816 4,157 39.9 106 98 Bharti Infratel 2,418 6 42,328 66
49 Jaiprakash Power Ventures 5,777 11,149 (48.2) 622 99 Arvind 2,313 2,652 (12.8) 666
50 Reliance Infrastructure 5,701 6,079 (6.2) 769 100 PC Jeweller 2,294 2,121 8.2 731
INDIA’S most
ValUaBle COMPANIES Total
THE LIST (1-200/500)
T
Assets
total assets (` cr) BT total assets (` cr) BT
1,000 1,000
assets Growth Rank assets Growth Rank
RaNK compaNy 2019/20 2018/19 % 2020 RaNK compaNy 2019/20 2018/19 % 2020
1 Reliance Industries 968,912 775,745 24.9 1 51 Reliance Infrastructure 23,217 28,252 (17.8) 769
2 NTPC 340,452 302,199 12.7 26 52 Torrent Power 22,880 23,825 (4.0) 171
3 Indian Oil Corp. 330,064 334,187 (1.2) 29 53 Adani Power 22,530 28,928 (22.1) 144
4 Oil & Natural Gas Corp. 296,681 299,708 (1.0) 21 54 Coal India 22,417 19,058 17.6 27
5 Bharti Airtel 277,671 217,927 27.4 9 55 Siemens * 21,286 19,755 7.8 57
6 Power Grid Corp. of India 264,104 254,050 4.0 30 56 Rajesh Exports ** 21,170 19,929 6.2 145
7 Vodafone Idea 228,886 224,136 2.1 138 57 Lupin 20,681 19,690 5.0 77
8 Tata Steel 150,393 137,498 9.4 60 58 Cipla 20,406 18,419 10.8 59
9 Larsen & Toubro 140,128 123,818 13.2 17 59 Bharti Infratel 20,345 18,069 12.6 66
10 Vedanta 135,986 150,864 (9.9) 58 60 Hero MotoCorp 19,823 19,233 3.1 54
11 Bharat Petroleum Corp. 126,469 115,627 9.4 31 61 Unitech *** 19,622 19,358 1.4 925
12 Steel Authority of India 123,090 113,539 8.4 170 62 Aurobindo Pharma 19,535 18,141 7.7 78
13 JSW Steel 122,042 107,425 13.6 51 63 Prestige Estate Projects 19,383 18,015 7.6 219
14 Hindustan Petroleum Corp. 114,011 103,839 9.8 79 64 Hindustan Unilever 19,341 17,526 10.4 4
15 Tata Consultancy Services 102,756 97,403 5.5 2 65 MRF 19,154 18,228 5.1 101
16 Hindalco Industries 80,058 81,502 (1.8) 73 66 Dr. Reddy's Laboratories 18,863 16,248 16.1 48
17 Infosys 79,612 77,816 2.3 6 67 Petronet LNG 18,699 15,085 24.0 74
18 ITC 75,235 69,798 7.8 10 68 Shree Cement 18,594 14,581 27.5 37
19 UltraTech Cement 71,817 69,271 3.7 22 69 Apollo Tyres 18,560 15,600 19.0 246
20 GAIL (India) 70,401 66,370 6.1 55 70 Cadila Healthcare 18,156 15,074 20.4 89
21 NHPC 67,321 61,708 9.1 118 71 Glenmark Pharmaceuticals 18,147 16,431 10.4 216
22 Wipro 64,873 66,607 (2.6) 19 72 Reliance Power 17,452 21,186 (17.6) 718
23 Tata Motors 62,590 60,910 2.8 67 73 Jaiprakash Power Ventures 17,399 22,867 (23.9) 622
24 Maruti Suzuki India 62,552 62,932 (0.6) 13 74 ACC # 17,082 16,025 6.6 104
25 Jindal Steel & Power 61,801 60,640 1.9 166 75 Alok Industries ** 16,477 17,156 (4.0) 354
26 Bharat Heavy Electricals 60,814 63,822 (4.7) 189 76 Ashok Leyland 16,390 18,224 (10.1) 136
27 Hindustan Aeronautics 52,730 50,428 4.6 106 77 SJVN 16,042 16,522 (2.9) 231
28 HCL Technologies 51,518 35,349 45.7 15 78 JSW Energy 15,070 17,017 (11.4) 227
29 Adani Ports & SEZ 50,858 46,620 9.1 39 79 Mahanagar Telephone Nigam ** 14,677 16,250 (9.7) 825
30 Mahindra & Mahindra 50,502 52,697 (4.2) 42 80 National Aluminium Company 14,550 15,147 (3.9) 259
31 Grasim Industries 49,495 51,794 (4.4) 61 81 Chambal Fertilisers & Chemicals 14,530 13,846 4.9 279
32 Reliance Communications 45,217 62,082 (27.2) 962 82 Bajaj Hindusthan Sugar 14,089 14,408 (2.2) 768
33 Hindustan Zinc 45,153 40,533 11.4 35 83 National Fertilizers ** 13,912 9,628 44.5 566
34 Oil India 43,297 50,220 (13.8) 196 84 UPL 13,828 13,903 (0.5) 76
35 Interglobe Aviation 41,754 25,012 66.9 56 85 Adani Enterprises 13,807 14,505 (4.8) 120
36 NLC India 40,180 35,504 13.2 257 86 Shipping Corp. of India 13,733 14,155 (3.0) 448
37 DLF 39,689 33,481 18.5 62 87 Asian Paints 13,588 13,683 (0.7) 14
38 Piramal Enterprises 39,280 42,498 (7.6) 94 88 Tata Chemicals 13,459 14,567 (7.6) 206
39 Tata Steel BSL 38,833 39,586 (1.9) 444 89 Bosch 13,325 13,032 2.2 70
40 Sun Pharmaceutical Industries 38,747 38,052 1.8 25 90 Tata Communications 13,172 12,378 6.4 174
41 Jaiprakash Associates 38,532 37,821 1.9 822 91 Jindal Saw 13,152 13,307 (1.2) 465
42 Tata Power Company 37,616 38,135 (1.4) 178 92 IRB Infrastructure Developers 13,109 10,013 30.9 405
43 NMDC 37,042 35,998 2.9 96 93 Titan Company 13,016 11,385 14.3 28
44 Tech Mahindra 29,886 30,124 (0.8) 41 94 Adani Transmission 12,947 12,824 1.0 99
45 Ambuja Cements # 26,991 25,187 7.2 69 95 NCC 12,565 12,986 (3.2) 455
46 CESC 26,952 26,089 3.3 237 96 Ircon International 12,550 12,825 (2.1) 347
47 Mangalore Refinery & Petrochem. 26,010 32,519 (20.0) 266 97 Chennai Petroleum Corp. 12,390 14,610 (15.2) 548
48 Bajaj Auto 24,773 27,380 (9.5) 33 98 KEC International 12,120 11,100 9.2 256
49 GMR Infrastructure 24,282 22,293 8.9 198 99 Avenue Supermarts 12,084 6,998 72.7 20
50 Bharat Electronics 23,414 19,992 17.1 115 100 Future Enterprises ** 12,070 10,903 10.7 708

