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,
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Tia Roy, Ayushi Nayak, Nikita Sachdev, Rehan Shah, Ankita Satam, Anoop Parwani, Nadeem Ansari
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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

UDAI KUMAR
Managing Director & CEO
Kindly provide a brief profile of your
company and tell us about the various
products and services offered.
We are a multi asset exchange and full
service clearing corporation, covering
currency, fixed income & equity cash and
derivatives. We are the third exchange of
its kind in India, with a comprehensive
focus, located in the financial capital
of the country, Mumbai. We began
operations in 2008, under a different
ownership structure, but have stayed
operational since then. Our processes
and products have evolved continuously
since inception, and we have kept up
with the times and global standards.
Our process approach is client centric,
efficiency maximizing and stringent from a
regulatory standpoint. In products, we are
research driven and innovation focused,
leading us to position ourselves as India’s
‘Gen-Next’ thought leadership providing
exchange and clearing corporation.
The Government of India, along
with several socially conscientious
organizations, have been undertaking
several initiatives to spread financial
literacy across the country. How does
MSE ensure its contribution to the social
development of the country?
The nationwide “India Equity Investors
Survey” was conducted by our
E2
Metropolitan Stock Exchange
organization along with A.C. Nielsen Co.
in 2010. This was only the second such
survey in India after a similar survey in
the early 1990s that had propelled the
launch of India’s modern capital markets.
Our 2010 survey covered the length and
breadth of the country, and focused on
Tier I, II and III cities. We confirmed that
financial inclusion was a need and there
was a tremendous appetite for grass root
level financial literacy. Following up from
the survey, we have pioneered financial
transacting in regional Indian languages,
financial outreach to second and third
tier cities and the general dissemination
of financial information from a learning
standpoint. Not only do we regularly
conduct certification programs on
securities markets on our premises, but
we also regularly produce research notes
and reports aimed at demystifying the
workings of capital markets, on an on-
going basis.
Technologies such as Blockchain are
being increasingly adopted by the BFSI
industry across the world. What is your
take on the future of such technologies
in India and has your company taken any
measures to incorporate them in your
business?
Although both our organization in India
and our global technology partners in
INDIA’S TOP 500 COMPANIES
the UK have a deep appreciation of
the potential of Blockchain technology
and have been following developments
closely, we still feel the technology is
not universally stable enough as yet for
us as an exchange, with great regulatory
responsibilities, to become its early
adopters. Having said that, we are
following the technology closely, and
once we assess the maturity, scalability
and sustainability levels as sufficiently
stable, we will take a call on adoption.
The Indian capital market is relatively
underdeveloped in terms of credit
instruments, resources and access to
foreign funds. What kind of regulatory
changes would you recommend to
support the development of the
industry?
On the contrary, the Indian capital market
has become dramatically effective in
delivering value within barely a quarter
of a century. India has an active market
in equities, equity indices, futures and
options including single stock futures – an
innovation in which India is far ahead of
many much older capital markets. In fixed
income, we already have a substantial
sovereign bond and money market and a
large though relatively illiquid corporate
bond market, and in currencies we have
one of the most liquid currency pairs in
Experts’ View
the world – INRUSD. No market in the
world has grown sustainably by the influx
of foreign portfolio investment and India
is no exception. However, there is room
for substantial improvement.
The one place where regulatory
intervention would make a dramatic
positive difference is in the corporate
bond market. Public issue of debt
securities through stock exchange
infrastructure should be allowed to adopt
the same methodology as OFS/E-IPO.
This will ensure a supply of quality paper.
This will substantially reduce cost of
raising debt funds and will make the debt
fund raising from capital market viable.
We would welcome restrictions on the
institutional placement of securities to
just under 10% of the issue, leaving 90%
Experts’ View
open to market wide trading. Secondly,
we would welcome transaction size
reduction to ` 1500 per lot, thus enabling
retail investors to participate in numbers
and volumes similar to the equity market.
The move would infuse liquidity into
the bonds market and enable retail
participants to partake in its gains. This, I
believe, is an extremely important part of
asset allocation which is missing in India,
for purely structural reasons.
What are the key factors that contribute
to the success of your company? What
are MSE’s growth plans over the next 3-5
years?
Our exchange is very well positioned at
the cusp of a growing economy, growing
INDIA’S TOP 500 COMPANIES
demand for multiple asset classes, and
the existence of an increasingly aware and
growing investor class, which will continue
to grow in line with the demographic
dividend. Hence, we will continue to
build on our information advantage as
seen in our technology, processes and
products. Over the next 3 to 5 years, we
will introduce and infuse more and more
market value generating innovations with
an eye on the differentiation into the
market and sustain them through our
superior process and technological skill
sets. We expect that the market will duly
continue to reward our efforts just as it
has done in the past.
E3

RAJJU SHROFF
Chairman
Please discuss in brief the Company’s
journey and its business philosophy.
The Company commenced operations
almost 50 years ago as a small-scale
unit which introduced a number of
chemicals for the first time in the Indian
market. Despite several roadblocks
resulting from the fact that UPL was
not as well established as several of
the MNCs operational at the time, it
was the recipient of The President Gold
Shield Award, which is the highest award
bestowed by NRDC (National Research &
Development Corporation).
We believe that Indian scientists and
engineers are on par with the best in the
world. We have always picked the best
from the pool of talent available in the
country and as a result, our plants are able
to produce better quality of pesticides at a
competitive price.
We believe that whatever we produce
should be of superior quality. Our
Company believes that even when
the plant is running well, our goal of
continuous innovation and improvement
keeps us ahead of our competition. Today
we have reached ` 18,000 crores and are
growing at 15% every year.
E4
UPL Limited
Over the years, what were the key
strategies employed by UPL Limited
to wade through headwinds in the
agrochemicals sector?
The Indian agrochemicals industry has
faced several issues over the years –
Licence Raj, shortage of raw materials,
power, etc. We focused on backward
and forward integration to overcome the
shortage of raw materials.
For example, from Phosphorus we made
compounds like zinc Phosphide, ALP,
Phosphorus Chloride, etc. In order to
tackle the raw material shortage problem,
we mined Rock Phosphide from Rajasthan
by employing the latest technology of
Arc Furnace; we produced our own white
phosphorus which gave us an advantage
over our competitors. We have also
managed to procure alternative raw
materials when it was not available during
the Licence Raj.
We will explain how we have been
successful by giving you an example:
One of the most important raw materials
for Pesticides is Trimethyl Phosphide. We
started from Rock Phosphate and made
our own Phosphorus. We then made
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.
INDIA’S TOP 500 COMPANIES
Of late, the global agrochemicals market
seems to be showing signs of recovery.
What kind of opportunities do you
foresee in the short to medium term?
Global agrochemical marketing depends
on various factors – weather conditions are
very important; shortage of commodities
or surplus of commodities, etc. Though
many pesticides were originally invented
by European and American companies,
we at UPL do a lot of innovation. We
have improved the efficiency of existing
products with new combinations of
ingredients, which is more effective with
larger demand from the farmers. This is
the reason we were able to penetrate the
USA and Latin American markets which
were previously dominated by MNCs.
Even during periods of low demand, UPL
has grown by more than 15% in Latin
America because of its innovative new
products which were farmer friendly.
UPL is always working towards developing
new and superior pesticides for the
farmers in India and across the world. We
see a very bright future for our market in
the world.
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


AJAY KAPUR
Managing Director & CEO
Ambuja Cement is among the leading
cement companies in India. What are the
key factors that have contributed to the
success of your business?
One of the key factors is that Ambuja
Cement rewrote the norms as the
conventional norms were not in the
company’s favour. This compelled our
people to create a unique work culture
– I CAN – where people set targets for
themselves and find their own ways to
achieve them.
Thanks to this I CAN spirit, Ambuja
Cement has made an indelible impact on
the industry, setting new benchmarks and
practices ranging from high productivity,
low fuel consumption, quicker project
commissioning, hub-n-spoke model to
cater to large markets, to making use
of bulk sea transportation to reach big
coastal markets like Mumbai at one-third
of the cost.
However, the biggest impact of this I CAN
spirit was reflected in the development
of our well-established brand, promising
product and vast dealership network in
a highly fragmented retail market. Today,
more than 80% of our sales come from a
9,000 strong dealer network with more
than 25,000 retailers under them. Ambuja
Cement has been backed by consistent
communication over the last 30 years. Our
pan-India presence in strategic locations,
robust channel partner networks and
E6
Ambuja Cements Limited
customers who have continued to repose
faith in the company for several years
have enabled us to surge ahead in the
competition.
We are the first Indian cement
manufacturer to have built a captive port
with three terminals along the country’s
western coastline to facilitate timely, cost-
effective and environmentally cleaner
shipments of bulk cement to customers.
We have also pioneered the development
of multiple, bio-mass and co-fired
technology for generating greener power
in our captive plants.
In addition, sustainable development
has been the focal point in Ambuja
Cement’s varied operations and this is
reflected in our end-to-end services,
effective management of resources and
costs. A whopping 92% of our products
are eco-friendly. In fact, we are the first
company in India to have successfully
converted the Ordinary Portland
Cement (OPC) dominated market into an
environment-friendly Portland Pozzolana
Cement (PPC) one. We attribute this
accomplishment to our strong brand
image. Recently we have launched one
of the most sustainable products in the
country – Ambuja Compocem, the first-
ever combination of cement, fly ash and
slag product in India. These are some of
our ongoing endeavours that enabled the
conservation of natural resources and
INDIA’S TOP 500 COMPANIES
reduced our carbon footprint.
The knowledge and expertise being
acquired from our parent company
LafargeHolcim is also contributing to our
efforts to optimize and consolidate our
existing capabilities. Our multidimensional
approach has given us the competitive
edge in our business and positioned
us as one of the most sustainable and
competitive cement companies in India.
What initiatives has the company
introduced to manage its impact on
natural resources and other aspects of
the environment?
Ambuja Cement lives and breathes its
aim to give back more than it takes and
leaves no trace of its existence. We have
a defined Sustainable Development
road map for 2030 which addresses
issues related to the climate, circular
economy, water and nature, people and
communities. As part of this, a unique
approach ‘True Value’ has been adopted
that helps prioritise and make strategic
business decisions to optimize resources
and obtain the maximum value, keeping
the triple-bottom-line in mind that
encompasses people, plant and profit.
Over the years, we have implemented
a host of measures to become the most
sustainable company, not just in India
but across the globe. Ambuja Cement is
Experts’ View
now a 5.5 times water positive entity, the
highest-ever in the industry in India. This
means our operations have preserved and
given back 5.5 times more water than we
have withdrawn from Mother Earth.
Ambuja Cement’s focused efforts on
sustainability have been continuously
recognised. Recently the company has
been ranked at No.2 in the world in the
latest sector research report by the
internationally renowned, non-profit
organization, the Carbon Disclosure
Project (CDP). The report outlined the
companies that are best prepared for the
low-carbon transition. Last year, Ambuja
Cement was ranked at No. 7 in the Global
Dow Jones Sustainability Index (DJSI) that
recognises sustainable business practices.
Prior to that, Ambuja Cement bagged six
awards – an ‘Outstanding Accomplishment
for Corporate Excellence’ award while the
remaining recognised us for our ‘Domain
Excellence’ in environment management
and corporate social responsibility – from
the apex body Confederation of Indian
Industry (CII).
We successfully minimised the use
of precious limestone by significantly
reducing the clinker factor. Owing to this,
we delivered multi-fold benefits to the
environment. First, energy consumption
as well as CO2 emissions associated
with the cement clinker production in
rotary kiln have declined. Second, the
industrial by-products such as fly ash
and slag– which if left unused could have
adversely impacted the environment –
have replaced the portion of the cement
clinker, without detrimentally affecting
the performance of the cement.
How do you maintain brand equity
among your customers?
Our core consumer is one who is building
his own house in a small town with the
help of a local, small-time contractor.
We are closely studying him over three
decades. Besides meeting his basic need
of a strong cement, our engineers provide
Experts’ View
technical expertise at his site – something bottlenecks. Apart from depending upon
that he and his contractor badly lack. the demand in the relevant markets, we
Recently, we have also introduced special are also exploring the possibility of setting
cement for roof and special concrete up new projects in the near future.
blocks for walls. We are in the process of
bringing in a few more products. All these H&S is also a key challenge for
products are easily available through a manufacturing sectors. How do
wide network of dealers and retailers, you tackle these challenges in your
down to the deep rural markets. operations?
We have been communicating the
Safety is a core value for us and our vision
message of ‘Giant Strength’ as the brand
‘Zero Harm’ has given us further impetus
promise in various engaging ways through
to make operations even safer for our
different media over the last three
stakeholders. For us, safety is one of the
decades. As a result, Ambuja Cement has
ways we measure the quality of the work
become synonymous with strength in the
we do. While we have been successful
consumer’s mind.
in changing the mindset of the people
In the more professional world of large around us underscoring the importance
buyers, Ambuja Cement has created an of safety, further improvisation has always
image of thought leadership through its brought new challenges.
training workshops and lecture seminars
Road safety has been a big challenge as
conducted by 30 odd Ambuja Knowledge
we have little control outside our plants’
Centres (AKCs).
premises. For the past two years, we
Thanks to these efforts, Ambuja Cement have been making concerted efforts
fetches a premium in the retail market on improving the vehicle and traffic
as well as in a highly price sensitive large safety. Last year, we have set up Driver
buyer market. Management Centers (DMC) at our
locations. These centers serve the trip
What are your company’s growth plans based counselling needs of truck drivers
over the next five years? by addressing the issue of road safety
through various modules. We have
We have a clear growth-oriented strategy
implemented various other pioneering
for the next five years. The company has
initiatives as well. Although the results
proposed to set up a 3.1 million tonnes
of our efforts are encouraging, we have
clinkerisation plant at Marwar Mundwa
a long way to go. Safety is what we talk
in Rajasthan. The Board of Directors has
about and what we live by. We are
approved an initial investment of ` 1391
ensuring that our employees should have
crore towards the first phase of 1.7 million
whatever they need to keep them safe.
tonnes capacity which is expected to be
commissioned in the second half of 2020.
I am sure we can cater to the northern
market much better through this plant.
To further spark our growth strategy, we
are aggressively securing raw materials
and recently Ambuja Cement has won
two limestone blocks in Maharashtra
and Rajasthan. Meanwhile, we would
continue to explore the new opportunities
to improve efficiency in our existing plants
and optimise resources by eliminating
INDIA’S TOP 500 COMPANIES E7

DR. P V RAMESH
Chairman & Managing Director
Kindly share with us the company’s
journey since inception.
Incorporated in 1969 and soon
completing its 50th year, REC has moved
from energizing agricultural pump sets
in the beginning to now financing power
projects throughout the country. The
company has consistently evolved in
response to the changing times and the
changing needs of the country. It has
been a long and interesting journey and
major milestones have been conferred
such as the Navratna status in 2008, our
public listing in the same year, launch of
our first green bond at the London Stock
Exchange in 2017, being nominated as
the nodal agency for the Government of
India’s flagship schemes - DDUGJY and
Saubhagya, and very recently having
completed the electrification of all villages
under the DDUGJY scheme. We will begin
our 50th year in July this year which will
be another landmark in our history and
the whole REC family is excited about it.
What are some of the products and
services offered by your company?
REC offers a wide range of financial
products to cater to the needs of
the power sector across the value-
chain throughout the country. We
provide funding for power generation,
transmission and distribution projects
E8
Rural Electrification Corporation
Limited
and play an active role in the creation of
new infrastructure and improvement of
the existing ones under the transmission
and distribution network in the country.
In line with the Government of India’s
objective to provide power for all by
creation of infrastructure and by reducing
the AT&C losses, we have been financing
schemes for expansion and strengthening
the transmission network and more
importantly, modernizing the distribution
system. We continually provided technical
expertise in the distribution system
and REC issued technical specifications
and construction standards are used
extensively by the state power utilities.
We always strive to promote new
technologies and our focus is now on
green energy, which is the need of the
hour globally.
What are some of the key factors
that contribute to the success of your
company?
REC’s biggest asset has been its
willingness and its ability to adapt to new
demands, systems and technologies. REC
has played the role of not only a player
in the sector, but that of a catalyst as we
have always pushed for new initiatives,
technologies, standards and benchmarks.
We have not only helped power sector
stakeholders through our services but
INDIA’S TOP 500 COMPANIES
have also catapulted the Indian power
sector itself by playing a significant role
in the execution and implementation of
important schemes such as UDAY, DDUGJY
and Saubhagya.
Another edge that we have over our
competitors is our countrywide presence.
We have financed power projects nation-
wide and currently have 28 offices in the
country, making our services more client-
friendly and accessible.
And last, but not at all the least, the
biggest contributor to REC’s success has
been its set of dedicated employees.
REC is a lean machine with its profit
per employee growing year after year
indicating increasing productivity of the
company.
How do you think the power sector will
evolve over the next few years?
The outlook for power sector in India
appears to be very positive. As not only the
industrial demand, but also the domestic
demand increases due to improvement in
power access, availability and reliability.
Thus, we predict that the demand for
power will grow at a faster pace in the
future. The Government’s proactive
push to address and resolve the sector’s
bottlenecks is a positive sign for the
growth of the sector. The country has set
an ambitious goal of achieving installed
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.
What is the company’s growth strategy
over the next 3-5 years?
The power sector is undergoing
accelerated transformation globally by
virtue of technological innovation and
response to the climate change protocols.
These radical shifts are creating huge
opportunities, provided the institutions
can adapt themselves to the emerging
ecosystem, create capacities to manage
the change and seize the emerging
business opportunities. Government
of India is putting special emphasis
on promotion of Electric Vehicles and
furthering its push for renewable energy,
especially solar roof top, smart grids etc.
REC has a strong foothold in the existing
area of operations of financing the entire
power sector value chain which makes
REC’s Gurugram World Headquarters Project
Experts’ View
Dr. P V Ramesh, CMD, REC and Mr. Ajeet Agarwal, Director (Finance), REC
at LSE’s opening bell ceremony
us well poised to explore avenues for
diversification, such as financing a line of
credit for large Renewable Energy projects
and for manufacturers of electric vehicles,
storage and charging infrastructure,
financing power equipment
manufacturing, debt syndication, fee
based project appraisal for other financial
institutions and so on. This will enable REC
to be the leading institution in securing
affordable, accessible, quality 24/7 power
for all citizens of India by 2022 and sustain
the momentum through the next decade.
What kind of policy changes would
you recommend to the regulator/
government to support the growth of
the industry in which your firm operates?
The existing schemes and policies are
INDIA’S TOP 500 COMPANIES
already making a difference in terms of the
operational efficiency of the distribution
companies coupled with the investments
made under the Deendayal Upadhyaya
Gram Jyoti Yojana and Pradhanmantri
Sahaj Bijli Har Ghar Yojana (Saubhagya)
will result in much bigger system
strengthening across the country. This
basically means the latent demands, the
bottlenecks in terms of the distribution
and the demand and supply dissonance
would be evened out in the coming years.
On the regulatory front, enhancement
in investment attractiveness and refining
of regulations are required, to drive
efficiency and strengthen the sector.
More effective regulations on the entry
of private players and the promotion of
frontier technology such as smart grid will
also help the sector.
E9

ATUL MEHRA
Chairman
Kindly share the company’s journey since
inception.
Formed in 1992 with the vision to be a part
of the process to make our country the
most developed, industrialized, happiest
and respected nation in the world, Tasty
Dairy commenced its operations with the
collection of 68 liters of milk on the first
day.
Tasty Dairy Specialities Limited has grown
into a leading dairy company with turnover
in excess of ` 330 Crores. We are handling
over 3 lakh liters per day of milk now in
our ISO 22000:2005 and Export Council
of India certified milk processing unit at
Kanpur Dehat. The company is providing
livelihood to more than 40,000 families
directly or indirectly. We are now listed on
BSE and our IPO was over-subscribed by
more than 98 times which is an indicator
of our credibility in the dairy sector.
We are always in pursuit of excellence in
term of quality, processes, products and
services. Our products are certified by
agencies like Bureau of Indian Standards,
Agmark, EIA etc. The company has been
rated as one of the top Fifty MSMEs of
India by CRISIL.
The company has nation-wide sales and
marketing networks in India with its head
office at Kanpur and marketing office at
Delhi. During all these years of operations,
we were able to win the confidence of our
E 10
Tasty Dairy Specialities Limited
customers which led to inclusion of big
names like Parle Biscuits Private Limited,
ITC Limited (Food Division), Perfetti Van
Malle India (P) Ltd., Mother Dairy, and
Dukes Consumer Care Private Limited in
our customer list.
During this journey of ours, we were able
to command respect in the Indian dairy
industry and become one of the most
awarded private dairy firms in India.
Our tally of awards includes some of the
prestigious awards like National MSME
Award, National Productivity Award, CSR
Leadership Award, Rajiv Gandhi National
Quality Award, and Leaders of Tomorrow
Award.
What are some of the products and
services offered by your company?
Our company is in the business of
manufacturing dairy & food products
namely, Pasteurized Liquid Milk (Full
Cream Milk, Toned Milk and Skimmed
Milk) , Butter Milk, White Butter, Table
Butter, Agmark Special Grade Ghee,
Skimmed Milk Powder (ISI – Standard
Grade), and Instant Gulab Jamun Mix.
Our products are available in the
market under the brand names UJJWAL,
VERIFRESH and CIMA. They are available
in various consumer packages (200 ml to
15 kg) and bulk packages (25 kg).
INDIA’S TOP 500 COMPANIES
We are also involved in the training
and skilling of milk farmers and youths
through our Centre of Excellence called
INDUCED (Indo Dutch Centre of Excellence
on Dairying). This Centre of Excellence
on dairying was established to aid in the
growth of dairy sector in India and it
offers services like breed improvement,
artificial insemination, semen bank,
water management, waste management,
product testing, milk processing, cold
storage services etc.
What are some of the key factors
that contribute to the success of your
company?
One of the most important key factors that
contributed to the success of our company
has always been Quality. Ensuring quality
products to our consumers in attractive
packing and reasonable rates has been
our mantra for success. We are creating
products of great value which are
improving the lives of our customers.
Apart from this key factor, other practices
like commitment to business ethics,
automation and use of IT in business and
better fund management is what eased
our day to day operations. Our systems
are transparent, authentic and focus on
positivity.
Behind every great product is a great
team, which is a key factor in our case
Experts’ View
also. We are proud of our strong team
which enables us to achieve our goals
quickly & efficiently through improved
communication, expediting idea
generation, distribution of work load and
establishment of a culture in which the
employee feels a sense of belonging and
empowerment.
Due to these key factors, we have been
successful in opening the important doors
of consumer confidence and suppliers’
loyalty.
How do you think the dairy industry will
evolve over the next few years?
There are certain changes which this
sector is likely to witness in near future.
Thanks to the increased awareness
of quality in the masses and strict
government regulations, the companies
and consumers both are likely to get
better quality raw milk for use at their
respective ends. People are likely to opt
for more organized dairying which will let
us see big dairy farms trend in India soon.
Community dairy farms are also a big idea
that can catch-up and change the whole
structure of the Indian dairy market, as
it would allow the marginal farmers an
access to better cooling facilities and
professional dairying practices which are
likely to reduce the overall cost of the milk
production in long run.
Relying upon the local ‘doodhwalas’ is
no longer the predominant trend in the
industry as reputed brands are gaining
market share. Consumers are willing to
pay premiums for more reliable quality of
products.
Products with a long shelf life are likely
to catch growth in terms of sales, due to
factors like more incomes and less time for
daily grocery shopping. In such a scenario
UHT packs and dried products will benefit
in the market. New product lines like
Drinking Yoghurts, Kafirs, different types
of cheese etc. will be on every shelf soon
due to the changing taste buds.
Experts’ View
When all factors are considered, the dairy
sector overall is likely to witness steady
growth over the next 20 years.
What is the company’s growth strategy
over the next 3-5 years?
Till now the company was primarily
involved in the B2B segment but it is
gradually shifting its focus to the B2C
segment. We are soon going to launch
products like Lassi, Chhas, Paneer, Ice
Cream etc. in the Indian market. The
company had a a successful IPO launch
in Feb this year and is now planning to
capitalize on the confidence of customers
and investors alike. We are going to
establish one more processing unit
dedicated entirely for B2C products.
We are also planning to expand our
business in the cold chain segment which,
we believe, will create more revenues
for the company. The company is now
planning on strengthening its supply
chain by appointing more distributors and
taking advantage of the growing market
while announcing its entry into the B2C
segment with a bang.
We are now also welcoming investment in
our equities and improving our cash flows.
We are examining certain proposals from
some of the investors who are showing
great interest in investing in our future
projects. Soon, we are going to ink a deal
with them and ensure progress in leaps
and bounds for our company.
What kind of policy changes would
you recommend to the regulator /
government to support the growth of
the industry in which your firm operates?
The government is already taking steps
necessary for the growth of dairying
in India through schemes like Pradhan
Mantri Kisan Sampada Yojna and including
the dairy sector in its priority focus area.
We believe that the creation of core
infrastructure facilities like cold chains,
INDIA’S TOP 500 COMPANIES
food godowns, dedicated food processing
areas catering to different regional
products etc. are going to shape the
future of dairy and food industry. The
government is already taking care of
this aspect and speedy execution of
such schemes can result in dramatic
improvement in one generation. This will
enable the Indian dairy industry to process
more of milk which will automatically
improve the situation for everyone. Strict
food laws like FSSAI are already in place
which are at par with any international
food standards and would definitely result
in better control over quality in dairy &
food sector.
Training and skill devlopment is another
other aspect that needs attention to
scale up the operations while maintaining
the quality. It is important to train the
traditional dairy farmers to acquaint them
with the latest techniques of dairying and
letting them have access to adaptable
and affordable means to improve their
dairy businesses. We are glad that the
government is being proactive in this area
and we shall soon witness the availability
of skilled manpower not only for the dairy
sector but for other businesses as well.
Community milking, common cooling
facilities, knowledge & experience sharing
platforms, breed improvement, use of IoT
etc. would be the buzz words of future
dairy and the government may adapt
these points in their future strategy.
Now, the government is planning on
amalgamation of its schemes of food
sector into one grand scheme which is
a welcome step as it would provide for
better administration of these schemes
which would result in improved scenario
very soon.
E 11

SUBRATA MUKHERJEE
Chairman and Managing Director
How the Finanacial Year 2017-18, went
for Sova Solar and the Indian Solar
Industry?
The overall performance of Sova Solar
has augmented in 2017 in comparison to
the last several years, but the expectation
was more from the industry in 2017-18.
Some major projects have been delayed
due to various international and domestic
issues and as a result the target could not
be achieved. However, MNRE and the
Government of India as a whole, have a
mission to get the job done successfully.
It has been reported that Sova Solar being
a leading SPV Module Manufacturing
company has introduced 5BB Modules
commercially in India. Please say
something about its benefits.
When we had ventured into this industry,
2BB (Bus Bar) was commercially very
common. Gradually we got 3BB cells and
4BB cells. It is to be noted that Sova Solar
has also taken the lead role in introducing
the 4BB SPV Modules in the Indian
industry. It is our continuous endeavour
to increase the utility derived from our
product and provide maximum facility
to the ultimate users, in order to match
ourselves with international quality. With
the same intention we have collaborated
with IIT- Kharagpur.
E 12
Sova Solar Limited
However, the benefit of using 5BB Solar
Cells, is that as the number of bus bars
would increase, the series resistance
would automatically decrease, resulting in
an increase in current conduction. Hence
power generation would increase in a cell.
Therefore, a lesser number of modules
would be required and as a result the
civil/structural cost would be reduced.
This would ultimately have a beneficial
impact on the Solar Project cost. Further,
with the increase of bus bar of a cell,
the residual stress between the bus bars
will automatically come down. Hence
the chances of micro-crack generation
and hot spot formation will definitely be
reduced.
How cost competitive is your module in
the market? What kind of support would
you feel will make Indian module more
cost competitive?
The SPV modules produced by Sova Solar
at its state of the art facility at Durgapur,
West Bengal, are very competitive in
both the domestic and international
markets. The main cost determinants
of this industry are wafer and cell price.
Buying of high quality wafers and cells
at reasonably competitive prices is key
to making our products competitive.
Apart from that the conversion cost also
plays a major role. The conversion cost of
INDIA’S TOP 500 COMPANIES
Sova Solar is extremely competitive and
globally matched.
If we see the price difference between the
Indian modules and imported modules,
the gap is only 7% to 10%. If Indian
manufacturers receive incentives against
performance to the tune of 10%, instead
of subsidies, efficiency will increase
significantly. That will be extremely
beneficial to the industry as a whole.
Do you feel Anti-Dumping and Safe
Guard Duty is a solution?
The proposed Anti-Dumping and Safe
Guard duties may be a thought misfit to
the present Indian industrial scenario.
If we take the reference of latest list
of manufacturers published by MNRE,
then it can be found that there is a
huge gap of manufacturing capacity
between cell manufacturers and module
manufacturers. Both the duties may be
welcomed if the symmetricity between
these two manufacturing capacities
could be established and requisite market
potential should be created. Some
initiative must be undertaken to create
and strengthen our in-house market and
its product capacity right from Silicon
Ingot production to Solar Power Plant
development. Creation of market is key,
rest can be thought of later on.
Experts’ View
How would you opine the impact of GST
on the Indian Industry?
Commencing of the GST regime is a
very good and bold move for the Indian
economy as a whole. The move to start a
new regime is always welcome. The nation
was running by parallel economy which
did not contribute to the growth of our
economy. Compulsory imposition of GST
would bring that parallel economy under
the same umbrella and our economy will
enjoy composite growth.
Experts’ View
Like other industries, the Solar Industry
has also faced some slow down and some
other initial hindrances but I expect the
results to improve in the long run. Fiscal
strength will grow and that will have a
beneficial impact on the industry.
What is your view about International
Solar Alliance?
The idea of forming such an alliance
had been seeded in the mind of our
honourable Prime Minister, Shri Narendra
INDIA’S TOP 500 COMPANIES
Modi, during the India- Africa Summit, in
2015. The alliance is open to 121 countries
located between the Tropic of Cancer and
Tropic of Capricorn. India’s emerging role
in the world of renewable energy will
be boosted. The most important part of
this alliance is that a country like France
has taken the major voice in this alliance.
Through this alliance a global harmony
will be created for the renewable energy
sector. We are very hopeful about this
alliance and wish its grand success.
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
GREENTECH – NORDUSK-LED will evolve
over the next few years? What is the
company’s strategy to deal with these
developments?
In a short span of about 2 years the brand
has expanded from Bengal to more than
10 states across Northern, Western and
Southern India. We are also present in
Andaman and Nicobar Islands. We export
to multiple foreign countries thus creating
a brand presence there.
The company enjoys a strategic
technology relationship with one of the
world’s largest lighting manufacturers,
helping design products for the local
market using state of art technology.
NORDUSK LED is a ‘Green Initiative’
inspired by the phenomenal beauty of
the Aurora Borealis of Norway and by the
Experts’ View
country’s ingenuity in reducing its carbon a price-sensitive consumer to a more
footprint. NORDUSK LED’s strong ethical quality-sensitive consumer. Consumers
and commercial fundamentals have firmly will progressively get more conscious of
established it as the ‘Partner of Choice’ quality in terms of aesthetics and also
with its vendors and business associates. energy efficiency. These trends are very
positive for the growth of the industry
as a whole. We at NORDUSK, put equal
How do you think the LED sector will
emphasis on the quality of our most basic
evolve for the next few years? What
and affordable SKUs, as they go through
is the company’s strategy to deal with
the same stringent testing process as
these developments?
our luxury products. Our aim is to strive
With the forthcoming government for excellence in all spheres for our
regulations expected to be heavily operations, however big or small.
focused on the “Make in India” message,
having a manufacturing or production
facility will become a pre-requisite for
all serious brands. This will create more
barriers to entry for new players, while
also creating a level playing field for
existing competitors.
There will also be a gradual shift from
INDIA’S TOP 500 COMPANIES E 15

Y K BHUSHAN
Senior Advisor & Campus Head, IBS Mumbai
Kindly give us a brief profile of ICFAI
Business School and the sectors in which
it operates.
ICFAI Business School was established in
1995 and is known for quality education
in management studies. IBS campuses
are located at Hyderabad, Ahmedabad,
Bengaluru, Gurgaon, Kolkata, Mumbai,
Pune, Jaipur and Dehradun.
IBS Hyderabad is a constituent of the ICFAI
Foundation for Higher Education (IFHE),
which was declared to be a Deemed
University under section 3 of the UGC Act,
1956. IBS Hyderabad offers a two- year full
time MBA program and a PhD program.
IBS Campuses in Ahmedabad, Bengaluru,
Gurgaon, Kolkata, Mumbai and Pune
offer a two-year, full-time Management
Program to prepare the students for
successful corporate careers. These
campuses are independent professional
institutions and are neither affiliated
to nor are off-campus centres of any
university. IBS Jaipur and IBS Dehradun
offer an MBA programme.
What are some of the key factors that
contribute to the success of ICFAI
Business School?
ICFAI Business School is distinct for its
academic rigour, based on the 100%
case study method and curriculum that
is continuously upgraded to suit industry
E 16
ICFAI Business School
needs. With a strong base in corporate
relations, IBS focuses on all-round student
development and prepares them for
corporate careers. All IBS campuses have
high-tech infrastructure and competent
faculty who come with rich industry and
academic experience.
IBS gives its diverse, talented, highly
energetic student population a vibrant
campus life. A path-breaker in placements,
IBS is proud to have an alumni strength of
over 37,000.
How do you think the education sector
will evolve over the next few years? What
is the ICFAI Business School strategy to
deal with these developments?
In a fast changing world of work, where
technology, digitalization and artificial
intelligence are changing business
models and jobs, management education
will witness an increase in globalised
curriculums that blend digitalization and
analytics in every stream, be it Finance,
Marketing, HR or Operations. The future
management student will come with
learning styles that demand blended and
machine learning, requiring continual
change in learning content and pedagogy.
In the coming years, IBS will continue
to fortify its already strong link with the
corporate world. It will bring in new
learning techniques, ambience and
INDIA’S TOP 500 COMPANIES
be in-sync with the changing business
environment in which digitalization and
analytics play a big role. Our success would
be measured by how well we enable our
students to think out-of-the box and
adapt to the new working environment.
What kind of policy changes would
you recommend to the regulator/
government to support the growth of
the sector in which ICFAI Business School
operates?
With our vision and mission to make
management education accessible to
all who aspire to learn and grow, we
recommend that regulatory bodies
enlarge the scope of University education
and simplify the processes of making
University degrees available. We do hope
and wish that the government bodies
regulating management education will
give due credit to management schools
in the private sector on merits. We also
look forward to a greater bias towards
developmental activities on the part of the
regulators. The current focus on minimum
norms can perhaps be changed to bring in
a greater focus on quality norms. We also
hope that the regulatory process will be
de-bureaucratized for the benefit of the
development of management education.
Experts’ View

AAV RANGA RAJU
Managing Director
Kindly provide a brief profile of your
company and elaborate on the various
segments in which you operate.
NCC Limited was incorporated in 1978
as Nagarjuna Construction Company
Ltd. Our company is headquartered in
Hyderabad but has offices across 13
cities in India. We operate in a number
of sectors including Buildings & Housing,
Roads, Electrical, Water & Environment,
Irrigation, Railways, Power, Metals and
Mining.
NCC limited has established itself as
one of the leading players in the Indian
Construction space. What new divisions
has the company forayed into in the
recent past?
We are looking at MDO (mine developer
and operator) business as an emerging
opportunity and have started bidding
Experts’ View
NCC Limited
for MDO projects. We may look into the
segment of Oil &Gas as and when the
situation arises.
What are some of the key factors
that contribute to the success of your
company?
Adopting latest technologies, professional
integrity, acquiring and improving
knowledge, skills, safety and health and
last but not least, being a responsible
corporate citizen are the decisive building
blocks of our company.
What kind of challenges is the
construction sector facing in the current
VUCA scenario? What is NCC’s strategy to
overcome these challenges?
Some of the biggest challenges that the
construction industry in India would face
in 2018 and coming years include:
INDIA’S TOP 500 COMPANIES
1. Lack of skilled workforce
2. Increasing cost of materials
3. Technology Adoption
4. Environmental sustainability
5. Natural Hazards
We are convinced that our tried and
tested business model has more prospects
to further build on. The strong cash
flow, increasing margins and reduction
of debt are providing us the much
needed operational agility across our
divisions. We are improving the skill sets
of our employees, our systems and our
processes. The key is strengthening our
risk matrix and improvement in processes
across our business units.
What is the company’s outlook for the
next 4-5 years?
We are planning for a top line growth of
10 to 12 % for the next five years.
E 17

SIDDHARTH AGARWAL
Managing Director
Kindly give us a brief profile of the
company and the Sagar Group as a whole,
and the sectors in which it operates.
Sagar Group is one of the leading business
conglomerates of Central India, realizing a
vision to contribute to basic human needs
through its operations in Manufacturing
& Production, Real Estate and Education.
The Group came into existence in the
year 1983, and works with a mission of
‘Building Nation’ by impacting lives of
over one lakh people and by providing
employment to over 6,000 people.
The Group’s flagship company, Sagar
Manufacturers Pvt Ltd (SMPL) is engaged
in using the best quality fibers to produce
superior quality yarns with the help of
world-class production technology. It
is Central India’s most advanced and
modern textiles unit, with an installed
capacity of 150,000 spindles, which will
soon be expanded to 300,000 spindles.
The company is recognized by it brand
Sagar Yarn and exports to 20+ countries.
Through Sagar Nutriments Pvt Ltd (SNPL),
the Group has expanded its forte to the
food processing industry by delivering
premium quality Basmati Rice through
its brand Sagar Rice from Central India’s
most modern rice milling unit.
Sagar Group’s Agrawal Builders has
emerged as the most trusted real estate
brand in Central India. Today, more
E 18
Sagar Manufacturers Private
Limited
than 6,000+ happy families reside in its
projects.
Sagar Group has also earned repute
across the nation owing to its world-
class schooling through its chain of
Sagar Public Schools (SPS). SISTec is
amongst the most preferred premium
destinations in Central India for technical
education in the streams of Engineering,
Pharmacy and Management for budding
technocrats. Through its CSR arm,
Abhay Sagar Foundation, the Group has
also established Sagar Vidya Niketan,
which provides free holistic and quality
education with free mid-day meals to
under privileged students.
What are some of the products and
services offered by the Group?
Through its product Sagar Yarn, the
company has obtained the OEKO-TEX®
Standard 100, Class I certification for
apparels for babies up to three years, CUC
Organic Certification, ISO 9001:2008 and
has setup of an USTERIZED laboratory
for Quality Testing and Com4 machinery
for yarn manufacturing and certification
from FLOCERT for Fair Trade Cotton Yarn
manufacturing. Some of the company’s
world class products include:-
• Slub Yarns – 100%cotton combed
fancy slub yarn in count range of
Ne24/1 to Ne32/1
INDIA’S TOP 500 COMPANIES
• CUC Certified Organic Yarns – GOTS
& OCS certified organic cotton yarns
in the count range of NE 24/1 to
Ne40/1 knitting, weaving, slub and
Reiter Compact
• Better Cotton Initiative Yarns
• Combined Compact Yarns
• Conventional Combed Yarns for
Weaving & Knitting
What is the company’s growth strategy
over the next 3-5 years?
Sagar manufacturers, and in fact the
entire Sagar Group has been built with the
noble intention to cater to basic human
necessities. The four pillars on which the
organization is based are Food, Clothing,
Shelter and Education. Our teams are
working towards a balanced approach
in all four sectors with quality as prime
focus. It believes in providing supreme
quality basmati rice, designing advanced
premium townships and provide quality
education to students. As we value
families, we are one close-knit family –
‘The Sagar Family’.
Experts’ View

SAILAJA KIRON
Managing Director
Kindly provide a brief profile of your
company and its origins. How does
Margadarsi differentiate itself from other
chit fund companies?
Margadarsi was set up as a chit fund firm
by Sri Ramoji Rao in the year 1962. Back
then, although there were several such
chit funds in the unorganized sector in
Andhra Pradesh, an organized chit fund
industry did not exist. With the firm
belief that regulations provided a proper
structure and framework for the growth
of the sector, Sri Ramoji Rao helped steer
the company towards growth. Over time,
Margadarsi grew to become a household
name in not just Andhra Pradesh, but also
in Telangana, Tamil Nadu and Karnataka.
Today, the company has a turnover of
over ` 10,277 crore, has a network of
over 105 branches, has more than 3.5
lakh subscribers and directly employs
over 4,300 individuals and 10,000 agents.
Margadarsi caters to various segments
of the society. Our clientele includes
IT professionals, doctors, chartered
accountants, and individuals from various
sections of the business community.
Government employees also form a large
section of our patrons. The company’s
chit fund schemes range from one lakh
to 80 lakh. Despite there being smaller
funds that offer schemes with values in
crores, Margadarsi has chosen to remain
conservative.
Experts’ View
Margadarsi Chit Fund Private
Limited
What are your views on the amendments Personal touch is important to us on many
to the Chit Funds Act, 1982 approved by levels – from the business perspective,
the Union Cabinet? for KYC and also for safeguarding public
money.
Chit Fund companies have not received
substantial relief from the amendment.
The amendments were aimed at bringing What is your outlook for the company?
unorganized players into the organized
The growth of our business has
sector and providing investor protection.
been very organic since inception.
However, very little has been done to
When I joined this company, we
make the business lucrative. Back in the
only offered schemes ranging from
1980s, interest rates used to be high.
` 10,000 to ` 5,00,000. Since our business
However, with interest rates having
model entails using funds provided by the
come down significantly since then, we
public, investor protection is of utmost
are left with very little scope to increase
importance to us. While there has been
our commission earnings. The levy of
news of certain chit funds being involved
GST has raised costs significantly. Also,
in various scams like Ponzi Schemes
the sector continues to be a highly,
(Saradha scam), we at Margadarsi have
and sometimes overly regulated, with
always operated with integrity and
multiple compliance requirements. With
responsibility. We hope to continue to
banks also grappling with asset quality
grow at a healthy rate in the future, while
issues, investor protection remains a
operating with utmost diligence and
distant dream.
accountability. We aim to touch ` 20,000
crore by the year 2025.
A few chit fund providers believe that
digitization can help the industry grow at
a faster rate. What is your take on this?
Our business model does not operate
on a collateral based system and hence
the trustworthiness of the loan recipient
is crucial. We endeavor to meet our
customers and their family members
several times before enrolling them in our
schemes; personal contact is essential.
INDIA’S TOP 500 COMPANIES E 19

