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India’s

TOP 500
Companies
2018
India’s
TOP 500
Companies
2018

Published by
Dun & Bradstreet Information Services India Pvt Ltd
India’s Top 500 Companies 2018
Published in India by Dun & Bradstreet Information Services India Pvt Ltd.

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Editor Preeta Misra


Sub-Editor Naina Acharya
Editorial Team Mihir Shah, Yogesh Jambhale, Christopher D’Souza, Omesh Kandalkar, Pooja Wadhwa, Rohit Pawar,
Nishikant Sharma
Sales Team Suhail Aboli, Jaison Swamidas, Triveni Rabindraraj, Rajesh Kandari, Prasad Kachraj, Sukhvinder Singh,
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Anchal Devnani, Amit Kumar, Sonal Singh Rana, Siddarth Ravindran, Miloni Shah, Apeksha Mutreja,
Rohit Sharma, Manjula Dinakaran, Pranava Rao, Taran Chawla, Pooja Arora, Nalini Kukreti
Operations Team Mangesh Shinde, Nehal Khosla, Sumit Sakhrani, Ankur Singh, Rajesh Gupta, Melita Menezes, Smruti Gandhi,
Tia Roy, Ayushi Nayak, Nikita Sachdev, Rehan Shah, Ankita Satam, Anoop Parwani, Nadeem Ansari
Design Team Mohan Chilvery, Sonal Gangnaik, Tushar Awate, Shilpa Chandolikar, Sunil Burli

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India’s Top 500 Companies 2018


18th Edition
ISBN 978-93-86214-25-6
Contents
Preface .................................................................................................................. I

Foreword ............................................................................................................ III

Executive Summary .............................................................................................V

Methodology .....................................................................................................VII

Definitions & Calculations ..................................................................................XI

Insights

Economy Update..........................................................................................XIX

Champions of Change................................................................................XXIII

Overview of Top 500 Companies................................................................XXXI

Quarterly Updates.................................................................................. XXXVII

Corporate Awards 2018..................................................................................... XLI

Experts’ View ..............................................................................................E1-E29

Listings ....................................................................................................... L1–L55

Profiles ......................................................................................................... 1–345

Index ........................................................................................................ 346–351


6 INDIA’S TOP 500 COMPANIES
Preface
Dun & Bradstreet India is pleased to present the 2018 edition of its premier
publication, ‘India’s Top 500 Companies’. Since 1997, the publication has been
a ready reference tool on the leading corporate firms of India, across more than
50 sectors. The publication offers useful insights on their business performances.

The publication profiles companies and ranks them on the basis of their total
income, net profit, and net worth. It also presents a comparison of financial
parameters of companies within their respective sectors. In addition, it captures
the views of industry veterans on the opportunities, growth drivers and long-
term plans of their firms and sectors.

With the domestic economy facing disruption due to demonetisation, FY17


was a very eventful fiscal year. The disruption led to GDP growth slowing down
significantly to 6.1% during the last quarter of FY17 over a 6.8% growth in the
preceding quarter. Lower capacity utilisation, combined with significant leverage continued to hamper
new investments. This scenario impacted investment demand. Furthermore, the banking sector’s woes
compounded during the year, when loans worth more than ` 4 trillion were declared as bad.

Looking forward, the Indian economy seems to be witnessing a revival, in spite of the impact of demonetisation
and the introduction of GST. The economy reported 7.2% growth in GDP during Q3 FY18, riding on the
improvement in manufacturing, investment and demand indicators. The country also jumped 30 places in
the World Bank’s ‘Ease of Doing Business’ index, largely due to reforms in accessing credit, power supplies
and protection of minority investors. The IMF has now pegged India’s growth rate at 7.4% for FY18 and at a
faster 7.8% for the subsequent year. The banking sector, however, saw a deepening of its asset quality-related
problems during the year.

Moving ahead, the government needs to further ramp up infrastructure investments, and introduce policy
reforms aimed at boosting manufacturing growth. Fixing the banking sector’s problems also needs to be a top
priority. Corporates can play a part in India’s economic revival through higher investment, competitive exports,
employment creation, and strengthening of the rural economy. They are well-poised to influence economic
growth, given their scale and reach. In this context, India’s top 500 companies could play a significant role in
paving the way for rapid economic growth.

I hope you enjoy reading this issue of ‘India’s Top 500 Companies 2018’, and look forward to your comments
and suggestions.

Manish Sinha
Managing Director – India
Dun & Bradstreet

INDIA’S TOP 500 COMPANIES I


Foreword
Dun & Bradstreet India takes pleasure in announcing the launch ‘India’s Top
500 Companies 2018’. This is the eighteenth edition of the publication and has
consistently served as a compendium of information about leading corporates
of India across a whole spectrum of diverse industries. The publication provides
comprehensive comparative performance of these top companies for key financial
indicators. I would like to thank all our readers for their positive feedback and
response to the previous edition.

India’s corporate sector has been facing a series of events such as demonetisation,
GST implementation and the twin balancesheet problem in the past two years.
Although these measures have resulted in short term disruption for the economy,
their long term benefits such as formalisation of the economy are expected to be
realised in the long run. Moreover, enactment of the Insolvency and Bankruptcy
Code (IBC) is likely to play a vital role in the resolution of large stressed assets and
in restoring confidence among the banks and corporates. The bank credit growth has begun to rebound and
has touched 10.3% y-o-y at the end of March 2018. On the other hand, consumer demand is picking up given
the fading impact of demonetisation. The 7.2% GDP growth achieved during the quarter ended December
2017 has led to India regaining the status as of one of the fastest growing economies in the world.

While it is reassuring that the Indian economy is set for a high growth trajectory, the country needs to create
millions of jobs to realise its true potential. It is estimated that only 2% of the total workforce in India have
undergone skill training. In this scenario, Top 500 companies can partner with the government to enable skill
development and job creation. The corporate sector also needs to recognize that there would be a requirement
of re-skilling of the workforce due to emergence of new technologies like automation and artificial intelligence.

As Industry 4.0 is beginning to take shape globally, Indian companies have also started adopting this digital
revolution. Corporate leaders have started implementing new methods of automation in order to get ready
for industry 4.0. However, poor internet connectivity and lack of suitable skills are the two key challenges that
need to be addressed. The government’s thrust on infrastructure development, the ‘Digital India’ initiative
and skill development are expected to tackle these challenges in the coming period. Corporates in India are
on the cusp of change. New technologies, increased investment in infrastructure, and sustained focus on
economic reforms will ensure that the business momentum will get back to its earlier pace. As the Indian
economy continues to evolve, Dun & Bradstreet will continue to provide critical insights about Corporate
India’s performance through ‘India’s Top 500 Companies’.

I look forward to receiving your valuable feedback and suggestions.

Preeta Misra
Director – Learning & Economic Insights Group
Dun & Bradstreet India

INDIA’S TOP 500 COMPANIES III


Executive Summary
The publication ‘India’s Top 500 Companies 2018’ serves as a testimony to
the performance of the leading players of India Inc. and their critical role in
transforming India. These companies are the frontrunners of Corporate India and
in true sense the ‘Champions of Change’ for their initiatives to drive ‘Make in
India’ program, CSR activities, encourage the use of digital technologies, drive
skill development, make concerted efforts towards financial inclusion, amongst
others.

FY17 was an eventful year for the Indian economy; characterized by degradation
in banks’ asset quality, contraction in India’s share in global exports and the
disruption caused by demonetization announcement in Nov 2016. Amidst this
background, an analysis of the Top 500 Companies across more than 50 sectors
can be treated as a barometer of the growth trends of India’s leading businesses.

Following are some of the key highlights from the publication:


• 43 new companies have been profiled in the 2018 edition as compared to the previous edition. Of these,
28 companies have been included for the first time in the universe of Top 500 companies. The aggregate
total income of these 43 new entrants witnessed a robust growth of 31.5% in FY17 as compared to FY16.
Likewise, their aggregate net profit grew by 48.4% during the same period.
• Despite the significant leverage weighing down on corporates, degradation in banks’ asset quality and
demonetization announcement in Nov 2016, the aggregate total income of Top 500 companies grew by
7.7% during FY17.
• Similarly, the net profit of the Top 500 companies grew by 18.1% in FY17.

Dun & Bradstreet also analyzed the recent performance of 488 companies from India’s Top 500 Companies
which have consistently published their quarterly interim results during the three-year period ending
December 31, 2017 (June, Sept and Dec quarters of FY16, FY17 and FY18).
• The aggregate total income of Top 500 companies for Apr-Dec 2017 grew by 11.2%, as against a growth
of 3.9% during the corresponding period a year ago.
• The aggregate PAT during the period declined slightly by 1.8% as against a growth of 15.2% during Apr-
Dec 2016.
• The Oil-Refining & Marketing, Banking, and Software & BPM sector were the biggest contributors to the
aggregate total income of Top 500 Companies during 9MFY18, collectively accounting for 47.6% of the
aggregate total income during the period.

India is currently witnessing a dynamic business environment propelled by government reforms and growing
investor confidence. The current picture shows improving industrial activity on back of improving domestic
consumption and heavy infrastructure spending. Corporate performance will mirror improving macros and
‘India’s Top 500 Companies’, being the torch bearers of Corporate India will play an important part in driving
Government’s key agendas in the near future. Dun & Bradstreet will continue to track their developments.

Naina R Acharya
Leader - Operations
Learning & Economic Insights Group
Dun & Bradstreet India

INDIA’S TOP 500 COMPANIES V


Methodology
‘India’s Top 500 Companies 2018’ includes private sector companies and public sector enterprises (PSEs) listed on
the Bombay Stock Exchange (BSE) and/or the National Stock Exchange (NSE), India’s two major stock exchanges.

Total income as per standalone financial statements remains the primary criteria for the initial shortlisting of
companies. Companies that were listed before March 31, 2017 were considered for inclusion. However, the
editorial team continues to use a diverse set of parameters to refine and arrive at the list of Top 500 companies.
Such criteria include three year losses, negative net worth, market capitalization, consolidated financial
performance (group level) and financial health (*). Further, companies that were de-listed until December 31,
2017 were excluded from the publication. However, companies that were listed or re-listed before December
31, 2017 due to merger, demerger, amalgamation or any other scheme of arrangement were considered for
the publication. Total income, net profit, and net worth continue to be the criteria used for ranking Dun &
Bradstreet’s ‘India’s Top 500 Companies 2018’.

* Macroeconomic conditions in India, in the past few years have impacted the financial health of many Indian
companies including banks mainly due to companies facing difficulties in servicing their debt. They have been
subjected to bankruptcy proceedings at the National Company Law Tribunal (NCLT) or have adopted different
debt restructuring mechanisms. In such cases (where information is public), an additional criteria set has been
applied to include and exclude companies from the Top 500 list.

This edition also features financial comparison of the profiled companies classified under different sectors. We
have identified 57 distinct sectors for classifying companies. We have classified companies into the respective
sectors based on the company’s line of business falling within the defined scope of the sector as mentioned in
the ‘Sector Definition’. In the case of companies operating in more than one sector, we have classified these
companies based on the major source of the respective company’s income. The main source of information
includes FY17 segmental revenues and other related business information. The ‘Diversified’ category includes
companies operating in more than one segment, whereby no segment contributes to more than 35% of the
overall revenue of the company. Companies that could not be classified under any of the sectors as per the
‘Sector Definition’ and did not have any identifiable peers meriting a separate sector were classified as ‘Others’.
Within each sector, the companies are further ranked on their total income.

All the financial information in the publication is based on standalone financials sourced from annual reports
or audited financial statements. Financial information for the period ending between October 31, 2016 and
September 30, 2017 has been considered for the purpose of the publication. In effect, for the majority of Top
500 Companies, the audited financial statements have been considered for the period ended March 31, 2017.
For companies where the published financial statement is for a period other than 12 months, the financials are
annualized for the purpose of shortlisting, ranking, and profiling. Dun & Bradstreet excluded companies in the
absence of unavailability of the annual reports at the time of compiling this publication. In general, all information
used in the publication is from publically available relevant sources. The various financial computations are
based on D&B’s methodology and have been explicitly explained in the ‘Definitions and Calculations’ section.

Dun & Bradstreet has developed an in-house proprietary model for selecting top performing companies for
awards in respective their sectors. The model took into consideration key financial indicators in areas of business
size, growth, profitability, leverage and solvency among others.

Each company featuring in the publication has been allotted a unique identification number (D-U-N-S® - Data
Universal Numbering System), which will help readers locate and obtain full-fledged business information
reports on these companies from the Dun & Bradstreet database.

INDIA’S TOP 500 COMPANIES VII


Sector Definition
Sector Definition
Agro Chemicals Manufacturing and distribution of chemicals used in agriculture industry such as insecticides,
pesticides, herbicides and similar chemicals. The sector excludes fertilisers which are classified
separately.
Alcoholic Beverages Manufacturing and distribution of all types of alcoholic beverages.
Auto Components Manufacturing and sales of parts such as engines, gearbox, carburetors, shock absorbers etc
used for all types of automobiles. The sector excludes companies involved in manufacturing
of tyres and batteries, which are classified separately in the respective sectors.
Automobile - Two/Three Wheelers Manufacturing and distribution of Two/Three wheeler automobiles.
Automobiles Manufacturing and distribution of Four-wheeler passenger vehicles, which include cars & sport
utility vehicles (SUVs) and commercial vehicles.
Banks Companies operating with Banking licence as issued by the Reserve Bank of India.
Batteries Manufacturing of industrial/commercial batteries. The sector excludes manufacturing of dry
cells batteries.
Bearings Manufacturing and distribution of bearings.
Cement Manufacturing of cement, concrete and clinker.
Chemicals Manufacturing and distribution of basic chemicals as well as specialty chemicals such as
adhesives. The sector also includes manufacturing of industrial gases. The sector excludes
fertilisers, plastics and petrochemicals which are classified separately in the respective sectors.
Construction - Infrastructure Development Construction of infrastructure such as roads, bridges, railways and other civil structures
such as water supply projects. The sector also covers companies providing related project
management services. The sector also includes companies manufacturing roofing products
and PEB structures.
Consumer Durables & Appliances Manufacturing and distribution of consumer appliances like TVs, Fridge, Air conditioners etc.
Diversified Companies operating in multiple segments with no single business vertical as the major
revenue contributor.
Electrical Products Manufacturing and distribution of products used to distribute and use electrical power for
residential, commercial and industrial purpose.
Engineering Projects/ Capital Goods Manufacturing and supply of industrial & manufacturing equipment, construction equipment,
industrial spares & consumables, other equipment & machinery and related EPC services.
Fertilisers Manufacturing and distribution of fertiliser products like urea, crude phosphate etc. The sector
excludes manufacturing of agro chemicals such as pesticides.
FIs / NBFCs Companies other than banking institutions that are engaged in providing financial services
primarily comprising of lending services.
FMCG Manufacturing and distribution of frequently used essential or non-essential goods such as
soaps, toothpaste, cosmetics etc. This sector excludes companies that are solely involved in
the manufacturing of food & beverage products.
Food Products Manufacturing and distribution of food products including snacks, fruits, vegetables, dairy
products, meatpacking, dietary supplements, vegetable & edibile oils, animal feeds etc. The
companies involved in the manufacturing of food products as well as FMCG products have not
been included in under this sector and have been retained under FMCG sector.
Footwear Manufacturing and distribution of shoes, sandles and other footwear products.
Gas - Processing, Transmission & Marketing Manufacturing and distribution of natural gas through the pipelines for both domestic and
industrial purposes. The sector excludes manufacturing of industrial gases.
Gems & Jewellery Manufacturing and distribution of jewellery and related articles.
Glass & Ceramics Manufacturing and distribution of all forms of ceramic products, glass and glass products
(except glass jewellery).
Healthcare Companies engaged in providing medicine, medical or surgical treatment, diagnostic, nursing,
hospital, dental and optometrical services are covered under this sector.
Hotels Management and operation of hotels providing accommodation.
Iron & Steel Manufacturing of basic and intermediate iron & steel and related alloy products such as sheets,
bars, rebars, pig iron etc.

VIII INDIA’S TOP 500 COMPANIES


Sector Definition
Sector Definition
Media & Broadcasting Companies engaged in providing print and electronic media for information and entertainment
purposes. Also the companies that are involved in the broadcasting of information and
entertainment channels are a part of this sector.
Metal Products Manufacturing and distribution of finished metal products such as pipes, tubes and other
metal products.
Mining - Metals & Minerals Companies involved in mining activities of metals & minerals.
Non-Ferrous & Precious Metals Manufacturing of basic and intermediate metal products other than iron & steel products.
The sector also excludes companies involved in manufacturing of finished metal products.
Oil - Refining & Marketing Companies engaged in refining and supply of oil & gas products. The sector excludes companies
involved in processing and supply of natural gas and petrochemicals which are covered in
another sector.
Oil & Gas Exploration Companies involved in exploration for drilling and production of oil & gas resources.
Packaging & Allied Activities Manufacturing and distribution of packaging materials/products.
Paints Manufacturing and distribution of paints.
Paper & Paper Products Manufacturing and distribution of paper and paper products.
Petrochemicals & Polymers Manufacturing and distribution of petrochemical products such as PET resins, polystrene
among others.
Pharmaceuticals Companies engaged in researching, developing, manufacturing and marketing of drugs and
biologicals for human or veterinary use. The companies engaged in manufacturing of drugs and
pharmaceutical products such APIs, drug intermediates, injectables, formulations, capsules,
tablets, lifescience and biotechnology products as well as those involved in providing clinical
research services and allied activities.
Plastic & Plastic Products Manufacturing and distribution of plastic and plastic products.
Power Companies engaged in generation, transmission and distribution of electricity.
Power Equipment Manufacturing of power equipment used for power generation and transmission and related
EPC services.
Professional & Business Services Companies engaged in providing financial and non-financial services other than those covered
under other sectors
Real Estate Construction and development of residential and commercial complexes/buildings.
Retail Sale of goods using multi-brand retail outlets.
Shipping Water transport services for commercial purposes.
Software & BPM Companies engaged in providing various types of services related to information technology
including consultancy services.
Specialty Oils & Lubricants Companies engaged in production and distribution of lubricant oils.
Sugar Manufacturing and distribution of sugar.
Telecom Equipment & Infra Services Manufacturing of Telecom Equipment and related Infra and EPC Services.
Telecom Services Companies providing fixed and mobile telecommunication services including data servives.
Textiles Manufacturing and distribution of textile fibres and finished textile products.
Tobacco Products Manufacture and distribution of tobacco products.
Trading & Distribution Companies engaged in trading and distribution activities of goods and services.
Transport & Logistics Companies engaged in transportation and delivery services and allied activities for delivery
of industrial goods and consumer products.
Travel & Tourism Companies engaged in providing travel & tourism services
Tyres Manufacture and distribution of tyres for automotive industry.
Wood & Wood Products Companies engaged in providing finished wood and related products.
Others Companies that could not be classified under any of the aforementioned sectors and did not
have any identifiable peers among the current edition of Dun & Bradstreet Top 500 Companies
list meriting a separate sector have been clubbed together under the ‘Others’ segment.

INDIA’S TOP 500 COMPANIES IX


XII INDIA’S TOP 500 COMPANIES
Definitions & Calculations
This section defines financial terms and ratios used in this publication.
• Total Income - Refers to the total revenue including other income as reported in the company’s standalone
financial statements.
• Net Profit – Refers to the profit after tax as reported in the company’s standalone financial statements.
• Net Worth – Refers to the sum of share capital, equity equivalents and reserves & surplus. Equity
equivalents include share warrants, ESOP etc. Debit balance appearing in the profit and loss account
and foreign exchange translation reserve account, revaluation reserves, and miscellaneous expenditure
(to the extent not written off) are deducted from the Net Worth.

Ratios
Particulars Formulae
EBITDA Profit Before Tax + Interest Expense (net of capitalisation) + Depreciation and Amortisation
Expense
EBIT EBITDA – Depreciation and Amortisation Expense
EBITDA Margin (%) (EBITDA/Total Income) * 100
Net Profit Margin (NPM) (%) (Net Profit/Total Income)* 100
Return on Net Worth (%) (Net Profit/ Net Worth) * 100
Return on Assets (PAT/ Total Assets) * 100
Debt-to-Equity (times) (Total Debts) /Shareholder’s Fund
Shareholder’s Fund Equity Share Capital + Preference Share Capital+ Reserves and Surplus – Accumulated
Losses – Deferred expenses
Total Debt Short Term Debt + Long Term Debt + Current maturities of Long Term Debt
Total Assets Non-Current Assets + Current Assets (excluding accumulated losses and deferred
expenses)
Interest Coverage (times) EBIT/Interest Expense

The publication also includes terms and indicators specific to the banking sector.

Ratios
Particulars Formulae
Total Business Total Advances + Total Deposits as provided by the RBI
Total Assets Cash in hand + Balances with RBI + Balances with banks inside/outside India + Money at call
+ Investments + Advances + Fixed Assets + Other Assets
Net Interest Margin As provided by the RBI
Net Interest Income Total Interest earned – Total Interest expended
Net NPA Ratio As provided by the RBI
Return on Assets (ROA) As provided by the RBI

INDIA’S TOP 500 COMPANIES XIII


XIV INDIA’S TOP 500 COMPANIES
ECGC Ltd. (Formerly Export Credit Guarantee Corporation of India Limited) was incorporated in 1957 in order to facilitate
and strengthen India’s exports by covering the risks faced by Indian exporters and their bankers. ECGC is the fifth largest
credit insurer in the World in short term business. ECGC is also a member of Berne Union, an association of credit insurer
worldwide.

The company is 100 per cent owned by the Government of India and is managed by a Board of Directors comprising
nominees of Government of India, Reserve Bank of India, banks, insurance companies and eminent persons from the
exporting community. The present paid up capital of the Company is ` 1450 crores against the authorized capital of
` 5,000 Crores. ECGC is also managing National Export Insurance Account, a fund to support medium and long term
exports.

Vision:

The Vision of ECGC Ltd. is to excel in providing export credit insurance and trade related services.

Mission:

The Mission of ECGC is to support the Indian Export Industry by providing cost effective and trade related services to
meet the growing needs of Indian export market by optimal utilization of available resources.

Objectives:

1. To encourage and facilitate Globalization of Indian Trade.


2. To assist Indian Exporters in managing their credit risks by timely information on buyers, bankers and countries.
3. To provide cost insurance export credit Insurance Covers to Exporters and banks through various schemes operated
by ECGC.

Awards and Recognition

ECGC Ltd has been recognized as the largest Export Credit Agencies of the country with more than 90% of market share.
As per guide lines issued by the DPE every year a MOU is signed with Department of Commerce, Ministry of Commerce
and Industry, GOI Based on various financial and non-financial parameters, the companies performance has been rated
as” Excellent/ Very Good/Good” in previous 3 yrs.

ECGC was most fittingly accorded in its Diamond Jubilee Year the best ECA award for Trade and Forfaiting Review for 2017
an award that has been in vogue for last 20 years. ECGC’s unique achievement is when pitched against stalwarts ECA’s
from Germany and UK, it won the award.

Performance of the company

During the year 2017-18 the Company has earned a total premium of ` 1240 crores, paid total claim of ` 1282 crores.
ECGC’s support of total exports at ` 2,65,000 crores was around 14% of total merchandise exports in 2017-18.

New Initiatives

The Company has drawn up its strategies to achieve the Plan projections by introducing new products like factoring
scheme to address the needs of MSMEs, reinforcing the Reinsurance arrangements, practicing prudent Risk Management
strategies, reinforcing the Recovery efforts against Claims paid and enhancing the knowledge and skills of its work force.

INDIA’S TOP 500 COMPANIES XV


• Economy Update • Champions of Change
• Overview of Top 500 Companies • Quarterly Updates
XVIII INDIA’S TOP 500 COMPANIES
Economy Update

FY17 was marked by a major economic policy development – demonetization of high currency notes (November 2016).
Indian economy, which was losing momentum since the second half of FY16, was further hit by the transient impact of
demonetization. The cash dependent sectors such as retail, construction, textile and leather were severely affected due
to fall in consumer demand in the short term.

Growth dynamics of the Indian economy

y/y
14.0
12.0
10.0
8.0
6.0
4.0
2.0
0.0
Q1 FY14

Q4 FY14

Q3 FY15

Q4 FY15

Q3 FY16

Q2 FY17

Q3 FY17

Q2 FY18
Q2 FY14

Q3 FY14

Q1 FY15

Q2 FY15

Q1 FY16

Q2 FY16

Q4 FY16

Q1 FY17

Q4 FY17

Q1 FY18

Q3 FY18
-2.0
-4.0
GVA at Basic Price Agriculture Industry Services

Source: MOSPI

The private consumption expenditure that had shown resilience during most part of FY17 on the back of rise in rural
incomes consequent to robust growth in agriculture sector and significant increase in Mahatma Gandhi National Rural
Employment Guarantee Act (MGNREGA) expenditure, moderated sharply towards the end of FY17 due to liquidity crunch
post demonetization. The subdued demand conditions further slackened the industrial activity which had witnessed
continuous deceleration during FY17. Apart from poor demand, the industrial growth story was beleaguered by weak
exports, high borrowing costs, leveraged corporate balance sheets and stalled projects at various levels. Excess capacity and
high leverage in the private sector restricted investment, which was also reflected in the contraction in the capital goods
production. The weak consumption and investment demand pulled down overall GDP growth for FY17. The slowdown in
growth would have been more pronounced if there would not have been the front loading of government expenditure in
the second half of FY17 and at the beginning of FY18. The substantial increase in government spending during this difficult
period provided cushion to the economic activity.

The delay in policy decisions, stalled projects in infrastructure sector, supply mismanagement and slowdown in domestic
as well as international demand affected debt servicing by the corporate sector, in turn leading to piling up of bad debt.
The asset quality review initiated by the RBI led to recognition of NPAs by banks. As a result, NPA slippages across SCBs
accelerated noticeably during FY17. GNPA ratio for SCBs jumped to 9.3% as on Mar 31, 2017 as against 7.5% as on Mar
31, 2016.

The under-capitalised banks affected lending activity and in turn put a drag on the private capital expenditure. Bank credit
growth dropped significantly to 4.5% y-o-y at the end of March 2017, lowest since April 1971. Although, NPAs belong
primarily to the large industries, the MSME segment had to take the major brunt of the increased risk-aversion amongst
banks. This inevitably had put enormous pressure on these companies and pushed them to change their funding source
from banks to non-bank finance segment. However, the funding from other sources is often at significantly higher interest
rates as opposed to bank loans, which raised borrowing costs for these companies, affecting their earnings.

As it became apparent that under-capitalised banks could derail economic growth, the government announced a
recapitalisation package for PSBs. Moreover, the introduction of insolvency and bankruptcy code (IBC) in December 2016

XX INDIA’S TOP 500 COMPANIES


Overview of the Indian Economy

has played a vital role in the resolution of large stressed assets on bank balance sheets. The process of IBC has enabled
the debt-laden companies to find buyers for their underlying assets. This has helped in restoring some confidence among
the banks and corporates. The enactment of IBC process along with the recapitalisation of banks has enabled the PSBs to
restart the lending cycle in FY18. Bank credit growth has begun to rebound and touched 10.3% y-o-y at the end of Mar 2018.

Three months after the start of FY18, came the rollout of the GST (July 2017). Although the introduction of GST was meant
to initiate an effective indirect tax regime, various technical and implementation glitches added to the woes of businesses
in the transient period. The destocking by businesses ahead of GST, took their toll on growth in industrial production and
employment mainly in the unorganised sector. This was also mirrored in moderation in exports of labour intensive goods
like leather, textiles, jute products and sports goods. Besides, rising global crude oil prices also contributed to the modest
growth in private consumption in the first half of FY18.

Private consumption demand, however started picking up during the second half FY18 given the fading transient impact
of demonetisation and GST implementation. High frequency indicators of urban consumption like passenger cars and
utility vehicles sales and domestic air passenger traffic witnessed robust growth. On the other hand, the growth in sales
of two-wheelers and tractors point towards recovery in the rural consumption demand. With credit and consumption
growth picking up, the investment cycle also witnessed a meaningful recovery during FY18. Investment activity showed a
turnaround since the second quarter of FY18, with growth in gross fixed capital formation strengthening further to touch a
six-quarter high of 12% y-o-y in Q3 FY18. The production of capital goods sector, a key indicator of investment activity, also
turned around in the second half of FY18. With consumption and investment demand picking up, GDP growth regained
its lost momentum.

The turnaround in economic activity has largely been underpinned by an acceleration in industrial output, driven by the
manufacturing sector. Within manufacturing sector, production in 15 industry groups witnessed expansion during H2 FY18.
The performance of sectors like coke and refined petroleum, chemicals and chemical products, machinery & equipment
and other non-metallic mineral products witnessed improvement during this period. Nonetheless, growth in mining and
electricity sectors witnessed moderation during FY18.

While demonetisation led to disruption in economic activity, it also had significant impact on inflation. The CPI inflation
that had peaked in July 2016, started easing during August-October 2016 on account of normal monsoon. However, post
demonetisation it moderated sharply on account of an abrupt compression of food inflation. The WPI inflation, on the other
hand, started edging up in Q4 FY17 on account of soaring fuel group inflation. Global commodity prices including metal
and fuel witnessed sharp increase during October 2016 to March 2017. The WPI and CPI inflation reversed its direction
since July 2017 and moved slowly and steadily in the upward direction.

Given that inflation trajectory remained below projected path, the stance of monetary policy largely remained
accommodative till the first half of FY18. The surge in low cost current and saving account deposits into the banking system
post demonetization along with the significant reduction in term deposit rates, facilitated the pass through of policy rate
cuts to lending rates of SCBs. Nonetheless, deterioration in asset quality of banks resulted in banks loading higher credit
risk premia on lending rates, thereby impeding the full pass through of policy rate cuts. Since December 2017, given the
transition of system-level liquidity transition from surplus to neutrality, deposit and lending rates began to inch up. Further,
with inflationary pressures getting visible, the stance of monetary policy was changed to neutral in H2 FY18.

On the policy front, India is moving in the right path with its commitment to key economic reforms. The government has
initiated a slew of economic reforms in almost all areas including, FDI, closure of sick units, infrastructure, financial inclusion,
bankruptcy, taxation and ease of doing business. This has helped in improving business environment in the country which
has been reflected in India’s improved ranking on World Bank Doing Business indicator. India’s Doing Business ranking
improved substantially to 100 out of 190 countries for 2018, against 130 in 2017. Further, both GST and demonetization
are expected to result in formalisation of the economy, thereby widening the tax base. The commitment to economic
reforms and India’s resilient fundamentals has made the country most attractive investment destinations in the world.

INDIA’S TOP 500 COMPANIES XXI


XXII INDIA’S TOP 500 COMPANIES
Champions of Change

Since 1997, Dun & Bradstreet India’s premier publication, India’s Top 500 Companies, has served as a compendium and
ready reference tool on the front-runners among Indian corporates. India’s Top 500 Companies, spread across about 57
sectors, are companies that play a key role in driving the growth of the Indian economy by virtue of their size and reach.
India’s Top 500 Companies 2018 is the 18thedition of the publication.

The Government of India has constantly endeavoured to introduce initiatives and reforms designed to bring the economy
on the path of rapid growth in the long run. In recent years, initiatives and reforms such as the GST, Make in India, the
Consolidated FDI Policy, The RERA Act, the Recapitalisation of PSU Banks, the Insolvency and Bankruptcy Code, Digital
India, Skill India, the Swachh Bharat Mission and the Jan Dhan Yojana, among others were introduced to bring to the fore
a ‘New India’ and to take the country on a path of rapid progress.

Building a New India warrants change on a massive scale. Being significant stakeholders and frontrunners in India’s growth
story, India’s Top 500 Companies are therefore called to play their role of being ‘Champions of Change’.

In that sense, India’s Top 500 Companies are truly the ‘Champions of Change’, through their: -
• Compliance with tax reforms such as GST
• Adherence to Corporate Governance norms
• Implementation of Make in India initiative through capex and innovation
• Enabling, improving and encouraging the use of digital payments
• Conduct of CSR activities
• Development of better telecommunication infrastructure and services; and
• Job creation
• Conduct of Skill Development programs
• Concerted effort towards Financial Inclusion
• Generation and distribution of Renewable and Clean Energy, among others

XXIV INDIA’S TOP 500 COMPANIES


India’s Top 500 Companies – Champions of Change

There are many interesting facts that endorse Top 500 Companies’ role as Champions of Change. Some of them are: -
• In FY17, Top 500 Companies accounted for approximately 80% of the total Market Capitalization of all stocks listed
on the Bombay Stock Exchange (BSE)
• In FY17, they contributed to 34% of the Indian Government’s total tax revenue
• During the year, they employed at least 4.4 million people
• They invested in Employee Skill Development by spending ` 160 bn on ‘Staff Welfare and Training Expenses in FY17
• The total CSR spend of Top 500 Companies was ` 86.3 bn in FY17, about 12.2% higher than a year ago
• Top 500 Companies spent ` 226 bn on Research & Development in FY17, 14% more than a year ago

India has traditionally been an agriculture-based economy, with more than


50% of its population depending on agriculture for its livelihood. However, with
the advent of organized businesses – both public and private enterprises - the
impact of manufacturing and service enterprises was magnified manifold. The
contribution of agriculture towards the total national output, which hovered
around 40-45% in the 1950s and 1960s, declined to just around 20-30% in the
early 2000s, and eventually reduced to around 10-15% in the present age. India
Inc. has played a major role in bringing about this change, which is crucial for
rapid growth.

India’s Top 500 Companies, in particular, have catalyzed this transformation. India’s Top 500 Companies presently contribute
to about 17% of the GDP, and therefore, have a substantial influence on the economy. The 2018 edition of the India’s Top
500 Companies publication features merely 45 companies from Agro-based sectors, which contributed to merely 2-3% of
the aggregate value of total income, net profit and aggregate market capitalisation. On the other hand, manufacturing/
industry companies (311 companies) accounted for around 60% of the aforementioned parameters, while service sector
companies (144 companies) accounted for around 37% of those parameters. This mirrors the movement of the Indian
economy away from its traditional agrarian status.

Contribution of Agro-based, Manufacturing/Industry and Service Sector Companies

Total Income Share in Total PAT FY17 Mkt Cap FY17 Share in Mkt Cap
Sectors Share in PAT (%)
FY17 (` billion) Income (%) (` billion) (` billion) (%)
Agro-based 1,960.6 3.6 100.0 2.3 3,238.6 3.3
Manufacturing/Industry 34,005.6 62.5 2,764.6 62.3 56,176.0 58.1
Services 18,418.7 33.9 1,572.5 35.4 37,311.3 38.6
Source: Dun & Bradstreet Research

Changing Face of India’s Top 500 Companies


The India’s Top 500 Companies publication has evolved significantly over the course of 18 editions since 1997. The scope
of the publication has undergone a holistic transformation over the years, moving from merely listing companies on the
basis of a single parameter in the first few editions to including a comprehensive analysis and comparison of companies
and sectors on the basis of financial parameters, insights and views of thought leaders and doyens of industry.

The first edition of Dun & Bradstreet India’s Top 500 Companies was published in 1997. This edition ranked companies
on the basis of market capitalisation. In the 1999 edition, the ranking on the basis of market capitalization was replaced
with rankings based on three parameters – income, net profit and net worth. In 2006, the scope of the publication was
expanded to include additional sections like ‘CEO Speak’ and ‘Sectoral Classification’. Finally, in the 2007 edition, two more
key sections – financial comparison and overviews & insights – were added to the publication to provide readers with an
in-depth understanding of India’s leading companies. Since then, the methodology has remained largely unchanged, with

INDIA’S TOP 500 COMPANIES XXV


Champions of Change

minor changes being gradually introduced, especially with respect to exclusion criteria for selection of Top 500 Companies
such as checks on corporate governance, debt servicing and litigations, among others.

The Journey – 1997 edition vs 2018 edition


Particulars 1997 Edition 2018 Edition
Aggregate Total Income of Top 500 Companies ` 4 tn ` 54 tn
Total Income-wise largest company ` 554 bn ` 4,496 bn
Total Income-wise smallest company ` 0.7 mn ` 11 bn
Aggregate Net Profit of Top 500 Companies ` 308 bn ` 4,437 bn
Aggregate Average Market Capitalisation of Top 500 Companies ` 4.5 tn ` 97 tn
GDP (by expenditure/demand - spliced series) at
` 13,912.8 bn ` 152,537.1 bn
current prices (base year 2011-12)
Top 500 Aggregate Average Market Capitalisation-to-GDP Ratio 32.9% 63.4%
Source: Dun & Bradstreet Research

Market Capitalisation-to-GDP Ratio Almost Doubles


In the inaugural edition of the India’s Top 500 Companies publication in 1997, the aggregate value of the average market
capitalisation of Top 500 Companies stood at ` 4,583.5 bn. Since then, the aggregate value of the average market
capitalisation has increased to ` 96,726 bn in the 2018 edition (the edition analyzes financial performance during FY17),
reflecting a growth of 16.5% per annum.

It is interesting to know that the market capitalisation of the top-ranked company in the current edition (` 4,791.7 bn)
exceeds the aggregate value of the average market capitalisation of Top 500 Companies in the 1997 edition (` 4,583.5
bn). The average market capitalisation of the lowest-ranked company in the current edition (` 1 bn) exceeds the average
market capitalisation of about 176 companies in the 1997 edition. Likewise, the highest-ranked value of average market
capitalisation in the 1997 edition would have ranked a much lower 58th in the current edition. This puts into perspective
the rapid growth of Indian corporates and the Indian stock markets over the past two decades.

The list of India’s Top 500 Companies compiled by Dun & Bradstreet truly represents companies that constitute a major
chunk of the Indian stock markets. This can be gauged from the fact that the aggregate value of average market capitalisation
of companies featuring in the 2018 list of India’s Top 500 Companies accounted for about 80% of the aggregate market
capitalisation of all BSE-listed companies as on March 31, 2017. The contribution of Top 500 Companies can also be assessed
from the fact that the aggregate value of the average market capitalisation of the Top 500 Companies as a percentage of
the GDP (spliced series – current prices: base year 2011-12) almost doubled from 32.9% in the 1997 edition to 63.4% in
the current edition. About two-third of the Top 500 Companies feature either on the BSE 500 index or the CNX 500 index.

India’s Top 500 Companies Grow Faster Than Indian Economy


In the 1997 edition of the publication, the aggregate total income of India’s Top 500 Companies amounted to ` 4,076.3 bn.
This figure surged to ` 54.4 tn in the 2018 edition, reflecting a growth of 13.8% per annum. Likewise, the aggregate net
profit of the Top 500 companies grew from ` 308 bn in the 1997 edition to ` 4.4 tn in the 2018 edition, which translates
into a CAGR of 14.3%. Over the same period (between 1996-97 and 2016-17), the GDP (by expenditure/demand - spliced
series; current prices: base year 2011-12) reflected a growth of 12.7% per annum. It is thus evident that India’s Top 500
Companies have been growing faster than the economy.

XXVI INDIA’S TOP 500 COMPANIES


India’s Top 500 Companies – Champions of Change

Average Market Cap-to-GDP Ratios (edition-wise)

93.0
Aggregate Average Market Cap (` billion) 120,000 100
78.9 68.8 63.4 90
100,000 74.3 72.4
68.4 80

Market Cap-to-GDP (%)


61.9 63.6
80,000 58.0 70
60
60,000 50
40
40,000 30
32.9
20,000 20
10
- 0
1997 2008 2009 2010 2011 2012 2014 2015 2016 2017 2018
Editions of India's Top 500 Companies publication

Aggregate Avg. Mkt. Cap (` bn) Share in India's GDP

Source: Dun & Bradstreet Research, SEBI, RBI

It would also be interesting to know how the top-ranking performances in the initial 1997 edition would have fared in the
current context. In the 1997 edition, the total income of the top-ranked company was ` 553.9 bn. In the 2018 edition,
the same total income level would have ranked 20th. Likewise, the net profit of the most profitable company in the 1997
edition, at ` 20.3 bn, would have ranked a much lower 47th in the current edition.

Rising Impact of Private Sector Companies


The first edition of the India’s Top 500 Companies publication in 1997 featured about 63 public sector companies and
associate companies (companies that are subsidiaries of and/or are directly under the control of central and state
governments, and their associate companies). This number has not changed much over the years, with 60 such public
sector companies featuring in the 2018 edition.

The aggregate average market capitalisation of public sector companies (including their subsidiaries) among India’s
Top 500 Companies rose from ` 1,923 bn in the 1997 edition to ` 17,381 bn in the 2018 edition, reflecting a growth of

INDIA’S TOP 500 COMPANIES XXVII


Champions of Change

11.6% per annum. The aggregate total income of public sector companies grew from ` 2,073.4 bn in the 1997 edition to
` 22,278.2 bn in the 2018 edition, which translates into a CAGR of 12.6%. Likewise, the aggregate net profit of public sector
companies grew at a rate of 11.2% per annum from ` 152.6 bn in the 1997 edition to ` 1,269.1 bn in the 2018 edition.

What is interesting to note is that these public sector companies, although lower in number (just 12% of the overall universe
of Top 500 Companies), contributed to more than 41% of the aggregate total income of India’s Top 500 Companies in the
2018 edition. However, the share of these companies in the aggregate average market capitalisation halved from as high
as 42% in the inaugural 1997 edition to merely 18% in the 2018 edition. Likewise, the share of public sector companies in
the aggregate net profit contracted from 49.5% in the inaugural edition to 28.6% in the 2018 edition.

Comparative Statistics of Public and Private Companies: 1997 edition vs 2018 edition

1997 Edition 2018 Edition CAGR


Indicators
Public Private Public Private Public Private
Number of Companies 63 437 60 440 N/A N/A
Market Cap (` billion) 1,923.0 2,660.5 17,381.0 79,344.9 11.6 18.5
Total Income (` billion) 2,073.4 2,002.9 22,278.2 32,106. 8 12.6 14.9
Net Profit (` billion) 152.6 155.4 1,269.1 3,168.0 11.2 16.3
Source: Dun & Bradstreet Research, RBI

In contrast, the influence and contribution of private sector companies in the context of India’s Top 500 Companies has
increased significantly over the past 18 editions of the publication. For instance, the aggregate value of market capitalisation
of private companies surged by 18.5% per annum from ` 2,660.5 bn in the 1997 edition to ` 79,344.9 bn in the 2018
edition. The aggregate total income of these companies grew by 14.9% per annum from ` 2,002.9 bn in the 1997 edition
to ` 32,106.8 bn in the current edition. Likewise, the aggregate net profit of these companies grew from ` 155.4 bn in the
inaugural edition to ` 3,168 bn in the current edition, reflecting a healthy CAGR of 16.3%.

The rapidly-expanding impact of the private sector on India’s Top 500 Companies can be gauged from the fact that the
share of private companies has expanded from: -
i) In terms of aggregate average market capitalisation, from 58% in the 1997 edition to 83% in the 2018 edition
ii) In terms of aggregate total income, from 49.1% in the 1997 edition to 59% in the 2018 edition
iii) In terms of aggregate net profit, from 50.5% in the 1997 edition to 71.4% in the 2018 edition

Mid-Caps Occupy Dominant Position in Top 500 Companies Universe


For the purpose of analysis, Dun & Bradstreet has also categorized
companies into large, mid and small cap on the basis of the 80-15-5
method used by BSE. Accordingly, the current edition of the India’s Top
500 Companies publication features 148 large-cap, 209 mid-cap and 143
small-cap companies. Small-cap companies have historically had the largest
representation in the list of India’s Top 500 Companies. However, since
the past few editions, the number of small-caps has almost halved from
as high as 283 in the 2010 edition to 143 in the 2018 edition. On the other
hand, the number of large-caps has almost doubled from 78 in the 2010
edition to 148 in the current edition, while the number of mid-caps has
increased from 139 to 209 over the same time-frame.

XXVIII INDIA’S TOP 500 COMPANIES


India’s Top 500 Companies – Champions of Change

Market Cap-wise Comparison

Number of Companies
Categories
2010 2011 2012 2014 2015 2016 2017 2018
Small-cap 283 194 211 201 192 177 146 143
Mid-cap 139 185 174 183 188 191 208 209
Large-cap 78 121 115 116 120 132 146 148
Source: Dun & Bradstreet Research

138 Consistently Featuring Companies Continue to Hold Sway over India’s Top 500 Companies
The current 2018 edition of Dun & Bradstreet India’s Top 500 Companies publication features 138 companies that have
featured in all 18 editions of the publication thus far. It would be fair to label these companies as consistent performers.
It is, after all, no mean feat to sustain growth trajectories and to hold on to prime positions in business for years on end,
despite ever-increasing competition.

In the inaugural 1997 edition of the India’s Top 500 Companies publication, these 138 companies collectively accounted
for around 69.4% of the aggregate market capitalisation of Top 500 Companies and around 64-65% of the aggregate
values of total income and net profit. By the 2018 edition, these companies managed to hold on to a 52-53% share in
the aggregate values of the average market capitalisation and net profit, and a more than 56% share in aggregate total
income. Between the 1997 and 2018 editions, these consistently-featuring companies have recorded a CAGR of 15.7% in
market capitalisation, 13.8% in total income and 13.9% in net profit.

Performance Trends of 138 Consistently Featuring Companies

1997 Edition 2018 Edition CAGR


Average Market Cap (` bn) 3,179.7 50,721.5 15.7
Total Income (` bn) 2,643.4 30,665.3 13.8
Net Profit (` bn) 197.8 2,356.9 13.9
Source: Dun & Bradstreet Research

INDIA’S TOP 500 COMPANIES XXIX


Overview of Top 500 Companies

India’s Top 500 Companies are front-runners among Indian corporates. These companies play a key role in driving the
Indian economy, by virtue of their size and reach.

Through this section, Dun & Bradstreet seeks to capture the pulse and trends demonstrated by India’s Top 500 Companies.
These insights have been derived through an in-depth analysis and comparison of financial parameters of these companies
during FY17 and FY16.

For the purpose of better analysis, companies have been categorized: -


• Into 57 different sectors (including others and diversified), based on segment revenues and NIC classification in the
latest year, i.e. FY17
• On the basis of their market cap viz. Large-Cap, Mid-Cap and Small-Cap, based on the widely-used 80:15:5 principle,
basis the average market capitalisation

Top 500 Companies Grow Faster Than Economy in FY17


FY17 was an eventful year for the Indian economy. Significant leverage weighed down on corporates’ new investments. India’s
share in global exports contracted during the year. There was a further degradation in banks’ asset quality. Furthermore,
the demonetization of November 2016 caused massive disruption during the last quarter of FY17. All these factors led
to the GVA at basic prices growing by a much slower 7.1% in FY17 as compared to an 8.1% growth in the preceding year.

However, India’s Top 500 Companies grew faster than the economy in FY17. At the topline level, the Top 500 Companies
reported a 7.7% growth in the aggregate total income. Their aggregate net profit also grew, by a robust 18.1%.

In FY17, the top 10 sectors in terms of total income accounted for about 68% of the aggregate total income of the Top
500 Companies. Of these, the three largest sectors, namely Oil – Refining & Marketing, Banking and Software & BPM
(collectively accounting for 47% of aggregate total income) reflected a growth of 7-9%. The Automobiles and Iron & Steel
sector also witnessed double-digit growth in total income during the year.

Income-Wise Top 10 Contributing Sectors (FY17)

Total Income FY17 Total Income FY16 Growth in Total Contribution to


Sectors
(` bn) (` bn) Income FY17 (%) Overall TI in FY17 (%)

Oil - Refining & Marketing 12,838.0 11,735.1 9.4 23.6

Banks 9,856.8 9,169.8 7.5 18.1

Software & BPM 2,939.2 2,739.1 7.3 5.4

Automobiles 2,086.9 1,880.9 11.0 3.8

Power 1,956.5 1,857.2 5.3 3.6

FIs / NBFCs 1,877.3 1,736.5 8.1 3.5

Iron & Steel 1,807.1 1,468.7 23.0 3.3

Construction - Infrastructure Development 1,286.4 1,243.0 3.5 2.4

Pharmaceuticals 1,225.7 1,208.8 1.4 2.3

Cement 1,030.3 975.9 5.6 1.9


Source: Dun & Bradstreet Research

XXXII INDIA’S TOP 500 COMPANIES


Overview of Top 500 Companies

Forex Earnings of India’s Top 500 Companies Constitute 25.3% of India’s Exports
The contribution of India’s exports to the GDP (at constant market prices) has shown significant improvement, especially
since the liberalization of the economy. The contribution of India’s exports to its GDP increased from a nominal 5.7% in
FY87 to 10.2% in FY97, and further to 20.4% by FY17. The rapid growth of exports can be attributed to several factors,
including the liberalization programme, FTAs (Foreign Trade Agreements) and favourable foreign trade policies.

In FY17, India’s exports of goods and services stood at ` 29,731.2 bn. This
translated into an 8% growth, following a 5.1% decline in FY16. Exports of
merchandise, which accounted for more than 63% of total exports during
the year, grew by 7.8% as compared to a year ago. A certain degree of
revival in the growth of developed economies and a surge in commodity
prices in the second half of FY17 spurred overall exports during the year.
The upsurge in exports during the second half of the year was driven by
growth in exports of commodities like engineering goods, petroleum
products, iron ore, cotton yarn, chemicals, marine products, gems &
jewellery and readymade garments. Furthermore, a rise in international
commodity prices spurred the exports of petroleum products, iron ore,
steel, cotton and marine products.

In FY17, the total foreign exchange earnings of India’s Top 500 Companies
stood at ` 7,513.7 bn, about 6.5% higher than a year ago. The growth
is largely attributed to growth in the foreign exchange earnings of the
Software & BPM, Pharmaceuticals, Gems & Jewellery, Mining – Metals &
Minerals and Iron & Steel sectors. Overall, the ratio of foreign exchange
earnings of Top 500 Companies to India’s exports of goods and services
stood at 25.3% during the year.

Top 6 Sectors from Top 500 Companies in terms of Foreign Exchange Earnings (FY17)

Foreign Exchange Earnings Foreign Exchange Earnings Contribution to Aggregate


Sectors Growth FY17 (%)
FY17 (` bn) FY16 (` bn) of Top 500 Companies (%)

Software & BPM 2,516.9 2,359.5 6.7 33.5

Oil - Refining & Marketing 1,744.2 1,694.0 3.0 23.2

Pharmaceuticals 632.4 566.2 11.7 8.4

Gems & Jewellery 464.5 410.2 13.2 6.2

Mining - Metals & Minerals 211.4 164.5 28.5 2.8

Iron & Steel 194.5 71.4 172.4 2.6


Source: Dun & Bradstreet Research

The top 6 export-oriented sectors among India’s Top 500 Companies collectively accounted for 76.7% of the aggregate
value of foreign exchange earnings of Top 500 Companies. Of these, the Software & BPM and the Oil – Refining & Marketing
sectors together accounted for almost 57% of aggregate foreign exchange earnings. In FY17, the forex earnings of the
Software & BPM sector grew by 6.7%. The forex earnings of the Pharmaceuticals and Gems & Jewellery sectors grew in
the range of 11-13%. The Mining – Metals & Minerals sector reported a robust 28.5% growth in forex earnings due to a
sharp rise in exports of low grade iron ore. The foreign exchange earnings of the Iron & Steel sector, in particular, more
than doubled during FY17, owing to slowing down of Chinese steel exports and the resulting opening up of overseas
markets to Indian steelmakers.

INDIA’S TOP 500 COMPANIES XXXIII


Overview of Top 500 Companies

Average Market Capitalisation of Top 500 Companies grows by 8.3% in FY17


The 2018 edition of the publication analyzes the performance of Top 500 Companies during FY17. The average market
capitalisation of Top 500 Companies during FY17 stood at ` 96,726 bn, about 8.3% higher than the previous year. This was
in spite the fact that 129 companies witnessed a drop in their average market capitalisation during the year, collectively
shedding ` 3,348.3 bn.

Top 10 Sectoral Contributors to Average Market Cap of Top 500 Companies

Average Market Cap FY17 Average Market Cap FY16 Contribution to Aggregate
Sectors Growth FY17 (%)
(` bn) (` bn) (Top 500 Companies)
Banks 12,711.6 11,331.0 12.2 13.1
Software & BPM 11,290.7 11,541.3 (2.2) 11.7
Pharmaceuticals 7,124.3 7,428.4 (4.1) 7.4
Oil - Refining & Marketing 6,283.0 5,047.5 24.5 6.5
FIs / NBFCs 5,525.5 4,514.9 22.4 5.7
FMCG 4,167.5 3,905.3 6.7 4.3
Automobiles 4,092.6 3,458.0 18.4 4.2
Power 3,529.5 2,987.1 18.2 3.6
Tobacco Products 3,022.5 2,637.3 14.6 3.1
Mining - Metals & Minerals 2,970.4 3,057.1 (2.8) 3.1
Source: Dun & Bradstreet Research

The top 10 sectors in terms of share in average market capitalisation contributed to almost 63% of the total average
market capitalisation of Top 500 Companies in FY17. Of these, the Software & BPM, Pharmaceutical and Mining – Metals
& Minerals sectors witnessed a decline in their average market capitalisation during the year.

Large-Caps Account for Two-Thirds of Income and Profits of Top 500 Companies in FY17
On the basis of the BSE’s 80:15:5 principle, the 2018 edition of the India’s Top 500 Companies publication includes 148
Large-Cap, 209 Mid-Cap and 143 Small-Cap companies. Large-Cap companies accounted for more than two-third of the
aggregate value of total income as well as net profits.

All three categories of companies reported a growth in aggregate total income during FY17, with the total income of Large-
Caps growing the fastest, at 8.5%. The performance was even better at the bottomline level, with all three categories having
reported double-digit growth in aggregate net profits during the year. The aggregate net profit of Large-Cap companies
grew by a healthy 17.5%, while Mid-Caps reported a 14.1% growth in net profit. The net profit of Small-Caps grew by a
whopping 62.2%, with many erstwhile loss-making companies turning profitable during the year.

Classification of Top 500 Companies by Market Cap

Share (%) in Agg. Growth in Agg. Total Share (%) in Agg. Net Growth in Agg. Net
Type Top 500 Companies
Total Income FY17 Income FY17 (%) Profit FY17 Profit FY17 (%)
Large-Cap 148 76.1 8.5 88.0 17.5
Mid-Cap 209 18.1 5.3 9.3 14.1
Small-Cap 143 5.8 4.6 2.7 62.2
Source: Dun & Bradstreet Research

New Entrants Report Robust Growth in Income and Profits, Healthy Rise in Forex Earnings
The 2018 edition of the India’s Top 500 Companies publication features 43 companies which were not profiled in the

XXXIV INDIA’S TOP 500 COMPANIES


Overview of Top 500 Companies

previous edition. Of these, 28 companies have been included in the universe of Top 500 Companies for the first time ever.
These new entrant companies are across various sectors, with a majority of them belonging to the Trading & Distribution
(5 companies) and Construction – Infrastructure Development (4 companies) sectors. Furthermore, it was possible to
carve out two new sectors – Professional Business Services and Travel & Tourism – featuring two new companies each,
in the current edition.

The new entrants in the 2018 edition outperformed the rest of the Top 500 Companies in terms of growth in total income
and net profit. The aggregate value of total income of these 43 companies reflected a robust 31.5% growth in FY17.
Likewise, their aggregate net profit during the year grew by 48.4%.

With respect to foreign exchange earnings, the aggregate foreign exchange earnings of all Top 500 Companies taken
together showed a growth of 6.5% in FY17. As against this, the new entrants recorded a faster 9.3% growth in foreign
exchange earnings during the year.

INDIA’S TOP 500 COMPANIES XXXV


Quarterly Updates

Profits remain flat despite healthy growth in income during Apr-Dec 2017
The India’s Top 500 Companies 2018 publication has analyzed the performance of companies and ranked them on the basis
of their financial numbers during FY17. However, it would be interesting to know how these companies have performed
during the year FY18 thus far. For this purpose, Dun & Bradstreet has identified 488 companies which have consistently
published their quarterly interim results during the three-year period ending December 31, 2017 (June, September and
December quarters of FY16, FY17 and FY18).

Earnings Scorecard

Y-o-Y Comparison 9M Aggregate Comparison


Parameters (% change over corresponding quarter in previous year) (y-o-y change in %)
Q1FY18 Q2FY18 Q3FY18 Apr-Dec 2016 Apr-Dec 2017
Total Income 10.9 9.5 13.1 3.9 11.2
Total Expenses 10.4 9.9 13.1 3.8 11.2
PAT (9.9) (1.3) 6.3 15.2 (1.8)
NPM (%) 7.6 8.5 7.9 9.1 8.0
Source: Dun & Bradstreet Research, Prowess

The Oil – Refining & Marketing, Banking and Software & BPM sectors were the biggest contributors to the aggregate
income of Top 500 Companies during 9MFY18. They collectively accounted for almost 50% (47.6%) of the aggregate total
income during the year thus far.

During the nine-month period ended December 31, 2017, the Oil – Refining & Marketing sector accounted for more than
22% of the aggregate total income of Top 500 Companies. During the period, the sector’s total income grew by a healthy
17% as compared to the corresponding period a year ago. This was largely due to better realisations due to firming of oil
prices and inventory gains. The total income of the banking sector grew by 9.7% y-o-y, largely due to uptick in loan growth.
As at the end of December 2017, the outstanding value of bank credit stood at ` 81 tn, which was about 10.2% higher as
compared to a year ago. The Software & BPM sector, however, recorded a modest 5.3% growth during the period.

The Iron & Steel sector demonstrated a remarkable improvement in its topline during the first three quarters of FY18. The
aggregate income of the sector grew by a handsome 28.1% during the period. This growth was driven by a significant rise in
global steel prices from November 2017 onwards, amid strong demand in China, and a sharp growth in Indian steel exports.

Top 10 sectors – largest contributors in terms of Total Income (3Q FY18)

Growth in Total Income % share in


9M Aggregate Comparison
( % change over corresponding quarter in Agg. Total
Sector Name (y-o-y change in %)
previous year) Income during
Q1FY18 Q2FY18 Q3FY18 Apr-Dec 2016 Apr-Dec 2017 3Q FY18
Oil - Refining & Marketing 20.8 12.8 17.4 (2.1) 17.0 22.4
Banks 10.3 10.3 8.6 6.6 9.7 19.5
Software & BPM 5.1 4.5 6.2 8.4 5.3 5.7
Automobiles 4.5 21.3 25.5 10.5 17.3 4.0
Power 8.9 6.4 14.4 2.5 9.8 3.9
FIs / NBFCs 4.5 8.8 20.7 10.0 11.4 3.8
Iron & Steel 31.1 26.4 27.3 17.3 28.1 3.4
Construction - Infrastructure Development 10.2 (1.3) 11.1 3.7 6.6 2.3
Pharmaceuticals (12.0) 2.6 1.0 3.3 (2.7) 2.2
Cement 10.1 12.4 23.7 1.7 15.2 1.9
Source: Dun & Bradstreet Research, Prowess

XXXVIII INDIA’S TOP 500 COMPANIES


Top 500 Quarterly Updates

Of the top 10 sectors in terms of contribution to the aggregate total income of Top 500 Companies, the Pharmaceuticals
sector was the only one to have reported a decline in total income during 3QFY18. The sector’s aggregate total income
declined by 2.7% during the period, owing to pricing pressures in the US market, particularly in the case of large formulation
players.