66.9% Interglobe aviation
Steep rise in total
assets in FY20 compared
to the previous fiscal
BT total assets (` cr) BT

total assets (` cr) 1,000 1,000
Growth Rank assets Growth Rank
assets
101 Tata Consumer Products 12,050 4,971 142.4 91 151 Birla Corp. 7,856 7,800 0.7 325
102 Torrent Pharmaceuticals 11,845 12,027 (1.5) 75 152 PC Jeweller 7,835 7,627 2.7 731
103 RattanIndia Power 11,825 11,916 (0.8) 669 153 Dalmia Bharat 7,700 7,677 0.3 179
104 Container Corp. of India 11,552 12,607 (8.4) 98 154 Brigade Enterprises 7,666 7,460 2.8 376
105 Rail Vikas Nigam ** 11,479 7,752 48.1 332 155 Oberoi Realty 7,596 7,069 7.5 162
106 The India Cements 11,452 11,105 3.1 402 156 ABB India # 7,590 8,962 (15.3) 110
107 Dilip Buildcon 11,158 10,907 2.3 324 157 Patel Engineering 7,565 7,409 2.1 818
108 Apollo Hospitals Enterprise 11,112 9,278 19.8 121 158 Voltas 7,492 6,764 10.8 127
109 Fortis Healthcare 10,633 10,108 5.2 215 159 JK Tyre & Industries 7,488 7,405 1.1 528
110 Sobha 10,616 10,528 0.8 421 160 GTL Infrastructure 7,430 7,566 (1.8) 788
111 Eicher Motors 10,579 9,477 11.6 52 161 Anant Raj ** 7,339 6,960 5.4 704
112 Future Retail ** 10,528 8,194 28.5 210 162 Britannia Industries 7,253 5,653 28.3 36
113 Coromandel International 10,218 10,647 (4.0) 142 163 GlaxoSmithKline Pharmaceuticals 7,207 7,778 (7.3) 105
114 The Ramco Cements 10,182 8,296 22.7 156 164 Indraprastha Gas 7,172 5,949 20.6 93
115 Zee Entertainment Enterprises 10,118 10,869 (6.9) 124 165 PVR 7,130 3,797 87.8 248
116 Jindal Stainless 10,108 10,021 0.9 504 166 Nestle India # 7,058 8,088 (12.7) 18
117 The Great Eastern Shipping Co. 10,006 10,341 (3.2) 362 167 Havells India 7,048 7,126 (1.1) 72
118 Gujarat State Fertilizers & Chem. 9,957 10,351 (3.8) 450 168 ITI ** 6,959 7,008 (0.7) 234
119 Hindustan Construction Company ** 9,828 11,303 (13.1) 610 169 Ceat 6,945 6,062 14.6 368
120 Bharat Forge 9,717 9,939 (2.2) 137 170 Arvind 6,815 7,014 (2.8) 666
121 Kalpataru Power Transmission 9,655 8,237 17.2 313 171 Balkrishna Industries 6,731 6,430 4.7 122
122 Godrej Properties 9,609 7,403 29.8 116 172 Tata Steel Long Products 6,681 1,829 265.3 554
123 United Spirits 9,581 9,431 1.6 64 173 Century Textiles & Industries 6,478 6,179 4.8 327
124 Aditya Birla Fashion and Retail 9,494 6,358 49.3 176 174 Cochin Shipyard 6,358 5,178 22.8 333
125 Divis Laboratories 9,408 8,800 6.9 47 175 Adani Green Energy 6,327 5,402 17.1 68
126 TVS Motor Company 9,361 8,369 11.9 133 176 Shree Renuka Sugars 6,324 6,578 (3.9) 544
127 Motherson Sumi Systems 9,158 9,014 1.6 82 177 Sun TV Network 6,317 6,069 4.1 148
128 Gujarat State Petronet 9,103 8,950 1.7 202 178 Sterlite Technologies 6,264 6,142 2.0 318
129 Dish TV India 8,961 10,840 (17.3) 499 179 Jindal Stainless (Hisar) 6,230 6,118 1.8 526
130 Rashtriya Chemicals & Fertilizers ** 8,920 6,324 41.1 449 180 Welspun India 6,221 6,264 (0.7) 339
131 The Indian Hotels Company 8,907 7,881 13.0 183 181 Omaxe ** 6,189 5,399 14.6 433
132 Indiabulls Real Estate 8,849 10,620 (16.7) 423 182 Aarti Industries 6,089 5,628 8.2 158
133 PTC India 8,821 7,334 20.3 543 183 Dabur India 6,078 5,579 9.0 34
134 SRF 8,820 8,672 1.7 125 184 Oracle Financial Services Software 5,993 4,404 36.1 109
135 Vardhman Textiles 8,727 8,369 4.3 322 185 Cummins India 5,954 5,854 1.7 187
136 DCM Shriram 8,712 7,581 14.9 304 186 Mahindra Holidays & Resorts India 5,947 5,400 10.1 445
137 Godrej Consumer Products 8,648 8,162 6.0 40 187 Polycab India 5,928 5,595 5.9 191
138 Varun Beverages # 8,444 6,130 37.7 129 188 Bayer CropScience 5,928 5,537 7.1 126
139 NBCC (India) ** 8,427 8,213 2.6 309 189 Gujarat Alkalies & Chemicals 5,893 5,532 6.5 434
140 Pidilite Industries 8,379 7,500 11.7 38 190 Alembic Pharmaceuticals 5,879 4,549 29.2 175
141 Gujarat Narmada Valley Fert. & Chem. 8,342 7,542 10.6 431 191 Berger Paints India 5,773 5,238 10.2 53
142 Alkem Laboratories 8,284 6,656 24.5 97 192 PI Industries 5,751 3,854 49.2 117
143 Exide Industries 8,242 8,172 0.9 173 193 Dishman Carbogen Amcis 5,735 5,816 (1.4) 498
144 Jain Irrigation Systems ** 8,220 7,750 6.1 860 194 Puravankara 5,728 6,150 (6.9) 597
145 Maharashtra Scooters 8,193 11,714 (30.1) 355 195 Gujarat Fluorochemicals 5,724 0 NA 303
146 Biocon 8,131 8,039 1.2 65 196 Suzlon Energy 5,723 8,523 (32.8) 483
147 Larsen & Toubro Infotech 8,103 6,070 33.5 86 197 Trident 5,718 6,103 (6.3) 399
148 JK Cement 8,026 7,051 13.8 222 198 Redington (India) 5,696 5,183 9.9 353
149 Ruchi Soya Industries ** 7,937 7,721 2.8 186 199 Rites 5,678 5,176 9.7 264
150 Gujarat Gas 7,897 7,127 10.8 143 200 Bharat Dynamics 5,631 5,397 4.3 296
INDIA’S most
ValUaBle COMPANIES
THE LIST (201-400/500)