SHASHIN V PATEL
Chairman & Managing Director
What has Sadbhav Engineering’s growth
trajectory been over the past 4-5 years?
What strategy has the company adopted
for sustained growth?
Our growth has been pretty impressive
over the past 11 years. We have given our
shareholders an average return of 31%
per annum, while our revenue and profits
rose at an average close to 26-27% per
annum in this time. We have a very strong
management and an equally competent
operations team, who are capable of
overcoming any challenges coming our
way. Our management has a very clear
vision of where we want to be in the future
and this clarity helps us take appropriate
decisions at all levels. We have been
continuously ramping up our capacities –
investing in both new assets/machineries
as well as new technologies. We treat
our suppliers and subcontractors as our
equal partners in growth. Our employees
are our best resources, and we ensure
their continuous learnings. We have a
well-strengthened ‘core’, which makes us
sufficiently strong to comfortably increase
our market share across all business units.
What kind of projects does the company
execute? Has the company forayed into
other domains in the recent years?
The company is engaged in Engineering,
Procurement and Construction for the
Transport (including Roads and Metros),
E 20
Sadbhav Engineering Limited
Mining and Irrigation sectors. We are sales ratio stands at 2.85 times the FY17
also a major player in the development revenue, providing good revenue visibility.
of roads and highways under the Build, Our order book can increase thrice from
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
Annuity Model) projects in India. Our plan. We are awaiting the outcome, and
roads are well equipped with cameras we are very positive that we shall bag the
and sensors to detect congestion and maximum number of projects in states
traffic blockages. We have smart and where we are strong and focussed.
interactive lighting systems on our toll
roads, so as to optimally use electricity.
What are the company’s plans for the
On some roads, we have used Highway
next five years?
Traffic Management Systems and Video
Detection Systems for real time incident We believe we have been very successful
management. as a leading infrastructure company
in India. From any standard (be it top
line growth, bottom line performance,
How do you think the Indian construction
capacity or order book position), we
sector will evolve over the next few
have been placed among the top three
years? What are the main factors shaping
companies in India and our target is to
the growth of the sector?
soon become the top company in our
The upcoming years are going to be sector.
the golden years for our country’s
infrastructure. In FY18, NHAI awarded
7,400 km of road projects worth ` 122,000
crore, as compared to 4,337 km of road
projects of ` 60,900 crore in FY17 – and
this is going to further improve with plans
such as Bharatmala on the cards. Also,
there is lot of optimism in the market –
and the banks have regained interest in
financing HAM projects, where we are the
market leaders.
As on Dec 2017, we have an order book of
` 96,443 mn. Our order book (incl L1) to
INDIA’S TOP 500 COMPANIES Experts’ View

PRAKASH RANE
Founder and Managing Director
Please give us a short brief on the origins
and journey of ABM Knowledgeware.
ABM used to provide IT hardware &
networking solutions to Government
customers in the beginning. During
this phase, I noticed the gap between
expectations of government customers
and actual delivery of e-government
solutions. Then, I took steps to fill this gap
by providing apt solutions and strategy
which actually gave rise to the initial
business.
In the late 90s, few if any, Government
customers believed that an investment
in e-governance could actually make a
qualitative difference in citizen services or
improve the efficiency of their functioning.
I decided to undertake two Government
projects by bankrolling them myself and
left it to the Government customers
to pay only if it worked. One project
was about improving citizen services
by blending ICT and Administrative
Reforms in a Collectorate (Head of
District Administration). The other one
was automating the functioning of a
Government department in the Secretariat
(HQ for state administration). The former
project became a benchmark in the state
(named as Setu), and we were noticed by
the ecosystem. The Secretariat project
provided strong inputs and conviction,
which led the Government to lay down
its first formal policy for implementation
of e-governance solutions. This success
landed us with a big trend-setting contract
Experts’ View
ABM Knowledgeware Limited
for Automation of Citizen Services in 1998
which became the pivotal moment for
‘ABM Knowledgeware’.
How is the company contributing
towards e-Governance?
ABM’s most significant contribution to the
segment is the confidence it has given to
customers that “e-government works”.
We have executed several projects for
Electronic Services Delivery to citizens
based on the philosophy of “e-governance
is all about Citizens, Citizens are all
about Services and Time bound service
delivery can be done by blending ICT and
Government Process Re-engineering.” We
have laid a benchmark in long sustenance
of e-government projects on the backdrop
of a high rate of failure in this segment.
ABM is recognized as a leader in the
segment of e-Municipality in India with
state-wide implementation in four large
states. The number of municipal bodies
and citizens positively impacted by ABM’s
solutions are the largest compared to any
other company in India. In addition, we
provide various e-governance offerings
to the government in various states.
Overall, as on date, ABM has covered 14
states & UTs. Some of our key offerings
in e-governance are E-municipality,
Cyber Security, SAP Practice, Property
Tax Capital Value Reforms & Automation,
Double Entry Accounting Reforms &
Automation, Water Billing & Accounting
Solutions, Tourism Portal and Smart City
INDIA’S TOP 500 COMPANIES
Solutions.
With e-governance projects having tight
margins, what is the company’s strategy
to optimize its returns?
It is true that e-governance has tight
margins. Yet, we are not only surviving
but have been thriving in this business
for more than 20 years. Since inception,
we have strongly believed that deep
knowledge about government processes
is as important as technological skills.
Secondly, we have followed a thumb
rule to provide ‘sustainable delivery’
to customers, which has helped us
to optimize our returns. Lastly, we
continuously work towards upgrading
our products according to the demand at
the time such that it may be integrated,
permeated and adapted according to the
customer needs.
What is your business outlook for the
next 4-5 years?
We are now enhancing the spectrum of
our ‘e-Municipality solution’ to cover
more components related to Smart City
so as to offer a one stop solution to our
customers. We have also initiated focus on
complete Water Management solutions
by enhancing our Water billing solutions.
Another area of focus for us is now ‘Cyber
Security’ for the Government sector. In
addition to this, we are keen to expand
our business beyond the boundaries of
India in a selective manner.
E 21

KAMAL K AGARWAL
Managing Director
Kindly give us a brief profile of your
company and the sectors in which it
operates.
Pioneers in the line of manufacturing of
plastic pipes in India, Ori-Plast started
manufacturing plastic piping almost 50
years ago when very few people had
heard of plastic pipes, and even fewer
understood their potentiality. Today Ori-
Plast has become the acknowledged
leader across a gamut of advanced plastic
piping applications.
The company, at its different manufacturing
locations in Orissa, Rajasthan, West
Bengal and very soon Chattisgarh, is well
equipped to operate multiple extruders,
separately for PVC pipes and PE pipes,
injection moulding machines, rotational
moulding machines and a host of ancillary
equipment. An advanced in-house facility
spearheaded by skilled personnel focused
on progressive product development has
enabled the company to offer enhanced
value for money.
The products manufactured by the
company currently cater to the real-
estate, infrastructure and agriculture
sectors. Pretty much any sector which
requires piping to transport a fluid is
either a customer or is likely to become
one.
What strategy has the company adopted
for sustained growth over the past 4-5
years?
E 22
Ori-Plast Limited
Over the last five years Ori-Plast has
strived to become a solutions oriented
company that provides end-to-end fluid
handling and storage product solutions
to its customers. The idea behind such a
position is to better satisfy the customer
at a single window rather than have her go
from one supplier to another in order to
comprehensively meet all requirements.
This position would be applicable for all
customers irrespective of their quantum
and nature of purchase. The company
foresees that such an initiative would
benefit everyone including industries,
real estate players as well as stand-alone
homeowners.
How do you think the plastic piping
sector will evolve over the next few
years? What is the company’s strategy to
deal with these developments?
The piping industry has a bright future as
long as our country continues to develop
and modernize. Some demand triggers for
growth are likely to be:
• GoI’s increased allocation to drinking
water schemes.
• State governments’ spending on
irrigation projects.
• Swacch Bharat Abhiyaan which
encourages the building of toilets.
• Urban renewal schemes funded by
central and state governments.
• Growth in the real estate sector
INDIA’S TOP 500 COMPANIES
through growing population and
affluence.
• Expansion of piped gas projects to
40 cities across India.
A key challenge however is the proliferation
of manufacturers in the unorganized
sector in the past decade. In order to
better compete with them as well as other
players, our organization is becoming
increasingly nimble by better forecasting
demand and optimizing inventory to cater
to potential requirements over and above
the current order book.
What kind of policy changes would
you recommend to the regulator/
government to support the growth of
the industry in which your firm operates?
The government is already supporting
the sector by encouraging the usage of
plastic pipes, which are not only durable
but also more eco-friendly in comparison
to pipes made from other materials. We
also see that the quality guidelines and
enforcement of standards are becoming
more stringent and rightly so. Recent
thrust towards upskilling and reskilling of
professionals employed in the trade will
further strengthen the usage of quality
products and improve public health
conditions in the country. All of these
factors put together will enable growth of
the better players in the industry.
Experts’ View

ANUJ JAIN
Director
Kansai Nerolac Paints is among the
largest decorative paint providers in
India. What role does innovation play
in the company’s success, in terms of
Products, Processes and Marketing?
Nerolac, as a brand, has always believed
in constantly innovating in all the facets
of business, be it products, processes
or marketing. We are the pioneers of
‘Healthy Home Paints’, consisting of
products that are water-based, have low
VOC and have no added lead, which went
on to become industry standard. We have
introduced products like Nerolac Excel
Mica Marble with heat guard technology,
that keeps homes cooler by up to 5
degrees. Impressions Eco Clean, which
is a water-based interior emulsion with
ultra low VOC and almost no odour, is also
a first-of-its-kind product in the industry.
To ensure these innovative products have
a greater reach, we are using innovative
technology (mobility) in our front line
sales and marketing.
Similarly, our marketing initiatives are
also unique. In 2017, we transformed
one of the many conveyer belts present
at Terminal 1 of the Chhatrapati Shivaji
International Airport in Mumbai to a
giant, moving shade card. The campaign
was one of the most innovative OOH
campaigns of the year.
Experts’ View
Kansai Nerolac Paints Limited
What are the various initiatives taken completely safe for everyone, including
by Kansai Nerolac to contribute to the newborns. Our product development
sustainable environment agenda? teams analyse the impact of organic
compounds in paints not only on homes
Kansai Nerolac Paints has taken up
but also on consumers, painters and
many initiatives to reduce the impact on
the environment. This stringent process
the environment. We have reported a
ensures we introduce paints that promote
reduction in specific water consumption
nurturing a healthy and beautiful world.
by more than 5% last year. We voluntarily
removed heavy metals like lead from
our product formulations to make our What were some of the company’s key
products eco-friendly. Zero-discharge CSR initiatives during FY17?
plants have been installed at all our major
Some of the key initiatives undertaken are
manufacturing facilities. Waste water
mentioned below.
from manufacturing is treated and reused
On 21 March – International Colour Day -
in many processes. Sewage-treated
we launched the ‘Rang De Maharashtra’
water is being used for toilet flushing
campaign with Maharashtra Village Social
and gardening, and so on. The pollutant
Transformation Foundation. This is a first-
load discharged through our factories is
of-its-kind, state-wide campaign to paint
well within statutory limits. More efforts
350 institutional buildings, including
are being taken with time to ensure that
schools and aanganwadis with social
we grow sustainably, and so that our
themes and messages across 11 districts.
processes only become better and more
environment-friendly. To spread the message of healthy and
happy living, we transformed Sarheta
village of Alwar, Rajasthan. More than
Volatile Organic Compounds (VOCs)
900 households, aanganwadis and two
found in paint fumes have been linked
schools were painted in bright, vibrant
to various health issues in the past. How
colours as part of this noble initiative.
do Kansai Nerolac’s product offerings
During the 2018 Holi Festival, we
promote a healthy home environment?
provided the visually impaired with a
The complete range of paints device that would enable them to scan
manufactured by Nerolac, both interior the environment and detect colours thus,
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.
INDIA’S TOP 500 COMPANIES E 23

DR. RAJIV KUMAR GUPTA IAS
Managing Director
Kindly share with us the company’s
journey since inception.
Gujarat Narmada Valley Fertilizers &
Chemicals Limited (GNFC), is a joint sector
enterprise promoted by the Government
of Gujarat and Gujarat State Fertilizers &
Chemicals Ltd.(GSFC). It was incorporated
in 1976 with a registered office in
Bharuch, Gujarat. GNFC started its
manufacturing and marketing operations
by setting up, one of the world’s largest
single-stream ammonia-urea fertilizer
complexes in 1982. From the time I have
assumed charge as the managing director
of GNFC in mid-2013, my focus has been
on diversification for risk mitigation. We
intend to carry out diversification in areas
where we have technical, operational,
marketing and overall management
expertise. This diversification, operational
excellence, dynamic marketing policies
coupled with sound focus on key
financial metrics have helped us register
historically, the highest ever revenues and
profits for the last couple of years.
What are some of the products and
services offered by your company?
GNFC is primarily involved in the Fertilizers
and Chemicals business, producing around
1 million MT of fertilizer and around
1.5 million MT of Chemicals (including
captive consumption) every year. Almost
E 24
Gujarat Narmada Valley Fertilizers
& Chemicals Limited
all of the chemicals we produce are
import substitutes. This year, we not
only achieved highest production in TDI,
but also in other chemicals like Aniline,
Ethyl Acetate, Formic Acid and Technical
Grade Urea. Even on the sales side,
along with TDI, other non-TDI chemicals
like AN Melt, Ethyl Acetate, Formic Acid,
Technical Grade Urea registered highest
ever sales volume. Chemicals like Acetic
Acid, Formic Acid and Ethyl Acetate
registered ever highest realizations since
last six years. After a very long gap, along-
with TDI, we have now started exporting
non-TDI chemicals like Formic Acid and
Ethyl Acetate also.
What kind of policy changes would
you recommend to the regulator/
government to support the growth of
the industry in which your firm operates?
Our Company mainly derives around 70%
of its revenue from chemicals and 30%
from fertilizers. The Government has
introduced various pro-industry policy
changes which have had a positive impact
on the country / industries as a whole.
The most important is the current policy
of ‘Make in India’, which helps our country
indigenize production, by manufacturing
import substitutes to save foreign
exchange outgo, making the country self-
sufficient. The Directorate General of
INDIA’S TOP 500 COMPANIES
Anti-Dumping and Allied Duties (DGAD)
imposed antidumping duty on the import
of Toluene Diisocyanate and AN Melt
from China, Japan and Korea, when
GNFC approached DGAD for ensuring
fair trading practices and creating a level-
playing field for domestic producers
vis-a- vis foreign producers and exporters.
This helped protect margins and capture
around 65% market share for TDI, in India.
An integral part of the government’s
‘Digital India’ initiative is promoting
alternate payment methods. Kindly shed
some light on your company’s ‘Cashless
Drive’.
After Hon’ble Prime Minister’s clarion
call to transform India into a modern and
cashless society, GNFC undertook it as a
mission to implement his vision. GNFC
endeavored to rapidly institutionalize
a cashless ecosystem, to support its
millions of customers (farmers) and
facilitate the use of digital money in
the agrarian business and its township.
GNFC circumvented the challenge of
money management and reconciliation
of accounts by providing non-captive and
non-monopolistic solutions that included
payments through debit cards, credit
cards, prepaid cards, e-wallets, mobile
applications such as BHIM, UPI, and USSD,
and meal vouchers.
Experts’ View

S D SHARMA
Chairman & Managing Director
Please share with us the origins and
journey of Shivakriti International.
Shivakriti International Ltd came into
existence in 2005 under the Companies
Act 1956. We started commercial
operations in the year 2008-09 with a
modest beginning. The company primarily
selected Signaling and telecommunication
works for the Indian Railways and worked
continuously to strengthen the expertise
in it. In the year 2009-10 we started
entering into areas of track formation,
bridges, Permanent way, and other
ancillary works of Railways. In a short
span of its commencement of business,
Shivakriti has been entrusted with
many challenges and prestigious works
by Indian railways /other government
departments /major private sectors in the
many domains that have been covered.
It will be worth mentioning that I was
the one who had promoted a company
Kalindee Rail since inception in 1972
till 2009 as a whole-time director. We
had executed numerous successful and
prestigious projects.
What kind of projects does the company
execute? Has the company forayed into
other domains in the recent years?
We at Shivakriti International Ltd provide
complete railway infrastructure solutions
which includes construction of new
Experts’ View
Shivakriti International Limited
railway lines/ gauge conversation, port
railways yards, railways sidings etc. We
undertake railway construction projects
on total turn-key basis including track
linking, signaling, telecommunication,
gauge conversions, laying of new railway
lines, overhead traction and civil works
(earthworks, bridges, buildings etc). We
possess rich experience in undertaking
new projects, right from the stage of
preliminary field survey, preparation
of feasibility-cum-study reports,
recommending the most economical
alignment, final location surveys,
preparation of detail estimation, DPR.
The company has attained a specialization
in railway track signaling, laying of
new railways tracks, complete railway
projects right from land acquisition to
final commissioning for the movement
of train traffic. The company also takes
electrification works, building of container
handling platforms, installation of in
motion weighbridges etc.
How do you think the Indian construction
sector will evolve over the next few
years? What are the main factors shaping
the growth of the sector?
The country is going through a massive
phase of new infrastructure development
vis-a-vis upgradation of the existing
infrastructure, the primary focus on
INDIA’S TOP 500 COMPANIES
transportation sector both on road
and railways. The railways are having a
massive plan of investing ` 107 trillion in
the next 5 years and have made adequate
arrangements of funding their projects.
The scenario that the Indian Railways
faced is of capacity restriction as a result
they are not able to move the anticipated
traffic. Therefore, it is the top-most priority
to de-congest the heavy traffic corridors
by increasing the section capacity through
up-gradation of Signaling system, adding
new lines, electrification of the lines etc.
The country is also looking at expanding
the metro system to Tier 2 cities in the
next 5-6 years.
What is the company’s growth strategy
over the next 3-5 years?
The company aims to capture the above-
mentioned chunk of works and create
employment among the youth of the
country while retaining the heritage of the
longest servicing industry in the country.
The company also plans to give strength
to its plans by backward integration of
setting up manufacturing industries and
create learning environment for this
specialized sector that will help give
additional foundation to the growth story.
E 25
 BEUMER India Private Limited

NITIN VYAS
CEO

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

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


DR. HITESH DOSHI
Chairman & Managing Director
Kindly give us a brief profile of your
company and the sectors in which it
operates.
Waaree Energies Ltd. is the flagship
company of the conglomerate Waaree
Group, and one of India’s most diversified
and fastest growing Solar Energy Solutions
Company. We have the country’s largest
Solar PV Module manufacturing capacity
of 1.2 GW. In addition, we also offer
EPC Solutions, Solar Modules for Grid-
Connected Solar Farms, Rooftop Solar,
Solar Water Pumps, Project Development,
RESCO Model, Franchisee (Retail
Business), and Floating Structure Services
as an Independent Power Producer, across
the globe. Waaree Energies has a large
distribution network and presence as an
integrated solar solution provider in India,
with a global presence in 68 countries.
50 MW – WAANEEP SOLAR PLANT, MADHYA PRADESH
E 28
Waaree Energies Limited
What are some
of the key factors
that contribute
to the success of
your company?
Over our 28 years
of manufacturing
experience, our
customer centric
approach and
agility to respond
STATE OF THE ART SOLAR MODULE MANUFACTURING FACILITY.
to dynamic market
over the next few years, Solar will become
needs are the
one of the cheapest and most reliable
factors responsible for this growth. Our
sources of energy in the country, with
focus has always remained in ensuring
multiple sectors including E-mobility
a better Return on Investments to our
being supported by it. Waaree Energies
customers, furthered by our commitment
has always strived and will continue its
in providing innovative solutions that
efforts in making solar accessible for all,
constantly question the status quo.
by bringing down costs and developing
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
INDIA’S TOP 500 COMPANIES Experts’ View

GEORGE ALEXANDER MUTHOOT
Managing Director
Kindly give us a brief profile of your
company and the sectors in which it
operates.
Muthoot Finance Ltd, an NBFC, is one of
the world’s largest gold loan companies
with a family business legacy of over 800
years. It is a financial supermarket with
a bouquet of services including micro-
finance, home loans, money transfer,
stock – broking, insurance broker (life,
non-life and travel) and foreign exchange
services under one roof. Muthoot
Finance is the flagship company of the
Muthoot Group, with business interest in
hospitality, healthcare, media, education
and information technology.
The company has a huge network of over
4,500 Branches with a Pan-India presence
for last mile connectivity in the remotest
regions. The branches have 2,53,000 daily
footfalls covering 70% reach in Tier III- VI
cities. The average ticket size of gold loans
is ` 37,994.
What are some of the key factors
that contribute to the success of your
company?
India has 22,000 tonnes of used
household gold jewellery. However, only
approximately 1,500 tonnes have been
monetised through the organised sector.
Rural India accounts for about 65% of
Experts’ View
Muthoot Finance Limited
the total gold stock in the country, with How do you think your sector will evolve
a large portion of the rural population over the next few years? What is the
with limited credit access. The company’s company’s strategy to deal with these
continued focus is to address the under- developments?
served rural and semi-urban markets
Being the industry leader, we have
through a strong network and diversified
identified digitalisation which is need
financial products.
based, current and future envisaged. We
The company is continuously focusing leave no stone unturned to ensure the
on diversifying the overall portfolio of best possible user experience to maintain
investment products. During FY18, Belstar and increase our high level of customer
Investment and Finance Private Limited satisfaction. The company is encouraging
(BIFPL), an RBI registered micro finance online Gold loans, direct credit to
NBFC’s loan portfolio grew by 97% at customers’ accounts, and loading to
` 1,137 crores. Similarly, the housing prepaid cards for disbursement of loans.
finance company - Muthoot Homefin For repayment, the company is accepting
(India) Ltd’s loan portfolio stood at ` 1,465 Payments through Webpay, Muthoot
crores in FY18. App, and RTGS/NEFT/IMPS facilities.
The company also ventured out of
country’s borders through its Sri Lankan
subsidiary - Asia Asset Finance PLC. The
company is involved in retail finance,
hire purchase and business loans. The
company has introduced the Gold Loans
business in all the 16 branches of Asia
Asset Finance (AAF) and it has shown
positive traction. The size of AAF’s
business is currently at LKR 995 crores.
The subsidiaries today contribute about
10% to the group’s assets. The company
is looking at increasing the share of
subsidiaries to about 20% of the group’s
assets by 2020.
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
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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
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 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
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 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
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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
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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
LIC/AR/18-19/05/ENG

LIC/AR/18-19/06/ENG
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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Dun & Bradstreet D-U-N-S® No 00-000-0000 Top 500 Ranking Income Net Profit Networth
xyz
Financial Snapshot (` mn)
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Networth
Ratios (%)
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RONW
(As on Mar 31, 2017)

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

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)

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

INDIA’S TOP 500 COMPANIES 7

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

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

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

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

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)

xyz
xyz

Dun & Bradstreet D-U-N-S® No 00-000-0000 Top 500 Ranking Income Net Profit Networth
xyz
Financial Snapshot (` mn)
Total Income
Net Profit
Networth
Ratios (%)
NPM
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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Dun & Bradstreet D-U-N-S® No 00-000-0000 Top 500 Ranking Income Net Profit Networth
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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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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)

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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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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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Net Profit
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RONW
(As on Mar 31, 2017)

Dun & Bradstreet D-U-N-S® No Top 500 Ranking 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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RONW
(As on Mar 31, 2017)

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

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)

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)

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

Financial Snapshot (` mn)

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

INDIA’S TOP 500 COMPANIES 37

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

Financial Snapshot (` mn)

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

38 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 (%)
NIM
Net NPA
(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 (%)
NIM
Net NPA
(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 (%)
NIM
Net NPA
(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 (%)
NIM
Net NPA
(As on Mar 31, 2017)

INDIA’S TOP 500 COMPANIES 39

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

Financial Snapshot (` mn)

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

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

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Networth
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(As on Mar 31, 2017)

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

INDIA’S TOP 500 COMPANIES 43

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

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

xyz
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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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NPM
RONW
(As on Mar 31, 2017)

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

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

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)

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 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)

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)

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)
Total Income
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NPM
RONW
(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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RONW
(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 (%)
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)

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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Financial Snapshot (` mn)
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Networth
Ratios (%)
NPM
RONW
(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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(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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(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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(As on Mar 31, 2017)

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
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 75

 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)

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)

76 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 (%)
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)

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 77

 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)

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)

78 INDIA’S TOP 500 COMPANIES

CONSUMER DURABLES &
APPLIANCES
Comparative Matrix

Sector Total Income Net Profit Net Worth NPM RONW

Company Name
TI Rank ` Mn ` Mn ` Mn (%) (%)
1 Voltas Limited 57,274.1 4,861.9 29,848.2 8.5 16.3
2 Whirlpool of India Limited 44,333.7 3,104.9 14,830.6 7.0 20.9
3 Bajaj Electricals Limited 43,338.5 1,076.6 8,714.9 2.5 12.4
4 Blue Star Limited 41,834.7 1,119.7 9,177.6 2.7 12.2
5 Crompton Greaves Consumer Electricals Limited 39,954.0 2,906.9 5,391.6 7.3 53.9
6 LEEL Electricals Limited 30,244.1 851.4 9,211.2 2.8 9.2
Johnson Controls-Hitachi Air Conditioning India
7 19,773.2 810.4 4,389.9 4.1 18.5
Limited
8 Orient Paper & Industries Limited 19,005.2 505.9 5,065.1 2.7 10.0
9 IFB Industries Limited 17,518.7 509.7 4,675.7 2.9 10.9
10 TTK Prestige Limited 16,103.8 1,430.0 8,549.5 8.9 16.7

INDIA’S TOP 500 COMPANIES

Voltas Limited
Voltas House ‘A’, Dr. Babasaheb Ambedkar Road, Chinchpokli, Mumbai - 400033, Maharashtra
Website: www.voltas.com
Dun & Bradstreet D-U-N-S® No 65-009-1507 Top 500 Ranking Income 150 Net Profit 138 Networth 175
About the Company
Financial Snapshot (` mn)
Voltas Ltd (Voltas), a Tata Group company was incorporated in 1954. The company’s business segments are
Total Income 57,274.1
electro-mechanical projects and services, engineering products and services and unitary cooling products for
comfort and commercial use. It offers a range of products such as water treatment equipment, water coolers Net Profit 4,861.9
and dispensers, commercial refrigeration products, air conditioners, HVAC&R products, mining and construction
Networth 29,848.2
equipment and textile machinery. It caters to areas such as heating, ventilation and air conditioning, refrigeration,
electro-mechanical projects, textile machinery, mining and construction equipment, water management and Ratios (%)
treatment, cold chain solutions, building management systems, and indoor air quality. In Feb 2018, it launched a 8.5
NPM
window air conditioner with DC inverter technology. It also engages in turnkey projects such as electrical power
projects, electro-mechanical works comprising HVAC, electrical systems for buildings, plumbing amongst others. RONW 16.3
(As on Mar 31, 2017)

Whirlpool of India Limited

Plot No. A-4, MIDC, Ranjangaon, Tal. Shirur, Pune - 412220, Maharashtra
Website: www.whirlpoolindia.com
Dun & Bradstreet D-U-N-S® No 87-260-5438 Top 500 Ranking Income 185 Net Profit 185 Networth 278
About the Company
Financial Snapshot (` mn)
Whirlpool of India Ltd (Whirlpool), a subsidiary of Whirlpool Corporation was incorporated in 1996 as a result of
Total Income 44,333.7
the merger between Kelvinator and TVS. Whirlpool is primarily engaged in manufacturing and trading of home
appliances such as refrigerators, washing machines, air-conditioners (ACs), microwave ovens, dishwashers, water Net Profit 3,104.9
and air purifiers, induction cook-top, built-in appliances, small domestic appliances and accessories amongst
Networth 14,830.6
others. It provides product development and procurement services to Whirlpool Corporation, USA and other
group companies. In FY17, whirlpool unveiled its new range of air purifiers in India. It also launched its premium Ratios (%)
Inverter AC – the 3D cooler Invertor; also launched new variants in the microwave and water purifier segments. 7.0
NPM
In the small domestic appliances category, it introduced slow juicers, pop up toasters and others.
RONW 20.9
(As on Mar 31, 2017)

Bajaj Electricals Limited

45/47 Veer Nariman Road, Mumbai - 400001, Maharashtra
Website: www.bajajelectricals.com
Dun & Bradstreet D-U-N-S® No 72-623-8244 Top 500 Ranking Income 192 Net Profit 343 Networth 355
About the Company
Financial Snapshot (` mn)
Bajaj Electricals Ltd (Bajaj Electricals) was incorporated in 1938 as Radio Lamp Works Ltd and acquired its present
Total Income 43,338.5
name in 1960. Bajaj Electricals business can be classified under three key business units viz consumer products,
Luminaires and EPC (illumination, transmission towers and power distribution). Under consumer durables, the Net Profit 1,076.6
company manufactures a wide range of home & kitchen appliances. The luminaires business offers LED products,
Networth 8,714.9
conventional luminaires, accessories and lamps. The EPC segment of the company is engaged in illumination,
power distribution and transformation businesses. The company has 19 branch offices spread across the country Ratios (%)
supported by a chain of distributors, authorized dealers, retail outlets, exclusive showrooms called ‘Bajaj World’ 2.5
NPM
and approximately 462 customer care centres. In July 2017, Bajaj Electricals, acquired 28% of equity shares in
Starlite Lighting Ltd (SLL), taking its total shareholding in SLL to 47%. RONW 12.4
(As on Mar 31, 2017)

Blue Star Limited

Kasturi Buildings, Jamshedji Tata Road, Mumbai - 400020, Maharashtra
Website: www.bluestarindia.com
Dun & Bradstreet D-U-N-S® No 65-005-3465 Top 500 Ranking Income 199 Net Profit 338 Networth 350
About the Company
Financial Snapshot (` mn)
Blue Star Ltd (Blue Star) was founded in 1943 as a proprietorship firm. In 1969, the company acquired its present
Total Income 41,834.7
name. Blue Star offers a range of products under air conditioning and commercial refrigeration as well as air
purifiers, water purifiers, air coolers, cold storages and specialty products. It’s air conditioning product offerings Net Profit 1,119.7
serve both residential and commercial segments which include precision inverter, split & window ACs for
Networth 9,177.6
residential segment as well as VRFs, ducted systems, standard & mega split ACs and Verticool ACs for commercial
segment. The Company’s commercial refrigeration solutions include water coolers, bottled water dispensers, Ratios (%)
deep freezers, modular cold rooms, ripening chambers and medical and retail refrigeration equipment. The 2.7
NPM
Company produces over 300 models across 25 product lines. Blue Star operates through a network of 35 offices,
five manufacturing facilities, 2,700 employees, 2,200 dealers and 600 retailers. RONW 12.2
(As on Mar 31, 2017)

INDIA’S TOP 500 COMPANIES 81

Crompton Greaves Consumer Electricals Limited
Equinox Business Park, 1st floor, Tower 3, LBS Marg, Kurla West (W), Mumbai 400070, Maharashtra
Website: www.crompton.co.in
Dun & Bradstreet D-U-N-S® No 65-086-7976 Top 500 Ranking Income 206 Net Profit 196 Networth 428
About the Company
Financial Snapshot (` mn)
Crompton Greaves Consumer Electricals Ltd (Crompton Greaves Consumer Electricals), became a separate,
Total Income 39,954.0
independent corporate entity with effect from Oct 1, 2015 when Crompton Greaves Ltd. completed the demerger
of its B2C consumer products business. Company primarily operates in four verticals viz fans, lighting, pumps Net Profit 2,906.9
and small appliances. Under fans, the company provides table fans, pedestal fans, wall mounted fans, domestic
Networth 5,391.6
exhaust fans and special fans. Under lighting, the company offers professional lighting, lamps, consumer
luminaires, solar and lighting automation. Under pumps, the company caters to residential, agricultural and Ratios (%)
other specialty segments. The company supplies appliances for heating/cooling and food preparation. In FY17, 7.3
NPM
it teamed up with Gooee, a UK based creator of an operating platform connecting light manufacturers and their
customers to the IoT (Internet of Things). RONW 53.9
(As on Mar 31, 2017)

LEEL Electricals Limited

159, Okhla Industrial Estate, Phase - III, New Delhi - 110020, Delhi
Website: www.leelelectric.com
Dun & Bradstreet D-U-N-S® No 67-546-5478 Top 500 Ranking Income 250 Net Profit 375 Networth 348
About the Company
Financial Snapshot (` mn)
Lloyd Electric & Engineering Ltd (LEEL) was incorporated in 1987. It operates in the consumer durable, OEM
Total Income 30,244.1
& packaged air conditioning, heat exchangers and components segments. LEEL manufactures heat exchanger,
evaporator coils and air-conditioners serving the heating, ventilation, air conditioning and refrigeration (HVAC&R) Net Profit 851.4
industry. Its product line also includes Window/Split air-conditioner, dry cooler, support production line, radiators
Networth 9,211.2
and oil coolers. The company’s OEM segment, supplies to major manufacturers/sellers of air-conditioners and
provides customized air-conditioning solutions for institutional clients such as Indian Railways and Metro Rail. Ratios (%)
It is vertically integrated across the HVAC value chain, providing end-to-end solutions from manufacturing 2.8
NPM
components to selling to OEM’s (domestic & International) and selling under its own brand. In May 2017, the
company sold its consumer durable business to Havells India Ltd. at an enterprise value of ` 15.50 bn. RONW 9.2
(As on Mar 31, 2017)

Johnson Controls-Hitachi Air Conditioning India Limited

Abhijeet, 9th Floor, Mithakhali Six Road, Ahmedabad 380006, Gujarat
Website: www.jci-hitachi.in
Dun & Bradstreet D-U-N-S® No 67-797-2912 Top 500 Ranking Income 343 Net Profit 380 Networth 453
About the Company
Financial Snapshot (` mn)
Johnson Controls-Hitachi Air Conditioning India Ltd (JCHAIL) is a global air conditioning manufacturer, established
Total Income 19,773.2
in October 2015 as a joint venture between Johnson Controls Inc and Hitachi Appliances, Inc. The company
manufactures a range of appliances in the home and business categories – home air conditioners, refrigerators Net Profit 810.4
and purifiers for household usage as well as B2B air conditioners, ductable air conditioners, self-contained air
Networth 4,389.9
conditioners, chillers, set free (VRF) systems and spacemakers in the business users segment. During FY17, the
company launched two new ranges of air conditioners, called Waza and Ridaa in the room air-conditioning Ratios (%)
segment. JCHAIL also operates (through trading) in the frost free refrigerator’s segment (over 250 L capacity) and 4.1
NPM
premium air purifiers. The company exports to Sri Lanka, Indonesia and Bangladesh and added new geographies,
namely UAE, Middle East and Nepal, during FY17. RONW 18.5
(As on Mar 31, 2017)

Orient Paper & Industries Limited

Unit 8, Plot No 7 Bhoinagar, Bhubaneswar - 751012, Orissa
Website: www.orientpaperindia.com
Dun & Bradstreet D-U-N-S® No 91-659-0123 Top 500 Ranking Income 351 Net Profit 419 Networth 435
About the Company
Financial Snapshot (` mn)
Orient Paper & Industries Ltd (OPIL) was incorporated in 1939, and was renamed in 1978. OPIL is a part of the
Total Income 19,005.2
CK Birla Group. The pilot pulp and paper plant of the company was commissioned in Feb 1978. The company
has a range of writing, printing, industrial and speciality papers. The Orient Paper Mills plants at AMLAI, Madhya Net Profit 505.9
Pradesh have manufacturing facilities to produce a variety of grades and types of papers. In FY17, the paper
Networth 5,065.1
production volume was 72,217 MT and caustic soda production of 35,004 MT. The company has set up facilities to
produce a spectrum of soft tissue paper of world class quality. Orient Paper exports its products to Africa, Middle Ratios (%)
East, Bangladesh, Sri Lanka and Nepal. Since Mar 01, 2017, the company demerged its consumer electric business 2.7
NPM
into a separate entity called Orient Electric Ltd.
RONW 10.0
(As on Mar 31, 2017)

82 INDIA’S TOP 500 COMPANIES

IFB Industries Limited
G-41, Kailash Vaibhav, Parksite,, Veer Savarkar Marg, Mumbai - 400079, Maharashtra
Website: www.ifbindustries.com
Dun & Bradstreet D-U-N-S® No 65-020-1841 Top 500 Ranking Income 373 Net Profit 418 Networth 446
About the Company
Financial Snapshot (` mn)
IFB Industries Ltd (IFB), a listed company originally known as Indian Fine Blanks Limited started its operations
Total Income 17,518.7
in India during 1974 in collaboration with Hienrich Schmid AG of Switzerland. IFB is engaged in engineering and
manufacturing diverse parts and accessories for motor vehicles. The company is also engaged in the business Net Profit 509.7
of manufacturing and trading home appliances and manufacturing fine blanking components. The fine blanking
Networth 4,675.7
division’s products range from fine blanked components and tools to related machines, such as straighteners,
decoilers and strip loaders. The home appliances division includes washing machines, clothes dryers, dishwashers, Ratios (%)
microwave ovens, air conditioners, chimneys, refrigerators, modular kitchens, built-in ovens and built-in hobs. 2.9
NPM
The company has a service network of approximately 650 franchises. It has 1,646 employees as of Mar 31, 2017.
RONW 10.9
(As on Mar 31, 2017)

TTK Prestige Limited

Plot No. 38, SIPCOT Industrial Complex, Hosur - 635126, TN
Website: www.ttkprestige.com
Dun & Bradstreet D-U-N-S® No 65-063-7577 Top 500 Ranking Income 405 Net Profit 302 Networth 358
About the Company
Financial Snapshot (` mn)
TTK Prestige Ltd (TTK Prestige), incorporated in 1955, is a part of TTK group. The company operates in the
Total Income 16,103.8
kitchen appliances and property and investment segments. The product range of the company includes pressure
cookers, non-stick cookware, gas stoves, grinders, induction, chimneys and hop tops, clip on pressure cooker and Net Profit 1,430.0
other small electrical appliances. The company operates six manufacturing facilities located across Hosur and
Networth 8,549.5
Coimbatore in TN; Roorkee in Uttarakhand, Vododara in Gujarat and Thane in Mahrashtra. TTK Prestige exports
its products to overseas markets like the UK, US, Europe, Africa, Middle East, Sri Lanka, Japan and Australia. It also Ratios (%)
operates its Prestige Smart Kitchen retail network, which the current strength of 531 stores. The network covers 8.9
NPM
26 states and 302 towns evenly distributed between metros, mini-metros, Tier 1, Tier 2 and Tier 3 cities. In FY17,
the company launched electric mops and ‘Tatva’ range of water purifiers. RONW 16.7
(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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Dun & Bradstreet D-U-N-S® No 00-000-0000 Top 500 Ranking Income Net Profit Networth
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INDIA’S TOP 500 COMPANIES 83

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

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

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

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

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84 INDIA’S TOP 500 COMPANIES

DIVERSIFIED
Comparative Matrix

Sector Total Income Net Profit Net Worth NPM RONW

Company Name
TI Rank ` Mn ` Mn ` Mn (%) (%)
1 DCM Shriram Limited 61,151.4 5,220.7 25,401.3 8.5 20.6
2 SRF Limited 42,439.3 4,188.2 31,448.5 9.9 13.3
3 3M India Limited 25,073.2 2,407.6 12,264.0 9.6 19.6
4 Balmer Lawrie & Co Limited 19,011.7 1,704.2 11,659.9 9.0 14.6

INDIA’S TOP 500 COMPANIES

DCM Shriram Limited
1st Floor, Kanchenjunga Building, 18 Barakhamba Road, New Delhi - 110001, Delhi
Website: www.dcmshriram.com
Dun & Bradstreet D-U-N-S® No 65-078-2688 Top 500 Ranking Income 142 Net Profit 128 Networth 197
About the Company
Financial Snapshot (` mn)
DCM Shriram Ltd (DCM) was incorporated in 1989. The business portfolio of DCM comprises of agri-rural
Total Income 61,151.4
business, chlor-vinyl business and value added business. Agri-rural business of the company offers products like
urea & SSP fertilisers, sugar, farm inputs marketing such as DAP, crop care chemicals and hybrid seeds. The chlor- Net Profit 5,220.7
vinyl business offers caustic soda, chlorine, calcium carbide, PVC resins, PVC compounds, power and cement.
Networth 25,401.3
The value added business offers Fenesta building systems which include UPVC windows and doors. DCM Shriram
has manufacturing facilities of fertiliser, chloro vinyl & cement in Kota (Rajasthan) and of chlor- alkali in Bharuch Ratios (%)
(Gujarat). DCM Shriram Sugar factories are located in Ajbapur, Rupapur, Hariawan and Loni in UP, with a combined 8.5
NPM
installed capacity of 33,000 TCD (tonnes crushed daily) and a power- generating capacity of 115 MW. The Hybrid
seed operations- ‘Bioseed’ is established in Hyderabad. RONW 20.6
(As on Mar 31, 2017)

SRF Limited
Unit No. 236 & 237, 2nd Floor,DLF Galleria, ,Mayur Vihar Phase I Extn, Delhi- 110 091
Website: www.srf.com
Dun & Bradstreet D-U-N-S® No 91-845-5259 Top 500 Ranking Income 196 Net Profit 155 Networth 170
About the Company
Financial Snapshot (` mn)
SRF Ltd (SRF) was incorporated in 1970 as a manufacturer of nylon tyre cord. SRF operates in three segments
Total Income 42,439.3
namely, technical textiles business (TTB), chemicals & polymers business (CPB) and packaging films business
(PFB). Under the TTB segment, SRF manufactures industrial yarn, tyre cord fabrics, coated fabric & laminated Net Profit 4,188.2
fabric. CPB segment of the SRF offers fluorochemicals, refrigerants, pharma grade propellant and solvents;
Networth 31,448.5
and the speciality chemicals used in agrochemical and pharmaceutical industries and engineering plastics. SRF
manufactures standard and specialty BOPET and BOPP films in its PFB segment. SRF has five plants for TTB, four Ratios (%)
plants for CPB, and three plants for PFB production across Rajasthan, TN, MP, Gujarat and Uttarakhand. Apart 9.9
NPM
from India, it has two manufacturing facilities each in Thailand & South Africa. In FY17, it expanded its refrigerant
portfolio to service the AC industry after acquiring HFC 125 assets and technical know-how of a global major. RONW 13.3
(As on Mar 31, 2017)

3M India Limited
Concorde Block, UB City, #24, Vittal Mallya Road, Bangaluru - 560001, Karnataka.
Website: www.3mindia.in
Dun & Bradstreet D-U-N-S® No 91-539-7884 Top 500 Ranking Income 291 Net Profit 222 Networth 307
About the Company
Financial Snapshot (` mn)
3M India Ltd (3M India) formerly known as Birla 3M Ltd was established in 1987. 3M India is the flagship company
Total Income 25,073.2
of 3M Co, USA. 3M leverages its global innovation expertise to develop homegrown solutions that address
the needs of customers in Indian markets. The company primarily operates in five business segments namely, Net Profit 2,407.6
Consumer, Electronics & Energy, Health Care, Industrial, and Safety & Graphics. Under the consumer segment,
Networth 12,264.0
the company has several product categories including, Dental Products, Home Care & Cleaning, Skin & Wound,
Films, Filtration, First Aid, Tapes & Adhesives, Wires & Cables, etc. Under the business segment, the company Ratios (%)
offers a range of products in the Automotive, Commercial Solutions, Communications, Design & Construction, 9.6
NPM
Electronics, Energy, Healthcare, Manufacturing, Mining, Oil & Gas, Safety, and Transportation sectors.
RONW 19.6
(As on Mar 31, 2017)

Balmer Lawrie & Co Limited

21, Netaji Subhas Road, Kolkata - 700001, WB
Website: www.balmerlawrie.com
Dun & Bradstreet D-U-N-S® No 65-008-8917 Top 500 Ranking Income 350 Net Profit 276 Networth 314
About the Company
Financial Snapshot (` mn)
Balmer Lawrie & Co Ltd (Balmer Lawrie) was incorporated in 1867 as a partnership firm in Kolkata. Eventually
Total Income 19,011.7
it was incorporated as a private limited company in 1924. In 2006, it was awarded a Mini-Ratna-I public sector
enterprise status, under the Ministry of Petroleum & Natural Gas, GoI. The company has six strategic business Net Profit 1,704.2
units which are classified under manufacturing businesses and service businesses. Under manufacturing business,
Networth 11,659.9
the company is engaged into industrial packaging, greases & lubricants, leather chemicals and refinery & oil field
services. Industrial packaging unit manufactures MS Plain drums, Internally Coated drums, Composite drums and Ratios (%)
Tall drums, etc. Greases & lubricants unit offers industrial and automotive lubricants. The company also has a 9.0
NPM
Leather Chemicals Unit and offers Refinery & Oil Field Services, among other business services. The company has
three JV in India, two JV abroad and two subsidiaries. RONW 14.6
(As on Mar 31, 2017)

INDIA’S TOP 500 COMPANIES 87

 BHAHATELECTHONICS
Dun & Bradstreet D-U-N-S® No Top 500 Ranking Income Net Profit Networth
QUALITY. TECHNOLOGY. INNOVATION.