The aggregate PAT of the Top 500 Companies remained largely flat during the first three quarters of FY18 (1.8% decline
y-o-y). This was in spite of a healthy 11.2% growth in aggregate total income. The decline in aggregate profits can largely
be attributed to the writing off of NPAs by the Banking sector. In fact, the sector incurred losses during the third quarter
of FY18. Apart from the Banking sector, the Pharmaceuticals sectors also recorded an erosion in profits during the year
thus far. Moreover, the Telecom Services sector turned loss-making during this period.

Top 10 sectors – Growth in Net Profit (3Q FY18)

Growth in Net Profit 9M Aggregate Comparison (y-o-y


Sector Name (% change over corresponding quarter in previous year) change in %)
Q1FY18 Q2FY18 Q3FY18 Apr-Dec 2016 Apr-Dec 2017
Oil - Refining & Marketing (32.4) 26.2 30.2 40.0 2.9
Banks 7.3 (40.6) PL (3.6) (54.2)
Software & BPM 5.1 4.5 6.2 6.2 10.5
Automobiles 4.5 21.3 25.5 15.0 19.7
Power 8.9 6.4 14.4 (6.3) 15.4
FIs / NBFCs 4.5 8.8 20.7 14.8 17.9
Iron & Steel 31.1 26.4 27.3 LP 67.8
Construction - Infrastructure Development 10.2 (1.3) 11.1 43.1 (4.0)
Pharmaceuticals (12.0) 2.6 1.0 (0.2) (29.8)
Cement 10.1 12.4 23.7 57.6 6.9
Source: Dun & Bradstreet Research, Prowess
Note: PL - Profit to Loss; LP - Loss to Profit

INDIA’S TOP 500 COMPANIES XXXIX


Dun & Bradstreet Corporate Awards 2018
Award Categories Winners 2018
Sectoral Categories
Auto Components Bosch Limited
Automobile - Two/Three Wheelers Hero MotoCorp Limited
Automobiles Maruti Suzuki India Limited
Agro Chemicals UPL Limited
Banks HDFC Bank Limited
Batteries Exide Industries Limited
Cement UltraTech Cement Limited
Chemicals Pidilite Industries Limited
Construction - Infrastructure Development Larsen & Toubro Limited
Consumer Durables & Appliances Voltas Limited
Electrical Products Havells India Limited
Engineering Projects/ Capital Goods Bharat Heavy Electricals Limited
Fertilisers Coromandel International Limited
FIs / NBFCs Housing Development Finance Corporation Limited
FMCG Hindustan Unilever Limited
Food Products Nestle India Limited
Gas - Processing, Transmission & Marketing GAIL (India) Limited
Gems & Jewellery Titan Company Limited
Iron & Steel Tata Steel Limited
Alcoholic Beverages United Spirits Limited
Media & Broadcasting Zee Entertainment Enterprises Limited
Mining - Metals & Minerals Vedanta Limited
Non Ferrous & Precious Metals Hindustan Zinc Limited
Oil - Refining & Marketing Indian Oil Corporation Limited
Oil & Gas Exploration Oil and Natural Gas Corporation Limited
Paints Asian Paints Limited

XLII INDIA’S TOP 500 COMPANIES


Dun & Bradstreet Corporate Awards 2018
Award Categories Winners 2018

Pharmaceuticals Lupin Limited

Plastic & Plastic Products The Supreme Industries Limited

Power Power Grid Corporation of India Limited

Power Equipment ABB India Limited

Retail Avenue Supermarts Limited

Software & BPM Tata Consultancy Services Limited

Sugar Balrampur Chini Mills Limited

Textiles Grasim Industries Limited

Tyres MRF Limited

Growth Performance Categories

Best Growth Performance - Auto Components Motherson Sumi Systems Limited

Best Growth Performance - Banks IndusInd Bank Limited

Best Growth Performance - Cement OCL India Limited

Best Growth Performance - Chemicals GHCL Limited

Best Growth Performance - Consumer Durables & Whirlpool of India Limited


Appliances

Best Growth Performance - FIs/NBFCs Bajaj Finance Limited

Best Growth Performance - Food Products Avanti Feeds Limited

Best Growth Performance - Pharmaceuticals NATCO Pharma Limited

Best Growth Performance - Software & BPM Larsen & Toubro Infotech Limited

Best Growth Performance - Textiles Page Industries Limited

Special Recognition Award Categories

Corporate Social Responsibility Wipro Limited

Swachh Bharat ITC Limited

Best Performing Company in Exports (Manufacturing) Reliance Industries Limited

Best Performing Company in Exports (Services) Infosys Limited

INDIA’S TOP 500 COMPANIES XLIII


XLIV INDIA’S TOP 500 COMPANIES
Metropolitan Stock Exchange

UDAI KUMAR
Managing Director & CEO

Kindly provide a brief profile of your organization along with A.C. Nielsen Co. the UK have a deep appreciation of
company and tell us about the various in 2010. This was only the second such the potential of Blockchain technology
products and services offered. survey in India after a similar survey in and have been following developments
the early 1990s that had propelled the closely, we still feel the technology is
We are a multi asset exchange and full
launch of India’s modern capital markets. not universally stable enough as yet for
service clearing corporation, covering
Our 2010 survey covered the length and us as an exchange, with great regulatory
currency, fixed income & equity cash and
breadth of the country, and focused on responsibilities, to become its early
derivatives. We are the third exchange of
Tier I, II and III cities. We confirmed that adopters. Having said that, we are
its kind in India, with a comprehensive
financial inclusion was a need and there following the technology closely, and
focus, located in the financial capital
was a tremendous appetite for grass root once we assess the maturity, scalability
of the country, Mumbai. We began
level financial literacy. Following up from and sustainability levels as sufficiently
operations in 2008, under a different
the survey, we have pioneered financial stable, we will take a call on adoption.
ownership structure, but have stayed
transacting in regional Indian languages,
operational since then. Our processes
financial outreach to second and third
and products have evolved continuously The Indian capital market is relatively
tier cities and the general dissemination
since inception, and we have kept up underdeveloped in terms of credit
of financial information from a learning
with the times and global standards. instruments, resources and access to
standpoint. Not only do we regularly
Our process approach is client centric, foreign funds. What kind of regulatory
conduct certification programs on
efficiency maximizing and stringent from a changes would you recommend to
securities markets on our premises, but
regulatory standpoint. In products, we are support the development of the
we also regularly produce research notes
research driven and innovation focused, industry?
and reports aimed at demystifying the
leading us to position ourselves as India’s
workings of capital markets, on an on- On the contrary, the Indian capital market
‘Gen-Next’ thought leadership providing
going basis. has become dramatically effective in
exchange and clearing corporation.
delivering value within barely a quarter
of a century. India has an active market
Technologies such as Blockchain are
The Government of India, along in equities, equity indices, futures and
being increasingly adopted by the BFSI
with several socially conscientious options including single stock futures – an
industry across the world. What is your
organizations, have been undertaking innovation in which India is far ahead of
take on the future of such technologies
several initiatives to spread financial many much older capital markets. In fixed
in India and has your company taken any
literacy across the country. How does income, we already have a substantial
measures to incorporate them in your
MSE ensure its contribution to the social sovereign bond and money market and a
business?
development of the country? large though relatively illiquid corporate
Although both our organization in India bond market, and in currencies we have
The nationwide “India Equity Investors
and our global technology partners in one of the most liquid currency pairs in
Survey” was conducted by our

E2 INDIA’S TOP 500 COMPANIES Experts’ View


the world – INRUSD. No market in the open to market wide trading. Secondly, demand for multiple asset classes, and
world has grown sustainably by the influx we would welcome transaction size the existence of an increasingly aware and
of foreign portfolio investment and India reduction to ` 1500 per lot, thus enabling growing investor class, which will continue
is no exception. However, there is room retail investors to participate in numbers to grow in line with the demographic
for substantial improvement. and volumes similar to the equity market. dividend. Hence, we will continue to
The one place where regulatory The move would infuse liquidity into build on our information advantage as
intervention would make a dramatic the bonds market and enable retail seen in our technology, processes and
positive difference is in the corporate participants to partake in its gains. This, I products. Over the next 3 to 5 years, we
bond market. Public issue of debt believe, is an extremely important part of will introduce and infuse more and more
securities through stock exchange asset allocation which is missing in India, market value generating innovations with
infrastructure should be allowed to adopt for purely structural reasons. an eye on the differentiation into the
the same methodology as OFS/E-IPO. market and sustain them through our
This will ensure a supply of quality paper. superior process and technological skill
What are the key factors that contribute
This will substantially reduce cost of sets. We expect that the market will duly
to the success of your company? What
raising debt funds and will make the debt continue to reward our efforts just as it
are MSE’s growth plans over the next 3-5
fund raising from capital market viable. has done in the past.
years?
We would welcome restrictions on the
Our exchange is very well positioned at
institutional placement of securities to
the cusp of a growing economy, growing
just under 10% of the issue, leaving 90%

Experts’ View INDIA’S TOP 500 COMPANIES E3


UPL Limited

RAJJU SHROFF
Chairman

Please discuss in brief the Company’s Over the years, what were the key Of late, the global agrochemicals market
journey and its business philosophy. strategies employed by UPL Limited seems to be showing signs of recovery.
to wade through headwinds in the What kind of opportunities do you
The Company commenced operations
agrochemicals sector? foresee in the short to medium term?
almost 50 years ago as a small-scale
unit which introduced a number of The Indian agrochemicals industry has Global agrochemical marketing depends
chemicals for the first time in the Indian faced several issues over the years – on various factors – weather conditions are
market. Despite several roadblocks Licence Raj, shortage of raw materials, very important; shortage of commodities
resulting from the fact that UPL was power, etc. We focused on backward or surplus of commodities, etc. Though
not as well established as several of and forward integration to overcome the many pesticides were originally invented
the MNCs operational at the time, it shortage of raw materials. by European and American companies,
was the recipient of The President Gold For example, from Phosphorus we made we at UPL do a lot of innovation. We
Shield Award, which is the highest award compounds like zinc Phosphide, ALP, have improved the efficiency of existing
bestowed by NRDC (National Research & Phosphorus Chloride, etc. In order to products with new combinations of
Development Corporation). tackle the raw material shortage problem, ingredients, which is more effective with
We believe that Indian scientists and we mined Rock Phosphide from Rajasthan larger demand from the farmers. This is
engineers are on par with the best in the by employing the latest technology of the reason we were able to penetrate the
world. We have always picked the best Arc Furnace; we produced our own white USA and Latin American markets which
from the pool of talent available in the phosphorus which gave us an advantage were previously dominated by MNCs.
country and as a result, our plants are able over our competitors. We have also Even during periods of low demand, UPL
to produce better quality of pesticides at a managed to procure alternative raw has grown by more than 15% in Latin
competitive price. materials when it was not available during America because of its innovative new
We believe that whatever we produce the Licence Raj. products which were farmer friendly.
should be of superior quality. Our We will explain how we have been UPL is always working towards developing
Company believes that even when successful by giving you an example: new and superior pesticides for the
the plant is running well, our goal of One of the most important raw materials farmers in India and across the world. We
continuous innovation and improvement for Pesticides is Trimethyl Phosphide. We see a very bright future for our market in
keeps us ahead of our competition. Today started from Rock Phosphate and made the world.
we have reached ` 18,000 crores and are our own Phosphorus. We then made
growing at 15% every year. Phosphorus Trichloride as we have our
own chlorine plant. Then from Phosphorus
Trichloride we made Trimethyl Phosphide
which is the most competitive product
of high quality for Organo Phosphorus
pesticides.

E4 INDIA’S TOP 500 COMPANIES Experts’ View


What are the initiatives undertaken When we started, all type of infrastructure
by UPL to maximize Nutrition through was missing so we had taken up
Innovation? improvement of Railway Stations, we
started building public toilets. More
India is changing from grains like wheat,
importantly, we being in the agriculture
rice, etc. to more of horticulture and
field, we are training and educating the
animal husbandry. Today our production
farmers in the tribal areas on proper
of fruits and vegetables is much bigger
methods of cultivation. Due to this, in
than grains (in value). Even in milk, India
some of the areas the poor farmers have
is the largest producer in the world and in
become very prosperous. We also help
poultry too India is growing very fast. So,
them in marketing their produce.
these products have much higher nutrient
value than the normal food grains.
We have introduced Nutrafeed, a new
variety of grass which gives higher yield of
milk in dairy animals. For proteins, India
is also now increasing its production of
pulses and in a couple of years, India will
be the net Exporter of Pulses. When the
Industry, Farmers, and Government work
together, there is unlimited possibilities
of fast progress in the field. Our small
farmers have crops but simultaneously
they also have cattle, poultry and ponds
in their farms.

What is the essence of your company’s


CSR policy? What are the key focus areas
with respect to CSR?

UPL had started as a small-scale industry,


so even before the Government made
CSR compulsory, we were spending
good amount of money on CSR activities
like supporting primary and secondary
education- by building schools, balwadis,
etc. in the tribal area surrounding the
Industrial estate.
Today because of success in this field,
we have the best educational institutes,
schools, Commerce and Science College,
BBA College and Management College
and also one of the top Chemical
Engineering College of Gujarat. We are
running a Nursing College as we know
that more than doctors there is a need for
good nurses in the country. We have one
of the best hospitals in Vapi.

Experts’ View INDIA’S TOP 500 COMPANIES E5


Ambuja Cements Limited

AJAY KAPUR
Managing Director & CEO

Ambuja Cement is among the leading customers who have continued to repose reduced our carbon footprint.
cement companies in India. What are the faith in the company for several years The knowledge and expertise being
key factors that have contributed to the have enabled us to surge ahead in the acquired from our parent company
success of your business? competition. LafargeHolcim is also contributing to our
One of the key factors is that Ambuja We are the first Indian cement efforts to optimize and consolidate our
Cement rewrote the norms as the manufacturer to have built a captive port existing capabilities. Our multidimensional
conventional norms were not in the with three terminals along the country’s approach has given us the competitive
company’s favour. This compelled our western coastline to facilitate timely, cost- edge in our business and positioned
people to create a unique work culture effective and environmentally cleaner us as one of the most sustainable and
– I CAN – where people set targets for shipments of bulk cement to customers. competitive cement companies in India.
themselves and find their own ways to We have also pioneered the development
achieve them. of multiple, bio-mass and co-fired
What initiatives has the company
technology for generating greener power
Thanks to this I CAN spirit, Ambuja introduced to manage its impact on
in our captive plants.
Cement has made an indelible impact on natural resources and other aspects of
the industry, setting new benchmarks and In addition, sustainable development the environment?
practices ranging from high productivity, has been the focal point in Ambuja
Ambuja Cement lives and breathes its
low fuel consumption, quicker project Cement’s varied operations and this is
aim to give back more than it takes and
commissioning, hub-n-spoke model to reflected in our end-to-end services,
leaves no trace of its existence. We have
cater to large markets, to making use effective management of resources and
a defined Sustainable Development
of bulk sea transportation to reach big costs. A whopping 92% of our products
road map for 2030 which addresses
coastal markets like Mumbai at one-third are eco-friendly. In fact, we are the first
issues related to the climate, circular
of the cost. company in India to have successfully
economy, water and nature, people and
converted the Ordinary Portland
However, the biggest impact of this I CAN communities. As part of this, a unique
Cement (OPC) dominated market into an
spirit was reflected in the development approach ‘True Value’ has been adopted
environment-friendly Portland Pozzolana
of our well-established brand, promising that helps prioritise and make strategic
Cement (PPC) one. We attribute this
product and vast dealership network in business decisions to optimize resources
accomplishment to our strong brand
a highly fragmented retail market. Today, and obtain the maximum value, keeping
image. Recently we have launched one
more than 80% of our sales come from a the triple-bottom-line in mind that
of the most sustainable products in the
9,000 strong dealer network with more encompasses people, plant and profit.
country – Ambuja Compocem, the first-
than 25,000 retailers under them. Ambuja
ever combination of cement, fly ash and Over the years, we have implemented
Cement has been backed by consistent
slag product in India. These are some of a host of measures to become the most
communication over the last 30 years. Our
our ongoing endeavours that enabled the sustainable company, not just in India
pan-India presence in strategic locations,
conservation of natural resources and but across the globe. Ambuja Cement is
robust channel partner networks and

E6 INDIA’S TOP 500 COMPANIES Experts’ View


now a 5.5 times water positive entity, the technical expertise at his site – something bottlenecks. Apart from depending upon
highest-ever in the industry in India. This that he and his contractor badly lack. the demand in the relevant markets, we
means our operations have preserved and Recently, we have also introduced special are also exploring the possibility of setting
given back 5.5 times more water than we cement for roof and special concrete up new projects in the near future.
have withdrawn from Mother Earth. blocks for walls. We are in the process of
Ambuja Cement’s focused efforts on bringing in a few more products. All these H&S is also a key challenge for
sustainability have been continuously products are easily available through a manufacturing sectors. How do
recognised. Recently the company has wide network of dealers and retailers, you tackle these challenges in your
been ranked at No.2 in the world in the down to the deep rural markets. operations?
latest sector research report by the We have been communicating the
Safety is a core value for us and our vision
internationally renowned, non-profit message of ‘Giant Strength’ as the brand
‘Zero Harm’ has given us further impetus
organization, the Carbon Disclosure promise in various engaging ways through
to make operations even safer for our
Project (CDP). The report outlined the different media over the last three
stakeholders. For us, safety is one of the
companies that are best prepared for the decades. As a result, Ambuja Cement has
ways we measure the quality of the work
low-carbon transition. Last year, Ambuja become synonymous with strength in the
we do. While we have been successful
Cement was ranked at No. 7 in the Global consumer’s mind.
in changing the mindset of the people
Dow Jones Sustainability Index (DJSI) that
In the more professional world of large around us underscoring the importance
recognises sustainable business practices.
buyers, Ambuja Cement has created an of safety, further improvisation has always
Prior to that, Ambuja Cement bagged six
image of thought leadership through its brought new challenges.
awards – an ‘Outstanding Accomplishment
training workshops and lecture seminars
for Corporate Excellence’ award while the Road safety has been a big challenge as
conducted by 30 odd Ambuja Knowledge
remaining recognised us for our ‘Domain we have little control outside our plants’
Centres (AKCs).
Excellence’ in environment management premises. For the past two years, we
Thanks to these efforts, Ambuja Cement have been making concerted efforts
and corporate social responsibility – from
fetches a premium in the retail market on improving the vehicle and traffic
the apex body Confederation of Indian
as well as in a highly price sensitive large safety. Last year, we have set up Driver
Industry (CII).
buyer market. Management Centers (DMC) at our
We successfully minimised the use
locations. These centers serve the trip
of precious limestone by significantly
What are your company’s growth plans based counselling needs of truck drivers
reducing the clinker factor. Owing to this,
over the next five years? by addressing the issue of road safety
we delivered multi-fold benefits to the
through various modules. We have
environment. First, energy consumption We have a clear growth-oriented strategy
implemented various other pioneering
as well as CO2 emissions associated for the next five years. The company has
initiatives as well. Although the results
with the cement clinker production in proposed to set up a 3.1 million tonnes
of our efforts are encouraging, we have
rotary kiln have declined. Second, the clinkerisation plant at Marwar Mundwa
a long way to go. Safety is what we talk
industrial by-products such as fly ash in Rajasthan. The Board of Directors has
about and what we live by. We are
and slag– which if left unused could have approved an initial investment of ` 1391
ensuring that our employees should have
adversely impacted the environment – crore towards the first phase of 1.7 million
whatever they need to keep them safe.
have replaced the portion of the cement tonnes capacity which is expected to be
clinker, without detrimentally affecting commissioned in the second half of 2020.
the performance of the cement. I am sure we can cater to the northern
market much better through this plant.
How do you maintain brand equity To further spark our growth strategy, we
among your customers? are aggressively securing raw materials
and recently Ambuja Cement has won
Our core consumer is one who is building
two limestone blocks in Maharashtra
his own house in a small town with the
and Rajasthan. Meanwhile, we would
help of a local, small-time contractor.
continue to explore the new opportunities
We are closely studying him over three
to improve efficiency in our existing plants
decades. Besides meeting his basic need
and optimise resources by eliminating
of a strong cement, our engineers provide

Experts’ View INDIA’S TOP 500 COMPANIES E7


Rural Electrification Corporation
Limited

DR. P V RAMESH
Chairman & Managing Director

Kindly share with us the company’s and play an active role in the creation of have also catapulted the Indian power
journey since inception. new infrastructure and improvement of sector itself by playing a significant role
the existing ones under the transmission in the execution and implementation of
Incorporated in 1969 and soon
and distribution network in the country. important schemes such as UDAY, DDUGJY
completing its 50th year, REC has moved
In line with the Government of India’s and Saubhagya.
from energizing agricultural pump sets
objective to provide power for all by Another edge that we have over our
in the beginning to now financing power
creation of infrastructure and by reducing competitors is our countrywide presence.
projects throughout the country. The
the AT&C losses, we have been financing We have financed power projects nation-
company has consistently evolved in
schemes for expansion and strengthening wide and currently have 28 offices in the
response to the changing times and the
the transmission network and more country, making our services more client-
changing needs of the country. It has
importantly, modernizing the distribution friendly and accessible.
been a long and interesting journey and
system. We continually provided technical
major milestones have been conferred And last, but not at all the least, the
expertise in the distribution system
such as the Navratna status in 2008, our biggest contributor to REC’s success has
and REC issued technical specifications
public listing in the same year, launch of been its set of dedicated employees.
and construction standards are used
our first green bond at the London Stock REC is a lean machine with its profit
extensively by the state power utilities.
Exchange in 2017, being nominated as per employee growing year after year
We always strive to promote new
the nodal agency for the Government of indicating increasing productivity of the
technologies and our focus is now on
India’s flagship schemes - DDUGJY and company.
green energy, which is the need of the
Saubhagya, and very recently having
hour globally.
completed the electrification of all villages
How do you think the power sector will
under the DDUGJY scheme. We will begin
evolve over the next few years?
our 50th year in July this year which will What are some of the key factors
be another landmark in our history and that contribute to the success of your The outlook for power sector in India
the whole REC family is excited about it. company? appears to be very positive. As not only the
industrial demand, but also the domestic
REC’s biggest asset has been its
demand increases due to improvement in
What are some of the products and willingness and its ability to adapt to new
power access, availability and reliability.
services offered by your company? demands, systems and technologies. REC
Thus, we predict that the demand for
has played the role of not only a player
REC offers a wide range of financial power will grow at a faster pace in the
in the sector, but that of a catalyst as we
products to cater to the needs of future. The Government’s proactive
have always pushed for new initiatives,
the power sector across the value- push to address and resolve the sector’s
technologies, standards and benchmarks.
chain throughout the country. We bottlenecks is a positive sign for the
We have not only helped power sector
provide funding for power generation, growth of the sector. The country has set
stakeholders through our services but
transmission and distribution projects an ambitious goal of achieving installed

E8 INDIA’S TOP 500 COMPANIES Experts’ View


renewable energy of 175 GW before 2020
and it is heartening to see global support
for the International Solar Alliance
spearheaded by India. This will lead to
more global collaboration increasing
India’s standing in the global green energy
sector. REC, as a major financing company
is at a unique place here, since it provides
the much needed funding for the growing
and evolving power sector and is well
equipped to meet the market’s demands.
Dr. P V Ramesh, CMD, REC and Mr. Ajeet Agarwal, Director (Finance), REC
at LSE’s opening bell ceremony

What is the company’s growth strategy us well poised to explore avenues for already making a difference in terms of the
over the next 3-5 years? diversification, such as financing a line of operational efficiency of the distribution
The power sector is undergoing credit for large Renewable Energy projects companies coupled with the investments
accelerated transformation globally by and for manufacturers of electric vehicles, made under the Deendayal Upadhyaya
virtue of technological innovation and storage and charging infrastructure, Gram Jyoti Yojana and Pradhanmantri
response to the climate change protocols. financing power equipment Sahaj Bijli Har Ghar Yojana (Saubhagya)
These radical shifts are creating huge manufacturing, debt syndication, fee will result in much bigger system
opportunities, provided the institutions based project appraisal for other financial strengthening across the country. This
can adapt themselves to the emerging institutions and so on. This will enable REC basically means the latent demands, the
ecosystem, create capacities to manage to be the leading institution in securing bottlenecks in terms of the distribution
the change and seize the emerging affordable, accessible, quality 24/7 power and the demand and supply dissonance
business opportunities. Government for all citizens of India by 2022 and sustain would be evened out in the coming years.
of India is putting special emphasis the momentum through the next decade. On the regulatory front, enhancement
on promotion of Electric Vehicles and in investment attractiveness and refining
furthering its push for renewable energy, What kind of policy changes would of regulations are required, to drive
especially solar roof top, smart grids etc. you recommend to the regulator/ efficiency and strengthen the sector.
REC has a strong foothold in the existing government to support the growth of More effective regulations on the entry
area of operations of financing the entire the industry in which your firm operates? of private players and the promotion of
power sector value chain which makes frontier technology such as smart grid will
The existing schemes and policies are
also help the sector.

REC’s Gurugram World Headquarters Project

Experts’ View INDIA’S TOP 500 COMPANIES E9


Tasty Dairy Specialities Limited

ATUL MEHRA
Chairman

Kindly share the company’s journey since customers which led to inclusion of big We are also involved in the training
inception. names like Parle Biscuits Private Limited, and skilling of milk farmers and youths
ITC Limited (Food Division), Perfetti Van through our Centre of Excellence called
Formed in 1992 with the vision to be a part
Malle India (P) Ltd., Mother Dairy, and INDUCED (Indo Dutch Centre of Excellence
of the process to make our country the
Dukes Consumer Care Private Limited in on Dairying). This Centre of Excellence
most developed, industrialized, happiest
our customer list. on dairying was established to aid in the
and respected nation in the world, Tasty
During this journey of ours, we were able growth of dairy sector in India and it
Dairy commenced its operations with the
to command respect in the Indian dairy offers services like breed improvement,
collection of 68 liters of milk on the first
industry and become one of the most artificial insemination, semen bank,
day.
awarded private dairy firms in India. water management, waste management,
Tasty Dairy Specialities Limited has grown
Our tally of awards includes some of the product testing, milk processing, cold
into a leading dairy company with turnover
prestigious awards like National MSME storage services etc.
in excess of ` 330 Crores. We are handling
Award, National Productivity Award, CSR
over 3 lakh liters per day of milk now in
Leadership Award, Rajiv Gandhi National What are some of the key factors
our ISO 22000:2005 and Export Council
Quality Award, and Leaders of Tomorrow that contribute to the success of your
of India certified milk processing unit at
Award. company?
Kanpur Dehat. The company is providing
livelihood to more than 40,000 families One of the most important key factors that
directly or indirectly. We are now listed on What are some of the products and contributed to the success of our company
BSE and our IPO was over-subscribed by services offered by your company? has always been Quality. Ensuring quality
more than 98 times which is an indicator products to our consumers in attractive
Our company is in the business of
of our credibility in the dairy sector. packing and reasonable rates has been
manufacturing dairy & food products
We are always in pursuit of excellence in namely, Pasteurized Liquid Milk (Full our mantra for success. We are creating
term of quality, processes, products and Cream Milk, Toned Milk and Skimmed products of great value which are
services. Our products are certified by Milk) , Butter Milk, White Butter, Table improving the lives of our customers.
agencies like Bureau of Indian Standards, Butter, Agmark Special Grade Ghee, Apart from this key factor, other practices
Agmark, EIA etc. The company has been Skimmed Milk Powder (ISI – Standard like commitment to business ethics,
rated as one of the top Fifty MSMEs of Grade), and Instant Gulab Jamun Mix. automation and use of IT in business and
India by CRISIL. better fund management is what eased
Our products are available in the
The company has nation-wide sales and market under the brand names UJJWAL, our day to day operations. Our systems
marketing networks in India with its head VERIFRESH and CIMA. They are available are transparent, authentic and focus on
office at Kanpur and marketing office at in various consumer packages (200 ml to positivity.
Delhi. During all these years of operations, 15 kg) and bulk packages (25 kg). Behind every great product is a great
we were able to win the confidence of our team, which is a key factor in our case

E 10 INDIA’S TOP 500 COMPANIES Experts’ View


also. We are proud of our strong team When all factors are considered, the dairy food godowns, dedicated food processing
which enables us to achieve our goals sector overall is likely to witness steady areas catering to different regional
quickly & efficiently through improved growth over the next 20 years. products etc. are going to shape the
communication, expediting idea future of dairy and food industry. The
generation, distribution of work load and government is already taking care of
What is the company’s growth strategy
establishment of a culture in which the this aspect and speedy execution of
over the next 3-5 years?
employee feels a sense of belonging and such schemes can result in dramatic
empowerment. Till now the company was primarily improvement in one generation. This will
involved in the B2B segment but it is enable the Indian dairy industry to process
Due to these key factors, we have been
gradually shifting its focus to the B2C more of milk which will automatically
successful in opening the important doors
segment. We are soon going to launch improve the situation for everyone. Strict
of consumer confidence and suppliers’
products like Lassi, Chhas, Paneer, Ice food laws like FSSAI are already in place
loyalty.
Cream etc. in the Indian market. The which are at par with any international
company had a a successful IPO launch food standards and would definitely result
How do you think the dairy industry will in Feb this year and is now planning to in better control over quality in dairy &
evolve over the next few years? capitalize on the confidence of customers food sector.
There are certain changes which this and investors alike. We are going to
Training and skill devlopment is another
sector is likely to witness in near future. establish one more processing unit
other aspect that needs attention to
Thanks to the increased awareness dedicated entirely for B2C products.
scale up the operations while maintaining
of quality in the masses and strict We are also planning to expand our the quality. It is important to train the
government regulations, the companies business in the cold chain segment which, traditional dairy farmers to acquaint them
and consumers both are likely to get we believe, will create more revenues with the latest techniques of dairying and
better quality raw milk for use at their for the company. The company is now letting them have access to adaptable
respective ends. People are likely to opt planning on strengthening its supply and affordable means to improve their
for more organized dairying which will let chain by appointing more distributors and dairy businesses. We are glad that the
us see big dairy farms trend in India soon. taking advantage of the growing market government is being proactive in this area
Community dairy farms are also a big idea while announcing its entry into the B2C and we shall soon witness the availability
that can catch-up and change the whole segment with a bang. of skilled manpower not only for the dairy
structure of the Indian dairy market, as We are now also welcoming investment in sector but for other businesses as well.
it would allow the marginal farmers an our equities and improving our cash flows. Community milking, common cooling
access to better cooling facilities and We are examining certain proposals from facilities, knowledge & experience sharing
professional dairying practices which are some of the investors who are showing platforms, breed improvement, use of IoT
likely to reduce the overall cost of the milk great interest in investing in our future etc. would be the buzz words of future
production in long run. projects. Soon, we are going to ink a deal dairy and the government may adapt
Relying upon the local ‘doodhwalas’ is with them and ensure progress in leaps these points in their future strategy.
no longer the predominant trend in the and bounds for our company. Now, the government is planning on
industry as reputed brands are gaining amalgamation of its schemes of food
market share. Consumers are willing to sector into one grand scheme which is
What kind of policy changes would
pay premiums for more reliable quality of a welcome step as it would provide for
you recommend to the regulator /
products. better administration of these schemes
government to support the growth of
Products with a long shelf life are likely the industry in which your firm operates? which would result in improved scenario
to catch growth in terms of sales, due to very soon.
The government is already taking steps
factors like more incomes and less time for
necessary for the growth of dairying
daily grocery shopping. In such a scenario
in India through schemes like Pradhan
UHT packs and dried products will benefit
Mantri Kisan Sampada Yojna and including
in the market. New product lines like
the dairy sector in its priority focus area.
Drinking Yoghurts, Kafirs, different types
of cheese etc. will be on every shelf soon We believe that the creation of core
due to the changing taste buds. infrastructure facilities like cold chains,

Experts’ View INDIA’S TOP 500 COMPANIES E 11


Sova Solar Limited

SUBRATA MUKHERJEE
Chairman and Managing Director

How the Finanacial Year 2017-18, went However, the benefit of using 5BB Solar Sova Solar is extremely competitive and
for Sova Solar and the Indian Solar Cells, is that as the number of bus bars globally matched.
Industry? would increase, the series resistance If we see the price difference between the
would automatically decrease, resulting in Indian modules and imported modules,
The overall performance of Sova Solar
an increase in current conduction. Hence the gap is only 7% to 10%. If Indian
has augmented in 2017 in comparison to
power generation would increase in a cell. manufacturers receive incentives against
the last several years, but the expectation
Therefore, a lesser number of modules performance to the tune of 10%, instead
was more from the industry in 2017-18.
would be required and as a result the of subsidies, efficiency will increase
Some major projects have been delayed
civil/structural cost would be reduced. significantly. That will be extremely
due to various international and domestic
This would ultimately have a beneficial beneficial to the industry as a whole.
issues and as a result the target could not
impact on the Solar Project cost. Further,
be achieved. However, MNRE and the
with the increase of bus bar of a cell,
Government of India as a whole, have a Do you feel Anti-Dumping and Safe
the residual stress between the bus bars
mission to get the job done successfully. Guard Duty is a solution?
will automatically come down. Hence
the chances of micro-crack generation The proposed Anti-Dumping and Safe
It has been reported that Sova Solar being and hot spot formation will definitely be Guard duties may be a thought misfit to
a leading SPV Module Manufacturing reduced. the present Indian industrial scenario.
company has introduced 5BB Modules If we take the reference of latest list
commercially in India. Please say of manufacturers published by MNRE,
How cost competitive is your module in
something about its benefits. then it can be found that there is a
the market? What kind of support would
When we had ventured into this industry, huge gap of manufacturing capacity
you feel will make Indian module more
2BB (Bus Bar) was commercially very between cell manufacturers and module
cost competitive?
common. Gradually we got 3BB cells and manufacturers. Both the duties may be
The SPV modules produced by Sova Solar welcomed if the symmetricity between
4BB cells. It is to be noted that Sova Solar
at its state of the art facility at Durgapur, these two manufacturing capacities
has also taken the lead role in introducing
West Bengal, are very competitive in could be established and requisite market
the 4BB SPV Modules in the Indian
both the domestic and international potential should be created. Some
industry. It is our continuous endeavour
markets. The main cost determinants initiative must be undertaken to create
to increase the utility derived from our
of this industry are wafer and cell price. and strengthen our in-house market and
product and provide maximum facility
Buying of high quality wafers and cells its product capacity right from Silicon
to the ultimate users, in order to match
at reasonably competitive prices is key Ingot production to Solar Power Plant
ourselves with international quality. With
to making our products competitive. development. Creation of market is key,
the same intention we have collaborated
Apart from that the conversion cost also rest can be thought of later on.
with IIT- Kharagpur.
plays a major role. The conversion cost of

E 12 INDIA’S TOP 500 COMPANIES Experts’ View


How would you opine the impact of GST Like other industries, the Solar Industry Modi, during the India- Africa Summit, in
on the Indian Industry? has also faced some slow down and some 2015. The alliance is open to 121 countries
other initial hindrances but I expect the located between the Tropic of Cancer and
Commencing of the GST regime is a
results to improve in the long run. Fiscal Tropic of Capricorn. India’s emerging role
very good and bold move for the Indian
strength will grow and that will have a in the world of renewable energy will
economy as a whole. The move to start a
beneficial impact on the industry. be boosted. The most important part of
new regime is always welcome. The nation
this alliance is that a country like France
was running by parallel economy which
has taken the major voice in this alliance.
did not contribute to the growth of our What is your view about International
Through this alliance a global harmony
economy. Compulsory imposition of GST Solar Alliance?
will be created for the renewable energy
would bring that parallel economy under
The idea of forming such an alliance sector. We are very hopeful about this
the same umbrella and our economy will
had been seeded in the mind of our alliance and wish its grand success.
enjoy composite growth.
honourable Prime Minister, Shri Narendra

Experts’ View INDIA’S TOP 500 COMPANIES E 13


Karuna Group

SANJOY TEKRIWAL
Director

Kindly provide us the brief profile of promise a safer lifestyle for the world. Financial Services: Karuna Financial
your company and the sectors in which Power today still comes primarily from Services is a member of National Stock
it operates. non-renewable resources and NORDUSK Exchange (NSE) (since 2004), Bombay
is a brand that upholds conservation as a Stock Exchange (BSE) (since 2006) and
Karuna Group, a ` 2,000 Crore corporate
responsibility. A long lasting product with Multi Commodity Exchange (MCX)
house with a reputation for credibility and
high standards of performance is the core (since 2011). Additionally, we are also
transparency, is a more than 20 year old
idea behind NORDUSK. a Depository Participant of the Central
organization that started its operations
Distribution Services: The group is Depository Services (India) Limited (CDSL)
in 1995. Karuna group is engaged in the
equipped with an extensive distribution (since 2007). Our firm offers a diverse
following businesses:
network & operations across East India. range of financial services including
NORDUSK: NORDUSK LED (Lighting)
Our strong and diversified product Equity, Derivatives, Commodities, Online
comes under the aegis of The Karuna
distribution base has a widespread and Trading, Depository Services, Distribution
Group. The company produces an
functional network of manpower & of IPOs and Mutual Funds.
extensive range of LED lights which are
experience across East India, especially Retail: We have a chain of exclusive stores
widely used in Domestic Applications,
focused on West Bengal. Our all-round featuring premium brands such as Titan
Educational Institutions, Commercial
approach towards marketing, distributing Eye Plus, World of Titan, Fast track and
ventures, Government projects, Hotels
and selling of products has made us Samsung Smart Phone Café across East
and in Road and Street Lighting. Constant
the longest serving Channel Partner for India that offer unmatched experiences to
research and product development has
premium brands such as Samsung (since our customers. These stores are managed
taken our technology far enough to
1999) and Titan (since 2011). directly from our headquarters in Kolkata.

E 14 INDIA’S TOP 500 COMPANIES Experts’ View


SANDEEP TEKRIWAL
Director

How do you think the KARUNA country’s ingenuity in reducing its carbon a price-sensitive consumer to a more
GREENTECH – NORDUSK-LED will evolve footprint. NORDUSK LED’s strong ethical quality-sensitive consumer. Consumers
over the next few years? What is the and commercial fundamentals have firmly will progressively get more conscious of
company’s strategy to deal with these established it as the ‘Partner of Choice’ quality in terms of aesthetics and also
developments? with its vendors and business associates. energy efficiency. These trends are very
positive for the growth of the industry
In a short span of about 2 years the brand
as a whole. We at NORDUSK, put equal
has expanded from Bengal to more than How do you think the LED sector will
emphasis on the quality of our most basic
10 states across Northern, Western and evolve for the next few years? What
and affordable SKUs, as they go through
Southern India. We are also present in is the company’s strategy to deal with
the same stringent testing process as
Andaman and Nicobar Islands. We export these developments?
our luxury products. Our aim is to strive
to multiple foreign countries thus creating
With the forthcoming government for excellence in all spheres for our
a brand presence there.
regulations expected to be heavily operations, however big or small.
The company enjoys a strategic focused on the “Make in India” message,
technology relationship with one of the having a manufacturing or production
world’s largest lighting manufacturers, facility will become a pre-requisite for
helping design products for the local all serious brands. This will create more
market using state of art technology. barriers to entry for new players, while
NORDUSK LED is a ‘Green Initiative’ also creating a level playing field for
inspired by the phenomenal beauty of existing competitors.
the Aurora Borealis of Norway and by the
There will also be a gradual shift from

Experts’ View INDIA’S TOP 500 COMPANIES E 15


ICFAI Business School

Y K BHUSHAN
Senior Advisor & Campus Head, IBS Mumbai

Kindly give us a brief profile of ICFAI needs. With a strong base in corporate be in-sync with the changing business
Business School and the sectors in which relations, IBS focuses on all-round student environment in which digitalization and
it operates. development and prepares them for analytics play a big role. Our success would
corporate careers. All IBS campuses have be measured by how well we enable our
ICFAI Business School was established in
high-tech infrastructure and competent students to think out-of-the box and
1995 and is known for quality education
faculty who come with rich industry and adapt to the new working environment.
in management studies. IBS campuses
academic experience.
are located at Hyderabad, Ahmedabad,
Bengaluru, Gurgaon, Kolkata, Mumbai, IBS gives its diverse, talented, highly What kind of policy changes would
Pune, Jaipur and Dehradun. energetic student population a vibrant you recommend to the regulator/
campus life. A path-breaker in placements, government to support the growth of
IBS Hyderabad is a constituent of the ICFAI
IBS is proud to have an alumni strength of the sector in which ICFAI Business School
Foundation for Higher Education (IFHE),
over 37,000. operates?
which was declared to be a Deemed
University under section 3 of the UGC Act, With our vision and mission to make
1956. IBS Hyderabad offers a two- year full How do you think the education sector management education accessible to
time MBA program and a PhD program. will evolve over the next few years? What all who aspire to learn and grow, we
IBS Campuses in Ahmedabad, Bengaluru, is the ICFAI Business School strategy to recommend that regulatory bodies
Gurgaon, Kolkata, Mumbai and Pune deal with these developments? enlarge the scope of University education
offer a two-year, full-time Management In a fast changing world of work, where and simplify the processes of making
Program to prepare the students for technology, digitalization and artificial University degrees available. We do hope
successful corporate careers. These intelligence are changing business and wish that the government bodies
campuses are independent professional models and jobs, management education regulating management education will
institutions and are neither affiliated will witness an increase in globalised give due credit to management schools
to nor are off-campus centres of any curriculums that blend digitalization and in the private sector on merits. We also
university. IBS Jaipur and IBS Dehradun analytics in every stream, be it Finance, look forward to a greater bias towards
offer an MBA programme. Marketing, HR or Operations. The future developmental activities on the part of the
management student will come with regulators. The current focus on minimum
learning styles that demand blended and norms can perhaps be changed to bring in
What are some of the key factors that
machine learning, requiring continual a greater focus on quality norms. We also
contribute to the success of ICFAI
change in learning content and pedagogy. hope that the regulatory process will be
Business School?
de-bureaucratized for the benefit of the
In the coming years, IBS will continue
ICFAI Business School is distinct for its development of management education.
to fortify its already strong link with the
academic rigour, based on the 100%
corporate world. It will bring in new
case study method and curriculum that
learning techniques, ambience and
is continuously upgraded to suit industry

E 16 INDIA’S TOP 500 COMPANIES Experts’ View


NCC Limited

AAV RANGA RAJU


Managing Director

Kindly provide a brief profile of your for MDO projects. We may look into the 1. Lack of skilled workforce
company and elaborate on the various segment of Oil &Gas as and when the 2. Increasing cost of materials
segments in which you operate. situation arises.
3. Technology Adoption
NCC Limited was incorporated in 1978 4. Environmental sustainability
as Nagarjuna Construction Company What are some of the key factors
5. Natural Hazards
Ltd. Our company is headquartered in that contribute to the success of your
We are convinced that our tried and
Hyderabad but has offices across 13 company?
tested business model has more prospects
cities in India. We operate in a number
Adopting latest technologies, professional to further build on. The strong cash
of sectors including Buildings & Housing,
integrity, acquiring and improving flow, increasing margins and reduction
Roads, Electrical, Water & Environment,
knowledge, skills, safety and health and of debt are providing us the much
Irrigation, Railways, Power, Metals and
last but not least, being a responsible needed operational agility across our
Mining.
corporate citizen are the decisive building divisions. We are improving the skill sets
blocks of our company. of our employees, our systems and our
NCC limited has established itself as processes. The key is strengthening our
one of the leading players in the Indian risk matrix and improvement in processes
What kind of challenges is the
Construction space. What new divisions across our business units.
construction sector facing in the current
has the company forayed into in the
VUCA scenario? What is NCC’s strategy to
recent past?
overcome these challenges? What is the company’s outlook for the
We are looking at MDO (mine developer next 4-5 years?
Some of the biggest challenges that the
and operator) business as an emerging
construction industry in India would face We are planning for a top line growth of
opportunity and have started bidding
in 2018 and coming years include: 10 to 12 % for the next five years.

Experts’ View INDIA’S TOP 500 COMPANIES E 17


Sagar Manufacturers Private
Limited

SIDDHARTH AGARWAL
Managing Director

Kindly give us a brief profile of the than 6,000+ happy families reside in its • CUC Certified Organic Yarns – GOTS
company and the Sagar Group as a whole, projects. & OCS certified organic cotton yarns
and the sectors in which it operates. Sagar Group has also earned repute in the count range of NE 24/1 to
across the nation owing to its world- Ne40/1 knitting, weaving, slub and
Sagar Group is one of the leading business
class schooling through its chain of Reiter Compact
conglomerates of Central India, realizing a
vision to contribute to basic human needs Sagar Public Schools (SPS). SISTec is • Better Cotton Initiative Yarns
through its operations in Manufacturing amongst the most preferred premium • Combined Compact Yarns
& Production, Real Estate and Education. destinations in Central India for technical
• Conventional Combed Yarns for
The Group came into existence in the education in the streams of Engineering,
Weaving & Knitting
year 1983, and works with a mission of Pharmacy and Management for budding
‘Building Nation’ by impacting lives of technocrats. Through its CSR arm,
Abhay Sagar Foundation, the Group has What is the company’s growth strategy
over one lakh people and by providing
also established Sagar Vidya Niketan, over the next 3-5 years?
employment to over 6,000 people.
which provides free holistic and quality Sagar manufacturers, and in fact the
The Group’s flagship company, Sagar
education with free mid-day meals to entire Sagar Group has been built with the
Manufacturers Pvt Ltd (SMPL) is engaged
under privileged students. noble intention to cater to basic human
in using the best quality fibers to produce
superior quality yarns with the help of necessities. The four pillars on which the
world-class production technology. It organization is based are Food, Clothing,
What are some of the products and
is Central India’s most advanced and Shelter and Education. Our teams are
services offered by the Group?
modern textiles unit, with an installed working towards a balanced approach
Through its product Sagar Yarn, the in all four sectors with quality as prime
capacity of 150,000 spindles, which will
company has obtained the OEKO-TEX® focus. It believes in providing supreme
soon be expanded to 300,000 spindles.
Standard 100, Class I certification for quality basmati rice, designing advanced
The company is recognized by it brand
apparels for babies up to three years, CUC premium townships and provide quality
Sagar Yarn and exports to 20+ countries.
Organic Certification, ISO 9001:2008 and education to students. As we value
Through Sagar Nutriments Pvt Ltd (SNPL),
has setup of an USTERIZED laboratory families, we are one close-knit family –
the Group has expanded its forte to the
for Quality Testing and Com4 machinery ‘The Sagar Family’.
food processing industry by delivering
for yarn manufacturing and certification
premium quality Basmati Rice through
from FLOCERT for Fair Trade Cotton Yarn
its brand Sagar Rice from Central India’s
manufacturing. Some of the company’s
most modern rice milling unit.
world class products include:-
Sagar Group’s Agrawal Builders has
• Slub Yarns – 100%cotton combed
emerged as the most trusted real estate
fancy slub yarn in count range of
brand in Central India. Today, more
Ne24/1 to Ne32/1

E 18 INDIA’S TOP 500 COMPANIES Experts’ View


Margadarsi Chit Fund Private
Limited

SAILAJA KIRON
Managing Director

Kindly provide a brief profile of your What are your views on the amendments Personal touch is important to us on many
company and its origins. How does to the Chit Funds Act, 1982 approved by levels – from the business perspective,
Margadarsi differentiate itself from other the Union Cabinet? for KYC and also for safeguarding public
chit fund companies? money.
Chit Fund companies have not received
Margadarsi was set up as a chit fund firm substantial relief from the amendment.
by Sri Ramoji Rao in the year 1962. Back The amendments were aimed at bringing What is your outlook for the company?
then, although there were several such unorganized players into the organized
The growth of our business has
chit funds in the unorganized sector in sector and providing investor protection.
been very organic since inception.
Andhra Pradesh, an organized chit fund However, very little has been done to
When I joined this company, we
industry did not exist. With the firm make the business lucrative. Back in the
only offered schemes ranging from
belief that regulations provided a proper 1980s, interest rates used to be high.
` 10,000 to ` 5,00,000. Since our business
structure and framework for the growth However, with interest rates having
model entails using funds provided by the
of the sector, Sri Ramoji Rao helped steer come down significantly since then, we
public, investor protection is of utmost
the company towards growth. Over time, are left with very little scope to increase
importance to us. While there has been
Margadarsi grew to become a household our commission earnings. The levy of
news of certain chit funds being involved
name in not just Andhra Pradesh, but also GST has raised costs significantly. Also,
in various scams like Ponzi Schemes
in Telangana, Tamil Nadu and Karnataka. the sector continues to be a highly,
(Saradha scam), we at Margadarsi have
Today, the company has a turnover of and sometimes overly regulated, with
always operated with integrity and
over ` 10,277 crore, has a network of multiple compliance requirements. With
responsibility. We hope to continue to
over 105 branches, has more than 3.5 banks also grappling with asset quality
grow at a healthy rate in the future, while
lakh subscribers and directly employs issues, investor protection remains a
operating with utmost diligence and
over 4,300 individuals and 10,000 agents. distant dream.
accountability. We aim to touch ` 20,000
Margadarsi caters to various segments crore by the year 2025.
of the society. Our clientele includes A few chit fund providers believe that
IT professionals, doctors, chartered digitization can help the industry grow at
accountants, and individuals from various a faster rate. What is your take on this?
sections of the business community.
Our business model does not operate
Government employees also form a large
on a collateral based system and hence
section of our patrons. The company’s
the trustworthiness of the loan recipient
chit fund schemes range from one lakh
is crucial. We endeavor to meet our
to 80 lakh. Despite there being smaller
customers and their family members
funds that offer schemes with values in
several times before enrolling them in our
crores, Margadarsi has chosen to remain
schemes; personal contact is essential.
conservative.

Experts’ View INDIA’S TOP 500 COMPANIES E 19


Sadbhav Engineering Limited

SHASHIN V PATEL
Chairman & Managing Director

What has Sadbhav Engineering’s growth Mining and Irrigation sectors. We are sales ratio stands at 2.85 times the FY17
trajectory been over the past 4-5 years? also a major player in the development revenue, providing good revenue visibility.
What strategy has the company adopted of roads and highways under the Build, Our order book can increase thrice from
for sustained growth? Operate and Transfer model. We have hereon if the government is able to meet
the highest number of HAM (Hybrid its awarding targets as per the Bharatmala
Our growth has been pretty impressive
Annuity Model) projects in India. Our plan. We are awaiting the outcome, and
over the past 11 years. We have given our
roads are well equipped with cameras we are very positive that we shall bag the
shareholders an average return of 31%
and sensors to detect congestion and maximum number of projects in states
per annum, while our revenue and profits
traffic blockages. We have smart and where we are strong and focussed.
rose at an average close to 26-27% per
interactive lighting systems on our toll
annum in this time. We have a very strong
roads, so as to optimally use electricity.
management and an equally competent What are the company’s plans for the
On some roads, we have used Highway
operations team, who are capable of next five years?
Traffic Management Systems and Video
overcoming any challenges coming our
Detection Systems for real time incident We believe we have been very successful
way. Our management has a very clear
management. as a leading infrastructure company
vision of where we want to be in the future
in India. From any standard (be it top
and this clarity helps us take appropriate
line growth, bottom line performance,
decisions at all levels. We have been How do you think the Indian construction
capacity or order book position), we
continuously ramping up our capacities – sector will evolve over the next few
have been placed among the top three
investing in both new assets/machineries years? What are the main factors shaping
companies in India and our target is to
as well as new technologies. We treat the growth of the sector?
soon become the top company in our
our suppliers and subcontractors as our
The upcoming years are going to be sector.
equal partners in growth. Our employees
the golden years for our country’s
are our best resources, and we ensure
infrastructure. In FY18, NHAI awarded
their continuous learnings. We have a
7,400 km of road projects worth ` 122,000
well-strengthened ‘core’, which makes us
crore, as compared to 4,337 km of road
sufficiently strong to comfortably increase
projects of ` 60,900 crore in FY17 – and
our market share across all business units.
this is going to further improve with plans
such as Bharatmala on the cards. Also,
What kind of projects does the company there is lot of optimism in the market –
execute? Has the company forayed into and the banks have regained interest in
other domains in the recent years? financing HAM projects, where we are the
market leaders.
The company is engaged in Engineering,
Procurement and Construction for the As on Dec 2017, we have an order book of
Transport (including Roads and Metros), ` 96,443 mn. Our order book (incl L1) to

E 20 INDIA’S TOP 500 COMPANIES Experts’ View


ABM Knowledgeware Limited

PRAKASH RANE
Founder and Managing Director

Please give us a short brief on the origins for Automation of Citizen Services in 1998 Solutions.
and journey of ABM Knowledgeware. which became the pivotal moment for
‘ABM Knowledgeware’. With e-governance projects having tight
ABM used to provide IT hardware &
margins, what is the company’s strategy
networking solutions to Government
How is the company contributing to optimize its returns?
customers in the beginning. During
this phase, I noticed the gap between towards e-Governance?
It is true that e-governance has tight
expectations of government customers ABM’s most significant contribution to the margins. Yet, we are not only surviving
and actual delivery of e-government segment is the confidence it has given to but have been thriving in this business
solutions. Then, I took steps to fill this gap customers that “e-government works”. for more than 20 years. Since inception,
by providing apt solutions and strategy We have executed several projects for we have strongly believed that deep
which actually gave rise to the initial Electronic Services Delivery to citizens knowledge about government processes
business. based on the philosophy of “e-governance is as important as technological skills.
In the late 90s, few if any, Government is all about Citizens, Citizens are all Secondly, we have followed a thumb
customers believed that an investment about Services and Time bound service rule to provide ‘sustainable delivery’
in e-governance could actually make a delivery can be done by blending ICT and to customers, which has helped us
qualitative difference in citizen services or Government Process Re-engineering.” We to optimize our returns. Lastly, we
improve the efficiency of their functioning. have laid a benchmark in long sustenance continuously work towards upgrading
I decided to undertake two Government of e-government projects on the backdrop our products according to the demand at
projects by bankrolling them myself and of a high rate of failure in this segment. the time such that it may be integrated,
left it to the Government customers ABM is recognized as a leader in the permeated and adapted according to the
to pay only if it worked. One project segment of e-Municipality in India with customer needs.
was about improving citizen services state-wide implementation in four large
by blending ICT and Administrative states. The number of municipal bodies What is your business outlook for the
Reforms in a Collectorate (Head of and citizens positively impacted by ABM’s next 4-5 years?
District Administration). The other one solutions are the largest compared to any
We are now enhancing the spectrum of
was automating the functioning of a other company in India. In addition, we
our ‘e-Municipality solution’ to cover
Government department in the Secretariat provide various e-governance offerings
more components related to Smart City
(HQ for state administration). The former to the government in various states.
so as to offer a one stop solution to our
project became a benchmark in the state Overall, as on date, ABM has covered 14
customers. We have also initiated focus on
(named as Setu), and we were noticed by states & UTs. Some of our key offerings
complete Water Management solutions
the ecosystem. The Secretariat project in e-governance are E-municipality,
by enhancing our Water billing solutions.
provided strong inputs and conviction, Cyber Security, SAP Practice, Property
Another area of focus for us is now ‘Cyber
which led the Government to lay down Tax Capital Value Reforms & Automation,
Security’ for the Government sector. In
its first formal policy for implementation Double Entry Accounting Reforms &
addition to this, we are keen to expand
of e-governance solutions. This success Automation, Water Billing & Accounting
our business beyond the boundaries of
landed us with a big trend-setting contract Solutions, Tourism Portal and Smart City
India in a selective manner.

Experts’ View INDIA’S TOP 500 COMPANIES E 21


Ori-Plast Limited

KAMAL K AGARWAL
Managing Director

Kindly give us a brief profile of your Over the last five years Ori-Plast has through growing population and
company and the sectors in which it strived to become a solutions oriented affluence.
operates. company that provides end-to-end fluid • Expansion of piped gas projects to
handling and storage product solutions 40 cities across India.
Pioneers in the line of manufacturing of
to its customers. The idea behind such a
plastic pipes in India, Ori-Plast started A key challenge however is the proliferation
position is to better satisfy the customer
manufacturing plastic piping almost 50 of manufacturers in the unorganized
at a single window rather than have her go
years ago when very few people had sector in the past decade. In order to
from one supplier to another in order to
heard of plastic pipes, and even fewer better compete with them as well as other
comprehensively meet all requirements.
understood their potentiality. Today Ori- players, our organization is becoming
This position would be applicable for all
Plast has become the acknowledged increasingly nimble by better forecasting
customers irrespective of their quantum
leader across a gamut of advanced plastic demand and optimizing inventory to cater
and nature of purchase. The company
piping applications. to potential requirements over and above
foresees that such an initiative would
The company, at its different manufacturing the current order book.
benefit everyone including industries,
locations in Orissa, Rajasthan, West real estate players as well as stand-alone
Bengal and very soon Chattisgarh, is well homeowners. What kind of policy changes would
equipped to operate multiple extruders, you recommend to the regulator/
separately for PVC pipes and PE pipes, government to support the growth of
injection moulding machines, rotational How do you think the plastic piping
the industry in which your firm operates?
moulding machines and a host of ancillary sector will evolve over the next few
years? What is the company’s strategy to The government is already supporting
equipment. An advanced in-house facility
deal with these developments? the sector by encouraging the usage of
spearheaded by skilled personnel focused
plastic pipes, which are not only durable
on progressive product development has The piping industry has a bright future as
but also more eco-friendly in comparison
enabled the company to offer enhanced long as our country continues to develop
to pipes made from other materials. We
value for money. and modernize. Some demand triggers for
also see that the quality guidelines and
The products manufactured by the growth are likely to be:
enforcement of standards are becoming
company currently cater to the real- • GoI’s increased allocation to drinking more stringent and rightly so. Recent
estate, infrastructure and agriculture water schemes. thrust towards upskilling and reskilling of
sectors. Pretty much any sector which
• State governments’ spending on professionals employed in the trade will
requires piping to transport a fluid is
irrigation projects. further strengthen the usage of quality
either a customer or is likely to become
• Swacch Bharat Abhiyaan which products and improve public health
one.
encourages the building of toilets. conditions in the country. All of these
factors put together will enable growth of
• Urban renewal schemes funded by
What strategy has the company adopted the better players in the industry.
central and state governments.
for sustained growth over the past 4-5
• Growth in the real estate sector
years?