201 Tamil Nadu Newsprint & Papers 5,577 5,531 0.8 651 251 HEG 4,350 5,070 (14.2) 379
202 Gayatri Projects 5,527 5,873 (5.9) 715 252 JMC Projects (India) 4,324 4,029 7.3 598
203 United Breweries 5,516 5,379 2.6 95 253 Apar Industries 4,312 4,683 (7.9) 562
204 Jubilant Life Sciences 5,433 4,864 11.7 232 254 Whirlpool of India 4,306 3,675 17.2 100
205 Garden Reach Shipbuilders & Ers 5,384 4,190 28.5 471 255 Jindal Poly Films 4,300 3,558 20.8 581
218 Engineers India ** 5,022 4,691 7.1 305 256 PNC Infratech 4,289 3,548 20.9 350
206 Hathway Cable & Datacom 5,340 5,290 0.9 329 257 Bombay Dyeing & Manufacturing Co. 4,278 5,178 (17.4) 556
207 Mphasis 5,320 4,207 26.5 146 258 MMTC ** 4,224 5,182 (18.5) 435
208 Escorts 5,312 4,997 6.3 211 259 GHCL 4,201 4,004 4.9 529
209 Trent 5,288 2,553 107.1 130 260 Sterling and Wilson Solar 4,148 4,717 (12.1) 342
210 Ashoka Buildcon 5,264 5,257 0.1 466 261 Mahanagar Gas 4,129 3,441 20.0 223
211 Sanofi India # 5,240 4,769 9.9 150 262 TV18 Broadcast 4,114 3,877 6.1 331
212 Balrampur Chini Mills 5,220 5,033 3.7 400 263 Atul 4,054 3,590 12.9 177
213 Ipca Laboratories 5,185 4,458 16.3 141 264 DB Corp 4,048 3,860 4.9 507
214 Gujarat Mineral Dev. Corp. ** 5,172 5,439 (4.9) 527 265 L&T Technology Services 4,045 3,216 25.8 167
215 Colgate-Palmolive (India) 5,126 4,901 4.6 71 266 Syngene International 4,039 3,611 11.9 172
216 Himatsingka Seide 5,074 4,836 4.9 668 267 India Glycols 4,027 3,715 8.4 700
217 GE T&D India 5,074 5,145 (1.4) 413 268 Quess Corp 4,008 3,861 3.8 287
219 Godrej Industries 5,021 5,313 (5.5) 190 269 E.I.D. Parry (India) 3,996 3,830 4.3 363
220 Amara Raja Batteries 5,001 4,496 11.2 205 270 AIA Engineering 3,994 3,609 10.7 163
221 Prism Johnson 4,993 4,378 14.0 428 271 GE Power India 3,954 4,178 (5.4) 360
222 Electrosteel Castings 4,985 4,973 0.2 811 272 Phoenix Mills 3,940 3,751 5.1 212
223 Mindtree 4,973 4,140 20.1 168 273 Triveni Engineering & Industries 3,936 3,734 5.4 540
224 Welspun Corp 4,938 4,401 12.2 412 274 Inox Wind 3,930 3,689 6.5 728
225 Maharashtra Seamless 4,918 4,332 13.5 491 275 EIH 3,914 3,852 1.6 281
226 BEML 4,859 4,883 (0.5) 394 276 Info Edge (India) 3,902 3,620 7.8 84
227 JSW Ispat Special Products 4,819 4,701 2.5 784 277 Dhampur Sugar Mills 3,870 3,882 (0.3) 627
228 Spicejet ** 4,795 4,032 18.9 336 278 Prakash Industries 3,866 3,816 1.3 759
229 Zydus Wellness 4,792 4,958 (3.3) 240 279 Gujarat Industries Power Co. ** 3,831 3,786 1.2 630
230 CG Power & Industrial Solutions 4,770 7,255 (34.3) 746 280 Asahi India Glass 3,812 3,665 4.0 316
231 Mahindra CIE Automotive # 4,748 4,539 4.6 312 281 Shoppers Stop 3,801 2,443 55.6 456
232 JK Paper 4,743 4,236 12.0 493 282 Chalet Hotels 3,799 3,506 8.4 319
233 Natco Pharma 4,647 4,356 6.7 204 283 Network 18 Media & Investment 3,722 4,119 (9.6) 407
234 Graphite India 4,642 5,943 (21.9) 328 284 Akzo Nobel India 3,720 3,407 9.2 230
235 Raymond 4,617 4,241 8.9 424 285 Phillips Carbon Black 3,710 3,735 (0.7) 501
236 Marico 4,617 4,570 1.0 63 286 Den Networks 3,692 3,930 (6.1) 429
237 Strides Pharma Science 4,594 4,583 0.3 357 287 J Kumar Infraproject 3,680 3,569 3.1 678
238 Kansai Nerolac Paints 4,592 4,306 6.7 107 288 Laurus Labs 3,670 3,269 12.2 284
239 JK Lakshmi Cement 4,550 4,433 2.6 390 289 Dalmia Bharat Sugar & Industries 3,660 3,295 11.1 710
240 Future Lifestyle Fashions ** 4,537 3,379 34.3 306 290 Inox Leisure 3,638 1,426 155.1 393
241 Sadbhav Engineering 4,525 4,498 0.6 576 291 HFCL 3,625 3,054 18.7 495
242 Bajaj Electricals 4,513 5,097 (11.4) 338 292 Bata India 3,624 2,369 53.0 135
243 Wockhardt 4,512 4,399 2.6 415 293 Schaeffler India # 3,622 3,735 (3.0) 199
244 BASF India 4,501 3,811 18.1 314 294 Zuari Agro Chemicals 3,589 5,617 (36.1) 940
245 ISGEC Heavy Engineering 4,488 4,332 3.6 464 295 Aster DM Healthcare 3,552 3,376 5.2 268
246 Uflex 4,420 4,404 0.4 522 296 Abbott India 3,532 2,928 20.6 90
247 KRBL 4,413 4,627 (4.6) 291 297 Hinduja Global Solutions 3,469 2,502 38.6 573
248 Pfizer 4,405 3,940 11.8 134 298 Supreme Industries 3,448 3,069 12.4 169
249 Mukand 4,401 4,389 0.3 950 299 Honeywell Automation India 3,401 2,816 20.8 103
250 Thermax 4,369 6,018 (27.4) 213 300 IRCTC 3,383 2,575 31.4 131
BT
107% trent
Sharp rise in total
assets in FY20 from
the previous fiscal
BT
total assets (` cr) total assets (` cr)
1,000 1,000
301 Nava Bharat Ventures 3,348 3,336 0.4 629 351 Nectar Lifesciences 2,632 2,704 (2.6) 969
302 Ajanta Pharma 3,328 2,763 20.4 208 352 Persistent Systems 2,630 2,483 5.9 298
303 Sanghi Industries 3,318 2,730 21.6 730 353 Godawari Power & Ispat 2,627 2,663 (1.4) 773
304 Jubilant FoodWorks 3,318 1,914 73.4 114 354 Srikalahasthi Pipes 2,618 2,366 10.6 702
305 MOIL 3,286 3,591 (8.5) 381 355 Fertilisers & Chemicals Travancore 2,612 2,314 12.9 430
306 KEI Industries 3,271 2,775 17.9 374 356 Vindhya Telelinks 2,605 2,609 (0.2) 672
307 Blue Star 3,255 3,162 3.0 276 357 Procter & Gamble Health ## 2,583 1,516 70.4 255
308 Godrej Agrovet 3,243 2,885 12.4 233 358 India Power Corp. 2,573 1,913 34.5 680
309 Sundram Fasteners 3,232 3,396 (4.9) 238 359 Ratnamani Metals & Tubes 2,544 2,052 24.0 311
310 Linde India # 3,215 3,385 (5.0) 300 360 Sharda Cropchem 2,543 2,352 8.1 474
311 Granules India 3,146 2,824 11.4 317 361 Time Technoplast 2,540 2,421 4.9 638
312 Force Motors 3,099 2,836 9.3 575 362 Amber Enterprises India 2,521 2,084 21.0 341
313 Godfrey Phillips India 3,097 2,644 17.1 292 363 Lakshmi Machine Works 2,514 2,594 (3.1) 383
314 Hindustan Copper 3,065 3,318 (7.6) 389 364 Capacite Infraprojects 2,499 2,155 16.0 653
315 Kesoram Industries 3,031 5,090 (40.4) 802 365 Timken India 2,494 2,232 11.8 258
316 Sadbhav Infrastructure Project 3,031 3,418 (11.3) 665 366 KIOCL 2,489 2,407 3.4 265
317 Unichem Laboratories 3,025 3,030 (0.2) 591 367 Adani Gas 2,486 2,058 20.8 157
318 Finolex Cables 3,012 2,769 8.8 320 368 Thomas Cook (India) 2,484 2,690 (7.6) 472
319 VA Tech Wabag 3,003 2,715 10.6 681 369 Dredging Corp. of India ** 2,466 2,646 (6.8) 713
320 Endurance Technologies 2,983 2,959 0.8 185 370 Radico Khaitan 2,460 2,231 10.3 323
321 Surya Roshni 2,970 3,029 (1.9) 727 371 Kirloskar Oil Engines 2,458 2,427 1.3 502
322 Deepak Fert. & Petrochem. Corp. 2,954 3,017 (2.1) 637 372 3I Infotech ** 2,458 2,344 4.8 948
323 Rallis India 2,954 2,693 9.7 330 373 SKF India 2,452 2,274 7.9 235
324 63 Moons Technologies ** 2,943 3,061 (3.8) 928 374 Navkar Corp. 2,444 2,327 5.0 912
325 Avadh Sugar & Energy 2,934 2,704 8.5 903 375 GVK Power & Infrastructure ** 2,443 2,455 (0.5) 828
326 Infibeam Avenues 2,921 2,994 (2.4) 367 376 Emami 2,435 2,583 (5.7) 201
327 Orient Cement 2,900 2,927 (0.9) 567 377 Bannari Amman Sugars 2,434 2,202 10.5 552
328 HSIL 2,868 2,838 1.1 937 378 FDC 2,419 2,156 12.2 344
329 Minda Industries 2,866 2,496 14.8 239 379 Mishra Dhatu Nigam 2,398 1,825 31.4 378
330 Allcargo Logistics 2,838 2,073 36.9 457 380 Indian Metals & Ferro Alloys 2,398 2,638 (9.1) 847
331 Finolex Industries 2,815 3,273 (14.0) 278 381 Sunflag Iron & Steel Company 2,395 1,763 35.8 781
332 Texmaco Rail & Engineering 2,806 2,663 5.4 756 382 Sarda Energy & Minerals 2,382 2,081 14.5 766
333 MEP Infrastructure Developers ** 2,804 2,538 10.5 862 383 Future Consumer ** 2,370 2,086 13.6 404
334 Mangalore Chemicals & Fertilizers 2,803 2,918 (3.9) 941 384 Power Mech Projects 2,367 1,935 22.3 726
335 Heidelberg Cement India 2,793 2,696 3.6 349 385 West Coast Paper Mills 2,352 1,902 23.6 585
336 Coforge 2,792 2,364 18.1 220 386 Kolte Patil Developers 2,345 2,384 (1.7) 546
337 Vakrangee 2,788 2,689 3.7 370 387 Techno Electric & Engg. Company 2,312 2,266 2.0 439
338 Gujarat Pipavav Port 2,774 2,656 4.5 366 388 Kirloskar Brothers 2,310 2,139 8.0 640
339 ITD Cementation India 2,768 2,126 30.2 689 389 CRISIL # 2,225 2,134 4.2 207
340 Tube Investments of India 2,767 2,980 (7.2) 236 390 Narayana Hrudayalaya 2,220 2,074 7.0 280
341 APL Apollo Tubes 2,760 2,757 0.1 334 391 Varroc Engineering 2,219 2,038 8.9 343
342 Sunteck Realty 2,718 2,491 9.1 337 392 Blue Dart Express 2,210 2,030 8.8 297
343 KNR Construction 2,716 2,153 26.1 385 393 Kajaria Ceramics 2,195 2,047 7.2 250
344 Hatsun Agro Products 2,714 2,246 20.9 218 394 KPR Mill 2,187 2,397 (8.8) 361
345 Crompton Greaves Consumer Elec. 2,693 2,610 3.2 165 395 Ramkrishna Forgings 2,180 2,186 (0.3) 695
346 Himadri Speciality Chemical 2,691 3,027 (11.1) 459 396 Wabco India 2,180 2,336 (6.7) 200
347 HT Media 2,686 3,657 (26.5) 987 397 Steel Strips Wheels 2,179 2,153 1.2 675
348 Welspun Enterprises 2,671 2,592 3.0 628 398 Castrol India # 2,170 2,054 5.7 195
349 Cyient 2,645 2,561 3.3 359 399 Coffee Day Enterprises ** 2,166 2,920 (25.8) 733
350 3M India 2,637 2,470 6.7 113 400 MSTC 2,154 2,793 (22.9) 663
INDIA’S most
ValUaBle COMPANIES
THE LIST (401-500)