Delente Elettronits and beyond

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)

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Dun & Bradstreet D-U-N-S® No Top 500 Ranking Income Net Profit Networth
Bharat Electronics Ltd (BEL), India's foremost Defence electronics company, has set its
Financial Snapshot (` mn)
target to equip the country’s armed forces with a wide range of products & systems and
Total Income
empower the soldiers during their decisive missions. A multi-product, multi-unit
Net Profit
company, BEL specialises in providing end-to-end customised solutions by maintaining
Networth
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BHARAT ELECTRONICS LIMITED Toll Free No.:NPM
1800 425 0433
(A Govt of India Enterprise under the Ministry of Defence), CIN No.: L32309KA
RONW 1954GOI000787
Regd. Office: Outer Ring Road, Nagavara, Bangalore-560 045, India. www.bel-india.com (As on Mar 31, 2017)

88 INDIA’S TOP 500 COMPANIES

Empowering the Nation's Defence Forces
ELECTRICAL PRODUCTS
Comparative Matrix

Sector Total Income Net Profit Net Worth NPM RONW

Company Name
TI Rank ` Mn ` Mn ` Mn (%) (%)
1 Havells India Limited 67,202.4 5,390.4 32,735.8 8.0 16.5
2 Finolex Cables Limited 27,709.6 3,158.8 18,774.4 11.4 16.8
3 KEI Industries Limited 26,795.0 986.4 4,734.6 3.7 20.8
4 Honeywell Automation India Limited 24,827.5 1,694.5 11,802.8 6.8 14.4
5 V-Guard Industries Limited 21,640.8 1,518.0 6,371.2 7.0 23.8
6 Eveready Industries India Limited 14,282.6 936.3 2,895.3 6.6 32.3

INDIA’S TOP 500 COMPANIES

Havells India Limited
904, 9th Floor, Surya Kiran Building, Connaught Place, New Delhi - 110001, Delhi
Website: www.havells.com
Dun & Bradstreet D-U-N-S® No 86-041-6232 Top 500 Ranking Income 127 Net Profit 125 Networth 166
About the Company
Financial Snapshot (` mn)
Havells India Ltd (Havells India) was incorporated in 1983. Havells India operates under two segments electricals
Total Income 67,202.4
and home appliances. Under electricals, the company manufactures electrical consumer durables, lighting &
fixtures, cables and switchgears. Under home appliances, the company offers, fans, air conditioners, television, Net Profit 5,390.4
water heater, refrigerator, washing machine and other domestic appliances. The company operates through 12
Networth 32,735.8
manufacturing facilities across seven locations in the country. The company has 40 branch offices and a strong
distribution network of 7,575 dealers. As of Mar 31, 2017, the company had 11 subsidiaries and a 50:50 JV Ratios (%)
with shanghai Yaming Lighting Co Ltd, China under the name of Jiangsu Havells sylvania Lighting Co Ltd (JV). In 8.0
NPM
FY17, the company acquired the consumer durables business of Lloyd Electric and Engineering Ltd which enabled
Havells India to enter the business of Air conditioners, LED TV and washing machines. RONW 16.5
(As on Mar 31, 2017)

Finolex Cables Limited

26-27, Mumbai - Pune Road, Pimpri, Pune - 411018, Maharashtra
Website: www.finolex.com
Dun & Bradstreet D-U-N-S® No 65-007-8538 Top 500 Ranking Income 271 Net Profit 183 Networth 236
About the Company
Financial Snapshot (` mn)
Finolex Cables Ltd (Finolex Cables), the flagship company of the Pune-based Finolex Group, was incorporated in
Total Income 27,709.6
1967. Finolex Cables is mainly engaged in manufacturing electrical and telecommunication cables. The company
that started its operations with the manufacture of PVC insulated electrical cables for the automobile industry Net Profit 3,158.8
has augmented its product offering to include PVC insulated industrial cables, PVC insulated single core and
Networth 18,774.4
multicore flexible industrial cables, PVC insulated winding wires and 3 core flat cables, power and control cables,
high voltage power cables (up to 33 kV), polyethylene insulated jelly filled telephone cables, auto & battery Ratios (%)
cables, co-axial and CATV cables, LAN Cables, switchboard cables, fibre optic cables, solar cables and many others. 11.4
NPM
The Company also manufactures lighting products, electrical accessories, switchgear, fans and water heaters. It
has manufacturing facilities at Pimpri and Urse in Pune, Maharashtra as well as at Goa & Uttarakhand. RONW 16.8
(As on Mar 31, 2017)

KEI Industries Limited

D-90, Okhla Industrial Area, Phase I, New Delhi - 110020, Delhi
Website: www.kei-ind.com
Dun & Bradstreet D-U-N-S® No 65-073-8321 Top 500 Ranking Income 279 Net Profit 359 Networth 444
About the Company
Financial Snapshot (` mn)
KEI Industries Ltd. (KEI) was incorporated in 1968 as a partnership firm and converted to a public limited company
Total Income 26,795.0
in 1992. KEI manufactures power and other industrial cables. Its business operations comprise of three segments
- cables, stainless steel wires and turnkey projects. KEI’s cable segment manufactures control and instrumentation Net Profit 986.4
cables, specialty cables, rubber cables, house wires, fire survival cables, zero halogen cables, braided cables, extra
Networth 4,734.6
high voltage (EHV) cable, high tension (HT) cable and low tension (LT) cable. It has a technical collaboration with
Brugg Kabel AG for producing EHV cables at its Chopanki plant. The company manufactures a range of specialty Ratios (%)
wires for critical application across different industries. Since 2008 KEI has entered the engineering, procurement 3.7
NPM
and construction (EPC) segment. It provides turnkey solutions across design, engineering, material procurement,
field services, construction and project management services. RONW 20.8
(As on Mar 31, 2017)

Honeywell Automation India Limited

56 & 57, Hadapsar Industrial Estate, Pune 411013, Maharashtra
Website: www.honeywell.com
Dun & Bradstreet D-U-N-S® No 65-007-6524 Top 500 Ranking Income 293 Net Profit 278 Networth 312
About the Company
Financial Snapshot (` mn)
Honeywell Automation India Ltd (HAIL), which is present in India since early the 1930s, is a subsidiary of
Total Income 24,827.5
Honeywell Asia Pacific Inc USA, and the ultimate holding company is Honeywell International Inc USA. The
company operated the following business units during FY17 – Honeywell Process Solutions, which serves core Net Profit 1,694.5
industrial sectors; Honeywell Building Solutions which provides solutions and services for commercial & industrial
Networth 11,802.8
buildings, IT & ITES industry, hospitals, hotels, airports etc.; Environmental & Energy Solutions which serves
multiple brands through channels and offers environmental and combustion products and solutions; Sensing & Ratios (%)
Productivity Solutions which provides various sensors and switches to manufacturing and automobile industry; 6.8
NPM
and Global Services and Manufacturing (Exports) division which addresses the manufacturing and engineering
services needs of Honeywell and other non-Honeywell customers. RONW 14.4
(As on Mar 31, 2017)

INDIA’S TOP 500 COMPANIES 91

V-Guard Industries Limited
42/962, Vennala High School Road, Vennala, Kochi - 682028, Kerala
Website: www.vguard.in
Dun & Bradstreet D-U-N-S® No 91-845-8753 Top 500 Ranking Income 322 Net Profit 295 Networth 405
About the Company
Financial Snapshot (` mn)
V-Guard Industries Ltd (V-Guard) was established in 1977 as a small manufacturing unit for voltage stabilizers. In
Total Income 21,640.8
1996 the company acquired its present name. The company is primarily engaged in manufacturing and marketing
electrical and electronic products. It operates in various segments including, electronics, electrical/ electro Net Profit 1,518.0
mechanical and others. V-Guard has a range of products including wiring cables, distribution boards, agricultural
Networth 6,371.2
pumps, digital stabilizers pumps and motors, electric and solar water heaters, digital UPS, induction cook tops,
fans, wiring cables, LT cables, switchgears, mixer grinders, solar water heaters voltage stabilizers amongst others. Ratios (%)
The company has its manufacturing facilities located in Coimbatore, Uttarakhand, HP, Sikkim and TN. V-Guard has 7.0
NPM
a network of 676 distributors, 5,975 direct dealers across the country. In FY17, the company launched ‘smart’
series products, controlled by a smart phone app. RONW 23.8
(As on Mar 31, 2017)

Eveready Industries India Limited

1, Middleton Street, Kolkata - 700071, WB
Website: www.evereadyindustries.com
Dun & Bradstreet D-U-N-S® No 87-179-6898 Top 500 Ranking Income 436 Net Profit 365 Networth 483
About the Company
Financial Snapshot (` mn)
Eveready Industries India Ltd (Eveready) was incorporated in 1934 as National Carbon Company. In 1993, it became
Total Income 14,282.6
a part of the Williamson Magor Group and acquired its present name in 1995. The company’s product portfolio
includes dry cell batteries, rechargeable batteries, flashlights, portable lighting, bulbs, tubes & luminaires, mobile Net Profit 936.3
power, packet tea and appliances. Under the appliances segment, the company offers toasters, mixer grinders,
Networth 2,895.3
food processors, choppers, juicers, dry & steam irons, OTG, roti makers, gas stoves and fans, to name a few.
The company operates through seven manufacturing facilities located at Chennai (TN), Haridwar (Uttarakhand), Ratios (%)
Maddur (Karnataka), Noida and Lucknow (UP), Kolkata (WB) and Goalpara (Assam). The company has distribution 6.6
NPM
network of over 3.2 mn outlet stores and more than 4,000 distributors. In Jan 2018, the company entered into a
JV agreement with Universal Wellbeing Pte Ltd. RONW 32.3
(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)
Total Income
Net Profit
Networth
Ratios (%)
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RONW
(As on Mar 31, 2017)

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

92 INDIA’S TOP 500 COMPANIES

ENGINEERING PROJECTS/
CAPITAL GOODS
Comparative Matrix

Sector Total Income Net Profit Net Worth NPM RONW

Company Name
TI Rank ` Mn ` Mn ` Mn (%) (%)
1 Bharat Heavy Electricals Limited 304,710.8 4,958.6 322,944.4 1.6 1.5
2 Siemens Limited 116,030.0 11,336.0 77,047.0 9.8 14.7
3 Cummins India Limited 56,367.3 7,346.3 37,421.7 13.0 19.6
4 Thermax Limited 39,729.4 1,448.3 24,097.6 3.6 6.0
5 BGR Energy Systems Limited 34,479.5 441.5 13,776.5 1.3 3.2
6 Isgec Heavy Engineering Limited 32,042.2 1,886.3 11,255.0 5.9 16.8
7 Kirloskar Oil Engines Limited 29,601.8 1,736.2 16,167.0 5.9 10.7
8 BEML Limited 28,971.1 844.5 21,815.6 2.9 3.9
9 Lakshmi Machine Works Limited 25,228.6 1,906.0 14,787.5 7.6 12.9
10 AIA Engineering Limited 22,613.7 4,173.1 24,220.8 18.5 17.2
11 Sunil Hitech Engineers Limited 21,045.7 400.7 4,673.2 1.9 8.6
12 Greaves Cotton Limited 18,692.8 1,806.3 9,209.7 9.7 19.6
13 Kirloskar Brothers Limited 18,412.8 330.0 8,380.2 1.8 3.9
14 VA Tech Wabag Limited 18,196.3 749.8 8,240.6 4.1 9.1
15 Engineers India Limited 16,723.0 3,250.4 27,759.6 19.4 11.7
16 Fedders Electric and Engineering Limited 13,563.3 205.6 4,480.3 1.5 4.6
Techno Electric and Engineering Company
17 12,780.3 1,454.7 8,519.4 11.4 17.1
Limited
18 Texmaco Rail & Engineering Limited 12,350.8 335.7 10,452.4 2.7 3.2

INDIA’S TOP 500 COMPANIES

Bharat Heavy Electricals Limited
BHEL House, Siri Fort, New Delhi - 110049, Delhi
Website: www.bhel.com
Dun & Bradstreet D-U-N-S® No 65-005-0719 Top 500 Ranking Income 39 Net Profit 134 Networth 27
About the Company
Financial Snapshot (` mn)
Bharat Heavy Electricals Ltd. (BHEL) was incorporated in 1964 and is an integrated power plant equipment
Total Income 304,710.8
manufacturer. It offers over 180 products to sectors such as power, transmission, industry, transportation
(railways), renewable energy, oil & gas, water and defence. BHEL exports to almost 82 countries across all the six Net Profit 4,958.6
continents with cumulative overseas installed capacity of BHEL manufactured power plants nearing 10,000 MW.
Networth 322,944.4
In FY17, BHEL commissioned/synchronized 8,539 MW of power generating equipment. With this, the company’s
global installed power generating capacity increased to 178 GW. In Mar 2018, BHEL entered into a Technology Ratios (%)
Transfer Agreement with Indian Space Research Organisation (ISRO) for the manufacture of space-grade Lithium- 1.6
NPM
ion cells of various capacities. In Jun 2017, it entered into a TCA with Kawasaki Heavy Industries Ltd, Japan for the
manufacture of stainless steel coaches and bogies for metros. RONW 1.5
(As on Mar 31, 2017)

Siemens Limited
Birla Aurora, Level 21, Plot no. 1080, Dr. Annie Besant Road, Worli, Mumbai-400030, Maharashtra
Website: www.siemens.co.in
Dun & Bradstreet D-U-N-S® No 65-031-7621 Top 500 Ranking Income 80 Net Profit 72 Networth 93
About the Company
Financial Snapshot (` mn)
Siemens Ltd (Siemens) was incorporated in 1957 as Siemens Engineering and manufacturing Company of India
Total Income 116,030.0
Pvt Ltd. The company’s business is aligned into six divisions namely digital factory, process industries and drives,
building technologies, power and gas, energy management and mobility. The company’s product portfolio mainly Net Profit 11,336.0
consists of steam turbines, switchgear, remote monitoring system, motors & generators, relays & smart grid
Networth 77,047.0
systems, transformers, railway bogies and X-ray machines. The Company received new orders valued at ` 135,736
mn for FY17, a 12% increase over ` 121,199 mn in the FY16. The Company sold and transferred its business of Ratios (%)
engineering, design and development services for global wind power business, as going concern on slump sale 9.8
NPM
basis to Siemens Wind Power Private Limited, a subsidiary of Siemens AG, Germany, with effect from Jan 2017,
for a consideration of ` 75 mn. RONW 14.7
(As on Sep 30, 2017)

Cummins India Limited

Cummins India Office Campus, Tower A, Balewadi, Pune – 411045, Maharashtra
Website: www.cumminsindia.com
Dun & Bradstreet D-U-N-S® No 86-216-9448 Top 500 Ranking Income 153 Net Profit 99 Networth 151
About the Company
Financial Snapshot (` mn)
Cummins India Ltd (Cummins), a subsidiary of Cummins Inc. was established in 1962 as a partnership between
Total Income 56,367.3
Kirloskar Oil Engines Ltd and Cummins Engine Company Inc. In 1997, Cummins Inc. acquired full stake in the
company and acquired its present name. The company operates through three business units namely engine, Net Profit 7,346.3
power systems and distribution. Under engine business, the company manufactures engines from 60 HP for
Networth 37,421.7
low, medium and heavy-duty on-highway commercial vehicle markets and off-highway commercial equipment
industry spanning construction and compressor. The power systems business of Cummins designs and Ratios (%)
manufactures high horsepower engines from 700 HP to 4500 HP for marine, railways, defense and mining 13.0
NPM
applications. It also manufactures integrated generator sets in the range of 7.5kVA to 3750 kVA including transfer
switches, paralleling switchgear and controls for use in standby, prime and continuous rated systems. RONW 19.6
(As on Mar 31, 2017)

Thermax Limited
D-13, MIDC, Industrial Area, R D Aga Road, Chinchwad, Pune 411019, Maharashtra
Website: www.thermaxglobal.com
Dun & Bradstreet D-U-N-S® No 85-979-8780 Top 500 Ranking Income 209 Net Profit 300 Networth 208
About the Company
Financial Snapshot (` mn)
Thermax Ltd (Thermax) was incorporated in 1980. Thermax provides a range of engineering solutions to the energy
Total Income 39,729.4
and environment sectors. Company provides products including large boilers and fired heaters, generators, heat
pumps, hybrid chillers, chiller heater, heat recovery systems, electrostatic precipitators, construction chemicals, Net Profit 1,448.3
scrubbers, ion exchange resins, water treatment solutions, bagfilters and combofilter. The company operates
Networth 24,097.6
globally through 33 international offices, 7 domestic manufacturing facilities and 6 overseas manufacturing
facilities. Thermax has 5 domestic wholly owned subsidiaries, 20 overseas wholly owned subsidiaries and 2 joint Ratios (%)
ventures. In FY17, the order backlog marginally increased by 3.5% to ` 38.31 bn. The company has entered into a 3.6
NPM
definitive agreement in Mar 2017 with Weiss SP. Z.O.O., Poland (Weiss), to acquire certain assets and production
activities related to boiler manufacturing of Weiss. RONW 6.0
(As on Mar 31, 2017)

INDIA’S TOP 500 COMPANIES 95

BGR Energy Systems Limited
A-5 Pannamgadu Industrial Estate, Ramapuram Post Sullurpet Village, Nellore - 524401, AP
Website: www.bgrcorp.com
Dun & Bradstreet D-U-N-S® No 91-845-1852 Top 500 Ranking Income 226 Net Profit 428 Networth 292
About the Company
Financial Snapshot (` mn)
BGR Energy Systems Ltd (BGR Energy) was incorporated in 1985 as GEA Energy System (India) Ltd. The company
Total Income 34,479.5
acquired its present name in 2007. BGR Energy’s business can be classified under two segments - supply of systems
& equipment and turnkey engineering project contracting. In the turnkey engineering project contracting, the Net Profit 441.5
company engineer, manufacture, procure, construct and commission projects in the power and oil & gas sector.
Networth 13,776.5
The company currently executes Balance of Plant (BOP) and Engineering, Procurement and Construction (EPC)
contracts tailored to customer requirements. BGR Energy operates under five businesses namely, power projects Ratios (%)
business, oil & gas equipment business, air fin coolers business (AFC), environmental engineering division (EED) 1.3
NPM
and electrical projects division (EPD). In Jan 2017, BGR Energy entered into large size water treatment business
by receiving two large value contracts for water treatment worth ` 6.5 bn. RONW 3.2
(As on Mar 31, 2017)

Isgec Heavy Engineering Limited

Radaur Road, Yamuna Nagar - 135001, Haryana
Website: www.isgec.com
Dun & Bradstreet D-U-N-S® No 87-177-6849 Top 500 Ranking Income 238 Net Profit 255 Networth 321
About the Company
Financial Snapshot (` mn)
Isgec Heavy Engineering Ltd (ISGEC) was incorporated in 1933 as the Saraswati Sugar Syndicate Ltd. In 2011,
Total Income 32,042.2
the company acquired its present name. ISGEC is a diversified heavy engineering company which is engaged
in manufacturing of process equipment, EPC projects, boilers, sugar plants & machinery, presses, iron & steel Net Profit 1,886.3
castings, air pollution control equipment, contract manufacturing and liquified gas containers. The company
Networth 11,255.0
caters to various sectors including power, fertiliser, steel, oil & gas, cement, defence, automobile, sugar and
chemical. ISGEC operates through five manufacturing facilities located at Yamunanagar & Bawal in Haryana, Ratios (%)
Noida & Muzaffarnagar in UP and Dahej in Gujarat. The company has a majority stake in JV with Hitachi Zosen 5.9
NPM
Corp, Japan, Amec Foster Wheeler North America Corp, USA, Titan Metal Fabricators, USA and Redecam, Italy.
In Mar 2017, the company incorporated a subsidiary company with a name Isgec Canada Inc in Ontario, Canada. RONW 16.8
(As on Mar 31, 2017)

Kirloskar Oil Engines Limited

Laxmanrao Kirloskar Road, Khadki, Pune - 411003, Maharashtra
Website: www.koel.kirloskar.com
Dun & Bradstreet D-U-N-S® No 91-548-4656 Top 500 Ranking Income 261 Net Profit 272 Networth 263
About the Company
Financial Snapshot (` mn)
Kirloskar Oil Engines Ltd (KOEL), a subsidiary of the Kirloskar group, was incorporated in 1946. It operates in
Total Income 29,601.8
domestic and international power generation, Industrial engine, agriculture and large engines business segments.
It manufactures diesel engines, agricultural pump sets and power generating sets. Also manufactures air-cooled Net Profit 1,736.2
and liquid-cooled diesel engines and generating sets across power output from 5kVA to 3000kVA. The large
Networth 16,167.0
engines business group offers diesel engines from 2,400 hp to 11,000 hp. The industrial engine business products
from 20 hp to 800 hp. It also offers engines operating on bio-diesel, natural gas and biogas. The agriculture Ratios (%)
business caters to farmers requirements from 3 hp to 130 hp in the global agriculture space. It offers diesel 5.9
NPM
pumpsets and agriculture engines powering more than 25 applications across five sectors. Its manufacturing
units are located in Pune, Nashik, Kagal and Kolhapur. RONW 10.7
(As on Mar 31, 2017)

BEML Limited
BEML Soudha, 23 / 1, 4th Main, S R Nagar, Bengaluru - 560027, Karnataka
Website: www.bemlindia.com
Dun & Bradstreet D-U-N-S® No 65-012-5305 Top 500 Ranking Income 264 Net Profit 376 Networth 218
About the Company
Financial Snapshot (` mn)
BEML Ltd (BEML), formerly known as Bharat Earth Movers Ltd, was incorporated in 1964 as a PSE for the
Total Income 28,971.1
manufacture of rail coaches and spare parts and mining equipment at its Bengaluru complex. The company
has been conferred with Miniratna-Category 1 status by GoI. BEML is engaged in three major business verticals, Net Profit 844.5
viz. mining & construction, defence and rail & metro. Under mining & construction, BEML offers bull dozers,
Networth 21,815.6
excavators, rear dump trucks and loaders, etc. Under defence vertical, the company produces armoured recovery
vehicle, pontoon bridge system, aircraft towing tractor and mine plough, amongst others. Rail & metro vertical Ratios (%)
is engaged in the production of metro cars, rail coaches, track laying equipment, treasury vans and utility track 2.9
NPM
vehicles, etc. The company operates through nine manufacturing units located at Bengaluru, Kolar Gold Fields
(KGF), Mysore, Palakkad and a subsidiary - Vignyan Industries Ltd, in Chikmagalur. RONW 3.9
(As on Mar 31, 2017)

96 INDIA’S TOP 500 COMPANIES

Lakshmi Machine Works Limited
Perianaickenpalayam, SRK Vidyalaya Post, Coimbatore - 641020, TN
Website: www.lakshmimach.com
Dun & Bradstreet D-U-N-S® No 65-005-0180 Top 500 Ranking Income 288 Net Profit 253 Networth 279
About the Company
Financial Snapshot (` mn)
Lakshmi Machine Works Ltd (LMW) was incorporated in 1962. The company is engaged in the manufacturing the
Total Income 25,228.6
entire range of spinning machinery. It operates across four business verticals namely; Textile Machinery Division
(TMD), Machine Tools Division (MTD), Foundry Division (FD) and Advanced Technology Centre (ATC). Under TMD, Net Profit 1,906.0
it offers card sliver system, combing system and ring spinning system; while under MTD, it offers complete range
Networth 14,787.5
of textile machinery including; turning, milling and turnmill. Its foundry machinery segment offers ductile iron
castings and grey iron castings. The ATC division of the company specialises in the manufacture and supply of high Ratios (%)
precision parts and components required for the aerospace industry. In FY17, the company sold 2,170 spinning 7.6
NPM
preparatory machines, 1,105 yarn making machines, 1,466 machine tools and 3,986 MT of ductile iron and grey
iron. RONW 12.9
(As on Mar 31, 2017)

AIA Engineering Limited

115, GVMM Estate, Odhav Road, Odhav, Ahmedabad - 382 410, Gujarat
Website: www.aiaengineering.com
Dun & Bradstreet D-U-N-S® No 86-221-8323 Top 500 Ranking Income 312 Net Profit 156 Networth 205
About the Company
Financial Snapshot (` mn)
AIA Engineering Ltd (AIA) was established in 1979 at Ahmadabad, Gujarat and engages in the design, development,
Total Income 22,613.7
manufacture and installation of high chrome mill internals. The company focuses on three core industry segments
of mining, cement and utility. The group has presence in USA, Canada, UK, Brazil, UAE, Australia, South Africa, Net Profit 4,173.1
Philippines, China, Egypt, Indonesia, among other countries, as of March 2017. The company has manufacturing
Networth 24,220.8
facilities located in and around Ahmadabad, Nagpur, Bangalore and Trichy with a total capacity of 340,000
MMTPA as on March 2017, after successful commission of Phase I of Kerala GIDC brownfield expansion project Ratios (%)
during 2016-17. At the end of FY17, the company had eight subsidiaries – Welcast Steels Ltd, Vega Industries 18.5
NPM
(Middle East), Vega Industries (UK), Vega Industries (USA), Vega Industries (RSA) Proprietary Ltd (South Africa),
Wuxi Vega Trade Co Ltd (China), Pt. Vega Industries (Indonesia) and AIA CSR Foundation. RONW 17.2
(As on Mar 31, 2017)

Sunil Hitech Engineers Limited

72, Plot-15A, Sagar Tarang CHS, Khan Abdul Gaffar Khan Marg, Worli, Mumbai – 400030, Maharashtra
Website: www.sunilhitech.com
Dun & Bradstreet D-U-N-S® No 86-041-6241 Top 500 Ranking Income 332 Net Profit 433 Networth 447
About the Company
Financial Snapshot (` mn)
Sunil Hitech Engineers Ltd. (SHEL) was established in 1984 as a proprietary entity which was converted to a
Total Income 21,045.7
private company in 1998 and into a public limited company in 2005. The company is engaged in the business
of Engineering, Procurement, Construction-(EPC), fabrication, erection, overhauling, maintenance, trading Net Profit 400.7
and other related activities. SHEL’s business segments are classified as EPC based projects, manufacturing,
Networth 4,673.2
power and project supply. SHEL operations are classified intro various construction verticals such as roads and
highways, water management, transmission and distribution, manufacturing, heavy engineering, urban building Ratios (%)
and housing, civil engineering project and flyovers and bridges. The company’s service portfolio comprises of 1.9
NPM
providing solutions to operation, overhauling and maintenance, renovation and upgrading of power and steel
facilities. In FY17, it bagged more than ` 20.78 bn EPC road contracts. RONW 8.6
(As on Mar 31, 2017)

Greaves Cotton Limited

3rd Floor, Motilal Oswal Tower, Junction of Gokhale and Sayani Road, Prabhadevi, Mumbai 400025, Maharashtra
Website: www.greavescotton.com
Dun & Bradstreet D-U-N-S® No 91-843-2662 Top 500 Ranking Income 356 Net Profit 264 Networth 349
About the Company
Financial Snapshot (` mn)
Greaves Cotton Ltd (Greaves Cotton), founded in 1859 by James Greaves and George Cotton, is a diversified
Total Income 18,692.8
engineering company and a leading manufacturer and marketer of diesel engines, petrol engines, generator
sets, pump sets and construction equipment. The company operates in five business segments – automotive Net Profit 1,806.3
engines, auxiliary power, farm equipment, industrial engines and aftermarket segment. Greaves Cotton has six
Networth 9,209.7
manufacturing plants located at various locations in Maharashtra and Tamil Nadu. With an extensive pan-India
network of over 3,500 dealers, the company’s products are mainly sold in India with some exports to Middle Ratios (%)
East, Africa and South-East Asia region. During FY17, the company launched CPCB-II Phase-II diesel generators 9.7
NPM
in the international market, besides introducing new D Series engine driven 400 kVA & 500 kVA DG sets in the
Philippines market. The company launched an indigenous Greaves Weeder with 1520 engine. RONW 19.6
(As on Mar 31, 2017)

INDIA’S TOP 500 COMPANIES 97

Kirloskar Brothers Limited
Udyog Bhavan, Tilak Road, Pune- 411 002, Maharashtra
Website: www.kirloskarpumps.com
Dun & Bradstreet D-U-N-S® No 67-719-3584 Top 500 Ranking Income 359 Net Profit 440 Networth 364
About the Company
Financial Snapshot (` mn)
Kirloskar Brothers Ltd (KBL) was incorporated in 1920. The company is a manufacturer and exporter of centrifugal
Total Income 18,412.8
pumps and valves. It is the only Indian company manufacturing metallic volute pumps in the country as well as
the world’s largest concrete volute pump manufacturer. It provides global fluid management solutions. KBL is Net Profit 330.0
also engaged in the businesses of infrastructure projects, which include water supply, power plants and irrigation.
Networth 8,380.2
The products of the company are engineered pumps, industrial pumps, agriculture and domestic pumps, valves
and hydro turbines. It offers pumps, including end suction pump, monobloc pump, split case pump, submersible Ratios (%)
pump, multistage pump and sump pump. It offers hydro turbines, including francis turbines, kaplan turbines 1.8
NPM
and pelton wheel turbines. It offers valves, including butterfly valve, sluice valve, kinetic air valve, foot valve, ball
valve, forged steel gate, globe, check valve, and suction diffuser and triple duty valve. RONW 3.9
(As on Mar 31, 2017)

VA Tech Wabag Limited

Wabag House, No. 17, 200 Feet Thoraipakkam, Sunnambu Kolathur, Chennai- 600117, TN
Website: www.mywestside.com
Dun & Bradstreet D-U-N-S® No 65-067-1902 Top 500 Ranking Income 363 Net Profit 386 Networth 370
About the Company
Financial Snapshot (` mn)
VA Tech Wabag Ltd (Wabag), a part of The WABAG Group, was incorporated in 1996. The company offers end-to-
Total Income 18,196.3
end water solutions in the areas of municipal and industrial water segment. Its wide range of services include;
conceptualising, financing, design and engineering, procurement, equipment supply, construction, installation, Net Profit 749.8
commissioning, and operations and maintenance. Its product portfolio comprises of drinking water and industrial
Networth 8,240.6
water treatment, desalination of sea and brackish water, water reclamation, municipal used water treatment,
industrial effluent treatment, anaerobic sludge treatment, and industrial water reuse and recycling. In FY17, Ratios (%)
the company bagged a USD 98 mn municipal wastewater treatment plant order for Las Esclusas in Guayaquil 4.1
NPM
(Ecuador). In Oct 2017, the company received an order to build a water treatment plant worth USD 13 mn to
meet the clean water needs for about 3 mn people in Hanoi. RONW 9.1
(As on Mar 31, 2017)

Engineers India Limited

Engineers India Bhavan, 1 Bhikaji Cama Place, New Delhi - 110066, Delhi
Website: www.engineersindia.com
Dun & Bradstreet D-U-N-S® No 65-004-6956 Top 500 Ranking Income 393 Net Profit 180 Networth 187
About the Company
Financial Snapshot (` mn)
Engineers India Ltd (EIL), a Navratna company, was incorporated in 1965. EIL is engaged in engineering consultancy
Total Income 16,723.0
and EPC services providing design, engineering, procurement, construction and integrated project management
services. While the company principally operates in oil & gas and petrochemical sectors, it has also diversified Net Profit 3,250.4
into sectors like fertilisers, mining and metallurgy, infrastructure, water and waste management and power. It
Networth 27,759.6
also provides specialist services such as heat and mass transfer equipment design, environmental engineering,
specialist materials and maintenance and plant operations and safety services. Besides, there are offices in Ratios (%)
London, Milan and Shanghai to coordinate the activities of international procurement and marketing. In FY17, 19.4
NPM
the company secured orders worth ` 57.08 bn. In Jan 2017, EIL received the project for execution of Vizag refinery
modernization from Hindustan Petroleum Corporation Ltd. RONW 11.7
(As on Mar 31, 2017)

Fedders Electric and Engineering Limited

6 & 6/1, UPSIDC Industrial Area, District Bulandshahr, Sikandrabad - 203205, UP
Website: www.fedderselectric.com
Dun & Bradstreet D-U-N-S® No 86-041-6231 Top 500 Ranking Income 448 Net Profit 453 Networth 452
About the Company
Financial Snapshot (` mn)
Fedders Electric and Engineering Ltd (FEEL), formerly known as Fedders Lloyd Corporation Ltd, was incorporated in
Total Income 13,563.3
1957. FEEL started off with the trading of air-conditioner (AC) units and subsequently commenced manufacturing
of AC units in India. The company is now engaged in diverse business areas including air systems division, Net Profit 205.6
scaffolding & form work division, structural steel division and solar division. Air systems division caters to air
Networth 4,480.3
conditioning industry and offers products such as air handling units, heat transfer coils, air distribution products,
smoke & fire dampers, etc. Scaffolding & form work division serves construction and infrastructure sectors in Ratios (%)
domestic and international markets. Structural steel division manufactures structural steel buildings such as 1.5
NPM
power plants, refineries, high rise buildings & pre-engineered buildings like industrial sheds, warehouses, metro
stations etc. Electric solar division offers solar products, rooftop solar power systems etc. RONW 4.6
(As on Mar 31, 2017)

98 INDIA’S TOP 500 COMPANIES

Techno Electric and Engineering Company Limited
P-46 A, Radha Bazar Lane, Kolkata - 700001, WB
Website: www.techno.co.in
Dun & Bradstreet D-U-N-S® No 86-041-6243 Top 500 Ranking Income 465 Net Profit 298 Networth 362
About the Company
Financial Snapshot (` mn)
Techno Electric and Engineering Company Ltd (TEECL) was incorporated in 1963. TEECL mainly operates in power-
Total Income 12,780.3
infrastructure segment providing engineering, procurement and construction services. The company operates
through three business segments namely EPC, asset ownership and operations & maintenance. Under EPC Net Profit 1,454.7
segment, the company provides services to generation, transmission and distribution segments of power sector
Networth 8,519.4
as well as metallurgical and petrochemical sector. It also delivers complete solutions for EHV substations and
distribution system. The company has also entered into green power, Build, Own, Operate and Transfer (BOOT) Ratios (%)
and Build, Own, Operate and Maintain (BOOM) project segment. Under green power, the company operates 11.4
NPM
129.9 MW wind energy project. TEECL has completed more than 340 projects since its inception. The EPC
segment of the company reported an order book of ` 26 bn as of Mar 31, 2017. RONW 17.1
(As on Mar 31, 2017)

Texmaco Rail & Engineering Limited

Belgharia, Kolkata - 700056, WB
Website: www.texmaco.in
Dun & Bradstreet D-U-N-S® No 85-903-9541 Top 500 Ranking Income 474 Net Profit 439 Networth 332
About the Company
Financial Snapshot (` mn)
Texmaco Rail & Engineering Ltd (Texmaco), the flagship company of Adventz Group, was incorporated in
Total Income 12,350.8
1998. Texmaco was formed after demerger into it of the heavy engineering and steel foundry divisions of the
parent company Texmaco Ltd. The company manufactures a diverse range of products like railway freight cars, Net Profit 335.7
hydro-mechanical equipment & industrial structurals, steel castings, and pressure vessels, etc. The company
Networth 10,452.4
manufactures custom-built special purpose freight cars for movement of large oversized consignments with
weights upto 250 tonnes which cater to various industries including cement, steel, defence, fertilizer, oil, alumina, Ratios (%)
thermal power projects, chemical, etc. Texmaco operates five manufacturing units located near Kolkata, WB. 2.7
NPM
In Mar 2018, the company incorporated a subsidiary named Texrail SA (Pty) Ltd. In Jan 2018, the company
incorporated a subsidiary named “Texmaco Defence Systems Pvt Ltd. RONW 3.2
(As on Mar 31, 2017)

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INDIA’S TOP 500 COMPANIES 99

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100 INDIA’S TOP 500 COMPANIES

FERTILISERS
Comparative Matrix

Sector Total Income Net Profit Net Worth NPM RONW

Company Name
TI Rank ` Mn ` Mn ` Mn (%) (%)
1 Coromandel International Limited 102,386.8 4,767.8 28,119.3 4.7 17.0
2 National Fertilizers Limited 77,078.1 2,081.6 18,266.4 2.7 11.4
3 Chambal Fertilisers and Chemicals Limited 76,090.6 4,251.0 25,352.4 5.6 16.8
4 Rashtriya Chemicals and Fertilizers Limited 72,911.5 1,792.6 29,250.2 2.5 6.1
5 Gujarat State Fertilizers & Chemicals Limited 55,335.3 4,195.0 49,563.3 7.6 8.5
6 Zuari Agro Chemicals Limited 40,626.7 195.9 8,227.7 0.5 2.4
7 Mangalore Chemicals and Fertilizers Limited 25,118.6 194.1 3,633.4 0.8 5.3
Southern Petrochemical Industries Corporation
8 15,429.8 273.9 2,737.3 1.8 10.0
Limited