E 22 INDIA’S TOP 500 COMPANIES Experts’ View


Kansai Nerolac Paints Limited

ANUJ JAIN
Director

Kansai Nerolac Paints is among the What are the various initiatives taken completely safe for everyone, including
largest decorative paint providers in by Kansai Nerolac to contribute to the newborns. Our product development
India. What role does innovation play sustainable environment agenda? teams analyse the impact of organic
in the company’s success, in terms of compounds in paints not only on homes
Kansai Nerolac Paints has taken up
Products, Processes and Marketing? but also on consumers, painters and
many initiatives to reduce the impact on
the environment. This stringent process
Nerolac, as a brand, has always believed the environment. We have reported a
ensures we introduce paints that promote
in constantly innovating in all the facets reduction in specific water consumption
nurturing a healthy and beautiful world.
of business, be it products, processes by more than 5% last year. We voluntarily
or marketing. We are the pioneers of removed heavy metals like lead from
‘Healthy Home Paints’, consisting of our product formulations to make our What were some of the company’s key
products that are water-based, have low products eco-friendly. Zero-discharge CSR initiatives during FY17?
VOC and have no added lead, which went plants have been installed at all our major
Some of the key initiatives undertaken are
on to become industry standard. We have manufacturing facilities. Waste water
mentioned below.
introduced products like Nerolac Excel from manufacturing is treated and reused
On 21 March – International Colour Day -
Mica Marble with heat guard technology, in many processes. Sewage-treated
we launched the ‘Rang De Maharashtra’
that keeps homes cooler by up to 5 water is being used for toilet flushing
campaign with Maharashtra Village Social
degrees. Impressions Eco Clean, which and gardening, and so on. The pollutant
Transformation Foundation. This is a first-
is a water-based interior emulsion with load discharged through our factories is
of-its-kind, state-wide campaign to paint
ultra low VOC and almost no odour, is also well within statutory limits. More efforts
350 institutional buildings, including
a first-of-its-kind product in the industry. are being taken with time to ensure that
schools and aanganwadis with social
To ensure these innovative products have we grow sustainably, and so that our
themes and messages across 11 districts.
a greater reach, we are using innovative processes only become better and more
technology (mobility) in our front line environment-friendly. To spread the message of healthy and
sales and marketing. happy living, we transformed Sarheta
village of Alwar, Rajasthan. More than
Similarly, our marketing initiatives are Volatile Organic Compounds (VOCs)
900 households, aanganwadis and two
also unique. In 2017, we transformed found in paint fumes have been linked
schools were painted in bright, vibrant
one of the many conveyer belts present to various health issues in the past. How
colours as part of this noble initiative.
at Terminal 1 of the Chhatrapati Shivaji do Kansai Nerolac’s product offerings
International Airport in Mumbai to a During the 2018 Holi Festival, we
promote a healthy home environment?
giant, moving shade card. The campaign provided the visually impaired with a
The complete range of paints device that would enable them to scan
was one of the most innovative OOH
manufactured by Nerolac, both interior the environment and detect colours thus,
campaigns of the year.
and exterior, are low-VOC. We offer enabling them play holi, for the first time
a range of no-odour paints that are in their lives.

Experts’ View INDIA’S TOP 500 COMPANIES E 23


Gujarat Narmada Valley Fertilizers
& Chemicals Limited

DR. RAJIV KUMAR GUPTA IAS


Managing Director

Kindly share with us the company’s all of the chemicals we produce are Anti-Dumping and Allied Duties (DGAD)
journey since inception. import substitutes. This year, we not imposed antidumping duty on the import
only achieved highest production in TDI, of Toluene Diisocyanate and AN Melt
Gujarat Narmada Valley Fertilizers &
but also in other chemicals like Aniline, from China, Japan and Korea, when
Chemicals Limited (GNFC), is a joint sector
Ethyl Acetate, Formic Acid and Technical GNFC approached DGAD for ensuring
enterprise promoted by the Government
Grade Urea. Even on the sales side, fair trading practices and creating a level-
of Gujarat and Gujarat State Fertilizers &
along with TDI, other non-TDI chemicals playing field for domestic producers
Chemicals Ltd.(GSFC). It was incorporated
like AN Melt, Ethyl Acetate, Formic Acid, vis-a- vis foreign producers and exporters.
in 1976 with a registered office in
Technical Grade Urea registered highest This helped protect margins and capture
Bharuch, Gujarat. GNFC started its
ever sales volume. Chemicals like Acetic around 65% market share for TDI, in India.
manufacturing and marketing operations
Acid, Formic Acid and Ethyl Acetate
by setting up, one of the world’s largest
registered ever highest realizations since
single-stream ammonia-urea fertilizer An integral part of the government’s
last six years. After a very long gap, along-
complexes in 1982. From the time I have ‘Digital India’ initiative is promoting
with TDI, we have now started exporting
assumed charge as the managing director alternate payment methods. Kindly shed
non-TDI chemicals like Formic Acid and
of GNFC in mid-2013, my focus has been some light on your company’s ‘Cashless
Ethyl Acetate also.
on diversification for risk mitigation. We Drive’.
intend to carry out diversification in areas
After Hon’ble Prime Minister’s clarion
where we have technical, operational, What kind of policy changes would
call to transform India into a modern and
marketing and overall management you recommend to the regulator/
cashless society, GNFC undertook it as a
expertise. This diversification, operational government to support the growth of
mission to implement his vision. GNFC
excellence, dynamic marketing policies the industry in which your firm operates?
endeavored to rapidly institutionalize
coupled with sound focus on key
Our Company mainly derives around 70% a cashless ecosystem, to support its
financial metrics have helped us register
of its revenue from chemicals and 30% millions of customers (farmers) and
historically, the highest ever revenues and
from fertilizers. The Government has facilitate the use of digital money in
profits for the last couple of years.
introduced various pro-industry policy the agrarian business and its township.
changes which have had a positive impact GNFC circumvented the challenge of
What are some of the products and on the country / industries as a whole. money management and reconciliation
services offered by your company? The most important is the current policy of accounts by providing non-captive and
of ‘Make in India’, which helps our country non-monopolistic solutions that included
GNFC is primarily involved in the Fertilizers
indigenize production, by manufacturing payments through debit cards, credit
and Chemicals business, producing around
import substitutes to save foreign cards, prepaid cards, e-wallets, mobile
1 million MT of fertilizer and around
exchange outgo, making the country self- applications such as BHIM, UPI, and USSD,
1.5 million MT of Chemicals (including
sufficient. The Directorate General of and meal vouchers.
captive consumption) every year. Almost

E 24 INDIA’S TOP 500 COMPANIES Experts’ View


Shivakriti International Limited

S D SHARMA
Chairman & Managing Director

Please share with us the origins and railway lines/ gauge conversation, port transportation sector both on road
journey of Shivakriti International. railways yards, railways sidings etc. We and railways. The railways are having a
undertake railway construction projects massive plan of investing ` 107 trillion in
Shivakriti International Ltd came into
on total turn-key basis including track the next 5 years and have made adequate
existence in 2005 under the Companies
linking, signaling, telecommunication, arrangements of funding their projects.
Act 1956. We started commercial
gauge conversions, laying of new railway The scenario that the Indian Railways
operations in the year 2008-09 with a
lines, overhead traction and civil works faced is of capacity restriction as a result
modest beginning. The company primarily
(earthworks, bridges, buildings etc). We they are not able to move the anticipated
selected Signaling and telecommunication
possess rich experience in undertaking traffic. Therefore, it is the top-most priority
works for the Indian Railways and worked
new projects, right from the stage of to de-congest the heavy traffic corridors
continuously to strengthen the expertise
preliminary field survey, preparation by increasing the section capacity through
in it. In the year 2009-10 we started
of feasibility-cum-study reports, up-gradation of Signaling system, adding
entering into areas of track formation,
recommending the most economical new lines, electrification of the lines etc.
bridges, Permanent way, and other
alignment, final location surveys, The country is also looking at expanding
ancillary works of Railways. In a short
preparation of detail estimation, DPR. the metro system to Tier 2 cities in the
span of its commencement of business,
The company has attained a specialization next 5-6 years.
Shivakriti has been entrusted with
many challenges and prestigious works in railway track signaling, laying of
by Indian railways /other government new railways tracks, complete railway What is the company’s growth strategy
departments /major private sectors in the projects right from land acquisition to over the next 3-5 years?
many domains that have been covered. final commissioning for the movement
The company aims to capture the above-
of train traffic. The company also takes
It will be worth mentioning that I was mentioned chunk of works and create
electrification works, building of container
the one who had promoted a company employment among the youth of the
handling platforms, installation of in
Kalindee Rail since inception in 1972 country while retaining the heritage of the
motion weighbridges etc.
till 2009 as a whole-time director. We longest servicing industry in the country.
had executed numerous successful and The company also plans to give strength
prestigious projects. How do you think the Indian construction to its plans by backward integration of
sector will evolve over the next few setting up manufacturing industries and
years? What are the main factors shaping create learning environment for this
What kind of projects does the company
the growth of the sector? specialized sector that will help give
execute? Has the company forayed into
other domains in the recent years? The country is going through a massive additional foundation to the growth story.
phase of new infrastructure development
We at Shivakriti International Ltd provide
vis-a-vis upgradation of the existing
complete railway infrastructure solutions
infrastructure, the primary focus on
which includes construction of new

Experts’ View INDIA’S TOP 500 COMPANIES E 25


BEUMER India Private Limited

NITIN VYAS
CEO

Kindly give us a brief profile of your Our strategy is to have Business in all government to support the growth of
company and the sectors in which it segments with a right mix of Bulk Material the industry in which your firm operates?
operates. (Cement, Mines & Minerals) and Discrete
We would expect a turnaround in the
Material (Airport & Logistics) sectors. This
BEUMER Group is an international manufacturing sector with the right
helps us spread our risk and take care of
manufacturing leader in intralogistics kind of investment and labor laws from
the cyclical downturns and upswings in
in the fields of conveying, loading, the government and regulators. This is
the economy.
palletizing, packaging, sortation and possible with the availability of finance to
distributing technology including Baggage We currently have a fair spread in the small/mid-size companies at concessional
Handling Systems. cement segment between product and rates, interim financial support and
solution businesses and now look forward also investment in urbanization/
Since 1935, BEUMER has provided
to the next level of growth in sunrise mega infrastructure projects from
exceptional solutions, helping our
sectors like Airports and Logistics. the government. This would lead to
customers streamline their operations
to maximize productivity and profit an increase in cement demand and
across the globe. Together with all its How do you think your sector will evolve ultimately demand for capital machinery
subsidiaries, BEUMER Group employs over the next few years? What is the for the cement industry, Airports &
approximately 4,000 people and is company’s strategy to deal with these Logistics / Warehousing sector, which
present in many industries worldwide. developments? benefits manufacturers like us.

Our area of activities ranges from systems In the upcoming years, we will witness
for bulk material and piece good transport, a rise in government spending geared
packaging and palletizing technology for towards the Airport Sector, while private
food and building materials to solutions investment will be boosted post GST
for mail-order business, post /parcel in the Logistics Sector. The subsequent
applications and airport baggage handling generation of business as projects are
systems. awarded will benefit us and help us
We are a reliable service partner, backed complete more and profitable projects.
by a worldwide customer support In the cement industry, it will be the
network. need of the hour to bring much more
automation in Packing line and that will
What are some of the key factors be another area where BEUMER Group
that contribute to the success of your can contribute.
company? What strategy has the
company adopted for sustained growth What kind of policy changes would
over the past 4-5 years? you recommend to the regulator/

E 26 INDIA’S TOP 500 COMPANIES Experts’ View


Mafatlal Industries Limited

PRIYAVRATA MAFATLAL
Executive Director

Kindly give us a brief profile of your with various companies in both the a number of initiatives to boost the
company and the sectors in which it supply chain and distribution space. Our growth of Textiles and Apparel in
operates. approach over the next few years will India. This includes various incentives
encompass these areas, in addition to towards encouraging employment in
Mafatlal Industries Limited, a part of the
responding to the emerging retail formats the Garmenting Sector; the setting up of
Arvind Mafatlal Group, is one of India’s
especially in the e-commerce space; and Textile and Apparel parks in numerous
oldest Textile companies, dating its legacy
a closer understanding of our customer areas in various states and encouraging
back to 1905. We currently have two
needs and aspirations. capital investments to boost capacity. It
vertically composite units in Nadiad and
is understood that various steps towards
Navsari (Gujarat).
a flexible employment of labour as
How do you think the Textile Sector will
necessitated by demand requirements is
evolve over the next few years? What
What are some of the key factors under consideration.
is the company’s strategy to deal with
that contribute to the success of your
these developments?
company?
The Textile and Apparel Sector is the
The Company is predominantly in the
second largest employer, next to
sphere of Textiles. It enjoys a leadership
agriculture, in India providing employment
position in some key segments like School
to more than 120 million people directly
and Corporate Uniforms, Institutional
and indirectly. As employment generation
Tenders, Bleached and Printed Shirting,
is a key objective of the Government, it is
and Voiles. In Denim, Mafatlal Industries
inevitable that this sector will receive a
enjoys a niche position in the premium
significant impetus towards growth. There
segment. Our Textile products find their
have been a number of policy initiatives
presence in leading international and
announced in this this direction by various
local brands. Besides this, consumers
Central and State Government agencies.
throughout the country have ready access
Besides this, Textiles from India have a
to our products through a combination
major opportunity in the Global Market
of direct exclusive retail outlets; multi
which is being progressively addressed to.
brand outlets and wholesalers. The
Company’s growth is significantly driven
around these product categories with a What kind of policy changes would
constant introduction of new products you recommend to the regulator/
and a widening of the distribution government to support the growth of
infrastructure. Our growth has largely the industry in which your firm operates?
also been driven by close partnerships
The Government has already taken

Experts’ View INDIA’S TOP 500 COMPANIES E 27


Waaree Energies Limited

DR. HITESH DOSHI


Chairman & Managing Director

Kindly give us a brief profile of your What are some


company and the sectors in which it of the key factors
operates. that contribute
to the success of
Waaree Energies Ltd. is the flagship
your company?
company of the conglomerate Waaree
Group, and one of India’s most diversified Over our 28 years
and fastest growing Solar Energy Solutions of manufacturing
Company. We have the country’s largest experience, our
Solar PV Module manufacturing capacity customer centric
of 1.2 GW. In addition, we also offer approach and
EPC Solutions, Solar Modules for Grid- agility to respond
STATE OF THE ART SOLAR MODULE MANUFACTURING FACILITY.
Connected Solar Farms, Rooftop Solar, to dynamic market
over the next few years, Solar will become
Solar Water Pumps, Project Development, needs are the
one of the cheapest and most reliable
RESCO Model, Franchisee (Retail factors responsible for this growth. Our
sources of energy in the country, with
Business), and Floating Structure Services focus has always remained in ensuring
multiple sectors including E-mobility
as an Independent Power Producer, across a better Return on Investments to our
being supported by it. Waaree Energies
the globe. Waaree Energies has a large customers, furthered by our commitment
has always strived and will continue its
distribution network and presence as an in providing innovative solutions that
efforts in making solar accessible for all,
integrated solar solution provider in India, constantly question the status quo.
by bringing down costs and developing
with a global presence in 68 countries. Another area that we had directed our
innovative technologies for long-term
efforts has been towards a last mile
reliability and improved performance.
customer reach.

What kind of policy changes would


How do you think
you recommend to the regulator/
the Solar Energy
government to support the growth of
Sector will evolve
the industry in which your firm operates?
over the next
few years? What We believe that a strong and robust policy
is the company’s can support domestic solar manufacturing
strategy to in India. In addition, introduction of
deal with these import duty on finished goods, instead
developments? of raw materials and machineries would
further aid the industry.
We believe that
50 MW – WAANEEP SOLAR PLANT, MADHYA PRADESH

E 28 INDIA’S TOP 500 COMPANIES Experts’ View


Muthoot Finance Limited

GEORGE ALEXANDER MUTHOOT


Managing Director

Kindly give us a brief profile of your the total gold stock in the country, with How do you think your sector will evolve
company and the sectors in which it a large portion of the rural population over the next few years? What is the
operates. with limited credit access. The company’s company’s strategy to deal with these
continued focus is to address the under- developments?
Muthoot Finance Ltd, an NBFC, is one of
served rural and semi-urban markets
the world’s largest gold loan companies Being the industry leader, we have
through a strong network and diversified
with a family business legacy of over 800 identified digitalisation which is need
financial products.
years. It is a financial supermarket with based, current and future envisaged. We
a bouquet of services including micro- The company is continuously focusing leave no stone unturned to ensure the
finance, home loans, money transfer, on diversifying the overall portfolio of best possible user experience to maintain
stock – broking, insurance broker (life, investment products. During FY18, Belstar and increase our high level of customer
non-life and travel) and foreign exchange Investment and Finance Private Limited satisfaction. The company is encouraging
services under one roof. Muthoot (BIFPL), an RBI registered micro finance online Gold loans, direct credit to
Finance is the flagship company of the NBFC’s loan portfolio grew by 97% at customers’ accounts, and loading to
Muthoot Group, with business interest in ` 1,137 crores. Similarly, the housing prepaid cards for disbursement of loans.
hospitality, healthcare, media, education finance company - Muthoot Homefin For repayment, the company is accepting
and information technology. (India) Ltd’s loan portfolio stood at ` 1,465 Payments through Webpay, Muthoot
crores in FY18. App, and RTGS/NEFT/IMPS facilities.
The company has a huge network of over
4,500 Branches with a Pan-India presence The company also ventured out of
for last mile connectivity in the remotest country’s borders through its Sri Lankan
regions. The branches have 2,53,000 daily subsidiary - Asia Asset Finance PLC. The
footfalls covering 70% reach in Tier III- VI company is involved in retail finance,
cities. The average ticket size of gold loans hire purchase and business loans. The
is ` 37,994. company has introduced the Gold Loans
business in all the 16 branches of Asia
Asset Finance (AAF) and it has shown
What are some of the key factors
positive traction. The size of AAF’s
that contribute to the success of your
business is currently at LKR 995 crores.
company?
The subsidiaries today contribute about
India has 22,000 tonnes of used 10% to the group’s assets. The company
household gold jewellery. However, only is looking at increasing the share of
approximately 1,500 tonnes have been subsidiaries to about 20% of the group’s
monetised through the organised sector. assets by 2020.
Rural India accounts for about 65% of

Experts’ View INDIA’S TOP 500 COMPANIES E 29


Amit D Patel
Group Managing Director

Sintex Yarns, A Growth Story!

The eight and a half decade-old Sintex Industries has finally come full circle. Not
only has it once again become a pure-play textile producer by demerging the plastics
business into a separate entity, it is also aiming at the pole position in the textile
space on the strength of its innovation-based culture, cutting-edge technology-
based competence, rich experience-based managerial guidance, skill-based labour
efficiency and, above all, its far-sighted and enlightened leadership. Sintex has
emerged as one of the most enduring Indian manufacturers of yarns & textiles, since
its establishment more than eight decades ago.

The fascinating story of Sintex Industries Limited, which is operating in two


segments – high-end textiles and yarns – dates back to 1931, when the promoter’s
family floated Bharat Vijay Mills Ltd. to establish a small composite textile mill in
Kalol (Gujarat), manned by a few employees, with the objective of manufacturing
fabrics like poplins, coatings, shirting, sarees and dhotis.

Right from the beginning, the company has adopted the philosophy of ‘Active
Thinking’, which has brought monumental changes in the shape and size of the
company. Here, change is the way of life and it is constant. Change is in the mindset
to move with the times, change in the products to meet the changing demand,
change in the geographies to widen market reach, change in products to diversify
the product range, and change in the customers’ mindset in order to persuade them
to go for better products, which will be in their long-term interest.”

In fact, Active Thinking-led-innovative initiatives have given a new dimension to


the textile business of the company, which has achieved many firsts in the country.
It was among the first to produce polyester fabrics in India in the 1960s, the first
to start making corduroy fabrics in 1976, and the first to manufacture high-end
yarn dyed men’s shirting in 1992. Today, the company has emerged as Asia’s largest
producer of corduroy fabrics.

The company has now setup a world-class yarn manufacturing project with state-of-
the-art technology near Pipavav Port in Gujarat to become the world’s largest single-
location mega-capacity compact spinning facility in the state of Gujarat. At the same
time, with the ambitious yarn plant going into full production, Sintex will become
one of the largest compact spinning facilities globally once the establishment of this
manufacturing facility is completed.

A revolution in spinning technology:


Compact yarn is a revolution in spinning technology. Over recent years, the sys¬tem
of compact spinning has constituted a rapidly developing technological trend in
most countries.

All these years, the developments in spinning systems from mule spinning, cap
spinning, flyer spinning and then ring spinning to the today’s latest spinning
E 30 INDIA’S TOP 500 COMPANIES Experts’ View
systems like rotor spinning, airjet spinning shows an ultimate ways to produce yarn.
However, the versatility of ring spinning has created its own root in today’s spinning
world. Compact spinning is one of the major developments in the history of spinning,
due to the improved properties of compact yarn over conventional ring yarn. The
purpose of a genuine compact spinning process is to arrange the fibres in a parallel
and close position before twist is imparted. This is the most important criterion
for perfect compact yarn. The eliminated spinning triangle is a by-product of this
concept. This close and parallel arrangement of fibres immediately before twist is
imparted is responsible for the characteristic advantages of compact yarn. Compact
spinning is catching up in the global textile industry which has incentivized Sintex
Yarns to set up a huge compact yarn plant with the capacity of one million spindles.

Sintex Yarns has set up a plant that will efficiently leverage this massive opportunity.
A One-of-a-kind plant, not only in terms of capacity but also in terms of location,
employment generation, involvement of women employees to support the cause of
women empowerment, operational methods and most importantly, the glorious
legacy, with regard to cotton that Sintex Industries intends to take forward.

The Sintex Yarns facility is spread over 900 acres of land with a capacity to
accommodate 9 units with 1 million spindles. Out of 9 units, currently, 6 units
are operational and actively running at full production capacity. The remaining
units are scheduled to be completed by 2019. This is a great achievement because
approximately 40% of the employees are female and are working in manufacturing
industry at a place like Pipavav, Gujarat which is located in an extremely remote
area. We are also building “Sintex City” at Pipavav for our employees and will have
around 6000 people (families & individuals) living there which would be equivalent
to the size of a small town.

Sintex manufactures a range of high-quality yarns which serve as the best solution
to the downstream process industry. Some of the qualities produced are 100%
Cotton Compact yarns, 100% Cotton Ring Spun yarns, 100% Cotton comber Yarns,
100% Cotton Carded Yarns, Indian Cotton Yarn, American Cotton Yarn (Cotton
USA), Australian Cotton Yarn, SUPIMA Cotton Yarn, Blended yarns - PC, CVC
Yarns, Value Added Yarns like Ply, TFO/Multi Fold Yarns, Gassed Yarn, Melange
Yarn, Dyed Yarn, Exotic Blend yarn, Fancy Yarns, Linen yarn Product Range (Wet
Spun), Weaving Yarn with different counts and size of fiber, Knitting Yarn, Bleached
Yarn, etc.

Sintex is in the business of specialized, high-value textile related products, and has
a competitive advantage in this segment. In fact, the company’s competitiveness
lies in an innovation-based culture and strong technological competence.
Additionally, in order to facilitate supplies to its clients, Sintex is also expanding its
marketing network. Despite India being a big market, Sintex Yarns has a prominent
international presence, especially in countries like Bangladesh, Sri Lanka, China,
Thailand, Taiwan, Vietnam, South Korea, Japan, Pakistan, UAE, Turkey and Egypt.
Europe, South America and North America are other important markets. Looking
for opportunities to export, a strong distribution network is established across
the regions to export 40-60 per cent of total yarn production, through expanded
marketing networks across the globe.

Considering our commitment to being a socially responsible organisation, we


emphasize on the use of Green (renewable) Energy in our business. We source
Green Energy from Solar (majorly) & Wind sources, the current installed capacity
is 3 MW (Solar) and is expected to reach 7.5 MW by end of 2018. The aim is to
achieve 35 MW installed capacity which may satisfy 50% of our peak demand
through renewable sources of energy by 2020.

Sintex could achieve this success because we believed in our people and give them
freedom. Sintex is one of the most open and professionally managed multinational
companies and despite being a family-owned business; we are able to achieve
openness and transparency in all our business operations & endeavours.
Experts’ View INDIA’S TOP 500 COMPANIES E 31
E 32 INDIA’S TOP 500 COMPANIES Experts’ View
Experts’ View INDIA’S TOP 500 COMPANIES E 33
E 34 INDIA’S TOP 500 COMPANIES Experts’ View
INDIA’S TOP 500 COMPANIES Alphabetical Listing L1

Sr No Company Name Sector


1 3M India Limited Diversified
2 Aarti Industries Limited Chemicals
3 ABB India Limited Power Equipment
4 Abbott India Limited Pharmaceuticals
5 ACC Limited Cement
6 Adani Enterprises Limited Trading & Distribution
7 Adani Ports and Special Economic Zone Limited Others
8 Adani Power Limited Power
9 Adani Transmission Limited Trading & Distribution
10 Aditya Birla Fashion and Retail Limited Retail
11 Ahluwalia Contracts (India) Limited Real Estate
12 AIA Engineering Limited Engineering Projects/ Capital Goods
13 Ajanta Pharma Limited Pharmaceuticals
14 Akzo Nobel India Limited Paints
15 Alembic Pharmaceuticals Limited Pharmaceuticals
16 Alkem Laboratories Limited Pharmaceuticals
17 Allahabad Bank* Banks
18 Allcargo Logistics Limited Transport & Logistics
19 Amara Raja Batteries Limited Batteries
20 Ambuja Cements Limited Cement
21 Andhra Bank Banks
22 Apar Industries Limited Power Equipment
23 APL Apollo Tubes Limited Metal Products
24 Apollo Hospitals Enterprise Limited Healthcare
25 Apollo Tyres Limited Tyres
26 Arvind Limited Textiles
27 Asahi India Glass Limited Glass & Ceramics
28 Ashok Leyland Limited Automobiles
29 Ashoka Buildcon Limited Construction - Infrastructure Development
30 Asian Paints Limited Paints
31 Asian Star Company Limited Gems & Jewellery
32 Astral Poly Technik Limited Plastic & Plastic Products
33 Atul Limited Chemicals
LIC/AR/18-19/05/ENG
L2 Alphabetical Listing INDIA’S TOP 500 COMPANIES

Sr No Company Name Sector


34 Aurobindo Pharma Limited Pharmaceuticals
35 Automotive Axles Limited Auto Components
36 Avanti Feeds Limited Food Products
37 Avenue Supermarts Limited Retail
38 Axis Bank Limited Banks
39 Bajaj Auto Limited Automobile - Two/Three Wheelers
40 Bajaj Electricals Limited Consumer Durables & Appliances
41 Bajaj Finance Limited FIs / NBFCs
42 Balkrishna Industries Limited Tyres
43 Balmer Lawrie & Co Limited Diversified
44 Balrampur Chini Mills Limited Sugar
45 Bank of Baroda Banks
46 Bank of India* Banks
47 Bank of Maharashtra* Banks
48 Bannari Amman Sugars Limited Sugar
49 Banswara Syntex Limited Textiles
50 Bata India Limited Footwear
51 Bayer CropScience Limited Agro Chemicals
52 BEML Limited Engineering Projects/ Capital Goods
53 Berger Paints India Limited Paints
54 BGR Energy Systems Limited Engineering Projects/ Capital Goods
55 Bharat Electronics Limited Others
56 Bharat Financial Inclusion Limited FIs / NBFCs
57 Bharat Forge Limited Auto Components
58 Bharat Heavy Electricals Limited Engineering Projects/ Capital Goods
59 Bharat Petroleum Corporation Limited Oil - Refining & Marketing
60 Bharti Airtel Limited Telecom Services
61 Bharti Infratel Limited Telecom Equipment & Infra Services
62 Biocon Limited Pharmaceuticals
63 Birla Corporation Limited Cement
64 Blue Dart Express Limited Transport & Logistics
65 Blue Star Limited Consumer Durables & Appliances
66 Bodal Chemicals Limited Chemicals
67 Bosch Limited Auto Components
68 Brigade Enterprises Limited Real Estate
69 Britannia Industries Limited Food Products
70 Cadila Healthcare Limited Pharmaceuticals
71 Can Fin Homes Limited FIs / NBFCs
72 Canara Bank Banks
73 Capital First Limited FIs / NBFCs
74 Carborundum Universal Limited Others
LIC/AR/18-19/06/ENG
INDIA’S TOP 500 COMPANIES Alphabetical Listing L3

Sr No Company Name Sector


75 Castrol India Limited Specialty Oils & Lubricants
76 CEAT Limited Tyres
77 Central Bank of India* Banks
78 Century Enka Limited Textiles
79 Century Plyboards (India) Limited Wood & Wood Products
80 Century Textiles and Industries Limited Cement
81 CESC Limited Power
82 CG Power and Industrial Solutions Limited Power Equipment
83 Chambal Fertilisers and Chemicals Limited Fertilisers
84 Chennai Petroleum Corporation Limited Oil - Refining & Marketing
85 Cholamandalam Investment and Finance Company Limited FIs / NBFCs
86 Cipla Limited Pharmaceuticals
87 City Union Bank Limited Banks
88 Coal India Limited Mining - Metals & Minerals
89 Colgate-Palmolive (India) Limited FMCG
90 Competent Automobiles Company Limited Trading & Distribution
91 Compuage Infocom Limited Trading & Distribution
92 Container Corporation Of India Limited Transport & Logistics
93 Coromandel International Limited Fertilisers
94 Corporation Bank* Banks
95 Cosmo Films Limited Packaging & Allied Activities
96 Cox & Kings Limited Travel & Tourism
97 CRISIL Limited Professional & Business Services
98 Crompton Greaves Consumer Electricals Limited Consumer Durables & Appliances
99 Cummins India Limited Engineering Projects/ Capital Goods
100 Cyient Limited Software & BPM
101 D. B. Corp Limited Media & Broadcasting
102 Dabur India Limited FMCG
103 Dalmia Bharat Sugar and Industries Limited Sugar
104 DCB Bank Limited Banks
105 DCM Shriram Industries Limited Sugar
106 DCM Shriram Limited Diversified
107 DCW Limited Chemicals
108 Deepak Fertilisers and Petrochemicals Corporation Limited Chemicals
109 Deepak Nitrite Limited Chemicals
110 Dewan Housing Finance Corporation Limited FIs / NBFCs
111 Dhampur Sugar Mills Limited Sugar
112 Dhanlaxmi Bank Limited Banks
113 Dilip Buildcon Limited Construction - Infrastructure Development
114 Dish TV India Limited Media & Broadcasting
115 Divi's Laboratories Limited Pharmaceuticals
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L4 Alphabetical Listing INDIA’S TOP 500 COMPANIES

Sr No Company Name Sector


116 DLF Limited Real Estate
117 Dr. Reddy'S Laboratories Limited Pharmaceuticals
118 Dwarikesh Sugar Industries Limited Sugar
119 E.I.D.-Parry (India) Limited Sugar
120 eClerx Services Limited Software & BPM
121 Eicher Motors Limited Automobile - Two/Three Wheelers
122 EIH Limited Hotels
123 Electrosteel Castings Limited Metal Products
124 Emami Limited FMCG
125 Emami Paper Mills Limited Paper & Paper Products
126 Endurance Technologies Limited Auto Components
127 Engineers India Limited Engineering Projects/ Capital Goods
128 Eros International Media Limited Media & Broadcasting
129 Escorts Limited Automobiles
130 Eveready Industries India Limited Electrical Products
131 Everest Industries Limited Construction - Infrastructure Development
132 Exide Industries Limited Batteries
133 Fedders Electric and Engineering Limited Engineering Projects/ Capital Goods
134 Federal-Mogul Goetze (India) Limited Auto Components
135 Filatex India Limited Textiles
136 Finolex Cables Limited Electrical Products
137 Finolex Industries Limited Plastic & Plastic Products
138 Flexituff International Limited Packaging & Allied Activities
139 Force Motors Limited Automobiles
140 Fourth Dimension Solutions Limited Trading & Distribution
141 Future Consumer Limited Food Products
142 Future Enterprises Limited Others
143 Future Lifestyle Fashions Limited Retail
144 Future Retail Limited Retail
145 Gabriel India Limited Auto Components
146 GAIL (India) Limited Gas - Processing, Transmission & Marketing
147 Gayatri Projects Limited Construction - Infrastructure Development
148 GE Power India Limited Power Equipment
149 GE T&D India Limited Power Equipment
150 GHCL Limited Chemicals
151 Gillette India Limited FMCG
152 GlaxoSmithKline Consumer Healthcare Limited Food Products
153 Glaxosmithkline Pharmaceuticals Limited Pharmaceuticals
154 Glenmark Pharmaceuticals Limited Pharmaceuticals
155 Godawari Power & Ispat Limited Iron & Steel
156 Godfrey Phillips India Limited Tobacco Products
LIC/AR/18-19/05/ENG
INDIA’S TOP 500 COMPANIES Alphabetical Listing L5

Sr No Company Name Sector


157 Godrej Consumer Products Limited FMCG
158 Godrej Industries Limited Chemicals
159 Gokul Agro Resources Limited Food Products
160 Gokul Refoils & Solvent Limited Food Products
161 Goodyear India Limited Tyres
162 Granules India Limited Pharmaceuticals
163 Graphite India Limited Others
164 Grasim Industries Limited Textiles
165 Greaves Cotton Limited Engineering Projects/ Capital Goods
166 Greenply Industries Limited Wood & Wood Products
167 Grindwell Norton Limited Others
168 GRUH Finance Limited FIs / NBFCs
169 Gujarat Alkalies and Chemicals Limited Chemicals
170 Gujarat Ambuja Exports Limited Food Products
171 Gujarat Fluorochemicals Limited Chemicals
172 Gujarat Gas Limited Gas - Processing, Transmission & Marketing
173 Gujarat Industries Power Company Limited Power
174 Gujarat Mineral Development Corporation Limited Mining - Metals & Minerals
175 Gujarat Narmada Valley Fertilizers & Chemicals Limited Chemicals
176 Gujarat State Fertilizers & Chemicals Limited Fertilisers
177 Gulf Oil Lubricants India Limited Specialty Oils & Lubricants
178 Hatsun Agro Products Limited Food Products
179 Havells India Limited Electrical Products
180 HBL Power Systems Limited Batteries
181 HCL Technologies Limited Software & BPM
182 HDFC Bank Limited Banks
183 HeidelbergCement India Limited Cement
184 Heritage Foods Limited Food Products
185 Hero MotoCorp Limited Automobile - Two/Three Wheelers
186 Hexaware Technologies Limited Software & BPM
187 Himachal Futuristic Communications Limited Telecom Equipment & Infra Services
188 Himadri Speciality Chemical Limited Chemicals
189 Himatsingka Seide Limited Textiles
190 Hindalco Industries Limited Non-Ferrous & Precious Metals
191 Hinduja Global Solutions Limited Software & BPM
192 Hindustan Construction Company Limited Construction - Infrastructure Development
193 Hindustan Copper Limited Non-Ferrous & Precious Metals
194 Hindustan Petroleum Corporation Limited Oil - Refining & Marketing
195 Hindustan Unilever Limited FMCG
196 Hindustan Zinc Limited Non-Ferrous & Precious Metals
197 Honeywell Automation India Limited Electrical Products
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L6 Alphabetical Listing INDIA’S TOP 500 COMPANIES

Sr No Company Name Sector


198 Housing Development Finance Corporation Limited FIs / NBFCs
199 HSIL Limited Glass & Ceramics
200 HT Media Limited Media & Broadcasting
201 Huhtamaki PPL Limited Packaging & Allied Activities
202 ICICI Bank Limited Banks
203 ICICI Prudential Life Insurance Company Limited Others
204 Idea Cellular Limited Telecom Services
205 IDFC Bank Limited Banks
206 IFB Industries Limited Consumer Durables & Appliances
207 IFCI Limited FIs / NBFCs
208 IL&FS Engineering and Construction Company Limited Construction - Infrastructure Development
209 IL&FS Transportation Networks Limited Construction - Infrastructure Development
210 India Glycols Limited Chemicals
211 Indiabulls Housing Finance Limited FIs / NBFCs
212 Indian Bank Banks
213 Indian Metals and Ferro Alloys Limited Iron & Steel
214 Indian Oil Corporation Limited Oil - Refining & Marketing
215 Indo Count Industries Limited Textiles
216 Indraprastha Gas Limited Gas - Processing, Transmission & Marketing
217 IndusInd Bank Limited Banks
218 INEOS Styrolution India Limited Plastic & Plastic Products
219 Infosys Limited Software & BPM
220 Inox Leisure Limited Media & Broadcasting
221 Inox Wind Limited Power Equipment
222 Interglobe Aviation Limited Others
223 International Paper APPM Limited Paper & Paper Products
224 Ipca Laboratories Limited Pharmaceuticals
225 IRB Infrastructure Developers Limited Construction - Infrastructure Development
226 Isgec Heavy Engineering Limited Engineering Projects/ Capital Goods
227 ITC Limited Tobacco Products
228 ITD Cementation India Limited Construction - Infrastructure Development
229 J. Kumar Infraprojects Limited Construction - Infrastructure Development
230 J.B. Chemicals & Pharmaceuticals Limited Pharmaceuticals
231 J.K. Cement Limited Cement
232 Jagran Prakashan Limited Media & Broadcasting
233 Jain Irrigation Systems Limited Plastic & Plastic Products
234 Jamna Auto Industries Limited Auto Components
235 Jay Bharat Maruti Limited Auto Components
236 JBF Industries Limited Petrochemicals & Polymers
237 Jindal Poly Films Limited Packaging & Allied Activities
238 Jindal Saw Limited Metal Products
LIC/AR/18-19/07/ENG
INDIA’S TOP 500 COMPANIES Alphabetical Listing L7

Sr No Company Name Sector


239 Jindal Stainless (Hisar) Limited Iron & Steel
240 Jindal Worldwide Limited Textiles
241 JK Lakshmi Cement Limited Cement
242 JK Paper Limited Paper & Paper Products
243 JK Tyre & Industries Limited Tyres
244 JMC Projects (India) Limited Construction - Infrastructure Development
245 Johnson Controls-Hitachi Air Conditioning India Limited Consumer Durables & Appliances
246 JSW Energy Limited Power
247 JSW Steel Limited Iron & Steel
248 JTEKT India Limited Auto Components
249 Jubilant Foodworks Limited Others
250 Jubilant Life Sciences Limited Pharmaceuticals
251 JVL Agro Industries Limited Food Products
252 Jyothy Laboratories Limited FMCG
253 K.P.R. Mill Limited Textiles
254 Kajaria Ceramics Limited Glass & Ceramics
255 Kalpataru Power Transmission Limited Power Equipment
256 Kalyani Steels Limited Iron & Steel
257 Kansai Nerolac Paints Limited Paints
258 KEC International Limited Power Equipment
259 KEI Industries Limited Electrical Products
260 Kirloskar Brothers Limited Engineering Projects/ Capital Goods
261 Kirloskar Oil Engines Limited Engineering Projects/ Capital Goods
262 Kkalpana Industries (India) Limited Plastic & Plastic Products
263 KNR Constructions Limited Construction - Infrastructure Development
264 Kotak Mahindra Bank Limited Banks
265 Kothari Products Limited Trading & Distribution
266 KPIT Technologies Limited Software & BPM
267 KRBL Limited Food Products
268 Kwality Limited Food Products
269 L&T Technology Services Limited Software & BPM
270 L.G. Balakrishnan & Bros Limited Auto Components
271 Lakshmi Machine Works Limited Engineering Projects/ Capital Goods
272 Larsen & Toubro Infotech Limited Software & BPM
273 Larsen & Toubro Limited Construction - Infrastructure Development
274 Laurus Labs Limited Pharmaceuticals
275 LEEL Electricals Limited Consumer Durables & Appliances
276 LIC Housing Finance Limited FIs / NBFCs
277 Linde India Limited Chemicals
278 LT Foods Limited Food Products
279 Lumax Industries Limited Auto Components
LIC/AR/18-19/05/ENG
LIC/AR/18-19/07/ENG
L8 Alphabetical Listing INDIA’S TOP 500 COMPANIES

Sr No Company Name Sector


280 Lupin Limited Pharmaceuticals
281 Mafatlal Industries Limited Textiles
282 Magma Fincorp Limited FIs / NBFCs
283 Mahanagar Gas Limited Gas - Processing, Transmission & Marketing
284 Maharashtra Seamless Limited Metal Products
285 Mahindra & Mahindra Financial Services Limited FIs / NBFCs
286 Mahindra & Mahindra Limited Automobiles
287 Mahindra CIE Automotive Limited Auto Components
288 Maithan Alloys Limited Iron & Steel
289 Manappuram Finance Limited FIs / NBFCs
290 Mangalore Chemicals and Fertilizers Limited Fertilisers
291 Mangalore Refinery and Petrochemicals Limited Oil - Refining & Marketing
292 Marico Limited FMCG
293 Maruti Suzuki India Limited Automobiles
294 McLeod Russel India Limited Food Products
295 Minda Industries Limited Auto Components
296 Mindtree Limited Software & BPM
297 MMTC Limited Trading & Distribution
298 MOIL Limited Mining - Metals & Minerals
299 Motherson Sumi Systems Limited Auto Components
300 Mphasis Limited Software & BPM
301 MRF Limited Tyres
302 Mukand Limited Iron & Steel
303 Munjal Showa Limited Auto Components
304 Muthoot Finance Limited FIs / NBFCs
305 Nahar Industrial Enterprises Limited Textiles
306 Nahar Spinning Mills Limited Textiles
307 Nandan Denim Limited Textiles
308 Narayana Hrudayalaya Limited Healthcare
309 NATCO Pharma Limited Pharmaceuticals
310 National Aluminium Company Limited Non-Ferrous & Precious Metals
311 National Fertilizers Limited Fertilisers
312 NBCC (India) Limited Construction - Infrastructure Development
313 NCC Limited Construction - Infrastructure Development
314 Nectar Lifesciences Limited Pharmaceuticals
315 Nestlé India Limited Food Products
316 NHPC Limited Power
317 NIIT Technologies Limited Software & BPM
318 Nilkamal Limited Plastic & Plastic Products
319 NLC India Limited Power
320 NMDC Limited Mining - Metals & Minerals
LIC/AR/18-19/06/ENG
INDIA’S TOP 500 COMPANIES Alphabetical Listing L9

Sr No Company Name Sector


321 NTPC Limited Power
322 OCL India Limited Cement
323 Oil and Natural Gas Corporation Limited Oil & Gas Exploration
324 Oil India Limited Oil & Gas Exploration
325 Oracle Financial Services Software Limited Software & BPM
326 Orient Cement Limited Cement
327 Orient Paper & Industries Limited Consumer Durables & Appliances
328 Oriental Bank of Commerce* Banks
329 Page Industries Limited Textiles
330 Parag Milk Foods Limited Food Products
331 PC Jeweller Limited Gems & Jewellery
332 Persistent Systems Limited Software & BPM
333 Petronet LNG Limited Gas - Processing, Transmission & Marketing
334 Pfizer Limited Pharmaceuticals
335 Phillips Carbon Black Limited Others
336 PI Industries Limited Agro Chemicals
337 Pidilite Industries Limited Chemicals
338 Piramal Enterprises Limited Pharmaceuticals
339 PNB Housing Finance Limited FIs / NBFCs
340 PNC Infratech Limited Construction - Infrastructure Development
341 Polaris Consulting & Services Limited Software & BPM
342 Power Finance Corporation Limited FIs / NBFCs
343 Power Grid Corporation of India Limited Power
344 Power Mech Projects Limited Power Equipment
345 Prabhat Dairy Limited Food Products
346 Prestige Estates Projects Limited Real Estate
347 Pricol Limited Auto Components
348 Prism Johnson Limited Cement
349 Procter & Gamble Hygiene and Health Care Limited FMCG
350 PTC India Financial Services Limited FIs / NBFCs
351 PTC India Limited Power
352 Punjab & Sind Bank Banks
353 Punjab National Bank Banks
354 PVR Limited Media & Broadcasting
355 Quess Corp Limited Professional & Business Services
356 Radico Khaitan Limited Alcoholic Beverages
357 Rajesh Exports Limited Gems & Jewellery
358 Rallis India Limited Agro Chemicals
359 Rashtriya Chemicals and Fertilizers Limited Fertilisers
360 Ratnamani Metals & Tubes Limited Metal Products
361 Raymond Limited Textiles
LIC/AR/18-19/06/ENG

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L10 Alphabetical Listing INDIA’S TOP 500 COMPANIES

Sr No Company Name Sector


362 RBL Bank Limited Banks
363 RCI Industries & Technologies Limited Non-Ferrous & Precious Metals
364 Redington (India) Limited Trading & Distribution
365 Relaxo Footwears Limited Footwear
366 Reliance Capital Limited FIs / NBFCs
367 Reliance Industries Limited Oil - Refining & Marketing
368 Reliance Infrastructure Limited Power
369 Responsive Industries Limited Plastic & Plastic Products
370 Rolta India Limited Software & BPM
371 RSWM Limited Textiles
372 Rural Electrification Corporation Limited FIs / NBFCs
373 Sadbhav Engineering Limited Construction - Infrastructure Development
374 Sakuma Exports Limited Trading & Distribution
375 Sangam (India) Limited Textiles
376 Sanofi India Limited Pharmaceuticals
377 Sanwaria Consumer Limited Food Products
378 Sarda Energy & Minerals Limited Iron & Steel
379 Savita Oil Technologies Limited Specialty Oils & Lubricants
380 Schaeffler India Limited Bearings
381 Seshasayee Paper and Boards Limited Paper & Paper Products
382 Sharda Cropchem Limited Agro Chemicals
383 Sheela Foam Limited Others
384 Shirpur Gold Refinery Limited Non-Ferrous & Precious Metals
385 Shoppers Stop Limited Retail
386 Shree Cement Limited Cement
387 Shriram City Union Finance Limited FIs / NBFCs
388 Shriram Pistons & Rings Limited Auto Components
389 Shriram Transport Finance Company Limited FIs / NBFCs
390 Siemens Limited Engineering Projects/ Capital Goods
391 Simplex Infrastructures Limited Construction - Infrastructure Development
392 Sintex Industries Limited Textiles
393 Siyaram Silk Mills Limited Textiles
394 SJVN Limited Power
395 SKF India Limited Bearings
396 Skipper Limited Power Equipment
397 SML Isuzu Limited Automobiles
398 Sobha Limited Real Estate
399 Solar Industries India Limited Others
400 Somany Ceramics Limited Glass & Ceramics
401 Southern Petrochemical Industries Corporation Limited Fertilisers
402 Srei Infrastructure Finance Limited FIs / NBFCs
LIC/AR/18-19/05/ENG
INDIA’S TOP 500 COMPANIES Alphabetical Listing L11

Sr No Company Name Sector


403 SRF Limited Diversified
404 Srikalahasthi Pipes Limited Metal Products
405 State Bank of India Banks
406 Steel Authority Of India Limited Iron & Steel
407 Steel Strips Wheels Limited Auto Components
408 Sterlite Technologies Limited Telecom Equipment & Infra Services
409 Strides Shasun Limited Pharmaceuticals
410 Subros Limited Auto Components
411 Sudarshan Chemical Industries Limited Chemicals
412 Sumeet Industries Limited Textiles
413 Sun Pharmaceutical Industries Limited Pharmaceuticals
414 Sun TV Network Limited Media & Broadcasting
415 Sundaram Finance Limited FIs / NBFCs
416 Sundaram-Clayton Limited Auto Components
417 Sundram Fasteners Limited Auto Components
418 Sunflag Iron and Steel Company Limited Iron & Steel
419 Sunil Hitech Engineers Limited Engineering Projects/ Capital Goods
420 Supreme Petrochem Limited Petrochemicals & Polymers
421 Surya Roshni Limited Metal Products
422 Sutlej Textiles and Industries Limited Textiles
423 Syndicate Bank Banks
424 Syngene International Limited Pharmaceuticals
425 Tamil Nadu Newsprint and Papers Limited Paper & Paper Products
426 Tata Chemicals Limited Chemicals
427 Tata Communications Limited Telecom Services
428 Tata Consultancy Services Limited Software & BPM
429 Tata Elxsi Limited Software & BPM
430 Tata Global Beverages Limited Food Products
431 Tata Metaliks Limited Metal Products
432 Tata Motors Limited Automobiles
433 Tata Steel Limited Iron & Steel
434 TeamLease Services Limited Professional & Business Services
435 Tech Mahindra Limited Software & BPM
436 Techno Electric and Engineering Company Limited Engineering Projects/ Capital Goods
437 Texmaco Rail & Engineering Limited Engineering Projects/ Capital Goods
438 Thangamayil Jewellery Limited Gems & Jewellery
439 The Bombay Dyeing and Manufacturing Company Limited Textiles
440 The Federal Bank Limited Banks
441 The Great Eastern Shipping Company Limited Shipping
442 The India Cements Limited Cement
443 The Indian Hotels Company Limited Hotels
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L12 Alphabetical Listing INDIA’S TOP 500 COMPANIES

Sr No Company Name Sector


444 The Indian Hume Pipe Company Limited Construction - Infrastructure Development
445 The Jammu and Kashmir Bank Limited Banks
446 The Karnataka Bank Limited Banks
447 The Karur Vysya Bank Limited Banks
448 The Lakshmi Vilas Bank Limited Banks
449 The Ramco Cements Limited Cement
450 The Shipping Corporation of India Limited Shipping
451 The South Indian Bank Limited Banks
452 The Supreme Industries Limited Plastic & Plastic Products
453 The Tata Power Company Limited Power
454 The West Coast Paper Mills Limited Paper & Paper Products
455 Thermax Limited Engineering Projects/ Capital Goods
456 Thomas Cook (India) Limited Travel & Tourism
457 Tide Water Oil Co. (India) Limited Specialty Oils & Lubricants
458 Time Technoplast Limited Plastic & Plastic Products
459 Titan Company Limited Gems & Jewellery
460 Torrent Pharmaceuticals Limited Pharmaceuticals
461 Torrent Power Limited Power
462 Transport Corporation Of India Limited Transport & Logistics
463 Trent Limited Retail
464 Tribhovandas Bhimji Zaveri Limited Gems & Jewellery
465 Trident Limited Textiles
466 Triveni Engineering & Industries Limited Sugar
467 TTK Prestige Limited Consumer Durables & Appliances
468 TVS Electronics Limited Trading & Distribution
469 TVS Motor Company Limited Automobile - Two/Three Wheelers
470 TVS Srichakra Limited Tyres
471 Uflex Limited Packaging & Allied Activities
472 UltraTech Cement Limited Cement
473 Unichem Laboratories Limited Pharmaceuticals
474 Union Bank of India Banks
475 United Bank of India* Banks
476 United Breweries Limited Alcoholic Beverages
477 United Spirits Limited Alcoholic Beverages
478 UPL Limited Agro Chemicals
479 VIP Industries Limited Others
480 VA Tech Wabag Limited Engineering Projects/ Capital Goods
481 Vakrangee Limited Software & BPM
482 Vardhman Textiles Limited Textiles
483 Varun Beverages Limited Food Products
484 Vedanta Limited Mining - Metals & Minerals
LIC/AR/18-19/07/ENG
INDIA’S TOP 500 COMPANIES Alphabetical Listing L13

Sr No Company Name Sector


485 Venky’s (India) Limited Food Products
486 V-Guard Industries Limited Electrical Products
487 Vijaya Bank Banks
488 Voltas Limited Consumer Durables & Appliances
489 VRL Logistics Limited Transport & Logistics
490 WABCO India Limited Auto Components
491 Welspun Corp Limited Metal Products
492 Welspun India Limited Textiles
493 Wheels India Limited Auto Components
494 Whirlpool of India Limited Consumer Durables & Appliances
495 Wipro Limited Software & BPM
496 Wockhardt Limited Pharmaceuticals
497 Yes Bank Limited Banks
498 Zee Entertainment Enterprises Limited Media & Broadcasting
499 Zensar Technologies Limited Software & BPM
500 Zuari Agro Chemicals Limited Fertilisers
Note: * The Company was placed under Prompt Corrective Action (PCA) as per the intimation received from the Reserve Bank of India (RBI)

LIC/AR/18-19/05/ENG
LIC/AR/18-19/07/ENG
INDIA’S TOP 500 COMPANIES Ranking By Total Income L15

Rank
Company Name Total Income (` Mn)
2018 2017
1 1 Indian Oil Corporation Limited 4,495,814.9
2 2 Reliance Industries Limited 2,737,500.0
3 4 Bharat Petroleum Corporation Limited 2,446,485.0
4 5 Hindustan Petroleum Corporation Limited 2,153,177.1
5 3 State Bank of India 2,109,791.7
6 6 Tata Consultancy Services Limited 972,610.0
7 7 Oil and Natural Gas Corporation Limited 854,558.6
8 9 HDFC Bank Limited 816,024.6
9 13 Maruti Suzuki India Limited 795,460.0
10 8 NTPC Limited 793,423.0
11 10 ICICI Bank Limited 736,607.6
12 11 Larsen & Toubro Limited 682,732.0
13 12 Bharti Airtel Limited 624,606.0
14 14 Infosys Limited 623,510.0
15 25 Mangalore Refinery and Petrochemicals Limited 598,536.9
16 27 ITC Limited 574,343.7
17 30 JSW Steel Limited 571,687.1
18 17 Axis Bank Limited 562,334.7
19 15 Punjab National Bank 562,273.6
20 23 Tata Steel Limited 536,754.2
21 26 Steel Authority Of India Limited 503,027.1
22 22 Tata Motors Limited 500,792.5
23 16 GAIL (India) Limited 500,592.6
24 18 Bank of Baroda 489,579.9
25 19 Canara Bank 489,420.4
26 20 Wipro Limited 486,178.0
27 24 Mahindra & Mahindra Limited 484,385.3
28 28 Vedanta Limited 482,453.4
29 21 Bank of India* 460,631.8
30 29 Rajesh Exports Limited 449,914.1
31 43 Chennai Petroleum Corporation Limited 406,475.7
32 33 Hindalco Industries Limited 403,882.9
33 - ICICI Prudential Life Insurance Company Limited 378,862.6
L16 Ranking By Total Income INDIA’S TOP 500 COMPANIES

Rank
Company Name Total Income (` Mn)
2018 2017
34 32 Union Bank of India 376,245.8
35 31 Idea Cellular Limited 354,756.7
36 34 Hindustan Unilever Limited 350,130.0
37 36 Housing Development Finance Corporation Limited 331,596.0
38 37 Hero MotoCorp Limited 313,685.5
39 41 Bharat Heavy Electricals Limited 304,710.8
40 45 UltraTech Cement Limited 278,223.7
41 38 Central Bank of India* 275,370.5
42 39 Power Finance Corporation Limited 270,185.7
43 50 Power Grid Corporation of India Limited 265,814.6
44 44 Syndicate Bank 264,611.8
45 100 United Spirits Limited 255,099.0
46 40 Petronet LNG Limited 249,626.7
47 47 Bajaj Auto Limited 243,100.0
48 46 Rural Electrification Corporation Limited 240,953.5
49 48 Tech Mahindra Limited 240,583.0
50 51 Corporation Bank* 225,617.8
51 57 Ashok Leyland Limited 214,679.4
52 60 Hindustan Zinc Limited 212,720.0
53 49 Oriental Bank of Commerce* 211,878.5
54 56 Kotak Mahindra Bank Limited 211,760.9
55 62 Yes Bank Limited 205,814.0
56 55 Andhra Bank 203,357.2
57 52 Allahabad Bank* 203,047.2
58 54 HCL Technologies Limited 202,736.4
59 61 Interglobe Aviation Limited 193,695.7
60 63 IndusInd Bank Limited 185,771.6
61 58 Indian Bank 182,511.2
62 128 Future Retail Limited 170,988.9
63 71 Redington (India) Limited 154,807.5
64 59 Coal India Limited 153,159.3
65 65 MRF Limited 150,780.1
66 70 Asian Paints Limited 146,613.3
67 69 PTC India Limited 143,128.2
68 73 LIC Housing Finance Limited 140,803.5
69 68 Vijaya Bank 140,307.1
70 64 Bank of Maharashtra* 135,700.3
71 83 TVS Motor Company Limited 133,634.3
72 79 Lupin Limited 128,416.2
73 82 Titan Company Limited 127,816.6
INDIA’S TOP 500 COMPANIES Ranking By Total Income L17

Rank
Company Name Total Income (` Mn)
2018 2017
74 - Avenue Supermarts Limited 119,124.1
75 85 Bosch Limited 118,600.0
76 67 Adani Power Limited 117,531.9
77 72 MMTC Limited 117,506.6
78 98 Grasim Industries Limited 117,268.8
79 80 United Bank of India* 116,145.3
80 86 Siemens Limited 116,030.0
81 102 Indiabulls Housing Finance Limited 113,171.7
82 76 ACC Limited 112,710.5
83 84 Oil India Limited 111,910.7
84 74 Cipla Limited 111,044.3
85 75 Reliance Infrastructure Limited 110,043.4
86 93 Shriram Transport Finance Company Limited 108,306.1
87 91 Dr. Reddy’S Laboratories Limited 103,110.0
88 164 United Breweries Limited 102,797.6
89 78 Coromandel International Limited 102,386.8
90 77 Torrent Power Limited 102,068.9
91 104 Apollo Tyres Limited 100,590.2
92 119 Shree Cement Limited 100,042.3
93 120 Bajaj Finance Limited 100,033.1
94 97 Aurobindo Pharma Limited 99,171.6
95 94 Ambuja Cements Limited 98,440.5
96 105 The Federal Bank Limited 97,591.9
97 110 NMDC Limited 97,384.5
98 117 Bharat Electronics Limited 96,114.5
99 197 IDFC Bank Limited 95,458.3
100 125 NLC India Limited 93,472.5
101 101 Adani Enterprises Limited 92,821.8
102 111 Nestlé India Limited 92,238.0
103 123 Dewan Housing Finance Corporation Limited 88,572.3
104 114 Britannia Industries Limited 88,291.7
105 99 Punjab & Sind Bank 87,509.7
106 108 NHPC Limited 87,298.4
107 115 Century Textiles and Industries Limited 87,291.6
108 112 ABB India Limited 87,136.4
109 127 Exide Industries Limited 87,025.3
110 121 National Aluminium Company Limited 84,582.9
111 113 Sun Pharmaceutical Industries Limited 83,211.1
112 135 Glenmark Pharmaceuticals Limited 82,437.4
113 124 PC Jeweller Limited 82,137.3
L18 Ranking By Total Income INDIA’S TOP 500 COMPANIES