401 Solara Active Pharma Science 2,152 1,957 10.0 520 451 TTK Prestige 1,709 1,532 11.6 243
402 HG Infra Engineering 2,133 1,618 31.8 571 452 Sagar Cements 1,676 1,502 11.6 639
403 Indian Hume Pipe Company 2,132 1,923 10.9 664 453 Tata Metaliks 1,675 1,363 22.9 541
404 Jagran Prakashan 2,126 2,216 (4.0) 558 454 Andhra Sugars 1,661 1,770 (6.1) 734
405 Novartis India 2,125 2,018 5.3 532 455 Jai Corp ** 1,660 1,669 (0.6) 530
406 Firstsource Solutions 2,118 2,142 (1.2) 410 456 Indo Count Industries 1,659 1,552 6.9 646
407 Sutlej Textiles & Industries 2,118 2,131 (0.6) 901 457 Parag Milk Foods 1,658 1,411 17.5 662
408 Hexaware Technologies # 2,104 1,860 13.1 217 458 Dwarikesh Sugar Industries 1,652 1,413 16.9 844
409 Sumitomo Chemical India 2,091 1,846 13.3 194 459 Asian Star Company 1,646 1,697 (3.0) 605
410 Zensar Technologies 2,051 1,715 19.6 380 460 Indiabulls Integrated Services ** 1,645 998 64.9 794
411 Deepak Nitrite 2,047 1,828 12.0 270 461 Meghmani Organics 1,644 1,504 9.3 559
412 Shilpa Medicare 2,021 1,668 21.2 386 462 Filatex India 1,621 1,415 14.6 747
413 Arvind Fashions 2,014 1,820 10.7 505 463 Kaveri Seed Company 1,621 1,561 3.8 414
414 JB Chemicals & Pharmaceuticals 2,012 2,327 (13.5) 326 464 Kirloskar Ferrous Industries 1,618 1,390 16.4 661
415 Delta Corp 2,012 2,110 (4.7) 373 465 IFB Industries 1,614 1,204 34.0 473
416 Shriram EPC 1,993 2,134 (6.6) 880 466 TVS Srichakra 1,609 1,800 (10.6) 603
417 Mahindra Lifespace Developers 1,981 2,411 (17.8) 533 467 Nesco 1,607 1,346 19.4 356
418 Prime Focus 1,966 1,714 14.7 604 468 Mangalam Cement 1,605 1,417 13.3 792
419 Southern Petrochemical Ind. Corp. 1,955 1,908 2.5 936 469 LT Foods 1,604 1,697 (5.5) 632
420 Astral Poly Technik 1,942 1,785 8.8 160 470 Kuantum Papers 1,603 1,327 20.8 924
421 Navin Fluorine International 1,933 1,706 13.3 260 471 Titagarh Wagons ** 1,598 1,399 14.2 859
422 Hindustan Media Ventures 1,924 1,733 11.0 899 472 Birlasoft 1,598 1,554 2.8 441
423 Emami Paper Mills 1,918 2,111 (9.1) 857 473 VenkyS (India) 1,597 1,557 2.6 488
424 Balmer Lawrie & Company 1,883 1,883 0.0 489 474 P&G Hygiene & Health Care ^ 1,595 1,402 13.7 81
425 Hikal 1,879 1,775 5.9 531 475 Panacea Biotec ** 1,593 1,822 (12.6) 657
426 Nirlon 1,878 1,520 23.6 463 476 Garware Polyester ** 1,590 1,509 5.4 846
427 NIIT 1,876 1,164 61.2 557 477 Lemon Tree Hotels 1,586 1,395 13.7 401
428 Minda Corp. 1,866 1,982 (5.9) 500 478 Shriram Pistons & Rings 1,585 1,635 (3.1) 565
429 Arshiya 1,843 2,745 (32.9) 982 479 Sundaram-Clayton 1,574 1,712 (8.1) 369
430 Wheels India 1,842 1,900 (3.1) 595 480 Transport Corp. of India 1,574 1,520 3.6 512
431 Relaxo Footwears 1,841 1,611 14.3 164 481 Carborundum Universal 1,573 1,526 3.1 302
432 Elecon Engineering Company 1,836 1,947 (5.7) 997 482 Century Plyboards (India) 1,571 1,705 (7.9) 392
433 Sudarshan Chemical Industries 1,833 1,517 20.8 420 483 Ajmera Realty & Infra India 1,570 1,568 0.1 968
434 Just Dial 1,832 1,549 18.3 416 484 Grindwell Norton 1,568 1,423 10.2 283
435 Goodyear India 1,828 1,821 0.4 477 485 HIL 1,537 1,453 5.8 677
436 Technocraft Industries (India) 1,825 1,613 13.1 750 486 Gulf Oil Lubricants India 1,523 1,233 23.6 377
437 DCW ** 1,819 1,904 (4.5) 986 487 Maithan Alloys 1,522 1,526 (0.2) 572
438 Cosmo Films 1,816 1,793 1.3 813 488 Uniphos Enterprises 1,519 2,698 (43.7) 902
439 NXT Digital 1,809 2,613 (30.8) 684 489 Prince Pipes & Fittings 1,513 1,126 34.4 534
440 Johnson Controls - Hitachi A-C India 1,795 1,715 4.6 285 490 Page Industries 1,513 1,351 12.0 111
441 Healthcare Global Enterprises 1,754 1,400 25.2 623 491 Andhra Paper 1,508 1,306 15.5 648
442 Uttam Sugar Mills 1,737 1,696 2.4 990 492 Huhtamaki PPL # 1,508 1,446 4.3 509
443 Ahluwalia Contracts (India) 1,736 1,458 19.1 515 493 Greenpanel Industries 1,496 1,485 0.7 843
444 Gujarat Ambuja Exports 1,736 1,715 1.2 513 494 Intellect Design Arena 1,494 1,332 12.2 506
445 Security & Intelligence Services India 1,727 1,451 19.0 277 495 GTPL Hathway 1,492 1,425 4.7 716
446 Orient Paper & Industries 1,726 1,867 (7.5) 876 496 Star Cement 1,488 1,517 (1.9) 375
447 Aegis Logistics 1,726 1,255 37.5 273 497 Jyothy Labs 1,487 1,600 (7.1) 308
448 Tata Teleservices (Maharashtra) 1,714 4,531 (62.2) 815 498 Siyaram Silk Mills 1,486 1,505 (1.2) 692
449 Skipper 1,713 1,653 3.6 906 499 Indo Rama Synthetics (India) 1,480 1,451 2.0 834
450 CESC Ventures 1,711 1,537 11.3 775 500 eClerx Services 1,480 1,484 (0.3) 485
INDIA’S MOST Public Sector
VALUABLE COMPANIES
Undertakings
RANK AVERAgE MARKET CApiTALiSATiON (` CRORE)
2020 2019 COMpANy Oct ’19 - Sept ’20 Oct ’18 - Sept ’19 Growth % FY 2019/20 FY 2018/19
11 8 State Bank of India 216,328 269,302 (19.7) 276,420 246,900