INDIA’S TOP 500 COMPANIES

Coromandel International Limited
Coromandel House, 1-2-10, Sardar Patel Road, Secunderabad - 500003, Telangana
Website: www.coromandel.biz
Dun & Bradstreet D-U-N-S® No 65-005-0271 Top 500 Ranking Income 89 Net Profit 141 Networth 184
About the Company
Financial Snapshot (` mn)
Coromandel International Ltd (Coromandel), established in 1961 is a flagship company of the Murugappa Group
Total Income 102,386.8
and is a subsidiary of E.I.D. Parry (India) Ltd which holds 60.7% stake in Coromandel. Coromandel is engaged into
four business segments viz fertilisers, speciality nutrients, crop protection and retail. Under the fertilizer segment, Net Profit 4,767.8
the company offers fertilisers in various grades of nitrogen, phosphatic, and potassic. It mainly markets its products
Networth 28,119.3
under the brand Gromor. It has fertilizer manufacturing plants located at Visakhapatnam and Kakinada in AP and
Ennore and Ranipet at TN. The crop protection business produces insecticides, fungicides and herbicides. The Ratios (%)
speciality nutrients division is engaged into manufacture of secondary and micro nutrients, organic and water 4.7
NPM
soluble fertilisers as well as bentonite sulphur. In Dec 2017, it acquired the bio pesticides business of E.I.D Parry
(India) Ltd (E.I.D Parry) and Parry America Inc, USA, a wholly owned subsidiary of E.I.D Parry. RONW 17.0
(As on Mar 31, 2017)

National Fertilizers Limited

Scope Complex Core 3, Institutional Area, Lodhi Road, New Delhi 110003, Delhi
Website: www.nationalfertilizers.com
Dun & Bradstreet D-U-N-S® No 91-851-9646 Top 500 Ranking Income 118 Net Profit 241 Networth 244
About the Company
Financial Snapshot (` mn)
National Fertilizers Ltd (NFL) is a Mini Ratna (Category 1) company incorporated in 1974. NFL is engaged in
Total Income 77,078.1
the manufacture and marketing of neem coated urea, three strains of bio-fertilizers (solid & liquid) and other
allied industrial products like ammonia, nitric acid, ammonium nitrate, sodium nitrite and sodium nitrate. NFL’s Net Profit 2,081.6
products are sold under the brand name, Kisan. The company also produces certified seeds under its seeds
Networth 18,266.4
multiplication program under the brand name, Kisan Beej. The company currently has a total annual installed
capacity of 35.68 LMT (Re-assessed capacity of 32.31 LMT) and is one of the largest urea producers in the country. Ratios (%)
NFL achieved the highest ever urea production of 38.10 LMT during FY17 beating the previous best production 2.7
NPM
of 37.99 LMT in FY16. In December 2017, the company commissioned a bentonite sulphur plant of 25000 MTPA
capacity at its Panipat unit with a cost of ` 440 mn. RONW 11.4
(As on Mar 31, 2017)

Chambal Fertilisers and Chemicals Limited

Vill & Po Godepan, Dist Kota, Gadepan - 325208, Rajasthan
Website: www.chambalfertilisers.com
Dun & Bradstreet D-U-N-S® No 91-532-9924 Top 500 Ranking Income 120 Net Profit 152 Networth 198
About the Company
Financial Snapshot (` mn)
Chambal Fertilisers and Chemicals Ltd (Chambal Fertilisers) was promoted by Zuari Industries Ltd in 1985. The
Total Income 76,090.6
company commissioned its first urea plant in 1993 followed by second plant in 1999 in Kota, Rajasthan. Besides
fertilisers, the company has diversified its business into agri-inputs, shipping, textiles, software and manufacturing Net Profit 4,251.0
of phosphoric acid. The Company is engaged in manufacture of urea and single super phosphate (SSP) and
Networth 25,352.4
markets other agri-inputs such as di-ammonium phosphate (DAP), muriate of potash (MOP), insecticides, seeds,
micronutrients, etc. The two fertiliser plants of the company have a combined capacity to produce about 2 mn Ratios (%)
MT of urea per annum. During FY16, the Company started the implementation of new Urea plant at Gadepan 5.6
NPM
(Gadepan – III project) for production of 1.34 mn MT of Urea per annum. Chambal Fertiliser also operates through
five subsidiaries and a joint venture. RONW 16.8
(As on Mar 31, 2017)

Rashtriya Chemicals and Fertilizers Limited

Priyadarshini, Eastern Express Highway, Sion, Mumbai - 400022, Maharashtra
Website: www.rcfltd.com
Dun & Bradstreet D-U-N-S® No 65-007-9536 Top 500 Ranking Income 123 Net Profit 268 Networth 178
About the Company
Financial Snapshot (` mn)
Rashtriya Chemicals and Fertilizers Ltd (RCF), a Government of India (GoI) undertaking, was established in
Total Income 72,911.5
1978 consequent to the reorganization of Fertilizer Corporation of India (FCI). The GoI owns 80% stake and
has accorded it with Mini- Ratna status. Its operating segments include fertilizers, industrial chemicals and Net Profit 1,792.6
trading. The company’s product portfolio comprises of urea, complex fertilizers, bio-fertilizers, micro-nutrients,
Networth 29,250.2
100% water soluble fertilizers, soil conditioners and a wide range of industrial chemicals. RCF owns two brands
namely Ujjwala (urea) and Suphala (complex fertilizers). In addition to manufacturing, the company is engaged in Ratios (%)
marketing of SSP and imported fertilizer inputs like, DAP, MOP & NPK fertilizers. In FY17, the company launched 2.5
NPM
a NPK composite bio-fertilizer for sustainable agriculture. It has also opened the National Accreditation Board for
Laboratory Testing and calibration (NABL) certification for R&D lab. RONW 6.1
(As on Mar 31, 2017)

INDIA’S TOP 500 COMPANIES 103

Gujarat State Fertilizers & Chemicals Limited
P O Fertilizernagar, Vadodara - 391750, Gujarat
Website: www.gsfclimited.com
Dun & Bradstreet D-U-N-S® No 65-032-0427 Top 500 Ranking Income 155 Net Profit 153 Networth 122
About the Company
Financial Snapshot (` mn)
Gujarat State Fertilizers & Chemicals Ltd (GSFC) was incorporated in 1962 and started production of fertilisers
Total Income 55,335.3
in the year 1967. Originally started as a fertiliser company, GSFC diversified its business in the later years and
ventured into industrial chemicals segment. Today, the company’s product portfolio consists of more than 24 Net Profit 4,195.0
brands of fertilisers, petrochemicals, chemicals, fibers and other products. GSFC’s industrial products business
Networth 49,563.3
offers anhydrous ammonia, argon gas, caprolactam, melamine, methanol, sulphuric acid and oleum, etc. It’s
fertiliser business is engaged in the manufacturing of urea, ammonium sulphate, di-ammonium phosphate, water Ratios (%)
soluble fertilisers, micro mix and gypsum among others. The company’s agro products business offers sardaramin 7.6
NPM
granules/liquid, bio-fertilisers, plant tissue culture, seeds and low nutrient fertiliser named Sardar Nirmal. In Feb
2018, the company commissioned its Film Grade Nylon-6 project and Caprolactam Quality Improvement project. RONW 8.5
(As on Mar 31, 2017)

Zuari Agro Chemicals Limited

Jai Kisaan Bhawan, Zuari Nagar - 403726, Goa
Website: www.zuari.in
Dun & Bradstreet D-U-N-S® No 65-060-8818 Top 500 Ranking Income 203 Net Profit 456 Networth 371
About the Company
Financial Snapshot (` mn)
Zuari Agro Chemicals Ltd (ZACL) was incorporated in 2009 as Zuari Holdings Ltd, and was renamed in 2012. The
Total Income 40,626.7
company is engaged in the manufacture, sale and trading of fertilizers and seeds. ZACL manufactures organic and
inorganic fertilisers of various grades along with seeds, pesticides, organic manure, specialty fertilisers and micro Net Profit 195.9
nutrients. The company is also engaged in the trading of complex fertilizers, water soluble fertilizers, pesticides
Networth 8,227.7
and seeds. It markets its products under the brand name of ‘Jai Kisaan’. The company has a manufacturing facility
in Goa, which consists of four plants to manufacture urea, di-ammonium phosphate and nitrogen and NPK based Ratios (%)
fertilizers. In FY17, the company expanded its marketing reach in Punjab, Haryana, UP in addition to its presence 0.5
NPM
in Maharashtra, Karnataka, Goa, AP, Telangana, MP and Kerela. In FY17, ZACL signed an MoU to set up an USD
800 mn manufacturing facility in the UAE. RONW 2.4
(As on Mar 31, 2017)

Mangalore Chemicals and Fertilizers Limited

Level 11, UB Tower, UB City, 24, Vittal Mallya Road, Bengaluru - 560001, Karnataka
Website: www.mangalorechemicals.com
Dun & Bradstreet D-U-N-S® No 87-180-6952 Top 500 Ranking Income 289 Net Profit 457 Networth 467
About the Company
Financial Snapshot (` mn)
Mangalore Chemicals and Fertilizers Ltd (MCF) was originally incorporated in 1966 as Malabar Chemicals &
Total Income 25,118.6
Fertilizers Ltd, eventually renamed in 1971. The MCF is subsidiary of Zuari Fertilisers and chemicals ltd, which
is a wholly owned subsidiary of Zuari Agro Chemicals Ltd. The company is engaged in the manufacture and sale Net Profit 194.1
of chemical fertilizers like urea, di-ammonium phosphate and complex fertilizers, ammonium bi-carbonate,
Networth 3,633.4
sulphonated naphthalene formaldehyde, plant nutrition products and plant protection chemicals. The company
caters primarily to three segments, namely fertilizers, plant nutrition, plant protection chemicals. MCF’s factory Ratios (%)
is located at Panambur, Mangalore (Karnataka). In FY17, MCF sold 379,400 mts of urea compared to 380,259 mts 0.8
NPM
in FY16, 259,792 mts of phosphatic fertilizers compared to 205,680 mts in FY16 and 291,599 mts of imported
fertilizers in FY17 against 376,164 mts in FY16. RONW 5.3
(As on Mar 31, 2017)

Southern Petrochemical Industries Corporation Limited

“SPIC House” No 88 Mount Road, Guindy, Chennai – 600032, TN
Website: www.spic.in
Dun & Bradstreet D-U-N-S® No 65-006-8869 Top 500 Ranking Income 417 Net Profit 446 Networth 485
About the Company
Financial Snapshot (` mn)
Southern Petrochemical Industries Corporation Ltd (SPIC) was incorporated in 1969. The company is engaged in
Total Income 15,429.8
the production of chemical fertilisers, water soluble fertilisers, organic fertilisers, micro nutrients, plant growth
regulators and industrial products. Under chemical fertilisers segment, the company manufactures and sells Net Profit 273.9
fertilisers such as urea, di-ammonium phosphate, ammonium phosphate sulphate, ammonium chloride and
Networth 2,737.3
potassium schoenite. Under water soluble fertilisers category, the company offers mono ammonium phosphate,
mono potassium phosphate, sulphate of potash, calcium nitrate and potassium nitrate, etc. The organic fertilisers Ratios (%)
category comprises of mixed oilcake manure and enriched organic manure. SPIC sells industrial products like 1.8
NPM
gypsum, aluminium fluoride and silica. The company markets its products under various brands like Surabi,
Jyothi, Triumph and Deepam, etc. SPIC’s manufacturing facility is located at Tuticorin, TN. RONW 10.0
(As on Mar 31, 2017)

104 INDIA’S TOP 500 COMPANIES


Renu Sud Karnad
Managing Director
About the Company
HDFC not only introduced the concept
of housing mortgage in India nearly
four decades ago but today it has
grown to be a premier financial
institution. It has turned the concept
of selling mortgages into a profitable,
professionally managed and world-class
enterprise. HDFC has assisted more
than 6.3 million families in owning a
home of their own. It has consistently
striven for and developed an excellent
reputation for professionalism, integrity
and an impeccable record of customer
friendly services. It has been an effort of
40 years that went on to build the brand
“HDFC”. Integrity, transparency, trust
and professional service are important
pillars of the brand HDFC.
HDFC’s success in the mortgage
industry and its spread across the
financial services industry has made
it a large financial conglomerate with
presence in banking, life insurance,
non-life insurance, asset management,
real estate fund and education
finance through separate entities
thereby creating a lot of value for its
shareholders. The HDFC group has a
customer base of over 70 million and an
asset base of over ` 19 trillion.
The cornerstone of HDFC’s excellent
brand strength emerges from its
unrelenting focus on corporate
governance, its high standards of ethics
and clarity of vision, which percolates
through the organization. Today, HDFC is
recognized as one of the Best Managed
Companies in India and a model housing
finance company for developing
countries with nascent housing finance
Housing Development Finance
Corporation Limited
markets internationally. HDFC has
undertaken consultancy assignments
closely with the World Bank, USAID,
the Asian Development Bank, United
Nations and the Commonwealth
Development Corporation (CDC) in a
number of countries in Asia and Africa,
which includes Sri Lanka, Bangladesh,
Indonesia, Bhutan, Nepal, Ghana,
Egypt, Thailand, Philippines, Jamaica
and Russia.
Offerings
HDFC’s product range includes:
• Housing Loans: Under this segment
HDFC provides home loans for new,
resale and constructions of homes.
The company also provides home
improvement, home extension,
plot loans and rural housing
financing. Rural housing finance
provides specially designed
loans to agriculturists, planters,
horticulturists, and dairy farmers.
The loans are also available for
salaried / self-employed people.
No mortgage of agricultural land
is required to avail the Home
Loan for agriculturists. HDFC also
caters to customers belonging
to the unorganized sector
through its product called ‘HDFC
Reach’. The product is targeted
towards salaried & self-employed
individuals, owners of small
businesses, and professionals, thus
tapping the untapped potential
of the unorganized sector in the
country.
Each product is customized to
suit the diverse requirements
of individual customers. While
it’s flexible repayment options
include Step Up Repayment Facility
(SURF), Flexible Loan Installment
Plan (FLIP), Tranche based EMI,
Accelerated repayment scheme
and Telescopic repayment option.
• Non Housing Loans: HDFC offers
non-residential premises loans
for buying / constructing of office
space, shops, etc. Additionally,
it also offers loans against fully
constructed commercial properties
to individuals to help them meet
their business needs, marriage
expenses, medical expenses and
other personal needs. It also
offers top-up loans to its existing
customers for a variety of personal
and professional needs.
• Deposits: HDFC provides deposits
for Indian residents with maturities
ranging from 12 to 60 months
as well as non-resident Indians
with maturities ranging from 12
to 36 months. HDFC is the only
institution in India to have received
an ‘AAA’ rating for its deposits from
both CRISIL (CRISIL FAAA/Stable)
and ICRA (ICRA MAAA/Stable) for
23 consecutive years, thus building
maximum trust and confidence
amongst customers year after year.
Pradhan Mantri Awas Yojana
(PMAY)
The massive boost from the government
to affordable housing provides a
huge opportunity for housing finance
companies including HDFC. A vast
majority of HDFC’s customers are first
time home buyers. Our all India average
loan size is ` 26.4 lakh and for Tier II
and Tier III cities is less than ` 15 lakh.
Hence, most of the bank’s home loans
portfolio falls under the affordable
housing category.
HDFC Ltd under the ‘Pradhan Mantri
Awas Yojana’ (PMAY) is offering the
Credit Linked Subsidy Scheme for
home loans to customers from the
Economically Weaker Section (EWS),
Low Income Groups (LIG) and Mid
Income Groups. As per the scheme,
eligible borrowers will get an interest
rate subsidy of 6.5% p.a. for loans up to
` 6 lakh under the EWS and LIG
categories (income up to ` 6,00,000 pa),
interest subsidy of 4% and 3% for loans
up to ` 9,00,000 and ` 12,00,000 for
loans under the MIG category (income
between ` 6,00,001 & ` 18,00,000 pa)
for a maximum tenure of 20 years.
HDFC, in order to promote affordable
housing has been actively involved in
this scheme through its large network of
offices across India by creating dedicated
teams across the country and taking this
scheme to its real beneficiaries.
For this HDFC has also been recognized
by the government on multiple
occasions. HDFC has:
• Organized over 700 seminars across
country where on most occasions
NHB and Housing Ministry officials
shared their inputs and addressed
queries
• Employs over 30,000 channel
employees and developer staff
• Trained/conducted workshops for
over 1,000 developers
• Trained over 2,000 In-House
employees and created special In-
House training module
• Conducted online campaign on
various social media platforms to
reach out to a wider audience.
In support of the government’s flagship
scheme, ‘Housing for All’, HDFC has
increased its efforts towards providing
loans to the Economically Weaker
Section (EWS) and Low Income Group
(LIG).
the year ended March 31, 2018, in value
terms, loans to the EWS and LIG segment
grew by 32% and 41% respectively over
previous year. The average home loan
to the EWS and LIG segment stood at `
10.2 lakh and ` 17.4 lakh respectively.
We think these initiatives by the
Government could be a catalyst to
bring about a revival in the housing
sector which in turn will lead to a
very positive impact on the economic
growth as almost 279 Industries, big
and small, depend on the housing
sector. This coupled with benefits
provided to developers on construction
of affordable housing will create an
extremely positive impact. We believe
that it will have a domino effect across
different price points from mid to high
cost housing.
Network
HDFC has a distribution network of 474
interconnected offices which includes
148 offices of HDFC sales. With the
help of these offices HDFC is able to
service over 2,400 towns and cities all
over India. The company’s presence is
enhanced by its distribution channels
which include HSPL, HDFC Bank and
third party selling associates. The
corporation also has tie-ups with banks
such as IndusInd Bank, RBL Bank and
Lakshmi Vilas Bank as well as with
Sundaram Finance Limited, IIFL Limited
and Cholamandalam Distribution
Services Limited and Equitas Holdings.
To assist NRIs and Persons of Indian
Origin (PIO), HDFC has international
offices in London, Dubai and Singapore
with service associates in Kuwait, Oman,
Qatar, Abu Dhabi and Saudi Arabia.
CSR Initiatives
HDFC primarily implements its CSR
initiatives through the H T Parekh
Foundation, a Section 25 (now Section 8)
registered charitable institution set up by
HDFC in October 2012. The Foundation
strives to support organisations across
India that are doing exemplary work in
the social sector. The core objective is
to work in areas of established need,
addressing marginalised communities in
both urban and rural areas.
HDFC’s CSR activities have focused
on sectors such as education, water
& sanitation, skilling & livelihood,
healthcare, welfare for the differently
abled, community & child development
programmes, environmental
sustainability projects and sports.
HDFC in collaboration with Paani
Foundation participated in ‘Maha
Shramdaan’ on 1st May 2018 in villages
in Maharashtra for creating a drought
free Maharashtra.

During the year ended March 31, 2018,

38% of the home loans that were
approved in volume terms and 19% in
value terms have been to customers
from the EWS (Household income up to
` 3 lakh pa) and LIG (Household income
between ` 3 lakh and ` 6 lakh pa)
segment. HDFC on an average has been
approving 8,200 loans on a monthly
basis to the EWS and LIG segment,
with monthly such average approvals
at approximately ` 1,312 crore. During
FIs / NBFCs
Comparative Matrix

Sector Total Income Net Profit Net Worth NPM RONW

Company Name
TI Rank ` Mn ` Mn ` Mn (%) (%)
Housing Development Finance Corporation
1 331,596.0 74,426.4 396,453.8 22.4 18.8
Limited
2 Power Finance Corporation Limited 270,185.7 21,263.9 364,702.1 7.9 5.8
3 Rural Electrification Corporation Limited 240,953.5 62,457.6 333,255.9 25.9 18.7
4 LIC Housing Finance Limited 140,803.5 19,310.5 110,770.3 13.7 17.4
5 Indiabulls Housing Finance Limited 113,171.7 28,423.8 117,841.4 25.1 24.1
6 Shriram Transport Finance Company Limited 108,306.1 12,573.4 113,022.3 11.6 11.1
7 Bajaj Finance Limited 100,033.1 18,365.5 96,003.1 18.4 19.1
8 Dewan Housing Finance Corporation Limited 88,572.3 28,964.5 79,958.0 32.7 36.2
9 Mahindra & Mahindra Financial Services Limited 62,375.4 4,002.3 64,772.4 6.4 6.2
10 Muthoot Finance Limited 57,467.0 11,798.3 65,164.4 20.5 18.1
Cholamandalam Investment and Finance
11 46,603.5 7,187.4 43,126.7 15.4 16.7
Company Limited
12 Shriram City Union Finance Limited 44,345.3 5,560.6 50,284.1 12.5 11.1
13 PNB Housing Finance Limited 39,078.5 5,237.3 55,773.1 13.4 9.4
14 Manappuram Finance Limited 30,084.3 7,260.3 33,107.5 24.1 21.9
15 IFCI Limited 28,742.4 (4,584.9) 59,471.2 (16.0) (7.7)
16 Capital First Limited 27,268.5 2,168.6 22,372.1 8.0 9.7
17 Sundaram Finance Limited 24,582.9 4,953.5 37,456.2 20.2 13.2
18 Srei Infrastructure Finance Limited 22,996.2 960.7 28,649.8 4.2 3.4
19 Reliance Capital Limited 20,710.0 4,190.0 137,010.0 20.2 3.1
20 Magma Fincorp Limited 20,220.5 61.0 20,378.9 0.3 0.3
21 Bharat Financial Inclusion Limited 17,279.0 2,896.9 24,467.3 16.8 11.8
22 GRUH Finance Limited 14,873.9 2,966.5 11,132.1 19.9 26.6
23 Can Fin Homes Limited 13,531.2 2,352.6 10,763.0 17.4 21.9
24 PTC India Financial Services Limited 13,518.8 3,453.3 24,192.7 25.5 14.3

INDIA’S TOP 500 COMPANIES

Housing Development Finance Corporation Limited
Ramon House, H.T. Parekh Marg, 169, Backbay Reclamation, Churchgate, Mumbai - 400020, Maharashtra
Website: www.hdfc.com
Dun & Bradstreet D-U-N-S® No 65-009-5540 Top 500 Ranking Income 37 Net Profit 17 Networth 19
About the Company
Financial Snapshot (` mn)
Housing Development Finance Corporation Ltd (HDFC) was incorporated in 1977 as a specialized mortgage
Total Income 331,596.0
company and is amongst the pioneers of Indian housing finance. HDFC provides housing loans, home improvement
and extension loans, short term bridging loans and rural housing finance to resident individuals and NRIs. It also Net Profit 74,426.4
provides non-housing loans such as loan against property, top-up loans and non-resident premises loans. HDFC
Networth 396,453.8
is also engaged in lending to corporates, construction finance and lease rental discounting. HDFC’s distribution
network consists of 439 interconnected offices which include 135 outlets of HDFC Sales. It also operates three Ratios (%)
representative offices in Dubai, London and Singapore. It also distributes its loan products through HDFC Bank 22.4
NPM
and third party direct selling associates. As on Sept, 2017 HDFC’s the outstanding loan book stood at ` 3,682.17
bn. RONW 18.8
(As on Mar 31, 2017)

Power Finance Corporation Limited

‘Urjanidhi’, 1, Barakhamba Lane, Connaught Place, New Delhi – 110001, Delhi
Website: www.pfcindia.com
Dun & Bradstreet D-U-N-S® No 67-563-8032 Top 500 Ranking Income 42 Net Profit 46 Networth 23
About the Company
Financial Snapshot (` mn)
Power Finance Corporation Ltd (PFC), a GoI-owned Navratna company, was incorporated in Jul 1986. In 1998, it
Total Income 270,185.7
was registered with RBI as an NBFC and in 2010, RBI classified PFC as an ‘Infrastructure Finance Company’ (NBFC-
ND-IFC). The company offers fund and non-fund based products and consultancy services that cater to the needs Net Profit 21,263.9
of state electricity boards, state power utilities, state electricity/power departments, other state departments
Networth 364,702.1
engaged in the development of power projects, central power utilities, joint sector power utilities, equipment
manufacturers and private sector power utilities. Some of its fund-based products include: project term loans, Ratios (%)
debt refinancing, short term loans, corporate loan, bridge loan, line of credit, and asset acquisition; while some 7.9
NPM
of its non-fund products include guarantee, lease financing and letter of comfort, among others.
RONW 5.8
(As on Mar 31, 2017)

Rural Electrification Corporation Limited

Core - 4, SCOPE Complex, 7, Lodhi Road, New Delhi - 110003, Delhi
Website: www.recindia.nic.in
Dun & Bradstreet D-U-N-S® No 86-220-5911 Top 500 Ranking Income 48 Net Profit 20 Networth 26
About the Company
Financial Snapshot (` mn)
Rural Electrification Corporation Ltd (REC) incorporated in 1969, is a CPSE Navratna which is registered with RBI
Total Income 240,953.5
as an Infrastructure Finance NBFC. REC’s core business is to finance and promote power sector projects in the
country. It offers financial assistance to state electricity boards, state governments, central/state power utilities, Net Profit 62,457.6
independent power producers, rural electric cooperatives and private sector utilities catering to the needs of
Networth 333,255.9
the complete power sector value chain, from generation, transmission to distribution. REC has been appointed
as the government’s nodal agency for its Deen Dayal Upadhyaya Gram Jyoti Yojan, a flagship GoI programme, Ratios (%)
supplementing overall rural development and facilitating “24x7 Power for All” in the country. As of H1FY18, REC 25.9
NPM
had a loan book of ` 2,158.48 bn, registering an increase of 10% over H1FY17.
RONW 18.7
(As on Mar 31, 2017)

LIC Housing Finance Limited

Bombay Life Building, 2nd Floor, 45/47, Veer Nariman Road, Mumbai – 400001, Maharashtra
Website: www.lichousing.com
Dun & Bradstreet D-U-N-S® No 65-071-6657 Top 500 Ranking Income 68 Net Profit 47 Networth 74
About the Company
Financial Snapshot (` mn)
LIC Housing Finance Ltd (LHFL) was incorporated in 1989 as a housing finance company, promoted by LIC of India.
Total Income 140,803.5
In 1994, it was converted into a public limited company. The company provides long term finance to individuals
for purchase or construction and repair, renovation of residential properties. LCHL also provides finance for Net Profit 19,310.5
business requirements including loans to professionals for office premises & equipment and entities involved
Networth 110,770.3
in real estate construction & development. As on Q2FY18, LHFL operated a network of nine regional offices, 22
back offices, and 249 marketing offices across India. It also has representative offices in Dubai and Kuwait. As on Ratios (%)
Sep 2017, the outstanding loan portfolio of the company stood at ` 1514.17 bn, with nearly 83% contribution by 13.7
NPM
retail home loans.
RONW 17.4
(As on Mar 31, 2017)

INDIA’S TOP 500 COMPANIES 111

Indiabulls Housing Finance Limited
M-62 & 63, First Floor, Connaught Place, New Delhi - 110001, Delhi
Website: www.indiabullshomeloans.com
Dun & Bradstreet D-U-N-S® No 65-083-2970 Top 500 Ranking Income 81 Net Profit 39 Networth 70
About the Company
Financial Snapshot (` mn)
Indiabulls Housing Finance Ltd (IBHFL), a part of the Indiabulls Group, was incorporated in May 2005. It is a
Total Income 113,171.7
housing finance company under the regulation of NHB with primary focus on offering home loans in the mid-
income affordable category. It also offers mortgage backed loans against property to SMEs, small businesses and Net Profit 28,423.8
small business owners. Other products offered by the company include lease rental discounting and residential
Networth 117,841.4
construction. Its network includes over 220 branches spread across more than 110 towns and cities. In FY17, it
opened 41 new branches in Tier II and Tier III towns. It also operates overseas offices in Dubai and London to Ratios (%)
cater to the NRIs. As on H1FY18, the loan assets of the company stood at ` 1,002.57 bn, accounting for 78% of 25.1
NPM
retail mortgage loans.
RONW 24.1
(As on Mar 31, 2017)

Shriram Transport Finance Company Limited

Mookambika Complex, 3rd Floor, No. 4, Lady Desika Road, Mylapore, Chennai - 600004, TN
Website: www.stfc.in
Dun & Bradstreet D-U-N-S® No 91-535-3445 Top 500 Ranking Income 86 Net Profit 69 Networth 73
About the Company
Financial Snapshot (` mn)
Shriram Transport Finance Company Ltd (STFC), the flagship company of Shriram Group, was incorporated
Total Income 108,306.1
in 1979 and is registered as a deposit taking NBFC. STFC finances commercial vehicles including heavy duty
trucks, medium, intermediate light duty trucks, pick-up and mini trucks, passenger vehicles, farm equipment Net Profit 12,573.4
and construction vehicles and equipment. STFC’s financing solutions are focused on the pre-owned commercial
Networth 113,022.3
vehicle segment. It has one subsidiary, Shriram Automall India Ltd, offering fee-based facilitation services for
selling pre-owned commercial and passenger vehicles, agricultural and construction equipment which are Ratios (%)
repossessed by banks and financing companies. As on Q2FY18, STFC operated a wide spread network of 1,035 11.6
NPM
branches and 907 rural centres, catering to over 1.62 mn customers. During the same period, its AUM stood at
` 855 bn, growing by 13.5% over Q2FY17. RONW 11.1
(As on Mar 31, 2017)

Bajaj Finance Limited

Mumbai-Pune Road, Akurdi, Pune – 411035, Maharashtra
Website: www.bajajfinserv.in/finance
Dun & Bradstreet D-U-N-S® No 87-181-2394 Top 500 Ranking Income 93 Net Profit 48 Networth 79
About the Company
Financial Snapshot (` mn)
Bajaj Finance Ltd (BFL) incorporated in 1987 as Bajaj Auto Finance Ltd, is part of Bajaj Group of Companies and
Total Income 100,033.1
a subsidiary of Bajaj Finserv Ltd. BFL is a registered NBFC focused on six broad categories namely, consumer
lending, small business lending, commercial lending, rural lending, deposits, and partnerships & services. Under Net Profit 18,365.5
consumer lending, BFL offers finance for vehicles, consumer durables, digital products, retailer, e-commerce
Networth 96,003.1
finance, home and personal loans; while small business lending includes home loans, business loans, loan against
property, lease rental discounting, and developer financing. Commercial lending includes securities lending, auto Ratios (%)
component vendor financing, light engineering business, and corporate finance business; while rural lending 18.4
NPM
includes consumer durables finance and gold/business/professional loans. As of Dec 31, 2017, BFL reported an
AUM of ` 763.84 bn. RONW 19.1
(As on Mar 31, 2017)

Dewan Housing Finance Corporation Limited

Warden House, 2nd Floor, Sir P.M. Road, Fort, Mumbai – 400001, Maharashtra
Website: www.dhfl.com
Dun & Bradstreet D-U-N-S® No 86-242-2586 Top 500 Ranking Income 103 Net Profit 37 Networth 91
About the Company
Financial Snapshot (` mn)
Dewan Housing Finance Corporation Ltd (DHFL) was established in 1984 with the objective to provide access
Total Income 88,572.3
to housing finance to lower and middle income population. DHFL offers a range of home loans including:
improvement loans, home construction loans, extension loans, home loans for self-employed, plot loan/ land Net Profit 28,964.5
loan, home loan balance transfer, and plot & construction composite loans among others. Additionally, it also
Networth 79,958.0
offers project loans, SME funding, and value based offerings including insurance and asset management services.
As of 31-Mar-2017, its marketing and distribution network comprised of 181 branches, 146 service centres, 18 Ratios (%)
circles/clusters, 2 disbursement hubs and 1 collection centre across 348 locations in the country. 32.7
NPM
RONW 36.2
(As on Mar 31, 2017)

112 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 (%)
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)

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)

INDIA’S TOP 500 COMPANIES 113

 Mahindra & Mahindra Financial
Services Limited
Dun & Bradstreet D-U-N-S® No 91-940-3308 Top 500 Ranking Income 138 Net Profit 158 Networth 105

About the Company

Mahindra & Mahindra Financial Services Ltd (MMFSL), a subsidiary of Mahindra &
Mahindra Ltd, is a non-banking financial company (NBFC) that primarily caters to the
financial needs of rural and semi-urban markets. The company was incorporated in 1991
as Maxi Motors Financial Services Ltd, and went on to acquire its present name in 1992.
In 1993, it commenced financing of M&M utility vehicles and in 2002, it ventured into
financing of non-M&M vehicles as well. Between 2005 and 2008, the company ventured
into the insurance and home loans business as well, through subsidiaries. The company
introduced financing for commercial vehicles and construction equipment in 2010.
Ramesh Iyer
Vice Chairman & Managing Director MMFSL has four subsidiary companies namely Mahindra Insurance Brokers Ltd,
Mahindra Rural Housing Finance Ltd, Mahindra Asset Management Company Pvt Ltd
Financial Snapshot (In ` mn) and Mahindra Trustee Company Pvt Ltd. The company also has a joint venture company
Total Income 62,375.4 Mahindra Finance USA LLC in the US.
Net Profit 4,002.3
Business Profile
Networth 64,772.4
MMFSL offers a wide range of retail products and services catering to the financing
Ratios (%) needs of the large population residing in rural and semi-urban areas of the country. Its
NPM 6.4 offerings can be divided into seven categories as listed below:
RONW 6.2
(As on Mar 31, 2017)
Vehicle Financing: MMFSL provides loans for purchase of utility vehicles, cars, three
wheelers, two wheelers and commercial vehicles. These loans are offered through
Management Details diverse schemes with varied repayment options to meet diverse customer needs.
Chairman & Independent Director
Dhananjay Mungale Tractor Financing: MMFSL provides loans for purchase of tractors to the rural population
Vice Chairman & Managing Director with customised schemes and repayment options matching the cash flow of the
Ramesh Iyer customers.
Executive Director & CFO
V. Ravi Pre-owned Vehicle Financing: MMFSL offers loans on pre-owned cars, multi-utility
Directors vehicles, tractors and commercial vehicles that are upto 10 years old. It offers lower
M. G. Bhide interest rates and ensures maximum flexibility with speedy loan disbursements.
Piyush Mankad
C. B. Bhave
Housing loans: MMFSL provides home loans for various purposes such as construction,
Rama Bijapurkar
V. S. Parthasarathy
renovation, improvement and purchase to rural and semi-urban areas through its
Dr. Anish Shah subsidiary, Mahindra Rural Housing Finance Ltd.

SME loans: The company caters to the funding needs of small and medium businesses
by offering tailor-made SME loans. MMFSL offers SME loans in the category of projects
finance, equipment finance, corporate loans, secured business loans and working capital
loans. The company mainly offers loans to automobile, auto ancillary, food processing
and agro based industry. The company also offers services such as bill discounting and
Address & Website lease rental discounting..
Gateway Building,
Insurance Broking: MMFSL, through its subsidiary Mahindra Insurance Brokers Ltd,
Apollo Bunder,
Mumbai - 400001,
offers life and non-life insurance products through tie-ups with the various insurance
Maharashtra companies. It offers insurance services under individual insurance, corporate insurance
and reinsurance. Some of its individual insurance products include motor insurance,
Website
www.mahindrafinance.com health insurance, travel insurance, home insurance and personal accident insurance;
while corporate insurance includes group Mediclaim policy, group personal accident
policy, fire & marine insurance and office package insurance.

Investment services: MMFSL offers investment services such as fixed deposit schemes,
mutual funds and bonds. Fixed deposits schemes offer varied interest rates and offers
cumulative as well as non-cumulative options. The company offers mutual fund products
to rural and semi-urban consumers through its wholly owned subsidiary Mahindra Asset

114 INDIA’S TOP 500 COMPANIES Advertorial

Management Company Pvt Ltd (MAMCPL). The mutual fund products are offered under the brand name of Mahindra Mutual Fund. It
also provides advisory services such as investment planning under the brand Mahindra Finance Finsmart.

MMFSL has cumulatively financed more than 5 million customers since inception. As on Mar 31, 2017 it had a pan-India presence
covering over 319.000 villages spread across 27 states and four union territories through 1,182 branches.

Corporate Social Responsibility

Through its corporate social responsibility (CSR) program, MMFSL endeavours to empower rural communities. The company has
identified healthcare, education and environment as key CSR thrust areas. Some of the company’s key CSR initiatives during FY17
included:-
• Under healthcare initiatives, the company organised nationwide blood donation drives, donated medical care equipment and
ambulances, etc.
• Under education, the company supported the Nanhi Kali project to provide educational support to underprivileged girls from
poor urban, remote rural and tribal communities across India. It also provided training in ITeS, retail and hospitality industries to
youth through the Mahindra Pride School.
• It conducted workshops to impart drivers’ training to women and financial skills to unemployed youth to make them employable.
• The company planted over one lakh trees during the year through Project Hariyali.
• The company also provided training to small and marginal farmers about effective farming practices through the Wardha Family
Farming Project.

Major Highlights of FY17

• The company’s overall credit disbursement grew by 19% to ` 316.6 bn in FY17 as compared to ` 267.1 bn in the preceding year.
• The company’s assets under management (AUM) stood at ` 467.8 bn as of Mar 31, 2017 as against ` 409.3 bn as of Mar 31, 2016,
registering a growth of 14%.
• As on Mar 31, 2017, the Company mobilised funds from fixed deposits to the tune of ` 43.8 bn, with an investor base of over
155,551 investors.
• As on Mar 31, 2017, the company’s capital adequacy ratio (CRAR) stood at 17.2%, as against the minimum requirement of 15%
stipulated by the RBI.
• In FY17, in terms of AUM, auto/utility vehicles accounted for 30% of the company’s total asset class, followed by cars and tractors
which accounted for 23% and 17% of the total asset class, respectively.