Rank
Company Name Total Income (` Mn)
2018 2017
114 165 Eicher Motors Limited 81,713.7
115 96 The Tata Power Company Limited 81,318.9
116 106 NCC Limited 80,321.5
117 130 KEC International Limited 77,741.7
118 118 National Fertilizers Limited 77,078.1
119 132 Jindal Stainless (Hisar) Limited 76,362.5
120 95 Chambal Fertilisers and Chemicals Limited 76,090.6
121 133 UPL Limited 76,020.0
122 129 CESC Limited 73,666.3
123 103 Rashtriya Chemicals and Fertilizers Limited 72,911.5
124 122 The Jammu and Kashmir Bank Limited 71,786.6
125 156 Motherson Sumi Systems Limited 71,701.0
126 134 Bharti Infratel Limited 71,068.0
127 158 Havells India Limited 67,202.4
128 146 JK Tyre & Industries Limited 66,671.7
129 88 Tata Chemicals Limited 66,478.4
130 - Aditya Birla Fashion and Retail Limited 66,329.8
131 141 The South Indian Bank Limited 65,626.5
132 159 Apollo Hospitals Enterprise Limited 64,676.6
133 154 CEAT Limited 64,179.8
134 139 The Karur Vysya Bank Limited 64,045.7
135 - Larsen & Toubro Infotech Limited 63,812.0
136 142 NBCC (India) Limited 63,679.6
137 147 Vardhman Textiles Limited 62,958.7
138 145 Mahindra & Mahindra Financial Services Limited 62,375.4
139 153 Adani Ports and Special Economic Zone Limited 61,635.3
140 131 Jindal Saw Limited 61,503.6
141 149 Kwality Limited 61,445.7
142 148 DCM Shriram Limited 61,151.4
143 157 Arvind Limited 60,532.3
144 175 Amara Raja Batteries Limited 60,306.3
145 155 The Karnataka Bank Limited 59,947.4
146 140 Container Corporation Of India Limited 58,953.7
147 189 The India Cements Limited 57,940.4
148 168 Welspun India Limited 57,935.1
149 171 Muthoot Finance Limited 57,467.0
150 161 Voltas Limited 57,274.1
151 144 Simplex Infrastructures Limited 56,965.6
152 143 Dabur India Limited 56,444.8
153 169 Cummins India Limited 56,367.3
INDIA’S TOP 500 COMPANIES Ranking By Total Income L19

Rank
Company Name Total Income (` Mn)
2018 2017
154 - Prism Johnson Limited 55,552.4
155 136 Gujarat State Fertilizers & Chemicals Limited 55,335.3
156 173 Pidilite Industries Limited 54,087.5
157 183 Zee Entertainment Enterprises Limited 52,755.0
158 138 Gujarat Gas Limited 52,641.9
159 166 Apar Industries Limited 52,482.2
160 176 Gujarat Narmada Valley Fertilizers & Chemicals Limited 51,696.7
161 172 Godrej Consumer Products Limited 51,525.9
162 163 Marico Limited 51,307.4
163 - Dilip Buildcon Limited 51,090.7
164 184 Kalpataru Power Transmission Limited 50,600.8
165 167 Tata Communications Limited 50,512.4
166 180 CG Power and Industrial Solutions Limited 49,618.4
167 150 Torrent Pharmaceuticals Limited 48,922.8
168 378 Radico Khaitan Limited 48,876.0
169 210 Trident Limited 48,393.4
170 182 Mindtree Limited 48,159.0
171 196 Alkem Laboratories Limited 47,850.5
172 - Welspun Corp Limited 46,956.2
173 179 GlaxoSmithKline Consumer Healthcare Limited 46,649.7
174 192 Cholamandalam Investment and Finance Company Limited 46,603.5
175 193 Berger Paints India Limited 46,572.0
176 206 Kansai Nerolac Paints Limited 46,292.7
177 212 The Ramco Cements Limited 46,070.3
178 191 Colgate-Palmolive (India) Limited 45,600.1
179 216 J.K. Cement Limited 44,718.9
180 200 The Supreme Industries Limited 44,697.9
181 - RBL Bank Limited 44,686.2
182 190 Hindustan Construction Company Limited 44,581.4
183 285 Godfrey Phillips India Limited 44,428.1
184 205 Shriram City Union Finance Limited 44,345.3
185 219 Whirlpool of India Limited 44,333.7
186 211 JBF Industries Limited 44,078.7
187 217 DLF Limited 44,053.1
188 162 IL&FS Transportation Networks Limited 44,005.1
189 224 GE T&D India Limited 44,003.0
190 177 Kothari Products Limited 43,802.9
191 137 JSW Energy Limited 43,695.2
192 178 Bajaj Electricals Limited 43,338.5
193 - Endurance Technologies Limited 42,947.2
L20 Ranking By Total Income INDIA’S TOP 500 COMPANIES

Rank
Company Name Total Income (` Mn)
2018 2017
194 209 Indraprastha Gas Limited 42,877.3
195 215 Gokul Agro Resources Limited 42,686.4
196 213 SRF Limited 42,439.3
197 221 Escorts Limited 42,110.4
198 225 Hatsun Agro Products Limited 42,052.8
199 218 Blue Star Limited 41,834.7
200 202 Piramal Enterprises Limited 41,664.6
201 185 Bharat Forge Limited 41,656.2
202 208 Divi's Laboratories Limited 41,417.5
203 160 Zuari Agro Chemicals Limited 40,626.7
204 220 Balkrishna Industries Limited 40,374.1
205 107 Future Enterprises Limited 40,131.4
206 348 Crompton Greaves Consumer Electricals Limited 39,954.0
207 226 Birla Corporation Limited 39,855.5
208 187 Jain Irrigation Systems Limited 39,847.5
209 181 Thermax Limited 39,729.4
210 234 Vakrangee Limited 39,625.2
211 - PNB Housing Finance Limited 39,078.5
212 222 Uflex Limited 39,045.9
213 214 Oracle Financial Services Software Limited 38,999.7
214 230 Future Lifestyle Fashions Limited 38,837.0
215 195 JVL Agro Industries Limited 38,603.0
216 126 Cadila Healthcare Limited 38,576.0
217 227 Shoppers Stop Limited 36,776.1
218 249 Balrampur Chini Mills Limited 36,659.4
219 228 City Union Bank Limited 36,577.3
220 235 IRB Infrastructure Developers Limited 36,359.5
221 188 The Shipping Corporation Of India Limited 35,921.0
222 - India Glycols Limited 35,901.5
223 236 Force Motors Limited 35,795.1
224 261 Compuage Infocom Limited 35,704.8
225 260 Sanwaria Consumer Limited 35,261.9
226 232 BGR Energy Systems Limited 34,479.5
227 238 Surya Roshni Limited 34,135.9
228 231 Sadbhav Engineering Limited 34,078.4
229 229 Castrol India Limited 34,043.5
230 257 OCL India Limited 34,038.7
231 256 Gujarat Ambuja Exports Limited 33,972.3
232 - Quess Corp Limited 33,768.4
233 247 The Lakshmi Vilas Bank Limited 33,494.3
INDIA’S TOP 500 COMPANIES Ranking By Total Income L21

Rank
Company Name Total Income (` Mn)
2018 2017
234 262 JK Lakshmi Cement Limited 33,299.3
235 253 Supreme Petrochem Limited 32,237.9
236 - Cox & Kings Limited 32,100.0
237 237 Mphasis Limited 32,051.4
238 203 Isgec Heavy Engineering Limited 32,042.2
239 250 Akzo Nobel India Limited 31,837.0
240 248 Ipca Laboratories Limited 31,788.7
241 265 Sundram Fasteners Limited 31,718.4
242 - L&T Technology Services Limited 31,680.0
243 233 Tata Global Beverages Limited 31,602.3
244 223 KRBL Limited 31,539.4
245 286 Tamil Nadu Newsprint and Papers Limited 31,309.2
246 245 SJVN Limited 31,199.0
247 246 Glaxosmithkline Pharmaceuticals Limited 30,662.7
248 258 Aarti Industries Limited 30,527.3
249 243 RSWM Limited 30,277.8
250 291 LEEL Electricals Limited 30,244.1
251 - Varun Beverages Limited 30,193.8
252 207 Bayer CropScience Limited 30,185.0
253 274 TeamLease Services Limited 30,150.4
254 278 Finolex Industries Limited 30,119.8
255 302 Manappuram Finance Limited 30,084.3
256 - Triveni Engineering & Industries Limited 29,972.4
257 263 Abbott India Limited 29,963.3
258 242 Alembic Pharmaceuticals Limited 29,883.2
259 199 Inox Wind Limited 29,836.9
260 271 GHCL Limited 29,801.7
261 272 Kirloskar Oil Engines Limited 29,601.8
262 244 Raymond Limited 29,509.5
263 280 SKF India Limited 29,228.7
264 239 BEML Limited 28,971.1
265 254 ITD Cementation India Limited 28,913.2
266 276 Atul Limited 28,907.3
267 240 APL Apollo Tubes Limited 28,815.1
268 198 IFCI Limited 28,742.4
269 282 JK Paper Limited 27,904.8
270 264 Jindal Poly Films Limited 27,830.3
271 273 Finolex Cables Limited 27,709.6
272 283 Kajaria Ceramics Limited 27,454.5
273 341 Capital First Limited 27,268.5
L22 Ranking By Total Income INDIA’S TOP 500 COMPANIES

Rank
Company Name Total Income (` Mn)
2018 2017
274 255 Mukand Limited 27,254.6
275 275 Biocon Limited 27,172.0
276 268 Blue Dart Express Limited 27,086.9
277 293 Asian Star Company Limited 27,046.5
278 277 Sun TV Network Limited 27,038.0
279 295 KEI Industries Limited 26,795.0
280 259 Jubilant Life Sciences Limited 26,748.8
281 317 Avanti Feeds Limited 26,718.3
282 289 E.I.D.-Parry (India) Limited 26,312.1
283 - TVS Electronics Limited 26,264.4
284 288 Jubilant Foodworks Limited 25,605.5
285 304 Dhampur Sugar Mills Limited 25,586.1
286 299 Wockhardt Limited 25,458.3
287 284 Bata India Limited 25,438.9
288 266 Lakshmi Machine Works Limited 25,228.6
289 241 Mangalore Chemicals and Fertilizers Limited 25,118.6
290 307 Venky’s (India) Limited 25,096.7
291 310 3M India Limited 25,073.2
292 269 Procter & Gamble Hygiene and Health Care Limited 24,964.6
293 303 Honeywell Automation India Limited 24,827.5
294 281 Sundaram Finance Limited 24,582.9
295 292 The Indian Hotels Company Limited 24,451.1
296 301 Sanofi India Limited 24,394.0
297 309 PI Industries Limited 24,187.6
298 316 Sterlite Technologies Limited 24,120.8
299 287 Emami Limited 23,859.4
300 305 Asahi India Glass Limited 23,655.5
301 321 Gujarat Alkalies and Chemicals Limited 23,584.4
302 279 JMC Projects (India) Limited 23,427.1
303 326 DCB Bank Limited 23,256.0
304 330 Srei Infrastructure Finance Limited 22,996.2
305 335 WABCO India Limited 22,967.2
306 - Mahanagar Gas Limited 22,917.3
307 297 Sutlej Textiles and Industries Limited 22,869.4
308 294 Strides Shasun Limited 22,859.4
309 252 Prestige Estates Projects Limited 22,819.0
310 290 Heritage Foods Limited 22,778.5
311 313 D. B. Corp Limited 22,746.4
312 306 AIA Engineering Limited 22,613.7
313 267 Himachal Futuristic Communications Limited 22,608.6
INDIA’S TOP 500 COMPANIES Ranking By Total Income L23

Rank
Company Name Total Income (` Mn)
2018 2017
314 324 K.P.R. Mill Limited 22,462.6
315 325 HSIL Limited 22,344.5
316 347 Sobha Limited 22,273.7
317 298 The Great Eastern Shipping Company Limited 22,267.4
318 460 Huhtamaki PPL Limited 21,950.1
319 338 GE Power India Limited 21,867.8
320 386 Orient Cement Limited 21,835.6
321 320 Wheels India Limited 21,760.6
322 336 V-Guard Industries Limited 21,640.8
323 349 Page Industries Limited 21,564.0
324 315 Nahar Spinning Mills Limited 21,541.5
325 327 Phillips Carbon Black Limited 21,502.1
326 346 Gayatri Projects Limited 21,459.3
327 186 Deepak Fertilisers and Petrochemicals Corporation Limited 21,450.3
328 311 Pfizer Limited 21,430.9
329 312 TVS Srichakra Limited 21,406.5
330 319 Ashoka Buildcon Limited 21,238.2
331 332 Nilkamal Limited 21,068.6
332 343 Sunil Hitech Engineers Limited 21,045.7
333 342 LT Foods Limited 21,003.3
334 314 Indo Count Industries Limited 20,847.4
335 194 Reliance Capital Limited 20,710.0
336 352 PVR Limited 20,621.9
337 - Sakuma Exports Limited 20,277.6
338 362 HeidelbergCement India Limited 20,255.4
339 308 Magma Fincorp Limited 20,220.5
340 490 NATCO Pharma Limited 20,160.0
341 - IL&FS Engineering and Construction Company Limited 20,155.5
342 296 Dish TV India Limited 19,892.7
343 365 Johnson Controls-Hitachi Air Conditioning India Limited 19,773.2
344 334 Kkalpana Industries (India) Limited 19,572.7
345 - Laurus Labs Limited 19,487.8
346 364 Century Plyboards (India) Limited 19,430.1
347 345 Jagran Prakashan Limited 19,399.2
348 322 Electrosteel Castings Limited 19,291.2
349 369 Gokul Refoils & Solvent Limited 19,163.4
350 251 Balmer Lawrie & Co Limited 19,011.7
351 344 Orient Paper & Industries Limited 19,005.2
352 372 Ajanta Pharma Limited 18,896.6
353 350 Schaeffler India Limited 18,821.6
L24 Ranking By Total Income INDIA’S TOP 500 COMPANIES

Rank
Company Name Total Income (` Mn)
2018 2017
354 340 Responsive Industries Limited 18,816.5
355 358 The West Coast Paper Mills Limited 18,790.8
356 367 Greaves Cotton Limited 18,692.8
357 376 Linde India Limited 18,590.0
358 354 Somany Ceramics Limited 18,556.9
359 361 Kirloskar Brothers Limited 18,412.8
360 384 Persistent Systems Limited 18,275.9
361 323 Gillette India Limited 18,260.6
362 300 Transport Corporation Of India Limited 18,219.7
363 383 VA Tech Wabag Limited 18,196.3
364 356 VRL Logistics Limited 18,123.8
365 373 Mahindra CIE Automotive Limited 18,085.5
366 - The Indian Hume Pipe Company Limited 18,025.1
367 379 Trent Limited 17,970.5
368 366 Greenply Industries Limited 17,813.9
369 331 The Bombay Dyeing and Manufacturing Company Limited 17,802.4
370 359 Nectar Lifesciences Limited 17,662.8
371 419 Gujarat Mineral Development Corporation Limited 17,613.7
372 397 Bannari Amman Sugars Limited 17,575.1
373 387 IFB Industries Limited 17,518.7
374 380 Godawari Power & Ispat Limited 17,494.0
375 428 Brigade Enterprises Limited 17,477.4
376 442 Indian Metals and Ferro Alloys Limited 17,463.9
377 357 Relaxo Footwears Limited 17,398.4
378 - Thomas Cook (India) Limited 17,388.1
379 351 Nahar Industrial Enterprises Limited 17,372.9
380 318 PNC Infratech Limited 17,356.7
381 425 Jay Bharat Maruti Limited 17,334.7
382 423 Bharat Financial Inclusion Limited 17,279.0
383 363 Sunflag Iron and Steel Company Limited 17,209.8
384 377 Jyothy Laboratories Limited 17,095.6
385 - Parag Milk Foods Limited 17,078.1
386 204 Shirpur Gold Refinery Limited 17,069.3
387 388 Skipper Limited 17,060.9
388 368 Tribhovandas Bhimji Zaveri Limited 17,036.1
389 451 Dalmia Bharat Sugar and Industries Limited 16,977.6
390 389 Savita Oil Technologies Limited 16,963.2
391 409 Future Consumer Limited 16,794.4
392 375 INEOS Styrolution India Limited 16,732.5
393 353 Engineers India Limited 16,723.0
INDIA’S TOP 500 COMPANIES Ranking By Total Income L25

Rank
Company Name Total Income (` Mn)
2018 2017
394 374 McLeod Russel India Limited 16,698.8
395 392 Minda Industries Limited 16,642.6
396 393 Narayana Hrudayalaya Limited 16,640.6
397 400 Goodyear India Limited 16,600.1
398 418 Astral Poly Technik Limited 16,563.8
399 479 Maharashtra Seamless Limited 16,549.2
400 - Shriram Pistons & Rings Limited 16,547.5
401 414 Godrej Industries Limited 16,490.5
402 390 NIIT Technologies Limited 16,289.0
403 403 Hinduja Global Solutions Limited 16,248.2
404 382 Sangam (India) Limited 16,169.8
405 381 TTK Prestige Limited 16,103.8
406 - Adani Transmission Limited 16,083.0
407 405 Gujarat Fluorochemicals Limited 16,031.8
408 371 Siyaram Silk Mills Limited 15,994.3
409 402 Time Technoplast Limited 15,977.1
410 385 Sundaram-Clayton Limited 15,896.7
411 370 HT Media Limited 15,889.3
412 - KNR Constructions Limited 15,713.3
413 432 Filatex India Limited 15,620.0
414 430 Carborundum Universal Limited 15,541.0
415 424 Subros Limited 15,527.6
416 429 HBL Power Systems Limited 15,470.7
417 337 Southern Petrochemical Industries Corporation Limited 15,429.8
418 399 Gabriel India Limited 15,345.4
419 339 Polaris Consulting & Services Limited 15,307.1
420 426 Rallis India Limited 15,156.8
421 170 Sintex Industries Limited 15,141.6
422 443 DCM Shriram Industries Limited 15,051.4
423 - Fourth Dimension Solutions Limited 14,935.1
424 355 Ratnamani Metals & Tubes Limited 14,899.3
425 435 GRUH Finance Limited 14,873.9
426 - Himadri Speciality Chemical Limited 14,791.5
427 391 Munjal Showa Limited 14,757.6
428 408 Graphite India Limited 14,756.4
429 - Sheela Foam Limited 14,707.6
430 333 Rolta India Limited 14,684.3
431 398 Cosmo Films Limited 14,665.0
432 401 J. Kumar Infraprojects Limited 14,662.2
433 484 Himatsingka Seide Limited 14,399.9
L26 Ranking By Total Income INDIA’S TOP 500 COMPANIES

Rank
Company Name Total Income (` Mn)
2018 2017
434 453 Kalyani Steels Limited 14,354.1
435 438 Ahluwalia Contracts (India) Limited 14,349.6
436 420 Eveready Industries India Limited 14,282.6
437 441 Unichem Laboratories Limited 14,265.9
438 - Tata Metaliks Limited 14,115.5
439 427 Hexaware Technologies Limited 14,024.8
440 417 Granules India Limited 13,886.9
441 - RCI Industries & Technologies Limited 13,862.7
442 406 Gujarat Industries Power Company Limited 13,815.8
443 394 EIH Limited 13,767.8
444 412 Cyient Limited 13,736.0
445 457 SML Isuzu Limited 13,731.1
446 454 Grindwell Norton Limited 13,698.1
447 463 Maithan Alloys Limited 13,626.3
448 407 Fedders Electric and Engineering Limited 13,563.3
449 465 Century Enka Limited 13,547.1
450 480 Can Fin Homes Limited 13,531.2
451 452 PTC India Financial Services Limited 13,518.8
452 447 Steel Strips Wheels Limited 13,510.6
453 433 KPIT Technologies Limited 13,382.6
454 494 Hindustan Copper Limited 13,382.2
455 456 Flexituff International Limited 13,351.4
456 411 Federal-Mogul Goetze (India) Limited 13,284.6
457 444 Sudarshan Chemical Industries Limited 13,155.9
458 437 DCW Limited 13,102.4
459 439 Lumax Industries Limited 13,059.7
460 410 Power Mech Projects Limited 12,988.4
461 436 Thangamayil Jewellery Limited 12,947.8
462 431 Zensar Technologies Limited 12,945.0
463 445 VIP Industries Limited 12,825.7
464 413 Mafatlal Industries Limited 12,806.8
465 485 Techno Electric and Engineering Company Limited 12,780.3
466 459 International Paper APPM Limited 12,727.8
467 472 Syngene International Limited 12,716.0
468 470 Pricol Limited 12,684.3
469 474 Solar Industries India Limited 12,666.0
470 434 Banswara Syntex Limited 12,561.3
471 478 Tata Elxsi Limited 12,494.1
472 446 J.B. Chemicals & Pharmaceuticals Limited 12,445.8
473 - Competent Automobiles Company Limited 12,440.5
INDIA’S TOP 500 COMPANIES Ranking By Total Income L27

Rank
Company Name Total Income (` Mn)
2018 2017
474 - Texmaco Rail & Engineering Limited 12,350.8
475 461 Srikalahasthi Pipes Limited 12,338.7
476 416 Inox Leisure Limited 12,297.7
477 415 Deepak Nitrite Limited 12,255.0
478 462 Nandan Denim Limited 12,228.3
479 - MOIL Limited 12,109.7
480 - Sumeet Industries Limited 12,053.1
481 - Dhanlaxmi Bank Limited 12,000.7
482 440 Allcargo Logistics Limited 12,000.1
483 - Dwarikesh Sugar Industries Limited 11,998.4
484 - Bodal Chemicals Limited 11,909.1
485 467 eClerx Services Limited 11,905.0
486 496 Jindal Worldwide Limited 11,854.2
487 - Sharda Cropchem Limited 11,847.3
488 482 Sarda Energy & Minerals Limited 11,831.5
489 - CRISIL Limited 11,787.9
490 475 L.G. Balakrishnan & Bros Limited 11,758.8
491 476 JTEKT India Limited 11,722.1
492 448 Eros International Media Limited 11,646.6
493 421 Everest Industries Limited 11,644.4
494 497 Tide Water Oil Co. (India) Limited 11,606.8
495 - Emami Paper Mills Limited 11,568.2
496 493 Gulf Oil Lubricants India Limited 11,525.9
497 477 Automotive Axles Limited 11,488.2
498 - Prabhat Dairy Limited 11,482.7
499 468 Jamna Auto Industries Limited 11,428.0
500 489 Seshasayee Paper and Boards Limited 11,418.4
Note: * The Company was placed under Prompt Corrective Action (PCA) as per the intimation received from the Reserve Bank of India (RBI)
INDIA’S TOP 500 COMPANIES Ranking By Net Profit L29

Rank
Company Name Net Profit (` Mn)
2018 2017
1 1 Reliance Industries Limited 314,250.0
2 2 Tata Consultancy Services Limited 236,530.0
3 7 Indian Oil Corporation Limited 191,064.0
4 4 Oil and Natural Gas Corporation Limited 178,999.8
5 6 HDFC Bank Limited 145,496.4
6 3 Coal India Limited 145,005.3
7 5 Infosys Limited 138,180.0
8 22 Vedanta Limited 110,687.0
9 9 State Bank of India 104,841.0
10 10 ITC Limited 102,009.0
11 11 ICICI Bank Limited 98,010.9
12 8 NTPC Limited 93,852.6
13 13 Hindustan Zinc Limited 83,160.0
14 14 Wipro Limited 81,617.0
15 16 Bharat Petroleum Corporation Limited 80,393.0
16 20 Power Grid Corporation of India Limited 75,201.5
17 17 Housing Development Finance Corporation Limited 74,426.4
18 25 Maruti Suzuki India Limited 73,377.0
19 18 HCL Technologies Limited 68,726.9
20 21 Rural Electrification Corporation Limited 62,457.6
21 27 Hindustan Petroleum Corporation Limited 62,088.0
22 23 Larsen & Toubro Limited 54,537.4
23 26 Hindustan Unilever Limited 44,900.0
24 30 Mahindra & Mahindra Limited 39,556.5
25 28 Bajaj Auto Limited 38,275.6
26 12 Axis Bank Limited 36,792.8
27 65 Mangalore Refinery and Petrochemicals Limited 36,436.9
28 495 JSW Steel Limited 35,765.4
29 40 GAIL (India) Limited 35,029.1
30 24 Tata Steel Limited 34,445.5
31 44 Kotak Mahindra Bank Limited 34,115.0
32 31 Hero MotoCorp Limited 33,771.2
33 37 Yes Bank Limited 33,301.0
34 34 Lupin Limited 31,413.3
LIC/AR/18-19/05/ENG
L30 Ranking By Net Profit INDIA’S TOP 500 COMPANIES

Rank
Company Name Net Profit (` Mn)
2018 2017
35 35 Adani Ports and Special Economic Zone Limited 31,006.1
36 29 Tech Mahindra Limited 30,473.0
37 95 Dewan Housing Finance Corporation Limited 28,964.5
38 42 IndusInd Bank Limited 28,678.9
39 41 Indiabulls Housing Finance Limited 28,423.8
40 38 NHPC Limited 27,955.9
41 59 Bharti Infratel Limited 27,050.0
42 43 UltraTech Cement Limited 26,277.2
43 32 NMDC Limited 25,891.4
44 63 NLC India Limited 23,688.1
45 53 Glenmark Pharmaceuticals Limited 21,406.1
46 19 Power Finance Corporation Limited 21,263.9
47 49 LIC Housing Finance Limited 19,310.5
48 60 Bajaj Finance Limited 18,365.5
49 51 Asian Paints Limited 18,031.0
50 62 Bosch Limited 17,411.0
51 50 Aurobindo Pharma Limited 17,067.6
52 76 Petronet LNG Limited 17,056.7
53 - ICICI Prudential Life Insurance Company Limited 16,822.3
54 45 Interglobe Aviation Limited 16,591.9
55 68 Eicher Motors Limited 15,600.2
56 73 Grasim Industries Limited 15,600.0
57 114 Hindalco Industries Limited 15,568.9
58 39 Oil India Limited 15,486.8
59 56 Bharat Electronics Limited 15,476.2
60 54 SJVN Limited 15,441.4
61 52 MRF Limited 14,510.8
62 99 Indian Bank 14,056.8
63 57 Dr. Reddy’S Laboratories Limited 13,841.0
64 499 Bank of Baroda 13,831.4
65 115 Shree Cement Limited 13,391.1
66 497 Punjab National Bank 13,248.0
67 46 Reliance Infrastructure Limited 12,884.1
68 75 Oracle Financial Services Software Limited 12,881.0
69 64 Shriram Transport Finance Company Limited 12,573.4
70 96 Ashok Leyland Limited 12,230.8
71 84 Muthoot Finance Limited 11,798.3
72 33 Siemens Limited 11,336.0
73 493 Canara Bank 11,219.2
74 66 Divi's Laboratories Limited 10,532.7
LIC/AR/18-19/06/ENG
INDIA’S TOP 500 COMPANIES Ranking By Net Profit L31

Rank
Company Name Net Profit (` Mn)
2018 2017
75 79 Zee Entertainment Enterprises Limited 10,340.0
76 89 Chennai Petroleum Corporation Limited 10,297.5
77 138 IDFC Bank Limited 10,197.4
78 109 Vardhman Textiles Limited 10,015.9
79 74 Dabur India Limited 9,983.3
80 78 Sun TV Network Limited 9,794.1
81 55 Cipla Limited 9,749.4
82 86 Ambuja Cements Limited 9,700.9
83 - Larsen & Toubro Infotech Limited 9,376.0
84 126 Nestlé India Limited 9,265.4
85 110 Alkem Laboratories Limited 8,831.6
86 100 CESC Limited 8,628.6
87 87 Container Corporation Of India Limited 8,580.2
88 48 Torrent Pharmaceuticals Limited 8,542.2
89 92 Godrej Consumer Products Limited 8,480.3
90 91 Britannia Industries Limited 8,436.9
91 104 Marico Limited 8,427.0
92 135 The Federal Bank Limited 8,307.9
93 98 Motherson Sumi Systems Limited 8,273.0
94 81 Apollo Tyres Limited 8,027.6
95 67 Piramal Enterprises Limited 7,767.8
96 103 Pidilite Industries Limited 7,737.9
97 101 Titan Company Limited 7,618.6
98 154 Vijaya Bank 7,504.9
99 90 Cummins India Limited 7,346.3
100 169 Manappuram Finance Limited 7,260.3
101 122 Cholamandalam Investment and Finance Company Limited 7,187.4
102 123 Balkrishna Industries Limited 7,151.4
103 111 Exide Industries Limited 6,936.4
104 118 Tata Chemicals Limited 6,927.1
105 295 Tata Communications Limited 6,898.3
106 112 Castrol India Limited 6,749.1
107 93 National Aluminium Company Limited 6,685.3
108 47 Cadila Healthcare Limited 6,619.0
109 107 GlaxoSmithKline Consumer Healthcare Limited 6,566.8
110 127 The Ramco Cements Limited 6,492.9
111 139 Mphasis Limited 6,250.1
112 124 The Karur Vysya Bank Limited 6,059.8
113 119 ACC Limited 6,024.0
114 113 The Great Eastern Shipping Company Limited 6,013.9
LIC/AR/18-19/06/ENG

LIC/AR/18-19/07/ENG
L32 Ranking By Net Profit INDIA’S TOP 500 COMPANIES

Rank
Company Name Net Profit (` Mn)
2018 2017
115 71 DLF Limited 5,965.6
116 316 Balrampur Chini Mills Limited 5,922.9
117 160 Prestige Estates Projects Limited 5,891.0
118 105 Bharat Forge Limited 5,850.8
119 121 Colgate-Palmolive (India) Limited 5,774.3
120 146 Indraprastha Gas Limited 5,710.7
121 483 Corporation Bank* 5,612.1
122 143 TVS Motor Company Limited 5,580.8
123 130 Shriram City Union Finance Limited 5,560.6
124 58 Union Bank of India 5,552.1
125 97 Havells India Limited 5,390.4
126 - PNB Housing Finance Limited 5,237.3
127 152 Vakrangee Limited 5,229.5
128 166 DCM Shriram Limited 5,220.7
129 212 Gujarat Narmada Valley Fertilizers & Chemicals Limited 5,213.0
130 85 Biocon Limited 5,193.0
131 77 Kansai Nerolac Paints Limited 5,059.4
132 141 City Union Bank Limited 5,027.7
133 149 Ajanta Pharma Limited 4,998.1
134 485 Bharat Heavy Electricals Limited 4,958.6
135 134 Sundaram Finance Limited 4,953.5
136 247 NATCO Pharma Limited 4,948.0
137 116 Mindtree Limited 4,891.0
138 173 Voltas Limited 4,861.9
139 - Avenue Supermarts Limited 4,826.4
140 132 Amara Raja Batteries Limited 4,784.9
141 161 Coromandel International Limited 4,767.8
142 137 Rajesh Exports Limited 4,613.4
143 178 PI Industries Limited 4,573.7
144 148 The Karnataka Bank Limited 4,522.6
145 - L&T Technology Services Limited 4,490.0
146 165 Berger Paints India Limited 4,464.5
147 - RBL Bank Limited 4,460.5
148 144 Procter & Gamble Hygiene and Health Care Limited 4,327.3
149 83 Torrent Power Limited 4,323.6
150 106 Alembic Pharmaceuticals Limited 4,306.3
151 151 PC Jeweller Limited 4,305.3
152 327 Chambal Fertilisers and Chemicals Limited 4,251.0
153 155 Gujarat State Fertilizers & Chemicals Limited 4,195.0
154 70 Reliance Capital Limited 4,190.0
LIC/AR/18-19/05/ENG
INDIA’S TOP 500 COMPANIES Ranking By Net Profit L33

Rank
Company Name Net Profit (` Mn)
2018 2017
155 162 SRF Limited 4,188.2
156 120 AIA Engineering Limited 4,173.1
157 158 KRBL Limited 4,011.2
158 108 Mahindra & Mahindra Financial Services Limited 4,002.3
159 - Mahanagar Gas Limited 3,934.3
160 171 The South Indian Bank Limited 3,925.0
161 193 GHCL Limited 3,867.7
162 203 OCL India Limited 3,838.7
163 187 The Supreme Industries Limited 3,793.0
164 183 D. B. Corp Limited 3,773.1
165 184 ABB India Limited 3,762.5
166 450 Future Retail Limited 3,682.8
167 140 CEAT Limited 3,627.3
168 - Dilip Buildcon Limited 3,609.4
169 491 Syndicate Bank 3,589.5
170 172 Hexaware Technologies Limited 3,560.7
171 208 Finolex Industries Limited 3,521.8
172 179 NBCC (India) Limited 3,511.0
173 174 Emami Limited 3,463.7
174 153 PTC India Financial Services Limited 3,453.3
175 211 Trident Limited 3,369.8
176 157 Glaxosmithkline Pharmaceuticals Limited 3,367.8
176 214 Pfizer Limited 3,367.8
178 150 JK Tyre & Industries Limited 3,321.3
179 185 eClerx Services Limited 3,311.5
180 192 Engineers India Limited 3,250.4
181 202 Gujarat Mineral Development Corporation Limited 3,242.3
182 194 Jagran Prakashan Limited 3,160.6
183 198 Finolex Cables Limited 3,158.8
184 221 Sundram Fasteners Limited 3,154.8
185 199 Whirlpool of India Limited 3,104.9
186 215 Gujarat Alkalies and Chemicals Limited 3,081.0
187 218 Jindal Saw Limited 3,077.0
188 196 Aarti Industries Limited 3,066.8
189 117 Welspun India Limited 3,065.5
190 - MOIL Limited 3,058.3
191 176 Sanofi India Limited 2,970.0
192 200 GRUH Finance Limited 2,966.5
193 189 Persistent Systems Limited 2,940.3
194 182 Bayer CropScience Limited 2,910.0
LIC/AR/18-19/05/ENG

LIC/AR/18-19/06/ENG
L34 Ranking By Net Profit INDIA’S TOP 500 COMPANIES

Rank
Company Name Net Profit (` Mn)
2018 2017
195 207 PTC India Limited 2,908.7
196 304 Crompton Greaves Consumer Electricals Limited 2,906.9
197 181 Bharat Financial Inclusion Limited 2,896.9
198 216 Syngene International Limited 2,873.0
199 188 Atul Limited 2,853.0
200 159 Apollo Hospitals Enterprise Limited 2,851.5
201 478 E.I.D.-Parry (India) Limited 2,836.1
202 88 The Tata Power Company Limited 2,834.5
203 258 KEC International Limited 2,818.2
204 191 Abbott India Limited 2,766.5
205 125 Tata Global Beverages Limited 2,760.0
206 177 Arvind Limited 2,708.8
207 204 Kajaria Ceramics Limited 2,701.6
208 230 Kalpataru Power Transmission Limited 2,690.7
209 210 Page Industries Limited 2,662.8
210 280 Rallis India Limited 2,660.3
211 195 Tamil Nadu Newsprint and Papers Limited 2,645.6
212 310 J.K. Cement Limited 2,595.8
213 133 Inox Wind Limited 2,563.1
214 243 The Lakshmi Vilas Bank Limited 2,560.7
215 - CRISIL Limited 2,556.5
216 220 Gillette India Limited 2,530.8
217 473 Indian Metals and Ferro Alloys Limited 2,498.3
218 225 Akzo Nobel India Limited 2,470.0
219 102 UPL Limited 2,450.0
220 223 SKF India Limited 2,438.9
221 420 Dhampur Sugar Mills Limited 2,430.4
222 228 3M India Limited 2,407.6
223 266 K.P.R. Mill Limited 2,384.2
224 209 Cyient Limited 2,369.0
225 249 IL&FS Transportation Networks Limited 2,363.9
226 261 Can Fin Homes Limited 2,352.6
227 - Triveni Engineering & Industries Limited 2,335.6
228 186 United Breweries Limited 2,293.3
229 240 Gujarat Industries Power Company Limited 2,292.4
230 197 Indo Count Industries Limited 2,280.3
231 213 NCC Limited 2,255.0
232 131 Adani Enterprises Limited 2,216.4
233 - Endurance Technologies Limited 2,215.0
234 482 United Bank of India* 2,195.1
LIC/AR/18-19/07/ENG
INDIA’S TOP 500 COMPANIES Ranking By Net Profit L35

Rank
Company Name Net Profit (` Mn)
2018 2017
235 269 Gujarat Gas Limited 2,195.0
236 448 Jindal Stainless (Hisar) Limited 2,180.2
237 263 Capital First Limited 2,168.6
238 259 Birla Corporation Limited 2,140.0
239 224 WABCO India Limited 2,134.8
240 201 PNC Infratech Limited 2,096.9
241 234 National Fertilizers Limited 2,081.6
242 175 IRB Infrastructure Developers Limited 2,032.4
243 - Laurus Labs Limited 2,025.7
244 254 Jyothy Laboratories Limited 2,020.5
245 239 Redington (India) Limited 2,016.8
246 170 Punjab & Sind Bank 2,010.8
247 235 DCB Bank Limited 1,996.8
248 338 Maithan Alloys Limited 1,976.9
249 267 Avanti Feeds Limited 1,953.3
250 72 JSW Energy Limited 1,947.5
251 232 Schaeffler India Limited 1,945.0
252 229 Uflex Limited 1,935.5
253 217 Lakshmi Machine Works Limited 1,906.0
254 - Sharda Cropchem Limited 1,887.5
255 248 Isgec Heavy Engineering Limited 1,886.3
256 323 Ipca Laboratories Limited 1,882.9
257 278 Sadbhav Engineering Limited 1,878.5
258 - Varun Beverages Limited 1,867.3
259 250 Century Plyboards (India) Limited 1,855.6
260 256 Ashoka Buildcon Limited 1,839.6
261 374 Dalmia Bharat Sugar and Industries Limited 1,834.2
262 262 Apar Industries Limited 1,823.2
263 - Cox & Kings Limited 1,813.4
264 231 Greaves Cotton Limited 1,806.3
265 205 Zensar Technologies Limited 1,802.2
266 244 Force Motors Limited 1,799.2
267 349 Supreme Petrochem Limited 1,794.1
268 237 Rashtriya Chemicals and Fertilizers Limited 1,792.6
269 245 Himatsingka Seide Limited 1,768.4
270 - Welspun Corp Limited 1,746.0
271 129 Andhra Bank 1,743.3
272 273 Kirloskar Oil Engines Limited 1,736.2
273 276 The India Cements Limited 1,733.5
274 268 Tata Elxsi Limited 1,732.9
LIC/AR/18-19/05/ENG
LIC/AR/18-19/07/ENG
L36 Ranking By Net Profit INDIA’S TOP 500 COMPANIES

Rank
Company Name Net Profit (` Mn)
2018 2017
275 246 J.B. Chemicals & Pharmaceuticals Limited 1,729.6
276 252 Balmer Lawrie & Co Limited 1,704.2
277 69 United Spirits Limited 1,699.0
278 275 Honeywell Automation India Limited 1,694.5
279 226 KPIT Technologies Limited 1,692.9
280 270 Brigade Enterprises Limited 1,651.2
281 236 NIIT Technologies Limited 1,649.0
282 271 Kwality Limited 1,643.0
283 354 Jain Irrigation Systems Limited 1,638.0
284 335 JK Paper Limited 1,628.3
285 145 Dish TV India Limited 1,626.9
286 325 Escorts Limited 1,604.4
287 283 Deepak Fertilisers and Petrochemicals Corporation Limited 1,601.5
288 219 Bata India Limited 1,587.5
289 307 Gujarat Ambuja Exports Limited 1,585.5
290 - Dwarikesh Sugar Industries Limited 1,584.7
291 272 Sutlej Textiles and Industries Limited 1,579.4
292 - KNR Constructions Limited 1,572.5
293 294 Kalyani Steels Limited 1,559.2
294 233 TVS Srichakra Limited 1,553.3
295 298 V-Guard Industries Limited 1,518.0
296 305 Gujarat Fluorochemicals Limited 1,462.9
297 406 Maharashtra Seamless Limited 1,455.2
298 429 Techno Electric and Engineering Company Limited 1,454.7
299 421 Bannari Amman Sugars Limited 1,451.7
300 180 Thermax Limited 1,448.3
301 253 Ratnamani Metals & Tubes Limited 1,443.0
302 291 TTK Prestige Limited 1,430.0
303 284 Granules India Limited 1,428.3
304 227 The Indian Hotels Company Limited 1,419.4
305 242 Sterlite Technologies Limited 1,407.4
306 257 Srikalahasthi Pipes Limited 1,402.3
307 277 Sobha Limited 1,402.1
308 238 Blue Dart Express Limited 1,395.7
309 419 Wockhardt Limited 1,371.2
310 251 Godfrey Phillips India Limited 1,363.5
311 156 The Shipping Corporation Of India Limited 1,355.2
312 279 Greenply Industries Limited 1,350.7
313 369 Hatsun Agro Products Limited 1,339.7
314 299 Solar Industries India Limited 1,325.8
LIC/AR/18-19/06/ENG
INDIA’S TOP 500 COMPANIES Ranking By Net Profit L37

Rank
Company Name Net Profit (` Mn)
2018 2017
315 409 Sarda Energy & Minerals Limited 1,312.0
316 319 Asahi India Glass Limited 1,306.8
317 296 Eros International Media Limited 1,303.9
318 412 Seshasayee Paper and Boards Limited 1,288.4
319 - Bodal Chemicals Limited 1,286.1
320 459 The West Coast Paper Mills Limited 1,285.0
321 128 Sintex Industries Limited 1,274.8
322 318 Goodyear India Limited 1,273.7
323 425 Venky’s (India) Limited 1,247.4
324 488 CG Power and Industrial Solutions Limited 1,244.6
325 286 Himachal Futuristic Communications Limited 1,237.2
326 285 Relaxo Footwears Limited 1,229.7
327 290 Carborundum Universal Limited 1,217.8
328 315 Gulf Oil Lubricants India Limited 1,210.8
329 417 DCM Shriram Industries Limited 1,205.2
330 356 Simplex Infrastructures Limited 1,202.7
331 306 Nilkamal Limited 1,184.5
332 - Shriram Pistons & Rings Limited 1,181.0
333 - Tata Metaliks Limited 1,160.5
334 311 Grindwell Norton Limited 1,160.1
335 222 Jindal Poly Films Limited 1,136.1
336 333 Graphite India Limited 1,122.8
337 358 Deepak Nitrite Limited 1,120.4
338 282 Blue Star Limited 1,119.7
339 301 Cosmo Films Limited 1,115.5
340 321 Skipper Limited 1,115.0
341 - Sheela Foam Limited 1,104.8
342 255 Strides Shasun Limited 1,085.4
343 320 Bajaj Electricals Limited 1,076.6
344 340 Trent Limited 1,068.7
345 351 Astral Poly Technik Limited 1,066.3
346 281 Allcargo Logistics Limited 1,063.2
347 274 Sundaram-Clayton Limited 1,055.9
348 308 J. Kumar Infraprojects Limited 1,055.1
349 297 Rolta India Limited 1,054.9
350 472 Century Textiles and Industries Limited 1,049.9
351 314 Unichem Laboratories Limited 1,038.7
352 352 Jamna Auto Industries Limited 1,033.7
353 289 HSIL Limited 1,030.1
354 341 Tide Water Oil Co. (India) Limited 1,029.3
LIC/AR/18-19/06/ENG

LIC/AR/18-19/07/ENG
L38 Ranking By Net Profit INDIA’S TOP 500 COMPANIES

Rank
Company Name Net Profit (` Mn)
2018 2017
355 287 Hinduja Global Solutions Limited 1,015.3
356 303 RSWM Limited 1,009.7
357 324 Polaris Consulting & Services Limited 993.4
358 - The Indian Hume Pipe Company Limited 987.8
359 363 KEI Industries Limited 986.4
360 312 EIH Limited 965.4
361 377 Srei Infrastructure Finance Limited 960.7
362 379 Narayana Hrudayalaya Limited 951.1
363 317 Time Technoplast Limited 949.0
364 336 Minda Industries Limited 948.2
365 391 Eveready Industries India Limited 936.3
366 415 Savita Oil Technologies Limited 936.2
367 293 PVR Limited 929.2
368 326 Siyaram Silk Mills Limited 910.1
369 370 Century Enka Limited 909.7
370 - Quess Corp Limited 902.1
371 353 Sudarshan Chemical Industries Limited 894.1
372 367 Somany Ceramics Limited 860.9
373 330 Ahluwalia Contracts (India) Limited 860.0
374 393 Huhtamaki PPL Limited 851.5
375 381 LEEL Electricals Limited 851.4
376 385 BEML Limited 844.5
377 462 JK Lakshmi Cement Limited 820.0
378 348 Gabriel India Limited 816.2
379 - Himadri Speciality Chemical Limited 811.7
380 392 Johnson Controls-Hitachi Air Conditioning India Limited 810.4
381 347 Radico Khaitan Limited 806.1
382 337 Jubilant Life Sciences Limited 791.9
383 372 Electrosteel Castings Limited 772.8
384 407 HeidelbergCement India Limited 762.1
385 359 VIP Industries Limited 759.8
386 288 VA Tech Wabag Limited 749.8
387 396 Federal-Mogul Goetze (India) Limited 719.9
388 365 Steel Strips Wheels Limited 710.4
389 309 VRL Logistics Limited 704.7
390 373 Gayatri Projects Limited 704.3
391 328 Transport Corporation Of India Limited 702.6
392 399 Nahar Industrial Enterprises Limited 701.3
393 439 Phillips Carbon Black Limited 695.2
394 361 INEOS Styrolution India Limited 692.8
LIC/AR/18-19/05/ENG
INDIA’S TOP 500 COMPANIES Ranking By Net Profit L39

Rank
Company Name Net Profit (` Mn)
2018 2017
395 292 Jubilant Foodworks Limited 672.5
396 383 Heritage Foods Limited 668.2
397 403 Jindal Worldwide Limited 665.6
398 364 Surya Roshni Limited 662.2
399 378 Sunflag Iron and Steel Company Limited 651.7
400 388 Kothari Products Limited 645.1
401 350 Power Mech Projects Limited 636.8
402 390 SML Isuzu Limited 628.1
403 397 Hindustan Copper Limited 619.4
404 376 L.G. Balakrishnan & Bros Limited 615.5
405 302 HT Media Limited 615.1
406 329 Hindustan Construction Company Limited 594.1
407 401 JMC Projects (India) Limited 593.8
408 404 Wheels India Limited 593.1
409 384 MMTC Limited 570.6
410 360 Nandan Denim Limited 566.7
411 436 TeamLease Services Limited 566.3
412 366 Munjal Showa Limited 565.5
413 371 Nectar Lifesciences Limited 551.3
414 346 Sangam (India) Limited 546.0
415 402 Jay Bharat Maruti Limited 537.7
416 - Aditya Birla Fashion and Retail Limited 535.0
417 400 Mahindra CIE Automotive Limited 514.5
418 422 IFB Industries Limited 509.7
419 440 Orient Paper & Industries Limited 505.9
420 414 Automotive Axles Limited 485.8
421 475 ITD Cementation India Limited 481.0
422 389 Nahar Spinning Mills Limited 459.7
423 398 Pricol Limited 457.7
424 426 Future Lifestyle Fashions Limited 456.7
425 410 Lumax Industries Limited 451.8
426 - India Glycols Limited 445.2
427 408 Asian Star Company Limited 444.8
428 418 BGR Energy Systems Limited 441.5
429 447 Sanwaria Consumer Limited 439.7
430 455 Future Enterprises Limited 435.6
431 480 The Bombay Dyeing and Manufacturing Company Limited 417.1
432 430 Filatex India Limited 412.0
433 394 Sunil Hitech Engineers Limited 400.7
434 423 APL Apollo Tubes Limited 393.3
LIC/AR/18-19/05/ENG

LIC/AR/18-19/06/ENG
L40 Ranking By Net Profit INDIA’S TOP 500 COMPANIES

Rank
Company Name Net Profit (` Mn)
2018 2017
435 - Sumeet Industries Limited 367.3
436 357 JBF Industries Limited 356.3
437 441 HBL Power Systems Limited 356.1
438 334 Raymond Limited 338.3
439 - Texmaco Rail & Engineering Limited 335.7
440 456 Kirloskar Brothers Limited 330.0
441 395 JVL Agro Industries Limited 323.9
442 411 International Paper APPM Limited 313.1
443 449 McLeod Russel India Limited 305.3
444 342 Inox Leisure Limited 304.8
445 424 LT Foods Limited 301.4
446 434 Southern Petrochemical Industries Corporation Limited 273.9
447 - Prabhat Dairy Limited 273.0
448 - Emami Paper Mills Limited 259.4
449 457 Kkalpana Industries (India) Limited 257.4
450 433 JTEKT India Limited 235.9
451 - Fourth Dimension Solutions Limited 219.6
452 444 Responsive Industries Limited 206.7
453 427 Fedders Electric and Engineering Limited 205.6
454 451 Gokul Agro Resources Limited 202.5
455 442 DCW Limited 201.5
456 469 Zuari Agro Chemicals Limited 195.9
457 481 Mangalore Chemicals and Fertilizers Limited 194.1
458 470 Tribhovandas Bhimji Zaveri Limited 185.3
459 452 Compuage Infocom Limited 176.7
460 - Prism Johnson Limited 175.1
461 428 Banswara Syntex Limited 165.8
462 - Sakuma Exports Limited 146.0
463 437 Subros Limited 140.4
464 458 Thangamayil Jewellery Limited 139.5
465 - Dhanlaxmi Bank Limited 123.8
466 - Competent Automobiles Company Limited 121.2
467 - Parag Milk Foods Limited 100.2
468 438 Linde India Limited 93.4
469 466 Flexituff International Limited 86.1
470 477 Future Consumer Limited 77.8
471 - TVS Electronics Limited 71.6
472 - RCI Industries & Technologies Limited 70.7
473 241 Magma Fincorp Limited 61.0
474 453 Shirpur Gold Refinery Limited 50.0
LIC/AR/18-19/07/ENG
INDIA’S TOP 500 COMPANIES Ranking By Net Profit L41

Rank
Company Name Net Profit (` Mn)
2018 2017
475 - Adani Transmission Limited 38.5
476 413 Everest Industries Limited 24.6
477 - IL&FS Engineering and Construction Company Limited 23.0
478 479 GE Power India Limited 2.9
479 463 Gokul Refoils & Solvent Limited 2.3
480 446 Mafatlal Industries Limited (21.5)
481 - Thomas Cook (India) Limited (83.6)
482 432 Shoppers Stop Limited (199.4)
483 362 Orient Cement Limited (321.0)
484 487 Sun Pharmaceutical Industries Limited (349.5)
485 468 Mukand Limited (418.1)
486 476 Godawari Power & Ispat Limited (774.4)
487 343 GE T&D India Limited (866.6)
488 260 Godrej Industries Limited (1,452.4)
489 484 Allahabad Bank* (3,135.2)
490 168 IFCI Limited (4,584.9)
491 36 Idea Cellular Limited (8,310.8)
492 265 Oriental Bank of Commerce* (10,940.7)
493 313 Bank of Maharashtra* (13,725.1)
494 500 Bank of India* (15,583.1)
495 147 The Jammu and Kashmir Bank Limited (16,322.9)
496 489 Central Bank of India* (24,391.0)
497 206 Tata Motors Limited (24,799.9)
498 498 Steel Authority Of India Limited (28,332.4)
499 464 Adani Power Limited (60,543.4)
500 15 Bharti Airtel Limited (99,256.0)
Note: * The Company was placed under Prompt Corrective Action (PCA) as per the intimation received from the Reserve Bank of India (RBI)

LIC/AR/18-19/05/ENG
LIC/AR/18-19/07/ENG
INDIA’S TOP 500 COMPANIES Ranking By Net Worth L43

Rank
Company Name Net Worth (` Mn)
2018 2017
1 1 Reliance Industries Limited 2,883,130.0
2 2 Oil and Natural Gas Corporation Limited 1,855,383.8
3 3 State Bank of India 1,567,004.1
4 6 Bharti Airtel Limited 1,012,073.0
5 7 Indian Oil Corporation Limited 997,287.2
6 5 ICICI Bank Limited 969,089.4
7 4 NTPC Limited 962,312.3
8 8 HDFC Bank Limited 894,623.6
9 17 Vedanta Limited 797,681.0
10 10 Tata Consultancy Services Limited 780,220.0
11 11 Infosys Limited 680,170.0
12 12 Axis Bank Limited 557,625.4
13 13 Power Grid Corporation of India Limited 498,072.5
14 9 Tata Steel Limited 481,798.3
15 20 Hindalco Industries Limited 473,325.6
16 14 Wipro Limited 467,056.0
17 15 Larsen & Toubro Limited 460,127.4
18 26 ITC Limited 453,409.6
19 24 Housing Development Finance Corporation Limited 396,453.8
20 30 GAIL (India) Limited 381,493.7
21 23 Punjab National Bank 380,964.4
22 21 Bank of Baroda 367,272.9
23 22 Power Finance Corporation Limited 364,702.1
24 35 Maruti Suzuki India Limited 361,711.0
25 16 Steel Authority Of India Limited 360,090.6
26 32 Rural Electrification Corporation Limited 333,255.9
27 25 Bharat Heavy Electricals Limited 322,944.4
28 18 Hindustan Zinc Limited 308,050.0
29 34 Bharat Petroleum Corporation Limited 296,683.8
30 39 Oil India Limited 290,904.9
31 29 Canara Bank 283,123.9
32 37 Kotak Mahindra Bank Limited 276,179.5
33 33 NHPC Limited 269,421.3
34 27 Bank of India* 268,003.7
L44 Ranking By Net Worth INDIA’S TOP 500 COMPANIES

Rank
Company Name Net Worth (` Mn)
2018 2017
35 42 HCL Technologies Limited 259,462.9
36 41 Mahindra & Mahindra Limited 256,695.6
37 44 JSW Steel Limited 240,981.0
38 46 UltraTech Cement Limited 239,410.1
39 36 Idea Cellular Limited 237,237.6
40 31 NMDC Limited 225,189.4
41 56 Yes Bank Limited 220,540.6
42 47 Union Bank of India 215,194.0
43 45 Reliance Infrastructure Limited 209,951.4
44 43 Sun Pharmaceutical Industries Limited 208,715.1
45 38 Tata Motors Limited 208,091.5
46 49 Hindustan Petroleum Corporation Limited 203,474.1
47 51 IndusInd Bank Limited 202,715.3
48 78 Ambuja Cements Limited 190,735.6
49 67 Bajaj Auto Limited 170,341.3
50 60 Tech Mahindra Limited 168,902.0
51 59 Adani Ports and Special Economic Zone Limited 168,648.5
52 54 The Tata Power Company Limited 165,485.6
53 48 Bharti Infratel Limited 162,371.0
54 65 Grasim Industries Limited 162,309.8
55 70 Lupin Limited 147,802.4
56 55 Central Bank of India* 147,457.6
57 50 DLF Limited 147,033.8
58 58 IDFC Bank Limited 146,780.6
59 61 Indian Bank 144,615.8
60 68 Piramal Enterprises Limited 144,226.0
61 52 Coal India Limited 139,198.0
62 63 Reliance Capital Limited 137,010.0
63 93 CESC Limited 133,237.5
64 66 Cipla Limited 128,005.1
65 57 Oriental Bank of Commerce* 126,729.4
66 72 Syndicate Bank 125,885.6
67 53 NLC India Limited 121,986.2
68 73 Allahabad Bank* 121,139.4
69 76 Corporation Bank* 120,486.6
70 77 Indiabulls Housing Finance Limited 117,841.4
71 69 Dr. Reddy’S Laboratories Limited 116,006.0
72 74 SJVN Limited 114,838.3
73 81 Shriram Transport Finance Company Limited 113,022.3
74 82 LIC Housing Finance Limited 110,770.3
INDIA’S TOP 500 COMPANIES Ranking By Net Worth L45

Rank
Company Name Net Worth (` Mn)
2018 2017
75 80 Andhra Bank 105,169.3
76 64 National Aluminium Company Limited 102,057.9
77 92 Hero MotoCorp Limited 101,112.9
78 106 Mangalore Refinery and Petrochemicals Limited 100,704.9
79 96 Bajaj Finance Limited 96,003.1
80 97 Glenmark Pharmaceuticals Limited 94,366.2
81 87 Tata Communications Limited 92,552.1
82 91 The Federal Bank Limited 89,373.7
83 108 Tata Chemicals Limited 88,554.5
84 90 Container Corporation Of India Limited 88,462.0
85 88 Bosch Limited 87,996.0
86 86 ACC Limited 86,614.4
87 101 MRF Limited 85,444.2
88 99 Aurobindo Pharma Limited 84,361.8
89 89 JSW Energy Limited 83,935.6
90 109 Petronet LNG Limited 80,938.9
91 121 Dewan Housing Finance Corporation Limited 79,958.0
92 135 UPL Limited 77,500.0
93 104 Siemens Limited 77,047.0
94 111 Shree Cement Limited 76,981.4
95 84 Bharat Electronics Limited 75,085.4
96 102 Vijaya Bank 73,210.2
97 122 Asian Paints Limited 69,509.8
98 95 Torrent Power Limited 68,844.8
99 98 The Shipping Corporation Of India Limited 68,673.8
100 116 United Bank of India* 68,427.8
101 112 Cadila Healthcare Limited 66,183.0
102 159 Biocon Limited 65,402.0
103 115 Muthoot Finance Limited 65,164.4
104 143 Hindustan Unilever Limited 64,900.0
105 113 Mahindra & Mahindra Financial Services Limited 64,772.4
106 - ICICI Prudential Life Insurance Company Limited 63,962.6
107 94 Bank of Maharashtra* 61,730.6
108 129 Ashok Leyland Limited 61,260.7
109 107 IFCI Limited 59,471.2
110 192 Motherson Sumi Systems Limited 58,027.0
111 - PNB Housing Finance Limited 55,773.1
112 117 Jindal Saw Limited 55,638.7
113 131 Divi's Laboratories Limited 54,089.1
114 136 Apollo Tyres Limited 53,311.9
L46 Ranking By Net Worth INDIA’S TOP 500 COMPANIES