21 13 Oil & Natural Gas Corp. 121,897 190,617 (36.1) 167,932 205,859
26 22 NTPC 101,002 125,271 (19.4) 119,320 128,939
27 18 Coal India 98,949 146,223 (32.3) 128,136 161,912
29 20 Indian Oil Corp. 96,722 135,686 (28.7) 125,892 146,317
30 28 Power Grid Corp. of India 93,690 101,285 (7.5) 101,251 100,648
31 35 Bharat Petroleum Corp. 91,813 76,767 19.6 91,146 78,606
32 44 SBI Life Insurance Company 85,568 65,562 30.5 82,171 63,003
43 N/L SBI Cards And Payment Services 63,854 N/A N/A 62,009 N/A
55 38 GAIL (India) 47,726 72,958 (34.6) 60,516 78,512
74 81 Petronet LNG 37,674 34,901 7.9 37,894 33,408
79 71 Hindustan Petroleum Corp. 35,282 39,109 (9.8) 40,715 40,149
85 86 Punjab National Bank 33,406 31,362 6.5 35,735 25,573
88 65 General Insurance Corp. of India ** 32,112 42,652 (24.7) 38,736 54,762
92 78 Bank of Baroda 30,020 36,068 (16.8) 40,250 33,130
96 89 NMDC 29,144 31,169 (6.5) 31,634 33,639
98 85 Container Corp. of India 28,305 31,563 (10.3) 32,268 31,568
102 99 Power Finance Corp. 26,182 28,514 (8.2) 29,983 23,923
106 112 Hindustan Aeronautics 25,121 23,937 4.9 23,637 28,671
112 101 REC 22,908 26,275 (12.8) 27,316 23,110
115 116 Bharat Electronics 22,338 22,942 (2.6) 24,061 24,629
118 108 NHPC 21,973 24,536 (10.4) 23,518 25,812
123 100 The New India Assurance Co. 20,627 27,796 (25.8) 22,938 40,778
131 N/L Indian Railway Catering & Tourism Corpn. 19,515 N/A N/A 17,162 N/A
143 214 Gujarat Gas 17,966 10,306 74.3 14,024 9,939
147 124 Bank Of India 17,220 21,992 (21.7) 23,363 17,198
151 110 LIC Housing Finance 16,690 24,216 (31.1) 22,489 24,493
155 201 Union Bank of India 16,409 11,118 47.6 13,707 9,742
161 144 Canara Bank 15,796 18,693 (15.5) 18,238 18,872
170 128 Steel Authority of India 14,855 20,862 (28.8) 17,478 27,374
180 227 Indian Overseas Bank 13,755 9,654 42.5 11,355 8,067
189 115 Bharat Heavy Electricals 12,951 23,208 (44.2) 18,371 26,404
196 135 Oil India 12,562 19,438 (35.4) 16,611 22,645
197 218 UCO Bank 12,493 10,049 24.3 12,193 7,358
202 209 Gujarat State Petronet 11,987 10,526 13.9 11,841 10,122
226 229 Central Bank of India 9,276 9,590 (3.3) 9,480 13,776
BT500. Parameter ranks are for within the top 1,000 companies; Ranks have been assigned based on multiple decimals; Because of
return on capital employed; RONW: return on net worth; na: not available; N/A: not applicable; N/L: not listed on the bourses; N/R: not