Advertorial INDIA’S TOP 500 COMPANIES 115

Muthoot Finance Limited
2nd Floor, Muthoot Chambers, Banerji Road, Kochi - 682018, Kerala
Website: www.muthootfinance.com
Dun & Bradstreet D-U-N-S® No 87-178-2309 Top 500 Ranking Income 149 Net Profit 71 Networth 103
About the Company
Financial Snapshot (` mn)
Muthoot Finance Ltd (MFL) incorporated in 1997 is the flagship company of Muthoot Group; it is registered with
Total Income 57,467.0
RBI as a systemically important non-deposit taking NBFC. MFL’s primary business activity is providing personal
and business loans secured by gold jewellery, or gold loans. Its other business activities include providing money Net Profit 11,798.3
transfer services, collection services, white label ATM, NPS and wind mill power generation. The company also
Networth 65,164.4
operates in the home loan, insurance broking and microfinance businesses through Muthoot Homefin (India) Ltd,
Muthoot Insurance Brokers Pvt Ltd and Belstar Investment and Finance Pvt Ltd respectively. As on Sep 2017, it Ratios (%)
operated through a network of more than 4,200 branches across 29 states and UTs. During the same period, the 20.5
NPM
gold loan AUM of the company reached ` 275 bn.
RONW 18.1
(As on Mar 31, 2017)

Cholamandalam Investment and Finance Company Limited

Dare House, No. 2, N.S.C. Bose Road, Parrys, Chennai - 600001, TN
Website: www.cholamandalam.com
Dun & Bradstreet D-U-N-S® No 65-020-0264 Top 500 Ranking Income 174 Net Profit 101 Networth 134
About the Company
Financial Snapshot (` mn)
Cholamandalam Investment and Finance Company Ltd (CIFCL) is part of the Murugappa Group and was
Total Income 46,603.5
incorporated in 1978 as an NBFC. The company’s services include vehicle finance, business finance, home equity
loans, stock broking, investment advisory and a variety of other financial services focused on the rural and Net Profit 7,187.4
semi-urban sectors. In Sep 2017, CIFCL operated from 725 branches across 25 states. Its subsidiaries include
Networth 43,126.7
Cholamandalam Securities Ltd, which offers Broking services to HNIs and Institutional Investors; Cholamandalam
Distribution Services Ltd, which provides wealth management services; and White Data Systems India Pvt Ltd Ratios (%)
which is involved in the Freight aggregating business. 15.4
NPM
RONW 16.7
(As on Mar 31, 2017)

Shriram City Union Finance Limited

123, Angappa Naicken Street, Chennai – 600001, TN
Website: www.shriramcity.in
Dun & Bradstreet D-U-N-S® No 67-794-6414 Top 500 Ranking Income 184 Net Profit 123 Networth 120
About the Company
Financial Snapshot (` mn)
Shriram City Union Finance Ltd (Shriram City), a part of the Shriram Group, was incorporated in 1986. In 2002,
Total Income 44,345.3
the company launched two wheeler finance and in 2007, it introduced loan against gold in its portfolio. The
company has been registered with RBI as a deposit taking NBFC. Shriram City offers a range of financial products Net Profit 5,560.6
such as finance for two wheelers and three wheelers, enterprise finance, four-wheeler finance; personal loans,
Networth 50,284.1
small business loans, and gold loans among others. The company also undertakes housing finance business
through its subsidiary, Shriram Housing Finance Limited. Currently, the company is having over 1,000 outlets Ratios (%)
across the country. During FY17, AUM of the company grew 18.2% y-o-y to ` 231.3 bn and disbursed loans under 12.5
NPM
different products worth ` 223.5 bn. In FY17, CRAR and net NPA ratio of Shriram City stood at 23.91% and 1.79%
respectively. As on Dec 2017, the company has 975 branches. RONW 11.1
(As on Mar 31, 2017)

PNB Housing Finance Limited

9th Floor, Antriksh Bhawan, 22, K. G. Marg, New Delhi - 110001, Delhi
Website: www.pnbhousing.com
Dun & Bradstreet D-U-N-S® No 91-535-6344 Top 500 Ranking Income 211 Net Profit 126 Networth 111
About the Company
Financial Snapshot (` mn)
PNB Housing Finance Ltd (PNBHFL), a subsidiary of Punjab National Bank, is a registered housing finance company
Total Income 39,078.5
with NHB. The company commenced its business operations in the year 1988. It mainly operates in three segments
viz home loans, non-home loans and fixed deposits. PNBHFL caters to individuals and corporates by providing Net Profit 5,237.3
housing loans for construction, purchase, repair and upgradation of houses, in addition to loans for commercial
Networth 55,773.1
space, loans against property and loans for purchase of residential plots. As per the company’s annual report, its
loan portfolio crossed 385.31 bn in FY17, achieving a robust growth of 42%. In FY17, housing loans accounted for Ratios (%)
more than 70% of its overall loan portfolio. During the same period, it added 16 new branches, taking the overall 13.4
NPM
branch network to 63 and 27 outreaches.
RONW 9.4
(As on Mar 31, 2017)

116 INDIA’S TOP 500 COMPANIES

Manappuram Finance Limited
IV/104 (Old), W638A (New), Manappuram House, Valapad, Thrissur - 680567, Kerala
Website: www.manappuram.com
Dun & Bradstreet D-U-N-S® No 91-847-9457 Top 500 Ranking Income 255 Net Profit 100 Networth 164
About the Company
Financial Snapshot (` mn)
Manappuram Finance Ltd (MFL), established in 1992, is a gold loan providing NBFC. MFL is engaged in providing
Total Income 30,084.3
loans against deposits of gold based jewellery and coins. In FY15, the company forayed into the micro finance,
housing loans, commercial vehicle loans, forex & money transfer, SME finance and insurance broking segments. Net Profit 7,260.3
MFL’s subsidiary Manappuram Home Finance Pvt Ltd provides home loans in various markets including tier-II,
Networth 33,107.5
tier-III and major cities. During Q2FY18, MFL registered a qarter on quarter growth of 2.6% in AUM reaching
` 137 bn. Overall contribution from new business grew from 19.8% in Q1FY18 to 21.6% in Q2FY18. During the Ratios (%)
same period, it had a strong pan-India presence through its 4,148 strong branches, serving a customer base of 24.1
NPM
more than 3.5 mn.
RONW 21.9
(As on Mar 31, 2017)

IFCI Limited
IFCI Tower, 61 Nehru Place, New Delhi - 110019, Delhi
Website: www.ifciltd.com
Dun & Bradstreet D-U-N-S® No 65-007-6896 Top 500 Ranking Income 268 Net Profit 490 Networth 109
About the Company
Financial Snapshot (` mn)
IFCI Ltd (IFCI) was established in 1948 as The Industrial Finance Corporation of India; a statutory company formed
Total Income 28,742.4
by the Government of India. In 1993 it was converted to a public company and in 1999 the company’s name was
changed to IFCI Ltd. The core business is providing long-term loans to industrial and infrastructure sectors through Net Profit (4,584.9)
debt and equity products. Besides financing, IFCI offers corporate and infrastructure advisory services, it is also a
Networth 59,471.2
monitoring agency for public issues and a debenture trustee. IFCI is the nodal agency of the Government of India
for the Sugar Development Fund since its inception in 1986. In FY15, IFCI was appointed as the nodal agency for Ratios (%)
implementing government’s credit enhancement scheme for young and start-up entrepreneurs, belonging to (16.0)
NPM
scheduled castes. In Jan 2018, IFCI announced the disinvestment of IFCI’s stake in NSE.
RONW (7.7)
(As on Mar 31, 2017)

Capital First Limited

One Indiabulls Centre, Tower 2A & 2B, 10th Flr, Senapati Bapat Marg, Lower Parel (W), Mumbai – 400013, Maharashtra
Website: www.capitalfirst.com
Dun & Bradstreet D-U-N-S® No 87-178-5582 Top 500 Ranking Income 273 Net Profit 237 Networth 215
About the Company
Financial Snapshot (` mn)
Capital First Ltd (CFL) was incorporated in 2005 is engaged in offering debt financing to self-employed
Total Income 27,268.5
entrepreneurs, MSMEs and other consumers. Its offerings include; loans against property, two-wheeler loans,
pre-owned car loans, business loans, consumer durable loans, personal loans and home loans, among others. Net Profit 2,168.6
Additionally, it also offers smaller ticket size loans to the underserved users for business expansion, short term
Networth 22,372.1
business funding, office furniture, ACs, display panels, office automation and plant & machinery, among others.
The company has a highly diversified portfolio across 600 industries, catering to over 5.6 mn customers. As on Ratios (%)
Q3FY18, the loan book of the company stood at ` 247.55 bn, with retail loans accounting for 93% of the overall 8.0
NPM
loan book. It has presence in more than 225 locations across the country. In Jan 2018, CFL announced its merger
with IDFC Bank. RONW 9.7
(As on Mar 31, 2017)

Sundaram Finance Limited

21, Patullos Road, Chennai - 600002, TN
Website: www.sundaramfinance.in
Dun & Bradstreet D-U-N-S® No 86-026-6950 Top 500 Ranking Income 294 Net Profit 135 Networth 150
About the Company
Financial Snapshot (` mn)
Sundaram Finance Ltd (SFL) was formed in 1954 and promoted by the TVS Group, which was converted into a
Total Income 24,582.9
public limited company in 1972. Presently, SFL is listed on the NSE and it is a deposit-taking, non-banking finance
company. SFL has spread its activities over a range of financial services encompassing commercial vehicle finance, Net Profit 4,953.5
car finance, farm equipment finance, construction equipment finance, tire finance, and fleet cards. Through its
Networth 37,456.2
subsidiaries SFL has a diversified presence in general insurance, mutual funds, housing finance, business process
outsourcing, information technology services and retail distribution of a wide array of financial services and Ratios (%)
products. As on Jan-2018, the company has 615 branches across the country. 20.2
NPM
RONW 13.2
(As on Mar 31, 2017)

INDIA’S TOP 500 COMPANIES 117

Srei Infrastructure Finance Limited
Vishwakarma, 86C, Topsia Road (South), Kolkata - 700046, WB
Website: www.srei.com
Dun & Bradstreet D-U-N-S® No 67-778-0644 Top 500 Ranking Income 304 Net Profit 361 Networth 180
About the Company
Financial Snapshot (` mn)
Srei Infrastructure Finance Ltd (SREI) started operations in 1989 with core focus on the infrastructure sector. The
Total Income 22,996.2
company has been in this business for nearly three decades, and has a customer base of 77,000. SREI operates in
three business verticals namely fund based services, financing solutions, and strategic investments. Its fund-based Net Profit 960.7
services include infrastructure equipment finance and project financing; while its financial solutions include,
Networth 28,649.8
project advisory, insurance broking, project development, investment banking, insurance broking and alternative
investment fund services. SREI also makes strategic investments in companies engaged in transportation projects, Ratios (%)
rentals, rural IT infrastructure and SEZs & industrial parks. SREI has a distribution network of 89 branches across 4.2
NPM
21 states, 77 additional satellite locations and 2,005 employees.
RONW 3.4
(As on Mar 31, 2017)

Reliance Capital Limited

H-Block, 1st Floor, Dhirubhai Ambani Knowledge City, Navi Mumbai - 400710, Maharashtra
Website: www.reliancecapital.co.in
Dun & Bradstreet D-U-N-S® No 91-861-8294 Top 500 Ranking Income 335 Net Profit 154 Networth 62
About the Company
Financial Snapshot (` mn)
Reliance Capital Ltd (RCL), a part of Reliance Group, was incorporated in 1986 at Ahmedabad, Gujarat as Reliance
Total Income 20,710.0
Capital and Finance Trust Ltd., and was renamed on Jan 5, 1995. It got registered as NBFC in 1998. RCL shifted its
registered office to Jamnagar, Gujarat in 2002 before moving to Mumbai, in 2006. RCL has diversified its business Net Profit 4,190.0
in asset management and mutual funds, life and general insurance, commercial and home finance, stock broking,
Networth 137,010.0
wealth management services, depository services, proprietary investments, distribution of financial products,
asset reconstruction, and other activities in financial services. The company’s distribution business in areas of Ratios (%)
financial services and solutions is carried out through ‘Reliance Money’. In Sep 2016, RCL received shareholder’s 20.2
NPM
approval to transfer its commercial finance division to its wholly owned subsidiary Reliance Gilts Ltd.
RONW 3.1
(As on Mar 31, 2017)

Magma Fincorp Limited

Magma House, 24, Park Street, Kolkata - 700016, WB
Website: www.magma.co.in
Dun & Bradstreet D-U-N-S® No 91-509-9463 Top 500 Ranking Income 339 Net Profit 473 Networth 226
About the Company
Financial Snapshot (` mn)
Magma Fincorp Ltd (MFL) was incorporated in 1989 and is registered with RBI as an Asset Financing NBFC. MFL
Total Income 20,220.5
offers loan products for car and utility vehicles, commercial vehicles, construction equipment, tractors, used
vehicles, mortgage and SMEs. Besides financing, the company forayed in the general insurance business in 2009 Net Profit 61.0
through a joint venture with HDI-Gerling International Holding AG, Germany. Later during FY13 MFL acquired the
Networth 20,378.9
mortgage business of GE India and entered the housing finance sector. The company is focused on catering to
rural and semi-urban segment including farmers and self-employed non-professionals. As of September 2017, Ratios (%)
MFL had 284 branches across the country with 437,000 customers. 0.3
NPM
RONW 0.3
(As on Mar 31, 2017)

Bharat Financial Inclusion Limited

Unit No. 410, “Madhava”, Bandra-Kurla Complex, Bandra (East) Mumbai 400051, Maharashtra
Website: www.bfil.co.in
Dun & Bradstreet D-U-N-S® No 86-041-6229 Top 500 Ranking Income 382 Net Profit 197 Networth 204
About the Company
Financial Snapshot (` mn)
Bharat Financial Inclusion Ltd (BFIL), formerly known as SKS Microfinance Ltd, was established in 1997 as a non-
Total Income 17,279.0
government organization. It began operations in 1998 in Tumnoor village in Andhra Pradesh. Today, BFIL is one
of the leading microfinance companies of India with a gross loan portfolio of ` 91.5 bn and a membership base Net Profit 2,896.9
of 6.70 mn including 5.32 mn borrowers (excluding Andhra Pradesh and Telangana) as of March 2017. With 79%
Networth 24,467.3
rural customer base, the company primarily engages in providing microfinance for income-generating activities
to low-income households at their doorsteps. BFIL’s core business entails providing small value loans and certain Ratios (%)
other basic financial services to its members. Individuals from low income households who are clients of the 16.8
NPM
company are classified as ‘members’ and members whose loans are outstanding are classified as ‘borrowers’. The
company has pan-India presence with 1,399 branches across 16 states and 322 districts of the country. RONW 11.8
(As on Mar 31, 2017)

118 INDIA’S TOP 500 COMPANIES

GRUH Finance Limited
“GRUH”, Netaji Marg, Near Mithakhali Six Roads, Ellisbridge, Ahmedabad - 380006, Gujarat
Website: www.gruh.com
Dun & Bradstreet D-U-N-S® No 85-806-2083 Top 500 Ranking Income 425 Net Profit 192 Networth 324
About the Company
Financial Snapshot (` mn)
GRUH Finance Ltd (GFL) incorporated in 1986, is a housing finance company which in 2000 became a subsidiary
Total Income 14,873.9
of its promoter company HDFC Ltd. The Company is regulated by NHB and provides housing loans, non-residential
premises loans (NRP), repair and renovation loans. Some of the loan products offered by GFL include GRUH Net Profit 2,966.5
Suraksha, GRUH Suvidha, GRUH Sajavat and GRUH Samruddhi. GFL caters to the retail housing loan segment and
Networth 11,132.1
in Dec 2017 it had a network of 192 branches in 11 states. GFL is recognized by NHB for its refinance facility; it
accepts deposits from individuals, charitable trusts and educational institutions and provides loans against such Ratios (%)
deposits. 19.9
NPM
RONW 26.6
(As on Mar 31, 2017)

Can Fin Homes Limited

No.29/1, Sir M.N. Krishna Rao Road, Basavanagudi, Bengaluru - 560004, Karnataka
Website: www.canfinhomes.com
Dun & Bradstreet D-U-N-S® No 91-533-3715 Top 500 Ranking Income 450 Net Profit 226 Networth 327
About the Company
Financial Snapshot (` mn)
Can Fin Homes Ltd (CFHL) promoted by Canara Bank (with shareholding of 30%) was incorporated in 1987 and
Total Income 13,531.2
recognized by National Housing Bank as a deposit accepting housing finance company. As of December 2017,
CFHL had 132 branches, 20 Affordable Housing Loan Centers & 20 Satellite Offices in 19 states, which accept Net Profit 2,352.6
public deposits and provide housing & non-housing loans. CFHL deposits include fixed and cumulative deposits
Networth 10,763.0
offered to the general public, senior citizens and trusts. Its product portfolio includes housing loans to individuals,
loans under urban housing, composite loans, staff housing loans, site loans, line of credit, urban refinancing Ratios (%)
scheme, and builder loans. Non-housing loans include mortgage loans, personal loans, loans for commercial 17.4
NPM
property, loans against rent receivables, loans to children’s education, and flexible loan against property.
RONW 21.9
(As on Mar 31, 2017)

PTC India Financial Services Limited

7th Floor, Telephone Exchange Building, 8 Bhikaji Cama Place, New Delhi - 110066, Delhi
Website: www.ptcfinancial.com
Dun & Bradstreet D-U-N-S® No 67-710-4050 Top 500 Ranking Income 451 Net Profit 174 Networth 206
About the Company
Financial Snapshot (` mn)
PTC India Financial Services Ltd (PIFSL), formed in 2006, is a subsidiary of PTC India Ltd and registered with the
Total Income 13,518.8
Reserve Bank of India as a systemically important, non-deposit taking NBFC. It is classified as an ‘Infrastructure
Finance Company’ providing investment and financing services to power and related infrastructure sectors. PIFSL Net Profit 3,453.3
provides the following services; Debt financing – long term, short term loans as well as bridge financing, Fee
Networth 24,192.7
based services – raising debt and mezzanine capital and Equity Investments – greenfield as well as brownfield
projects. In Aug 2017, PIFSL signed an MOU with IIFCL to provide financial advisory, management consultancy, Ratios (%)
debt syndication and project development advisory for infrastructure projects. 25.5
NPM
RONW 14.3
(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 119

 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)

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)

120 INDIA’S TOP 500 COMPANIES

FMCG
Comparative Matrix

Sector Total Income Net Profit Net Worth NPM RONW

Company Name
TI Rank ` Mn ` Mn ` Mn (%) (%)
1 Hindustan Unilever Limited 350,130.0 44,900.0 64,900.0 12.8 69.2
2 Dabur India Limited 56,444.8 9,983.3 36,578.8 17.7 27.3
3 Godrej Consumer Products Limited 51,525.9 8,480.3 43,979.3 16.5 19.3
4 Marico Limited 51,307.4 8,427.0 29,242.4 16.4 28.8
5 Colgate-Palmolive (India) Limited 45,600.1 5,774.3 12,738.0 12.7 45.3
Procter & Gamble Hygiene and Health Care
6 24,964.6 4,327.3 5,261.2 17.3 82.2
Limited
7 Emami Limited 23,859.4 3,463.7 17,125.6 14.5 20.2
8 Gillette India Limited 18,260.6 2,530.8 5,006.1 13.9 50.6
9 Jyothy Laboratories Limited 17,095.6 2,020.5 6,536.5 11.8 30.9

INDIA’S TOP 500 COMPANIES

Hindustan Unilever Limited
Unilever House, B. D. Sawant Marg, Chakala, Andheri (E), Mumbai - 400099, Maharashtra
Website: www.hul.co.in
Dun & Bradstreet D-U-N-S® No 86-217-0628 Top 500 Ranking Income 36 Net Profit 23 Networth 104
About the Company
Financial Snapshot (` mn)
Hindustan Unilever Ltd. (HUL) was formed in 1956 by the merger of Hindustan Vanaspati Manufacturing Company,
Total Income 350,130.0
Lever Brothers India Ltd and United Traders Ltd. HUL’s product portfolio comprises of 35 brands spanning 20 varies
categories which include soaps, detergents, shampoos, skin care, toothpastes, deodorants, cosmetics, tea, coffee, Net Profit 44,900.0
packaged foods, ice cream, and water purifiers. Some of the prominent brands of the company are Lux, Lifebuoy,
Networth 64,900.0
Surf Excel, Rin, Wheel, Fair & Lovely, Pond’s, Vaseline, Lakmé, Dove, Clinic Plus, Sunsilk, Pepsodent, Closeup, Axe,
Brooke Bond, Bru, Knorr, Kissan, Kwality Wall’s and Pureit. The Company has a workforce of about 18,000 people. Ratios (%)
In FY17, HUL reported sales of ` 338.95 bn as compared to ` 329.29 bn in FY16. Among segments, personal care 12.8
NPM
contributed 48% to the company’s total revenue in FY17; followed by home care segment which contributed 33%
to the revenue. In Sep 2017, HUL decided to divest its shareholding in Kimberly-Clark Lever Pvt Ltd. RONW 69.2
(As on Mar 31, 2017)

Dabur India Limited

8/3, Asaf Ali Road, New Delhi - 110002, Delhi
Website: www.dabur.com
Dun & Bradstreet D-U-N-S® No 91-507-5642 Top 500 Ranking Income 152 Net Profit 79 Networth 154
About the Company
Financial Snapshot (` mn)
Dabur India Ltd (Dabur) was incorporated in 1884. Dabur is a FMCG company operating in key consumer product
Total Income 56,444.8
categories like hair care, oral care, health care, skin care, home care and foods. It’s business structure is divided into
three SBUs namely Consumer Care Business, Food Business and International Business. The company’s product Net Profit 9,983.3
portfolio includes over 400 products spread across various categories and over 1,000 SKUs. The company’s FMCG
Networth 36,578.8
portfolio includes five flagship brands namely Dabur as the master brand for natural healthcare products, Vatika
for premium personal care, Hajmola for digestives, Réal for fruit juices & beverages and Fem for fairness bleaches Ratios (%)
and skin care products. The company’s overseas revenue accounts for over 30% of the total turnover. In Nov 17.7
NPM
2017, Dabur launched Dabur GLYCODAB Tablets (AYUSH 82) in partnership with Ministry of Ayush, GoI. In Aug
2017, the company dissolved its wholly owned subsidiary Dabur Tunisie. RONW 27.3
(As on Mar 31, 2017)

Godrej Consumer Products Limited

Godrej One, 4th Floor, Eastern Express Highway, Vikroli (E), Mumbai - 400079, Maharashtra
Website: www.godrejcp.com
Dun & Bradstreet D-U-N-S® No 91-843-9519 Top 500 Ranking Income 161 Net Profit 89 Networth 130
About the Company
Financial Snapshot (` mn)
Godrej Consumer Products Ltd (GCPL), a Godrej Group company, was incorporated in 2000 to take over the
Total Income 51,525.9
consumer products business of Godrej Soaps Ltd. The company is engaged in manufacturing and marketing of
consumer products across three categories namely home care, personal wash and hair care. GCPL markets its Net Profit 8,480.3
home care products under brands Good Knight, HIT, Ezee, Godrej aer, etc; personal care products under Cinthol,
Networth 43,979.3
Godrej No1, Soft & Gentle, Villeneuve and Cuticura, etc; and hair care products under brands Godrej expert,
Darling, Roby, INECTO, 919 and Godrej nupur to name a few. The company has plants located in J&K, HP, Sikkim, Ratios (%)
Assam, Meghalaya, MP, Pondicherry and TN and has international operations in many countries across Asia, 16.5
NPM
Africa, Europe and Latin America. The scheme of amalgamation of Godrej Consumer Products US Holding Ltd and
Godrej Consumer Products Mauritius Ltd with GCPL was sanctioned in Mar 2018. RONW 19.3
(As on Mar 31, 2017)

Marico Limited
7th Floor, Grande Palladium, 175, CST Road, Kalina, Santacruz (East), Mumbai 400098, Maharashtra
Website: www.marico.com
Dun & Bradstreet D-U-N-S® No 65-032-2688 Top 500 Ranking Income 162 Net Profit 91 Networth 179
About the Company
Financial Snapshot (` mn)
Marico Ltd (Marico) was incorporated in 1988 and in 1990, took over the then 40-year old consumer products
Total Income 51,307.4
business of The Bombay Oil Industries Ltd. Marico carries on business in branded consumer products, some
of which are Parachute, Parachute Advansed, Nihar, Nihar Naturals, Saffola, Hair & Care, Revive, Mediker, Net Profit 8,427.0
Livon, Setwet, etc. Marico’s distribution network comprises of regional offices, carrying and forwarding
Networth 29,242.4
agents, redistribution centers and distributors spread across the country. In the international market, Marico is
represented by brands like Parachute, HairCode, Fiancée, Caivil, Hercules, Black Chic, Code 10, Ingwe, X-Men and Ratios (%)
Thuan Phat. In April 2018, the company announced a strategic investment in Revolutionary Fitness Pvt Ltd and 16.4
NPM
agreed to acquire up to 22.5% equity stake through primary and secondary infusions. In April 2017, it acquired
45% stake in Zed Lifestyle, a male grooming firm in a bid to widen its product portfolio with niche products. RONW 28.8
(As on Mar 31, 2017)

INDIA’S TOP 500 COMPANIES 123

Colgate-Palmolive (India) Limited
Colgate Research Centre, Hiranandani Gardens, Powai, Mumbai – 400076, Maharashtra
Website: www.colgate.co.in
Dun & Bradstreet D-U-N-S® No 65-005-7904 Top 500 Ranking Income 178 Net Profit 119 Networth 304
About the Company
Financial Snapshot (` mn)
Colgate-Palmolive (India) Ltd (Colgate), incorporated in 1937, is a subsidiary of Colgate-Palmolive, USA. The
Total Income 45,600.1
company is engaged in manufacturing and trading of oral care and personal care products. The company’s oral
care product portfolio includes toothpaste, toothpowder, toothbrush, mouth wash and whitening products. Net Profit 5,774.3
Under personal care, the company offers body wash, liquid hand wash, shave preps, skin care and hair care.
Networth 12,738.0
Some of its prominent brands include Colgate Total Advanced Whitening toothpaste, Colgate Cibaca toothpaste,
Colgate Active Salt toothpaste, Colgate MaxFresh, Colgate Sensitive, Colgate Visible White, Colgate Plax and Ratios (%)
Palmolive Foaming Hand Wash, among others. The company operates four plants across Baddi in HP; Kundaim in 12.7
NPM
Goa; Sanand in Gujarat and Sricity in AP. In FY17, it launched new products like Colgate Cibaca Vedshakti, Colgate
Sensitive Clove, Colgate MaxFresh Power Freeze, and Plax Spicy Fresh, etc. RONW 45.3
(As on Mar 31, 2017)

Procter & Gamble Hygiene and Health Care Limited

P&G Plaza, Cardinal Gracias Road, Andheri (East), Mumbai - 400099, Maharashtra
Website: www.pg.com
Dun & Bradstreet D-U-N-S® No 86-217-1030 Top 500 Ranking Income 292 Net Profit 148 Networth 430
About the Company
Financial Snapshot (` mn)
Procter & Gamble Hygiene and Health Care Ltd (PGHHC) was originally incorporated in 1964 as Richardson
Total Income 24,964.6
Hindustan Ltd, a subsidiary of the US-based Richardson-Marrell Inc. In 1985, it became a subsidiary of the
US-based Procter & Gamble Company. Its principal business activities include manufacturing, marketing and Net Profit 4,327.3
distribution of hygiene and health care products. Its portfolio includes three brands – VICKS, WHISPER and OLD
Networth 5,261.2
SPICE. The feminine hygiene segment includes products like Whisper Ultra and Whisper Choice. The healthcare
segment includes brands like Vicks Vapo Rub, Vicks Cough Drops, Vicks Inhaler, Vicks Action 500 and Old Spice. Ratios (%)
Some of the other reputed brands that it markets in India are Ambipur, Gillette, Ariel, Olay, Pampers, Pantene, 17.3
NPM
Oral-B, Tide, Head & Shoulders, Wella and Duracell, among others. The company operates one plant in Goa and
two in Baddi in HP. RONW 82.2
(As on Jun 30, 2017)

Emami Limited
Emami Tower, 687, Anandapur, E M Bypass, Kolkata - 700107, WB
Website: www.emamiltd.in
Dun & Bradstreet D-U-N-S® No 67-594-6314 Top 500 Ranking Income 299 Net Profit 173 Networth 250
About the Company
Financial Snapshot (` mn)
Emami Ltd (Emami), a flagship company of Emami Group, was established in 1974. Emami is engaged in the
Total Income 23,859.4
personal care and healthcare business in India. The company’s product portfolio comprises of more than 300
products based on ayurvedic formulations. The prominent brands of Emami include; BoroPlus, Navratna, Fair and Net Profit 3,463.7
Handsome, Zandu Balm, Mentho Plus Balm and Zandu Sona Chandi Chyawanprash Plus, among many others. The
Networth 17,125.6
company operates through eight manufacturing facilities in India, one overseas unit at Bangladesh, 33 depots,
four regional sales offices, 3,250 distributors and 6,500 sub-distributors with direct reach across 0.7 mn retail Ratios (%)
outlets. The company’s new unit at Pacharia, Assam commenced operations in Feb 2017. In Feb 2018, Emami 14.5
NPM
agreed to make a strategic investment in Brillare Science Pvt Ltd. In Jul 2017, the company incorporated a wholly
owned subsidiary named Emami Indo Lanka (Pvt) Ltd in Sri Lanka. RONW 20.2
(As on Mar 31, 2017)

Gillette India Limited

P&G Plaza, Cardinal Gracias Road, Chakala, Andheri (E), Mumbai – 400099, Maharashtra
Website: www.gillette.co.in
Dun & Bradstreet D-U-N-S® No 91-533-9092 Top 500 Ranking Income 361 Net Profit 216 Networth 437
About the Company
Financial Snapshot (` mn)
Gillette India Ltd (Gillette), a part of the P&G Group, was incorporated in 1984. Gillette is engaged in manufacturing
Total Income 18,260.6
and selling of FMCG products in the businesses of grooming, portable power and oral care. The company offers a
range of products under two categories viz. razors, trimmers and blades; and pre and post shaves products. Under Net Profit 2,530.8
razors, trimmers and blades, its portfolio includes Fusion® ProGlide® manual razor with Flexball TechnologyTM,
Networth 5,006.1
MACH3® Turbo razor, Vector3® razor, all purpose GILLETTE STYLER™: Trimmer, Shaver & Edger and disposable
razors and replacement blades amongst others. Under pre and post shave products it offers shaving creams, gels, Ratios (%)
& foams; and skin care & aftershaves amongst others. In FY17, the company’s sales increased by 1% to ` 17.88 13.9
NPM
bn from ` 17.76 bn in FY16. Gillette has its manufacturing units located at Bhiwadi in Rajasthan and Baddi in HP,
apart from third party manufacturing locations spread across India. RONW 50.6
(As on Jun 30, 2017)

124 INDIA’S TOP 500 COMPANIES

Jyothy Laboratories Limited
Ujala House, Ram Krishna Mandir Road, Andheri (E), Mumbai - 400059, Maharashtra
Website: www.jyothylaboratories.com
Dun & Bradstreet D-U-N-S® No 86-217-7052 Top 500 Ranking Income 384 Net Profit 244 Networth 401
About the Company
Financial Snapshot (` mn)
Jyothy Laboratories Ltd (Jyothy), a consumer product manufacturing company was founded in the year 1983. In
Total Income 17,095.6
2011, the company acquired controlling stake in Henkel India Ltd, the local arm of German FMCG company. It
has four broad segments namely fabric care, home care, personal care and dish wash. The company is primarily Net Profit 2,020.5
engaged in manufacturing and marketing of fabric whiteners, household insecticide, surface cleaner, air care
Networth 6,536.5
product, soap, toothpaste and dish wash bar, gel/liquid. Some of the major brands under which its market its
products include Ujala, Henko, More Light, New Super Chek and Mr Right under fabric care; Maxo, EXO Floorshine Ratios (%)
and Maya under home care; Margo, FA and Neem under personal care and EXO and Pril under dish wash segment. 11.8
NPM
In FY17, the company launched new products like Ujala Crisp & Shine under fabric care segment; Pril bar under
dish wash segment; Maxo Genius Liquid Vaporiser under household insecticide segment etc. RONW 30.9
(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
xyz
Financial Snapshot (` mn)
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Net Profit
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Ratios (%)
NPM
RONW
(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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Ratios (%)
NPM
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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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(As on Mar 31, 2017)

INDIA’S TOP 500 COMPANIES 125

 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
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RONW
(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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Networth
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RONW
(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
Networth
Ratios (%)
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(As on Mar 31, 2017)

126 INDIA’S TOP 500 COMPANIES

FOOD PRODUCTS
Comparative Matrix

Sector Total Income Net Profit Net Worth NPM RONW

Company Name
TI Rank ` Mn ` Mn ` Mn (%) (%)
1 Nestlé India Limited 92,238.0 9,265.4 30,137.0 10.0 30.7
2 Britannia Industries Limited 88,291.7 8,436.9 25,819.8 9.6 32.7
3 Kwality Limited 61,445.7 1,643.0 9,985.3 2.7 16.5
4 GlaxoSmithKline Consumer Healthcare Limited 46,649.7 6,566.8 31,226.7 14.1 21.0
5 Gokul Agro Resources Limited 42,686.4 202.5 1,917.4 0.5 10.6
6 Hatsun Agro Products Limited 42,052.8 1,339.7 3,471.1 3.2 38.6
7 JVL Agro Industries Limited 38,603.0 323.9 6,028.2 0.8 5.4
8 Sanwaria Consumer Limited 35,261.9 439.7 3,746.5 1.2 11.7
9 Gujarat Ambuja Exports Limited 33,972.3 1,585.5 8,531.0 4.7 18.6
10 Tata Global Beverages Limited 31,602.3 2,760.0 37,626.9 8.7 7.3
11 KRBL Limited 31,539.4 4,011.2 18,716.1 12.7 21.4
12 Varun Beverages Limited 30,193.8 1,867.3 21,418.7 6.2 8.7
13 Avanti Feeds Limited 26,718.3 1,953.3 5,723.8 7.3 34.1
14 Venky’s (India) Limited 25,096.7 1,247.4 5,310.5 5.0 23.5
15 Heritage Foods Limited 22,778.5 668.2 3,034.4 2.9 22.0
16 LT Foods Limited 21,003.3 301.4 3,625.9 1.4 8.3
17 Gokul Refoils & Solvent Limited 19,163.4 2.3 2,627.0 0.0 0.1
18 Parag Milk Foods Limited 17,078.1 100.2 6,661.2 0.6 1.5
19 Future Consumer Limited 16,794.4 77.8 11,366.7 0.5 0.7
20 McLeod Russel India Limited 16,698.8 305.3 13,979.9 1.8 2.2
21 Prabhat Dairy Limited 11,482.7 273.0 5,573.7 2.4 4.9

INDIA’S TOP 500 COMPANIES

Nestlé India Limited
100/101, World Trade Centre, Barakhamba Lane, New Delhi - 110001, Delhi
Website: www.nestle.in
Dun & Bradstreet D-U-N-S® No 65-009-8353 Top 500 Ranking Income 102 Net Profit 84 Networth 174
About the Company
Financial Snapshot (` mn)
Nestlé India Ltd., (Nestlé) a subsidiary of Nestle S.A. of Switzerland, was incorporated in 1912 as the Nestlé
Total Income 92,238.0
Anglo-Swiss Condensed Milk Company (Export) Ltd, for import and sale of finished products in the Indian market.
Starting with its first manufacturing facility at Moga, Punjab in 1961, the company today has presence across the Net Profit 9,265.4
country with eight manufacturing units, four branch offices at Delhi, Mumbai, Chennai and Kolkata and more
Networth 30,137.0
than 3.5 mn outlets. The company also operates a research & development centre in Manesar, Haryana. Nestlé
manufactures consumer products under the brand names, Nescafé, Maggi, Milkybar, Kit Kat, Bar-One, Milkmaid Ratios (%)
and Nestea and in recent years has introduced products of daily consumption such as Nestlé Milk, Nestlé Slim 10.0
NPM
Milk, Nestlé Dahi and Nestlé Jeera Raita. During FY17, the company introduced iron fortified Maggi Masala
Noodles as well as fortified Nestlé a+ Milk, in addition to the launch of Milo, new variants of GREKYO etc. RONW 30.7
(As on Dec 31, 2016)

Britannia Industries Limited

5/1A, Hungerford Street, Kolkata - 700 017, WB
Website: www.britannia.co.in
Dun & Bradstreet D-U-N-S® No 65-005-6286 Top 500 Ranking Income 104 Net Profit 90 Networth 194
About the Company
Financial Snapshot (` mn)
Britannia Industries Ltd (Britannia) was established as Britannia Biscuit Co Ltd in 1892 in Kolkata, WB and in 1979,
Total Income 88,291.7
the company acquired its present name. Britannia mainly operates in two business segments - bakery products
constituting biscuit, bread, cake & rusk and in dairy products including milk, butter, cheese, yoghurt, ghee, milk- Net Profit 8,436.9
based ready to drink beverages & dairy whitener. Some of its prominent brands include Good Day, MarieGold,
Networth 25,819.8
50-50, NutriChoice, Jim Jam, Bourbon and Milk Bikis among others. Britannia’s products like biscuits, cakes and
rusks contribute almost 95% to its total turnover. In Mar 2017, Britannia signed a JV agreement with Chipita S. Ratios (%)
A. (Greece) for the purpose of developing, producing and selling ready-to-eat long life filled croissants and other 9.6
NPM
products. In FY17, the company also added four new manufacturing lines at Bidadi in Karnataka, one line each at
Perundurai, Chennai and Madurai in TN and one line at Jhagadia in Gujarat. RONW 32.7
(As on Mar 31, 2017)

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

Financial Snapshot (` mn)

Total Income
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 (%)
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RONW
(As on Mar 31, 2017)

INDIA’S TOP 500 COMPANIES 129

 Kwality Limited
Dun & Bradstreet D-U-N-S® No 67-797-1398 Top 500 Ranking Income 141 Net Profit 282 Networth 339

Overview
Kwality Ltd (Kwality) is one of the largest and fastest growing private dairy companies in
India. We manufacture and sell a range of dairy products to institutional customers and
retail consumers in India, with special focus on the states of Northern India.

The company is progressing well on the defined path of business transformation from
B2B to B2C. We are targeting to achieve 70% of the total revenue from the B2C segment
in the next three years’ time. In this journey of business transformation the company has
introduced a series of dairy based value added products to cater to evolving consumer
Sanjay Dhingra preferences.
Managing Director
We manufacture & sell a diverse range of products including fresh dairy products and
Financial Snapshot (In ` mn) value added products to retail customers. B2C products are primarily sold to retailers
Total Income 61,445.7 under multiple brands like KDIL’s Kwality, Dairy best, wake-up, Kream Kountry, and
Net Profit 1,643.0 Meera. All value added products are sold to retail consumers under the brand name
of “KDIL’s KWALITY”. The product portfolio includes Fresh dairy products like milk, curd,
Networth 9,985.3
butter milk, Ghee, skimmed milk powder, whole milk powder, dairy whitener, etc. and
Ratios (%) value added products such as Skimmed flavoured milk, tetra pack milk, cream, Lassi and
NPM 2.7 butter milk, etc.
RONW 16.5
The company owns and operates (owned/leased) SIX milk processing facilities and 29
(As on Mar 31, 2017) milk chilling centres. The new facility in Softa plant, Haryana became operational in
Management Details February 2017 and is dedicated primarily to the production and manufacture of value
Chairman added products. The company has an aggregate milk processing capacity of 4.3 million
Dr. Rattan Sagar Khanna litres per day across its owned and leased processing facilities .The new facility at Softa,
Managing Director Haryana has a milk handling capacity of 9 lakh litres per day for the production of value
Sanjay Dhingra added products such as flavoured milk, UHT milk & Cream, Ghee paneer, & butter among
others. Our direct procurement of milk from farmers is 26% of the total milk purchased
and with the remainder 74% being sourced from third party aggregators.

We have an extensive sales and retail network of more than 60,000 retail outlets
(approximately) spread across Northern India to cater to retail consumers. Our products
are sold through select modern trade stores and E- commerce platforms like Big Basket
and Grofers. We continuously undertake several marketing and promotional activities to
promote our brands and increase our sales volumes.

Our marketing initiatives included broadcasting, advertising in print and electronic

media, promoting our brands through tie-ups and outdoor promotional activates
directed at retail consumers. We launched a new brand campaign across various
channels in order to enhance brand reach by engaging Bollywood actor Akshay Kumar,
as our brand ambassador.

Address & Website In order to boost the direct milk sourcing program, the company entered a Memorandum
Kwality House, F-82, of Understanding (MOU) with IDBI Bank Limited, wherein IDBI shall extend credit
Shivaji Place, facilities to medium and large milk producers. IDBI will also support the establishment of
Rajouri Garden, Milk Chilling Center’s/Milk Processing Units. The company also entered a Memorandum
New Delhi – 110027 of Understanding (MOU) with the Bank of Baroda, wherein the bank would extend credit
Website facilities for small scale dairy farmers, where each farmer would get a maximum loan
www.kwality.com of ` 4 lac to help them develop in three key areas which would enable the farmer to
meet the milk requirement. These initiatives will enable the company to increase direct
procurement of milk from 26% to 50 % in the next three years’ time.

In addition to our domestic sales, we export dairy products to various countries across
Asia, Africa and Australia. Our wholly–owned subsidiary, Kwality Dairy Products, FZE
located in DUBAI is engaged in the international trade of a variety of milk based products.

130 INDIA’S TOP 500 COMPANIES Advertorial

We place significant emphasis on quality control and product safety and have obtained quality control certifications and registrations
for our facilities and products including ISO 22000:2005, HACCP-IS: 15000 and AGMARK.

Financial Overview
The Company has registered a growth of 9.12% to ` 50,159 million for the 9M FY 2018 as compared to ` 45,969 million in corresponding
9M FY 2017. EBITDA stood at ` 3,572 million for the 9M FY 2018 as compared to ` 3,224 million in corresponding 9M FY 2017.

In quarter ended 31st December 2017, the Company registered a revenue of ` 17,732 million as compared to ` 15,380 million in
the corresponding Q3 FY 2017 quarter, a growth of 12.02%. EBIDTA at ` 1,277 million for Q3 FY 2018 vs. ` 1,127 million in the
corresponding Q3 FY 2017 Quarter.