Rank
Company Name Net Worth (` Mn)
2018 2017
115 119 Punjab & Sind Bank 52,691.5
116 118 The Great Eastern Shipping Company Limited 51,620.2
117 154 The India Cements Limited 51,099.0
118 105 The Jammu and Kashmir Bank Limited 50,416.7
119 126 The Karur Vysya Bank Limited 50,356.9
120 128 Shriram City Union Finance Limited 50,284.1
121 130 Exide Industries Limited 49,635.9
122 124 Gujarat State Fertilizers & Chemicals Limited 49,563.3
123 132 Prestige Estates Projects Limited 47,428.0
124 142 The Karnataka Bank Limited 47,190.5
125 127 Mphasis Limited 46,953.3
126 83 Adani Power Limited 46,733.3
127 141 The South Indian Bank Limited 46,046.4
128 144 Torrent Pharmaceuticals Limited 44,537.1
129 120 Zee Entertainment Enterprises Limited 44,216.0
130 139 Godrej Consumer Products Limited 43,979.3
131 149 Alkem Laboratories Limited 43,926.5
132 - RBL Bank Limited 43,346.2
133 187 Jain Irrigation Systems Limited 43,165.0
134 145 Cholamandalam Investment and Finance Company Limited 43,126.7
135 150 Titan Company Limited 43,120.1
136 147 Bharat Forge Limited 42,319.3
137 134 CG Power and Industrial Solutions Limited 41,992.9
138 151 Sun TV Network Limited 40,217.5
139 146 Vardhman Textiles Limited 39,858.5
140 155 Gujarat Mineral Development Corporation Limited 39,755.2
141 206 Eicher Motors Limited 39,225.9
142 123 Sintex Industries Limited 39,064.5
143 170 Rolta India Limited 39,057.6
144 - Avenue Supermarts Limited 38,370.6
145 156 Future Enterprises Limited 38,098.0
146 181 Gujarat Narmada Valley Fertilizers & Chemicals Limited 38,015.9
147 231 Interglobe Aviation Limited 37,792.2
148 148 Adani Enterprises Limited 37,671.8
149 168 Tata Global Beverages Limited 37,626.9
150 157 Sundaram Finance Limited 37,456.2
151 161 Cummins India Limited 37,421.7
152 160 Rajesh Exports Limited 37,415.3
153 163 The Ramco Cements Limited 37,415.1
154 169 Dabur India Limited 36,578.8
INDIA’S TOP 500 COMPANIES Ranking By Net Worth L47

Rank
Company Name Net Worth (` Mn)
2018 2017
155 152 Apollo Hospitals Enterprise Limited 35,790.2
156 164 City Union Bank Limited 35,701.9
157 175 Balkrishna Industries Limited 35,485.6
158 196 Mahindra CIE Automotive Limited 34,635.8
159 153 NCC Limited 34,422.9
160 174 Pidilite Industries Limited 33,993.5
161 198 PC Jeweller Limited 33,667.8
162 199 Gujarat Alkalies and Chemicals Limited 33,567.8
163 158 Chennai Petroleum Corporation Limited 33,138.1
164 178 Manappuram Finance Limited 33,107.5
165 165 ABB India Limited 32,827.8
166 184 Havells India Limited 32,735.8
167 177 Arvind Limited 32,417.1
168 162 Strides Shasun Limited 32,325.3
169 180 Birla Corporation Limited 31,741.3
170 183 SRF Limited 31,448.5
171 191 GlaxoSmithKline Consumer Healthcare Limited 31,226.7
172 176 PTC India Limited 30,748.8
173 167 Gujarat Fluorochemicals Limited 30,364.0
174 172 Nestlé India Limited 30,137.0
175 213 Voltas Limited 29,848.2
176 - Larsen & Toubro Infotech Limited 29,769.0
177 194 Indraprastha Gas Limited 29,265.6
178 171 Rashtriya Chemicals and Fertilizers Limited 29,250.2
179 186 Marico Limited 29,242.4
180 179 Srei Infrastructure Finance Limited 28,649.8
181 215 Electrosteel Castings Limited 28,645.0
182 - Cox & Kings Limited 28,562.3
183 133 IL&FS Transportation Networks Limited 28,291.2
184 195 Coromandel International Limited 28,119.3
185 - MOIL Limited 28,053.5
186 201 Kansai Nerolac Paints Limited 28,053.2
187 182 Engineers India Limited 27,759.6
188 193 Mindtree Limited 27,578.0
189 238 Trident Limited 27,245.0
190 228 Hindustan Construction Company Limited 26,899.8
191 166 Oracle Financial Services Software Limited 26,759.2
192 138 The Indian Hotels Company Limited 26,159.0
193 212 Amara Raja Batteries Limited 25,930.7
194 241 Britannia Industries Limited 25,819.8
L48 Ranking By Net Worth INDIA’S TOP 500 COMPANIES

Rank
Company Name Net Worth (` Mn)
2018 2017
195 189 EIH Limited 25,595.0
196 227 Future Retail Limited 25,536.6
197 207 DCM Shriram Limited 25,401.3
198 203 Chambal Fertilisers and Chemicals Limited 25,352.4
199 190 Sobha Limited 25,145.7
200 197 IRB Infrastructure Developers Limited 25,053.6
201 205 Century Textiles and Industries Limited 24,818.6
202 204 Kalpataru Power Transmission Limited 24,784.2
203 200 Ipca Laboratories Limited 24,751.1
204 276 Bharat Financial Inclusion Limited 24,467.3
205 214 AIA Engineering Limited 24,220.8
206 236 PTC India Financial Services Limited 24,192.7
207 208 Pfizer Limited 24,188.8
208 188 Thermax Limited 24,097.6
209 221 TVS Motor Company Limited 24,083.3
210 273 OCL India Limited 23,554.0
211 210 United Breweries Limited 23,325.2
212 216 CEAT Limited 23,061.5
213 324 Finolex Industries Limited 22,913.9
214 202 Maharashtra Seamless Limited 22,750.5
215 264 Capital First Limited 22,372.1
216 217 Gujarat Industries Power Company Limited 22,359.8
217 226 Welspun India Limited 22,010.1
218 209 BEML Limited 21,815.6
219 224 Inox Wind Limited 21,648.9
220 - Varun Beverages Limited 21,418.7
221 - Adani Transmission Limited 21,209.9
222 254 Vakrangee Limited 20,605.0
223 235 Bayer CropScience Limited 20,567.0
224 218 Jubilant Life Sciences Limited 20,428.1
225 229 Uflex Limited 20,418.0
226 225 Magma Fincorp Limited 20,378.9
227 239 Glaxosmithkline Pharmaceuticals Limited 20,282.1
228 230 Escorts Limited 19,911.6
229 250 The Lakshmi Vilas Bank Limited 19,668.4
230 237 DCB Bank Limited 19,483.8
231 173 United Spirits Limited 19,378.0
232 258 Berger Paints India Limited 19,221.4
233 291 Atul Limited 19,208.2
234 240 J.K. Cement Limited 19,203.1
INDIA’S TOP 500 COMPANIES Ranking By Net Worth L49

Rank
Company Name Net Worth (` Mn)
2018 2017
235 242 Cyient Limited 18,822.0
236 262 Finolex Cables Limited 18,774.4
237 251 KRBL Limited 18,716.1
238 256 Alembic Pharmaceuticals Limited 18,673.3
239 243 Ashoka Buildcon Limited 18,642.3
240 - Dilip Buildcon Limited 18,528.9
241 233 Graphite India Limited 18,518.6
242 - Mahanagar Gas Limited 18,400.4
243 232 Jindal Poly Films Limited 18,337.4
244 247 National Fertilizers Limited 18,266.4
245 253 Persistent Systems Limited 18,144.1
246 252 SKF India Limited 18,112.1
247 - Welspun Corp Limited 18,096.2
248 245 Sanofi India Limited 17,353.0
249 248 Deepak Fertilisers and Petrochemicals Corporation Limited 17,297.4
250 281 Emami Limited 17,125.6
251 263 Tamil Nadu Newsprint and Papers Limited 17,046.9
252 283 NATCO Pharma Limited 16,997.0
253 249 HT Media Limited 16,983.7
254 265 Brigade Enterprises Limited 16,961.1
255 270 JK Tyre & Industries Limited 16,739.5
256 260 NBCC (India) Limited 16,736.1
257 246 Future Lifestyle Fashions Limited 16,730.4
258 287 Jagran Prakashan Limited 16,702.3
259 261 Force Motors Limited 16,654.1
260 266 Sadbhav Engineering Limited 16,609.1
261 292 KEC International Limited 16,557.4
262 211 Gujarat Gas Limited 16,448.8
263 267 Kirloskar Oil Engines Limited 16,167.0
264 234 Godrej Industries Limited 16,154.3
265 299 PI Industries Limited 16,088.7
266 282 D. B. Corp Limited 15,988.5
267 272 Godfrey Phillips India Limited 15,918.2
268 244 JBF Industries Limited 15,917.3
269 279 PNC Infratech Limited 15,721.7
270 - Endurance Technologies Limited 15,630.6
271 295 The Supreme Industries Limited 15,534.5
272 268 Redington (India) Limited 15,462.7
273 294 Balrampur Chini Mills Limited 15,412.5
274 271 Trent Limited 15,408.3
L50 Ranking By Net Worth INDIA’S TOP 500 COMPANIES

Rank
Company Name Net Worth (` Mn)
2018 2017
275 - L&T Technology Services Limited 15,315.0
276 255 Simplex Infrastructures Limited 15,303.0
277 304 Ajanta Pharma Limited 15,039.4
278 300 Whirlpool of India Limited 14,830.6
279 269 Lakshmi Machine Works Limited 14,787.5
280 289 E.I.D.-Parry (India) Limited 14,774.6
281 223 Hindustan Copper Limited 14,669.6
282 288 Schaeffler India Limited 14,506.6
283 259 HSIL Limited 14,500.4
284 277 MMTC Limited 14,340.8
285 335 Syngene International Limited 14,131.0
286 286 McLeod Russel India Limited 13,979.9
287 274 Linde India Limited 13,964.2
288 290 J. Kumar Infraprojects Limited 13,890.0
289 302 J.B. Chemicals & Pharmaceuticals Limited 13,878.6
290 306 Abbott India Limited 13,869.4
291 284 JK Lakshmi Cement Limited 13,816.9
292 278 BGR Energy Systems Limited 13,776.5
293 297 KPIT Technologies Limited 13,743.2
294 - Laurus Labs Limited 13,581.8
295 321 GHCL Limited 13,513.2
296 296 Eros International Media Limited 13,504.1
297 280 Allcargo Logistics Limited 13,424.1
298 301 NIIT Technologies Limited 13,394.0
299 298 Bata India Limited 13,252.7
300 305 Hexaware Technologies Limited 13,228.2
301 342 JK Paper Limited 13,215.2
302 316 Sundram Fasteners Limited 13,130.6
303 307 Aarti Industries Limited 13,100.9
304 315 Colgate-Palmolive (India) Limited 12,738.0
305 308 WABCO India Limited 12,664.3
306 457 The Bombay Dyeing and Manufacturing Company Limited 12,652.8
307 319 3M India Limited 12,264.0
308 293 Raymond Limited 12,240.4
309 275 Wockhardt Limited 12,193.2
310 309 Sarda Energy & Minerals Limited 11,955.5
311 311 Ratnamani Metals & Tubes Limited 11,869.4
312 318 Honeywell Automation India Limited 11,802.8
313 334 Kajaria Ceramics Limited 11,796.9
314 320 Balmer Lawrie & Co Limited 11,659.9
INDIA’S TOP 500 COMPANIES Ranking By Net Worth L51

Rank
Company Name Net Worth (` Mn)
2018 2017
315 - Thomas Cook (India) Limited 11,598.8
316 333 Time Technoplast Limited 11,560.5
317 340 Future Consumer Limited 11,366.7
318 314 Unichem Laboratories Limited 11,307.3
319 327 Zensar Technologies Limited 11,281.7
320 402 Phillips Carbon Black Limited 11,259.3
321 330 Isgec Heavy Engineering Limited 11,255.0
322 343 Rallis India Limited 11,254.0
323 322 K.P.R. Mill Limited 11,180.6
324 350 GRUH Finance Limited 11,132.1
325 325 eClerx Services Limited 10,993.3
326 - Himadri Speciality Chemical Limited 10,781.0
327 341 Can Fin Homes Limited 10,763.0
328 331 Bannari Amman Sugars Limited 10,670.8
329 349 Himatsingka Seide Limited 10,667.2
330 323 Narayana Hrudayalaya Limited 10,584.7
331 326 Carborundum Universal Limited 10,526.6
332 - Texmaco Rail & Engineering Limited 10,452.4
333 303 Himachal Futuristic Communications Limited 10,435.2
334 353 Indian Metals and Ferro Alloys Limited 10,432.0
335 285 GE T&D India Limited 10,327.9
336 338 Radico Khaitan Limited 10,298.8
337 367 Akzo Nobel India Limited 10,077.0
338 328 Nectar Lifesciences Limited 10,067.3
339 359 Kwality Limited 9,985.3
340 337 Hinduja Global Solutions Limited 9,906.9
341 317 Orient Cement Limited 9,871.8
342 351 Sterlite Technologies Limited 9,713.2
343 339 HeidelbergCement India Limited 9,669.5
344 - Aditya Birla Fashion and Retail Limited 9,581.6
345 - Prism Johnson Limited 9,556.5
346 345 PVR Limited 9,529.7
347 361 Apar Industries Limited 9,480.5
348 355 LEEL Electricals Limited 9,211.2
349 346 Greaves Cotton Limited 9,209.7
350 347 Blue Star Limited 9,177.6
351 - KNR Constructions Limited 8,954.7
352 - Sharda Cropchem Limited 8,898.4
353 372 Grindwell Norton Limited 8,845.7
354 373 Granules India Limited 8,843.6
L52 Ranking By Net Worth INDIA’S TOP 500 COMPANIES

Rank
Company Name Net Worth (` Mn)
2018 2017
355 365 Bajaj Electricals Limited 8,714.9
356 377 Jindal Stainless (Hisar) Limited 8,620.6
357 368 Nahar Spinning Mills Limited 8,562.7
358 369 TTK Prestige Limited 8,549.5
359 364 Century Enka Limited 8,543.6
360 332 Gujarat Ambuja Exports Limited 8,531.0
361 360 Jubilant Foodworks Limited 8,521.8
362 358 Techno Electric and Engineering Company Limited 8,519.4
363 - India Glycols Limited 8,462.2
364 352 Kirloskar Brothers Limited 8,380.2
365 366 Astral Poly Technik Limited 8,350.1
366 473 Pricol Limited 8,327.7
367 329 GE Power India Limited 8,304.5
368 398 Indo Count Industries Limited 8,265.5
369 356 Kothari Products Limited 8,242.1
370 357 VA Tech Wabag Limited 8,240.6
371 363 Zuari Agro Chemicals Limited 8,227.7
372 371 Sutlej Textiles and Industries Limited 8,159.7
373 427 Srikalahasthi Pipes Limited 8,135.4
374 - Shriram Pistons & Rings Limited 7,943.8
375 - Quess Corp Limited 7,924.5
376 380 Greenply Industries Limited 7,870.2
377 - Triveni Engineering & Industries Limited 7,776.7
378 354 Shoppers Stop Limited 7,607.6
379 375 Polaris Consulting & Services Limited 7,598.9
380 370 Surya Roshni Limited 7,493.5
381 385 Kalyani Steels Limited 7,454.5
382 348 Gayatri Projects Limited 7,410.0
383 381 HBL Power Systems Limited 7,394.0
384 417 Deepak Nitrite Limited 7,336.1
385 - CRISIL Limited 7,149.1
386 401 Century Plyboards (India) Limited 7,086.3
387 376 Sunflag Iron and Steel Company Limited 7,082.3
388 392 Goodyear India Limited 7,043.6
389 388 Nilkamal Limited 6,971.3
390 409 Dalmia Bharat Sugar and Industries Limited 6,945.2
391 378 JMC Projects (India) Limited 6,897.3
392 379 Nahar Industrial Enterprises Limited 6,892.1
393 362 Godawari Power & Ispat Limited 6,846.6
394 - Parag Milk Foods Limited 6,661.2
INDIA’S TOP 500 COMPANIES Ranking By Net Worth L53

Rank
Company Name Net Worth (` Mn)
2018 2017
395 410 Page Industries Limited 6,657.8
396 428 Dhampur Sugar Mills Limited 6,620.9
397 384 Savita Oil Technologies Limited 6,611.7
398 387 Solar Industries India Limited 6,586.3
399 386 DCW Limited 6,547.3
400 - Dhanlaxmi Bank Limited 6,544.9
401 313 Jyothy Laboratories Limited 6,536.5
402 400 Asian Star Company Limited 6,481.7
403 399 Tide Water Oil Co. (India) Limited 6,429.5
404 382 The West Coast Paper Mills Limited 6,391.5
405 418 V-Guard Industries Limited 6,371.2
406 406 RSWM Limited 6,331.9
407 397 Power Mech Projects Limited 6,171.6
408 426 Sundaram-Clayton Limited 6,116.2
409 411 Cosmo Films Limited 6,102.0
410 415 Relaxo Footwears Limited 6,047.9
411 391 Responsive Industries Limited 6,038.6
412 395 JVL Agro Industries Limited 6,028.2
413 407 Siyaram Silk Mills Limited 5,966.1
414 394 Castrol India Limited 5,957.5
415 443 Maithan Alloys Limited 5,923.6
416 404 INEOS Styrolution India Limited 5,870.5
417 435 Supreme Petrochem Limited 5,821.0
418 412 Transport Corporation Of India Limited 5,809.0
419 432 TVS Srichakra Limited 5,749.8
420 452 Avanti Feeds Limited 5,723.8
421 414 Federal-Mogul Goetze (India) Limited 5,623.9
422 447 Tata Elxsi Limited 5,589.8
423 - Prabhat Dairy Limited 5,573.7
424 383 Inox Leisure Limited 5,525.9
425 408 ITD Cementation India Limited 5,507.1
426 430 Seshasayee Paper and Boards Limited 5,498.2
427 405 VRL Logistics Limited 5,412.3
428 488 Crompton Greaves Consumer Electricals Limited 5,391.6
429 445 Venky’s (India) Limited 5,310.5
430 257 Procter & Gamble Hygiene and Health Care Limited 5,261.2
431 425 Minda Industries Limited 5,222.8
432 441 Blue Dart Express Limited 5,217.2
433 421 Munjal Showa Limited 5,094.7
434 429 Ahluwalia Contracts (India) Limited 5,081.2
L54 Ranking By Net Worth INDIA’S TOP 500 COMPANIES

Rank
Company Name Net Worth (` Mn)
2018 2017
435 440 Orient Paper & Industries Limited 5,065.1
436 431 Somany Ceramics Limited 5,058.4
437 344 Gillette India Limited 5,006.1
438 444 Asahi India Glass Limited 5,002.9
439 424 Sangam (India) Limited 4,938.5
440 450 Skipper Limited 4,906.3
441 439 Steel Strips Wheels Limited 4,885.5
442 422 International Paper APPM Limited 4,822.5
443 - Emami Paper Mills Limited 4,755.0
444 455 KEI Industries Limited 4,734.6
445 390 Huhtamaki PPL Limited 4,705.2
446 433 IFB Industries Limited 4,675.7
447 436 Sunil Hitech Engineers Limited 4,673.2
448 423 Tribhovandas Bhimji Zaveri Limited 4,609.5
449 438 Wheels India Limited 4,603.5
450 442 L.G. Balakrishnan & Bros Limited 4,567.9
451 448 Gabriel India Limited 4,505.2
452 437 Fedders Electric and Engineering Limited 4,480.3
453 458 Johnson Controls-Hitachi Air Conditioning India Limited 4,389.9
454 419 Mukand Limited 4,248.8
455 - Sheela Foam Limited 4,210.1
456 464 Nandan Denim Limited 4,201.0
457 463 SML Isuzu Limited 4,025.2
458 - The Indian Hume Pipe Company Limited 3,996.0
459 465 VIP Industries Limited 3,991.0
460 470 Sudarshan Chemical Industries Limited 3,954.7
461 461 APL Apollo Tubes Limited 3,934.2
462 449 Flexituff International Limited 3,867.1
463 468 Automotive Axles Limited 3,757.8
464 451 Mafatlal Industries Limited 3,754.1
465 474 Sanwaria Consumer Limited 3,746.5
466 472 TeamLease Services Limited 3,700.0
467 469 Mangalore Chemicals and Fertilizers Limited 3,633.4
468 467 LT Foods Limited 3,625.9
469 - Bodal Chemicals Limited 3,593.2
470 480 Gulf Oil Lubricants India Limited 3,536.7
471 486 DCM Shriram Industries Limited 3,524.5
472 460 Everest Industries Limited 3,503.3
473 466 Subros Limited 3,494.0
474 487 Hatsun Agro Product Limited 3,471.1
INDIA’S TOP 500 COMPANIES Ranking By Net Worth L55

Rank
Company Name Net Worth (` Mn)
2018 2017
475 482 Jamna Auto Industries Limited 3,350.7
476 471 Shirpur Gold Refinery Limited 3,333.5
477 - Dwarikesh Sugar Industries Limited 3,165.9
478 - Sumeet Industries Limited 3,079.5
479 483 Jay Bharat Maruti Limited 3,044.6
480 485 Heritage Foods Limited 3,034.4
481 476 JTEKT India Limited 2,987.8
482 492 Filatex India Limited 2,895.5
483 374 Eveready Industries India Limited 2,895.3
484 491 Jindal Worldwide Limited 2,836.4
485 481 Southern Petrochemical Industries Corporation Limited 2,737.3
486 499 Dish TV India Limited 2,730.7
487 484 Kkalpana Industries (India) Limited 2,712.2
488 479 Banswara Syntex Limited 2,681.9
489 477 Gokul Refoils & Solvent Limited 2,627.0
490 493 Lumax Industries Limited 2,416.5
491 - Tata Metaliks Limited 2,071.8
492 494 Gokul Agro Resources Limited 1,917.4
493 498 Thangamayil Jewellery Limited 1,515.0
494 - IL&FS Engineering and Construction Company Limited 1,259.0
495 500 Compuage Infocom Limited 1,150.4
496 - Competent Automobiles Company Limited 1,148.7
497 - Sakuma Exports Limited 1,044.6
498 - RCI Industries & Technologies Limited 1,030.9
499 - Fourth Dimension Solutions Limited 681.3
500 - TVS Electronics Limited 514.1
Note: * The Company was placed under Prompt Corrective Action (PCA) as per the intimation received from the Reserve Bank of India (RBI)
L56 Ranking By Net Worth INDIA’S TOP 500 COMPANIES

Life Insurance Corporation of India

61 Glorious Years of Security and Trust

The Life Insurance Corporation of India came into existence on 1st


September, 1956, with the objective of spreading life insurance
more widely and in particular to the rural areas with a view to
reach all insurable persons in the country, providing them adequate
financial cover at a reasonable cost. From then to now, LIC has
crossed many milestones and has set unprecedented performance
records in various aspects of life insurance business.

Life Insurance Corporation of India (LIC) continues to make sustained


and conscious efforts to grow in both the urban and rural areas.
LIC has been showing all round growth in Policies, Premium income
and improvement in matters concerning operations such as claims
settlement, productivity of agents, persistency in renewal of policies
etc. LIC endeavors to constantly build processes that are customer
centric which provide value to the policyholders in the most efficient
manner. The saga of building excellence for customers of LIC takes
us down memory lane. We have been always conscious of the
process of creating customer value since inception and focused
in our operations, processes and effectiveness in dealing with our
customers.

Amid a flurry of competition, LIC stands out as the most trusted


brand in the sector. Due to its phenomenal performance and the
ability to keep promises, LIC has always remained at the top-of-
the-mind of the prospects while making decisions with regard to
purchase of life insurance. We believe that the identity of LIC stands
on a firm footing in the way we communicate, build experience and
create even stronger bonds of relationships. It has always been our
principle to deliver value to society.

LIC has widened its outreach by opening 1238 mini offices


especially for towns with more than 10,000 population and 1408
satellite offices at various places. LIC has 2048 Branch Ofices,
113 Divisional Offices and 8 Zonal Offices. LIC’s Life Fund as at
31.03.2017 stood at Rs 2323802.59 Crores and Total Assets were
Rs 2572028.34 Crores.

LIC happens to be an organization with a great legacy. Families


over several generations have been experiencing our care through
our innovative insurance products. Thus we have been successful in
refining and redefining the brand experience over age and time.
The customer excellence activity speaks of efforts & endeavors and
has been helpful in creating association with society and customers
in manifold ways.
INDIA’S TOP 500 COMPANIES Ranking By Net Worth L57

LIC further plays a greater role in nation building through numerous


projects it undertakes that help to build sustainable social infrastructure
and fulfill social responsibility through various activities and social
causes. LIC not only touches millions of lives through the gospel of
Insurance but also provides succor through such activities where
brand image is reinforced on a much wider scale. LIC’s Golden
Jubilee Foundation has so far supported 398 projects across the
country, which are dedicated to provide medical relief, alleviate
poverty and the advancement of education.

LIC has been redefining the experience for the customers through
its technological advances thus providing easier access to services
through its portals and creating excellence which is aimed at:
• Creating bonds with the customer through mutually helpful
relation based on trust.
• Maintain the lead and position amongst the life insurance
companies in the country through speedy services.
• Transform ideas into viable and creative solutions.
• Provide innovative products.

Owing to the electronic and digital lifestyle of the new generation


we have adapted our presence across the spectrum of media by way
of effective communication and thus help to spread our message for
enhanced reach. Our tryst with brand building never lets us stop from
innovating and experimenting. We try to evolve continuously and
find opportunities to spread awareness and outreach of insurance.
LIC’s Facebook page ‘LICIndiaforever’ has a fan count of over 6.5
million. Some of the notable initiatives executed at achieving customer
excellence are - releasing of Windows and Android applications
for mobile that provide latest information on products and servicing
aspects and LIC’s e-Term an online term insurance plan.

LIC has also been one of the pioneering organizations with initiatives
for the continuous improvement of its human assets. LIC has a huge
in-house training infrastructure catering to the needs of a dynamic
environment and to equip the human resources to be up-to-date and
to be able to cater to the ever-increasing customer demands.

LIC has been capturing new frontiers on sustained basis. The Life
Insurance Industry today is in a phase of major transformation. LIC
with its requisite organizational preparedness shall take the changes
in its stride and continuously strive to provide better services to its
policyholders.
AGRO CHEMICALS
Comparative Matrix

Sector Total Income Net Profit Net Worth NPM RONW


Company Name
TI Rank ` Mn ` Mn ` Mn (%) (%)
1 UPL Limited 76,020.0 2,450.0 77,500.0 3.2 3.2
2 Bayer CropScience Limited 30,185.0 2,910.0 20,567.0 9.6 14.1
3 PI Industries Limited 24,187.6 4,573.7 16,088.7 18.9 28.4
4 Rallis India Limited 15,156.8 2,660.3 11,254.0 17.6 23.6
5 Sharda Cropchem Limited 11,847.3 1,887.5 8,898.4 15.9 21.2

INDIA’S TOP 500 COMPANIES


UPL Limited
3-11, G.I.D.C., Vapi, Valsad – 396195, Gujarat
Website: www.uplonline.com
Dun & Bradstreet D-U-N-S® No 85-805-4527 Top 500 Ranking Income 121 Net Profit 219 Networth 92
About the Company
Financial Snapshot (` mn)
UPL Limited (f.k.a. United Phosphorus Ltd) was incorporated in 1969; is a global generic crop protection,
Total Income 76,020.0
chemicals, and seeds company. UPL is engaged in the business of agrochemicals, industrial chemicals and
chemical intermediates. The company offers a range of products that includes insecticides, fungicides, herbicides, Net Profit 2,450.0
fumigants, plant growth and regulators and rodenticides. UPL has set up a post-harvest company named DECCO,
Networth 77,500.0
it produces high quality FDA, EU and PFA-approved surface protection solutions to preserve fruit and vegetables.
DECCO solutions are used in major fruit growing and exporting regions like the USA, Spain, Italy, South Africa and Ratios (%)
Asia specially to preserve fresh fruits like citrus and apples. As of Mar 31, 2017, UPL has 33 manufacturing units 3.2
NPM
across the world; and of which 13 sites are in India. It has market presence in around 130 countries spread across
six continents. UPL filed 253 patents and registered 1,862 products in the last five years. RONW 3.2
(As on Mar 31, 2017)

Bayer CropScience Limited


Bayer House, Central Avenue, Hiranandani Estate, Thane (W), Mumbai - 400607, Maharashtra
Website: www.bayer.in
Dun & Bradstreet D-U-N-S® No 91-862-7373 Top 500 Ranking Income 252 Net Profit 194 Networth 223
About the Company
Financial Snapshot (` mn)
Bayer CropScience Ltd (BCSL) was incorporated in 1958 as Bayer-Agrochem Pvt Ltd. BCSL mainly operates in
Total Income 30,185.0
three business segments viz. crop protection, seeds and environmental science. Under crop protection / seeds,
it markets a broad portfolio of high-value seeds along with chemical and biological pest management solutions. Net Profit 2,910.0
Environmental science segment of the company focuses on non-agricultural applications, with a broad portfolio
Networth 20,567.0
of pest control products and services for areas ranging from the home and garden sector to forestry. The
product portfolio of BSCL includes fungicides, herbicides, insecticides, crop & vegetable seeds, professional pest Ratios (%)
management, vector management and seed growth solutions. BCSL’s new offerings under crop protection in FY17 9.6
NPM
include, Luna Experience, a fungicide for grapes and Movento Energy, an insecticide for sucking pests.
RONW 14.1
(As on Mar 31, 2017)

PI Industries Limited
Udaisagar Road, Udaipur 313001, Rajasthan
Website: www.piindustries.com
Dun & Bradstreet D-U-N-S® No 87-180-6551 Top 500 Ranking Income 297 Net Profit 143 Networth 265
About the Company
Financial Snapshot (` mn)
PI Industries Ltd (PI) was founded in 1946 as Mewar Oil & General Mills Ltd. The company forayed into AgChem
Total Income 24,187.6
formulation and marketing in 1961 and adopted its present name in 1991. PI focuses on complex chemistry
solutions in the field of Agri-Sciences and operates three formulation facilities and eight multiproduct plants, Net Profit 4,573.7
strategically located at its three manufacturing locations in Gujarat. It also has a research & development facility
Networth 16,088.7
at Udaipur. During FY17, PI launched a high potential product in the domestic market and commercialised four
molecules in the exports market. The company formed a joint venture with Mitsui Chemicals Agro, Inc. (MCAG) Ratios (%)
to provide registration services for their proprietary agrochemicals in India. It also entered into a strategic tie-up 18.9
NPM
with BASF, Germany to market their innovative fungicides and herbicides in India. Some of the company’s brands
include Nominee Gold, Osheen, Biovita, Cuprina, Roket, Foratox, Kitazin, Keefun, Vibrant. RONW 28.4
(As on Mar 31, 2017)

Rallis India Limited


156/157, 15th Floor, Nariman Bhavan, 227, Nariman Point, Mumbai - 400021, Maharashtra
Website: www.rallis.co.in
Dun & Bradstreet D-U-N-S® No 65-005-5007 Top 500 Ranking Income 420 Net Profit 210 Networth 322
About the Company
Financial Snapshot (` mn)
Rallis India Ltd (Rallis) was incorporated in 1948 and is a Tata Enterprise and a subsidiary of Tata Chemicals. The
Total Income 15,156.8
company is engaged in the business of providing crop care solutions and agri services. The company primarily
caters to the Agri-Inputs segment. This segment consists of pesticides, plant growth nutrients, organic compost Net Profit 2,660.3
and seeds. In addition, the company also operates in the polymer and other non-reportable segments. It has a
Networth 11,254.0
healthy mix of insecticides, fungicides and herbicides along with a portfolio of non-pesticides portfolio of seeds,
plant growth nutrients, soil health, contract manufacturing, agri services and international business. It has four Ratios (%)
factories spread across Bharuch, Akola, and Ratnagiri. In FY17, it launched a new product viz. cotton ‘Akshada’ for 17.6
NPM
Maharashtra. It also launched three new products, ‘Epic’, ‘Summit’ and ‘Neonix’. It acquired 100% shareholding
in Zero Waste Agro Organics Ltd. (ZWAOL), making it a wholly owned subsidiary. RONW 23.6
(As on Mar 31, 2017)

INDIA’S TOP 500 COMPANIES 3


Sharda Cropchem Limited
Prime Business Park, 2nd Floor, Dashrathlal Joshi Road, Vile Parle (W), Mumbai – 400056, Maharashtra
Website - www.shardacropchem.com
Dun & Bradstreet D-U-N-S® No 65-077-2788 Top 500 Ranking Income 487 Net Profit 254 Networth 352
About the Company
Financial Snapshot (` mn)
Sharda Cropchem Ltd (Sharda), started as a sole proprietorship firm, M/s. Sharda International in 1987 and M/s.
Total Income 11,847.3
Bubna Enterprises in 1989, respectively (together the “Sole Proprietary Concerns”). Sharda Worldwide Exports
Private Limited was formed in 2004. On Sep 6, 2013, the company was renamed to Sharda Cropchem Private Net Profit 1,887.5
Limited; and converted into a public limited company with the current name on Sep 18, 2013. It is engaged in the
Networth 8,898.4
manufacturing and export of dyes, dye intermediates, pesticides, agrochemicals and V-Belts. Its Agrochemicals
segment consists of insecticides, herbicides, fungicides and biocides. Its Belts segment consists of conveyor belts, Ratios (%)
V Belts and timing belts. Its Others segment consists of dyes and dye intermediates, and general chemicals. 15.9
NPM
The company is engaged in order-based procurement and supply of non-agrochemical products, such as belts,
general chemicals, and dyes and dye intermediates. RONW 21.2
(As on Mar 31, 2017)

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4 INDIA’S TOP 500 COMPANIES


ALCOHOLIC BEVERAGES
ALCOHOLIC BEVERAGES
Comparative Matrix

Sector Total Income Net Profit Net Worth NPM RONW


Company Name
TI Rank ` Mn ` Mn ` Mn (%) (%)
1 United Spirits Limited 255,099.0 1,699.0 19,378.0 0.7 8.8
2 United Breweries Limited 102,797.6 2,293.3 23,325.2 2.2 9.8
3 Radico Khaitan Limited 48,876.0 806.1 10,298.8 1.6 7.8

INDIA’S TOP 500 COMPANIES


United Spirits Limited
UB Tower, #24, Vittal Mallya Road, Bengaluru - 560001, Karnataka
Website: www.diageoindia.com
Dun & Bradstreet D-U-N-S® No 65-012-3607 Top 500 Ranking Income 45 Net Profit 277 Networth 231
About the Company
Financial Snapshot (` mn)
United Spirits Limited (USL), founded in 1826, is a spirit company, involved in the manufacture, sale and distribution
Total Income 255,099.0
of alcohol. As of Mar 31, 2017, USL produces and sells around 90 mn cases of scotch whisky, IMFL whisky, brandy,
rum, vodka, gin and wine. The company’s portfolio includes brands such as McDowell’s No.1, Royal Challenge, Net Profit 1,699.0
Signature, and Antiquity, among others. USL became a subsidiary of Diageo plc. after the acquisition of 54.8% of
Networth 19,378.0
its shares in 2013 and 2014. Additionally, it also imports, manufactures and sells Diageo’s iconic brands such as
Johnnie Walker, Crown Royal, Buchanan’s and Windsor whiskies, Baileys, VAT 69, Black and White, Smirnoff and Ratios (%)
Ciroc in India. It operates through 78 manufacturing facilities across 23 states and three union territories in India. 0.7
NPM
It also operates a strong network of distributors to ensure timely supplies to 81,000 retail outlets across India.
RONW 8.8
(As on Mar 31, 2017)

United Breweries Limited


UB Tower, 24, Vittal Mallya Road, UB City, Bengaluru - 560001, Karnataka
Website: www.unitedbreweries.com
Dun & Bradstreet D-U-N-S® No 65-007-1087 Top 500 Ranking Income 88 Net Profit 228 Networth 211
About the Company
Financial Snapshot (` mn)
United Breweries Ltd (UBL) was founded in 1915 with five breweries in South India. UBL is engaged in manufacture
Total Income 102,797.6
and sale of beer, including licensing of brands which constitutes a single business segment. The Company owns a
range of brands, such as Kingfisher Premium, Kingfisher Strong, Kingfisher Ultra, Kingfisher Ultra Max, Kingfisher Net Profit 2,293.3
Blue, Bullet, Cannon 10000, Kalyani Black Label, UB Export, Zingaro and London Pilsner. As of Mar 31, 2017, the
Networth 23,325.2
company operates through a network of 21 own breweries and 8 contract breweries across the country, with the
capacity of producing 18 mn hectoliters of beer per year. The company has licensed its brands for manufacture Ratios (%)
and supply of beer at three international locations namely UK, Australia and New Zealand. As of March 2017, 2.2
NPM
UBL held 51% stake in its subsidiary Maltex Malsters Ltd. On the same date, the company had 2,758 permanent
employees. RONW 9.8
(As on Mar 31, 2017)

Radico Khaitan Limited


61, Basant Lok, Vasant Vihar, New Delhi - 110057, Delhi
Website: www.pvrcinemas.com
Dun & Bradstreet D-U-N-S® No 91-861-6277 Top 500 Ranking Income 168 Net Profit 381 Networth 336
About the Company
Financial Snapshot (` mn)
Radico Khaitan Ltd (RKL) was incorporated in 1943 as Rampur Distillery. In 1998, it launched its first scotch
Total Income 48,876.0
blended whiskey, 8 PM. In 2005, RKL made its way into the vodka segment, with the launch of Magic Moments
Vodka. RKL is primarily engaged in the business of manufacturing and trading liquor in India and internationally. Net Profit 806.1
RKL’s product portfolio includes rum, brandy, whisky, vodka and other liquor related products in different flavours
Networth 10,298.8
as well. Some of its prominent brands include; Contessa, 8 PM Bermuda, 8PM, Royal Whytehall, Magic Moments,
Morpheus, Verve, Magic Moments Remix, After Dark and Old Admiral, amongst others. RKL also has 33 bottling Ratios (%)
units spread across the country and its products are sold through over 45,000 retail and 5,000 on premise outlets. 1.6
NPM
RKL brands have presence in over 50 countries including; US and Europe, Africa and Middle East. In May 2016,
the company launched two new whiskies; Rampur Indian Single Malt and Regal Talons Semi Premium Whisky. RONW 7.8
(As on Mar 31, 2017)

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RONW
(As on Mar 31, 2017)

INDIA’S TOP 500 COMPANIES 7


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8 INDIA’S TOP 500 COMPANIES


AUTO COMPONENTS
Comparative Matrix

Sector Total Income Net Profit Net Worth NPM RONW


Company Name
TI Rank ` Mn ` Mn ` Mn (%) (%)
1 Bosch Limited 118,600.0 17,411.0 87,996.0 14.7 19.8
2 Motherson Sumi Systems Limited 71,701.0 8,273.0 58,027.0 11.5 14.3
3 Endurance Technologies Limited 42,947.2 2,215.0 15,630.6 5.2 14.2
4 Bharat Forge Limited 41,656.2 5,850.8 42,319.3 14.0 13.8
5 Sundram Fasteners Limited 31,718.4 3,154.8 13,130.6 9.9 24.0
6 WABCO India Limited 22,967.2 2,134.8 12,664.3 9.3 16.9
7 Wheels India Limited 21,760.6 593.1 4,603.5 2.7 12.9
8 Mahindra CIE Automotive Limited 18,085.5 514.5 34,635.8 2.8 1.5
9 Jay Bharat Maruti Limited 17,334.7 537.7 3,044.6 3.1 17.7
10 Minda Industries Limited 16,642.6 948.2 5,222.8 5.7 18.2
11 Shriram Pistons & Rings Limited 16,547.5 1,181.0 7,943.8 7.1 14.9
12 Sundaram-Clayton Limited 15,896.7 1,055.9 6,116.2 6.6 17.3
13 Subros Limited 15,527.6 140.4 3,494.0 0.9 4.0
14 Gabriel India Limited 15,345.4 816.2 4,505.2 5.3 18.1
15 Munjal Showa Limited 14,757.6 565.5 5,094.7 3.8 11.1
16 Steel Strips Wheels Limited 13,510.6 710.4 4,885.5 5.3 14.5
17 Federal-Mogul Goetze (India) Limited 13,284.6 719.9 5,623.9 5.4 12.8
18 Lumax Industries Limited 13,059.7 451.8 2,416.5 3.5 18.7
19 Pricol Limited 12,684.3 457.7 8,327.7 3.6 5.5
20 L.G. Balakrishnan & Bros Limited 11,758.8 615.5 4,567.9 5.2 13.5
21 JTEKT India Limited 11,722.1 235.9 2,987.8 2.0 7.9
22 Automotive Axles Limited 11,488.2 485.8 3,757.8 4.2 12.9
23 Jamna Auto Industries Limited 11,428.0 1,033.7 3,350.7 9.0 30.9

INDIA’S TOP 500 COMPANIES


Bosch Limited
Hosur Road, Adugodi, Bengaluru - 560030, Karnataka
Website: www.boschindia.com
Dun & Bradstreet D-U-N-S® No 65-007-6821 Top 500 Ranking Income 75 Net Profit 50 Networth 85
About the Company
Financial Snapshot (` mn)
Bosch Ltd (Bosch), a flagship company of the Bosch Group commenced its operations in India in 1951. Bosch
Total Income 118,600.0
offers technology and services in the areas of mobility solutions, industrial technology, consumer goods and
energy & building technology. The company has a diverse product portfolio which include diesel and gasoline Net Profit 17,411.0
fuel injection systems, automotive aftermarket products, special purpose machines, packaging machines, electric
Networth 87,996.0
power tools, security systems, and industrial & consumer energy products and solutions. Bosch operates through
18 manufacturing facilities and seven development centres and employs over 31,000 people. The company’s key Ratios (%)
manufacturing facilities are located at Bengaluru, Bidadi, Nashik, Jaipur, Gangaikondan, Oragadam near Chennai 14.7
NPM
and Verna, Goa. In February 2017, Bosch India launched the Connected Vehicle solution for commercial vehicles
and passenger vehicle fleets. RONW 19.8
(As on Mar 31, 2017)

Motherson Sumi Systems Limited


Unit - 705, C Wing, ONE BKC, G Block, Bandra Kurla Complex, Bandra East, Mumbai - 400051, Maharashtra
Website: www.motherson.com
Dun & Bradstreet D-U-N-S® No 86-041-6237 Top 500 Ranking Income 125 Net Profit 93 Networth 110
About the Company
Financial Snapshot (` mn)
Motherson Sumi Systems Ltd (MSSL), the flagship company of Samvardhana Motherson Group, was founded in
Total Income 71,701.0
1986 as a joint venture between Samvardhana Motherson International Ltd (the holding company of the group),
Sumitomo Wiring Systems (25.34% current stake) and Sojitiz Corporation for manufacturing wiring harness for Net Profit 8,273.0
the automotive industry. MSSL’s product portfolio includes automotive wiring harnesses, passenger car mirrors,
Networth 58,027.0
and plastic components and modules such as cockpits, bumpers and door trims. The company also has a growing
presence in a broad range of other polymer, elastomer and metal-based parts and systems. In Oct 2016, MSSL Ratios (%)
through its wholly-owned subsidiary, MSSL Manufacturing Hungary Kft, acquired Hungary-based Abraham es 11.5
NPM
Tarsa Kft, expert in plastic processing and high-quality products for car makers across Europe. In Mar 2017, the
company acquired Finland-based wiring harness specialist PKC Group Plc. RONW 14.3
(As on Mar 31, 2017)

Endurance Technologies Limited


Plot no. K-228, MIDC Industrial Area, Waluj, Aurangabad - 431 136 , Maharashtra
Website: www.endurancegroup.com
Dun & Bradstreet D-U-N-S® No 65-029-5103 Top 500 Ranking Income 193 Net Profit 233 Networth 270
About the Company
Financial Snapshot (` mn)
Endurance Technologies Limited (Endurance Technologies) commenced operations in 1986. The company
Total Income 42,947.2
manufactures and sells aluminium die casting (including alloy wheel), suspension, transmission and braking
products with operations spread across India, Italy and Germany. It is the largest aluminium die-casting company Net Profit 2,215.0
in India in terms of actual output and installed capacity. Its product portfolio includes Gear box housing, main
Networth 15,630.6
casing, swing arm, alloy wheel, oil pan, clutch housing, cam carrier, gear box housing, multi-plate wet clutch, friction
plates, CVT assembly, front fork assemblies, shock absorbers and brake disc among others. Its manufacturing Ratios (%)
plants are located in Aurangabad and Pune (Maharashtra), Manesar (Haryana), Pantnagar (Uttarakhand), Sanand 5.2
NPM
(Gujarat), Chennai (Tamil Nadu), Germany and Italy. In FY17, the company initiated a technical collaboration
agreement with Grimeca Erl, Italy for manufacturing combined braking systems for motorcycles. RONW 14.2
(As on Mar 31, 2017)

Bharat Forge Limited


Mundhwa, Pune Cantonment, Pune - 411036, Maharashtra
Website: www.bharatforge.com
Dun & Bradstreet D-U-N-S® No 86-335-7424 Top 500 Ranking Income 201 Net Profit 118 Networth 136
About the Company
Financial Snapshot (` mn)
Bharat Forge Ltd (Bharat Forge), a part of Kalyani Group was incorporated in 1961. Bharat Forge is a full service
Total Income 41,656.2
supplier of forged and machined – powertrain and chassis components. The company caters to several sectors
including automotive, power, oil & gas, rail, marine, aerospace and construction & mining. The company has Net Profit 5,850.8
manufacturing facilities spread over 10 locations – four in India, three in Germany and one each in Sweden, France
Networth 42,319.3
and USA. It has forging capacity of 618,750 TPA, crankshaft machining capacity of 1.2 mn and front axle machining
capacity of 0.75 mn. In Feb 2018, Bharat Forge completed tranche I investment of 30.37% in TORK Motors Pvt Ltd. Ratios (%)
In the same month, the company completed the sale of balance equity of 26% in the power equipment JV with GE 14.0
NPM
(erstwhile Alstom), Alstom Bharat Forge Power Pvt Ltd. In Jan 2018, the company incorporated a wholly owned
subsidiary company ‘Indigenous IL Ltd’ in Israel. RONW 13.8
(As on Mar 31, 2017)

INDIA’S TOP 500 COMPANIES 11


Sundram Fasteners Limited
98 - A, VII Floor, Dr. Radhakrishnan Salai, Mylapore, Chennai - 600 004, TN
Website: www.sundram.com
Dun & Bradstreet D-U-N-S® No 65-008-6143 Top 500 Ranking Income 241 Net Profit 184 Networth 302
About the Company
Financial Snapshot (` mn)
Sundram Fasteners Ltd (SFL), a part of TVS Group was incorporated in 1966. It has a vast and diversified product
Total Income 31,718.4
range which includes high tensile fasteners, cold extruded parts, powder metal parts, iron powder, radiator caps,
gear shifters, hot forged parts, precision forged differential gears, water pumps, oil pumps, fuel pumps, belt Net Profit 3,154.8
tensioners, rocker arm assemblies, cam followers, bearing housings, hubs and shafts, tappets and valve train
Networth 13,130.6
parts. The company has manufacturing operations located in India, UK and China. TVS Infotech Limited (TVSi), a
subsidiary of Sundram Fasteners Limited (SFL), acquired 90% of the equity share capital of Blisslogix Technology Ratios (%)
Solutions Private Limited (BTS) on Apr 11, 2016; and BTS was renamed as TVS Next Private Limited. As on Mar 9.9
NPM
2017, The Company has 6 Domestic Subsidiaries and 5 Overseas Subsidiaries, with an employee count of 3,195.
RONW 24.0
(As on Mar 31, 2017)

WABCO India Limited


Plot No. 3 (SP), III Main Road, Ambattur Industrial Estate, Chennai - 600058, TN.
Website: www.wabco-auto.com
Dun & Bradstreet D-U-N-S® No 65-036-5161 Top 500 Ranking Income 305 Net Profit 239 Networth 305
About the Company
Financial Snapshot (` mn)
WABCO India Ltd (WABCO) was formed in 1962 as a joint venture with Clayton Dewandre Holdings Ltd which
Total Income 22,967.2
was named WABCO-TVS (India). WABCO is an auto components manufacturing company which is engaged in
designing, manufacturing and marketing braking products, advanced braking systems, and other related air Net Profit 2,134.8
assisted products & systems. The company caters to the commercial vehicle segment, OEM and aftermarket
Networth 12,664.3
segments. It has six manufacturing units located in Chennai, TN, Jharkhand, UP, and Uttarakhand. The network
comprises of seven wholesale distributors, which supply to 250 branches and 7,000 outlets. It has around 200 Ratios (%)
authorized service centers and 145 certified workshops in rural parts of the country. In Aug 2017, Wabco Holdings 9.3
NPM
Inc expanded its global fleet management solutions business to India by acquiring (100%) of AssetTrackr.
RONW 16.9
(As on Mar 31, 2017)

Wheels India Limited


21 Pattulos Road, Chennai - 600002, TN
Website: www.wheelsindia.com
Dun & Bradstreet D-U-N-S® No 86-000-7767 Top 500 Ranking Income 321 Net Profit 408 Networth 449
About the Company
Financial Snapshot (` mn)
Wheels India Ltd (Wheels India) was established in 1962 and is promoted by the TVS Group. It is engaged in
Total Income 21,760.6
the manufacturing of automotive components. It manufactures wheels for heavy vehicles (trucks, buses,
light commercial vehicles, trailers), light vehicles (passenger cars, minivans, SUV’s and MUV’s), agricultural Net Profit 593.1
application vehicles (agricultural tractors and farm equipment), off-road construction vehicles, wire wheel and
Networth 4,603.5
forged aluminium wheel. It also manufactures air suspension for vehicles. The energy equipment parts division
manufactures components and equipment such as wind turbines. The fab division caters to the fabrication needs Ratios (%)
of the construction and mining equipment sector. The company has 10 manufacturing plants spread across Tamil 2.7
NPM
Nadu, Uttar Pradesh, Maharashtra, Haryana, and Uttarakhand. In Jun 2017, a Japanese company, Topy Industries
Limited acquired a 26% stake in WIL Car Wheels Limited, a subsidiary of Wheels India. RONW 12.9
(As on Mar 31, 2017)

Mahindra CIE Automotive Limited


Mahindra Towers, P.K. Kurne Chowk, Worli, Mumbai – 400018, Maharashtra
Website: www.mahindracie.com
Dun & Bradstreet D-U-N-S® No 65-031-7006 Top 500 Ranking Income 365 Net Profit 417 Networth 158
About the Company
Financial Snapshot (` mn)
Mahindra CIE Automotive Ltd (MCIE) was incorporated as a result of a strategic alliance between Mahindra &
Total Income 18,085.5
Mahindra (M&M) and CIE Automotive S.A., Spain. MCIE is engaged in the business of production and sale of
automotive components to original equipment manufacturers and other customers in India and overseas. MCIE Net Profit 514.5
is broadly categorised into 5 segments viz. cars and utility vehicles, medium and heavy commercial vehicles,
Networth 34,635.8
agriculture and off-Road, two-wheelers and technology. The company is an auto components supplier with
many technologies viz. forgings, castings, stampings, magnetic products and composites. As on FY17, MCIE has Ratios (%)
29 manufacturing facilities including eight manufacturing facilities in Europe and one in Mexico and it has two 2.8
NPM
subsidiaries in India and 13 direct and indirect overseas subsidiaries.
RONW 1.5
(As on Dec 31, 2016)

12 INDIA’S TOP 500 COMPANIES


Jay Bharat Maruti Limited
601, Hemkunt Chambers, 89, Nehru Place, New Delhi - 110019, Delhi
Website: www.jbmgroup.com
Dun & Bradstreet D-U-N-S® No 91-845-3429 Top 500 Ranking Income 381 Net Profit 415 Networth 479
About the Company
Financial Snapshot (` mn)
Jay Bharat Maruti Ltd (JBML) was incorporated as a joint venture with Maruti Suzuki Ltd in 1986. JBML is a
Total Income 17,334.7
manufacturer of key auto components and assemblies such as BIW parts, exhaust systems, fuel fillers (fuel pipe),
suspension parts for passenger cars. The company has four manufacturing plants, located at Gurgaon, Bawal, Net Profit 537.7
Manesar (Haryana). In addition, the company is also setting up a new plant at Vithalapur, Gujarat with capex
Networth 3,044.6
of ` 2.43 bn. The new unit would initially cater to the requirement of Suzuki Motor Gujarat Pvt Ltd (SMG) by
manufacturing components for new models of vehicles viz., Swift Dzire and Baleno models of Maruti Suzuki India Ratios (%)
Ltd(MSIL). JBML also plans to install automated transfer press line, robotic tandem press line, progressive press 3.1
NPM
line, modern robotic welding line and CED paint shop at the new plant to gain a competitive edge.
RONW 17.7
(As on Mar 31, 2017)

Minda Industries Limited


B-64/1, Wazirpur Industrial Area, Delhi - 110052, Delhi
Website: www.unominda.com
Dun & Bradstreet D-U-N-S® No 91-858-8088 Top 500 Ranking Income 395 Net Profit 364 Networth 431
About the Company
Financial Snapshot (` mn)
Minda Industries Ltd (MIL), a company of UNO MINDA Group was incorporated in 1992. The company is engaged
Total Income 16,642.6
in manufacturing auto components including auto electrical parts and its accessories. The product portfolio of
MIL includes switch and handle bar systems, sensors actuators and controllers, lighting, auto gas, acoustics, Net Profit 948.2
batteries and fuel caps, amongst others. As on Mar 31, 2017, MIL has 3 joint ventures and 12 direct subsidiaries,
Networth 5,222.8
7 step down subsidiaries and 5 associates. It had 3,258 permanent employees and 2,269 contractual/ temporary
employees. During FY17, the company entered into joint venture agreement with Onkyo Corporation (Japan), Ratios (%)
Katolec Corporation (Japan) and Tung Thih Electronic Co. Ltd., (Taiwan). In Jun 2016, MIL acquired the global 5.7
NPM
lighting business of the Rinder Group based in Spain (including its facilities in India, Spain and Columbia).
RONW 18.2
(As on Mar 31, 2017)

Shriram Pistons & Rings Limited


3rd Floor, Himalaya House, 23, Kasturba Gandhi Marg, New Delhi - 110 001, Delhi
Website: www.shrirampistons.com
Dun & Bradstreet D-U-N-S® No 65-013-8910 Top 500 Ranking Income 400 Net Profit 332 Networth 374
About the Company
Financial Snapshot (` mn)
Shriram Pistons & Rings Ltd (SPR) was incorporated in 1972. SPR is engaged in the manufacturing of pistons &
Total Income 16,547.5
piston pins, piston rings and engine valves. The company is also the exporter of pistons and rings to international
clients like Ford, Honda, Kia, Renault, etc. and has been granted the ‘Trading House’ status from the GoI. Under Net Profit 1,181.0
pistons & piston pins segment, the company offers thin walled piston, DLC coating on pins, groove & crown
Networth 7,943.8
anodizing, forged piston, cooling gallery piston, nano friks and piston pin bore bushing. The company has also set
up tech centre at Ghaziabad, UP to cater to the need of the high-tech, new generation engines. The company’s Ratios (%)
domestic clients include Ford, Mahindra & Mahindra, Tata Motors, Bajaj Auto, TVS Motors, Ashok Leyland, SML 7.1
NPM
Isuzu, International Tractors and Cummins, to name a few in the sectors of passenger & commercial vehicles,
two/ three wheelers, tractors and industrial engines. RONW 14.9
(As on Mar 31, 2017)

Sundaram-Clayton Limited
Jayalakshmi Estates, 5th Floor, No 29, Haddows Road, P.O. Box 732, Chennai - 600006, TN
Website: www.sundaram-clayton.com
Dun & Bradstreet D-U-N-S® No 72-551-1054 Top 500 Ranking Income 410 Net Profit 347 Networth 408
About the Company
Financial Snapshot (` mn)
Sundaram-Clayton Ltd (SCL), a part of TVS Group was established in 1962. SCL is amongst the leading suppliers
Total Income 15,896.7
of aluminum pressure die castings to automotive and non-automotive sector. The product portfolio of SCL for
the truck segment includes flywheel housing, gear housing, clutch housing, air connectors, lube oil cooler cover Net Profit 1,055.9
assembly, filter heads, filtration module casting, turbo charger, compressor cover assembly, charge air pipe,
Networth 6,116.2
intake manifold and cover coolant duct for the truck segment. For passenger cars it offers cylinder head, case
transaxle assembly, cylinder head cover, oil pan, chain case, adaptor oil filter, fork gear shift, fuel pump housing, Ratios (%)
starter housing and A/C compressor housing. It also manufactures crank case, cylinder head, cylinder barrel 6.6
NPM
and wheel hub for two wheelers and brake equipment valve bodies. SCL operates through four manufacturing
facilities located in the state of TN with an aggregate installed capacity of 50,000 tonnes p.a. RONW 17.3
(As on Mar 31, 2017)

INDIA’S TOP 500 COMPANIES 13


Subros Limited
Add World Trade Centre, Lower Grd. Flr, Barakhamba Lane, New Delhi – 110001, Delhi
Website: www.subros.com
Dun & Bradstreet D-U-N-S® No 65-008-3272 Top 500 Ranking Income 415 Net Profit 463 Networth 473
About the Company
Financial Snapshot (` mn)
Subros Ltd (Subros) was incorporated in 1985 as a joint-venture public limited company with a 40% ownership
Total Income 15,527.6
of Suri family of India and 13% ownership of Denso Corporation and Suzuki Motor Corporation. The company
manufactures automotive air conditioning systems and thermal products for automotive applications. Subros Net Profit 140.4
also supplies cab-mounted HVAC units to Indian Railways for driver cabin application. Subros is a key supplier to
Networth 3,494.0
Maruti, M&M, TataForce Motor, Renault Nissan and Indian Railways. Subros has manufacturing plants at Noida
(UP), Manesar (Haryana), Pune (Maharashtra), Chennai (TN) and Sanand (Gujarat) with an annual capacity of 1.5 Ratios (%)
mn AC Kits p.a. besides a well-equipped R&D Center and tool room at Noida. As of FY17, the company had 2,042 0.9
NPM
permanent employees. The Subros Manesar plant was reconstructed, in 2017, in a record time of 10 months with
an annual capacity of 1.2 mn p.a. RONW 4.0
(As on Mar 31, 2017)

