Fortune India has released its definitive list of India’s 500 largest corporations. This annual publication is a definitive benchmark of corporate excellence and innovation, offering deep insights into the country’s dynamic business ecosystem.
The Fortune 500 India 2024 list tells a compelling story of corporate dominance, resilience, and transformation. Reliance Industries continues to reign supreme at #1 with a staggering revenue of ₹9,22,391 crore, underscoring its unshakable leadership. State-owned Life Insurance Corporation of India rose to #2, overtaking Indian Oil Corporation, which slipped to #3 following an 8.52% revenue decline.
Meanwhile, ONGC held steady at #4, and the State Bank of India climbed to #5, thanks to an impressive 25.6% growth in total income to ₹5,94,575 crore — the only company from the top five to achieve such robust double-digit revenue growth.
The list also welcomed 29 new entrants, collectively adding ₹1,85,614 crore in revenue, showcasing the dynamism and inclusivity of India’s corporate ecosystem. These fresh additions signify the transformation of the business landscape, driven by emerging industries and innovative players making their mark.
Overall, the 2024 list paints a picture of growth and resilience. Billion-dollar revenue companies now total 283, generating $1.7 trillion in income and $154 billion in profits, with 37 firms achieving over $1 billion in profits. Reliance on a stable core is evident, as 220 companies have maintained their positions on the list over the past 15 years, demonstrating the enduring strength of India Inc.
Notably, these constants account for $3.02 trillion of the cumulative market cap, with their profits and revenues consistently leading the pack.
India’s Fortune 500 companies have demonstrated remarkable economic strength, achieving unprecedented levels of profitability and revenue growth in FY24. The profit-to-GDP ratio reached a 13-year high of 4.7%, rising from 4.06% in FY23, while cumulative profits surged by 27.5% year-on-year to an all-time high of ₹13.95 lakh crore. Total revenues also hit a record ₹157 lakh crore, highlighting the resilience and adaptability of corporate India. This comes despite challenges such as global commodity price fluctuations and macroeconomic uncertainties. Key sectors driving this growth include financials, energy, and automobiles.
The Fortune India 500 Issue 2024 is available on newsstands nationwide and through Fortune India’s official website. Readers can also access exclusive digital content by subscribing to the magazine.