Advertorial INDIA’S TOP 500 COMPANIES 131

GlaxoSmithKline Consumer Healthcare Limited
Patiala Road, Nabha - 147201, Punjab
Website: www.gsk-ch.in
Dun & Bradstreet D-U-N-S® No 91-845-9343 Top 500 Ranking Income 173 Net Profit 109 Networth 171
About the Company
Financial Snapshot (` mn)
GlaxoSmithKline Consumer Healthcare Ltd (GSKCH) was promoted by Horlicks Ltd as Hindustan Milkfood
Total Income 46,649.7
Manufacturers Pvt Ltd in 1958. In 1969, it became a subsidiary of Beecham Plc; which was merged with
SmithKline USA in 1989. Later in the year 2000, SmithKline Beecham and Glaxo Wellcome merged to form Net Profit 6,566.8
GSKCH. GSKCH operates in consumer healthcare business focusing on five areas namely pain relief, respiratory,
Networth 31,226.7
oral healthcare, nutrition/gastro intestinal and skin healthcare. Some of it’s prominent brands include Sensodyne,
Voltaren, Crocin, ENO, Iodex, Ostocalcium, Paradontax, Otrivin, Horlicks, Boost, Maltova and Viva, among others. Ratios (%)
The company operates plants at three locations namely; Nabha in Punjab, Rajamundry in AP and Sonepat in 14.1
NPM
Haryana. It also operates through 12 third party manufacturing sites. In Feb 2018, the company entered into
protein segment with the launch of Horlicks Protein+. RONW 21.0
(As on Mar 31, 2017)

Gokul Agro Resources Limited

B-402, Shapath Hexa, Nr. Ganesh Meridian, Ahmedabad-380060, Gujarat
Website: www.gokulagro.com
Dun & Bradstreet D-U-N-S® No 87-363-5371 Top 500 Ranking Income 195 Net Profit 454 Networth 492
About the Company
Financial Snapshot (` mn)
Gokul Agro Resources Ltd (GARL) is a public listed company with international presence having manufacturing and
Total Income 42,686.4
processing facilities for various kinds of Edible and Non-Edible oils and meals. With its customers across the world
GARL is an ISO 22000:2005 certified company. GARL has its marketing and distribution network for products such Net Profit 202.5
as soya bean oil, cottonseed oil, palm oil (palmolein), sunflower oil, groundnut oil, vanaspati etc. GARL is engaged
Networth 1,917.4
in manufacturing and exports of industrial products viz. castor oil of various grades and its derivatives. GARL
caters to the feed meal industry by supplying meal of soybeans and they produce castor meal which is an organic Ratios (%)
fertilizer by itself. The company supplies its products to the US, South Korea, European Union, China, Singapore, 0.5
NPM
Indonesia, Malaysia, Russia and Vietnam. The Company has a production facility at Gandhidham, Gujarat. It had
591 employees as on Mar 31, 2017. RONW 10.6
(As on Mar 31, 2017)

Hatsun Agro Product Limited

DOMAINE, Door No. 1/20A, Rajiv Gandhi Salai (OMR), Karapakkam, Chennai - 600097, TN
Website: www.hatsun.com
Dun & Bradstreet D-U-N-S® No 87-181-3271 Top 500 Ranking Income 198 Net Profit 313 Networth 474
About the Company
Financial Snapshot (` mn)
Hatsun Agro Product Ltd (Hatsun) was incorporated in 1986 as Hatsun Foods Pvt Ltd. Hatsun acquired its present
Total Income 42,052.8
name in 1998 following the amalgamation of Hatsun Milk Products Ltd with the company. The company is
engaged in the production and marketing of a wide array of dairy products, including dairy whitener, skimmed Net Profit 1,339.7
milk powder, ghee, butter, milk, curd, buttermilk, paneer and ice creams. The company markets its products under
Networth 3,471.1
the brand names Arun Icecreams, Arokya Milk, Hatsun Curd, Hatsun Paneer, Hatsun Ghee, Hatsun Dairy Whitener
and Ibaco. The company exports dairy ingredients to 38 countries in America, the Middle East and South East Ratios (%)
Asia. Hatsun procures milk from around 10,500 Hatsun Milk Banks (HMBs) covering over 12,000 villages, with 3.2
NPM
each HMB receiving milk from 3 lakh farmers. Hatsun has a distribution network of 2,305 Arun Icecreams parlours
in TN, Karnataka & AP. In Oct 2017, Hatsun invested ` 600 mn to expand its cattle feed production plant in TN. RONW 38.6
(As on Mar 31, 2017)

JVL Agro Industries Limited

Jhunjhunwala Bhawan, Nati Imli, Varanasi - 221001, UP
Website: www.jvlagro.com
Dun & Bradstreet D-U-N-S® No 65-064-8272 Top 500 Ranking Income 215 Net Profit 441 Networth 412
About the Company
Financial Snapshot (` mn)
JVL Agro Industries Ltd (JVL Agro) was incorporated in 1989 as Jhunjhunwala Vanaspati Ltd and acquired its
Total Income 38,603.0
present name in the year 2008. The company is engaged in the manufacturing of refined soyabean oil, refined
palm oil, refined sunflower oil, refined cotton seed oil, vanaspati along with mustard oil, rice and bakery Net Profit 323.9
shortening agents. JVL Agro markets its products under various brands which includes Jhoola, Shankar, Royal and
Networth 6,028.2
Payal amongst others. The company has manufacturing facilities located in UP, Bihar, Rajasthan and WB with an
installed capacity of producing 165,000 TPA of vanaspati, 600,000 TPA of refined oil, and 120,000 TPA of mustard Ratios (%)
oil. It also produces rice from its mill in Bihar with a production capacity of 60,000 TPA. JVL Agro operates through 0.8
NPM
a network of more than 7,000 dealers across the country and an operational cum supply chain management
office in Singapore. Its products are available across more than 100,000 Indian retail outlets across 19 states. RONW 5.4
(As on Mar 31, 2017)

132 INDIA’S TOP 500 COMPANIES

Sanwaria Consumer Limited
E-1/1 Arera, Colony, Bhopal, MP
Website: www.sanwariaconsumer.com
Dun & Bradstreet D-U-N-S® No 87-181-0323 Top 500 Ranking Income 225 Net Profit 429 Networth 465
About the Company
Financial Snapshot (` mn)
Sanwaria Consumer Ltd (SCL), part of the Sanwaria Group, was incorporated in 1991; and commenced production
Total Income 35,261.9
in 1993. SCL produces FMCG food products including basmati rice, soya oil and de-oiled cake. Its soya-based
value-added products include soy flour, soy chunks; the wheat based segment includes chakki fresh atta Net Profit 439.7
fortified with vitamins/iron, fortified with soya flour, maida, suji, rawa, daliya and rice based products include
Networth 3,746.5
basmati/sella/golden rice, poha, rice bran oil, sugar and recently launched pulses under different categories. The
company has distribution network with brands like Sanwaria, Narmada, Sulabh and Nashira. As of Mar 2017, the Ratios (%)
company had two subsidiary companies – Sanwaria Singapore Pvt Ltd and Sanwaria Energy Ltd. The Company 1.2
NPM
has manufacturing units at 3 locations in MP – Mandideep, Itarsi and Betul, strategically located in the food
production and consumption belt in India. RONW 11.7
(As on Mar 31, 2017)

Gujarat Ambuja Exports Limited

Ambuja Tower, SindhuBhavan Road, Bodakdev, Ahmedabad - 380059, Gujarat
Website: www.ambujagroup.com
Dun & Bradstreet D-U-N-S® No 65-028-1009 Top 500 Ranking Income 231 Net Profit 289 Networth 360
About the Company
Financial Snapshot (` mn)
Gujarat Ambuja Exports Ltd (GAEL) was incorporated in 1991. The company is engaged in solvent extraction
Total Income 33,972.3
comprising all types of oil seed processing, edible oil refining, cotton yarn spinning, production of maize based
starch and its derivatives, wheat processing, and production of cattle feed. Its business segments include maize Net Profit 1,585.5
processing, agro processing, cotton yarn and power division and renewable energy. GAEL’s manufacturing units
Networth 8,531.0
are located in Gujarat, Maharashtra, MP, Uttarakhand and Karnataka; and windmills are located across Jamnagar,
Kutch, Sitarganj and Shiggaon areas of Gujarat. It has six solvent extraction plants with seed crushing capacity Ratios (%)
of 4,500 MT/day, and 4 corn processing plants with a crushing capacity of 3,000 MT/day and over 60% of power 4.7
NPM
generation by non-conventional sources of energy. In Jan 2018, the company inaugurated its new maize-based
plant in Chalisgaon, Maharashtra. RONW 18.6
(As on Mar 31, 2017)

Tata Global Beverages Limited

1, Bishop Lefroy Road, Kolkata – 700020, WB
Website: www.tataglobalbeverages.com
Dun & Bradstreet D-U-N-S® No 87-178-9102 Top 500 Ranking Income 243 Net Profit 205 Networth 149
About the Company
Financial Snapshot (` mn)
Tata Global Beverages Ltd (TGB) was set up in 1962 as an alliance between Tata Sons and James Finlay & Company.
Total Income 31,602.3
In 2010, the company acquired its present name. In 2012, it signed a JV with Starbucks to form Tata Starbucks
and Green Mountain Coffee Roasters Inc to form Eight O’ Clock Coffee. TGB operates in three segments viz tea, Net Profit 2,760.0
coffee and mineral water. It markets its products under brands Tata Tea, Tetley, Grand Coffee, Jemca, Vitax,
Networth 37,626.9
Joekels, Himalayan and Eight O’Clock Coffee among others. The company operates six plants across Karnataka,
Kerala and Himachal Pradesh. During FY17, Tata Waters LLC and Tata Coffee Vietnam Company Limited became Ratios (%)
subsidiaries of TGB; Empirical Group LLC which was a joint venture has been converted into a subsidiary. In FY17, 8.7
NPM
Eight O’clock® Coffee released three new varieties to its recently launched Infusions line and NourishCo makes a
stylish entry into flavored water segment with launch of Himalayan Orchard Pure. RONW 7.3
(As on Mar 31, 2017)

KRBL Limited
5190, Lahori Gate, New Delhi - 110006, Delhi
Website: www.krblrice.com
Dun & Bradstreet D-U-N-S® No 67-681-2451 Top 500 Ranking Income 244 Net Profit 157 Networth 237
About the Company
Financial Snapshot (` mn)
KRBL Ltd (KRBL), (formerly known as Khushi Ram Behari Lal) was established in 1889 at Lyallpur, now known
Total Income 31,539.4
as Faisalabad in Pakistan. KRBL is one of the world’s largest basmati rice company, with India Gate being its
flagship brand while others include Nur Jahan, Telephone, Train, Unity, Harooz etc. Through these brands KRBL Net Profit 4,011.2
caters to the needs of different categories of consumers across multiple geographies. Presently, KRBL has strong
Networth 18,716.1
presence in India and Gulf Cooperation Council (GCC) countries, with products exported to 75 countries. KRBL
has a rice milling capacity of 195 MT/hour while its total warehousing capacity stands at 1.2 MT. It operates two Ratios (%)
manufacturing facilities in Dhuri, Punjab and Gautam Budh Nagar, UP. During FY17, KRBL launched its super- 12.7
NPM
premium segment comprising premium and health-oriented products like quinoa, brain metabolism booster
brown basmati rice and weight watchers’ special brown rice. RONW 21.4
(As on Mar 31, 2017)

INDIA’S TOP 500 COMPANIES 133

Varun Beverages Limited
F-2/7, Okhla Industrial Area, Phase – I, New Delhi – 110 020, Delhi
Website: www.varunpepsi.com
Dun & Bradstreet D-U-N-S® No 91-653-9161 Top 500 Ranking Income 251 Net Profit 258 Networth 220
About the Company
Financial Snapshot (` mn)
Varun Beverages Ltd (VBL) was incorporated in 1995. It is engaged in manufacturing, selling, bottling and
Total Income 30,193.8
distribution of beverages of Pepsi brand. It operates in geographically pre-defined territories of India, Sri Lanka,
Nepal, Zambia, Morocco, Zimbabwe and Mozambique. Its business segments include carbonated soft drinks, Net Profit 1,867.3
non-carbonated beverages and packaged drinking water. In India, it has its production facilities in Phillaur,
Networth 21,418.7
Panipat, Nuh, Bazpur, Greater Noida I & II, Kosi, Hardoi, Sathariya I and II, Jainpur, Bhiwadi, Jodhpur, Guwahati
unit I and II, Sonarpur, Goa, Mandideep, Bargarh, Cuttack, Jamshedpur. The company’s product portfolio includes Ratios (%)
Pepsi, 7up, Mountain Dew, Mirinda,Everess, Tropicana Slice,Nimbooz, Tropicana frutz, and Aquafina. In Mar 2018, 6.2
NPM
VBL acquired franchisee rights to sell PepsiCo products in Jharkhand. In FY17, PepsiCo transferred the distribution
rights of Tropicana, Gatorade and Quaker dairy product business to VBL in its territories. RONW 8.7
(As on Dec 31, 2016)

Avanti Feeds Limited

H.No 37, Plot No. 37, Baymount, Rushikonda, Vishakapatnam – 530045, AP
Website: www.avantifeeds.com
Dun & Bradstreet D-U-N-S® No 65-068-7825 Top 500 Ranking Income 281 Net Profit 249 Networth 420
About the Company
Financial Snapshot (` mn)
Avanti Feeds Ltd (Avanti Feeds) commenced operations in 1993 in collaboration with Taiwanbased Pingtai
Total Income 26,718.3
Enterprises. The company mainly operates in the business segments of shrimp feed, processing & shrimp
exports and wind mills. Avanti Feeds has four prawn and a fish feed manufacturing units at different locations Net Profit 1,953.3
in West Godaviri District, Andhra Pradhesh and Valsad District, Gujarat with a capacity of 4,00,000 MMTPA. The
Networth 5,723.8
company also operated four wind mills of 3.2 MW at Chitradurga, Karnataka. The company had two wholly-
owned subsidiaries – Avanti Frozen Foods Pvt Ltd and SVIMSAN Imports and Exports Pvt Ltd. In addition to this, Ratios (%)
the company has investments in two associate companies – Srivathsa Power Projects Pvt Ltd in which Avanti 7.3
NPM
Feeds has 49.99% shareholding and Patikari Power Pvt Ltd, in which the company holds 25.88% equity shares.
RONW 34.1
(As on Mar 31, 2017)

Venky’s (India) Limited

S.No. 114 / A / 2, Venkateshwara House, Pune Sinhagad road, Pune - 411030, Maharashtra
Website: www.venkys.com
Dun & Bradstreet D-U-N-S® No 65-006-6434 Top 500 Ranking Income 290 Net Profit 323 Networth 429
About the Company
Financial Snapshot (` mn)
Venky’s (India) Ltd (Venky’s) was established in 1971 as Venkateshwara Hatcheries Pvt Ltd in Pune, Maharashtra.
Total Income 25,096.7
The company’s main business entails production and sale of poultry and poultry products viz. day-old broiler and
layer chicks, specific pathogen free (SPF) eggs, processed chicken products, poultry feed and other miscellaneous Net Profit 1,247.4
poultry products. Other than this, the company also produces animal healthcare products and medicines for
Networth 5,310.5
birds. The company’s oilseed segment provides edible refined soya oil and soya de-oiled cake. The company
operates 48 manufacturing facilities which are spread across Maharashtra, Gujarat, Uttaranchal, UP, Haryana, Ratios (%)
Punjab, MP, HP, J&K, Bihar and Rajasthan. The company reported a sales turnover of ` 24.7 bn in FY7 as compared 5.0
NPM
to ` 21.3 bn in the previous year, thereby registering an increase of 16.40%. In FY17, poultry and poultry products
segment of the company reported sales turnover of ` 12.4 bn as compared to ` 10.2 bn in FY16. RONW 23.5
(As on Mar 31, 2017)

Heritage Foods Limited

6 - 3 - 541 / C, Punjagutta, Hyderabad 500082, Telangana
Website: www.heritagefoods.in
Dun & Bradstreet D-U-N-S® No 91-533-8222 Top 500 Ranking Income 310 Net Profit 396 Networth 480
About the Company
Financial Snapshot (` mn)
Heritage Foods Ltd (HFL) was incorporated in 1992 as Heritage Foods India Ltd. The company operates two main
Total Income 22,778.5
businesses – dairy and renewable energy. In addition, HFL also has presence in retail, agri bakery and vetCa
segments. In the dairy segment, the company’s portfolio consists of over 22 products including fresh milk, curd, Net Profit 668.2
butter milk, ice-cream, table butter, milk powder etc. The company operates 15 plants for milk production and
Networth 3,034.4
processing, with a capacity to handle milk processing of upto 1.89 mn lts per day. HFL sells dairy products under
the Heritage brand across 10 states in India through 6,098 distributors and 1,457 Heritage Parlours. In April 2017, Ratios (%)
the company acquired the dairy business of Reliance Retail Ltd, adding two more brands, Dairy Life and Dairy Pure 2.9
NPM
to its portfolio. The company had two subsidiaries – Heritage Foods Retail Ltd and Heritage Conpro Ltd, and one
associate company – SKIL Raigam Power (India) Ltd, as of March 2017. RONW 22.0
(As on Mar 31, 2017)

134 INDIA’S TOP 500 COMPANIES

LT foods Limited
Unit no-134, first floor, Rectangle-1, Saket district centre, New Delhi - 110017, Delhi
Website: www.ltgroup.in
Dun & Bradstreet D-U-N-S® No 85-856-5517 Top 500 Ranking Income 333 Net Profit 445 Networth 468
About the Company
Financial Snapshot (` mn)
LT Foods Ltd (LT Foods) was incorporated in 1990 as LT Overseas. The company is a speciality foods company,
Total Income 21,003.3
engaged in the business of milling, processing and marketing of branded and non-branded basmati rice and
manufacturing of rice food products in the domestic and overseas market. The product portfolio includes brown Net Profit 301.4
rice, white rice, steamed rice, parboiled rice, organic rice, quick cooking rice, value added rice and flavoured
Networth 3,625.9
rice in the ready to cook segment. LT Foods markets its products under the brands Daawat, Royal, Devaaya,
Heritage and Ecolife. LT Foods operates six manufacturing facilities located in the states of Haryana, Punjab, MP Ratios (%)
and Netherlands with a combined milling capacity of 82 tonnes per hour. It has presence in over 65 countries 1.4
NPM
catering to consumers across geographies, namely; India, US, and Middle East among others. In Oct 2017, it
entered into a JV with Kameda Seika to launch premium health snack brand Kari Kari in India. RONW 8.3
(As on Mar 31, 2017)

Gokul Refoils & Solvent Limited

State Highway No 41, Near Sujanpur Patia ,Sidhpur 384151, Gujarat
Website: www.gokulgroup.com
Dun & Bradstreet D-U-N-S® No 65-009-5438 Top 500 Ranking Income 349 Net Profit 479 Networth 489
About the Company
Financial Snapshot (` mn)
Gokul Refoils & Solvent Ltd (GRSL) was incorporated in 1992 as a private limited company and was later converted
Total Income 19,163.4
into a public limited company in 1994. GRSL is an FMCG player with international presence, dealing in edible oils
such as soya bean oil, cottonseed oil, palm oil (palmolein), sunflower oil, mustard oil, groundnut oil, vanaspati Net Profit 2.3
and industrial oils such as castor oil. It has a vast marketing and distribution network, spanning 20 states across
Networth 2,627.0
India. The company has four production plants Gujarat and West Bengal. As of March 2017, the company had four
wholly-owned subsidiaries and one associate company. During FY17, the company launched a new brand Vivaan Ratios (%)
in the premium category of refined cottonseed oil in Gujarat. The company’s other flagship brands include Gokul, 0.0
NPM
Tandurast, Rozana, Gurjari and Bakery with Gokul positioned as premium and Rozana as an economical brand.
RONW 0.1
(As on Mar 31, 2017)

Parag Milk Foods Limited

Flat No. 1, Plot No. 19, Nav Rajasthan Society, Shivaji Nagar, Pune - 411016, Maharashtra
Website: www.paragmilkfoods.com
Dun & Bradstreet D-U-N-S® No 86-381-4316 Top 500 Ranking Income 385 Net Profit 467 Networth 394
About the Company
Financial Snapshot (` mn)
Parag Milk Food Ltd (Parag Milk Foods) was established in 1992. Parag Milk Foods’ product portfolio comprises of
Total Income 17,078.1
ghee, fresh milk, skim milk powder, whole milk powder, paneer, processed and natural cheese, cheese spreads,
butter, dahi, dairy whitener and gulab jamun mix under the brand names of ‘Gowardhan’ and ‘Go’, all made from Net Profit 100.2
100% fresh cow milk. It has installed milk processing capacity of 2 mn litres per day. It’s distribution network
Networth 6,661.2
comprises 17 depots, more than 100 super stockists and over 3,000 distributors. In Apr 2018, it introduced
Avvatar Advanced Muscle Gainer, a product specially designed to support lean muscle gain with controlled fat Ratios (%)
levels and in Mar 2018, it launched ‘Go Cheese Cubes’. It acquired Danone Foods and Beverages India Pvt Ltd’s 0.6
NPM
manufacturing facility of curd, yogurt and other related products at Sonipat, Haryana in the same month. In Dec
2017, Parag Milk Foods entered into a tie-up with Taj Group to serve its products on international flights. RONW 1.5
(As on Mar 31, 2017)

Future Consumer Limited

Knowledge House, Shyam Nagar, Off JVLR, Jogeshwari (E), Mumbai 400060, Maharashtra
Website: www.futureconsumer.in
Dun & Bradstreet D-U-N-S® No 86-955-9665 Top 500 Ranking Income 391 Net Profit 470 Networth 317
About the Company
Financial Snapshot (` mn)
Future Consumer Ltd (FCL), formerly known as Future Consumer Enterprises Ltd was incorporated in 1996. FCL
Total Income 16,794.4
is engaged in the business of sourcing, manufacturing, branding, marketing and distribution of FMCG, food and
processed food products. Under food and FMCG segment, the company offers products under various categories Net Profit 77.8
like basic foods, ready to eat meals, snacks, beverages, personal hygiene care and home care. As on Mar 31,
Networth 11,366.7
2017, top five brands of FCL in term of revenue are Golden Harvest, Nilgiris, Fresh & Pure, Tasty Treat & Clean
Mate. Through JVs with some domestic and multinational companies, FCL has forayed into specialised segments Ratios (%)
like organic and toddler food, personal care, oats-based products and branded rice. In Aug 2017, FCL launched 0.5
NPM
a premium gourmet gifting brand – ‘Gruezi’, in partnership with Chocolat Frey AG. In May 2017, the company
launched a snack brand called POOOF. RONW 0.7
(As on Mar 31, 2017)

INDIA’S TOP 500 COMPANIES 135

McLeod Russel India Limited
Four Mangoe Lane, Surendra Mohan Ghosh Sarani, Kolkata - 700001, WB
Website: www.mcleodrussel.com
Dun & Bradstreet D-U-N-S® No 65-007-8207 Top 500 Ranking Income 394 Net Profit 443 Networth 286
About the Company
Financial Snapshot (` mn)
McLeod Russel India Ltd (MRIL) originally started operations by planting tea in India in 1869 and was incorporated
Total Income 16,698.8
in 1998. MRIL is a member of the Williamson Magor Group. It is engaged in the cultivation, processing and
marketing of bulk teas. The company primarily produces crushed, tear and curled (CTC) and orthodox black tea. Net Profit 305.3
CTC tea accounts for nearly 90% of MRIL’s production from Assam, Uganda, Rwanda and Vietnam; the balance
Networth 13,979.9
being Orthodox variety from Assam and Vietnam and Green teas from Vietnam. The company manages 64 tea
estates which are spread across 39,603 hectares and produces more than 115 mn kilos of tea every year. The Ratios (%)
company has 67 tea manufacturing facilities and employs over 90,000 people. In FY17, the Company had saleable 1.8
NPM
production of 84.61 mn Kgs of tea as compared to 85.66 mn Kgs in the previous year. In FY18, the company
participated in a JV with Eveready Industries India Ltd for development of packet tea business. RONW 2.2
(As on Mar 31, 2017)

Prabhat Dairy Limited

121/2A, At Post Ranjankhol Rahata, Shrirampur, Ahmednagar - 413720, Maharashtra
Website: www.prabhatdairy.in
Dun & Bradstreet D-U-N-S® No 91-667-8170 Top 500 Ranking Income 498 Net Profit 447 Networth 423
About the Company
Financial Snapshot (` mn)
Prabhat Dairy Ltd (Prabhat Dairy) was incorporated in 1998 and started selling of milk in consumer packs with
Total Income 11,482.7
Prabhat branding in 1999. In 2005, Prabhat Dairy introduced value added products like ghee and milk powder.
The company’s product portfolio includes milk, dahi, ghee, lassi, chaas, paneer, shrikhand, skimmed milk Net Profit 273.0
powder, dairy whitener, sweetened condensed milk, chocolate milkshake and ice cream. The company also co-
Networth 5,573.7
manufactures a wide range of products like Britannia, D-Mart, Aditya Birla Group and Future Group. The company
has two manufacturing units at Shrirampur and Turbhe, Navi Mumbai. Prabhat Dairy possessed an aggregate milk Ratios (%)
processing capacity of 1.5 mn litres per day as on Mar 31, 2017. It also has 481 milk collection centres and 115 2.4
NPM
bulk milk coolers across 600 villages as of 31 March 2017. In FY17, the company launched a range of milk powders
for preparing Punjabi paneer, Bengali sweets and curds. RONW 4.9
(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)

136 INDIA’S TOP 500 COMPANIES

FOOTWEAR
Comparative Matrix

Sector Total Income Net Profit Net Worth NPM RONW

Company Name
TI Rank ` Mn ` Mn ` Mn (%) (%)
1 Bata India Limited 25,438.9 1,587.5 13,252.7 6.2 12.0
2 Relaxo Footwears Limited 17,398.4 1,229.7 6,047.9 7.1 20.3

INDIA’S TOP 500 COMPANIES

Bata India Limited
27B, CAMAC Street, 1st Floor, Kolkata - 700016, West Bengal
Website: www.bata.in
Dun & Bradstreet D-U-N-S® No 87-171-6548 Top 500 Ranking Income 287 Net Profit 288 Networth 299
About the Company
Financial Snapshot (` mn)
Bata India Ltd (Bata) is part of the Switzerland based Bata Shoe Organization. Established in 1931, Bata is a
Total Income 25,438.9
retailer and manufacturer of footwear, enjoying a strong pan-India presence with 1,293 stores across 500 cities
in the country. The company has four manufacturing units strategically located at Batanagar, Bataganj, Faridabad, Net Profit 1,587.5
Bangalore and Hosur, with total production capacity of 21 mn footwear pairs. It’s key brands and offerings include
Networth 13,252.7
Naturalizer, Weinbrenner, Hush Puppies, Bubblegummers and Power in addition to its own brand footwear. During
FY17, the company launched its Power XoRise Collection with 4D mesh, memory foam, and Tunnel technology. It Ratios (%)
also partnered with fbb Colors Femina Miss India 2017 as their official footwear/ramp walk partner. The company 6.2
NPM
sold 47 mn footwear pairs during FY17 of which more than 0.63 mn pairs of footwear were sold through online
channels. Bata opened 100 new retail stores and 23 franchised stores across India during the year. RONW 12.0
(As on Mar 31, 2017)

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(As on Mar 31, 2017)

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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 139

 Relaxo Footwears Limited
Dun & Bradstreet D-U-N-S® No 87-234-0501 Top 500 Ranking Income 377 Net Profit 326 Networth 410

About the Company

Relaxo Footwears Ltd (Relaxo) is among the largest footwear manufacturers in India.
Incorporated in 1984, the company is headquartered in New Delhi.

With a portfolio of 10 Brands including Relaxo, Flite, Sparx, Bahamas and Schoolmate,
the company has 8 manufacturing plants in India, with a combined manufacturing
capacity of approximately 0.6 million pairs of footwear every day. The company is
primarily focused on the non-leather footwear segment.

Ramesh Kumar Dua Relaxo is a leading footwear brand that offers a wide range of fashionable and comfortable
Managing Director products for men, women and children in alluring colors and exquisite designs for indoor
and outdoor use.
Financial Snapshot (In ` mn)
Total Income 17,398.4 Relaxo manufactures over 400 designs in different types of footwear – Slippers, flip flops,
Net Profit 1,229.7 sandals, sports shoes, school shoes, etc.
Networth 6,047.9
Business Overview
Ratios (%) Over the years, RFL has grown significantly due to the strong fundamentals of its
NPM 7.1 operating model and its focus on the long-term business plan. The company continues
RONW 20.3 to follow its strategy of providing customer relevant quality products at affordable prices
and branding them.
(As on Mar 31, 2017)
Management Details The company has successfully leveraged celebrity marketing to build brand recall and
Managing Director customer trust. Relaxo has engaged top notch Bollywood stars as Salman Khan, Akshay
Ramesh Kumar Dua Kumar, Shahid Kapoor and Shruti Hassan to endorse its brands.
Executive Directors
Deval Ganguly The company conducts sales through wholesale, export, modern trade channels
Mukand Lal Dua and company-operated retail network. RFL operates an online shopping portal
Nikhil Dua www.shopatrelaxo.com and its products are also available on most of the reputed
Company Secretary & Compliance Officer online shopping portals.
Vikas Kumar Tak
Chief Financial Officer Corporate Social Responsibility
Sushil Batra
The vision of the Relaxo’s CSR is “to ensure sustained human development of the most
deprived communities, associated or impacted by the business through involving them or
leveraging company’s strength in need-based, result-oriented, and sustainable projects”.
In FY17, Relaxo Foundation undertook a Need Assessment process in consultation with
the local communities neighbouring to the Manufacturing Units in Bhiwadi, Bahadurgarh
and identified ‘Education & Skill Development’ and ‘Health & Hygiene’ as the two thrust
areas. For education, Relaxo has decided to adopt Government schools and transform
them into Model schools whereas under Health, the focus is on ensuring availability,
accessibility and affordability of health services to the communities surrounding its plant
Address & Website locations.
Aggarwal City Square,
Plot No 10, Major Highlights of FY17
District Centre,
Sector-3, Rohini, • In FY17, the company’s revenue from operations stood at ` 17.39 bn.
Delhi – 110085, • The company sold 134.6 mn pairs of footwear during the year.
New Delhi
• During FY17, the company underwent a corporate identity rebranding exercise. It
Website
unveiled its new brand identify, by way of a new logo, to resonate with the changing
www.relaxofootwear.com
needs of young Indian consumers.
• The company added 20 new retail stores to its retail network in FY17, taking the
number of company-owned retail outlets to 270 as of March 2017.
• In FY17, RFL engaged with Shahid Kappor and Shruti Hassan as a brand ambassador
for Flite and retained actor Akshay Kumar and Salman Khan for Sparx and Bahamas
respectively.

140 INDIA’S TOP 500 COMPANIES Advertorial

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)

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(As on Mar 31, 2017)

INDIA’S TOP 500 COMPANIES 141

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

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Networth
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RONW
(As on Mar 31, 2017)

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RONW
(As on Mar 31, 2017)

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(As on Mar 31, 2017)

142 INDIA’S TOP 500 COMPANIES

GAS - PROCESSING, TRANSMISSION
& MARKETING
Comparative Matrix

Sector Total Income Net Profit Net Worth NPM RONW

Company Name
TI Rank ` Mn ` Mn ` Mn (%) (%)
1 GAIL (India) Limited 500,592.6 35,029.1 381,493.7 7.0 9.2
2 Petronet LNG Limited 249,626.7 17,056.7 80,938.9 6.8 21.1
3 Gujarat Gas Limited 52,641.9 2,195.0 16,448.8 4.2 13.3
4 Indraprastha Gas Limited 42,877.3 5,710.7 29,265.6 13.3 19.5
5 Mahanagar Gas Limited 22,917.3 3,934.3 18,400.4 17.2 21.4

INDIA’S TOP 500 COMPANIES

 GAIL (India) Limited
Dun & Bradstreet D-U-N-S® No 65-007-1269 Top 500 Ranking Income 23 Net Profit 29 Networth 20

About the Company

GAIL (India) Limited (GAIL) was incorporated in August 1984 as a central public-sector
undertaking (PSU) under the Ministry of Petroleum & Natural Gas. Erstwhile known as
Gas Authority of India Ltd, the company was formed to construct, operate and maintain
the Hazira - Vijaypur -Jagdishpur pipeline project. The project paved the way for a
sustained development of natural gas sector in India.
GAIL has a presence across the entire gas value chain including natural gas transmission,
distribution and marketing; exploration and production; processing for value-added
products such as LPG, propane, pentane, naphtha, city gas distribution, as well as
B C Tripathi
petrochemicals. Recently, it has also ventured into LNG shipping with its chartered
Chairman & Managing Director
LNG vessel ‘Meridian Spirit’ bringing the company’s first USA sourced LNG cargo into
India. The company’s environmental-friendly business plays a vital role in the social and
Financial Snapshot (In ` mn)
economic development of the country and makes a substantial contribution towards its
Total Income 500,592.6 energy security. As of March 2018, the Government of India has a 53.59% equity holding
Net Profit 35,029.1 in the company.
Networth 381,493.7 Network
Ratios (%) GAIL has an extensive pipeline network consisting of more than 11,000 km of natural gas
NPM 7.0 pipeline with a pan-India capacity to handle volumes of around 206 MMSCMD and over
2000 km of liquefied petroleum gas (LPG) pipeline. The company has LPG plants at five
RONW 9.2
locations in India with a production capacity of 1.3 mn MT. In the field of exploration &
(As on Mar 31, 2017) production (E&P), the company has participating interest in 10 E&P blocks of which 8
Management Details blocks are in India and the remaining two blocks are in Myanmar.
Chairman & Managing Director In the petrochemicals segment, the company has a marketing portfolio of polyethylene
B C Tripathi and polypropylene products over 1 MTPA from the 810 KTA unit at Pata and 280 KTA plant
Directors operated by the subsidiary, Brahmaputra Cracker & Polymer Ltd (BCPL). Additionally, the
Dr. Ashutosh Karnatak company has pursued business opportunities beyond geographical frontiers to establish
Subir Purkayastha its presence globally. The company has an office in the USA, trading office in Singapore
P K Gupta and City Gas Distribution (CGD) joint ventures (JVs) in Egypt and China to promote the
Gajendra Singh use of natural gas. Furthermore, GAIL is also sourcing gas through international sale
Ashish Chatterjee
purchase agreements (SPAs).
Indrani Kaushal
Operational Highlights in FY17
• Natural gas marketing: Natural gas trading continues to be the company’s core
business, contributing 70% of its business turnover. Gas sales in FY17 clocked 81.21
MMSCMD, compared with 73.67 MMSCMD in the previous fiscal.
• Transmission: The average gas transmission during FY17 was 100.38 MMSCMD,
compared to 92.09 MMSCMD in FY16. The share of third party transmission was
22.18 MMSCMD.
• Fertilizers sector: Total sales of natural gas (domestic + RLNG) in the fertilisers
sector stood at 25.74 MMSCMD (including 12.09 MMSCMD of domestic gas).
Address & Website • Power sector: Total sales of natural gas (Domestic + RLNG) in the power sector
stood at 23.81 MMSCMD (including 19 MMSCMD of domestic gas).
16, Bhikaiji Cama Place,
• LPG transmission: The company’s Jamnager-Loni and the Vizag-Secunderabad
R. K. Puram
New Delhi - 110066
pipeline networks achieved a throughput of 3.36 MMTPA during the year against
2.82 MMTPA in the previous fiscal year.
Website
• Petrochemicals: The overall production of polymers in FY17 was 6.04 lakh MT
www.gailonline.com
while GAIL marketed 5.77 lakh MT during this period. The total polymers marketed
including polymers produced by the company’s subsidiary, BCPL, stood at 6.65 lakh
MT, representing almost 100% increase over FY16.
In addition, the company’s petrochemical joint venture namely ONGC Petro additions at
Dahej was also commissioned during the year.
Subsidiaries & JVs
As of March 2017, GAIL has five subsidiaries, and 14 joint venture companies for CGD,
petrochemicals, LNG, gas trading, transmission, power generation and shale gas.

Advertorial INDIA’S TOP 500 COMPANIES 145

Petronet LNG Limited
World Trade Centre, 1st Flr, Babar Road, Barakhamba Lane ,New Delhi - 110001, Delhi
Website: www.petronetlng.com
Dun & Bradstreet D-U-N-S® No 86-220-4216 Top 500 Ranking Income 46 Net Profit 52 Networth 90
About the Company
Financial Snapshot (` mn)
Petronet LNG Ltd (PLL) was formed in 1998 as a joint venture by the Govt. of India to import LNG and set-up LNG
Total Income 249,626.7
terminals in the country. The company is promoted by GAIL (India) Ltd (GAIL), Oil & Natural Gas Corporation Ltd
(ONGC), Indian Oil Corporation Ltd (IOCL) and Bharat Petroleum Corporation Ltd (BPCL). The company engages Net Profit 17,056.7
in the import and re-gasification of LNG. Presently, the Company owns and operates LNG regasification terminal
Networth 80,938.9
with a capacity of 15 MMTPA at Dahej, Gujarat. The company has also commissioned another LNG terminal with
a capacity of 5 MMTPA at Kochi, Kerala. PLL has sourced LNG under long-term contract from RasGas of Qatar Ratios (%)
and sold re-gasified LNG mainly to three intermediate off-takers, namely, GAIL (India) Ltd., Bharat Petroleum 6.8
NPM
Corporation Ltd., and Indian Oil Corporation Ltd; with whom the company has long-term gas sale and purchase
agreements. RONW 21.1
(As on Mar 31, 2017)

Gujarat Gas Limited

Block No. 15, Udyog Bhavan, 3rd Floor, Sector 11, Gandhi Nagar - 382011, Gujarat
Website: www.gujaratgas.com
Dun & Bradstreet D-U-N-S® No 87-129-3368 Top 500 Ranking Income 158 Net Profit 235 Networth 262
About the Company
Financial Snapshot (` mn)
Gujarat Gas Ltd (GGL) was incorporated in 2012 as GSPC Distribution Networks Ltd. The company acquired its
Total Income 52,641.9
present name in 2015 pursuant to amalgamation of GSPC Gas Company Ltd, Gujarat Gas Company Ltd, Gujarat
Gas Financial Services Ltd and Gujarat Gas Trading Company Ltd with the company. GGL is primarily engaged in Net Profit 2,195.0
natural gas business with around 20,000 km of gas pipeline network. The company has 266 operational CNG
Networth 16,448.8
stations and provides nearly 6.0 mmscmd of natural gas to over 1.16 mn households, approximately 0.6 mn
vehicles and 3,050 industrial customers. The company has presence spread across 22 Districts in Gujarat and Ratios (%)
union territory of Dadra Nagar Haveli and Thane GA which includes Palghar district of Maharashtra. The company 4.2
NPM
also has designed, constructed, owned and operated HAPi pipeline. The natural gas pipeline is 73.2 km long with
18 inch diameter and starts at Hazira in Surat district and terminates at Ankleshwar in Bharuch district. RONW 13.3
(As on Mar 31, 2017)

Indraprastha Gas Limited

4, IGL Bhawan, Community Centre, Sector-9, R.K. Puram, New Delhi - 110022, Delhi
Website: www.iglonline.net
Dun & Bradstreet D-U-N-S® No 91-533-9985 Top 500 Ranking Income 194 Net Profit 120 Networth 177
About the Company
Financial Snapshot (` mn)
Indraprastha Gas Ltd (IGL) was incorporated in 1998 and in 1999 it took over Delhi City Gas Distribution Project
Total Income 42,877.3
from GAIL (India) Ltd which was started to lay the network of natural gas distribution in Delhi. It is involved in
the business of distributing CNG to automotive sector and PNG to domestic and commercial sectors in Delhi and Net Profit 5,710.7
NCR regions. As on Mar 31, 2017, IGL had 421 CNG stations and served 9.75 lakh vehicles, 7.42 lakh residential
Networth 29,265.6
consumers and 2,870 industrial/ commercial consumers across NCT of Delhi, Noida, Greater Noida, Ghaziabad
and Rewari. IGL also supplies CNG to transport undertakings such as DTC’s, UPSRTC’s and DIMTS Cluster Busses. Ratios (%)
During FY17, IGL’s CNG sales volume increased by 13% y-o-y to 1268 mmscm and the PNG sales volume increased 13.3
NPM
by 19% to 406 mmscm. In Feb 2018, the company was granted an authorization for development of CGD network
in the geographical area of Karnal district by Petroleum and Natural Gas Regulatory Board. RONW 19.5
(As on Mar 31, 2017)

Mahanagar Gas Limited

MGL House, Block No : G-33, BKC, Bandra (East), Mumbai - 400 051, Maharashtra
Website: www.mahanagargas.com
Dun & Bradstreet D-U-N-S® No 91-853-4165 Top 500 Ranking Income 306 Net Profit 159 Networth 242
About the Company
Financial Snapshot (` mn)
Mahanagar Gas Limited (MGL) was incorporated in 1995. The Company is promoted by GAIL (India) Limited
Total Income 22,917.3
(GAIL) and BG Asia Pacific Holdings Pte. Ltd (BGAPH), ultimately owned by the Shell group, each of who holds
32.5% of MGL’s equity shares. The company has a single operating segment that is “Sale of Natural Gas”. MGL Net Profit 3,934.3
distributes natural gas through a CGD network of pipelines. During FY17, the average gas sales volume increased
Networth 18,400.4
to 2.57 MMSCM per day, registering a growth of over 5.7 % during the FY16. In FY17, a pipeline addition of 191.5
kms was undertaken and company added 86,593 household customers for piped natural gas. As of Mar 31, 2017, Ratios (%)
MGL connected 948,892 households with PNG and operates 203 CNG stations, supplying CNG to over 545,000 17.2
NPM
vehicles. During 2017, the peak daily sale of CNG reached to 1.51 mn kg per day.
RONW 21.4
(As on Mar 31, 2017)

146 INDIA’S TOP 500 COMPANIES

GEMS & JEWELLERY
Comparative Matrix

Sector Total Income Net Profit Net Worth NPM RONW

Company Name
TI Rank ` Mn ` Mn ` Mn (%) (%)
1 Rajesh Exports Limited 449,914.1 4,613.4 37,415.3 1.0 12.3
2 Titan Company Limited 127,816.6 7,618.6 43,120.1 6.0 17.7
3 PC Jeweller Limited 82,137.3 4,305.3 33,667.8 5.2 12.8
4 Asian Star Company Limited 27,046.5 444.8 6,481.7 1.6 6.9
5 Tribhovandas Bhimji Zaveri Limited 17,036.1 185.3 4,609.5 1.1 4.0
6 Thangamayil Jewellery Limited 12,947.8 139.5 1,515.0 1.1 9.2

INDIA’S TOP 500 COMPANIES

Rajesh Exports Limited
Batavia Chambers, No.4, Kumara Park East, Bengaluru - 560001, Karnataka
Website: www.rajeshindia.com
Dun & Bradstreet D-U-N-S® No 65-054-5460 Top 500 Ranking Income 30 Net Profit 142 Networth 152
About the Company
Financial Snapshot (` mn)
Rajesh Exports Ltd (Rajesh Exports) was incorporated in 1989 and established its gold manufacturing facility
Total Income 449,914.1
in 1990. The company floated its IPO in 1995. In 2013, Rajesh Exports established one of India’s largest gold
refineries in Uttaranchal. The company also acquired gold refinery, Valcambi, Switzerland in 2015. The company Net Profit 4,613.4
has presence across the entire value chain of gold from refining to retailing. The company manufactures most
Networth 37,415.3
of the types of gold jewellery required by the retail clients including handmade plain gold jewellery, handmade
studded gold jewellery, casted jewellery, machine chains & bangles, pipe jewellery, hollow jewellery and antique Ratios (%)
jewellery etc. Among all the classes of jewellery, the company manufactures various items like chains, necklaces, 1.0
NPM
bangles, bracelets, finger rings and ear rings, etc. Rajesh Exports has two gold refining facilities at Valcambi and in
the state of Uttarakhand with an aggregate gold refining capacity of more than 2,400 tonnes per annum. RONW 12.3
(As on Mar 31, 2017)

Titan Company Limited

3, SIPCOT Industrial Complex, Hosur - 635126, TN
Website: www.titan.co.in
Dun & Bradstreet D-U-N-S® No 87-180-1521 Top 500 Ranking Income 73 Net Profit 97 Networth 135
About the Company
Financial Snapshot (` mn)
Titan Company Ltd (Titan) was incorporated in 1984 from a joint venture between the Tata Group and the Tamil
Total Income 127,816.6
Nadu Industrial Development Corporation. The company has a diversified business consisting of watches and
accessories, jewellery, eyewear and precision engineering division. Watches and jewellery contributed nearly Net Profit 7,618.6
96% of the revenue during 2017. Titan provides franchising, distribution, licensing and vendor development
Networth 43,120.1
services. The company owns manufacturing and assembly operation centres in Hosur, TN, Dehradun, Roorkee,
Pantnagar, Uttaranchal and an electronic circuit boards plant in Goa. Titan has five subsidiaries namely TitanTime Ratios (%)
Products Ltd, Favre Leuba AG, Titan Watch Company Ltd (Hong Kong), Titan Engineering & Automation Ltd and 6.0
NPM
Caratlane. Its in-house brands include Titan, Fastrack, Sonata, Favre Leuba, Xylys Nebula and licensed brands
include Tommy Hilfiger, Police, FCUK, Annie Klein, Kenneth Cole, Esprit. RONW 17.7
(As on Mar 31, 2017)

PC Jeweller Limited
C - 54, Preet Vihar, Vikas Marg, New Delhi - 110092, Delhi
Website: www.pcjeweller.com
Dun & Bradstreet D-U-N-S® No 86-380-8974 Top 500 Ranking Income 113 Net Profit 151 Networth 161
About the Company
Financial Snapshot (` mn)
PC Jeweller Ltd (PC Jeweller) started operations in 2005 with one showroom at Karol Bagh, New Delhi, and has
Total Income 82,137.3
since then grown to become one of the leading jewellery retail chains with 94 showrooms across 74 cities and
20 states in India. PC Jeweller is engaged in the business of manufacturing, sale and trading of gold jewellery, Net Profit 4,305.3
diamond studded jewellery and silver items and operates in different geographical areas i.e. domestic sales and
Networth 33,667.8
export sales. Similarly, the company has expanded its geographical presence from Metros to Tier I, II and now
Tier III locations as well. The company ventured into a new vertical when it opened its first franchisee showroom Ratios (%)
in October 2015 and followed up by opening four more during FY17. On May 3, 2018, the Company has issued 5.2
NPM
clarification to BSE exchange with reference to the news appearing in media quoting ‘CBI arrests owner of PC
Jewellers’. RONW 12.8
(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 151

 Asian Star Company Limited
Dun & Bradstreet D-U-N-S® No 65-036-1454 Top 500 Ranking Income 277 Net Profit 427 Networth 402

History
Asian Star Company Ltd (ASCL) started operations in 1971 in Surat as a modest unit for
cutting and polishing diamonds. Soon, the company started building on its core strength
of manufacturing and focused on enhancing the scale and size of its operations. It built
an extensive distribution network with presence in leading diamond hubs across the
globe. ASCL became a public limited company in 1995 and was listed on the Bombay
Stock Exchange in 1996.