Gabriel India Limited


29th Milestone, Pune - Nasik Highway, Village Kuruli, Pune - 410501, Maharashtra
Website: www.gabrielindia.com
Dun & Bradstreet D-U-N-S® No 91-843-4614 Top 500 Ranking Income 418 Net Profit 378 Networth 451
About the Company
Financial Snapshot (` mn)
Gabriel India Ltd (Gabriel), a flagship company of Anand Group, was established in 1961. In 1995 the company
Total Income 15,345.4
acquired Stallion Shox and in 2009 it commenced manufacturing speciality castings and backward integration
process for 2-wheelers. The company is primarily engaged in manufacturing of range of ride control products Net Profit 816.2
catering to automotive industry including 2 & 3-wheelers, passenger cars & SUVs, commercial vehicles
Networth 4,505.2
and railways. The product portfolio of Gabriel includes shock absorbers, front forks and strut. It has seven
manufacturing facilities at Pune, Nashik, Hosur, Dewas, Khandsa, Parwanoo and Sanand as well as three satellite Ratios (%)
plants at Kumbalgodu, Malur and Aurangabad and employs 3,361 people as of Mar 31, 2017. The combined 5.3
NPM
manufacturing capacity of these units is over 24 mn shock absorbers, struts and 2.7 mn front forksIt also has set
up three R&D centres at Pune, Hosur & Nashik and a dedicated two-wheeler R&D centre at Hosur. RONW 18.1
(As on Mar 31, 2017)

Munjal Showa Limited


9-11, Maruti Industrial Area, Gurugram - 122015, Haryana
Website: www.munjalshowa.net
Dun & Bradstreet D-U-N-S® No 65-071-6871 Top 500 Ranking Income 427 Net Profit 412 Networth 433
About the Company
Financial Snapshot (` mn)
Munjal Showa Ltd (MSL), a Hero group company, was established in 1985, in technical and financial collaboration
Total Income 14,757.6
with Showa Corporation of Japan. MSL is engaged in design and manufacturing of shock absorbers and struts for
two-wheelers and four-wheelers. The product portfolio of MSL includes rear & front shock absorber, rear cushion, Net Profit 565.5
front fork, front & rear strut, gas spring and open stay/ window balancer. The company has three manufacturing
Networth 5,094.7
plants, two located in Gurgaon, Haryana and one in Haridwar, Uttarakhand. MSL’s products serve as original
equipment for Maruti Suzuki upper end cars and export models, Honda City car, a complete range of Hero Honda Ratios (%)
motorcycles, Kawasaki Bajaj motorcycles, Kinetic scooters and Hero range of mini-motorcycles and mopeds. The 3.8
NPM
company also exports shock absorbers to Japan, Germany, the US, and the UK.
RONW 11.1
(As on Mar 31, 2017)

Steel Strips Wheels Limited


Village Somalheri/ Lehli, P O Dappar, Tehsil Derabassi, Mohali - 147001, Punjab
Website: www.sswlindia.com
Dun & Bradstreet D-U-N-S® No 91-509-7273 Top 500 Ranking Income 452 Net Profit 388 Networth 441
About the Company
Financial Snapshot (` mn)
Steel Strips Wheels Ltd (SSWL) was incorporated in 1985 and commenced commercial production for Maruti
Total Income 13,510.6
Suzuki from its Dappar plant in 1991. The company designs and manufactures automotive steel wheels’ rims
for two and three wheelers, passenger cars, multi utility vehicles, tractors, trucks & OTR vehicles. SSWL’s three Net Profit 710.4
manufacturing units are located in Punjab, TN and Jharkhand. SSWL produces passenger car wheels in its Dappar
Networth 4,885.5
(Punjab) and Oragadam (TN) facilities and truck wheels in Jamshedpur (Jharkhand) facility. The company has total
installed capacity of 9 mn wheels in Dappar, 6 mn wheels in Oragadam and 1.6 mn truck wheels in Jamshedpur Ratios (%)
amounting to an aggregate capacity of 16.6 mn wheels. Some of the major clients of the company are Ashok 5.3
NPM
Leyland, BMW AG, Daimler India Commercial Vehicles, Honda Cars India Ltd, Hyundai Motor India Ltd, Mahindra
and Mahindra Ltd and Maruti Suzuki India Ltd, amongst others. RONW 14.5
(As on Mar 31, 2017)

14 INDIA’S TOP 500 COMPANIES


Federal-Mogul Goetze (India) Limited
DLF Prime Tower, 10 Ground Floor, F 79 & 80, Okhla Phase - I, New Delhi – 110020, Delhi
Website: www.federalmogulgoetzeindia.net
Dun & Bradstreet D-U-N-S® No 91-843-6978 Top 500 Ranking Income 456 Net Profit 387 Networth 421
About the Company
Financial Snapshot (` mn)
Federal-Mogul Goetze India Ltd (FMGIL) was established in 1954 as a joint venture with Germany based Goetze-
Total Income 13,284.6
Werke, which is now owned by Federal-Mogul Corp. FMGIL is engaged in the manufacture, supply and distribution
of automotive components used in two/three/four wheeler automobiles. It is a manufacturer of pistons, piston Net Profit 719.9
rings and pins, valves and guides. The company operates in the OEM segment and the aftermarket. As of Mar
Networth 5,623.9
2017, FMGIL had one subsidiary, namely Federal-Mogul TPR (India) Ltd. The company’s product lines include light
alloy castings, cylinder liners, pistons, piston rings and sintered products. FMGIL had four manufacturing plants Ratios (%)
located in the states of Patiala (Punjab), Bangalore (Karnataka), Bhiwadi (Rajasthan) and Uttarakhand. In FY17, 5.4
NPM
the company issued 23.16 mn equity shares aggregating to ` 1,297 mn to the existing shareholders on a rights
basis in the ratio of 71:100 shares held as on record date. RONW 12.8
(As on Mar 31, 2017)

Lumax Industries Limited


B-85-86, Mayapuri Industrial Area, Phase – I, New Delhi - 110064, Delhi
Website: www.lumaxindustries.com
Dun & Bradstreet D-U-N-S® No 65-012-2328 Top 500 Ranking Income 459 Net Profit 425 Networth 490
About the Company
Financial Snapshot (` mn)
Lumax Industries Ltd (LIL) was founded in 1945 as a trading firm which was converted to a private limited company
Total Income 13,059.7
in 1981 and subsequently to a public limited company in 1985. LIL is involved in manufacturing and exporting
automotive components. It manufactures automotive lighting solutions which cater to requirements of four- Net Profit 451.8
wheelers, two-wheelers and farm equipment segments. LIL’s product portfolio includes tail lamps, head lamps,
Networth 2,416.5
sundry and auxiliary lamps, and other lighting accessories products. As on FY17, LIL owns ten manufacturing units
located in Haryana, Uttarakhand, Maharashtra, Gujarat and Karnataka; two R&D centres and one overseas design Ratios (%)
centre. It had 2,292 permanent employees as on Mar 31, 2017. On Nov 2, 2017, LIL inaugurated its 9th lighting 3.5
NPM
manufacturing facility in India at Sanand, Gujarat. During FY17, the company has made investments to the tune
of ` 654 mn towards the development and upgradation of its facilities. RONW 18.7
(As on Mar 31, 2017)

Pricol Limited
CPM Towers, 109, Race Course, Coimbatore - 641018, TN
Website: www.pfizerindia.com
Dun & Bradstreet D-U-N-S® No 65-059-8589 Top 500 Ranking Income 468 Net Profit 423 Networth 366
About the Company
Financial Snapshot (` mn)
Pricol Limited (Pricol) was incorporated on May 18, 2011. It’s engaged in the business of manufacturing and
Total Income 12,684.3
selling Instrument Clusters and other allied automobile components to Original Equipment Manufacturers (OEMs)
and replacement markets. The segments in the domestic market primarily cater to two-wheelers, commercial Net Profit 457.7
vehicles, tractors and off-road vehicles. Pricol’s product and services can be classified into seven segments
Networth 8,327.7
namely, dashboard instrument & accessories, oil pumps, chain tensioners, idles speed control valve assembly,
other auto components, road speed limiter, and other products and services. Pricol owns seven manufacturing Ratios (%)
plants located in Coimbatore (TN), Pune (Maharashtra), Gurgaon (Haryana) and Rudrapur (Uttarakhand). During 3.6
NPM
2017, Pricol completed a 100% acquisition of the wiping systems business of PMP Auto Components Pvt. Ltd and
Pricol also signed an MoU with Kerdea Technologies, USA for oxygen sensor in India. RONW 5.5
(As on Mar 31, 2017)

L. G. Balakrishnan & Bros. Limited


Krisnarayapuram Road, Ganapathy, Coimbatore - 641 006.
Website: www.lgb.co.in
Dun & Bradstreet D-U-N-S® No 65-006-1666 Top 500 Ranking Income 490 Net Profit 404 Networth 450
About the Company
Financial Snapshot (` mn)
L.G. Balakrishnan & Bros Ltd (LGB) commenced its business in 1937 as a transport company with a fleet of
Total Income 11,758.8
250 buses. Subsequently, LGB was registered as a public limited company in 1956 and its business activities
evolved to include manufacturing chains, sprockets and metal formed parts for automotive applications. The Net Profit 615.5
company’s business segments include transmission, metal forming and others. Transmission products include
Networth 4,567.9
chains, sprockets, tensioners, belts and brake shoes. It also offers metal forming products consisting of fine
blanking for precision sheet metal parts, machined components and wire drawing products for internal use as Ratios (%)
well as for other chain manufacturing plants, spring steel suppliers and umbrella manufacturers. LGB’s products 5.2
NPM
are marketed under the Rolon brand. It has 17 manufacturing units which are located in TN, Maharashtra,
Uttrakhand, Karnataka, Haryana and Rajasthan. RONW 13.5
(As on Mar 31, 2017)

INDIA’S TOP 500 COMPANIES 15


JTEKT India Limited
38/6, NH-8, Delhi-Jaipur Road, Gurugram - 122002, Haryana
Website: www.sonakoyosteering.com
Dun & Bradstreet D-U-N-S® No 65-009-1275 Top 500 Ranking Income 491 Net Profit 450 Networth 481
About the Company
Financial Snapshot (` mn)
JTEKT India Ltd (JTEKT) previously known as, Sona Koyo Steering Systems Limited (SKSSL), was established in 1985
Total Income 11,722.1
as the flagship company of The Sona Group. JTEKT is a manufacturer of steering systems for the passenger car
and utility vehicle market in India. It has a technical and financial collaboration with JTEKT Corporation, Japan Net Profit 235.9
(formally known as Koyo Seiko Co. Ltd.). JTEKT’s customers include Maruti Suzuki, Toyota, Hyundai, Tata Motors,
Networth 2,987.8
Mahindra and Mahindra, General Motors and Mahindra-Renault. Independently, as well as through its network
of overseas joint-venture partners, it exports products to USA, Europe and Japan. It operates through four plants Ratios (%)
viz, Gurgaon, Chennai, Dharuhera, and Sanand. Its key products include tilt steering column, variety of shafts, 2.0
NPM
Improved hydraulic power steering gear, Electronically controlled power steering system (ECPS), and Advanced
column technology for HCV, among others. RONW 7.9
(As on Mar 31, 2017)

Automotive Axles Limited


Off Hunsur Road, Hootagalli Industrial Area, Mysore - 570018, Karnataka
Website: www.autoaxle.com
Dun & Bradstreet D-U-N-S® No 65-019-4483 Top 500 Ranking Income 497 Net Profit 420 Networth 463
About the Company
Financial Snapshot (` mn)
Automotive Axles Ltd (AAL) was incorporated in 1981 as a joint venture between Kalyani Group and Meritor Inc,
Total Income 11,488.2
USA. The company manufactures rear drive axles, front steer axles, defence axles, off-highway axles, non-drive
axles, drum brake, disc brake and light duty drive axle. The company supplies its products to manufacturers of Net Profit 485.8
trucks, buses, light, medium and heavy commercial vehicles, military and off-highway vehicles, among others.
Networth 3,757.8
Its major clients include Ashok Leyland, Tata Motors, AMW, Daimler India, Volvo India, SML Isuzu Ltd, to name a
few. The company has three manufacturing plants located in Mysuru in Karnataka, Rudrapur in Uttarakhand and Ratios (%)
Jamshedpur in Jharkhand and has a workforce of over 2,000 employees. Rear drive axle is the main product of 4.2
NPM
the company, with almost 70% of the total turnover of the company is generated by rear drive axles. On the other
hand, brakes account for 18% of the total turnover of the company. RONW 12.9
(As on Mar 31, 2017)

Jamna Auto Industries Limited


Jai Spring Road, Industrial Area, Yamuna Nagar - 135001, Haryana
Website: www.jaispring.org
Dun & Bradstreet D-U-N-S® No 91-642-1167 Top 500 Ranking Income 499 Net Profit 352 Networth 475
About the Company
Financial Snapshot (` mn)
Jamna Auto Industries Ltd (JAI) was founded in 1954 as a proprietary firm which was converted into a public
Total Income 11,428.0
limited company in 1965. JAI is mainly engaged in the production of suspension products, multi leaf springs and
parabolic springs. Suspension products range comprises of rear air suspension, steerable or non-steerable life Net Profit 1,033.7
axle and bogie suspension. The company supplies its products to all major OEMs such as Ashok Leyland, Tata
Networth 3,350.7
Motors, SML Isuzu, Force Motors, Daimler India and Ford India, amongst many others. The company has nine
manufacturing facilities located at Pune (Maharashtra), Hosur, Chennai and Sriperumbuder (TN), Jamshedpur Ratios (%)
(Jharkhand), Malanpur (MP), Lucknow (UP), Udham Singh Nagar (Uttarakhand) and Yamuna Nagar (Haryana). 9.0
NPM
The company also four depots located at Mumbai (Maharashtra), Kolkata (WB), Chennai (TN) and Rudrapur
(Uttarakhand). In FY17, the company incorporated a wholly owned subsidiary Jai Suspensions Ltd. RONW 30.9
(As on Mar 31, 2017)

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RONW
(As on Mar 31, 2017)

16 INDIA’S TOP 500 COMPANIES


AUTOMOBILE -
TWO/THREE WHEELERS
Comparative Matrix

Sector Total Income Net Profit Net Worth NPM RONW


Company Name
TI Rank ` Mn ` Mn ` Mn (%) (%)
1 Hero MotoCorp Limited 313,685.5 33,771.2 101,112.9 10.8 33.4
2 Bajaj Auto Limited 243,100.0 38,275.6 170,341.3 15.7 22.5
3 TVS Motor Company Limited 133,634.3 5,580.8 24,083.3 4.2 23.2
4 Eicher Motors Limited 81,713.7 15,600.2 39,225.9 19.1 39.8

INDIA’S TOP 500 COMPANIES


Hero MotoCorp Limited
34, Community Centre, Basant Lok, Vasant Vihar, New Delhi - 110057, Delhi
Website: www.heromotocorp.com
Dun & Bradstreet D-U-N-S® No 65-006-1518 Top 500 Ranking Income 38 Net Profit 32 Networth 77
About the Company
Financial Snapshot (` mn)
Hero MotoCorp. Ltd. (Hero), was established in 1984 as Hero Honda Motors Ltd following a collaboration
Total Income 313,685.5
between Japan’s Honda Motor Co Ltd and India’s Hero Group. The company acquired its present name in 2011.
Hero is engaged in the manufacturing of two-wheelers, namely motorcycles and scooters. The company has four Net Profit 33,771.2
manufacturing facilities located in Gurgaon and Dharuhera, Haridwar and Neemrana. The company’s sales and
Networth 101,112.9
service network spans over to 6,000 customer touch points which comprise a mix of authorised dealerships,
service & spare parts outlets and dealer appointed outlets across the country. The company has global presence Ratios (%)
in 35 countries across Asia, Africa and South & Central America. In FY17, the company sold 6.66 mn units as 10.8
NPM
compared to 6.63 mn units in FY16. In Jun 2017, Hero commenced commercial production at its Bangladesh plant
which has an installed capacity of 150,000 vehicles per annum. RONW 33.4
(As on Mar 31, 2017)

Bajaj Auto Limited


Bajaj Auto Ltd Complex, Mumbai - Pune Road, Akurdi, Pune - 411035, Maharashtra
Website: www.bajajauto.com
Dun & Bradstreet D-U-N-S® No 65-037-2753 Top 500 Ranking Income 47 Net Profit 25 Networth 49
About the Company
Financial Snapshot (` mn)
Bajaj Auto Ltd (Bajaj Auto) which was founded in 1926 is the flagship company of the Bajaj Group. The company
Total Income 243,100.0
manufactures scooters, motorcycles and three-wheeler vehicles as well as their spare parts. Some of its
well-known motorcycle brands include Dominar, Pulsar, Avenger, Discover, Platina and CT100. The company Net Profit 38,275.6
manufactures three-wheelers compatible with all fuel types – petrol, LPG, CNG, and diesel and for all categories
Networth 170,341.3
such as small, medium and large. Bajaj Auto has four manufacturing plants located at Akurdi, Waluj and Chakan
in Maharashtra and Pantnagar in Uttarakhand with a combined capacity of 6.06 mn units as of Mar 31, 2017. In Ratios (%)
FY17, the company sold nearly 3.22 mn motorcycles in India as well as abroad as against 3.36 mn in the previous 15.7
NPM
year. In case of three-wheelers, the company sold 444,462 vehicles in India and abroad in FY17. In Aug 2017,
Bajaj Auto entered into a partnership with Triumph Motorcycles to deliver a range of mid-capacity motorcycles. RONW 22.5
(As on Mar 31, 2017)

TVS Motor Company Limited


Jayalakshmi Estates, No.29 (Old No.8), Haddows Road, Chennai – 600006, TN
Website: www.tvsmotor.com
Dun & Bradstreet D-U-N-S® No 86-221-7981 Top 500 Ranking Income 71 Net Profit 122 Networth 209
About the Company
Financial Snapshot (` mn)
TVS Motor Company Ltd (TVS Motor) is a subsidiary of the TVS Group. TVS Motor manufactures a range of
Total Income 133,634.3
two wheelers including motorcycles, scooters and mopeds and three-wheelers under the brand TVS King. The
company along with its subsidiaries and associates is also engaged in vehicle finance, component manufacturing, Net Profit 5,580.8
housing and wind power production. It operates through three manufacturing facilities located in India (TN, KA
Networth 24,083.3
and HP) and TVS Motor Company Indonesia has a manufacturing facility in Karawang at Indonesia. During 2017,
new products and variants were launched viz TVS Jupiter, TVS Scooty Zest 110, StaR City+ and TVS Sport. Towards Ratios (%)
renewable energy, the company implemented roof-top solar power (3.5 MW), heat pumps (400 tons), solar water 4.2
NPM
heating (225 KW) for engine preheating, solar air heating (46 KW) and compressor waste heat recovery for its
various process applications. RONW 23.2
(As on Mar 31, 2017)

Eicher Motors Limited


3rd Floor, Select Citywalk, A-3 District Centre, Saket, New Delhi - 110017, Delhi
Website: www.eicher.in
Dun & Bradstreet D-U-N-S® No 65-078-2605 Top 500 Ranking Income 114 Net Profit 55 Networth 141
About the Company
Financial Snapshot (` mn)
Eicher Motors Ltd (Eicher), the flagship company of the Eicher Group was incorporated in 1982. The company
Total Income 81,713.7
operates in the automotive space. It manufactures and markets the Royal Enfield, a premium motorcycle catering
to domestic and global customers. The product portfolio of Royal Enfield encompasses; Bullet, Classic, Continental Net Profit 15,600.2
GT and Thunderbird models. It also operates a JV with Volvo Group, VE Commercial Vehicles Ltd which designs,
Networth 39,225.9
manufactures and markets trucks and buses. Eicher operates through three manufacturing facilities in TN, two
tech centres, 25 exclusive Royal Enfield stores across the world, more than 675 stores in India and two market Ratios (%)
companies in USA and Brazil. In FY17, Eicher sold 666,493 motorcycles and 58,604 commercial vehicles. In Mar 19.1
NPM
2018, the company decided to close the operations of Eicher Polaris Pvt Ltd, Eicher’s equal JV with US-based
Polaris Industries Inc with immediate effect. RONW 39.8
(As on Mar 31, 2017)

INDIA’S TOP 500 COMPANIES 19


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20 INDIA’S TOP 500 COMPANIES


AUTOMOBILES
Comparative Matrix

Sector Total Income Net Profit Net Worth NPM RONW


Company Name
TI Rank ` Mn ` Mn ` Mn (%) (%)
1 Maruti Suzuki India Limited 795,460.0 73,377.0 361,711.0 9.2 20.3
2 Tata Motors Limited 500,792.5 (24,799.9) 208,091.5 (5.0) (11.9)
3 Mahindra & Mahindra Limited 484,385.3 39,556.5 256,695.6 8.2 15.4
4 Ashok Leyland Limited 214,679.4 12,230.8 61,260.7 5.7 20.0
5 Escorts Limited 42,110.4 1,604.4 19,911.6 3.8 8.1
6 Force Motors Limited 35,795.1 1,799.2 16,654.1 5.0 10.8
7 SML Isuzu Limited 13,731.1 628.1 4,025.2 4.6 15.6

INDIA’S TOP 500 COMPANIES


Maruti Suzuki India Limited
1, Nelson Mandela Road, Vasant Kunj, New Delhi - 110070, Delhi
Website: www.marutisuzuki.com
Dun & Bradstreet D-U-N-S® No 65-005-8878 Top 500 Ranking Income 9 Net Profit 18 Networth 24
About the Company
Financial Snapshot (` mn)
Maruti Suzuki India Ltd (MSIL), formerly known as Maruti Udyog Ltd, was incorporated in 1981 as a joint-venture
Total Income 795,460.0
between the Government of India and Suzuki Motor Corp of Japan. Presently, Suzuki Motor Corp. holds 56.21%
stake in the company. MSIL has five manufacturing plants at Gurugram and Manesar in Haryana, with an installed Net Profit 73,377.0
capacity of 1.55 mn vehicles per year. MSIL also operates a research & development centre at Rohtak, an
Networth 361,711.0
integrated facility with 33 different test tracks, requisite testing and safety labs. The company achieved its highest
ever sales of 1,568,603 vehicles in FY17. During the year, the company launched three new models – Ignis, Super Ratios (%)
Carry and Baleno RS. MSIL also introduced two mild hybrid models during the year and committed to build a 9.2
NPM
li-ion battery production plant in Hansalpur, Gujarat in collaboration with Denso and Toshiba Corp of Japan. The
company added 215 new dealer workshops in FY17, taking the network to 3,200 workshops across 1,556 cities. RONW 20.3
(As on Mar 31, 2017)

Tata Motors Limited


Bombay House, 24 HomiMody Street, Mumbai - 400001, Maharashtra
Website: www.tatamotors.com
Dun & Bradstreet D-U-N-S® No 65-028-2031 Top 500 Ranking Income 22 Net Profit 497 Networth 45
About the Company
Financial Snapshot (` mn)
Tata Motors Ltd (Tata Motors), part of the Tata Group, was founded in 1945 to manufacture locomotives and
Total Income 500,792.5
other engineering products. Erstwhile known as Tata Engineering and Locomotive Company, the company
started manufacturing commercial vehicles in 1954 following a 15-year collaboration with Germany’s Daimler Net Profit (24,799.9)
Benz. The company is engaged in manufacture, assembly and sales of cars and utility vehicles, trucks and buses,
Networth 208,091.5
municipal solution vehicles, defence vehicles, including spare parts. The company’s major product launches in
FY17 include Tiago, TAMO Jaguar XE, Range Rover Evoque, Range Rover Velar and Land rover Discovery. In FY17, Ratios (%)
JLR, subsidiary of Tata Motors, opened its first wholly owned international manufacturing plant in Brazil. The (5.0)
NPM
company commenced construction of JLR’s manufacturing plant in Nitra, Slovakia. It forayed into Bolivian market
with its commercial vehicle range of Tata Super Ace Mini Truck, Tata Xenon Pickup and Tata LPT 613 Truck. RONW (11.9)
(As on Mar 31, 2017)

Mahindra & Mahindra Limited


Gateway Building, Apollo Bunder, Mumbai - 400001, Maharashtra
Website: www.mahindra.com
Dun & Bradstreet D-U-N-S® No 87-179-6551 Top 500 Ranking Income 27 Net Profit 24 Networth 36
About the Company
Financial Snapshot (` mn)
Mahindra & Mahindra (M&M) is the flagship company of the Mahindra Group and primarily operates in the
Total Income 484,385.3
automotive and farm equipment sectors. During FY17, the company’s automotive sector recorded total sales
of 506,624 vehicles, registering a year-on-year (y-o-y) growth of 2.5% in vehicle sales. In the passenger vehicle Net Profit 39,556.5
segment, volumes remained almost flat at 236,130 vehicles while the commercial vehicle (CV) segment posted
Networth 256,695.6
sale of 180,948 vehicles, clocking a growth of 8.5% y-o-y. UV sales volume remained flat at 2,22,541 vehicles.
Exports during FY17 were up 3.4% at 37,240 vehicles even as the company continued to grow in volumes and Ratios (%)
strengthen its presence in the neighbouring markets of Sri Lanka, Nepal and Bangladesh. M&M reported volume 8.2
NPM
growth of 28.9% and 28.3% respectively in key markets of South Africa and Chile. The company launched the
KUV100 and TUV300 in South Africa during the year. RONW 15.4
(As on Mar 31, 2017)

Ashok Leyland Limited


1, Sardar Patel Road, Guindy, Chennai – 600032, TN
Website: www.ashokleyland.com
Dun & Bradstreet D-U-N-S® No 91-843-2779 Top 500 Ranking Income 51 Net Profit 70 Networth 108
About the Company
Financial Snapshot (` mn)
Ashok Leyland Ltd (Ashok Leyland) was founded in 1948 as Ashok Motors in partnership with Austin Motor Co,
Total Income 214,679.4
England for assembling Austin cars. In 1950 Ashok Motors and Leyland UK collaborated to manufacture trucks
in the country. The company acquired its present name in 1955 with Leyland Motors Ltd equity investment in Net Profit 12,230.8
the company. The Hinduja Group with Iveco acquired a majority stake in the company in 1987. Presently, Ashok
Networth 61,260.7
Leyland is the flagship company of Hinduja Group which manufactures buses, trucks, light vehicles, defence
vehicles, and has diversified into manufacturing power generation products. The company has six manufacturing Ratios (%)
units situated in Hosur (TN), Sriperumbudur (Chennai), Ennore (Chennai), Bhandara (Maharashtra), Alwar 5.7
NPM
(Rajasthan), and Pantnagar (Uttarakhand) in India. The company also has production facilities in the UK and UAE.
Ashok Leyland exports to over 30 countries including Sri Lanka, Bangaldesh, Mauritius, Middle East and Africa. RONW 20.0
(As on Mar 31, 2017)

INDIA’S TOP 500 COMPANIES 23


Escorts Limited
15/5, Mathura Road, Faridabad – 121003, Haryana
Website: www.escortsgroup.com
Dun & Bradstreet D-U-N-S® No 87-178-0523 Top 500 Ranking Income 197 Net Profit 286 Networth 228
About the Company
Financial Snapshot (` mn)
Escorts Ltd (Escorts), the flagship company of the Escorts Group was incorporated in 1944. Escorts is mainly
Total Income 42,110.4
engaged in the manufacture and supply of agri machinery, construction equipment and railway equipment. The
product portfolio of the company under various categories include tractors, spares & lubes, engines & gensets, Net Profit 1,604.4
material handling equipment, earthmoving equipment, road construction equipment, brake systems, couplers,
Networth 19,911.6
suspension system and friction & rubber products. The company provides tractors under two star brands –
Farmtrac and Powertrac. The agri machinery segment contributed almost 80.3% to the company’s revenue in Ratios (%)
FY17, while construction equipment segment contributed 14.5% and railway equipment segment contributed 3.8
NPM
5.8% to the revenue in FY17.
RONW 8.1
(As on Mar 31, 2017)

Force Motors Limited


Mumbai - Pune Road, Akurdi, Pune – 411035, Maharashtra
Website: www.forcemotors.com
Dun & Bradstreet D-U-N-S® No 65-005-7847 Top 500 Ranking Income 223 Net Profit 266 Networth 259
About the Company
Financial Snapshot (` mn)
Force Motors Ltd (Force Motors) was incorporated in 1958. Force Motors is a vertically integrated automobile
Total Income 35,795.1
company, which manufactures entire product range of automotive components including engines, chassis, gear
boxes, axles, bodies, etc. The company’s product range consists of small commercial vehicles (SCV), multiutility Net Profit 1,799.2
vehicles (MUV), light commercial vehicles (LCV), special utility vehicles (SUV) and agricultural tractors. Some
Networth 16,654.1
of the key brands are Force Gurkha, Trax Cruiser, Traveller 26, Traveller School Bus 3350, Traveller Shaktiman,
Kargo King, Orchard Mini and Balwan 330 among others. The company has a subsidiary named Tempo Finance Ratios (%)
(West) Pvt Ltd. In FY17, the company sold 23,929 vehicles as compared to 33,354 vehicles in FY17. In Mar 2018, 5.0
NPM
Force Motors signed a JV agreement for development, manufacture and marketing of engines, engines for power
generation, complete power generators and engines for various applications. RONW 10.8
(As on Mar 31, 2017)

SML Isuzu Limited


Village Asron, Dist. Shahid Bhagat Singh Nagar, Nawan Shahr - 144533, Punjab
Website: www.smlisuzu.com
Dun & Bradstreet D-U-N-S® No 67-615-9140 Top 500 Ranking Income 445 Net Profit 402 Networth 457
About the Company
Financial Snapshot (` mn)
SML Isuzu Ltd (SMLI) was established in 1983 as Swaraj Vehicles Ltd. In 1984, the company was renamed as
Total Income 13,731.1
Swaraj Mazda Ltd following the JV and technical assistance concluded between Punjab Tractor Ltd, Mazda Motor
Corporation, Japan & Sumitomo Corporation, Japan. In 2011, the company acquired its present name. Sumitomo Net Profit 628.1
Corporation, Japan and Isuzu Motors, Japan respectively holds 44% and 15% shareholding in the Company. SMLI
Networth 4,025.2
is engaged in the manufacture of light and medium commercial vehicles including buses, trucks and customized
vehicles such as ambulance, tipper, dumper placer, prison van, water tanker truck, refrigerate van and recovery Ratios (%)
van, etc. The company’s manufacturing plant is located at Nawanshahr, Punjab. As on Mar 31, 2017, the company 4.6
NPM
had an employee strength of 1,063. In FY18, the company sold 11,369 vehicles as compared to 14,909 vehicles
in the previous year. RONW 15.6
(As on Mar 31, 2017)

xyz
xyz

Dun & Bradstreet D-U-N-S® No 00-000-0000 Top 500 Ranking Income Net Profit Networth
xyz
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Total Income
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Networth
Ratios (%)
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RONW
(As on Mar 31, 2017)

24 INDIA’S TOP 500 COMPANIES


Dun & Bradstreet D-U-N-S® No Top 500 Ranking Income Net Profit Networth

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(As on Mar 31, 2017)

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(As on Mar 31, 2017)

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(As on Mar 31, 2017)

INDIA’S TOP 500 COMPANIES 25


Dun & Bradstreet D-U-N-S® No Top 500 Ranking Income Net Profit Networth

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(As on Mar 31, 2017)

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Total Income
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(As on Mar 31, 2017)

26 INDIA’S TOP 500 COMPANIES


BANKS
Comparative Matrix

Sector Total Income Net Profit Net Worth NIM Net NPA
Company Name
TI Rank ` Mn ` Mn ` Mn (%) (%)
1 State Bank of India 2,109,791.7 104,841.0 1,567,004.1 2.4 3.7
2 HDFC Bank Limited 816,024.6 145,496.4 894,623.6 4.1 0.3
3 ICICI Bank Limited 736,607.6 98,010.9 969,089.4 2.9 5.4
4 Axis Bank Limited 562,334.7 36,792.8 557,625.4 3.2 2.3
5 Punjab National Bank 562,273.6 13,248.0 380,964.4 2.2 7.8
6 Bank of Baroda 489,579.9 13,831.4 367,272.9 2.0 4.7
7 Canara Bank 489,420.4 11,219.2 283,123.9 1.7 6.3
8 Bank of India* 460,631.8 (15,583.1) 268,003.7 1.9 6.9
9 Union Bank of India 376,245.8 5,552.1 215,194.0 2.1 6.6
10 Central Bank of India* 275,370.5 (24,391.0) 147,457.6 2.1 10.2
11 Syndicate Bank 264,611.8 3,589.5 125,885.6 2.1 5.2
12 Corporation Bank* 225,617.8 5,612.1 120,486.6 1.8 8.3
13 Oriental Bank of Commerce* 211,878.5 (10,940.7) 126,729.4 2.0 9.0
14 Kotak Mahindra Bank Limited 211,760.9 34,115.0 276,179.5 4.0 1.3
15 Yes Bank Limited 205,814.0 33,301.0 220,540.6 3.0 0.8
16 Andhra Bank 203,357.2 1,743.3 105,169.3 2.6 7.6
17 Allahabad Bank* 203,047.2 (3,135.2) 121,139.4 2.2 8.9
18 IndusInd Bank Limited 185,771.6 28,678.9 202,715.3 3.8 0.4
19 Indian Bank 182,511.2 14,056.8 144,615.8 2.4 4.4
20 Vijaya Bank 140,307.1 7,504.9 73,210.2 2.3 4.4
21 Bank of Maharashtra* 135,700.3 (13,725.1) 61,730.6 2.0 11.8
22 United Bank of India* 116,145.3 2,195.1 68,427.8 1.4 10.0
23 The Federal Bank Limited 97,591.9 8,307.9 89,373.7 2.9 1.3
24 IDFC Bank Limited 95,458.3 10,197.4 146,780.6 2.1 1.1
25 Punjab & Sind Bank 87,509.7 2,010.8 52,691.5 2.2 7.5
26 The Jammu and Kashmir Bank Limited 71,786.6 (16,322.9) 50,416.7 3.1 4.9
27 The South Indian Bank Limited 65,626.5 3,925.0 46,046.4 2.4 1.5
28 The Karur Vysya Bank Limited 64,045.7 6,059.8 50,356.9 3.4 2.5
29 The Karnataka Bank Limited 59,947.4 4,522.6 47,190.5 2.5 2.6
30 RBL Bank Limited 44,686.2 4,460.5 43,346.2 2.8 0.6
31 City Union Bank Limited 36,577.3 5,027.7 35,701.9 3.6 1.7
32 The Lakshmi Vilas Bank Limited 33,494.3 2,560.7 19,668.4 2.4 1.8
33 DCB Bank Limited 23,256.0 1,996.8 19,483.8 3.7 0.8
34 Dhanlaxmi Bank Limited 12,000.7 123.8 6,544.9 2.7 2.6
Note: * The Company was placed under Prompt Corrective Action (PCA) as per the intimation received from the Reserve Bank of India (RBI)

INDIA’S TOP 500 COMPANIES


State Bank of India
Address: State Bank Bhavan, Madame Cama Road, Mumbai - 400021, Maharashtra
Website: www.sbi.co.in
Dun & Bradstreet D-U-N-S® No 67-723-6822 Top 500 Ranking Income 5 Net Profit 9 Networth 3
About the Company
Financial Snapshot (` mn)
State Bank of India (SBI) was founded in 1806, as the Bank of Calcutta and was subsequently converted to SBI in
Total Income 2,109,791.7
the year 1955. SBI primarily operates in the following business segments: Personal Banking, Agricultural Banking,
International Banking, NRI Services, SME and Corporate Banking. SBI’s international banking operation spans Net Profit 104,841.0
across 198 foreign offices located in 37 countries in the world. During FY17, it opened two exclusive wealth
Networth 1,567,004.1
management hubs in Bengaluru. During the year, SBI merged with 5 of its associate banks, bring its branch
network total to 24,017 and its total number of ATM’s to 59,263. It opened its sixth branch in Singapore in Ratios (%)
Sep 2017, extending its services in the country’s heartland. SBI approved the raising of ` 80,000 mn through 2.4
NIM
masala bonds and other sources to meet Basel III capital norms. In FY17, SBI lent ` 250 mn to a digital startup,
LendingKart. Net NPA 3.7
(As on Mar 31, 2017)

HDFC Bank Limited


HDFC Bank House, Senapati Bapat Marg, Lower Parel, Mumbai - 400013, Maharashtra
Website: www.hdfcbank.com
Dun & Bradstreet D-U-N-S® No 65-005-7888 Top 500 Ranking Income 8 Net Profit 5 Networth 8
About the Company
Financial Snapshot (` mn)
HDFC Bank Ltd (HDFC Bank) was incorporated in 1994 and commenced operations as a scheduled commercial
Total Income 816,024.6
bank in 1995. HDFC Bank operates under personal, premier, NRI, SME, Wholesale, and Agri segments. Under retail
banking, it provides C.A.S.A., deposits, loans, insurance, investments, premier, and private banking solutions. Net Profit 145,496.4
Under NRI segment it provides accounts and deposits, loans, insurance, and premium banking solutions. Under
Networth 894,623.6
MSME, it provides finance options and trade finance solutions, and under Agri and Wholesale, it provides loans
and in-depth sector analysis. In FY17, HDFC Bank launched instant Digital loans against securities/shares. During Ratios (%)
the year, the bank launched SmartUp zones in 65 branches across 30 cities, focusing on partnering with start-up 4.1
NIM
communities in tier - 2 and 3 cities. As of 30-Sep-2017, it had 4,729 branches and 12,259 ATMs in 2,669 cities/
towns. Net NPA 0.3
(As on Mar 31, 2017)

ICICI Bank Limited


ICICI Bank Tower, Old Para Road, Vadodara - 390007, Gujarat
Website: www.icicibank.com
Dun & Bradstreet D-U-N-S® No 86-041-6233 Top 500 Ranking Income 11 Net Profit 11 Networth 6
About the Company
Financial Snapshot (` mn)
ICICI Bank Ltd (ICICI Bank) was promoted in 1994 by ICICI Ltd. ICICI Bank provides personal, private, NRI, and
Total Income 736,607.6
corporate banking services. Personal banking offers services like C.A.S.A, insurance, and loans. Corporate banking
offers commercial banking, merchant banking, global trade, project finance, forex, and custodial services. ICICI Net Profit 98,010.9
Bank also has a social media presence that includes the launch of its twitter application, the digital bank called
Networth 969,089.4
‘Pockets’ for fund transfer etc. During FY17, the bank launched ‘Mera iMobile’, a rural mobile banking operations
app, the bank also introduced instant personal loans through ATM’s, India’s first instant PPF account facility and Ratios (%)
integration of ‘DigiLocker’ with net-banking facility for storing and accessing digital documents anytime and 2.9
NIM
anywhere. As of 30-Sep-2017, ICICI Bank currently has a network of 4,852 branches and 13,780 ATMs across
India. Net NPA 5.4
(As on Mar 31, 2017)

Axis Bank Limited


Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Mumbai - 400 025, Maharashtra
Website: www.axisbank.com
Dun & Bradstreet D-U-N-S® No 72-520-8792 Top 500 Ranking Income 18 Net Profit 26 Networth 12
About the Company
Financial Snapshot (` mn)
Axis Bank Ltd (Axis Bank) is a private sector bank in India, incorporated in 1993 and commenced its operations
Total Income 562,334.7
in 1994. The Bank offers financial services to various customer segments covering large and mid-corporates,
MSME, agriculture, and retail businesses. There are varieties of products, services and payment facilities offered Net Profit 36,792.8
such as C.A.S.A. accounts, cards, loans, forex, investments, and insurance. As of 31-Mar-2017, the bank has
Networth 557,625.4
3,304 domestic branches and 14,163 ATMs spread across the country. The overseas operations of the bank are
spread over nine international offices with branches at Singapore, Hong Kong, Dubai, Colombo, and Shanghai; Ratios (%)
representative offices at Dhaka, Dubai, Abu Dhabi, and an overseas subsidiary at London, UK. During 2017, Axis 3.2
NIM
Bank acquired Freecharge and launched Axis Start-up social which provides a platform for startups to network
and share knowledge. Net NPA 2.3
(As on Mar 31, 2017)

INDIA’S TOP 500 COMPANIES 29


Punjab National Bank
HO: 7, Bhikaiji Cama Place, New Delhi - 110607, Delhi
Website: www.pnbindia.in
Dun & Bradstreet D-U-N-S® No 87-179-3629 Top 500 Ranking Income 19 Net Profit 66 Networth 21
About the Company
Financial Snapshot (` mn)
Punjab National Bank (PNB) commenced its operations in 1895, and was nationalized in 1969. In 1993, New
Total Income 562,273.6
Bank of India was merged with PNB and further in 2003, Nedungadi Bank Ltd was amalgamated with the bank.
Under personal banking, the bank offers savings, current, fixed deposits, credit, doorstep banking services etc. Net Profit 13,248.0
In FY17, the bank operated 6,938 branches and 10,681 ATMs as against 6,760 branches and 9,463 ATMs in FY16.
Networth 380,964.4
It employed 141.7 mn people in FY17. PNB reported total business of ` 10,411.97 bn in FY17 as compared to
` 9,653.77 bn in FY16. The deposits of the bank increased to ` 6,217.04 bn in FY17 from ` 5,530.51 bn in FY16. Ratios (%)
PNB reported advances of ` 4,194.93 bn in FY17 as compared to ` 4,123.26 bn in FY16. 2.2
NIM
Net NPA 7.8
(As on Mar 31, 2017)

Bank of Baroda
Baroda House, Mandvi, Vadodara - 390006, Gujarat
Website: www.bankofbaroda.com
Dun & Bradstreet D-U-N-S® No 86-041-6228 Top 500 Ranking Income 24 Net Profit 64 Networth 22
About the Company
Financial Snapshot (` mn)
Bank of Baroda (BoB) was incorporated in the year 1908 and provides a variety of banking solutions such as
Total Income 489,579.9
Personal Banking, Corporate Banking, MSME, International Banking, and NRI services. The range of products
and services include personal offerings like C.A.S.A., fixed and recurring deposit, credit and debit card; corporate Net Profit 13,831.4
offerings like wholesale, loans among others; international offerings like FCNRB loans, Trade finance; SME
Networth 367,272.9
offerings like Baroda Vidyasthali Loan, Baroda Weavers Credit Card among many services, and Rural banking and
Treasury like Forex operations. During 2017, the bank offered the cheapest home loans in the industry and also Ratios (%)
launched a fellowship programme to support fintech, rural, agricultural, and financial inclusion startups. It also 2.0
NIM
has more than 9,200 ATMs in India. It has a wide network of 1,823 rural branches and 1,535 semi-urban branches,
107 overseas branches as of 30-Sep-2017. Net NPA 4.7
(As on Mar 31, 2017)

Canara Bank
112, J C Road, Bengaluru – 560002, Karnataka
Website: www.bankofbarodha.com
Dun & Bradstreet D-U-N-S® No 65-005-6757 Top 500 Ranking Income 25 Net Profit 73 Networth 31
About the Company
Financial Snapshot (` mn)
Canara Bank (Canara Bank), a nationalized bank founded in 1906, caters to various segments such as personal,
Total Income 489,420.4
corporate, NRI banking, priority sector, and MSMEs. Its product portfolio includes savings and deposits, loan
products, mutual funds, insurance business, card services, remittance facilities, and agriculture & rural credit Net Profit 11,219.2
schemes. The Bank has set up 147 hi-tech E-lounges in select branches with facilities like ATM, Cash Deposit Kiosk
Networth 283,123.9
with voice guided system, Cheque Deposit Kiosk, Self-Printing Passbook Kiosk, Internet Banking Terminal, Online
Trading Terminal, and Corporate Website Access. As of 31-Mar-2017, Canara Bank had 6,111 branches and 10,339 Ratios (%)
ATMs spanning across the country. The bank’s mobile applications include CanMobile, Canara e-Infobook, and 1.7
NIM
Canara m-wallet. In FY 2017, the bank opened its first digital banking branch in Bengaluru and opened 71 literacy
centers at district/block levels. Net NPA 6.3
(As on Mar 31, 2017)

Bank of India
Star House, C5/G Block, BKC, Bandra (E), Mumbai - 400051, Maharashtra
Website: www.bankofindia.co.in
Dun & Bradstreet D-U-N-S® No 65-005-6880 Top 500 Ranking Income 29 Net Profit 494 Networth 34
About the Company
Financial Snapshot (` mn)
Bank of India (BoI) was founded on 7-Sep-1906 in Mumbai. The bank was nationalized in 1969. BOI business
Total Income 460,631.8
segments include corporate, rural, MSME, retail, NRI, and treasury. Corporate segment includes cash management
services, loans and, trade finance; while the rural segment includes financial inclusion, PMJDY, and MSME which Net Profit (15,583.1)
consists of various loan facilities; and finally, retail includes deposits, insurance, and loan products. As of 31-Mar-
Networth 268,003.7
2017, the bank had 5,044 domestic branches across the country and 66 overseas branches. During FY17, GOI has
decided to infuse ` 22.57 bn capital support into the bank. Bank of India communicated to the BSE that it was Ratios (%)
placed under Prompt Corrective Action (PCA) as per the intimation received by the bank from RBI dated 19 Dec 1.9
NIM
2017. The status is reported as of 16 May 2018.
Net NPA 6.9
(As on Mar 31, 2017)

30 INDIA’S TOP 500 COMPANIES


Union Bank of India
239, Vidhan Bhavan Marg, Nariman Point, Mumbai - 400021, Maharashtra
Website: www.unionbankofindia.co.in
Dun & Bradstreet D-U-N-S® No 91-536-0072 Top 500 Ranking Income 34 Net Profit 124 Networth 42
About the Company
Financial Snapshot (` mn)
Union Bank of India (Union Bank) was incorporated in 1919. In 1969, it was nationalized and acquired its present
Total Income 376,245.8
name. The bank operates under personal, NRI, International, MSME, Rural and Agri, and Corporate segments.
Under personal banking, the bank offers C.A.S.A, retail loan schemes, insurance and investment plans. Under Net Profit 5,552.1
corporate banking, it offers loan syndication, debt restructuring, Government businesses, selected treasury
Networth 215,194.0
products, and credit facilities. Under MSME and Rural and Agri, it provides various finance and loan schemes.
During FY17, it launched ‘Union recovery’ app for effective monitoring of NPA accounts, ’Union Sahyog’ which Ratios (%)
provided multi-functionality features and aimed at providing a single interface across all platforms. The bank 2.1
NIM
has a network of 4,295 branches across the county, four overseas branches, and 7,674 ATMs as of 30 -Sep-2017.
Net NPA 6.6
(As on Mar 31, 2017)

Central Bank of India


Chandermukhi Building, 9th Floor, Nariman Point, Mumbai - 400021, Maharashtra
Website: www.centralbankofindia.co.in
Dun & Bradstreet D-U-N-S® No 86-221-3654 Top 500 Ranking Income 41 Net Profit 496 Networth 56
About the Company
Financial Snapshot (` mn)
Central Bank of India (Central Bank), incorporated in 1911, was the first Indian commercial bank which was wholly
Total Income 275,370.5
owned and managed by Indians. Central Bank has a network in 29 States and 6 UTs. As on Jan 2018, the bank
has 4,715 branches, 1 extension counter and 10 satellite offices. The bank’s services portfolio includes personal Net Profit (24,391.0)
banking, corporate banking, NRI, agriculture and MSME. Under personal banking, it offers deposit accounts, retail
Networth 147,457.6
loans, digital banking and cards. The bank’s NRI services comprises of loan facilities for NRIs, remittance facilities
and deposit schemes for NRI and PIO. In FY17, business of the bank stood at ` 4,496.79 bn as compared to Ratios (%)
` 4,563.36 bn in FY16. Central Bank of India communicated to the BSE that it was placed under Prompt Corrective 2.1
NIM
Action (PCA) as per the intimation received by the bank from RBI dated 13 June 2017. The status is reported as
of 16 May 2018. Net NPA 10.2
(As on Mar 31, 2017)

Syndicate Bank
9th Floor, Chandermukhi Building, Nariman Point, Mumbai - 400021, Maharashtra
Website: www.syndicatebank.in
Dun & Bradstreet D-U-N-S® No 65-083-0453 Top 500 Ranking Income 44 Net Profit 169 Networth 66
About the Company
Financial Snapshot (` mn)
Syndicate Bank (Syndicate) was incorporated in 1925 as Canara Industrial and Banking Syndicate Ltd. In 1953,
Total Income 264,611.8
Maharashtra Apex Bank Ltd and Southern India Apex Bank Ltd along with other 18 banks merged with the
bank. In 1963, the name of the bank changed to Syndicate Bank Ltd and in 1969, the bank was nationalized. Net Profit 3,589.5
Syndicate offers a wide range of deposit products, loan products, cash management services, NRI services, NEFT
Networth 125,885.6
for electronic fund transfer, insurance, and MF services amongst others. As of 30-Sep-2017, the total number of
ATMs stood at 4,085 and the total number of branches stood at 3,966. During FY17, the bank raised ` 4500 mn Ratios (%)
on a private placement basis in order to augment long-term resources and further strengthen the capital base 2.1
NIM
of the bank.
Net NPA 5.2
(As on Mar 31, 2017)

Corporation Bank
Mangaladevi Temple Road, Pandeshwar, Mangalore - 575001, Karnataka
Website: www.corpbank.in
Dun & Bradstreet D-U-N-S® No 65-019-2792 Top 500 Ranking Income 50 Net Profit 121 Networth 69
About the Company
Financial Snapshot (` mn)
Corporation Bank (CorpnBank) was established in 1906 and acquired its present name in 1980, following its
Total Income 225,617.8
nationalization in the same year. It offers personal banking, corporate banking, NRI banking, and priority banking
services. Under personal banking, it offers savings accounts, deposit schemes, loan facilities, remittances, cards, Net Profit 5,612.1
insurance, and tax and pension schemes. Under corporate banking, it offers working capital financing, term
Networth 120,486.6
financing, cash management. NRI banking services include savings accounts, term deposits, remittance facilities,
and loan facilities. As of 31-Mar-2017, total number of branches stood at 2,517 and total number of ATMs stood Ratios (%)
at 3,169. Corporation Bank communicated to the BSE that it was placed under Prompt Corrective Action (PCA) 1.8
NIM
as per the intimation received by the bank from RBI dated 7 Dec 2017. The status is reported as of 16 May 2018.
Net NPA 8.3
(As on Mar 31, 2017)

INDIA’S TOP 500 COMPANIES 31


Oriental Bank of Commerce
Harsha Bhawan, E-Block, Connaught Place, New Delhi – 110001, Delhi
Website: www.obcindia.co.in
Dun & Bradstreet D-U-N-S® No 87-179-3705 Top 500 Ranking Income 53 Net Profit 492 Networth 65
About the Company
Financial Snapshot (` mn)
Oriental Bank of Commerce (OBC), a GoI undertaking, was established in 1943. OBC is engaged in treasury
Total Income 211,878.5
operations, corporate or wholesale banking, and retail banking operations. It offers various other products and
services such as housing loans, education loans, loans to SMEs, savings account, and current account. During Net Profit (10,940.7)
FY17, the bank launched new retail home loan products such as a home loans with 40 year terms for young
Networth 126,729.4
customers. The company also made new retail loan partnerships with Bankbazaar, and Tata Housing. As of 31
-Mar-2017, OBC’s total delivery channels stood at a total of 4,993, comprising of 2,380 branches and 2,613 ATMs. Ratios (%)
Oriental Bank of Commerce communicated to the BSE that it was placed under Prompt Corrective Action (PCA) as 2.0
NIM
per the intimation received by the bank from RBI dated 5 October 2017. The status is reported as of 16 May 2018.
Net NPA 9.0
(As on Mar 31, 2017)

Kotak Mahindra Bank Limited


27BKC, C 27, G Block, Bandra Kurla Complex, Bandra (E), Mumbai - 400051, Maharashtra
Website: www.obcindia.co.in
Dun & Bradstreet D-U-N-S® No 65-019-5050 Top 500 Ranking Income 54 Net Profit 31 Networth 32
About the Company
Financial Snapshot (` mn)
Kotak Mahindra Bank Ltd (KMBL) was established in 1985, as Kotak Mahindra Finance Ltd. In 2003, the bank was
Total Income 211,760.9
converted into a commercial bank and acquired its present name. In Apr 2015, ING Vysya Bank got merged with
KMBL. KMBL has three business units viz. consumer banking, commercial banking, and corporate banking. Under Net Profit 34,115.0
consumer banking, KMBL provides C.A.S.A., loans, insurance and deposits; and under commercial banking, it
Networth 276,179.5
offers loans, working capital finance, trade services; and corporate banking division offers finance for business and
trade, managing forex transactions, and providing sector expertise. As of 30 -Sep-2017, the bank had a network Ratios (%)
of 1,362 branches and 2,164 ATMs. In FY17, KMBL successfully raised ` 58,030 mn through a QIP issuance thus 4.0
NIM
acquiring 26% in Kotak life for ` 12,930 mn and completing the acquisition of BSS Microfinance.
Net NPA 1.3
(As on Mar 31, 2017)

Yes Bank Limited


Nehru Centre, 9th Floor, Dr. A. B. Road, Worli, Mumbai – 400018, Maharashtra
Website: www.yesbank.in
Dun & Bradstreet D-U-N-S® No 91-863-0500 Top 500 Ranking Income 55 Net Profit 33 Networth 41
About the Company
Financial Snapshot (` mn)
Yes Bank Ltd (Yes Bank) was incorporated in 2003 and launched its corporate and business banking operations
Total Income 205,814.0
in 2004. Yes Bank has four main segments viz., personal banking, business banking, corporate banking, and
digital banking. Under personal banking, it caters to individual and NRI customers and offers C.A.S.A., loans, and Net Profit 33,301.0
insurance; under business banking, it provides SME services, loans, and deposits; and under corporate banking, it
Networth 220,540.6
provides industry expertise, investment banking, treasury, risk management, and capital market solutions. As of
30 -Sep-2017, it had 1,040 branches and 1,823 ATMs. It launched Rupay Classic Kisan Debit card for disbursement Ratios (%)
of agricultural loans, the bank also launched M-Bot for the acquisition of consumer retail assets and approval 3.0
NIM
and disbursement of consumer loans. During FY17, it raised ` 40 bn through private placement of Basel III Tier II
bonds in two tranches. Net NPA 0.8
(As on Mar 31, 2017)

Andhra Bank
5-9-11, Dr. Pattabhi Bhavan, Saifabad, Hyderabad - 500004, Telangana
Website: www.andhrabank.in
Dun & Bradstreet D-U-N-S® No 67-559-4280 Top 500 Ranking Income 56 Net Profit 271 Networth 75
About the Company
Financial Snapshot (` mn)
Andhra Bank (Andhra Bank), established in 1923 and incorporated in 1991, is a public sector bank in which the
Total Income 203,357.2
Government holds, as on Dec 31, 2017, a majority shareholding of around 61%. The bank offers its services
to the retail, agriculture, MSME, corporate and NRI segments. On Sep 31, 2017, Andhra Bank had 2912 global Net Profit 1,743.3
branches, comprising of 730 metro branches, 664 urban branches, 771 semi-urban branches, 745 rural branches,
Networth 105,169.3
4 extension counters and 2 overseas representative offices. The two representative overseas offices are located
in Dubai, UAE and New Jersey, USA. Andhra Bank is an Authorised Dealer and offers foreign exchange services Ratios (%)
through its B-category designated branches. The bank is present in the insurance sector through a joint venture 2.6
NIM
named First Life Insurance Co. Ltd., with Bank of Baroda and Legal and General Plc, UK.
Net NPA 7.6
(As on Mar 31, 2017)

32 INDIA’S TOP 500 COMPANIES


Allahabad Bank
2, Netaji Subhas Road, Kolkata - 700001, WB
Website: www.allahabadbank.com
Dun & Bradstreet D-U-N-S® No 67-567-2208 Top 500 Ranking Income 57 Net Profit 489 Networth 68
About the Company
Financial Snapshot (` mn)
Allahabad Bank (Allahabad Bank) was founded in 1865. The bank provides services such as personal banking,
Total Income 203,047.2
MSME banking, corporate banking, trade finance, international banking and digital banking. Under personal
banking, the bank offers saving & term deposits, loans, debit & prepaid gift card and insurance. Under corporate Net Profit (3,135.2)
banking, it offers cash management and gold card scheme. Under international banking, the bank offers NRI
Networth 121,139.4
accounts and export finance. The bank has one overseas branch at Hong Kong. In Mar 2018, the bank received
the capital infusion fund of ` 15 bn from the GoI. Allahabad Bank communicated to the BSE that it was placed Ratios (%)
under Prompt Corrective Action (PCA) as per the intimation received by the bank from RBI dated 2 Jan 2018. The 2.2
NIM
status is reported as of 16 May 2018.
Net NPA 8.9
(As on Mar 31, 2017)

IndusInd Bank Limited


2401, Gen. Thimmayya Road (Cantonment), Pune - 411001, Maharashtra
Website: www.indusind.in
Dun & Bradstreet D-U-N-S® No 86-232-6824 Top 500 Ranking Income 60 Net Profit 38 Networth 47
About the Company
Financial Snapshot (` mn)
IndusInd Bank Ltd (IndusInd Bank) was incorporated in 1994 and operates in various business segments viz. retail
Total Income 185,771.6
banking, corporate banking, business, Public sector Units, financial institutions, and NRI services. Under retail
banking, it offers facilities such as C.A.S.A., deposits, cards, and loans. The corporate banking division provides Net Profit 28,678.9
services through various strategic business units comprising commercial banking, institutional banking, and TASC,
Networth 202,715.3
the business segment includes deposits, cash management services, and business loans. As of 31-Dec-2017, it
had a network of 1,320 branches and 2,162 ATMs spread across the country. During FY17, the bank announced Ratios (%)
a merger with Bharat Financial Inclusion and launched Co-brand app with Mobiwik that allows IndusInd bank 3.8
NIM
customers to pay at Mobiwik merchant network using the ‘Direct Debit feature’, the bank along with Dynamics
introduced a battery-powered interactive payment card. Net NPA 0.4
(As on Mar 31, 2017)

Indian Bank
66, Rajaji Salai, Chennai - 600001, TN
Website: www.indianbank.in
Dun & Bradstreet D-U-N-S® No 91-644-0035 Top 500 Ranking Income 61 Net Profit 62 Networth 59
About the Company
Financial Snapshot (` mn)
Indian Bank (Indian Bank) was incorporated in 1907. The bank mainly operates in the treasury, corporate &
Total Income 182,511.2
wholesale banking, and retail banking segments. Indian Bank offers a wide array of lending and deposit schemes
catering to individuals, NRIs, priority sectors, corporates, professionals and the agricultural sector. Other services Net Profit 14,056.8
offered by the bank include RTGS, NEFT, insurance services, phone banking, mobile banking, and e-payment
Networth 144,615.8
among others. Indian Bank touched 8,593 delivery points, including 2,695 domestic branches and 3,202 ATMs as
of 30-Sep-2017. During FY17 the bank launched Bharat Bill Payment System which offers an interoperable and Ratios (%)
accessible bill payment service to customers through multiple payment modes and instant confirmation; the 2.4
NIM
bank has also enabled online collection of GST through Net banking and over the counter and provided multiple
language options while viewing the site. Net NPA 4.4
(As on Mar 31, 2017)