TOTAL ASSETS (` CRORE) TOTAL iNCOME (` CRORE) pROFiT AFTER TAx (` CRORE) pROFiT AS 2019/20
% OF TOTAL
FY 2019/20 FY 2018/19 RANK 2020 FY 2019/20 FY 2018/19 RANK 2020 FY 2019/20 FY 2018/19 RANK 2020 SALES RONW (%) ROCE (%)
3,951,394 3,680,914 N/A 302,545 279,644 N/A 14,488 862 N/A 5.63 7.16 6.26
296,681 299,708 4 115,701 135,173 6 13,445 26,765 5 13.97 6.79 10.75
340,452 302,199 2 104,421 91,388 7 10,113 11,750 8 10.35 9.32 9.91
22,417 19,058 54 12,521 11,595 64 11,281 10,470 6 1,088.58 73.23 73.38
330,064 334,187 3 493,473 532,110 1 1,313 16,894 61 0.23 1.30 1.15
264,104 254,050 6 38,320 35,733 27 10,811 9,939 7 29.88 22.47 12.37
126,469 115,627 11 287,650 300,259 3 2,683 7,132 29 0.82 7.67 6.61
N/A N/A N/A N/A N/A N/A 1,422 1,327 N/A 0.00 17.40 0.00
25,028 19,983 N/A 9,752 7,287 N/A 1,245 865 N/A 13.42 28.24 15.21
70,401 66,370 20 73,487 76,671 11 6,621 6,026 16 9.21 15.04 17.02
18,699 15,085 67 35,825 38,846 30 2,698 2,155 28 7.61 25.67 32.16
114,011 103,839 14 270,605 276,890 4 2,637 6,029 31 0.91 9.23 4.17
830,666 774,949 N/A 63,074 58,688 N/A 336 (9,975) N/A 0.62 0.68 2.77
53,792 52,309 N/A N/A N/A N/A 2,224 3,234 N/A 0.00 9.71 14.98
1,157,916 780,987 N/A 86,301 56,065 N/A 546 434 N/A 0.72 0.93 2.17
37,042 35,998 43 12,213 12,741 68 3,610 4,642 23 30.86 13.50 22.54
11,552 12,607 104 6,754 7,216 117 376 1,215 179 5.73 3.68 5.30
358,835 340,665 N/A 34,540 29,773 N/A 5,655 6,953 N/A 16.60 12.79 8.90
52,730 50,428 27 21,732 20,384 39 2,832 2,346 27 13.21 22.42 24.34
346,073 297,167 N/A 29,877 25,344 N/A 4,886 5,764 N/A 16.40 14.09 8.66
23,414 19,992 50 13,254 12,396 59 1,794 1,927 42 13.88 19.01 26.29
67,321 61,708 21 10,115 9,909 81 3,007 2,631 25 34.43 13.44 10.31
N/A N/A N/A N/A N/A N/A 1,418 580 N/A 0.00 9.01 0.00
3,383 2,575 300 2,355 1,959 311 529 309 123 23.23 44.07 62.75
7,897 7,127 150 10,384 7,866 79 1,193 417 67 11.34 43.59 29.17
656,995 625,223 N/A 49,066 45,427 N/A (2,957) (5,547) N/A (6.98) (8.11) (1.31)
216,286 200,030 N/A 19,704 17,365 N/A 2,402 2,431 N/A 12.19 13.94 9.11
550,683 494,039 N/A 42,492 38,541 N/A (2,898) (2,947) N/A (7.78) (10.56) (2.90)
723,875 694,767 N/A 56,748 53,385 N/A (2,236) 347 N/A (4.57) (7.13) 0.67
123,090 113,539 12 62,646 67,500 13 2,022 2,179 36 3.28 5.19 7.51
260,727 250,008 N/A 20,766 21,838 N/A (8,527) (3,738) N/A (48.99) (61.57) (35.44)
60,814 63,822 26 25,556 33,439 37 (1,473) 1,209 860 (6.06) (4.86) (0.15)
43,297 50,220 34 13,651 15,170 57 2,584 2,590 32 21.31 9.91 7.21
235,908 230,484 N/A 18,006 15,844 N/A (2,437) (4,321) N/A (16.10) (17.22) (9.83)
9,103 8,950 128 2,433 1,937 298 1,109 795 71 46.80 17.79 17.53
356,436 330,718 N/A 27,199 25,052 N/A (1,121) (5,641) N/A (4.76) (6.53) (1.46)
ranked last year; All the latest data for FY 2019/20 unless otherwise indicated; * 12 months ending September 2019; ** 12 months ending
March 2019; ^ 12 months ending June 2019; # 12 months ending December 2019; ##12 months ending December 2018. BFSI (Banking,
financial services and insurance) companies have a different way of earning and presenting financial data, so their income, profit and
asset numbers have not been ranked. The BT500 companies over the past 20 years at: www.businesstoday.in/bt500. Source: Ace Equity