Moving up the value chain, the company established jewellery manufacturing units in
Vipul Shah Mumbai and Hosur with its first unit at SEEPZ in 2000. It forayed into the retail segment
CEO & Managing Director in 2010 with a couture diamond boutique ex-factory, located in Mumbai to cater to its
elite customers.
Financial Snapshot (In ` mn)
Total Income 27,046.5 Business
Net Profit 444.8 ASCL is in the primary business of importing rough diamonds and subsequently cutting,
Networth 6,481.7 polishing and exporting the finished product. It also undertakes the manufacturing,
marketing and retailing of diamond jewellery.
Ratios (%)
NPM 1.6 As of March 2017, the company has strong human asset base with 3,600 plus highly
RONW 6.9 skilled craftsmen and professional employees, and worldwide distribution with 22
marketing arms including four wholly-owned subsidiaries in New York, Dubai, Hong Kong
(As on Mar 31, 2017)
and Mumbai. The company is one of the preferred supply partners for loose polished
Management Details and diamond jewellery to some of the leading brands and retail chains across the globe.
Chairman & CFO ASCL also enjoys direct supply of rough diamonds from leading mining companies in
Dinesh Shah the world, including Alrosa, De Beers, Dominion and Rio Tinto. It is the approved
CEO & Managing Director manufacturer for CanadaMark and Australian Diamonds.
Vipul Shah
Directors Certifications
Arvind Shah The company follows the highest ethical, social and environmental standards, adhering
Priyanshu Shah to the international codes of practice.
Rahil Shah
Dharmesh Shah
• Certified Member of Responsible Jewellery Council (RJC)
• ISO 9001:2008 certified from TUV NORD, Germany

Cutting and Polishing

Cutting and Polishing diamonds forms the core business of ASCL, which is undertaken at
the company’s 100,000 sq. ft. cutting and polishing facility at Surat. The unit is equipped
with the latest technology and over 2,200 expert craftsmen that help the company
maintain quality and consistency even with the smallest pointer sizes. It provides an
extensive range of products in all colours and clarities, with sizes ranging from 5 carats
Address & Website and smaller in fine makes. Besides regular round brilliant cut, fancy shapes such as
114, Mittal Court - C, princess, pears, hearts and marquise also form part of the extensive product range. It
Nariman Point, specializes in EX-EX-EX Hearts & Arrows cut and customized proprietary special cuts.
Mumbai - 400 021
Maharashtra The company enhances its product offering by providing customer-centric services such
Website as forward planning, tailored assortments within a bagging and matching programme
www.asianstargroup.com and just-in-time supply.

Diamond Jewellery Manufacturing

ASCL also has three jewellery manufacturing units spread across an area of 50,000 sq.
ft. with annual production capacity of 7.5 lakh pieces and an employee strength of over
800. ASCL specializes in bridal and fashion diamond jewellery supported by a team of
young product designers and merchandisers conversant in multicultural needs of a
global marketplace. The company offers a wide range of machine-made and handmade

152 INDIA’S TOP 500 COMPANIES Advertorial

diamond studded jewellery. Due to the flexibility and scalability of operations, ASCL is able to handle mass production as well as one-
to-one customization for its clients.

The company also provides several value-added services such as specialized QC (quality control) programmes, access to extensive
design banks, design customization as per market needs, promotional support and information on market updates and global design
trends.

Jewellery Retailing
ASCL’s couture jewellery boutique caters exclusively to niche customers, offering a range of prêt diamond jewellery. The boutique also
offers customized orders with jewellery design consultations for special occasions.

ASCL hosts Rendezvous Luxe, an annual luxury event in Mumbai, to showcase its exclusive jewellery range.

Wind Energy
In addition to the diamond business, the company has a modest presence in the power sector. The company generates energy from
wind power through wind turbine generators. ASCL’s windmills are located in Maharashtra, Kerala and Tamil Nadu. During FY17, the
company generated 21.5 mn kwh.

Distribution
ASCL has strengthened its global presence over the years by diligently expanding into newer geographies and emerging markets of
consumption. In 2017, the company opened a new marketing arm in South Korea that is emerging as a new growth market for polished
diamonds. The jewellery business made inroads into the promising markets of Netherland, Mexico and Poland.

Performance Highlights
In FY17, the company’s turnover increased to nearly ` 27 bn growing by 13.65% as compared to the previous year. The company’s
diamond business grew by 12.4% in 2017, while its jewellery business increased by 22.95%.

Corporate Social Responsibility

As part of its initiatives under Corporate Social Responsibility, ASCL has contributed funds for the schemes undertaken to promote
the education of the girl child, special vocational skills for employment of the youth, medical aid to improve quality of life, hunger and
malnutrition eradication, women empowerment, rehabilitation of disaster-hit areas, rural development projects, etc. The company
also believes in giving back to the diamond industry by supporting industry beneficiation programmes.

Advertorial INDIA’S TOP 500 COMPANIES 153

Tribhovandas Bhimji Zaveri Limited
241/43, Zaveri Bazar, Mumbai - 400002, Maharashtra
Website: www.tbztheoriginal.com
Dun & Bradstreet D-U-N-S® No 67-639-7148 Top 500 Ranking Income 388 Net Profit 458 Networth 448
About the Company
Financial Snapshot (` mn)
Tribhovandas Bhimji Zaveri Ltd (TBZ) opened its flagship showroom in Zaveri Bazar, Mumbai in 1864. The
Total Income 17,036.1
company is engaged in design, manufacture and sale of studded gold, diamond and platinum jewellery. The
collection of jewellery offered by TBZ includes necklaces, earrings, rings, chains, pendants, bracelets and bangles Net Profit 185.3
amongst others. Various other signature jewellery collections offered by TBZ include the Temple Jewellery
Networth 4,609.5
collection, Surprise collection, Dohra collection, the Showstoppers collection, Azva collection and Ria collection.
The company operates manufacturing facility at Kandivali, Mumbai. The company markets its products through Ratios (%)
33 retail stores spread across 26 cities in the country. Sale of gold jewellery decreased by 0.31% y-o-y to ` 12.5 1.1
NPM
bn in FY17 as compared to ` 12.6bn during the previous financial year. The sale of diamond-studded jewellery
increased by 5.83% to ` 3.7 bn in FY17 as compared to ` 3.5 bn during the previous financial year. RONW 4.0
(As on Mar 31, 2017)

Thangamayil Jewellery Limited

124, Nethaji Road, Madurai - 625001, TN
Website: www.thangamayil.com
Dun & Bradstreet D-U-N-S® No 91-877-5029 Top 500 Ranking Income 461 Net Profit 464 Networth 493
About the Company
Financial Snapshot (` mn)
Thangamayil Jewellery Ltd (TMJL) was formed in 2000 and became public limited company in 2007. TMJL primarily
Total Income 12,947.8
deals in four product lines – gold, silver, diamonds and platinum. It offers 7,000 different products across these
four product lines. The company operates four manufacturing units in TN that employ in-house goldsmiths to Net Profit 139.5
craft designer jewellery. It also owns a silver unit in Salem, TN. Today, the company operates 32 showrooms with
Networth 1,515.0
a total area of 40,000 sq ft. The company also markets its products on online platform. In FY17, the company
reported sales of ` 12.9 bn as compared to ` 12.7 bn in FY16. Ratios (%)
NPM 1.1
RONW 9.2
(As on Mar 31, 2017)

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154 INDIA’S TOP 500 COMPANIES

GLASS & CERAMICS
Comparative Matrix

Sector Total Income Net Profit Net Worth NPM RONW

Company Name
TI Rank ` Mn ` Mn ` Mn (%) (%)
1 Kajaria Ceramics Limited 27,454.5 2,701.6 11,796.9 9.8 22.9
2 Asahi India Glass Limited 23,655.5 1,306.8 5,002.9 5.5 26.1
3 HSIL Limited 22,344.5 1,030.1 14,500.4 4.6 7.1
4 Somany Ceramics Limited 18,556.9 860.9 5,058.4 4.6 17.0

INDIA’S TOP 500 COMPANIES

Kajaria Ceramics Limited
SF-11, JMD Regent Plaza, Village Sikanderpur, Ghosi, Gurugram - 122001, Haryana
Website: www.kajariaceramics.com
Dun & Bradstreet D-U-N-S® No 91-862-1728 Top 500 Ranking Income 272 Net Profit 207 Networth 313
About the Company
Financial Snapshot (` mn)
Kajaria Ceramics Ltd (Kajaria) was incorporated in 1985 and commenced its operations in 1988 with a capacity
Total Income 27,454.5
to produce 1 mn sq mtr tiles per annum at Sikandrabad, UP. The company is mainly engaged in manufacturing
over 2,000 varieties of ceramic/ vitrified tiles. Its product portfolio includes ceramic wall and floor tiles; polished Net Profit 2,701.6
and glazed vitrified tiles; sanitary ware and faucets as well as tile adhesives and grout. The company operates
Networth 11,796.9
eight manufacturing facilities located Sikandrabad in UP, Gailpur & Malootana in Rajasthan, four plants in Morbi,
Gujarat and one at Vijayawada, AP with an annual aggregate capacity of 68.37 mn. sq. meters. Kajaria through its Ratios (%)
subsidiary Kajaria Bathware Pvt Ltd also manufactures sanitaryware and faucets. The company exports to more 9.8
NPM
than 30 countries across the world. In FY17, the company added more than 500 designs across existing product
verticals. RONW 22.9
(As on Mar 31, 2017)

Asahi India Glass Limited

Unit No. 203 - 208, Tribhuwan Complex, Ishwar Nagar, Mathura Road, New Delhi - 110065, Delhi
Website: www.uplonline.com
Dun & Bradstreet D-U-N-S® No 87-156-9691 Top 500 Ranking Income 300 Net Profit 316 Networth 438
About the Company
Financial Snapshot (` mn)
Asahi India Glass Ltd (AIS), an integrated glass manufacturing company, was established in 1984. The company’s
Total Income 23,655.5
product range includes automotive and architectural glass value chains that provide end to end solutions, such as
manufacturing of glass, processing, fabrication and installation services. AIS broadly operates under four verticals Net Profit 1,306.8
i.e. automotive, architecture, solar and consumer glass. It offers products & services for institutional buyers
Networth 5,002.9
and retail customers including defogger glass, UV cut glass, clear glass, tinted glass, frosted glass, laminated
glass, tempered glass and laminated windshields amongst others. Various brands under which AIS markets its Ratios (%)
products include AIS Krystal, AIS Decor, AIS Tinted, AIS Opal, AIS Acousticglas, AIS Ecosense, AIS Supersilver and 5.5
NPM
AIS SunShield. The company operates through its 13 manufacturing facilities located at Bawal, Roorkee, Faridabd,
Halol, Pune, Taloja, Chennai and Bengaluru. RONW 26.1
(As on Mar 31, 2017)

HSIL Limited
2, Red Cross Place ,Kolkata 700001, West Bengal
Website: www.hindwarehomes.com
Dun & Bradstreet D-U-N-S® No 86-221-5006 Top 500 Ranking Income 315 Net Profit 353 Networth 283
About the Company
Financial Snapshot (` mn)
HSIL Ltd (HSIL) was set up in 1960 as Hindusthan Twyfords Ltd in technological collaboration with Twyfords
Total Income 22,344.5
UK. The company was renamed Hindustan Sanitaryware & Industries Ltd in 1969 and subsequently adopted
its present name in 2009. HSIL is one of the leading manufacturers of sanitaryware in India. The company also Net Profit 1,030.1
operates in other segments such as faucets/showers, kitchen appliances, vents, wellness and allied products. The
Networth 14,500.4
product portfolio of HSIL includes water closets, wash basins, sinks, urinals, showers, chimneys, dishwashers,
designer extractor fans, shower panels, seat cover, PVC cisterns and bath tubs amongst others. Some of its well- Ratios (%)
known brands include Queo, Vents, Benelave, Hindware Art, Amoro and Hindware Italian Collection. HSIL enjoys 4.6
NPM
collaborations with leading global brands, namely Groupe Atlantic, VENTS and Sekisui Chemical Co. Ltd., etc. The
company has ten (including one under construction at Medak, Telangana) manufacturing facilities. RONW 7.1
(As on Mar 31, 2017)

Somany Ceramics Limited

82/19, Bhakerwara Road, Mundka, New Delhi - 110041, Delhi
Website: www.somanyceramics.com
Dun & Bradstreet D-U-N-S® No 91-652-3967 Top 500 Ranking Income 358 Net Profit 372 Networth 436
About the Company
Financial Snapshot (` mn)
Somany Ceramics Ltd (Somany) was established in 1968 as Somany Pilkington and acquired its present name in
Total Income 18,556.9
2007. Somany’s products comprise of a range of sanitary ware and bath fittings. Its products comprise of floor
tiles, wall titles, exports, sanitary ware, CP fittings and tile laying solutions. The company operates two plants Net Profit 860.9
located at Kassar (Haryana) and Kadi (Gujarat); six units of associates/subsidiary companies and some more units
Networth 5,058.4
belonging to other manufacturers; together operating at an annual installed manufacturing capacity of ~60 msm
of tiles. The company has a distribution network of franchisee showrooms/ display centers under four categories Ratios (%)
namely Grande, Exclusive, Coco and Studio. As of FY17, it has a pan India network of 1,528 active dealers and 225 4.6
NPM
showrooms/display centers. During 2017, Somany has inaugurated 10 ‘Bath Studio’ across the country. It had
2,277 permanent employees as of Mar 31, 2017. RONW 17.0
(As on Mar 31, 2017)

INDIA’S TOP 500 COMPANIES 157

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158 INDIA’S TOP 500 COMPANIES

HEALTHCARE
Comparative Matrix

Sector Total Income Net Profit Net Worth NPM RONW

Company Name
TI Rank ` Mn ` Mn ` Mn (%) (%)
1 Apollo Hospitals Enterprise Limited 64,676.6 2,851.5 35,790.2 4.4 8.0
2 Narayana Hrudayalaya Limited 16,640.6 951.1 10,584.7 5.7 9.0

INDIA’S TOP 500 COMPANIES

Apollo Hospitals Enterprise Limited
No.19, Bishop Garden, Raja Annamalaipuram, Chennai – 600028, TN
Website: www.apollohospitals.com
Dun & Bradstreet D-U-N-S® No 87-178-8494 Top 500 Ranking Income 132 Net Profit 200 Networth 155
About the Company
Financial Snapshot (` mn)
Apollo Hospitals Enterprise Ltd (Apollo Hospitals), a healthcare services provider operating with a chain of
Total Income 64,676.6
hospitals, was incorporated in 1979. The company operates in the healthcare domain under several key segments
including; hospitals, clinics, day-care centers, birthing centers, pharmacies, insurance and training programs Net Profit 2,851.5
& research services. Its specialized chain of hospitals caters to areas of cardiology, orthopedics, neurology,
Networth 35,790.2
radiology, gastroenterology, transplants, oncology and critical care. In Nov 2016, the company launched a 480
bed hospital in Mumbai. During FY17, the company crossed the 10,000 beds cross country milestone. Apollo Ratios (%)
Hospitals operates a network of 70 hospitals, 55 specialties, 7,500 clinicians, 10,000 nurses and 4600 paramedics. 4.4
NPM
In Sep 2017, Apollo Hospitals, Navi Mumbai inaugurated Apollo Cancer Care Hospitals and TrueBeam STx, an
Advanced Stereotactic Radiosurgery System. RONW 8.0
(As on Mar 31, 2017)

Narayana Hrudayalaya Limited

No.258/A, Bommasandra Industrial Area, Anekal Taluk, Bengaluru - 562158, Karnataka
Website: www.narayanahealth.org
Dun & Bradstreet D-U-N-S® No 92-372-9441 Top 500 Ranking Income 396 Net Profit 362 Networth 330
About the Company
Financial Snapshot (` mn)
Narayana Hrudayalaya Ltd (NH) was established in 2000 at Bengaluru and is one of the leading healthcare
Total Income 16,640.6
providers in India with 51 healthcare facilities. NH operates a network of 24 hospitals, 7 heart centres and 19
primary care facilities as of May 1, 2017 (including clinics and information centres), across India and one hospital Net Profit 951.1
at the Cayman Islands with 5,932 operational beds and the potential to reach a capacity of 7,181 beds. NH has
Networth 10,584.7
a strong presence in Karnataka and Eastern India, as well as an emerging presence in the Western, Central and
Northern India. During FY17, the group added two hospitals in NCR to augment its presence in Northern India Ratios (%)
after commissioning a super speciality hospital in Jammu in April 2016 and it also started SRCC Children’s Hospital 5.7
NPM
in Mumbai. On the international front, the company caters to patients from nearly 77 countries. As of March
2017, NH had 10 subsidiary companies and three associate companies. RONW 9.0
(As on Mar 31, 2017)

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INDIA’S TOP 500 COMPANIES 161

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162 INDIA’S TOP 500 COMPANIES

HOTELS
Comparative Matrix

Sector Total Income Net Profit Net Worth NPM RONW

Company Name
TI Rank ` Mn ` Mn ` Mn (%) (%)
1 The Indian Hotels Company Limited 24,451.1 1,419.4 26,159.0 5.8 5.4
2 EIH Limited 13,767.8 965.4 25,595.0 7.0 3.8

INDIA’S TOP 500 COMPANIES

The Indian Hotels Company Limited
Mandlik House, Mandlik Road, Mumbai- 400001, Maharashtra
Website: www.tajhotels.com
Dun & Bradstreet D-U-N-S® No 65-007-5054 Top 500 Ranking Income 295 Net Profit 304 Networth 192
About the Company
Financial Snapshot (` mn)
The Indian Hotels Company Ltd (IHCL) was incorporated in 1902. Promoted by Tata Sons Ltd., IHCL’s operations
Total Income 24,451.1
comprise owning, operating and managing hotels, palaces and resorts. The company and its subsidiaries are
collectively known as the Taj Group. Business operations are primarily carried out under the following brands, Net Profit 1,419.4
Taj Hotels Resorts and Palaces, Vivanta Hotels and Resorts by Taj, The Gateway Hotels and Resorts and Ginger
Networth 26,159.0
Hotels. IHCL has 25 subsidiaries, 8 joint ventures and 6 associates as on Mar 31, 2017. IHCL has a portfolio of 31
Taj Hotels, 40 Vivanta by Taj Hotels & Resorts and 29 Gateway Hotels. The company announced the inauguration Ratios (%)
of its first lodge outside India: Meghauli Serai at UNESCO World Heritage listed Chitwan National Park in Nepal. 5.8
NPM
In FY17, IHCL launched five new Jiva Spas at The Gateway Resort Corbett National Park, The Gateway Hotels
Residency Road (Bangalore), Taj Swarna (Amritsar), Jai Mahal Palace (Jaipur) and Taj Pamodzi (Lusaka). RONW 5.4
(As on Mar 31, 2017)

EIH Limited
4, Mangoe Lane, Kolkata - 700001, WB
Website: www.eihltd.com
Dun & Bradstreet D-U-N-S® No 86-221-4319 Top 500 Ranking Income 443 Net Profit 360 Networth 195
About the Company
Financial Snapshot (` mn)
EIH Ltd (EIH) was incorporated in 1949 as the lease and operator of The Oberoi Palace Hotel in Srinagar, Kashmir.
Total Income 13,767.8
In 1968, The Associated Hotels of India Ltd and Hotels (1938) Pvt Ltd merged with the Company pursuant to
which EIH acquired five hotels. EIH’s business mainly includes the ownership, management and operation of five Net Profit 965.4
star deluxe and five star hotels in metropolitan and major tourist destinations across India. The company also
Networth 25,595.0
has equity interest in the six ‘The Oberoi Hotels’ and nine hotels that operate under the ‘Trident’ name. EIH has
diversified its business into Oberoi Flight Services and Oberoi Airport Services, which provides catering and other Ratios (%)
services to leading international airlines and operates restaurants and lounges in a number of India’s domestic 7.0
NPM
and international airports. EIH also provides air charter services through EIH Aviation, a commercial printing
press, and a car rental business in India through its 66.67% equity interest in Mercury Car Rentals Ltd. RONW 3.8
(As on Mar 31, 2017)

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INDIA’S TOP 500 COMPANIES 165

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166 INDIA’S TOP 500 COMPANIES

IRON & STEEL
Comparative Matrix

Sector Total Income Net Profit Net Worth NPM RONW

Company Name
TI Rank ` Mn ` Mn ` Mn (%) (%)
1 JSW Steel Limited 571,687.1 35,765.4 240,981.0 6.3 14.8
2 Tata Steel Limited 536,754.2 34,445.5 481,798.3 6.4 7.1
3 Steel Authority Of India Limited 503,027.1 (28,332.4) 360,090.6 (5.6) (7.9)
4 Jindal Stainless (Hisar) Limited 76,362.5 2,180.2 8,620.6 2.9 25.3
5 Mukand Limited 27,254.6 (418.1) 4,248.8 (1.5) (9.8)
6 Godawari Power & Ispat Limited 17,494.0 (774.4) 6,846.6 (4.4) (11.3)
7 Indian Metals and Ferro Alloys Limited 17,463.9 2,498.3 10,432.0 14.3 23.9
8 Sunflag Iron and Steel Company Limited 17,209.8 651.7 7,082.3 3.8 9.2
9 Kalyani Steels Limited 14,354.1 1,559.2 7,454.5 10.9 20.9
10 Maithan Alloys Limited 13,626.3 1,976.9 5,923.6 14.5 33.4
11 Sarda Energy & Minerals Limited 11,831.5 1,312.0 11,955.5 11.1 11.0

INDIA’S TOP 500 COMPANIES

JSW Steel Limited
JSW Centre, Bandra Kurla Complex, Bandra (East), Mumbai - 400051, Maharashtra
Website: www.jsw.in
Dun & Bradstreet D-U-N-S® No 91-534-9161 Top 500 Ranking Income 17 Net Profit 28 Networth 37
About the Company
Financial Snapshot (` mn)
JSW Steel Ltd (JSW Steel), a flagship company of the JSW Group, was incorporated in 1982. The company is
Total Income 571,687.1
engaged in the manufacturing of steel products which include hot rolled, cold rolled, colour coated products,
galvanised products, galvalume, TMT bars, wire rods and special alloy steel. JSW Steel markets its products under Net Profit 35,765.4
the brand name JSW Vishwas, JSW Colouron, JSW Pragati, JSW Neosteel and JSW Galvos, to name a few. In FY17,
Networth 240,981.0
the company operated seven steel plants in India located at Vijayanagar in Karnataka, Salem in TN, Tarapur,
Vasind, Kalmeshwar, Dolvi and Salav in Maharashtra with a combined installed capacity of 18 MTPA. In FY17, the Ratios (%)
company reported crude steel production of 15.8 MT with sales of 14.77 MT. In Dec 2017, JSW Steel launched its 6.3
NPM
new product JSW Everglow for roofing and wall applications.
RONW 14.8
(As on Mar 31, 2017)

Tata Steel Limited

Birla Aurora, Level 21, Plot no. 1080, Dr. Annie Besant Road, Worli, Mumbai - 400030, Maharashtra
Website: www.tatasteel.com
Dun & Bradstreet D-U-N-S® No 65-007-3026 Top 500 Ranking Income 20 Net Profit 30 Networth 14
About the Company
Financial Snapshot (` mn)
Tata Steel Ltd (Tata Steel), a diversified steel producer, commenced operations in 1907. As on Mar 31, 2016 the
Total Income 536,754.2
company had operations in 26 countries and commercial presence in over 50 countries. Tata Steel’s business
primarily comprises of the entire steel value chain from captive mining to downstream steel businesses. Tata Net Profit 34,445.5
Steel has an end-to-end value chain that extends from mining to finished steel goods, catering to an array of
Networth 481,798.3
market segments. The Jamshedpur facility has an annual crude steel capacity of 10 mn TPA and the Kalinganagar
plant has a capacity of 3 mn TPA (board has approved a 5 MTPA expansion at Tata Steel Kalinganagar). In FY17, Ratios (%)
total crude steel production was 11.68 mn tonnes. As on Mar 31, 2017, Tata Steel has 360 granted patents of 6.4
NPM
cumulative 870 patents.
RONW 7.1
(As on Mar 31, 2017)

Steel Authority of India Limited

Ispat Bhawan, Lodi Road, New Delhi – 110003, Delhi
Website: www.sail.co.in
Dun & Bradstreet D-U-N-S® No 91-562-8402 Top 500 Ranking Income 21 Net Profit 498 Networth 25
About the Company
Financial Snapshot (` mn)
Steel Authority of India Ltd (SAIL) was originally established as Hindustan Steel Pvt. Ltd. in 1954. SAIL produces
Total Income 503,027.1
iron and steel at five integrated plants and three special steel plants, located in the eastern and central regions of
India and situated close to domestic sources of raw materials. SAIL manufactures and sells a broad range of steel Net Profit (28,332.4)
products that include Bars, Rods and Rebars, Cold Rolled, Galvanised, Hot Rolled, Narrow Parallel Flange Beam,
Networth 360,090.6
Plates, Railway product, Structurals, Pig Iron, and many more. In FY17, the company’s hot metal production stood
at 15.7, crude steel production increased to 14.5 MT, saleable steel production increased to 13.9 MT and value Ratios (%)
added production increased to 5.8 MT. SAIL produces a single piece rail of 130 meters length and supplies welded (5.6)
NPM
260 MT rail panels to the Indian Railways.
RONW (7.9)
(As on Mar 31, 2017)

Jindal Stainless (Hisar) Limited

O. P. Jindal marg, Hisar - 125005, Haryana
Website: www.jshlstainless.com
Dun & Bradstreet D-U-N-S® No 91-858-7148 Top 500 Ranking Income 119 Net Profit 236 Networth 356
About the Company
Financial Snapshot (` mn)
Jindal Stainless (Hisar) Ltd (JSHL), a part of Jindal Stainless Ltd (JSL), was incorporated in 2013 as Jindal Stainless
Total Income 76,362.5
(Hisar) Pvt Ltd. In 2014, the company acquired its present name. The Hisar plant of JSL was originally established
in 1975, which pursuant to the approval of the composite scheme of arrangement was transferred from JSL to Net Profit 2,180.2
JSHL. The Hisar plant of JSL is a fully integrated stainless steel plant with a capacity of 800,000 TPA. It is amongst
Networth 8,620.6
the leading producers of stainless steel strips for razor blades and coin blanks. It offers a wide range of products
including; slabs & blooms, hot rolled coils, strips, plates, coin blanks, precision strips and cold rolled coils. In Ratios (%)
FY17, the company sold 656,880 MT of stainless steel products. On Nov 8, 2017, JSHL in association with ANEW 2.9
NPM
Holdings Limited (a Japanese Venture Capital), launched an Indo–Japanese Accelerator Program for Agriculture
Startups in Gurugram. RONW 25.3
(As on Mar 31, 2017)

INDIA’S TOP 500 COMPANIES 169

Mukand Limited
Bajaj Bhawan, Jamnalal Bajaj Marg, 226, Nariman Point, Mumbai 400 021, Maharashtra
Website: www.mukand.com
Dun & Bradstreet D-U-N-S® No 65-006-8257 Top 500 Ranking Income 274 Net Profit 485 Networth 454
About the Company
Financial Snapshot (` mn)
Mukand Ltd (Mukand), a part of the Bajaj Group, was incorporated in 1937 as Mukand Iron and Steel Works Ltd.
Total Income 27,254.6
In 1989, the company acquired its present name. Mukand is primarily involved in the manufacture of specialty
steel long products and heavy machinery. It produces over 400 grades of specially engineered steel in sizes Net Profit (418.1)
ranging from 5 mm to 160 mm in the form of bars, bright bars, wire rods and wires. Its products find application in
Networth 4,248.8
the automobile and auto component industry for products such as fasteners, bearing transmissions, crankshaft,
steering components, suspension springs, fuel injection equipment, including common rail diesel injection Ratios (%)
systems, braking systems, drive axle mainly velocity joints, seamless tubes amongst others. The company (1.5)
NPM
operates manufacturing plants across Thane, Maharashtra and Ginigera, Karnataka.
RONW (9.8)
(As on Mar 31, 2017)

Godawari Power & Ispat Limited

428/2, Phase-I, Industrial Area, Siltara – 493111 Dist. Raipur, Chhattisgarh
Website: godawaripowerispat.com
Dun & Bradstreet D-U-N-S® No 67-686-7179 Top 500 Ranking Income 374 Net Profit 486 Networth 393
About the Company
Financial Snapshot (` mn)
Godawari Power & Ispat Ltd. (GPIL), incorporated in 1999 is listed on the National Stock Exchange and Bombay
Total Income 17,494.0
Stock Exchange. GPIL was formally known as Ispat Godawari Ltd (IGL), belonging to HIRA Group of Industries,
Raipur, C.G. GPIL is a flagship Company of Hira Group of Industries. GPIL operated in the long product segment Net Profit (774.4)
of the Steel industry, mainly into mild steel wire. GPIL is an end-to-end manufacturer of mild steel wires. The
Networth 6,846.6
company is also involved in the manufacturing of sponge iron, billets, Ferro alloys, captive power, wires rods,
steel wires, oxygen gas, fly ash brick and iron ore pellets. GPIL is also awarded rights for Iron Ore Mining for Ratios (%)
captive consumption; hence the Company has managed to traverse the entire value chain (raw material to final (4.4)
NPM
product) in steel wires and has now become a fully integrated steel manufacturer. It has 1,897 employees as of
Mar 31, 2017. RONW (11.3)
(As on Mar 31, 2017)

Indian Metals and Ferro Alloys Limited

IMFA Building, Bomikhal, Rasulgarh, Bhubaneswar - 751010, Orissa
Website: www.imfa.in
Dun & Bradstreet D-U-N-S® No 65-022-3969 Top 500 Ranking Income 376 Net Profit 217 Networth 334
About the Company
Financial Snapshot (` mn)
Indian Metals and Ferro Alloys Ltd (IMFA) was incorporated in 1961 and operates as a fully-integrated, value-
Total Income 17,463.9
added, ferro-chrome producer and primarily exporter to the Far East – China, Japan, Taiwan and South Korea.
In addition to ferro alloys, the company also operates in the power and mining sectors. IMFA owns chrome ore Net Profit 2,498.3
mines to meet its need for raw material for the production of chrome alloys. IMFA has access to over 18 mn tons
Networth 10,432.0
of total ore reserves. The company has mines at Sukinda, Mahagiri and Nuasahi and two manufacturing units at
Therubali and Choudwar in Odisha. Power generation at its captive power plants stood at 1036.88 mn units. The Ratios (%)
company is also setting up a renewable energy plant in the form of a 3 MW solar power plant in Therubali. During 14.3
NPM
FY17, exports constituted nearly 85.29% of IMFA’s total revenues with leading clients such as POSCO in South
Korea, Marubeni Corporation and Nisshin Steel in Japan. RONW 23.9
(As on Mar 31, 2017)

Sunflag Iron and Steel Company Limited

33, Mount Road, Sadar, Nagpur - 440001, Maharashtra
Website: www.sunflagsteel.com
Dun & Bradstreet D-U-N-S® No 65-011-5140 Top 500 Ranking Income 383 Net Profit 399 Networth 387
About the Company
Financial Snapshot (` mn)
Sunflag Iron and Steel Company Ltd (Sunflag Iron), a part of the Sunflag Group was incorporated in 1984. It is
Total Income 17,209.8
primarily engaged in manufacturing and marketing special steel rolled products. The company’s product portfolio
comprises of a variety of steel like carbon steel, alloy steel, free & semi free cutting steel, micro-alloyed steel, Net Profit 651.7
stainless steel, spring steel, valve steel, bearing steel, cold heading quality steel, tool steel of variety of profiles
Networth 7,082.3
including round bars, round cornered square, round & hexagonal wire rods, hexagonal straight bars, flats, bright
bars (peeled/drawn/ground bars) etc. Sunflag Iron caters to the demand of industries like automobile, railways, Ratios (%)
power, ordnance factories, and engineering amongst others. The company exports its products to South East, 3.8
NPM
Middle East, European Union and United States. The company has a manufacturing facility located at Bhandara,
Maharashtra with a capacity to produce 360,000 tonnes per annum of steel. RONW 9.2
(As on Mar 31, 2017)

170 INDIA’S TOP 500 COMPANIES

Kalyani Steels Limited
Mundhwa, Pune - 411036, Maharashtra
Website: www.kalyanisteels.com
Dun & Bradstreet D-U-N-S® No 65-006-1831 Top 500 Ranking Income 434 Net Profit 293 Networth 381
About the Company
Financial Snapshot (` mn)
Kalyani Steels Ltd (KSL) was incorporated in 1973 as part of the Kalyani Group, with the main objective of meeting
Total Income 14,354.1
the group’s in-house requirement of forging quality steel. In line with its diversification plans, the company set
up an integrated steel plant at Hospet, Karnataka, which presently has a hot metal capacity of 650,000 MTPA of Net Profit 1,559.2
carbon and alloy steel. The plant is also equipped with three mini blast furnaces, two rolling mills, sinter plant,
Networth 7,454.5
power plant, BFG fired re-heating furnaces and testing facilities. The company mainly provides forging quality
steel to component manufacturers of commercial vehicles, two wheelers, diesel engines, bearings, tractors, Ratios (%)
turbines and rails. KSL also provides steel for engineering, seamless tube and aluminum-smelting industry. In Oct 10.9
NPM
2015, KSL increased its equity stake in Lord Ganesha Minerals Pvt Ltd (LGMPL) from 50% to 77%, as a result of
which LGMPL became a subsidiary of the company. RONW 20.9
(As on Mar 31, 2017)

Maithan Alloys Limited

Ideal Centre, 4th Floor, 9, A J C Bose Road, Kolkata - 700017, WB
Website: www.maithanalloys.com
Dun & Bradstreet D-U-N-S® No 87-139-4948 Top 500 Ranking Income 447 Net Profit 248 Networth 415
About the Company
Financial Snapshot (` mn)
Maithan Alloys Ltd (MAL) was incorporated in 1995 and commenced commercial production in 1997 with an
Total Income 13,626.3
installed capacity of 10 MVA. The company possesses an installed capacity of 136 MVA as of Mar 31, 2017. MAL
is engaged in the manufacturing of ferro-manganese, silico-manganese and ferro-silicon. The company operates Net Profit 1,976.9
through three manufacturing facilities located at Kalyaneshwari in WB, Visakhapatnam in AP and Ri-Bhoi in
Networth 5,923.6
Meghalaya. The Company also operates three wind turbine generators, one in Maharashtra and two in Rajasthan,
with a cumulative capacity of 3.75 megawatts. Some of the prominent clients of the company include SAIL, JSW, Ratios (%)
JSPL and JSL. MAL also exports to more than 35 countries across the world. In FY17, the company achieved 95% 14.5
NPM
capacity utilisation. As of Mar 31, 2017, the company had two subsidiaries namely Anjaney Minerals Ltd and
AXL-Exploration Pvt Ltd. RONW 33.4
(As on Mar 31, 2017)

Sarda Energy & Minerals Limited

Industrial Growth Center, Siltara, RAIPUR – 493 111, Chhattisgarh
Website: www.seml.co.in
Dun & Bradstreet D-U-N-S® No 65-065-4825 Top 500 Ranking Income 488 Net Profit 315 Networth 310
About the Company
Financial Snapshot (` mn)
Sarda Energy & Minerals Ltd (SEML), a part of Sarda Group, was incorporated in 1973. In 1987 it commissioned
Total Income 11,831.5
the first automated oxygen lancing plant in MP to feed oxygen in the arc furnace. In 2007, the company acquired
its present name pursuant to merger of Chhattisgarh Electricity Company Ltd with itself. The company is primarily Net Profit 1,312.0
engaged in the manufacture of steel and ferro alloys. SEML’s product portfolio includes pellet, sponge iron,
Networth 11,955.5
billet, wire rod, ferro alloys, TMT bars, eco-bricks, HB wire and ingots amongst others. The company operates a
manufacturing plant at Raipur, Chhattisgarh. It is also engaged in power generation through its power plants at Ratios (%)
Siltara and Raipur. The company exports to countries such as Japan, Pakistan, Taiwan, UAE, Korea, Iran and UK. 11.1
NPM
It had 1,261 employees as on Mar 31, 2017. In FY17, SEML produced 0.59 MMT of pellets, 0.30 MMT of sponge
iron, 0.133 MMT of steel billets, 0.10 MMT of wire rods, 29,552 MT of HB wire and 66,024 MT of ferro alloys. RONW 11.0
(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
Financial Snapshot (` mn)
Total Income
Net Profit
Networth
Ratios (%)
NPM
RONW
(As on Mar 31, 2017)

INDIA’S TOP 500 COMPANIES 171

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

Financial Snapshot (` mn)

Total Income

Eros fuels digital mega revolution in India

Net Profit
Networth
Ratios (%)
NPM
The Indian audience is known Eros Now has been a RONW
for consuming entertainment game-changer in the digital (As on Mar 31, 2017)
and this dates back to more entertainment segment in India.
than a century when the means Marking a leadership position
for consuming entertainment for itself, Eros Now owns 69%
was limited. With time, Indian of the movie library segment
cinema established
Dun & Bradstreet D-U-N-S®its
No strong in
Topthe OTT space
500 Ranking and is home Net Profit
Income Networth

foothold and movies started to 10000+ movies with titles Financial Snapshot (` mn)
becoming the pulse of the dating as far back as the Total Income
nation. When the Indian film 1930’s, brilliantly capturing Net Profit
industry was undergoing the film-making progression Networth
a cinematic evolution, Eros in India. Revolutionizing the
Ratios (%)
International started its digital entertainment space,
NPM
Kishore Lulla
business with VHS distribution Eros Now has increased its
Chairman
RONW & CEO
and eventually entered the content base to reach out to a Eros International
(As on Mar 31, 2017)
acquisition, co-production larger audience worldwide and
and production business. Eros provide distinguished content in
Targeting the phenomenally
International soon became 10 Indian regional languages
large, 1.5-billion-strong
a leading player in the including Hindi, Tamil, Telugu,
audience for Indian content
movie business
Dun & Bradstreet across
D-U-N-S® No Indian and Bengali
Top 500 Ranking across
Income genres Net Profit Networth
worldwide with Eros Now,
geographies and languages. like fiction, comedy, drama,
Eros reinforces its promise
Financial Snapshot (` mn)
thriller and romance. Focusing
of providing an ultimate
Total Income
With a legacy dating back to carefully on its content strategy,
entertainment experience, even
Net Profit
over four decades, Eros has distribution and monetization,
in lesser known
Networth locations like
always kept itself abreast with Eros Now has over 100
Papua New Guinea in(%)
Ratios the
the changing dynamics of the million registered users and
Pacific Ocean.
NPM
industry, demonstrating its 7.9 million paying subscribers
creditable futuristic approach. internationally. With strategic RONW
In April this year, Eros Now
Being a front-runner, Eros telco partnerships and content (As on Mar 31, 2017)
released its first direct-to-
embraced technology, be it deals with major players,
digital film, Meri Nimmo,
adoption of VHS or launching Eros now has strengthened its
which received great reviews.
one of the first on-demand presence in the ever-growing
2018 will also see a line-up
digital contentD-U-N-S®
platforms
No in OTT
Top 500segment.
Dun & Bradstreet Ranking Income of original shows
Net Profit and films.
Networth
India. Eros envisioned the digital
With a vision of contributing
Financial Snapshot (` mn)
revolution that the country was Eros International along with
to around 75% of Eros’ total
about to experience and began Eros Now is unarguably the Total Income
revenues by 2020, Eros Now
its journey of transitioning world’s largest Indian digital Net Profit
truly catersNetworth
to the discerning
from a film studio to a digital entertainment company,
consumer looking for quality
entertainment company in the enabling digitally savvy users Ratios (%)
and unparalleled entertainment
year 2012 with the launch of to view content from across the NPM
– anytime, anywhere.
Eros Now. globe as per their convenience. RONW
(As on Mar 31, 2017)