Vijaya Bank
41/2, M.G. Road, Bengaluru – 560001, Karnataka
Website: www.vijayabank.com
Dun & Bradstreet D-U-N-S® No 65-007-9858 Top 500 Ranking Income 69 Net Profit 98 Networth 96
About the Company
Financial Snapshot (` mn)
Vijaya Bank (Vijaya Bank), a GoI undertaking, was established in Mangalore, Karnataka in 1931. It became a
Total Income 140,307.1
scheduled bank in 1958, and was later nationalized in April 1980. During 1963-68, Vijaya bank merged with nine
other smaller banks. Its product portfolio includes savings and deposits, loan advances products, NRI services, Net Profit 7,504.9
cards services, and remittances and collection services. In FY17, the bank introduced several IT based products
Networth 73,210.2
like Software Token – an additional mode of two factor authentication and Toggle V-Net Banking, to provide the
facility of disabling and enabling of Internet banking (V-Netbank) from customer end point. Vijaya Bank has 2,133 Ratios (%)
branches, 2,177 ATMs, and 105 digital villages as of 30-Sep-2017. During the same period, the bank announced 2.3
NIM
an increase in its retail credit by 27.12% and an improvement in the Housing loans portfolio by 33.55%.
Net NPA 4.4
(As on Mar 31, 2017)

INDIA’S TOP 500 COMPANIES 33


Bank of Maharashtra
Lokmangal, 1501 Shivajinagar, Pune - 411005, Maharashtra
Website: www.bankofmaharashtra.in
Dun & Bradstreet D-U-N-S® No 65-028-0423 Top 500 Ranking Income 70 Net Profit 493 Networth 107
About the Company
Financial Snapshot (` mn)
Bank of Maharashtra (BoM) was incorporated in Pune in 1935. BoM obtained its status as a scheduled bank in
Total Income 135,700.3
1944 and was subsequently nationalized in 1969. The Company came out with an IPO in 2004. It ventured into
bancassurance and mutual fund distribution in 2005. BoM offers various deposit schemes and loan products Net Profit (13,725.1)
along with other services, such as demat services, RTGS/NEFT, NRI Services, credit cards, and doorstep banking
Networth 61,730.6
among others. BoM has tie-ups with 25 AMCs for selling MF products and has corporate agency agreements with
LIC and UIIC to sell life and non-life insurance products. Bank of Maharashtra communicated to the BSE that it was Ratios (%)
placed under Prompt Corrective Action (PCA) as per the intimation received by the bank from RBI dated 15 June 2.0
NIM
2017. The status is reported as of 16 May 2018.
Net NPA 11.8
(As on Mar 31, 2017)

United Bank of India


11, Hemanta Basu Sarani, Kolkata - 700001, WB
Website: www.unitedbankofindia.com
Dun & Bradstreet D-U-N-S® No 87-179-4493 Top 500 Ranking Income 79 Net Profit 234 Networth 100
About the Company
Financial Snapshot (` mn)
United Bank of India (UBI) was formed in 1950, as United Bank of India Ltd with the amalgamation of four banks
Total Income 116,145.3
namely, Comilla Banking Corporation Ltd, Bengal Central Bank Ltd, Camilla Union Bank Ltd, and Hooghly Bank Ltd.
The Bank was nationalized in 1969. UBI operates in the retail banking, corporate banking, MSME, and international Net Profit 2,195.1
banking sectors. UBI signed a corporate agency agreement with Bajaj Allianz and LIC for insurance business. It
Networth 68,427.8
also has tie-ups with nine AMCs for distribution of mutual fund products. The bank has an overseas presence
through representative offices at Dhaka in Bangladesh, which is the only bank to facilitate Indo-Myanmar trade. Ratios (%)
United Bank of India communicated to the BSE that that certain additional actions were prescribed under Prompt 1.4
NIM
Corrective Action (PCA) as per the intimation received by the bank from RBI dated 19 Dec 2017. The status is
reported as of 16 May 2018. Net NPA 10.0
(As on Mar 31, 2017)

The Federal Bank Limited


Post Box No. 103, Federal Towers, Aluva - 683101, Kerala
Website: www.federalbank.co.in
Dun & Bradstreet D-U-N-S® No 91-583-5671 Top 500 Ranking Income 96 Net Profit 92 Networth 82
About the Company
Financial Snapshot (` mn)
The Federal Bank Ltd (Federal Bank) was incorporated in 1931 as Travancore Federal Bank Ltd. In 1949, the
Total Income 97,591.9
bank acquired its present name and subsequently in 1970 became a scheduled commercial bank. Federal
Bank provides personal banking, NRI banking, and business banking services. Its personal banking offerings Net Profit 8,307.9
include accounts and deposits, loans, cards, insurance and investment; while business banking offerings include
Networth 89,373.7
corporate loans, trade finance, SME and agri loans. Under agri-loans, it offers a wide array of agri-allied loans and
the Federal RuPay Kisan card. During Apr 2016, it also introduced ‘Launchpad’, an exclusive e-outlet for start-ups, Ratios (%)
in Bangalore. Federal Bank entered into a strategic partnership with Philip Capital (India) Pvt. Ltd. in Apr 2016, and 2.9
NIM
Hedge Equities in Jan 2018 for providing Portfolio Investment Schemes (PIS) to NRIs. The bank has 1,252 branches
and 1,679 ATMs as of 31-Dec-2017. Net NPA 1.3
(As on Mar 31, 2017)

IDFC Bank Limited


KRM Tower, 8th Floor, No. 1 Harrington Road, Chetpet, Chennai - 600031, TN
Website: www.idfcbank.com
Dun & Bradstreet D-U-N-S® No 65-083-5361 Top 500 Ranking Income 99 Net Profit 77 Networth 58
About the Company
Financial Snapshot (` mn)
IDFC Bank Ltd (IDFC Bank) received a universal banking license in July 2015 with 23 branches; and it was listed
Total Income 95,458.3
on the BSE and NSE on 6-Nov-2015. The business consists of four distinct strategic business verticals namely
personal banking, business banking, wholesale banking, and wealth management. The bank serves corporate Net Profit 10,197.4
and private customers including the infrastructure sector which is IDFC Bank’s specialty. In Jan 2016, it bought up
Networth 146,780.6
to 10% stake in ASA International India Mircofinance Pvt. Ltd. for approximately ` 85 mn. In Nov 2016, IDFC Bank
partnered with online lending company Capital Float for digital lending to SMEs. As of 25-Oct-2017, its network Ratios (%)
comprised of 100 branches, 48 ATMs and 10,258 Micro ATMs in India. In Jan 2018, IDFC Bank announced its 2.1
NIM
merger with Capital First, a financial institution providing debt financing to small entrepreneurs. As per the deal,
IDFC will issue 139 shares for every 10 shares of Capital First. Net NPA 1.1
(As on Mar 31, 2017)

34 INDIA’S TOP 500 COMPANIES


Punjab & Sind Bank
21, Bank House, Rajendra Place, New Delhi - 110008, Delhi
Website: www.psbindia.com
Dun & Bradstreet D-U-N-S® No 91-535-6179 Top 500 Ranking Income 105 Net Profit 246 Networth 115
About the Company
Financial Snapshot (` mn)
Punjab & Sind Bank (PSB) was incorporated in 1908. The product portfolio of PSB comprises of personal &
Total Income 87,509.7
corporate banking, digital banking, international banking, MSME banking and social banking. Under personal
banking, the bank offers services such as saving account, recurring & term deposits and loans for housing, Net Profit 2,010.8
education, vehicle purchase, etc. PSB provides a range of digital banking services like retail & corporate internet
Networth 52,691.5
banking, mobile banking, POS, RuPay prepaid cards and online payments, amongst others. Under international
banking, the bank offers NRI schemes, export/import services and forex treasury, etc. As on Mar 31, 2017, the Ratios (%)
bank employed 9,400 people. During FY17, the total business of the bank stood at ` 1458.03 bn as compared to 2.2
NIM
` 1565.27 bn in FY16. The total deposits of PSB stood at ` 855.40 bn as on Mar 31, 2017 as against ` 912.49 bn
as on Mar 31, 2016. Net NPA 7.5
(As on Mar 31, 2017)

The Jammu and Kashmir Bank Limited


M. A. Road, Srinagar - 190001, J&K
Website: www.jkbank.net
Dun & Bradstreet D-U-N-S® No 91-844-5289 Top 500 Ranking Income 124 Net Profit 495 Networth 118
About the Company
Financial Snapshot (` mn)
The Jammu and Kashmir Bank Ltd (J&K Bank) was incorporated in 1938. In 1971, J&K Bank acquired the status of
Total Income 71,786.6
a scheduled bank and was nationalized in 1956. It primarily operates in treasury, corporate, agriculture, and retail
banking business segments. The bank offers various products and services including loans, agriculture financing, Net Profit (16,322.9)
services to aid tourism, sheep farms, and technology. It also provides agriculture financing through schemes such
Networth 50,416.7
as Fruit Advances Scheme (Apple), Zafran Finance, and Giri Finance scheme. The bank has tie-ups with UTI, Kotak,
and Reliance Mutual Fund for the distribution of their mutual fund products. The bank has a total of 865 branches Ratios (%)
(spread across 20 states and one union territory) and 1,097 ATMs as of 31-Mar-2017. 3.1
NIM
Net NPA 4.9
(As on Mar 31, 2017)

The South Indian Bank Limited


SIB House, TB Road, Mission Quarters, Thrissur - 680001, Kerala
Website: www.southindianbank.com
Dun & Bradstreet D-U-N-S® No 91-574-1672 Top 500 Ranking Income 131 Net Profit 160 Networth 127
About the Company
Financial Snapshot (` mn)
The South Indian Bank Ltd (SIB) was incorporated as a private sector bank in 1929 in Kerala. The bank became
Total Income 65,626.5
a scheduled bank in 1946 under the RBI Act. In 1990, the bank entered the merchant banking business and in
1998, it came out with its IPO. SIB offers personal banking, NRI banking, business banking, and online banking Net Profit 3,925.0
services. Under personal banking, it offers a host of products and services including accounts and deposits, loans,
Networth 46,046.4
mutual funds, insurance, money transfer, and other value-added services like demat, NPS, travel card, CMS, and
online trading among others. Its business banking portfolio encompasses business accounts, domestic finance, Ratios (%)
international finance, money transfers, and other value-added services. SIB launched SIBer mart, an online portal 2.4
NIM
that lets customers compare prices listed on e-commerce websites. SIB has a presence across India with 851
branches and 1,370 ATMs as on 31-Dec-2017. Net NPA 1.5
(As on Mar 31, 2017)

The Karur Vysya Bank Limited


Erode Road, Karur - 639002, TN
Website: www.kvb.co.in
Dun & Bradstreet D-U-N-S® No 91-535-5189 Top 500 Ranking Income 134 Net Profit 112 Networth 119
About the Company
Financial Snapshot (` mn)
The Karur Vysya Bank Ltd (KVB) was set up in 1916 in Karur, TN. The bank provides personal banking, corporate
Total Income 64,045.7
banking, MSME banking, NRI banking, and agricultural banking services. For MSMEs, the bank provides products
such as KVB MSME Cash, KVB MSME Term Loan, KVB MSME Vendor Bill Discounting, and KVB MSME Standby Net Profit 6,059.8
Term Loan, among others. In FY16, it introduced a number of initiatives, such as reloadable cards, kisan credit
Networth 50,356.9
cards, automatic passbook kiosk, and e-book. Some digital initiatives taken by the bank include the roll out of
Aadhaar Enabled Payment System (AEPS), the introduction of General Purpose Re-loadable cards issued under Ratios (%)
“RuPay” brand, roll out of new versions of mPay, and eBook applications. The bank launched new initiatives in 3.4
NIM
FY17 including multifunction KIOSK, and digitization of loan proposals. The bank has a network of 752 branches
and 2,251 ATMs and cash recyclers as of 30-Sep-2017. Net NPA 2.5
(As on Mar 31, 2017)

INDIA’S TOP 500 COMPANIES 35


The Karnataka Bank Limited
Mahaveera Circle, Kankanady, Mangalore - 575002, Karnataka
Website: www.karnatakabank.com
Dun & Bradstreet D-U-N-S® No 91-577-8497 Top 500 Ranking Income 145 Net Profit 144 Networth 124
About the Company
Financial Snapshot (` mn)
The Karnataka Bank Ltd (Karnataka Bank) is a scheduled commercial bank which was incorporated in Mangalore
Total Income 59,947.4
in 1924. It later merged with Sringeri Sharada Bank Ltd, Chitladurg Bank Ltd, and Bank of Karnataka over a period
of time. Karnataka Bank is engaged in providing personal banking, business banking, internet banking, insurance Net Profit 4,522.6
services, and money transfer services. The bank has agreements with various asset management companies like
Networth 47,190.5
Birla Sun Life, UTI, LIC Mutual Fund, and HDFC Capital for its mutual fund business. In Mar 2017, the company
entered into an MOU with Bajaj Allianz and LIC of India for its general insurance business and life insurance Ratios (%)
business respectively. As of 31-Mar-2017, the bank had 2,148 service outlets i.e. 765 branches, 1,380 ATMs and 2.5
NIM
three extension counters spread across 21 States and two Union Territories.
Net NPA 2.6
(As on Mar 31, 2017)

RBL Bank Limited


1st Lane, Shahupuri, Kolhapur - 416001, Maharashtra
Website: www.rblbank.com
Dun & Bradstreet D-U-N-S® No 91-535-9277 Top 500 Ranking Income 181 Net Profit 147 Networth 132
About the Company
Financial Snapshot (` mn)
RBL Bank Ltd (RBL Bank), a scheduled commercial bank, was established in 1943. RBL offers specialized services
Total Income 44,686.2
under six business verticals namely: corporate and institutional banking, commercial banking, branch and
business banking, agribusiness banking, development banking and financial inclusion, treasury and financial Net Profit 4,460.5
markets operations. In Jan 2016, the bank launched ’India Startup Club’ a unique offering that services the end-
Networth 43,346.2
to-end banking needs of the emerging entrepreneurial community. In Oct 2016, RBL acquired a 9.99% stake in
Utkarsh Micro Finance Ltd (UMFL) to reach out to the unbanked and under-banked segments of society. In Nov Ratios (%)
2017, RBL increased its stake in Swadhaar Finserve from 30% to 60.48% to leverage technologies to serve the 2.8
NIM
under- banked. As of 30-Sep-2017, the bank serves over 3.54 mn customers through a network of 246 branches
and 388 ATMs spread across 20 states and union territories. Net NPA 0.6
(As on Mar 31, 2017)

City Union Bank Limited


149, T.S.R. (Big) Street, Kumbakonam - 612001, TN
Website: www.cityunionbank.com
Dun & Bradstreet D-U-N-S® No 91-503-8967 Top 500 Ranking Income 219 Net Profit 132 Networth 156
About the Company
Financial Snapshot (` mn)
City Union Bank Ltd (CUB) was incorporated in 1904, as “The Kumbakonam Bank Ltd”. CUB acquired its present
Total Income 36,577.3
name in 1987 and forayed into foreign exchange business in 1990 and came out with its IPO in 1998. CUB operates
under several business segments namely, corporate and wholesale banking, retail banking, treasury, and other Net Profit 5,027.7
banking operations. CUB’s product portfolio includes savings account, current account, deposits accounts, NRI
Networth 35,701.9
banking services, loan services amongst others. In FY 2016, it launched a new mobile banking application called
“CUB m-Bank Plus” enabling e-banking services for bill payments, online fixed deposit opening, TNEB payment, Ratios (%)
ATM PIN Reset, and card block amongst others. In Nov 2016, it launched Lakshmi, a banking robot, to explain its 3.6
NIM
products and technological services. The bank operates 558 branches, 1,003 ATMs, 570 cash recyclers, and 150
self service banking outlets as of Sep 2017. Net NPA 1.7
(As on Mar 31, 2017)

The Lakshmi Vilas Bank Limited


LVB House, 4/1, Sardar Patel Road, Guindy, Chennai – 600032, TN
Website: www.lvbank.com
Dun & Bradstreet D-U-N-S® No 67-558-2432 Top 500 Ranking Income 233 Net Profit 214 Networth 229
About the Company
Financial Snapshot (` mn)
The Lakshmi Vilas Bank Ltd (LVB) was incorporated in 1926 and became a scheduled commercial bank in 1958.
Total Income 33,494.3
During 1961-65, the bank saw a considerable expansion by taking over nine other banks. It attained the status
of an authorized dealer of foreign exchange in 1976. LVB offers a wide range of deposit and loan products and Net Profit 2,560.7
services to small business and corporate clients. It also offers NRI services and wealth management services. In
Networth 19,668.4
Mar 2015, LVB entered into a five-year alliance with Max life insurance for distribution of life insurance products
through the bank’s branches. In Jan 2016, the bank launched the mobile banking app “LVB Mobile” on all three Ratios (%)
major mobile platforms. In Feb 2017, the bank tied up with Centrum Group to offer wealth management services 2.4
NIM
to the bank’s HNI clients. As of 30-Sep-2017, the bank has a network of 511 branches, seven extension counters,
983 ATMs in 16 states and one union territory. Net NPA 1.8
(As on Mar 31, 2017)

36 INDIA’S TOP 500 COMPANIES


DCB Bank Limited
6th Floor, Tower A, Peninsula Business Park, S.B. Marg, Lower Parel, Mumbai - 400013, Maharashtra
Website: www.dcbbank.com
Dun & Bradstreet D-U-N-S® No 65-064-3752 Top 500 Ranking Income 303 Net Profit 247 Networth 230
About the Company
Financial Snapshot (` mn)
DCB Bank Ltd (DCB) is a modern, emerging, and new generation private sector bank. It is a scheduled commercial
Total Income 23,256.0
bank regulated by the RBI. DCB caters to various segments namely Retail, micro-SMEs, SMEs, Mid-Corporate,
Microfinance Institutions (MFI), Agriculture, Commodities, Government, Public Sector, Indian Banks, Co- Net Profit 1,996.8
operative Banks and Non-Banking Finance Companies (NBFC). The Bank’s branch network increased to 306
Networth 19,483.8
branches and has over 6,00,000 active customers across 19 states and 3 union territories as on 30-Sep-2017.
DCB has contemporary technology and infrastructure, including state-of-the-art India’s first Aadhaar number and Ratios (%)
fingerprint based biometric ATMs, and internet banking for personal as well as business banking customers. One 3.7
NIM
of the highlights of FY17 is the launch of DCB Suraksha Deposit—a unique product where customers get insurance
cover at zero cost if they opt for longer tenor term deposit. Net NPA 0.8
(As on Mar 31, 2017)

Dhanlaxmi Bank Limited


P.B. No. 9, Dhanalakshmi Buildings, Naickanal, Thrissur - 680001, Kerala
Website: www.dhanbank.com
Dun & Bradstreet D-U-N-S® No 65-066-0483 Top 500 Ranking Income 481 Net Profit 465 Networth 400
About the Company
Financial Snapshot (` mn)
Dhanlaxmi Bank Ltd (Dhanlaxmi Bank) was established in 1927, Thrissur, Kerala. Bank has 260 branches and 680
Total Income 12,000.7
touch points across 15 States and 1 Union Territory. The bank’s product portfolio includes personal banking,
corporate banking, NRI banking, micro and agri banking, and SME banking, among others. Under personal Net Profit 123.8
banking, the bank offers several products including savings account, current account, term deposits, insurance,
Networth 6,544.9
and locker facilities. The corporate banking segment provides corporate salary account, cash management
services, credit services, forex and trade services. NRI banking caters to money transfers facility, NRI property Ratios (%)
loans and other investment opportunities. Under micro and agri banking, it provides specialized products and 2.7
NIM
services such as Kissan Vahana, Kissan Card, and Agriculture Gold Loans. SME segment offers working capital and
trade facilities. Net NPA 2.6
(As on Mar 31, 2017)

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INDIA’S TOP 500 COMPANIES 37


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38 INDIA’S TOP 500 COMPANIES


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INDIA’S TOP 500 COMPANIES 39


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40 INDIA’S TOP 500 COMPANIES


BATTERIES
Comparative Matrix

Sector Total Income Net Profit Net Worth NPM RONW


Company Name
TI Rank ` Mn ` Mn ` Mn (%) (%)
1 Exide Industries Limited 87,025.3 6,936.4 49,635.9 8.0 14.0
2 Amara Raja Batteries Limited 60,306.3 4,784.9 25,930.7 7.9 18.5
3 HBL Power Systems Limited 15,470.7 356.1 7,394.0 2.3 4.8

INDIA’S TOP 500 COMPANIES


Exide Industries Limited
Exide House, 59E, Chowringhee Road, Kolkata - 700020, WB
Website: www.exideindustries.com
Dun & Bradstreet D-U-N-S® No 65-005-8019 Top 500 Ranking Income 109 Net Profit 103 Networth 121
About the Company
Financial Snapshot (` mn)
Exide Industries Ltd (Exide) was incorporated in 1947 as Associated Battery Makers Eastern Ltd. In 1995, the
Total Income 87,025.3
company acquired its present name. Exide primarily operates in the following business segments: automotive
batteries, industrial batteries, submarine batteries, solar batteries, genset batteries, inverter batteries and home Net Profit 6,936.4
UPS systems. The company manufactures, markets and sells a wide range of lead acid storage batteries from
Networth 49,635.9
2.5Ah to 20,600Ah capacity. Some of its brands include Exide, SF Sonic, Index, Dynex and CEIL, among others.
The company has nine manufacturing facilities spread across India out of which seven production facilities are Ratios (%)
dedicated to manufacturing batteries and two are for home UPS systems. The cumulative annual capacity of 8.0
NPM
the company’s manufacturing plants is 8 mn Units in automobile batteries (including batteries for motor-cycle
applications), and over 600 mn ampere-hours of industrial power. RONW 14.0
(As on Mar 31, 2017)

Amara Raja Batteries Limited


Renigunta - Cuddapah Road, Karakambadi, Tirupati - 517520, AP
Website: www.amararaja.co.in
Dun & Bradstreet D-U-N-S® No 91-850-9183 Top 500 Ranking Income 144 Net Profit 140 Networth 193
About the Company
Financial Snapshot (` mn)
Amara Raja Batteries Ltd (Amara Raja) was incorporated in 1985. The company is engaged in the manufacturing
Total Income 60,306.3
of lead-acid storage batteries for industrial and automotive applications in India. Amara Raja’s business can be
classified in two segments: industrial and automotive battery. The company has a diverse product portfolio which Net Profit 4,784.9
caters to customers in various segments, namely: telecom, railways, power control, solar and UPS under industrial
Networth 25,930.7
battery. Amara Raja caters to the automobile OEMs, replacement market and private label customers under the
automotive battery business. The company also provides installation, commissioning and maintenance services Ratios (%)
to the customers. Amara Raja markets its batteries under various brands such as, Power Stack, AmaronVolt, 7.9
NPM
Quanta, Amaron and PowerZone. The company also exports its batteries to countries in the Indian Ocean Rim.
RONW 18.5
(As on Mar 31, 2017)

HBL Power Systems Limited


8-2-601, Road No 10, Banjara Hills, Hyderabad - 500034, Telangana
Website: www.hbl.in
Dun & Bradstreet D-U-N-S® No 91-851-1015 Top 500 Ranking Income 416 Net Profit 437 Networth 383
About the Company
Financial Snapshot (` mn)
HBL Power Systems Ltd (HBL) was founded in 1977 as Hyderabad Batteries Ltd and acquired its present name in
Total Income 15,470.7
2006. HBL’s offerings can be categorised into four segments: batteries, power electronics, concrete products and
renewable energy. Under batteries, the company manufactures lead acid batteries, nickel-cadmium batteries Net Profit 356.1
and specialised defence batteries. The power electronics segment produces thyristor battery charger, battery
Networth 7,394.0
monitoring system, integrated power supply and earth leakage monitor. The concrete products segment offers
spun concrete poles, spun concrete piles and spun concrete telecom towers. Under renewable energy, the Ratios (%)
company provides off-grid solar systems and Rentar – fuel catalyst. HBL also provides engineering solutions like 2.3
NPM
training simulators as well as many other products mainly for railways like data loggers, audio frequency track
circuits and electronic interlocking systems. The company exports its products to more than 80 countries. RONW 4.8
(As on Mar 31, 2017)

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INDIA’S TOP 500 COMPANIES 43


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44 INDIA’S TOP 500 COMPANIES


BEARINGS
Comparative Matrix

Sector Total Income Net Profit Net Worth NPM RONW


Company Name
TI Rank ` Mn ` Mn ` Mn (%) (%)
1 SKF India Limited 29,228.7 2,438.9 18,112.1 8.3 13.5
2 Schaeffler India Limited 18,821.6 1,945.0 14,506.6 10.3 13.4

INDIA’S TOP 500 COMPANIES


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(As on Mar 31, 2017)

INDIA’S TOP 500 COMPANIES 47


SKF India Limited
Dun & Bradstreet D-U-N-S® No 65-005-3408 Top 500 Ranking Income 263 Net Profit 220 Networth 246

Financial Snapshot (In ` mn) Background


Total Income 29,228.7 The history of SKF India Ltd (SKF) can be traced back to 1923, when a trading arm of
the SKF Group was established in Kolkata. The company was incorporated in 1961 as
Net Profit 2,438.9 a collaboration between AB SKF, Associated Bearing Co Ltd and Investment Corp of
Networth 18,112.1 India Ltd. SKF operates in the bearings and related components segments, which are
Ratios (%) used in a wide range of applications across various industries such as automotive, oil
& gas, cement, defence, logistics and renewable energy among others. Over the years,
NPM 8.3
the company has evolved from being a ball bearing manufacturing company to a
RONW 13.5 knowledge-driven integrated solutions provider, helping customers achieve sustainable
(As on Mar 31, 2017) and competitive advantage.
Management Details
Company Profile
Chairman
Rakesh Makhija SKF is one of the leading global suppliers of bearings, seals, mechatronics and lubrication
systems & services, which span technical support, maintenance and reliability services,
Managing Director
Carl Orstadius engineering consulting and training. The company’s associate SKF Technologies (India)
Ltd provides sealing solutions and industrial bearings, offering a holistic value proposition
Independent Directors
Prasad R Menon to its customers.
Hema A Hattangady
Bernd Stephan The company’s domestic range of housings and bearings provide industrial solutions
Company Secretary to the bearing housings and accessories market. This product range was launched in
Pradeep Bhandari December 2015 and provides a complete range of optimised and reliable solutions
in this segment, including housings, seals, sleeves, locating rings, nuts and washers.
The SKF domestic range of housings and bearings offering is targeted at meeting the
requirements of non-critical applications and customised solutions as per application
need and is available through 125 distributors and more than 2000 retailers.
(Management Details are as per March 2018)
Indigenously designed and manufactured at the company’s Pune plant, the bearing
Address & Website housings and accessories under this brand cater to an extensive range of applications,
Registered Address including conveyors and pulleys, fans and blowers, grinders and crushers, convertors,
Mahatma Gandhi Memorial Building, rolling tables and other industrial machinery.
Netaji Subhash Road,
Mumbai - 400 002 In the services segment, the company offers a full range of services and solutions to
Website both OEM and aftermarket customers around the world across major industries
www.skf.com/in/ and at each phase of the asset life cycle. The company’s services range from asset
reliability management, Condition monitoring, Remote Diagnostics remanufacturing,
design verifications, vibration analysis and an optimal combination of SKF’s different
technologies for creating customer value.

Business Network
SKF India is backed by over 20,000 points of availability in all major cities through more
than 450 distributors. . The company operates six manufacturing facilities at Pune,
Bengaluru, Ahmedabad, Mysore and Haridwar. SKF’s extensive client base spans key
sectors, serving as many as 44 segments including automotive, heavy industry, energy,
industrial machinery, oil & gas, paper and pulp and food & beverage and more.

The company’s strong network of distributors, retail partners and mechanics help
customers gain easy access to SKF products and solutions.

In December 2016, the company launched a centralised distribution centre, India


Distribution Centre (IDC), strategically located at Chakan, Pune to further deepen
its dealer/distributor connect. Now, spread over 120,000 square feet, the IDC is well
connected with factories to ensure better availability of stocks and to serve customers in
the shortest possible time. The centre, along with its seven satellite distribution centres
helps greatly improve the company’s distribution and logistics footprint in India.

48 INDIA’S TOP 500 COMPANIES Advertorial


Key Highlights of FY17

• During FY17, the company successfully equipped the fastest train of the Indian Railways with SKF tapered roller bearing units
(TBUs) to meet the specialised needs of this train. The train covers 188 km distance in approximately 100 min with an average
speed of 113 km/hr.
• The company forayed into the gear box refurbishment segment during FY17 in association with its partner M/s Kay Arr Engineering
in Coimbatore, Tamil Nadu.

The company’s thrust on innovation has led to the creation of several pioneering products and solutions customised to the unique
needs of our clients, such as -
• Pitch and Yaw bearings for one of the largest turbine makers
• Seize resistant bearings customized for conveyor applications

CSR Initiatives
The company identified key areas and programs in line with its vision under corporate social responsibility. These areas include sports
education, youth empowerment, women empowerment and other community support programs.
• SKF’s sports education program aims to provide better opportunities to underprivileged children for physical and mental
development through football coaching. These children are from municipal schools near our operations in of Pune and
Ahmedabad. This program is functional at two locations: Pune and Ahmedabad. Every year, a batch of 30 Boys and 30 girls are
enrolled at each location for a five-year training program.
Our Academies in Pune & Ahmedabad are well equipped with infrastructure and certified coaches for systematic sports coaching
to boys and girls. The academy also provides the players with opportunities for playing with external football teams, through
participation in local, national and international tournaments. Every year, best players from the academies are sent to Sweden,
to represent SKF India at the world’s largest Youth Football Tournament – Gothia Cup.
• Under its youth empowerment program, the company aims to equip 5,000 automotive technicians over a period of five years at
five locations across India with skills covering technical, entrepreneurial and lateral competencies like basic computer knowledge.
Known as YES (Youth Empowerment at SKF), the program imparts training to the under-privileged youth on modern automobile
maintenance and servicing skills in order to help them gain employment at automotive OEMs / automobile service stations
or become entrepreneurs by setting up their own vehicle service stations. The company undertakes the employment and
entrepreneurship training at four locations in – Pune, Bangalore and Haridwar in specially constructed centers well equipped
with modern automotive sub systems and vehicles, learning fixtures, computer consoles for e-learning, class rooms and other
facilities. The organization is proud of about 1000 students who are meaningfully employed in automotive sector or have started
their business. A new centre is coming up at Jorhat in Assam.
• In the sphere of women empowerment, the company works towards providing young girls with structured financial assistance
through their college and technical education to empower them for a meaningful career and employment opportunities. The
company, through its scholarship programme for Girls, supports the education of girl students pursuing graduation and post-
graduation courses in science and engineering and commerce in leading colleges across Pune. SKF also imparts soft skills training
and career counselling programs for students at the SKF Campus.
• SKF also supported many other initiatives providing support to community needs. This includes improving quality of education in
Assam through its objective of improving foundational learning in reading and Arithmetic of 30,000 students by 2020 through its
association with NGO Pratham.
• Another initiative focuses on integrated water resource management, sustained agricultural and food security in an integrated
and holistic manner. This project will cover three villages and is in association with Rotary Club of Poona.

SKF India Corporate Office - Pune

Advertorial INDIA’S TOP 500 COMPANIES 49


Schaeffler India Limited
8th Flr, Nariman Bhavan, Backbay Reclamation, 227, Nariman Point, Mumbai -400021, Maharashtra
Website: www.schaeffler.co.in
Dun & Bradstreet D-U-N-S® No 65-005-4984 Top 500 Ranking Income 353 Net Profit 251 Networth 282
About the Company
Financial Snapshot (` mn)
Schaeffler India Limited (SIL), formerly FAG Bearings India Limited, was incorporated in 1962. SIL has a presence
Total Income 18,821.6
in automotive and other core industrial segments. It provides system solutions for wheels, power train and
engine accessories to support the automotive industry’s need for higher levels of integration, increased safety, Net Profit 1,945.0
driving comfort and environment protection. SIL caters to all major industry segments including, construction
Networth 14,506.6
machinery, electrical engineering, fluid technology, conveying equipment, industrial gears, mining and cement,
power generation, agricultural engineering, steel plants, motorcycles, textile machinery, machine tools, wind Ratios (%)
power, pulp and paper and so on. The company operates through its manufacturing facilities located in Vadodara 10.3
NPM
(Gujarat). On Aug 30, 2017, INA Bearings India Pvt Ltd and LuK India Pvt Ltd approved the draft scheme of
amalgamation for the merger of INA India and LuK India into SIL. It has more than 90,000 employees worldwide. RONW 13.4
(As on Dec 31, 2016)

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(As on Mar 31, 2017)

50 INDIA’S TOP 500 COMPANIES


CEMENT
Comparative Matrix

Sector Total Income Net Profit Net Worth NPM RONW


Company Name
TI Rank ` Mn ` Mn ` Mn (%) (%)
1 UltraTech Cement Limited 278,223.7 26,277.2 239,410.1 9.4 11.0
2 ACC Limited 112,710.5 6,024.0 86,614.4 5.3 7.0
3 Shree Cement Limited 100,042.3 13,391.1 76,981.4 13.4 17.4
4 Ambuja Cements Limited 98,440.5 9,700.9 190,735.6 9.9 5.1
5 Century Textiles and Industries Limited 87,291.6 1,049.9 24,818.6 1.2 4.2
6 The India Cements Limited 57,940.4 1,733.5 51,099.0 3.0 3.4
7 Prism Johnson Limited 55,552.4 175.1 9,556.5 0.3 1.8
8 The Ramco Cements Limited 46,070.3 6,492.9 37,415.1 14.1 17.4
9 J.K. Cement Limited 44,718.9 2,595.8 19,203.1 5.8 13.5
10 Birla Corporation Limited 39,855.5 2,140.0 31,741.3 5.4 6.7
11 OCL India Limited 34,038.7 3,838.7 23,554.0 11.3 16.3
12 JK Lakshmi Cement Limited 33,299.3 820.0 13,816.9 2.5 5.9
13 Orient Cement Limited 21,835.6 (321.0) 9,871.8 (1.5) (3.3)
14 HeidelbergCement India Limited 20,255.4 762.1 9,669.5 3.8 7.9

INDIA’S TOP 500 COMPANIES


UltraTech Cement Limited
B, Ahura Centre, 2nd Floor, Mahakali Caves Road, Andheri (E), Mumbai - 400093, Maharashtra
Website: www.ultratechcement.com
Dun & Bradstreet D-U-N-S® No 91-861-8104 Top 500 Ranking Income 40 Net Profit 42 Networth 38
About the Company
Financial Snapshot (` mn)
UltraTech Cement Ltd. (UltraTech) originated in mid-1980s when Grasim Industries Ltd. installed its first cement
Total Income 278,223.7
plant at Jawad (MP). In 2001, Grasim acquired a stake in L&T Cement Ltd. and in 2004, L&T Cement was renamed
as UltraTech Cement followed by its amalgamation with Samruddhi Cement Ltd. in 2010. UltraTech is the Net Profit 26,277.2
manufacturer of grey cement, ready mix concrete (RMC) and white cement in India. The company has an installed
Networth 239,410.1
capacity of 93 MTPA of grey cement. UltraTech has 18 integrated plants, 1 clinkerisation plant, 25 grinding units
and 7 bulk terminals. In FY17, in addition to India, UltraTech’s operations spanned across UAE, Bahrain, Bangladesh Ratios (%)
and Sri Lanka. Its subsidiaries are Dakshin Cements Limited, Harish Cements Limited, UltraTech Cement Lanka 9.4
NPM
(Pvt.) Ltd and UltraTech Cement Middle East Investments Limited. UltraTech is the manufacturer of white cement
brand with a capacity to produce 0.56 MTPA of white cement and 0.8 MTPA of wallcare putty. RONW 11.0
(As on Mar 31, 2017)

ACC Limited
121, Cement House, Maharshi Karve Road, Churchgate, Mumbai 400 020, Maharashtra
Website: www.acclimited.com
Dun & Bradstreet D-U-N-S® No 65-028-0365 Top 500 Ranking Income 82 Net Profit 113 Networth 86
About the Company
Financial Snapshot (` mn)
ACC Ltd (ACC) was incorporated in August 1936 as ‘The Associated Cement Companies Ltd’. The company became
Total Income 112,710.5
a subsidiary of Holcim (India) Pvt Ltd in 2005 and an ultimate subsidiary of LafargeHolcim Ltd in the year 2015.
ACC’s product portfolio consists of Portland Cement, Premium Cements, Bulk Cement, Ready Mixed Concrete and Net Profit 6,024.0
Concrete value added products used for different applications. ACC’s operations are spread across India with 17
Networth 86,614.4
cement factories, 57 ready mixed concrete plants, 21 sales offices, 50,000 retail outlets, an employee workforce
of approximately 7800, and as distribution network of over 10,000 dealers. The company has 5 subsidiaries, Ratios (%)
namely: Bulk Cement Corporation (India) Ltd which is a bulk cement distribution facility; ACC Mineral Resources 5.3
NPM
Ltd which supplies coal and gypsum; Lucky Minmat Ltd, National Limestone Company Private Ltd and Singhania
Minerals Private Limited are all engaged in supply of limestone. RONW 7.0
(As on Dec 31, 2016)

Shree Cement Limited


Bangur Nagar, Beawar, Ajmer – 305901, Rajasthan
Website: www.shreecement.in
Dun & Bradstreet D-U-N-S® No 91-617-6816 Top 500 Ranking Income 92 Net Profit 65 Networth 94
About the Company
Financial Snapshot (` mn)
Shree Cement Ltd (Shree Cement) was incorporated in 1979. It is engaged in manufacturing and supply of
Total Income 100,042.3
cement and power generation. The company markets its cement under the brands Shree JungRodhak, Bangur
and Rockstrong. The company’s cement plants are located at Rajastha (Beawar, Ras, Khushkhera, Jobner and Net Profit 13,391.1
Suratgarh), Uttarakhand (Laksa), Bihar (Aurangabad), Panipat in Haryana, Baloda Bazar in Chhattisgarh and
Networth 76,981.4
Bulandshahr in UP. In FY17, the company had a cement production capacity of 29.3 MT p.a. In FY17, the company’s
cement production stood at 20.29 mn MT; Cement & Clinker Sale increased to 20.59 mn MT while power Ratios (%)
generation for the year stood at 2,895 mn Kwh. In FY17, the expansion project of grinding unit at Aurangabad in 13.4
NPM
Bihar was completed which increased its capacity to 3.6 MTPA from 2.0 MTPA.
RONW 17.4
(As on Mar 31, 2017)

Ambuja Cements Limited


Ambujanagar, Taluka - Kodinar, Dist. Gir Somnath, Gujarat.
Website: www.ambujacement.com
Dun & Bradstreet D-U-N-S® No 91-878-5973 Top 500 Ranking Income 95 Net Profit 82 Networth 48
About the Company
Financial Snapshot (` mn)
Ambuja Cements Ltd (Ambuja Cements) was incorporated in 1983 and commenced production through its first
Total Income 98,440.5
cement plant at Ambujanagar, Gujarat in 1986. In 2006, Holcim Ltd acquired management control of Ambuja
Cements. In July 2015, Holcim Ltd and Lafarge SA completed their global merger to create LafargeHolcim Ltd Net Profit 9,700.9
making it the ultimate holding company of Ambuja Cements. Ambuja Cements is engaged in the manufacturing
Networth 190,735.6
and trading of cements. The company produces Portland pozollana cement (PPC) and ordinary Portland cement.
In December 2017, Ambuja Cements announced the launch of ‘Ambuja Plus Cool Walls’ in Surat. This is a green Ratios (%)
building offering that utilizes ‘Heat Barrier Technology’ that ensures a 5° C temperature difference indoors. In 9.9
NPM
February 2018, the company announced its decision to invest ` 1391 crores to set up a greenfield clinkerisation
plant in Rajasthan. RONW 5.1
(As on Dec 31, 2016)

INDIA’S TOP 500 COMPANIES 53


Century Textiles and Industries Limited
Century Bhavan, Dr Annie Besant Rd, Worli, Mumbai 400030, Maharashtra
Website: www.cgglobal.com
Dun & Bradstreet D-U-N-S® No 65-005-5890 Top 500 Ranking Income 107 Net Profit 350 Networth 201
About the Company
Financial Snapshot (` mn)
Century Textiles and Industries Ltd (Century Tex) was incorporated in 1897. Century Tex’s business can be
Total Income 87,291.6
classified into four segments namely textiles (cotton textiles, cotton yarn, denim, VFY, CSY, rayon tyre yarn and
chemicals), cement (portland pozzolana cement, portland slag cement), pulp & paper (writing & printing paper, Net Profit 1,049.9
tissue paper and paperboard) and real estate (residential, commercial and retail spaces). The Company operates
Networth 24,818.6
through various divisions, such as Manikgarh Cement, Maihar Cement, Birla Century, Century Yarn, Century
Cement Century Denim, Cottons by Century, Century Pulp and Paper, and Century Rayon. It has ten cement, yarn Ratios (%)
and chemical manufacturing plants across Maharashtra, Gujarat, MP, Chattisgarh and Uttarakhand. In FY17, the 1.2
NPM
company granted the right to manage and operate its Viscose Filament Yarn (VFY) to Grasim Industries Ltd (GIL).
In Oct 2016, the company issued non-convertible debentures on private placement basis for ` 7 bn. RONW 4.2
(As on Mar 31, 2017)

The India Cements Limited


Dhun Building, 827, Anna Salai, Chennai - 600002, TN
Website: www.indiacements.co.in
Dun & Bradstreet D-U-N-S® No 65-067-8196 Top 500 Ranking Income 147 Net Profit 273 Networth 117
About the Company
Financial Snapshot (` mn)
The India Cements Ltd (India Cement) was incorporated in 1946, and commissioned its first cement plant at
Total Income 57,940.4
Sankarnagar (TN), in 1949. In 1990, the company acquired Coromandel cement plant at Cuddapah (AP) and in
the following year it ventured into shipping business by setting up a shipping division. The company is primarily Net Profit 1,733.5
engaged in the production of cement and clinker. Additionally, the company has ventured into related fields like
Networth 51,099.0
shipping and captive power. Its products are marketed under brands namely Coromandel King, Coromandel Super
Power, Sankar Super Power and Raasi Gold among others. India Cement operates cement factories and grinding Ratios (%)
units located at Tamil Nadu (Sankarnagar, Dalavoi, Vallur and Sankari); Rajasthan (Nokhla of Banswara district), 3.0
NPM
Andhra Pradesh (Chilamakur, Yerraguntla) and Telangana (Vishnupuram, Malkapur) and Maharashtra (Parli
Vaijnath). In FY17, its clinker and cement producton increased to 8.2 mn tonnes and 10.8 mn tonnes, respectively. RONW 3.4
(As on Mar 31, 2017)

Prism Johnson Limited


305, Laxmi Niwas Apartments, Ameerpet, Hyderabad - 500 016, Telangana
Website: www.prismcement.com
Dun & Bradstreet D-U-N-S® No 86-025-6878 Top 500 Ranking Income 154 Net Profit 460 Networth 345
About the Company
Financial Snapshot (` mn)
Prism Johnson Ltd is an integrated building materials company with interest in cement, ready mixed concrete
Total Income 55,552.4
(RMC) and tiles, bathroom & kitchen (TBK). The company has three divisions, viz. Prism Cement, H and R Johnson
(HRJ) and RMC Readymix (RMC). Under prism cement, it manufactures Portland Pozzolana Cement (PPC) with the Net Profit 175.1
brand name ‘Champion’ and premium quality grade of cement under ‘Champion Plus’ and ‘DURATECH’ brand. It
Networth 9,556.5
has a marketing network of 4,250 dealers serviced from approx 170 stock points. In FY17, the company sold 5.2
mn Tonnes of cement and clinker as against 5.3 mn Tonnes in FY16. Under HRJ, it offers end-to-end solutions of Ratios (%)
tiles, sanitary ware, bath fittings, and engineered marble and quartz. All the products are sold under 4 brands, 0.3
NPM
viz. Johnson, Johnson Marbonite, Johnson Porselano and Johnson Endura. RMC operates 93 ready-mixed concrete
plants in 44 cities/towns across the country. RONW 1.8
(As on Mar 31, 2017)

The Ramco Cements Limited


Ramamandiram, Virudhunagar, Dist. Rajapalayam - 626117, TN
Website: www.ramcocements.in
Dun & Bradstreet D-U-N-S® No 91-702-7823 Top 500 Ranking Income 177 Net Profit 110 Networth 153
About the Company
Financial Snapshot (` mn)
The Ramco Cements Ltd (Ramco), part of Ramco Group was incorporated in 1957. Ramco is engaged in
Total Income 46,070.3
manufacturing of cement, with Portland cement as its main product. Its product portfolio also includes ready
mix concrete (RMC) and dry mortar mix. Various types of products manufactured by Ramco include, Ramco Net Profit 6,492.9
Supergrade, Ramco Super Plaster, Ramco Super Fine, Ramco Tile Fix and Ramco Super Fast, among others. The
Networth 37,415.1
dry mortar division manufactures pre-mixed dry mortars viz. plasters, wall putty and tile adhesive. The company
has five cement plants and four grinding units. During 2017, the sale of cement was 8.3 mn tons compared to 7.2 Ratios (%)
mn tons for FY16. The installed capacity of wind farm was 125.95 MW comprising of 108 wind electric generators. 14.1
NPM
Wind power division has generated 274.7 mn units as compared to 164.3 mn units of FY16. As on FY17, Ramco
has 2,883 employees. RONW 17.4
(As on Mar 31, 2017)

54 INDIA’S TOP 500 COMPANIES


J.K. Cement Limited
Kamla Tower, Kanpur - 208001, UP
Website: www.jkcement.com
Dun & Bradstreet D-U-N-S® No 65-045-1180 Top 500 Ranking Income 179 Net Profit 212 Networth 234
About the Company
Financial Snapshot (` mn)
J.K. Cement Ltd (JK Cement), an affiliate of the industrial conglomerate JK Organisation, was established in 1975
Total Income 44,718.9
with the commencement of commercial production at the company’s grey cement plant at Nimbahera, Rajasthan.
The company is mainly engaged in the production of grey cement and white cement. Under grey cement, the Net Profit 2,595.8
company produces ordinary portland cement (OPC), portland pozzolana cement (PPC) and portland slag cement
Networth 19,203.1
(PSC) under the brand name JK Super Cement. Under white cement category, the company manufactures JK
white cement, JK wall putty, JK waterproof, JK super grip and JK Primaxx. The company has an installed capacity Ratios (%)
of 10.5 mnTPA for grey cement, 600,000 TPA for white cement and 700,000 TPA for wall putty. The company 5.8
NPM
operates through six manufacturing facilities spread across the country including three plants in Rajasthan, one
each in Haryana, Karnataka and MP as well as one overseas facility in Fujairah in UAE. RONW 13.5
(As on Mar 31, 2017)

Birla Corporation Limited


Birla Building 9/1, R N Mukherjee Road, Kolkata - 700001, WB
Website: www.birlacorporation.com
Dun & Bradstreet D-U-N-S® No 65-005-7805 Top 500 Ranking Income 207 Net Profit 238 Networth 169
About the Company
Financial Snapshot (` mn)
Birla Corporation Ltd (Birla Corp), a flagship company of the M.P. Birla Group, was incorporated in 1919 as Birla
Total Income 39,855.5
Jute Manufacturing Company Ltd and acquired its present name in 1998. Birla Corp mainly operates under two
business segments namely cement and jute. The cement division manufactures varieties of cement like OPC, Net Profit 2,140.0
PPC, fly ash-based PPC, Low Alkali Portland Cement, Portland Slag Cement (PSC), Low Heat Cement and Sulphate
Networth 31,741.3
Resistant Cement. The cement division operates 10 plants at seven locations, Satna & Maihar (MP), Raebareli
& Kundanganj (UP), Chanderia (Rajasthan), Butibori (Maharashtra) and Durgapur (WB). The jute division of the Ratios (%)
company manufactures more than 120 tonnes of a variety of jute products in Birla Jute Mills. The product range 5.4
NPM
of jute division comprises of jute yarn, floor & wall covering, lino hessian, decorative fabrics, nursery cloth, scrim,
jute carpets and non-woven jute felt, among many others. RONW 6.7
(As on Mar 31, 2017)

OCL India Limited


Rajgangpur, Dist Sundargarh, Rajgangpur - 770017, Orissa
Website: www.oclindialtd.in
Dun & Bradstreet D-U-N-S® No 91-607-1199 Top 500 Ranking Income 230 Net Profit 162 Networth 210
About the Company
Financial Snapshot (` mn)
OCL India Ltd (OCL), flagship company of the Dalmia Group, was incorporated in 1949 as Orissa Cement Ltd. The
Total Income 34,038.7
company diversified into the manufacture of refractories in 1954 and is growing among the largest composite
refractory plants in the country. OCL adopted its present name in 1996 to reflect its multifarious activities. The Net Profit 3,838.7
company’s main activities include cement manufacturing and refractory business. OCL has installed capacity of
Networth 23,554.0
6.7 MTPA at its plants in Odisha and West Bengal, along with captive power plant capacity of 62 MW, including
an 8 MW of solar power plant. The company extended its market presence and started serving two additional Ratios (%)
states Uttar Pradesh and Chhattisgarh in FY17. In Jan 2018, OCL and Dalmia Bharat Ltd received approval from 11.3
NPM
their respective shareholders for the scheme of arrangement and amalgamation between the two companies. As
of March 2017, the company had three subsidiaries and one joint venture company. RONW 16.3
(As on Mar 31, 2017)

JK Lakshmi Cement Limited


Jaykaypuram, Basantgarh, Sirohi - 307019, Rajasthan
Website: www.jklakshmicement.com
Dun & Bradstreet D-U-N-S® No 86-223-9709 Top 500 Ranking Income 234 Net Profit 377 Networth 291
About the Company
Financial Snapshot (` mn)
JK Lakshmi Cement Ltd (JK Lakshmi Cement), a part of JK Organisation was incorporated in 1982 in Rajasthan.
Total Income 33,299.3
JK Lakshmi Cement is engaged in manufacturing of cement, power mix concrete, autoclaved aerated concrete
blocks and gypsum plaster. The company offers three variants of cements namely PPC blended, 53 Grade Net Profit 820.0
ordinary Portland cement (OPC) and 43 Grade OPC. JK Lakshmi Cement markets its products under the brands JK
Networth 13,816.9
Lakshmi Pro+, JK Lakshmi, JK Lakshmi Power Mix, JK SMARTBLOX and JK Lakshmiplast. JK Lakshmi Cement has its
manufacturing plants located at Sirohi in Rajasthan, Gandhinagar and Surat in Gujarat, Durg in Chhattisgarh and Ratios (%)
Jhajjar in Haryana. As on Mar 31, 2017, the company’s cement production capacity stands at 10.9 mn MT while 2.5
NPM
clinker manufacturing capacity stands at 6.6 mn MT. In FY17, the company reported cement production of 1.7 mn
MT as against 1.15 mn MT in FY16. RONW 5.9
(As on Mar 31, 2017)

INDIA’S TOP 500 COMPANIES 55


Orient Cement Limited
Unit VIII, Plot No.7, Bhoinagar, Bhubaneswar - 751012, Orissa
Website: www.orientcement.com
Dun & Bradstreet D-U-N-S® No 65-088-2017 Top 500 Ranking Income 320 Net Profit 483 Networth 341
About the Company
Financial Snapshot (` mn)
Orient Cement Ltd (Orient Cement) was formed in 2012 following the demerger from Orient Paper & Industries
Total Income 21,835.6
Ltd. Orient Cement is one of the fastest growing and leading cement manufacturers in India. The company has
three cement manufacturing plants in Devapur (Telangana), Chittapur (Karnataka) and Jalgaon (Maharashtra). The Net Profit (321.0)
company operates an aggregate cement manufacturing capacity of 8 MTPA with a clinker manufacturing capacity
Networth 9,871.8
of close to 6 MTPA. Orient Cement produces two cement varieties (Ordinary Portland and Pozzolana Portland
Cement) marketed under the Birla A1 premium flagship brand. The company sells its cement predominantly in Ratios (%)
Maharashtra, Telangana, Karnataka, Andhra Pradesh, and Madhya Pradesh, as well as in Chattisgarh, Gujarat, (1.5)
NPM
Goa and Tamil Nadu. During FY17, the company forayed into new markets like Karnataka and South-West
Maharashtra, achieving an overall 26% increase in volume growth. RONW (3.3)
(As on Mar 31, 2017)

HeidelbergCement India Limited


9th Floor, Tower C, Infinity Towers, DLF Cyber City, Phase-II, Gurugram – 122022, Haryana
Website: www.mycemco.com
Dun & Bradstreet D-U-N-S® No 65-005-9199 Top 500 Ranking Income 338 Net Profit 384 Networth 343
About the Company
Financial Snapshot (` mn)
HeidelbergCement India Ltd (HCIL), a subsidiary of HeidelbergCement Group, Germany was incorporated in 1958
Total Income 20,255.4
as Mysore Cement Ltd. HCIL acquired its present name in Apr 2009 subsequent to the merger of Indorama Cement
with Mysore Cement Ltd in 2008. HCIL is primarily engaged in manufacturing of cement. HCIL’s product portfolio Net Profit 762.1
includes portland slag cement and portland pozzolana cement marketed under the brand name mycem. HCIL’s
Networth 9,669.5
cement manufacturing facilities are located at Jhansi in UP, Damoh in MP and Ammasandra in Karnataka. The
company has total cement manufacturing capacity of 5.4 MTPA and a clinker capacity of 3.4 MTPA. In FY17, HCIL’s Ratios (%)
operations in the states of MP & UP achieved capacity utilisation of 82.3%. In FY17, the company manufactured 3.8
NPM
4.44 mn tonnes of cement compared to 4.43 mn tonnes in FY16. Cement sales for the year were 4.47 mn tonnes
as against 4.44 mn tonnes in FY16, an increase of 0.8% by volume. RONW 7.9
(As on Mar 31, 2017)

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Dun & Bradstreet D-U-N-S® No 00-000-0000 Top 500 Ranking Income Net Profit Networth
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Financial Snapshot (` mn)
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Net Profit
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Ratios (%)
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(As on Mar 31, 2017)

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Dun & Bradstreet D-U-N-S® No 00-000-0000 Top 500 Ranking Income Net Profit Networth
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Net Profit
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(As on Mar 31, 2017)

56 INDIA’S TOP 500 COMPANIES


CHEMICALS
Comparative Matrix

Sector Total Income Net Profit Net Worth NPM RONW


Company Name
TI Rank ` Mn ` Mn ` Mn (%) (%)
1 Tata Chemicals Limited 66,478.4 6,927.1 88,554.5 10.4 7.8
2 Pidilite Industries Limited 54,087.5 7,737.9 33,993.5 14.3 22.8
Gujarat Narmada Valley Fertilizers & Chemicals
3 51,696.7 5,213.0 38,015.9 10.1 13.7
Limited
4 India Glycols Limited 35,901.5 445.2 8,462.2 1.2 5.3
5 Aarti Industries Limited 30,527.3 3,066.8 13,100.9 10.0 23.4
6 GHCL Limited 29,801.7 3,867.7 13,513.2 13.0 28.6
7 Atul Limited 28,907.3 2,853.0 19,208.2 9.9 14.9
8 Gujarat Alkalies and Chemicals Limited 23,584.4 3,081.0 33,567.8 13.1 9.2
Deepak Fertilisers and Petrochemicals
9 21,450.3 1,601.5 17,297.4 7.5 9.3
Corporation Limited
10 Linde India Limited 18,590.0 93.4 13,964.2 0.5 0.7
11 Godrej Industries Limited 16,490.5 (1,452.4) 16,154.3 (8.8) (9.0)
12 Gujarat Fluorochemicals Limited 16,031.8 1,462.9 30,364.0 9.1 4.8
13 Himadri Speciality Chemical Limited 14,791.5 811.7 10,781.0 5.5 7.5
14 Sudarshan Chemical Industries Limited 13,155.9 894.1 3,954.7 6.8 22.6
15 DCW Limited 13,102.4 201.5 6,547.3 1.5 3.1
16 Deepak Nitrite Limited 12,255.0 1,120.4 7,336.1 9.1 15.3
17 Bodal Chemicals Limited 11,909.1 1,286.1 3,593.2 10.8 35.8

INDIA’S TOP 500 COMPANIES


Tata Chemicals Limited
Bombay House, 24 Homi Mody Street, Fort, Mumbai - 400001, Maharashtra
Website: www.tatachemicals.com
Dun & Bradstreet D-U-N-S® No 65-005-2418 Top 500 Ranking Income 129 Net Profit 104 Networth 83
About the Company
Financial Snapshot (` mn)
Tata Chemicals Ltd (Tata Chemicals) was established in 1939 with a small plant in Mithapur, Gujarat. In 1943,
Total Income 66,478.4
the company started production of caustic soda, liquid chlorine, bleaching powder, hydrochloric acid, and zinc
chloride and in the subsequent year commenced production of soda ash. It operates in four sectors namely Net Profit 6,927.1
consumer products, industry chemicals, agri solutions and nutritional solutions. Under consumer products,
Networth 88,554.5
it offers salt, water purifier, pulses, spices and besan. The industry chemicals division offers soda ash, sodium
bicarbonate, allied chemicals and cement. Under agri-solutions, it offers fertilisers, pesticides, speciality nutrients, Ratios (%)
seeds and agri-services. The nutritional solutions division offers innovative solutions under wellness foods and 10.4
NPM
nutraceuticals catering to food, beverage, nutra and pharmaceutical industries. Some of the major brands include
Tata Salt, Tata Sampann, Tata Paras, Tata Swach, among others. RONW 7.8
(As on Mar 31, 2017)

Pidilite Industries Limited


208, Regent Chambers, Jamnalal Bajaj Marg, 208, Nariman Point, Mumbai 400021, Maharashtra
Website: www.pidilite.com
Dun & Bradstreet D-U-N-S® No 91-535-7321 Top 500 Ranking Income 156 Net Profit 96 Networth 160
About the Company
Financial Snapshot (` mn)
Pidilite Industries Ltd (Pidilite), incorporated in 1959, started with a single manufacturing factory that produced
Total Income 54,087.5
only one product, synthetic resin adhesive Fevicol. Today, the company’s product portfolio comprises of wid
range of adhesives, sealants, waterproofing solutions and construction chemicals to arts & crafts, industrial Net Profit 7,737.9
resins, polymers and more, making Pidilite one of the major players in adhesives industry. The consumer &
Networth 33,993.5
craftsmen products segment includes products like adhesives & sealants, wood finishes & paints, art material
& stationery, construction chemicals and fabric care products. The industrial products segment covers products Ratios (%)
such as Industrial adhesives, leather chemicals, industrial resins and pigment powders amongst others. The 14.3
NPM
Others segment largely comprises manufacture and sale of speciality acetates. It also operates chain of art, craft
and hobby stores under the brand name Hobby Ideas. RONW 22.8
(As on Mar 31, 2017)