231 221 SJVN 9,118 9,918 (8.1) 9,629 10,948

234 259 ITI ** 8,828 7,953 11.0 7,605 8,294
257 231 NLC India 7,025 9,523 (26.2) 8,054 11,329
259 216 National Aluminium Company 6,880 10,272 (33.0) 8,302 12,567
263 314 Bank of Maharashtra 6,661 5,573 19.5 7,218 3,444
264 319 Rites 6,635 5,325 24.6 6,374 5,054
265 251 KIOCL 6,630 8,564 (22.6) 7,326 11,107
266 196 Mangalore Refinery & Petrochemicals 6,625 11,537 (42.6) 8,964 14,287
271 257 Housing & Urban Development Corp. 6,526 8,180 (20.2) 7,445 10,150
282 198 Indian Bank 6,077 11,238 (45.9) 8,387 13,571
293 181 PNB Housing Finance 5,596 13,823 (59.5) 9,967 18,034
296 322 Bharat Dynamics 5,481 5,225 4.9 5,331 5,954
305 272 Engineers India ** 5,118 7,180 (28.7) 6,496 7,957
307 361 Can Fin Homes 5,056 4,215 20.0 5,183 4,184
INDIA’S Most
vAlUABle COMPANIES
v
vA
309 225 NBCC (India) ** 4,979 9,711 (48.7) 7,474 12,607

332 324 Rail Vikas Nigam ** 4,360 5,179 (15.8) 4,954 n/a
333 327 Cochin Shipyard 4,331 4,920 (12.0) 4,808 5,666
347 393 Ircon International 4,075 3,681 10.7 3,780 3,775
378 498 Mishra Dhatu Nigam 3,506 2,328 50.6 2,749 2,434
381 377 MOIL 3,369 3,976 (15.3) 3,569 4,524
389 371 Hindustan Copper 3,207 4,070 (21.2) 3,547 5,277
394 405 BEML 3,158 3,475 (9.1) 3,696 3,512
430 489 Fertilisers & Chemicals Travancore 2,695 2,432 10.8 2,455 2,713
431 347 Gujarat Narmada Valley Fertilizers & Chemicals 2,660 4,472 (40.5) 3,312 5,872
435 386 MMTC ** 2,612 3,840 (32.0) 3,081 4,778
448 573 Shipping Corp. of India 2,485 1,714 44.9 2,017 2,412
449 429 Rashtriya Chemicals & Fertilizers ** 2,484 3,137 (20.8) 2,753 3,640
450 387 Gujarat State Fertilizers & Chemicals 2,470 3,822 (35.4) 3,182 4,351
470 505 India Tourism Development Corp. ** 2,121 2,266 (6.4) 2,261 3,023
471 669 Garden Reach Shipbuilders & Engineers 2,116 1,238 70.9 1,789 1,052
489 524 Balmer Lawrie & Company 1,908 2,084 (8.5) 2,001 2,309
BT500. Parameter ranks are for within the top 1,000 companies; Ranks have been assigned based on multiple decimals; Because of
return on capital employed; RONW: return on net worth; na: not available; N/A: not applicable; N/L: not listed on the bourses; N/R: not

% oF totAl
16,042 16,522 77 3,282 3,123 226 1,652 1,364 44 61.15 14.37 16.83
6,959 7,008 168 2,013 1,803 355 93 231 412 5.55 0.00 33.64
40,180 35,504 36 9,294 9,294 86 1,414 1,267 51 17.86 11.24 10.98
14,550 15,147 80 8,746 11,831 94 138 1,732 339 1.63 1.35 2.26
168,867 164,536 N/A 13,145 12,397 N/A 389 (4,784) N/A 3.38 5.61 1.31
5,678 5,176 199 2,665 2,164 277 596 445 112 24.84 24.05 33.29
2,489 2,407 366 2,057 2,013 346 43 112 577 2.24 2.22 3.78
26,010 32,519 47 51,107 62,217 17 (2,708) 332 866 (4.46) (29.23) (16.22)
76,582 73,415 N/A 7,572 5,599 N/A 1,708 1,180 N/A 22.68 14.67 9.73
309,468 280,065 N/A 24,717 21,068 N/A 753 322 N/A 3.52 4.26 5.84
78,599 83,699 N/A 8,486 7,485 N/A 682 1,081 N/A 8.05 8.94 8.65
5,631 5,397 200 3,211 3,208 236 535 423 122 17.28 22.15 30.90
5,022 4,691 206 2,672 1,976 213 370 378 159 15.13 16.29 25.10
21,010 18,705 N/A 2,030 1,731 N/A 376 297 N/A 18.52 19.13 9.42
8,427 8,213 139 7,493 6,079 108 384 334 176 5.30 22.69 36.71
11,479 7,752 105 10,411 7,882 77 607 470 110 6.03 17.11 14.37
6,358 5,178 174 3,670 3,193 204 638 481 105 18.63 18.05 24.98
12,550 12,825 96 5,842 5,149 134 490 445 137 9.41 12.08 15.25
2,398 1,825 379 749 748 609 160 131 311 22.41 17.82 20.59
3,286 3,591 305 1,219 1,631 486 248 474 236 23.91 8.49 11.65
3,065 3,318 314 889 1,853 565 (569) 146 854 (68.44) (67.09) (21.97)
4,859 4,883 226 3,108 3,536 244 68 63 486 2.26 3.08 2.74
2,612 2,314 354 2,802 1,981 268 976 163 77 35.22 0.00 118.71
8,342 7,542 141 5,315 6,117 149 499 741 131 9.66 9.76 7.62
4,224 5,182 258 28,997 16,514 35 81 49 446 0.28 5.54 8.44
13,733 14,155 86 4,677 4,105 173 302 (122) 202 6.83 4.23 5.88
8,920 6,324 130 9,016 7,375 89 139 79 335 1.57 4.67 7.29
9,957 10,351 118 7,730 8,679 103 99 494 396 1.30 1.40 2.90
631 626 719 380 391 730 42 18 582 11.77 12.28 17.03
5,384 4,190 205 1,659 1,558 409 163 110 309 11.41 15.73 21.67
1,883 1,883 424 1,627 1,862 420 171 182 301 11.16 13.03 17.51
ranked last year; All the latest data for FY 2019/20 unless otherwise indicated; * 12 months ending September 2019; ** 12 months ending
March 2019; ^ 12 months ending June 2019; # 12 months ending December 2019; ##12 months ending December 2018. BFSI (Banking,
financial services and insurance) companies have a different way of earning and presenting financial data, so their income, profit and
asset numbers have not been ranked. The BT500 companies over the past 20 years at: www.businesstoday.in/bt500. Source: Ace Equity