Gujarat Narmada Valley Fertilizers & Chemicals Limited


P O Narmadanagar, Bharuch - 392015, Gujarat
Website: www.gnfc.in
Dun & Bradstreet D-U-N-S® No 65-004-8846 Top 500 Ranking Income 160 Net Profit 129 Networth 146
About the Company
Financial Snapshot (` mn)
Gujarat Narmada Valley Fertilizers & Chemicals Ltd (GNFC) was incorporated in Bharuch, Gujarat in 1976. GNFC
Total Income 51,696.7
is a joint sector enterprise promoted by the Govt of Gujarat and the GSFC. GNFC operates in three business
segments viz fertilizers, chemicals and information technology. The fertilizers division manufactures and sells Net Profit 5,213.0
products like urea, neem de-oiled cake, ammonium nitrophosphate, 100% water soluble fertilizer and calcium
Networth 38,015.9
ammonium nitrate under the brand name Narmada. The chemical division manufactures chemicals and
petrochemicals like acetic acid, methanol, formic acid, calcium carbonate, nitrobenzene, aniline and weak nitric Ratios (%)
acid amongst others. The IT division provides services like e-procurement services, e-governance, data centres, 10.1
NPM
e-sign and cloud computing to name a few under the brand name (n)Code Solutions. In Jun 2017, the company
incorporated a wholly owned subsidiary named Gujarat Ncode Solutions Ltd. RONW 13.7
(As on Mar 31, 2017)

India Glycols Limited


A-1, Industrial Area, Kashipur -244 713 Distt. Udham Singh Nagar, Uttarakhand
Website: www.indiaglycols.com
Dun & Bradstreet D-U-N-S® No 86-232-3219 Top 500 Ranking Income 222 Net Profit 426 Networth 363
About the Company
Financial Snapshot (` mn)
India Glycols Ltd (India Glycols Ltd) was established in 1983 as a single mono-ethylene glycol plant. Its operating
Total Income 35,901.5
segments include Industrial Chemical Segment which comprises of glycols, specialty chemicals, natural gum and
other related goods. The liquor segment which comprises of manufacture and sale of Ethyl Alcohol (potable), Net Profit 445.2
nutraceutical, which comprises of manufacture and sale of nutraceutical products. Its businesses include a)
Networth 8,462.2
chemicals having segments such as glycols (MEG, DEG, TEG and heavy glycols) and ethylene oxide derivatives
(EODs) viz. surfactants and specialty chemicals, b) ethyl alcohol (potable) and extra neutral alcohol (ENA) and Ratios (%)
c) others include natural gum, nutraceuticals and industrial gases. Its plants are located in Uttarakhand, Uttar 1.2
NPM
Pradesh and Gujarat. In FY17, the company launched its premium products under the brand name of “V2O
Vodka” in three different flavors in Vodka category and “Soulmate Blu”, a premium segment in Whiskey category. RONW 5.3
(As on Mar 31, 2017)

INDIA’S TOP 500 COMPANIES 59


Aarti Industries Limited
UdyogKshetra, 2nd Floor, Mulund-Goregaon Link road, Mulund (West), Mumbai - 400080, Maharashtra
Website: www.aarti-industries.com
Dun & Bradstreet D-U-N-S® No 91-859-2601 Top 500 Ranking Income 248 Net Profit 188 Networth 303
About the Company
Financial Snapshot (` mn)
Aarti Industries Ltd (Aarti) was incorporated in 1984. Aarti is primarily engaged in manufacture of dyes, pigments,
Total Income 30,527.3
agrochemicals, pharmaceuticals and rubber chemicals. Its business can be classified into three end-user segments
viz speciality chemicals, pharmaceuticals and surfactants. The company is headquartered in Mumbai and has Net Profit 3,066.8
17 manufacturing units spread across Gujarat, Maharashtra, MP and Silvassa as well as three R&D centres in
Networth 13,100.9
Dombivali and Vapi. The company has a customer base in India as well as in almost 60 countries with major
presence in US, Europe, China and Japan. In FY17, the company commenced calcium chloride facility at Jhagadia Ratios (%)
and multipurpose Ethylation unit at Dahej SEZ, Gujarat. The company also did a buy-back of 1.2 mn equity shares 10.0
NPM
at price of ` 800 per share. In Dec 2017, company signed ` 100 bn exclusive supply contract with a global chemical
conglomerate for supply of high value specialty chemical intermediate over a period of 20 years. RONW 23.4
(As on Mar 31, 2017)

GHCL Limited
B- 38, Institutional Area, Sector-1, Noida - 201301, UP
Website: www.ghcl.co.in
Dun & Bradstreet D-U-N-S® No 87-179-4362 Top 500 Ranking Income 260 Net Profit 161 Networth 295
About the Company
Financial Snapshot (` mn)
GHCL Ltd (GHCL) was incorporated in 1983. It primarily operates in segments namely; chemicals, textile and
Total Income 29,801.7
consumer products. Under chemical segment, it manufactures soda ash in light and dense form which is mainly
used in detergent and glass industries, it also produces sodium bicarbonate which is used in pharmaceutical Net Profit 3,867.7
and food additive industries. Chemicals business accounts for nearly 60% of the revenues. Its textile business
Networth 13,513.2
manufactures multiple varieties of yarn ranging from 16s to 32s in open end, 30s to 120s in ring spun counts in
100% cotton and 24s to 70s counts in blended yarns. Its manufacturing facility is located near Vapi in Gujarat, Ratios (%)
GHCL has also diversified into salt business through refineries across Nagapattinam and Thiruporur in TN. It offers 13.0
NPM
range of basic refined iodized salt and crystal salt to specialized variants like mild, herbal & double fortified salt
under ‘iFLO’ and ‘SAPAN’ brands in the retail market. RONW 28.6
(As on Mar 31, 2017)

Atul Limited
Ahmedabad 380006, Gujarat
Website: www.atul.co.in
Dun & Bradstreet D-U-N-S® No 86-041-6227 Top 500 Ranking Income 266 Net Profit 199 Networth 233
About the Company
Financial Snapshot (` mn)
Atul Ltd (Atul) was founded in 1947 and was incorporated as a public limited company in 1975. It is an integrated
Total Income 28,907.3
chemical company manufacturing basic and other chemical products. Atul’s operations are divided into life
science chemicals and performance and other chemicals (POC) segments. The two segments are further divided Net Profit 2,853.0
broadly into seven sub-segments - aromatics, bulk chemicals and intermediates, colors, crop protection, floras,
Networth 19,208.2
pharmaceuticals and polymers. It has production facilities in Ankleshwar, Panoli and Valsad in Gujarat and Tarapur
in Maharashtra. Additionally, company has a production facility in the UK, and wholly owned subsidiaries in Brazil, Ratios (%)
China, UAE, UK and the USA. It manufactures about 900 products and 450 formulations. In FY17, it announced 9.9
NPM
that Atul and AkzoNobel have agreed to enter into a JV for the production of monochloroacetic in India.
RONW 14.9
(As on Mar 31, 2017)

Gujarat Alkalies and Chemicals Limited


P O Petrochemicals, Vadodara - 391346, Gujarat
Website: www.gacl.com
Dun & Bradstreet D-U-N-S® No 65-043-0150 Top 500 Ranking Income 301 Net Profit 186 Networth 162
About the Company
Financial Snapshot (` mn)
Gujarat Alakalies and Chemicals Ltd (GACL) was established in 1973 by Gujarat Industrial Investment Corporation
Total Income 23,584.4
Ltd. The company primarily engages in the manufacture and trading of chemicals, namely caustic soda lye and
flakes and hydrogen peroxide group. The company’s products basket comprises total 35 products, which cater Net Profit 3,081.0
to various industries like textiles, paper, soaps & detergents, plastics, petroleum, fertilizers, water treatment etc.
Networth 33,567.8
GACL also exports some of its products to Europe, West Asia, South East Asia, Africa, Middle East/Far East and
SAARC countries. The total production of all its products was 15,50,572 MT during FY17. GACL has emerged as Ratios (%)
one of the largest producers of caustic soda in India, with present installed production capacity of 429,050 MT of 13.1
NPM
caustic soda as of March 2017. The company operates two chemical manufacturing plants located at Vadodara
and Dahej in Gujarat. RONW 9.2
(As on Mar 31, 2017)

60 INDIA’S TOP 500 COMPANIES


Dun & Bradstreet D-U-N-S® No Top 500 Ranking Income Net Profit Networth

Financial Snapshot (` mn)


Total Income
Net Profit
Networth
Ratios (%)
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(As on Mar 31, 2017)

Dun & Bradstreet D-U-N-S® No Top 500 Ranking Income Net Profit Networth

Financial Snapshot (` mn)


Total Income
Net Profit
Networth
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(As on Mar 31, 2017)

Dun & Bradstreet D-U-N-S® No Top 500 Ranking Income Net Profit Networth

Financial Snapshot (` mn)


Total Income
Net Profit
Networth
Ratios (%)
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RONW
(As on Mar 31, 2017)

Dun & Bradstreet D-U-N-S® No Top 500 Ranking Income Net Profit Networth

Financial Snapshot (` mn)


Total Income
Net Profit
Networth
Ratios (%)
NPM
RONW
(As on Mar 31, 2017)

INDIA’S TOP 500 COMPANIES 61


Deepak Fertilisers And Petrochemicals
Corporation Limited
Dun & Bradstreet D-U-N-S® No 91-620-6166 Top 500 Ranking Income 327 Net Profit 287 Networth 249

About the Company


Deepak Fertilisers And Petrochemicals Corporation Ltd. (DFPCL) was established in May
1979 as a private limited company, and was later converted into a public limited company
in June 1979. The company initially began manufacturing ammonia using natural gas
as feedstock. It began operations at its plant in Taloja, Mumbai in 1983. In 1989, the
company undertook forward-integration and diversification, expanding its portfolio
offerings to include ammonium nitro phosphate fertilizer, explosive grade low-density
ammonium nitrate (LDAN), and diluted and concentrated nitric acid using ammonia.
It also established a product line for production of methanol using natural gas. Over
SC Mehta the years, continued augmentation and diversification helped the company develop a
Chairman & MD multi-product portfolio ranging from industrial chemicals, bulk and specialty fertilisers,
technical ammonium nitrate (TAN) to mining services, and value added real estate. The
Financial Snapshot (In ` mn) company emerged as the sole manufacturer of Iso-Propyl Alcohol (IPA) and TAN (solid
Total Income 21,450.3 form) in India, and the largest producer of Nitric Acid and Ammonium Nitrate in South
Net Profit 1,601.5 East Asia.
Networth 17,297.4
Business Profile
Ratios (%) As of date, DFPCL operates under two business segments on a standalone basis –
NPM 7.5 Industrial Chemicals and Value Added Real Estate (VARE).
RONW 9.3
Industrial Chemicals
(As on Mar 31, 2017)
Under the Industrial Chemicals segment, the company is a major producer and importer,
Management Details
that serves the needs of various industries including pharmaceuticals, aromatics, paints,
Chairman-Emeritus dyes intermediates, pesticides, etc. The offerings under this segment include Iso Propyl
CK Mehta Alcohol (IPA), Methanol, Nitric Acid of different concentrations, Propane, Liquid Carbon
Chairman & Managing Director dioxide, Hydrogen and various other solvents. It primarily caters to two segments, i.e.
SC Mehta solvents and acids.
Directors
Partha Bhattacharyya DFPCL is also one of the few global players with nitric acid supply facility in carbuoys
RA Shah and drums. DFPCL is setting up a nitric acid plant in Dahej in Gujarat. The production
MP Shinde
UP Jhaveri
will commence by the second quarter of FY19. Nitric acid finds its application in nitro-
SR Wadhwa aromatics, pharmaceuticals, dyes, steel rolling industry, defence and explosives industries.
Parul S Mehta The segment gives the company an opportunity in certain high value petrochemical
Anil Sachdev downstream products. Through this segment, DFPCL has managed to build relationships
Pranay Vakil with more than 600 customers in India and globally. The company’s distribution network
Anil Singhvi in the industrial chemicals segment comprises over 50 channel partners across India,
Mahesh Chhabria and the company’s export markets span across more than 30 countries.
Ashok Kumar Purwaha
Berjis Desai
Value-Added Real Estate (VARE)
DFPCL’s value-added real estate business is represented by its retail centre ‘Creaticity’ in
Pune. Sprawling over 10 acres with over 4,00,000 sq. ft. of retail space, Creaticity is one
Address & Website of the country’s largest design centres and speciality malls focused on home furnishings.
Registered Office
It houses a large variety of furniture including, sofas, dining sets, beds, modular kitchens,
Opp. Golf Course, etc.
Shastri Nagar, Yerawada,
Pune - 411006 Apart from the two aforementioned business segments, the company was also engaged
Maharashtra in the manufacture of fertilisers and technical ammonium nitrate (TAN). In May 2017,
Corporate Office these core businesses were demerged into a wholly-owned subsidiary, Smartchem
Sai Hira, Survey No. 93, Technologies Limited (STL).
Mundhwa, Pune - 411036
Maharashtra Technical Ammonium Nitrate
Website For its TAN business, DFPCL, through its 100% subsidiary Smartchem Technologies Ltd.,
www.dfpcl.com
has a total installed manufacturing capacity of 4,69,000 MTPA across its plants at Taloja
in Maharashtra and Srikakulam in Andhra Pradesh. The company deals in various grades
of ammonium nitrate including OPTIMEX (Low Density Porous Prilled Ammonium Nitrate

62 INDIA’S TOP 500 COMPANIES Advertorial


for making ANFO), OPTIFORM (High density Prilled Ammonium Nitrate for making Oxidizer Solution for manufacturing Explosives),
OPTISPAN (Chemically Pure Prilled Ammonium Nitrate for producing Nitrous Gas), OPTIBLAST (Porous Prilled Ammonium Nitrate for
Doping Emulsion Explosives), and Ammonium Nitrate Solution (for making Oxidizer Solution). DFPCL’s TAN product range caters to the
needs of the Mining, Infrastructure and Pharmaceutical sectors. TAN is exported to Middle East, Africa, South Asia and South East Asia.
STL has setup Platinum Blasting Services Pvt Ltd. (PBS), a joint venture with local Australian partners. PBS provides value added blasting
services and operational expertise to mining and explosives industries in Australia.

Crop Nutrition Business (CNB)


Through STL, DFPCL also manufactures Nitro Phosphate Fertilisers and speciality fertiliser Sulphur Bentonite. It sells all its products
including bulk, speciality, water soluble fertilisers, micronutrients and secondary nutrients under its flagship brand ‘Mahadhan’. DFPCL
maintains its leadership position in speciality fertilisers especially in the product category of Bensulf and water soluble fertilisers. There
is a growing awareness amongst farmers regarding use of speciality fertilisers and its benefits in the likes of water conservation and
crop nutrition management resulting in improved quality and yields.

STL has commissioned its brownfield NPK (Nitrogen, Phosphorous, and Potassium) granulation plant at Taloja in Maharashtra. The
phased expansion to be completed by the end of FY18 will increase the capacity from 3 lac tonnes per annum to 11 lakh tonnes.
Under this business segment, the company operates a network of 21,000 dealers and sub-dealers, spanning across seven states of
Maharashtra, Karnataka, Gujarat, Madhya Pradesh, Punjab, Haryana, and AP/ Telangana.

Corporate Social Responsibility


The company undertakes CSR activities across various urban and rural areas of Maharashtra and Gujarat through its corporate
foundation and implementing agency, Ishanya Foundation (IsFon). IsFon focusses on three key areas of development – women
empowerment through various livelihood programs, health and education.

DFPCL also set up the Deepak Foundation, which works towards the empowerment and holistic development of the underprivileged
sections of society. It focusses on providing sustainable solutions in terms of healthcare, education, nutrition and livelihood generation,
and the strengthening of public services. The Foundation has a presence in the states of Gujarat, Maharashtra, Madhya Pradesh,
Telangana, Jharkhand and New Delhi.

During FY17, DFPCL spent a sum of ` 16.8 million in these areas. Thereby, the company made an impact on 7,516 beneficiaries and
31,191 lives.

Advertorial INDIA’S TOP 500 COMPANIES 63


Linde India Limited
Oxygen House, P43, Taratala Road, Kolkata - 700088, WB
Website: www.boc-india.com
Dun & Bradstreet D-U-N-S® No 65-005-4802 Top 500 Ranking Income 357 Net Profit 468 Networth 287
About the Company
Financial Snapshot (` mn)
Linde India Ltd (Linde India), a Linde Group company, was established in 1935 as Indian Oxygen & Acetylene
Total Income 18,590.0
Company. The company acquired its present name in the year 2013. Linde India operates in two business
segments viz. gases & related products and project engineering. The company supplies more than 20,000 gases Net Profit 93.4
and mixtures as well as provide a range of related services including the construction and installation of plants,
Networth 13,964.2
equipment, pipelines and associated engineering services. The engineering division is engaged into designing,
supply, installation and commissioning of tonnage air separation units (ASU) of medium to large size and projects Ratios (%)
relating to setting up of nitrogen plants, pressure swing adsorption (PSA) plants and gas distribution systems. It 0.5
NPM
also manufactures cryogenic vessels for in-house use as well as for sale to third party customers. In Mar 2018,
Line India commenced its first food laboratory and training centre in India in the state of AP. RONW 0.7
(As on Dec 31, 2016)

Godrej Industries Limited


Godrej one, Eastern Express Highway, Vikhroli (E), Mumbai - 400079, Maharashtra
Website: www.godrejinds.com
Dun & Bradstreet D-U-N-S® No 65-005-3572 Top 500 Ranking Income 401 Net Profit 488 Networth 264
About the Company
Financial Snapshot (` mn)
Godrej Industries Ltd (Godrej Industries) was incorporated in 1988 as Gujarat Godrej Innovative Chemicals Ltd. In
Total Income 16,490.5
Apr 2001, the company acquired its present name. Godrej Industries operates as a holding company of the Godrej
Group. The company is engaged in business segments like FMCG, real estate, agriculture, chemicals and gourmet Net Profit (1,452.4)
retail. It’s chemicals business manufactures and markets more than 100 chemicals for use in over 24 applications.
Networth 16,154.3
The company’s FMCG business under the brand name Godrej Consumer Products focuses on building presence
in 3 emerging markets namely Asia, Africa & Latin America and across 3 categories viz. home care, personal wash Ratios (%)
and hair care. The company also operates real estate business through Godrej Properties which is engaged in (8.8)
NPM
developing residential, commercial and township projects spread over 100 mn square feet across 12 cities. The
gourmet retail segment under the brand name Natures Basket has over 30 premium stores. RONW (9.0)
(As on Mar 31, 2017)

Gujarat Fluorochemicals Limited


Survey No 16/3, 26 & 27, Ranjitnagar, Taluka Ghoghamba, Panchmahal - 389380, Gujarat
Website: www.gfl.co.in
Dun & Bradstreet D-U-N-S® No 91-944-7128 Top 500 Ranking Income 407 Net Profit 296 Networth 173
About the Company
Financial Snapshot (` mn)
Gujarat Fluorochemicals Ltd (GFL), part of the INOX Group, was incorporated in 1987. At the time of inception,
Total Income 16,031.8
GFL was engaged in manufacture of refrigerants. However, over the years, it has diversified into other businesses
like fluoropolymers resin, chemicals, carbon trading and family entertainment (multiplexes). GFL operates a Net Profit 1,462.9
manufacturing facility of polytetrafluorothylene (fluoropolymers) resin at Dahej, Gujarat and fluoropolymers
Networth 30,364.0
blending facility in Texas, USA. The plant produces a variety of Suspension and Emulsion fluoropolymers
resins. Under refrigerants, the company manufactures HCFC22 at its Ranjitnagar plant in Gujarat. The company Ratios (%)
manufactures and exports chloro-fluorocarbon refrigerant gases R-12 & R-22 under the “Refron” brand name. 9.1
NPM
Along with CFC & HCFC, the company also supplies & exports new genre gases in 400 & 500 series. The chemicals
segment of GFL manufactures caustic soda lye & flakes, methylene chloride, hydrogen gas, AHCL, HCL and H2SO4. RONW 4.8
(As on Mar 31, 2017)

Himadri Speciality Chemical Limited


23A, 8th Floor, Netaji Subhas Road, Suite No. 15, Kolkata - 700001, WB
Website: www.himadri.com
Dun & Bradstreet D-U-N-S® No 65-025-4147 Top 500 Ranking Income 426 Net Profit 379 Networth 326
About the Company
Financial Snapshot (` mn)
Himadri Speciality Chemical Ltd (Himadri), formerly known as Himadri Chemicals and Industries Ltd, was
Total Income 14,791.5
incorporated in 1987. In 1990, Himadri commissioned its coal tar distillation plant in Howrah, WB. The company
is mainly engaged in the manufacturing of carbon materials and chemicals. The company’s business comprises Net Profit 811.7
of coal tar distillation, carbon black, advanced carbon, corrosion protection, naphthalene sulphonate and power.
Networth 10,781.0
The products manufactured by the company have found applications in industries like aluminium, graphite,
infrastructure, tyre, lithium-ion batteries, paint & coatings, plastics and dyestuff. It has eight zero-discharge Ratios (%)
manufacturing facilities located in the states of WB, AP, Chhattisgarh, Odisha and Gujarat, with a total installed 5.5
NPM
capacity of 400,000 tons of coal tar distillation, 120,000 tons of carbon black, 68,000 tons of SNF (Sulphonated
Naphthalene Formaldehyde) and 20 MW of power plant. RONW 7.5
(As on Mar 31, 2017)

64 INDIA’S TOP 500 COMPANIES


Sudarshan Chemical Industries Limited
162, Wellesley Road, Pune - 411001, Maharashtra
Website: www.sudarshan.com
Dun & Bradstreet D-U-N-S® No 65-005-3242 Top 500 Ranking Income 457 Net Profit 371 Networth 460
About the Company
Financial Snapshot (` mn)
Sudarshan Chemical Industries Ltd (Sudarshan) was established in 1951 and started manufacturing pigments
Total Income 13,155.9
in 1952. Sudarshan is engaged in the manufacture of organic & inorganic pigments and agro chemicals. The
pigments manufactured by the companies are supplied to paints, plastics, inks, cosmetics and textile industry. Net Profit 894.1
The pigments business of the company accounts for almost 88% of the company’s total turnover. The pigment
Networth 3,954.7
business manufactures classical azo pigments, high performance pigments, effect pigments and pigment
dispersions. Sudarshan operates two factories at Roha and Mahad both located in Maharashtra and has an Ratios (%)
employee strength of 2,000 employees. The company has a strong distribution network with sales offices spread 6.8
NPM
across India, Netherlands, USA and China and over 170 channel partners across the world. The company has
presence in over 85 countries. RONW 22.6
(As on Mar 31, 2017)

DCW Limited
Dhrangadhra – 363315, Gujarat
Website: www.dcwltd.com
Dun & Bradstreet D-U-N-S® No 91-667-7586 Top 500 Ranking Income 458 Net Profit 455 Networth 399
About the Company
Financial Snapshot (` mn)
DCW Ltd (DCW), (formally Dhrangadhra Chemical Works Limited) is an Indian based chemical company
Total Income 13,102.4
incorporated in 1939, and a public limited company. It is a pioneer in the chlor-alkali and petrochemical industry.
The company’s segments include PVC, caustic, synthetic iron oxide pigment (SIOP), soda ash and others. Net Profit 201.5
Presently, the two manufacturing units of the company at Gujarat and Tamil Nadu produces various chemicals
Networth 6,547.3
like sodium bicarbonate, ammonium bicarbonate, caustic soda, liquid chlorine, hydrochloric acid, beneficiated
ilmenite, trichloroethylene, yellow iron oxide, ferric oxide, utox and PVC. The company produces calcium chloride Ratios (%)
at its SIOP Plant. Apart from chemical products DCW also produces industrial salt for captive consumption. CK 1.5
NPM
also runs a furnace oil based captive power plant and a coal-based cogeneration plant. The company has entered
into speciality chemical segment with the commercial production at its new synthetic iron oxide pigment plant. RONW 3.1
(As on Mar 31, 2017)

Deepak Nitrite Limited


9/10, Kunj Society, Alkapuri, Vadodara - 390007, Gujarat
Website: www.deepaknitrite.com
Dun & Bradstreet D-U-N-S® No 91-843-8698 Top 500 Ranking Income 477 Net Profit 337 Networth 384
About the Company
Financial Snapshot (` mn)
Deepak Nitrite Ltd (DNL) was established as a fully indigenous sodium nitrite and sodium nitrate plant in 1970.
Total Income 12,255.0
DNL is a multi-division, multiproduct chemical manufacturing company with diversified business interests. Its
business segments include basic chemicals, fine and specialty chemicals and performance products. Its product Net Profit 1,120.4
portfolio includes a spectrum of products with diverse applications ranging from agrochemicals, rubber,
Networth 7,336.1
pharmaceuticals, paper textile, detergents, colourants, and petrochemicals to specialty and fine chemicals. It also
customizes products as per the client requirements. The company’s distribution network spans over 30 countries Ratios (%)
including USA, South Korea, South America, the European and East European nations. Its manufacturing units are 9.1
NPM
located in Gujarat, Maharashtra and Telangana. The company’s research and development facility is located at
Nandesari, Gujarat. RONW 15.3
(As on Mar 31, 2017)

Bodal Chemicals Limited


Plot No. 123-124, Phase-I, G.I.D.C. Estate, Vatva, Ahmedabad – 382445, Gujarat
Website: www.bodal.com
Dun & Bradstreet D-U-N-S® No 65-023-3240 Top 500 Ranking Income 484 Net Profit 319 Networth 469
About the Company
Financial Snapshot (` mn)
Bodal Chemicals Ltd (BCL), started its business as J K Pharma in 1989. It is a manufacturer and exporter of dyes
Total Income 11,909.1
intermediates, dyestuff and sulphuric acid. The product line of the company covers forward and backward
integration to dye intermediates. It has presence in over 50 countries across the globe. As on Mar 31, 2017, Net Profit 1,286.1
BCL had permanent employee strength of 1,294. The company has nine manufacturing units across Gujarat,
Networth 3,593.2
manufacturing up to about 25 varieties of dye intermediates and up to 150 variants of dyestuff used as raw material
for textile, paper, plastic, leather and many other specialty chemicals. The company has three laboratories, two at Ratios (%)
Baroda and one at Ahmedabad to test raw materials for dye intermediates and dyestuff. Presently, the company 10.8
NPM
is publicly listed. In 2017, the company acquired 70% stake in SPS Processors Ltd.
RONW 35.8
(As on Mar 31, 2017)

INDIA’S TOP 500 COMPANIES 65


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Dun & Bradstreet D-U-N-S® No 00-000-0000 Top 500 Ranking Income Net Profit Networth
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66 INDIA’S TOP 500 COMPANIES


CONSTRUCTION - INFRASTRUCTURE
DEVELOPMENT
Comparative Matrix

Sector Total Income Net Profit Net Worth NPM RONW


Company Name
TI Rank ` Mn ` Mn ` Mn (%) (%)
1 Larsen & Toubro Limited 682,732.0 54,537.4 460,127.4 8.0 11.9
2 NCC Limited 80,321.5 2,255.0 34,422.9 2.8 6.6
3 NBCC (India) Limited 63,679.6 3,511.0 16,736.1 5.5 21.0
4 Simplex Infrastructures Limited 56,965.6 1,202.7 15,303.0 2.1 7.9
5 Dilip Buildcon Limited 51,090.7 3,609.4 18,528.9 7.1 19.5
6 Hindustan Construction Company Limited 44,581.4 594.1 26,899.8 1.3 2.2
7 IL&FS Transportation Networks Limited 44,005.1 2,363.9 28,291.2 5.4 8.4
8 IRB Infrastructure Developers Limited 36,359.5 2,032.4 25,053.6 5.6 8.1
9 Sadbhav Engineering Limited 34,078.4 1,878.5 16,609.1 5.5 11.3
10 ITD Cementation India Limited 28,913.2 481.0 5,507.1 1.7 8.7
11 JMC Projects (India) Limited 23,427.1 593.8 6,897.3 2.5 8.6
12 Gayatri Projects Limited 21,459.3 704.3 7,410.0 3.3 9.5
13 Ashoka Buildcon Limited 21,238.2 1,839.6 18,642.3 8.7 9.9
IL&FS Engineering and Construction Company
14 20,155.5 23.0 1,259.0 0.1 1.8
Limited
15 The Indian Hume Pipe Company Limited 18,025.1 987.8 3,996.0 5.5 24.7
16 PNC Infratech Limited 17,356.7 2,096.9 15,721.7 12.1 13.3
17 KNR Constructions Limited 15,713.3 1,572.5 8,954.7 10.0 17.6
18 J. Kumar Infraprojects Limited 14,662.2 1,055.1 13,890.0 7.2 7.6
19 Everest Industries Limited 11,644.4 24.6 3,503.3 0.2 0.7

INDIA’S TOP 500 COMPANIES


Larsen & Toubro Limited
L & T House, Ballard Estate, Narottam Morarjee Marg, Mumbai - 400001, Maharashtra
Website: www.larsentoubro.com
Dun & Bradstreet D-U-N-S® No 65-004-6436 Top 500 Ranking Income 12 Net Profit 22 Networth 17
About the Company
Financial Snapshot (` mn)
Larsen & Toubro Ltd (L&T), established in 1938, is a major technology, engineering, construction, manufacturing
Total Income 682,732.0
and financial services conglomerate, with global operations. L&T’s business interests include turnkey projects,
construction, engineered products and systems, electrical and electronic products and systems, IT & Engineering Net Profit 54,537.4
services, machinery valves and industrial consumables and financial services among others. As at March 31, 2017,
Networth 460,127.4
L&T Group comprises of 89 subsidiaries, 10 associates, 34 joint venture companies and 27 joint operations. The
company successfully listed two of its subsidiaries, L&T Infotech Ltd and L&T Technology Services Ltd during FY17. Ratios (%)
In April 2018, L&T and Bharat Electronics Ltd (BEL) signed an MOU to cater to the needs of evolving domestic and 8.0
NPM
export markets for defense products and systems.
RONW 11.9
(As on Mar 31, 2017)

Dun & Bradstreet D-U-N-S® No Top 500 Ranking Income Net Profit Networth

Financial Snapshot (` mn)


Total Income
Net Profit
Networth
Ratios (%)
NPM
RONW
(As on Mar 31, 2017)

Dun & Bradstreet D-U-N-S® No Top 500 Ranking Income Net Profit Networth

Financial Snapshot (` mn)


Total Income
Net Profit
Networth
Ratios (%)
NPM
RONW
(As on Mar 31, 2017)

Dun & Bradstreet D-U-N-S® No Top 500 Ranking Income Net Profit Networth

Financial Snapshot (` mn)


Total Income
Net Profit
Networth
Ratios (%)
NPM
RONW
(As on Mar 31, 2017)

INDIA’S TOP 500 COMPANIES 69


NCC Limited
Dun & Bradstreet D-U-N-S® No 65-065-2100 Top 500 Ranking Income 116 Net Profit 231 Networth 159

About the Company


NCC Ltd (NCC), the erstwhile Nagarjuna Construction Company Ltd, was incorporated
in 1978 as a partnership firm and was converted into a public limited company in 1990.
Headquartered in Hyderabad, the company has offices across 13 cities in states like
Maharashtra, AP, Telangana, Karnataka, Gujarat, UP, WB and TN. As on Sep 30, 2017, the
company had a workforce of 4,733 employees. Some of the key projects executed by the
company are the Agra Lucknow Expressway in UP; the ESI Hospital and Medical College
in Gulbarga, Karnataka; the Outer Ring Road, Hyderabad Growth Corridor in Telangana
and the Water Supply project in Rajkot, Gujarat.
AAV Ranga Raju
Managing Director The company also has a presence in the Middle East, through subsidiaries based in
Oman, United Arab Emirates (UAE) and Qatar. It undertakes works of roads, buildings
Financial Snapshot (In ` mn) and water supply projects in the region.
Total Income 80,321.5
Areas of Expertise
Net Profit 2,255.0
NCC operates under nine operational divisions, including buildings & housing, water &
Networth 34,422.9 environment, roads, irrigation, power, electrical, railways, metals and mining.
Ratios (%) Buildings and housing: The building and housing division is NCC’s largest business
NPM 2.8 vertical. It is involved in the construction work of industrial & commercial buildings,
housing projects, IT parks, shopping malls, sports complexes and hospitals, etc.
RONW 6.6 Roads: The roads division is engaged in the construction of highways, highway realignment
(As on Mar 31, 2017) & bypass, carriageway widening and strengthening, road sections’ rehabilitation and
Management Details upgradation as well as bridges & flyovers.
Electrical: The electrical division of NCC has expertise in design, engineering, erection,
Chairman
HM Nerurkar testing and commission of EHV/HV sub-stations and transmission lines, high voltage
distribution system (HVDS) and feeder separation scheme (FSS).
Managing Director
AAV Ranga Raju
Water & Environment: The division undertakes projects related to water supply,
water treatment plant, distribution networks, pumping stations, river intake works,
Executive Director
electrochemical works, underground drainage works and lift irrigation schemes.
AGK Raju
Irrigation: The irrigation division of NCC is engaged in the construction of dams, canals,
Wholetime Directors
tunnels, barrages and spillways & aqueducts.
ASN Raju
AVN Raju Railways: The division is mainly engaged in developing dedicated freight corridors,
JV Ranga Raju private railway sidings and zonal railway projects.
Independent Directors
Power: The power segment of NCC delivers EPC projects, largely related to advanced
RV Shastri infrastructure for coal-based, thermal and combined cycle power projects.
Renu Challu Metals: The division undertakes engineering, procurement and construction (EPC)
S Ravi projects. NCC has also entered into strategic alliances with POSCO E&C, Siemens VAI and
Dr. AS Durga Prasad China Min-Metal Engineering for various technologies of Steel plants.
Directors Mining: The mining division is primarily engaged in businesses for Mine Developer-cum-
Utpal Hemendra Sheth Operator (MDO), removal of overburden and extraction of coal / lignite / other minerals
from open cast mines in India with the public and private sector mine operators. The
division also participates in tenders for design, supply and erection of coal handling
plants and silos etc, with subsidiaries of some of the PSEs.

International Operations
Address & Website
NCC undertakes construction projects in the areas of roads, buildings and water pipelines
NCC House,
in the GCC market through its subsidiaries, NCC International LLC in Oman and Nagarjuna
Madhapur,
Hyderabad - 500081,
Contracting Company LLC in the UAE.
Telangana
Corporate Social Responsibility
Website
www.ncclimited.com NCC undertakes various social and philanthropic activities through its CSR arm, NCC
Foundation. The company’s key focus areas are education, housing and healthcare.
In FY17, the company spent ` 23.7 mn on its CSR program. The company’s key CSR
initiative during the year pertained to the Swachh Bharat Mission. Under the initiative,
the company selected a village named Antervedipallipalem in the East Godavari district
of Andhra Pradesh, and provided 341 houses in the village with toilet-cum-bathrooms.

70 INDIA’S TOP 500 COMPANIES Advertorial


NBCC (India) Limited
NBCC Bhawan, Lodhi Road, New Delhi - 110003, Delhi
Website: www.nbccindia.gov.in
Dun & Bradstreet D-U-N-S® No 65-007-7241 Top 500 Ranking Income 136 Net Profit 172 Networth 256
About the Company
Financial Snapshot (` mn)
NBCC (India) Ltd, (NBCC) formerly known as National Buildings Construction Corporation Ltd, is a government
Total Income 63,679.6
of India ‘Navratna’ enterprise under the Ministry of Urban Development. The company was established in
1960 a central public-sector enterprise to execute civil engineering projects for the state governments, various Net Profit 3,511.0
central government ministries and public sectors. NBCC has pan-India presence and also overseas countries.
Networth 16,736.1
The company provides management and consultancy services for a range of civil construction projects including
residential and commercial complexes, re-development of colonies, educational institution, hospitals, roads and Ratios (%)
solid waste management amongst others. As of March 2017, the company’s order book stood at more than ` 700 5.5
NPM
bn with 35.28 mn sq ft of projects under execution across various industries and sectors.
RONW 21.0
(As on Mar 31, 2017)

Simplex Infrastructures Limited


Simplex House, 27, Shakespeare Sarani, Kolkata - 700017, WB
Website: www.simplexinfra.com
Dun & Bradstreet D-U-N-S® No 86-216-9217 Top 500 Ranking Income 151 Net Profit 330 Networth 276
About the Company
Financial Snapshot (` mn)
Simplex Infrastructures Ltd (Simplex Infrastructures) was established in 1924. In 1935, the company commenced
Total Income 56,965.6
construction of industrial structures. In 1947, the company ownership was taken over by Mundhras. The company
is mainly engaged in construction business across several verticals including ground engineering, industrial, Net Profit 1,202.7
building & housing, power, marine ports, roads, railways & bridges and urban infrastructure including; airports,
Networth 15,303.0
metro rails, sewerage and utilities. The company has executed more than 2,900 projects till date; and presently
has a diversified order book across 250 contracts, nine verticals and nine countries. In FY17, the order book stood Ratios (%)
over ` 160 bn, with fresh order inflows of ` 80 bn. As on Mar 31, 2017, company has six subsidiaries Simplex 2.1
NPM
Limited (UAE), Simplex Infrastructures Libya Joint Venture Co.(Libya), Simplex Infra Development Pvt Ltd, Maa
Durga Expressways Pvt Ltd, Jaintia Highway Pvt Ltd and Simplex (Bangladesh) Pvt Ltd. RONW 7.9
(As on Mar 31, 2017)

Dilip Buildcon Limited


Plot No. 5, Kolar Road, Janki Nagar, Bhopal - 462016, MP
Website: www.dilipbuildcon.com
Dun & Bradstreet D-U-N-S® No 67-580-3483 Top 500 Ranking Income 163 Net Profit 168 Networth 240
About the Company
Financial Snapshot (` mn)
Dilip Buildcon Ltd (DBL) started as a proprietorship firm (Dilip builders) in 1988, and was incorporated in 2006;
Total Income 51,090.7
and was list FY2016. The company’s primary business is roads and highways, irrigation, urban development and
mining. The company’s clientele includes National Highway Authority of India (NHAI), state governments and Net Profit 3,609.4
private companies. In the past five years, it has worked on 73 projects with a portfolio of 16,994.84 km lane
Networth 18,528.9
road and 8,604.61 km operational lane. It has a presence in 16 states, with 8,525 construction equipment, with
over 25,000 employees. The company has completed 90% of its project before time which has led to winning Ratios (%)
early bonuses of ` 3,169 mn in the last five years. In Mar 2018, DBL bagged projects worth ` 10.04 bn and 7.1
NPM
` 7.70 bn from NHAI. It further won highway projects worth ` 44.73 bn in UP.
RONW 19.5
(As on Mar 31, 2017)

Hindustan Construction Company Limited


Hincon House, Lal Bahadur Shastri Marg, Vikhroli (W), Mumbai - 400083, Maharashtra
Website: www.hccindia.com
Dun & Bradstreet D-U-N-S® No 92-087-6542 Top 500 Ranking Income 182 Net Profit 406 Networth 190
About the Company
Financial Snapshot (` mn)
Hindustan Construction Company Ltd (HCC) was founded in 1926. The company provides engineering and
Total Income 44,581.4
construction (E&C) services for large projects across sectors like power (hydro, nuclear, thermal), transportation
(roads, bridges, metros, ports), water (irrigation and water supply) and industrial projects. Some of the HCC’s Net Profit 594.1
major projects include Cavern for Crude Oil Storage at Vishakhapatnam (AP), Goa Barge Berth at Marmugoa (Goa),
Networth 26,899.8
Reliance J3 Refinery at Jamnagar (Gujarat), Mumbai-Pune Expressway and Bandra-Worli Sea Link (Maharashtra),
to name a few. During FY17, the company secured new orders worth ` 53.75 bn. The order backlog grew by over Ratios (%)
12.5% from ` 181.23 bn at the end of FY16 to ` 203.90 bn as on Mar 31, 2017. The transport sector accounts for 1.3
NPM
almost 59% of HCC’s order book; hydro sector accounts for 22% of the company’s order book; water and nuclear
& special projects account for 10% and 9% of order book respectively. RONW 2.2
(As on Mar 31, 2017)

INDIA’S TOP 500 COMPANIES 71


IL&FS Transportation Networks Limited
The IL&FS Financial Centre, C22, G Block BKC, Bandra (E), Mumbai 400051, Maharashtra
Website: www.itnlindia.com
Dun & Bradstreet D-U-N-S® No 91-825-4157 Top 500 Ranking Income 188 Net Profit 225 Networth 183
About the Company
Financial Snapshot (` mn)
IL&FS Transportation Networks Ltd (ITNL) was incorporated in 2000 as a wholly owned subsidiary of Infrastructure
Total Income 44,005.1
Leasing and Financial Services Ltd (IL&FS). ITNL is engaged in development, operations and facilitation of surface
transportation infrastructure projects such as national and state highways, roads, tunnels, flyovers and bridges. Net Profit 2,363.9
The company provides end-to-end solutions for BOT road projects from conceptualising to commissioning,
Networth 28,291.2
operation, maintenance and management. The company also undertakes non-road sector projects including
metro rail, city bus services and border check posts. The company operates across 20 states in India and a Ratios (%)
few international markets with 30 BoT road projects and a BOT road portfolio of 14,016 km. The company has 5.4
NPM
international presence in 19 countries including USA, Mexico, China and Spain. In FY17, ITNL announced its plan
to refinance its debt of up to ` 100 bn and reduce the interest cost. RONW 8.4
(As on Mar 31, 2017)

IRB Infrastructure Developers Limited


A-201, Universal Business Park, Andheri (E), Mumbai – 400072, Maharashtra
Website: www.irb.co.in
Dun & Bradstreet D-U-N-S® No 67-723-6418 Top 500 Ranking Income 220 Net Profit 242 Networth 200
About the Company
Financial Snapshot (` mn)
IRB Infrastructure Developers Ltd (IRB Infra), an IRB Group company was incorporated in 1998. The company
Total Income 36,359.5
is engaged in engineering, procurement and construction, operations and maintenance of roads and highways
through several SPVs. It operates through two verticals namely construction and development of highway Net Profit 2,032.4
infrastructure and development and operation of BOT projects. Its clientele includes National Highway Authority
Networth 25,053.6
of India (NHAI), Public Works Department (PWD), Maharashtra State Road Development Corporation Limited
(MSRDC) and Ministry of Shipping, Road Transport and Highways (MoSRT&H). It has constructed over 11,828 Ratios (%)
cumulative lane kms on BOT basis, and it has a total of 22 BOT projects in its portfolio and 14 BOT projects in 5.6
NPM
operation. In Mar 2017, the order book position stood at ` 99.59 bn. In May 2017, it launched IRB InvIT Fund,
India’s first infrastructure investment trust in India. RONW 8.1
(As on Mar 31, 2017)

Sadbhav Engineering Limited


Sadbhav House, Opp Law Garden Police Chowki, Ahmedabad - 380006, Gujarat
Website: www.sadbhaveng.com
Dun & Bradstreet D-U-N-S® No 91-665-8177 Top 500 Ranking Income 228 Net Profit 257 Networth 260
About the Company
Financial Snapshot (` mn)
Sadbhav Engineering Ltd (SEL) was incorporated in 1988. SEL is engaged in the business of construction works as
Total Income 34,078.4
per EPC contract entered between the company and its subsidiaries. The company is also engaged in the business
of energy generation through wind power project. It is in the business of development of infrastructure facilities Net Profit 1,878.5
in the areas of canals, irrigation projects, roads, bridge, mining activities on contract basis, which include civil,
Networth 16,609.1
electrical and mechanical contractors, designer and engineers, structural contractor, earthwork contractor for
repairing , reconstruction, renovation, demolitions and construction of canals, irrigation projects, roads, bridges, Ratios (%)
dams. SEL has worked with organizations such as NHAI, HCC, Coal India, GHCL and L&T. As of Mar 31, 2017, it 5.5
NPM
constructed over 7,551 lane kms of roads and highways, irrigation canal work of over 656 kms and mined over
501 mn cubic mt. Its project portfolio consists of 29 projects and has presence across 14 states in India. RONW 11.3
(As on Mar 31, 2017)

ITD Cementation India Limited


National Plastic Building, A-Subhash Road, Vile Parle (East), Mumbai - 400057, Maharashtra
Website:www.itdcem.co.in
Dun & Bradstreet D-U-N-S® No 86-220-0128 Top 500 Ranking Income 265 Net Profit 421 Networth 425
About the Company
Financial Snapshot (` mn)
ITD Cementation India Ltd (ITD Cem) was incorporated in 1978 as a branch of The Cementation Company Ltd,
Total Income 28,913.2
UK. The company acquired its present name in 2005 after entering into a Share Purchase and Sale Agreement
with Italian-Thai Development Public Company Limited, Thailand and The Cementation Company Limited. ITD Net Profit 481.0
Cem is primarily engaged in construction of maritime structures, water & waste water segment, hydro-power,
Networth 5,507.1
tunnels, dams & canals, industrial structures, airports, metros, airports highways, bridges and flyovers, hydro-
tunnelling, buildings and specialist foundation engineering projects. Its clientele includes PSA Group, Adani Port, Ratios (%)
Mumbai Port, IIT Ropar, RVNL, IHI Corporation, PWD New Delhi, Ghaziabad Development Authority, IRCON, JSW 1.7
NPM
steel amongst others. Some of the major projects executed by ITD Cem include Delhi Metro BC-24, COCO Coal
Handling System, King Power Complex Maw Taung Coal Mining in Burma among others. RONW 8.7
(As on Dec 31, 2016)

72 INDIA’S TOP 500 COMPANIES


JMC Projects (India) Limited
A-104, Shapath - 4, S. G. Road, Opp. Karanavati Club, Ahmedabad - 380051, Gujarat
Website: www.jmcprojects.com
Dun & Bradstreet D-U-N-S® No 65-064-7803 Top 500 Ranking Income 302 Net Profit 407 Networth 391
About the Company
Financial Snapshot (` mn)
JMC Projects (India) Ltd (JMC), established in 1986, is part of the Kalpataru Group and operates as a full-scale
Total Income 23,427.1
infrastructure EPC player, with a presence in the entire range of verticals in the construction field, serving sectors
such as infrastructure, urban infra, MRTS, water, healthcare, it parks, townships, industrial structures etc. The Net Profit 593.8
company has constructed landmark edifices including highways, expressways, bridges, flyovers, townships, tall
Networth 6,897.3
buildings, hospitals, industrial units, power plants etc. JMC has also made inroads in international markets by
booking EPC projects from Ethiopia, Sri Lanka and others. The company’s regional offices are located in Bangaluru, Ratios (%)
NCR Delhi, Kolkata and Mumbai. During FY17, the company clocked order inflows ` 32 bn while the unexecuted 2.5
NPM
order book at the year-end stood at ` 70 bn. In January 2018, the company secured new orders worth ` 7.51 bn.
RONW 8.6
(As on Mar 31, 2017)

Gayatri Projects Limited


B1, 6-3-1090, TSR Towers, Raj Bhavan Road, Somajiguda, Hyderabad - 500082, Telangana
Website: www.gayatri.co.in
Dun & Bradstreet D-U-N-S® No 86-224-1734 Top 500 Ranking Income 326 Net Profit 390 Networth 382
About the Company
Financial Snapshot (` mn)
Gayatri Projects Ltd (GPL) was incorporated in 1989 as Andhra Coastal Construction Private Limited for
Total Income 21,459.3
undertaking construction activities. The company was listed in Bombay Stock Exchange (BSE) in 2006 and in
National Stock Exchange (NSE) in 2011. GPL is engaged in the execution of major civil works which includes Net Profit 704.3
concrete and masonry dams, earth filling dams, national highways, bridges, canals, aqueducts and ports. GPL
Networth 7,410.0
has also executed infrastructure development projects like irrigation projects, mass excavation, ports, airports
and industrial civil works. GPL has entered into various joint ventures (JV) with other companies for carrying Ratios (%)
out various construction and completion of widening and strengthening of roads, highways and upgradation of 3.3
NPM
canals. The latest JV of GPL was for improvement and augmentation of NH-226 to 2-lane with paved shoulders
for a 55 km stretch. RONW 9.5
(As on Mar 31, 2017)

Ashoka Buildcon Limited


Survey No. 861, Ashoka House, Ashoka Marg, Vadala, Nashik - 422011, Maharashtra
Website: www.ashokabuildcon.com
Dun & Bradstreet D-U-N-S® No 86-219-1301 Top 500 Ranking Income 330 Net Profit 260 Networth 239
About the Company
Financial Snapshot (` mn)
Ashoka Buildcon Ltd (ABL) was established in 1976 as a contracting firm which was converted into a private
Total Income 21,238.2
limited company in 1993 and subsequently a public limited company in 2002. ABL is an integrated engineering,
procurement and construction (EPC) company for roads and power distribution projects. It also undertakes Net Profit 1,839.6
development of roads and highways on build, operate and transfer (BOT) basis, with a portfolio of 31 projects as
Networth 18,642.3
of February 2017. As of March 2017, the company’s order book stood at ` 70.04 bn with road projects comprising
67% of the order book at ` 51.14 bn and power T& D projects accounting for ` 18.90 bn. Among road order book, Ratios (%)
EPC projects are of ` 24.84 bn and the rest is of BOT projects. During FY17, the company ventured into city gas 8.7
NPM
distribution segment with its first project at Ratnagiri with a total project outlay of ` 1.5 bn in the next five years.
ABL also won its first hybrid annuity model projects at Ludhiana and Anandapuram. RONW 9.9
(As on Mar 31, 2017)

IL&FS Engineering and Construction Company Limited


Door No. 8-2-120/113/3, 4th Floor, Sanali Info Park, Cyber Towers, Road No. 2, Banjara Hills, Hyderabad - 500033, Telangana
Website: www.ilfsengg.com
Dun & Bradstreet D-U-N-S® No 91-887-4439 Top 500 Ranking Income 341 Net Profit 477 Networth 494
About the Company
Financial Snapshot (` mn)
IL&FS Engineering and Construction Company Ltd (IL&FS Engineering) was incorporated in 1988. is a infrastructure
Total Income 20,155.5
development, construction and project management company with more than two decades of experience in
executing various projects. It constructs and develops roads, expressways/highways; residential and commercial Net Profit 23.0
projects, and industrial structures; irrigation canals and dams; and thermal and hydel power projects. IL&FS
Networth 1,259.0
Engineering constructs airports, seaports, rail and rail based systems, oil and gas-pipelines, refineries, and petro-
chemicals plants, water and water treatment plants, power generation, transmission, and distribution projects; Ratios (%)
and industrial construction projects. The Company executes projects under various segments including Buildings 0.1
NPM
& Structures, Roads, Railways, Irrigation, Power, Ports, and Oil & Gas.
RONW 1.8
(As on Mar 31, 2017)

INDIA’S TOP 500 COMPANIES 73


The Indian Hume Pipe Company Limited
Construction House, 5, Walchand Hirachand Marg, Ballard Estate, Mumbai - 400 001, Maharashtra
Website: www.indianhumepipe.com
Dun & Bradstreet D-U-N-S® No 65-017-6126 Top 500 Ranking Income 366 Net Profit 358 Networth 458
About the Company
Financial Snapshot (` mn)
The Indian Hume Pipe Co. Ltd. (IHP) was established in 1926; and is a listed company which manufactures
Total Income 18,025.1
Prestressed Concrete Pipes (Non-Cylinder), Prestressed Concrete Cylinder Pipes, Bar Wrapped Steel Cylinder
Pipes, Hume Steel Pipes, Welded Steel Penstocks, Prestressed Concrete Railway Sleepers and is specialized in Net Profit 987.8
execution of Turnkey Water Supply and Sewerage Projects. The Company has a network of over 20 factories
Networth 3,996.0
and over 100 projects under execution across India. IHP is actively involved in infrastructure projects in varied
fields viz. water supply, irrigation, drainage, power generation and rail transport by executing numerous turnkey Ratios (%)
pipeline projects for water supply, sewerage and hydroelectric power generation and supplying millions of 5.5
NPM
concrete sleepers for the track modernization of Railways in India. IHP has also executed projects in countries
including Nepal, Sri Lanka, Burma, Malaysia and Iraq. RONW 24.7
(As on Mar 31, 2017)

PNC Infratech Limited


NBCC Plaza, Tower-II, 4th Floor, Pushp Vihar, Sector-V, New Delhi - 110017, Delhi
Website: www.pncinfratech.com
Dun & Bradstreet D-U-N-S® No 87-164-5125 Top 500 Ranking Income 380 Net Profit 240 Networth 269
About the Company
Financial Snapshot (` mn)
PNC Infratech Ltd (PNC Infratech) was incorporated in 1999 as PNC Construction Company Pvt Ltd and acquired
Total Income 17,356.7
its present name in 2007. The company is an infrastructure construction and development company which
undertakes projects in segments such as highways, bridges, flyovers, power transmission lines, airport runways Net Profit 2,096.9
and industrial area development. As of Mar 2017, the company had an order book of over ` 53.0 bn and PNC
Networth 15,721.7
Infratech has executed 59 major infrastructure projects across 13 states and is currently working on 17 projects
on EPC basis. In FY17, the company secured order for the four-lane Etah to Kasganj road in UP for a contract value Ratios (%)
of ` 2.3 bn; up-gradation of MDR in UP for contract value of ` 1.2 bn and many others. The company has one 12.1
NPM
unlisted material subsidiary, one direct subsidiary, eight step-down subsidiaries and one associate company as
on Mar 31, 2017. RONW 13.3
(As on Mar 31, 2017)

KNR Constructions Limited


C-125, Anand Niketan, New Delhi – 110021, Delhi
Website: www.knrcl.com
Dun & Bradstreet D-U-N-S® No 65-064-9853 Top 500 Ranking Income 412 Net Profit 292 Networth 351
About the Company
Financial Snapshot (` mn)
KNR Constructions Ltd (KNRCL) incorporated in 1995, is a multidomain infrastructure project development
Total Income 15,713.3
company providing engineering, procurement and construction services across various sectors such as roads and
highways, irrigation and urban water infrastructure management. Its project execution strength primarily is in Net Profit 1,572.5
road transportation engineering projects namely construction and maintenance of roads, highways, flyovers and
Networth 8,954.7
bridges wherever integral to the projects undertaken. Its range of verticals also include irrigation projects, water
management, agriculture and trading business. It has completed approximately 5,890 kilometers of projects Ratios (%)
across over 10 states in India. Its urban water infrastructure management project is Challaghatta Main Valley 10.0
NPM
Project, which involves the remodeling of primary and secondary storm drains, bridges/culverts and related
works in Challaghatta Main Valley in Bangalore City. RONW 17.6
(As on Mar 31, 2017)

J. Kumar Infraprojects Limited


16-A, Andheri Industrial Estate, Veera Desai Road, Andheri (West), Mumbai - 400053, Maharashtra
Website: www.jkumar.com
Dun & Bradstreet D-U-N-S® No 85-951-2483 Top 500 Ranking Income 432 Net Profit 348 Networth 288
About the Company
Financial Snapshot (` mn)
J. Kumar Infraprojects Ltd (JKIL) was incorporated in 1980 as M/s J. Kumar & Co. and acquired its present name
Total Income 14,662.2
in 2007. JKIL is engaged in the construction business under four segments viz. transportation engineering, civil
construction, irrigation and pilling. Under transportation segment, it undertakes design and construction of roads, Net Profit 1,055.1
bridges, flyovers, subways, over bridges, skywalks, etc. Under the civil segment, it undertakes construction of
Networth 13,890.0
commercial buildings, office complexes, swimming pools etc. In irrigation segment, JKIL undertakes construction
of earthen dam with gorge filling, tail channel, spillways, canal work and aqueducts, etc. The company has Ratios (%)
entered into the work of metro railway project in Mumbai. It has secured orders for one metro project for CIDCO 7.2
NPM
at Navi Mumbai and another metro project at New Delhi CC-02 for Delhi Metro Railway Corporation. The order
book position for FY17 was nearly ` 100 bn while the order inflow during FY17 was around ` 72 bn. RONW 7.6
(As on Mar 31, 2017)

74 INDIA’S TOP 500 COMPANIES


Everest Industries Limited
GAT 152, Lakhmapur, Taluka Dindori, Nashik - 422202, Maharashtra
Website: www.everestind.com
Dun & Bradstreet D-U-N-S® No 67-550-4243 Top 500 Ranking Income 493 Net Profit 476 Networth 472
About the Company
Financial Snapshot (` mn)
Everest Industries Ltd (EIL) incorporated in 1934 is a building solutions providers. It is a publicly listed company.
Total Income 11,644.4
The company is engaged in manufacturing of building materials and pre-engineered steel buildings for industrial,
commercial and residential applications. Presently, EIL offers a range of new age building products for roofing, Net Profit 24.6
ceiling wall, flooring and cladding solutions. The building product segment which includes Fibre Cement Roofing
Networth 3,503.3
Sheets, Fibre Cement Boards and Rapicon Wall Panels contributes 63% to the company’s revenues. The steel
building segment which contributes to the remaining 37% offers offers customized building solutions such as Ratios (%)
Pre-Engineered Steel Buildings, Smart Steel Buildings, Metal Roofing and Cladding. EIL distributes its products 0.2
NPM
and services through 38 sales depots and 6,000 dealer outlets to reach more than 600 cities and one lakh villages.
RONW 0.7
(As on Mar 31, 2017)

Dun & Bradstreet D-U-N-S® No Top 500 Ranking Income Net Profit Networth

Financial Snapshot (` mn)


Total Income
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(As on Mar 31, 2017)

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(As on Mar 31, 2017)

Dun & Bradstreet D-U-N-S® No Top 500 Ranking Income Net Profit Networth

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RONW
(As on Mar 31, 2017)

INDIA’S TOP 500 COMPANIES 75


Dun & Bradstreet D-U-N-S® No Top 500 Ranking Income Net Profit Networth

Financial Snapshot (` mn)


Total Income
Net Profit
Networth
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(As on Mar 31, 2017)

Dun & Bradstreet D-U-N-S® No Top 500 Ranking Income Net Profit Networth

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Total Income
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NPM
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(As on Mar 31, 2017)

Dun & Bradstreet D-U-N-S® No Top 500 Ranking Income Net Profit Networth

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Total Income
Net Profit
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(As on Mar 31, 2017)

Dun & Bradstreet D-U-N-S® No Top 500 Ranking Income Net Profit Networth

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RONW