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Ganesh Kumar, COO, Raymond from experiences of others as well. the most appropriate. "I read the
Lifestyle, is a voracious reader. But, That's why I read a lot." He read The book the second time and it made
what sets him apart is his ability Black Swan during the pandemic. more sense, as Raymond is also
to read two or even three books The book, he says, taught him the going through a transformation.
parallelly. He effortlessly switches importance of reinventing oneself Though the degree of legacy may be
from an intense one like Naseem against all odds and finding op- different, we are also talking about
Nicholas Taleb's The Black Swan portunities in adversity. "Whatever transforming a legacy business into
to a Jeffery Archer fiction or even be the situation, the three critical an agile, customer-focussed organ-
life-lessons from the Upanishads. pillars of building a sustainable isation," he explains. Kumar is cur-
Kumar has read almost every book business are integrity, humility and rently reading Adam Grant's Give
on management and leadership passion." Just before the pandemic, and Take: A Revolutionary Approach
stories of industry captains. Books, Raymond had announced plans to To Success. "The book tells you
he says, are from where he gets the reinvent its business. His lockdown about thinking collectively and not
best learning. "As a human being, read of Microsoft Chairman Satya individually. That's so important to
it's not that I should learn only Nadella's book on how he trans- shape up your team..."
from my experiences. I can learn formed Microsoft, he says, has been –ajita shashidhar

Bagri, The Globetrotter
Vinay Bagri, Co-Founder
& CEO of fintech firm NiYO
Solutions, has travelled to
50-plus countries across
continents. The 46-year-
old globetrotter prefers go-
ing on long holidays over
weekend getaways. What
he loves the most when on
a trip abroad is setting off
on an unplanned journey in
the country he is visiting.
Except the entry and exit
cities, all his travels are
based on recommenda-
tions from locals. “Once
I travelled across Europe
via Eurail with no hotel
reservations… just board-
ing the train whenever we
felt like... booking hotels in small towns.” fun.” He plans trips for his never forget and hope we
while in the train. Such ad- Unlike those who prefer employees as well, and never repeat," says Bagri.
ventures did put us in soup travelling solo, Bagri gener- often travels with NiYO Co- So, what life lesson has
sometimes; for example, ally has his extended family Founder and CTO Virender he drawn from travelling?
not getting reservations or of cousins and friends ac- Bisht. “Once we partied till “Best things are never
missing out on scheduled companying him. “Not ev- late in Europe and ended planned; you have to be
events that we wanted to eryone has to be together up missing the morning prepared to make deci-
attend, but 95 per cent of all the time, but staying flight for a conference. It sions on the fly," he says.
the time we explore places closer to each other is is one travel memory I will – aprajita sharma
Sabharwal’s ‘Neev’ of Books

Handing over old It’s her love for
newspapers to the books and her wish
raddiwala in return for to pass on the habit
comics and novels – to children that she
that’s how Kavita Gup- launched Neev Lit-
ta Sabharwal, Head of erature Festival in 2017,
School and Founder, with special focus on
Neev Academy, intro- books for children. “We
duced herself to the want serious conversa-
world of books. Neev tion on children lit-
Academy currently erature, something that
houses five pre-schools goes beyond adventure
in its campus in Ben- and entertainment. So,
galuru. “My nose was we started the literature
perpetually in books. festival in 2017. The first
From Mandys, Debbies year had 23 speakers.
and Commandos to The next year onwards,
heritage-related books, it grew bigger. This year
my interests were well it was online. We also
diversified." Now, every run book clubs for chil-
wall at her home and dren and their parents."
office houses a library. – aprajita sharma

“Hire tHose wHo resonate witH
long-term mission of tHe company”
GreG Moran, CEO and CO-FOundEr, ZOOmCar
Q. What was the problem you were Q. What was the advice you received?
grappling with? a. He recommended that I hire only those individuals
a. With Zoomcar, I faced a particularly steep road since who resonated with the long-term mission of the com-
I was a foreign co-founder and CEO. I had to set out on a pany to get a better sense of their commitment. Also, he
unique course as a leader. Given my rather unique back- urged me to explore their long-term motivation in terms
ground as an American in India, coupled with the indus- of their desired professional impact, etc.
try I chose to disrupt, my energies ultimately focused on
areas that posed existential threats to our survival. The Q. How effective was it in resolving your
problem was how to hire senior leaders more effectively problem?
to ensure they would stick with the company. a. It was quite effective in screening senior leadership.
Most of our top management has been with us since we
Q. Who did you approach and why? started. It's all about leading by example. Leadership is a
a. I approached Mohandas Pai, who had done multiple privilege and it's critical to never lose sight of that fact.
start-ups, for advice. – nidhi singal
130 Vol. 29, No. 24 for the fortnight November 16 to November 29, 2020. Released on November 16, 2020. Total number of pages 132 (including cover)

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in The BT 500 lisT

BT500: Harm And Hope Editor-in-Chief: aroon purie

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Battle Total Income The Point

STAY CoNNeCTeD WITh US oN 130

10 Business Today 29 November 2020

14 Business Today 29 November 2020

GST COLLECTION (`crore) IHS MaRKIT INDIa MaNUFaCTURING PMI

Dip in Car Sales Get

Maruti Suzuki Hyundai

Record E-way Decent Rise

(April to August) (April to August)

Purse strings 2,50,000

î The central government's gross fiscal deficit was 2,00,000

î It fell due to a 26 per cent cut in government

î CPI-based inflation rose to an eight-

were way higher at `3.6

16 Business Today 29 November 2020

Frail ExpoRT GRowTh (%)

î There was universal

except for some Asian

economies like China &

î Overall global trade

relative to Q3 2019 (%);

18 Business Today 29 November 2020

Unemployment Rural Wages

20 Business Today 29 November 2020

Global INvestmeNt betweeN

î The report terms hunger

India 9th in No. of IPOs

î Indian stock 2019 in main markets. were the most active

22 Business Today 29 November 2020

or improved their EBITDA. So, cost control

28 Business Today 29 November 2020

30 Business Today 29 November 2020

Anaemic TOP fIvE hOLd GROUNd

Key trends from our study 4 Unilever 379,125

11 State Bank Of India 2,16,328

42 Mahindra & Mahindra 64,366

53 Berger Paints India 49,935

115 Bharat Electronics 22,338

38 Pidilite Industries 72,037

8 ICICI Bank 2,74,561

14 Asian Paints 169,354

54 Hero MotoCorp 48,729

163 AIA Engineering 15,667

72 Havells India 37,934

110 ABB India 23,372

*Since 2002, average market

32 Business Today 29 November 2020

34 Dabur India 83,623

36 Britannia Industries 78,596

Thomas Cook (India)

Alkyl Amines Chemicals

27 Coal India 98,949

73 Hindalco Industries 37,709

mInInG & metalS