172 INDIA’S TOP 500 COMPANIES

MEDIA & BROADCASTING
Comparative Matrix

Sector Total Income Net Profit Net Worth NPM RONW

Company Name
TI Rank ` Mn ` Mn ` Mn (%) (%)
1 Zee Entertainment Enterprises Limited 52,755.0 10,340.0 44,216.0 19.6 23.4
2 Sun TV Network Limited 27,038.0 9,794.1 40,217.5 36.2 24.4
3 D. B. Corp Limited 22,746.4 3,773.1 15,988.5 16.6 23.6
4 PVR Limited 20,621.9 929.2 9,529.7 4.5 9.8
5 Dish TV India Limited 19,892.7 1,626.9 2,730.7 8.2 59.6
6 Jagran Prakashan Limited 19,399.2 3,160.6 16,702.3 16.3 18.9
7 HT Media Limited 15,889.3 615.1 16,983.7 3.9 3.6
8 Inox Leisure Limited 12,297.7 304.8 5,525.9 2.5 5.5
9 Eros International Media Limited 11,646.6 1,303.9 13,504.1 11.2 9.7

INDIA’S TOP 500 COMPANIES

Zee Entertainment Enterprises Limited
18th Floor, A - Wing, Marathon Futurex, Lower Parel, Mumbai – 400013, Maharashtra
Website: www.zeeentertainment.com
Dun & Bradstreet D-U-N-S® No 65-012-9216 Top 500 Ranking Income 157 Net Profit 75 Networth 129
About the Company
Financial Snapshot (` mn)
Zee Entertainment Enterprises Ltd (ZEEL), earlier known as Zee Telefilms Ltd, is a media and entertainment
Total Income 52,755.0
company. It is primarily engaged in the business of broadcasting general national and regional entertainment
television channels (non-news and current affairs), music and niche television channels. Its other business Net Profit 10,340.0
segments include space selling agents for other satellite television channels and sale of media content such as
Networth 44,216.0
programs, film rights, feeds and music rights. It offers media and entertainment content in multiple languages,
with 39 international and 37 domestic channels. It has presence in 173 countries with 1.3 bn viewers. Channels Ratios (%)
broadcasted by ZEEL include TEN Cricket, TEN Sports, Ten HD, &TV, Zee Cafe, Zee Marathi, Zee Bangla, Zee Cinema, 19.6
NPM
Zee Anmol, and Zee Studio. In Feb 2018, it launched ZEE5, an integrated entertainment offering with on-demand
and Live TV. In FY17, it acquired 49% stake in Fly by Wire International Private Limited. RONW 23.4
(As on Mar 31, 2017)

Sun TV Network Limited

Murasoli Maran Towers, 73, MRC Nagar Main Road, MRC Nagar, Chennai - 600028, TN
Website: www.suntv.in
Dun & Bradstreet D-U-N-S® No 65-017-3560 Top 500 Ranking Income 278 Net Profit 80 Networth 138
About the Company
Financial Snapshot (` mn)
Sun TV Network Ltd (Sun TV) was incorporated in 1985 as Sumangali Publications Pvt Ltd. The company is
Total Income 27,038.0
engaged in producing and broadcasting satellite television and radio software programmes in regional languages
of South India. The company currently operates television channels in four South Indian languages and has a Net Profit 9,794.1
strong presence in southern India along with viewership in Sri Lanka, Singapore, Malaysia, UK, Europe, Middle
Networth 40,217.5
East, US, Australia, South Africa and Canada. The company operates its flagship channel Sun TV along with other
major satellite channels such as Surya TV, Gemini TV and Udaya TV. Sun TV also undertakes business of FM Radio Ratios (%)
broadcasting at Chennai, Coimbatore and Tirunelveli. The company owns Sunrisers Hyderabad, a Hyderabad- 36.2
NPM
based cricket team which participates in the Indian Premier League. Presently, Sun TV is spread across several
genres including; movies, news, music, comedy, kids, HD, life and action among others. RONW 24.4
(As on Mar 31, 2017)

D. B. Corp Limited
Plot No. 280, Sarkhej Gandhinagar Highway, Makarba, Ahmedabad – 380051, Gujarat
Website: www.bhaskarnet.com
Dun & Bradstreet D-U-N-S® No 72-514-0151 Top 500 Ranking Income 311 Net Profit 164 Networth 266
About the Company
Financial Snapshot (` mn)
D. B. Corp Ltd (D.B. Corp) was incorporated in 1995. The company is engaged in printing and publishing
Total Income 22,746.4
newspapers, radio broadcasting and has digital presence through the internet. ‘Dainik Bhaskar’, the company’s
flagship newspaper has been in publication since 1958. As of Mar 31, 2017, the company has published six Net Profit 3,773.1
newspapers, 65 editions, 10 magazines/ supplements in four languages and has an average daily readership of
Networth 15,988.5
44 mn readers across 13 states. D.B. Corp’s printing and publishing business operates through 52 printing plants
and employs around 3,000 journalists. In 2006, the company established a radio network ’94.3 MY FM’ which Ratios (%)
caters to tier II and tier III cities of India. The network has presence in seven states with 30 radio stations. D B Corp 16.6
NPM
also operates 13 digital portals and two mobile applications in four languages across categories of news, finance,
spirituality, entertainment, fashion, sports, food, gadgets and real estate. RONW 23.6
(As on Mar 31, 2017)

PVR Limited
61, Basant Lok, Vasant Vihar, New Delhi - 110057, Delhi
Website: www.pvrcinemas.com
Dun & Bradstreet D-U-N-S® No 91-535-6591 Top 500 Ranking Income 336 Net Profit 367 Networth 346
About the Company
Financial Snapshot (` mn)
PVR Ltd (PVR) was incorporated in 1995 pursuant a JV agreement between Priya Exhibitors Pvt Ltd and Village
Total Income 20,621.9
Roadshow Ltd, Australia. In 1997, the company ventured into multiplex business by establishing first multiplex
cinema in New Delhi. The company along with its subsidiaries and associates is engaged in the business of film Net Profit 929.2
exhibition, distribution & production and in-house advertisement, sale of food & beverages, bowling games and
Networth 9,529.7
restaurant business. Some of the brands of PVR include PVR IMAX, PVR bluo, Food Union, PVR Icon, PVR nest,
Gold Glass and PVR Pictures amongst others. PVR currently operates a cinema circuit consisting of 617 screens in Ratios (%)
133 properties across 51 cities in India, catering to nearly 75 mn guests p.a. In Dec 2017, it signed a strategic deal 4.5
NPM
with CJ4DPLEX, to launch 16 4DX screens in India. In Jun 2017, PVR cinemas made its debut in Kota. In Mar 2017,
it launched Asia’s first Virtual Reality lounge at PVR ECX, Noida. RONW 9.8
(As on Mar 31, 2017)

INDIA’S TOP 500 COMPANIES 175

Dish TV India Limited
18th Floor, A Wing, Marathon Futurex, N. M Joshi Marg, Lower Parel ,Mumbai 400013, Maharashtra
Website: www.dishtv.in
Dun & Bradstreet D-U-N-S® No 86-041-6230 Top 500 Ranking Income 342 Net Profit 285 Networth 486
About the Company
Financial Snapshot (` mn)
Dish TV India Ltd (Dish TV), a division of Zee Entertainment Enterprises, is direct-to-home (DTH) entertainment
Total Income 19,892.7
company incorporated in 1988. Dish TV started operations in 2003 and offers customized channel packages along
with other features like radio channels, electronic program guide, parental lock, and a capacity for more than Net Profit 1,626.9
500 channels and movies on demand. Dish TV has a pan-India reach with over 2,108 distributors across nearly
Networth 2,730.7
9,291 towns and a strong network of over 290,180 dealers and 1,090 service franchisees. As of March 2017, the
company’s net subscriber base stood at 15.5 mn and the total number of channels and services provided by the Ratios (%)
company were 619, while total number of HD channels and services were 68. In FY17, the company embarked 8.2
NPM
upon a joint venture with Siticable Network Ltd, namely C&S Medianet Pvt Ltd. In March 2018, Dish TV completed
the merger of Videocon D2H Ltd with itself to form Dish TV Videocon Ltd. RONW 59.6
(As on Mar 31, 2017)

Jagran Prakashan Limited

Jagran Building, 2, Sarvodya Nagar, Kanpur - 208005, UP
Website: www.jplcorp.in
Dun & Bradstreet D-U-N-S® No 65-012-3490 Top 500 Ranking Income 347 Net Profit 182 Networth 258
About the Company
Financial Snapshot (` mn)
Jagran Prakashan Ltd (Jagran Prakashan) was incorporated in 1975. Jagran Prakashan operates in the media and
Total Income 19,399.2
communication segment, with presence in print, digital, radio, Out-of-Home (OOH) and activation. Dainik Jagran
is the flagship brand of the company. The print segment of the company publishes eight newspapers and two Net Profit 3,160.6
magazines in five languages from 37 printing facilities. It’s print business has a presence in 13 states with 68
Networth 16,702.3
mn readers. Music Broadcast Ltd, a subsidiary of the company operates radio stations under the brand name
‘Radio City’. The company operates 39 radio stations and a web radio on radiocity.in, which has 42 stations with Ratios (%)
a listenership of 32 mn. Through its digital division, the company offers web, text/ voice-based value-added 16.3
NPM
services and products. It’s internet portfolio has nine websites and had over 95 mn monthly users in Mar 2017.
The company provides out-of-home marketing services through Jagran Engage. RONW 18.9
(As on Mar 31, 2017)

HT Media Limited
Hindustan Times House, 18-20, Kasturba Gandhi Marg, New Delhi - 110001, Delhi
Website: www.htmedia.in
Dun & Bradstreet D-U-N-S® No 91-861-6835 Top 500 Ranking Income 411 Net Profit 405 Networth 253
About the Company
Financial Snapshot (` mn)
HT Media Ltd (HT Media) began operations in 1924 with the launch of its flagship newspaper, Hindustan Times.
Total Income 15,889.3
In 2003, the media business of the company was de-merged and incorporated under HT Media. The Company
is engaged in the business of printing and publishing newspapers & periodicals and internet media through Net Profit 615.1
its wholly owned subsidiary Firefly e-Ventures Ltd. The company conducts radio broadcasts through its radio
Networth 16,983.7
channel operating under the brands ‘Radio Nasha’ in Delhi and Mumbai as well as ‘Fever 104’ in Delhi, Mumbai,
Bengaluru, Chennai, Hyderabad, Kolkata and seven cities of UP. Under print media, the company publishes Ratios (%)
Hindustan Times, Mint, Hindustan, HT City & HT Café, Brunch, and Nandan & Kadambini. The company has also 3.9
NPM
entered the education segment through its brands Studymate, Bridge and HT Campus. In Mar 2017, HT Media
had 215 mn pageviews across digital properties, while unique users across all digital properties stood at 51 mn. RONW 3.6
(As on Mar 31, 2017)

Inox Leisure Limited

Viraj Towers,5th Floor Western Express Highway, Andheri(East), Mumbai-400 093, Maharashtra
Website: www.inoxmovies.com
Dun & Bradstreet D-U-N-S® No 72-593-3480 Top 500 Ranking Income 476 Net Profit 444 Networth 424
About the Company
Financial Snapshot (` mn)
Inox Leisure Ltd (INOX) was founded in 1999, and is a part of the INOX Group. The company is in the business of
Total Income 12,297.7
providing entertainment services. INOX currently operates 123 multiplexes and 491 screens in 61 cities. It has
expansion plans in Kolhapur, Coimbatore, Salem and Cuttack; and will also add new properties in Delhi NCR, Net Profit 304.8
Mumbai, Bhubaneswar and Hyderabad among others. A pioneer in adopting latest technologies, INOX recently
Networth 5,525.9
launched India’s first LASERPLEX at Cr2 mall in Nariman Point and India’s first 7-Star experience in R-City mall
at Ghatkopar West as well as in Nariman Point. Both these multiplexes additionally house INSIGNIA, INOX’s Ratios (%)
signature experience. It has 7,307 employees as of Mar 31, 2017. The company claims to have 8% market share 2.5
NPM
in domestic box collection, and attributes this to organic and inorganic expansion initiatives.
RONW 5.5
(As on Mar 31, 2017)

176 INDIA’S TOP 500 COMPANIES

Eros International Media Limited
201, Kailash Plaza, Opp. Laxmi Industrial Estate, Andheri (W), Mumbai - 400053, Maharashtra
Website: www.erosintl.com
Dun & Bradstreet D-U-N-S® No 91-851-8379 Top 500 Ranking Income 492 Net Profit 317 Networth 296
About the Company
Financial Snapshot (` mn)
Eros International Media Ltd (EIML) founded in 1977 is an Indian motion picture production and distribution
Total Income 11,646.6
company based in Mumbai. The company co-produces, acquires and distributes films in various languages
including Hindi, Tamil, Telugu, Marathi, Malayalam, Punjabi and Bengali in multiple formats worldwide, including Net Profit 1,303.9
theatrical, which include multiplex chains and stand-alone theatres; television syndication, which include satellite
Networth 13,504.1
television broadcasting, cable television; and terrestrial television and digital and ancillary platforms, which
includes Internet Protocol Television, video on demand, music, in flight entertainment, home video and Eros Ratios (%)
Now. Its television distribution includes various television networks in India such as Star, Sony, Zee and Colors. 11.2
NPM
EIML has a movie library of over 2,000 films and music including recent and classic titles that span different
genres, budgets and languages. RONW 9.7
(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
Financial Snapshot (` mn)
Total Income
Net Profit
Networth
Ratios (%)
NPM
RONW
(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
Financial Snapshot (` mn)
Total Income
Net Profit
Networth
Ratios (%)
NPM
RONW
(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
Financial Snapshot (` mn)
Total Income
Net Profit
Networth
Ratios (%)
NPM
RONW
(As on Mar 31, 2017)

INDIA’S TOP 500 COMPANIES 177

xyz
xyz

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

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

178 INDIA’S TOP 500 COMPANIES

METAL PRODUCTS
Comparative Matrix

Sector Total Income Net Profit Net Worth NPM RONW

Company Name
TI Rank ` Mn ` Mn ` Mn (%) (%)
1 Jindal Saw Limited 61,503.6 3,077.0 55,638.7 5.0 5.5
2 Welspun Corp Limited 46,956.2 1,746.0 18,096.2 3.7 9.6
3 Surya Roshni Limited 34,135.9 662.2 7,493.5 1.9 8.8
4 APL Apollo Tubes Limited 28,815.1 393.3 3,934.2 1.4 10.0
5 Electrosteel Castings Limited 19,291.2 772.8 28,645.0 4.0 2.7
6 Maharashtra Seamless Limited 16,549.2 1,455.2 22,750.5 8.8 6.4
7 Ratnamani Metals & Tubes Limited 14,899.3 1,443.0 11,869.4 9.7 12.2
8 Tata Metaliks Limited 14,115.5 1,160.5 2,071.8 8.2 56.0
9 Srikalahasthi Pipes Limited 12,338.7 1,402.3 8,135.4 11.4 17.2

INDIA’S TOP 500 COMPANIES

Jindal Saw Limited
Jindal Centre, 12 Bhikaiji Cama Place, New Delhi - 110066, Delhi
Website:www.jindalsaw.com
Dun & Bradstreet D-U-N-S® No 86-237-2026 Top 500 Ranking Income 140 Net Profit 187 Networth 112
About the Company
Financial Snapshot (` mn)
Jindal Saw Ltd (JSL), a part of O P Jindal Group, was incorporated in 1984. The company’s business segments
Total Income 61,503.6
include iron and steel products and ocean waterways. JSL’s products include submerged arc welded (SAW) pipes,
DI and Pig Iron, seamless pipes, stainless steel strips, stainless steel tubes and pipes Iron ore and pellets and ocean Net Profit 3,077.0
waterways. Its manufacturing facilities are at Kosi-Kalan (UP), Bhilwara (Rajasthan), Sinnar (Maharashtra), Bellary
Networth 55,638.7
(Karnataka) and Nanakapaya, Mundra (Gujarat); and also globally in the USA, Europe and UAE. The company has
a capacity of 3.4 MMT p.a. for SAW pipes and 0.93 MMT p.a. for DI pipes and fittings. JSL produced 42,800 mn MT Ratios (%)
of DI pipes and pig iron and 1.2 mn MT of pellets in FY16. As on Mar 31, 2017, JSL had 10 direct subsidiaries, 15 5.0
NPM
indirect subsidiaries and 1 associate subsidiary. In FY17, it de-subsiderised its US step down subsidiary, reducing
stake in HSAW pipes facility (Mississippi) to 19% in order to reduce debt and conserve cash. RONW 5.5
(As on Mar 31, 2017)

Welspun Corp Limited

Welspun City, Village versamedi, TalukaAnjar, District Kutch - 370 110, Gujarat
Website: www.welspuncorp.com
Dun & Bradstreet D-U-N-S® No 91-870-1715 Top 500 Ranking Income 172 Net Profit 270 Networth 247
About the Company
Financial Snapshot (` mn)
Welspun Corp Ltd (WCL) was incorporated in 1995. The company is engaged in the production and coating of
Total Income 46,956.2
high grade submerged arc weld pipes, hot rolled steel plates and coils. It offers line pipe solutions with a capacity
to manufacture longitudinal submerge-arc welded (LSAW), spiral helical submerged arc welded (HSAW) and high Net Profit 1,746.0
frequency electric resistance welded (HFERW)/high frequency induction (HFI) electrical resistance welded (ERW)
Networth 18,096.2
pipes, bends and a portfolio of coats. The company has its manufacturing facilities at Mandhya (Karnataka) and
Anjar (Gujarat) in India and Dammam (Saudi Arabia) and Little Rock (State of Arkansas) in the US. In Jan 2018, the Ratios (%)
company completed its acquisition of 49% stake in two projects from MBL group for a consideration of ` 230 mn. 3.7
NPM
In FY17, it received the presidential permission to work on the Keystone Xl pipeline project which will will carry
tar, sand and oil from Canada to refineries on the Texas Gulf Coast. RONW 9.6
(As on Mar 31, 2017)

Surya Roshni Limited

Solitaire Corporate Park, Bldg. no 11, 5th Flr, Chakala, Andheri (E), Mumbai – 400093, Maharashtra
Website: www.surya.co.in
Dun & Bradstreet D-U-N-S® No 87-179-8490 Top 500 Ranking Income 227 Net Profit 398 Networth 380
About the Company
Financial Snapshot (` mn)
Surya Roshni Ltd (Surya) was incorporated in 1973 as a steel tube making unit. Gradually the company has
Total Income 34,135.9
diversified its business from lighting products to steel pipes & CR strips, PVC pipes, fans and home appliances.
Surya manufactures all its LED products in-house at the fully integrated plants in Kashipur (Uttarakhand) and Net Profit 662.2
Gwalior (MP) supported by Surya Technology and Innovation Centre at Noida (UP). During 2017, New state of the
Networth 7,493.5
art manufacturing unit set up at Hindpur Dist. Anantpur (AP) with an installed capacity of 1,50,000 MTPA. Surya
Global Steels Tubes Ltd. (associate company) has bagged an order worth ` 2.43 bn from Indian Oil Corporation Ratios (%)
Ltd. for the supply of API grade pipes leading to higher capacity utilization. During 2017, the Company has 1.9
NPM
successfully commissioned a new manufacturing unit for ERW Black and GI Pipes at Hindupur, (AP). The plant
which was installed with a capacity of 90,000 MTPA initially is further enhanced to 150,000 MTPA. RONW 8.8
(As on Mar 31, 2017)

APL Apollo Tubes Limited

36, Kaushambi, Near Anand Vihar Terminal Delhi - NCR 201010
Website: www.aplapollo.com
Dun & Bradstreet D-U-N-S® No 86-416-8007 Top 500 Ranking Income 267 Net Profit 434 Networth 461
About the Company
Financial Snapshot (` mn)
APL Apollo Tubes Ltd (APL Apollo) was incorporated in 1986. APL Apollo’s product portfolio can be broadly
Total Income 28,815.1
classified into MS black round tubes, galvanised iron tubes, pre galvanised tubes, hollow sections, API tubes
and dynamically balanced tubes with a product basket of over 400 products. In FY17, the company’s production Net Profit 393.3
capacity stood at 1.3 mn MTPA which is spread across seven manufacturing facilities located across India – three
Networth 3,934.2
units in Sikandrabad (UP), and one unit each in Murbad (Maharashtra), Hosur (TN), Raipur (Chhattisgarh) and
Bangalore (Karnataka). The products manufactured by the company serve the requirements of diversified sectors Ratios (%)
like urban infrastructure, housing, irrigation, solar energy, agriculture and engineering. During FY17, the company 1.4
NPM
launched colour coated pipes in India and a new product brand ‘Apollo Coastguard’, specially designed for coastal
regions. The company also acquired Blue Ocean Projects Pvt Ltd, in Jan 2017. RONW 10.0
(As on Mar 31, 2017)

INDIA’S TOP 500 COMPANIES 181

Electrosteel Castings Limited
Rathod Colony, Rajgangpur, Sundergarh, Odisha 770017
Website: www.electrosteelcastings.com
Dun & Bradstreet D-U-N-S® No 91-663-6967 Top 500 Ranking Income 348 Net Profit 383 Networth 181
About the Company
Financial Snapshot (` mn)
Electrosteel Castings Ltd (ECL) is a pipeline solution provider. It started off as a steel castings and cast iron spun
Total Income 19,291.2
pipe manufacturing company in 1955 near Kolkata. Presently, the company manufactures Ductile Iron (DI) Pipes
and Fittings and Cast Iron (CI) Pipes. ECL provides techno-economic solutions for water supply and sewerage Net Profit 772.8
systems. Its range of pipe include DI socket and spigot pipe with push-on and DI flanged pipe. Their ranges of
Networth 28,645.0
fittings include DI fittings with push-on restrained joint and DI mechanical joint fittings with rubber gasket and
follower gland. ECL has its subsidiaries in 11 countries and exports 60% of its products around the world. In 2002, Ratios (%)
ECL acquired 46% stake in Lanco Industries Ltd which is involved in DI Pipes, Pig Iron, Cement and Castings. The 4.0
NPM
company caters to a customer base spread in 35 countries spread across the Indian subcontinent, South East Asia
and the Middle East, Europe, USA, South America and Africa. Presently, ECL is a public listed company. RONW 2.7
(As on Mar 31, 2017)

Maharashtra Seamless Limited

Pipe Nagar, Village Sukeli, NH -17, Taluka Roha, District Raigad - 402126, Maharashtra
Website: www.jindal.com
Dun & Bradstreet D-U-N-S® No 72-555-0862 Top 500 Ranking Income 399 Net Profit 297 Networth 214
About the Company
Financial Snapshot (` mn)
Maharashtra Seamless Ltd (MSL) was incorporated in 1988. The company manufactures electrical resistance
Total Income 16,549.2
welding (ERW) pipes, seamless pipes, coated pipes, premium connections & pipe fittings. Under ERW pipes
segment, it manufactures MS & galvanized pipes, API line pipes, OCTG and OCTG casing tubing. ERW pipes Net Profit 1,455.2
manufactured by MSL have various applications like agriculture, irrigation, gas pipeline and fencing, etc. Under
Networth 22,750.5
seamless pipe segment, the company produces hot finished pipes & tubes, cold drawn tubes, boiler tubes, API
line pipes, OCTG, OCTG casing & tubing and OCTG drill pipe. The segment caters to various sectors including oil Ratios (%)
& gas, refinery, petrochemical, chemical, fertilizer, power, automotive & mechanical. The coated pipe segment 8.8
NPM
offers various types of coatings such as 3 layer polyethylene, external fusion bonded epoxy and internal epoxy
coating. In Feb 2018, the company received order of ` 5.22 bn from ONGC for the supply of seamless castings. RONW 6.4
(As on Mar 31, 2017)

Ratnamani Metals & Tubes Limited

17 Rajmugat Society, Naranpura Char Rasta, Naranpura, Ahmedabad - 380013, Gujarat
Website: www.ratnamani.com
Dun & Bradstreet D-U-N-S® No 65-013-4000 Top 500 Ranking Income 424 Net Profit 301 Networth 311
About the Company
Financial Snapshot (` mn)
Ratnamani Metals & Tubes Ltd (Ratnamani) was incrorporated in 1983. Ratnamani operates in two business
Total Income 14,899.3
segments namely Stainless Steel (SS) and Carbon Steel (CS). The company’s SS division manufactures seamless
and welded tubes and pipes, instrumentation tubes, heat exchanger tubes, titanium welded tubes and 3 layers Net Profit 1,443.0
PE coated pipes. The CS division manufactures high frequency – electric resistance welded pipes, submerged arc
Networth 11,869.4
welded pipes as well as internal & external pipe coating solutions. The products manufactured by the company
have found applications in more than 16 industries including oil & gas, petrochemicals, refineries, thermal, Ratios (%)
nuclear & solar power plants, atomic energy, defence and aerospace, etc. Ratnamani’s manufacturing facilities 9.7
NPM
are located at Indrad, Chhatral and Bhimasar in the state of Gujarat. As on Mar 31, 2017, the company had a total
workforce of 1,940 employees. The company exports to 37 countries across the world. RONW 12.2
(As on Mar 31, 2017)

Tata Metaliks Limited

43, Tata Centre, 10th Floor, J L Nehru Road, Kolkata - 700071, WB
Website: www.tatametaliks.com
Dun & Bradstreet D-U-N-S® No 65-060-2238 Top 500 Ranking Income 438 Net Profit 333 Networth 491
About the Company
Financial Snapshot (` mn)
Tata Metaliks Ltd (Tata Metaliks), a subsidiary of Tata Steel, was incorporated in 1990. Tata Metaliks is mainly
Total Income 14,115.5
engaged in the manufacture of pig iron and ductile iron (DI) pipes. The company owns hot metal production
capacity of 500,000 tonnes per annum out of which 200,000 tonnes per annum is convertible in DI pipes and Net Profit 1,160.5
the remaining 300,000 tonnes per annum into the production of pig iron. In addition to the production of pig
Networth 2,071.8
iron and DI pipes, the company manufactures arrange of by-products like slag, potted pig iron, pig iron scrap
(like pig casting machine scrap, pig iron runner, pig iron skull, pig iron chips & plates) and low Fe and high Fe iron Ratios (%)
sweepings. The products manufactured by the company are used in sectors such as automobile, agriculture, 8.2
NPM
engineering, power, railways, cement and foundry. The company markets its pig iron under the brand name Tata
eFee® and DI pipes under the brand name Tata Ductura. RONW 56.0
(As on Mar 31, 2017)

182 INDIA’S TOP 500 COMPANIES

Srikalahasthi Pipes Limited
Rachagunneri Village, Srikalahasthi Mandal, Chittoor - 517641, AP
Website: www.srikalahasthipipes.com
Dun & Bradstreet D-U-N-S® No 65-017-6647 Top 500 Ranking Income 475 Net Profit 306 Networth 373
About the Company
Financial Snapshot (` mn)
Srikalahasthi Pipes Ltd (SPL), formerly Lanco Industries Ltd, was incorporated in 1991 by Lanco Group of
Total Income 12,338.7
Companies. SPL is an associate company of Electrosteel Castings Ltd. The company is categorized as public
utility services industry engaged in water infrastructure development by the Government of AP. The company is Net Profit 1,402.3
engaged in the production of DI pipes, coke, pig iron and cement. DI pipes manufactured by SPL are supplied to
Networth 8,135.4
various water boards, PHED, municipal corporations, MES, railways and turnkey contractors across the country
for their water infrastructure projects. The company supplies pig iron to some of the global brands like Brakes Ratios (%)
India, India Pistons, Hinduja Group and other automobile & precision component manufacturers. The company 11.4
NPM
started commercial production of cement in 1995 and produces Portland slag cement. SPL’s manufacturing
facility is located at Srikalahasthi Mandal, AP. RONW 17.2
(As on Mar 31, 2017)

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INDIA’S TOP 500 COMPANIES 183

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184 INDIA’S TOP 500 COMPANIES

MINING - METALS & MINERALS
Comparative Matrix

Sector Total Income Net Profit Net Worth NPM RONW

Company Name
TI Rank ` Mn ` Mn ` Mn (%) (%)
1 Vedanta Limited 482,453.4 110,687.0 797,681.0 22.9 13.9
2 Coal India Limited 153,159.3 145,005.3 139,198.0 94.7 104.2
3 NMDC Limited 97,384.5 25,891.4 225,189.4 26.6 11.5
Gujarat Mineral Development Corporation
4 17,613.7 3,242.3 39,755.2 18.4 8.2
Limited
5 MOIL Limited 12,109.7 3,058.3 28,053.5 25.3 10.9

INDIA’S TOP 500 COMPANIES

Vedanta Limited
1st Floor, ‘C’ Wing, Unit 103, Atul Projects, Chakala, Mumbai - 400093, Maharashtra
Website: www.vedantalimited.com
Dun & Bradstreet D-U-N-S® No 87-228-7984 Top 500 Ranking Income 28 Net Profit 8 Networth 9
About the Company
Financial Snapshot (` mn)
Vedanta Ltd. (VL), formerly known as Sesa Sterlite Ltd, is a diversified resources company. It is engaged in
Total Income 482,453.4
exploring, extracting and processing minerals and oil and gas. Its segments include aluminium, oil and gas, iron
ore, copper, and commercial power. It also produces zinc, with 72% market share In India. The company is also Net Profit 110,687.0
present in Zambia, Namibia, South Africa, Liberia, Ireland, Australia and UAE. In Apr 2017, VL announced its
Networth 797,681.0
merger with Cairn India. It has also initiated its operations in Gamsberg, South Africa, which has the world’s
largest undeveloped zinc deposit. The Gamsberg project is in exploratory stage and production is expected to Ratios (%)
start by Jun 2018. In FY17, it had a record level production levels in aluminium (1,213,000 tonnes), power (12.9 22.9
NPM
bn Kwh), zinc (907,000 tonnes), silver (453 tonnes) and copper (402,000 tonnes).
RONW 13.9
(As on Mar 31, 2017)

Coal India Limited

Coal Bhawan, Premise No-04 MAR, Action Area-1A, Rajarhat, Kolkata - 700156, WB
Website: www.coalindia.in
Dun & Bradstreet D-U-N-S® No 65-005-7052 Top 500 Ranking Income 64 Net Profit 6 Networth 61
About the Company
Financial Snapshot (` mn)
Coal India Ltd (CIL) was incorporated in 1974 as Coal Mines Authority Ltd and acquired its present name in 1975.
Total Income 153,159.3
CIL was granted ‘Maharatna’ status in Apr 2011. The company operates through 82 mining areas, has seven
wholly owned coal producing subsidiaries and one mine planning & consultancy company spread over eight Net Profit 145,005.3
states of India. CIL also owns a mining company in Mozambique named as ‘Coal India Africana Limitada’. CIL
Networth 139,198.0
produces approximately 84% of the country’s coal and commands nearly 74% of the Indian coal market. It also
feeds 98 out of 101 coal based thermal power plants in India. The product portfolio of the company consists of Ratios (%)
coking coal, semi coking coal, non-coking coal, washed & beneficiated coal, etc. In FY17, CIL produced 554.1 MT 94.7
NPM
of coal and supplied 425.4 MT of coal to the power sector. The supply of coal to non-power sector stood at 117.9
MT during the year. RONW 104.2
(As on Mar 31, 2017)

NMDC Limited
10 - 3 - 311 / A, Khanij Bhavan, Castle Hills, Masab Tank ,Hyderabad 500028, Telangana
Website: www.nmdc.co.in
Dun & Bradstreet D-U-N-S® No 65-005-8951 Top 500 Ranking Income 97 Net Profit 43 Networth 40
About the Company
Financial Snapshot (` mn)
NMDC Ltd (NMDC) is a Navratna public sector enterprise under the Ministry of Steel, incorporated in 1958.
Total Income 97,384.5
The company engages in the exploration of wide range of minerals including iron ore, copper, rock phosphate,
lime stone, dolomite, gypsum, bentonite, magnesite, diamond, tin, tungsten, graphite, beach sands etc. NMDC Net Profit 25,891.4
operates three highly-mechanised iron ore mine complexes, two of which are located in Dantewada (Chhattisgarh)
Networth 225,189.4
with annual production of around 22 MT. The third complex, Donimalai iron ore complex, located in Bellary
(Karnataka) produces 12 MT per annum. NMDC also operates a diamond mine, Diamond Mining Project, Panna Ratios (%)
(M.P.), which is the only mechanized diamond mine in Asia, with yearly production of around 35,000 carats. Apart 26.6
NPM
from this, NMDC has a sponge iron unit of 200 TPD at Paloncha (Telangana). NMDC is also setting up of a pilot-
scale processing plant for gold in its mining lease in Tanzania. RONW 11.5
(As on Mar 31, 2017)

Gujarat Mineral Development Corporation Limited

Khanij Bhavan, 132 Ft. Ring Road, Near University Ground, Vastrapur, Ahmedabad 380052, Gujarat
Website: www.gmdcltd.com
Dun & Bradstreet D-U-N-S® No 65-019-9698 Top 500 Ranking Income 371 Net Profit 181 Networth 140
About the Company
Financial Snapshot (` mn)
Gujarat Mineral Development Corp. Ltd (GMDC) was incorporated in 1963 to develop major mineral resources
Total Income 17,613.7
in Gujarat and started with a silica sand quarrying plant near Surajdeval for crushing and screening of silica sand
required by glass industry. GMDC’s main operation entails mining of lignite and other minerals. The company Net Profit 3,242.3
also undertakes power generation. GMDC has six operational lignite mines in Kutch and Bhavnagar, Gujarat, with
Networth 39,755.2
an annual production capacity of 88 lakh tonnes per annum (LTPA). The mines produced 76.52 lakh MT of lignite
during FY17. Additionally, GMDC also operates bauxite mines in Gujarat, with a total of 7.06 lakh metric tonnes of Ratios (%)
bauxite produced during the year. GMDC’s power division consists of an ATPS thermal power plant, wind power 18.4
NPM
plants and solar power plants. A total 1785 mn units of power were produced in the FY17. During FY17, the
company installed another 50 MW of wind power, taking the total installed capacity of wind power to 200.9 MW. RONW 8.2
(As on Mar 31, 2017)

INDIA’S TOP 500 COMPANIES 187

MOIL Limited
“MOIL BHAWAN”, 1A, Katol Road, Nagpur - 440013, Maharashtra
Website: www.moil.nic.in
Dun & Bradstreet D-U-N-S® No 87-178-8994 Top 500 Ranking Income 479 Net Profit 190 Networth 185
About the Company
Financial Snapshot (` mn)
MOIL Ltd (MOIL) is a Schedule “A” Miniratna Category-I Company. Originally incorporated as Manganese Ore
Total Income 12,109.7
(India) Limited in 1962. Subsequently, name of the Company was changed from Manganese Ore (India) Limited
to MOIL Limited during 2010-11. MOIL is engaged in the exploration, exploitation and marketing of manganese Net Profit 3,058.3
ore and products, such as electrolytic manganese dioxide and high carbon Ferro manganese alloy. It operates
Networth 28,053.5
through three segments, mining, manufacturing and power generation. The company operates approximately
three opencast and over seven underground mines. It has produced over 1.03 mn tons of various grades of Ratios (%)
manganese ore. It has around two wind farms of over 4.8 MW and approximately 15.2 MW situated at Nagda 25.3
NPM
Hills and Ratedi Hills respectively in District Dewas near Indore, Madhya Pradesh. MOIL has set up a plant based
on indigenous technology to manufacture 1,000 MT p.a. capacity of electrolytic manganese dioxide. RONW 10.9
(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)

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(As on Mar 31, 2017)

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(As on Mar 31, 2017)

188 INDIA’S TOP 500 COMPANIES

NON-FERROUS &
PRECIOUS METALS
Comparative Matrix

Sector Total Income Net Profit Net Worth NPM RONW

Company Name
TI Rank ` Mn ` Mn ` Mn (%) (%)
1 Hindalco Industries Limited 403,882.9 15,568.9 473,325.6 3.9 3.3
2 Hindustan Zinc Limited 212,720.0 83,160.0 308,050.0 39.1 27.0
3 National Aluminium Company Limited 84,582.9 6,685.3 102,057.9 7.9 6.6
4 Shirpur Gold Refinery Limited 17,069.3 50.0 3,333.5 0.3 1.5
5 RCI Industries & Technologies Limited 13,862.7 70.7 1,030.9 0.5 6.9
6 Hindustan Copper Limited 13,382.2 619.4 14,669.6 4.6 4.2

INDIA’S TOP 500 COMPANIES

Hindalco Industries Limited
B-Wing, Ahura Centre, Mahakali Caves Road, Andheri (E), Mumbai 400093, Maharashtra
Website: www.hindalco.com
Dun & Bradstreet D-U-N-S® No 67-774-1860 Top 500 Ranking Income 32 Net Profit 57 Networth 15
About the Company
Financial Snapshot (` mn)
Hindalco Industries Ltd. (Hindalco), the metals flagship company of Aditya Birla Group, was established in 1958.
Total Income 403,882.9
The company commenced of production at Renukoo, UP, in 1962 with an initial capacity of 20,000 MTPA of
aluminium and 40,000 MTPA of alumina. In 1999, Hindalco undertook brownfield expansion of metal capacity Net Profit 15,568.9
at Renukoot to 242,000 TPA. The company is an integrated primary producer of aluminium and is involved in
Networth 473,325.6
operations from bauxite mining, alumina refining, coal mining, captive power plants and aluminium smelting to
downstream rolling, extrusions and foils. It’s finished products include alumina, primary aluminium in the form Ratios (%)
of ingots, billets and wire rods as well as value-added products like rolled products, extrusions and foils. Hindalco 3.9
NPM
also produces copper cathodes and continuous cast copper rods in various sizes, chemicals like alumina hydrates
and alumina, di-ammonium phosphate fertiliser and acids. RONW 3.3
(As on Mar 31, 2017)

Hindustan Zinc Limited

Yashad Bhawan, Udaipur - 313004, Rajasthan
Website: www.hzlindia.com
Dun & Bradstreet D-U-N-S® No 65-011-9746 Top 500 Ranking Income 52 Net Profit 13 Networth 28
About the Company
Financial Snapshot (` mn)
Hindustan Zinc Ltd (HZL) was incorporated in 1966 as a public sector company from the erstwhile Metal
Total Income 212,720.0
Corporation of India. HZL is now a direct subsidiary of Vedanta Ltd. HZL’s business activity includes mining and
smelting of zinc, lead and silver metals. The company also operates power plants which include 474 MW of coal Net Profit 83,160.0
based thermal captive power plants in Rajasthan, 274 MW of wind energy, 16 MW of solar power and 35.4 MW
Networth 308,050.0
from waste heat generation. The company manufactures zinc in variety of grades such as special high grade
(SHG), continuous galvanizing grade (CGG), high grade (HG) and Prime Western (PW). HZL’s metal production Ratios (%)
capacity stands at over one MTPA with its key lead-zinc mines in Rampura Agucha and Sindesar Khurd; and 39.1
NPM
smelting complexes in Chanderiya and Dariba, all in the state of Rajasthan. In FY17, the company mined 755,964
MT of zinc and 151,020 MT of lead as against 744,271 MT of zinc and 144,653 MT of lead in FY16. RONW 27.0
(As on Mar 31, 2017)

National Aluminium Company Limited

Plot No. P/1, Nalco Bhavan, Nayapalli, Bhubaneswar - 51013, Orissa
Website: www.nalcoindia.com
Dun & Bradstreet D-U-N-S® No 65-005-8779 Top 500 Ranking Income 110 Net Profit 107 Networth 76
About the Company
Financial Snapshot (` mn)
National Aluminium Co Ltd (NALCO) is a Navratna company under the Ministry of Mines, established in 1981.
Total Income 84,582.9
Presently, the Government of India holds 60.2% stake in the company, which has integrated and diversified
operations in mining, metal and power. The company manufactures aluminium metal, metallurgical grade of Net Profit 6,685.3
alumina and hydrate, zeolite-A and rolled products. Nalco also manufactures a wide range of specialty aluminas
Networth 102,057.9
and hydrates. The company also engages in power generation, viz thermal power, co-generation power, wind
and solar power. Nalco possess one of the largest integrated bauxite-alumina-aluminium- power complex in the Ratios (%)
country. The Company has a 6.825 mn TPA Bauxite Mine and 2.1 MTPA (normative capacity) Alumina Refinery 7.9
NPM
located at Damanjodi in Koraput dist. of Odisha, and 0.46 MTPA Aluminium Smelter & 1200 MW Captive Power
Plant located at Angul, Odisha. RONW 6.6
(As on Mar 31, 2017)

Shirpur Gold Refinery Limited

18th Floor, ‘A’ Wing, Marathon Futurex, N.M.Joshi Marg, Lower parel, Mumbai - 400 018, Maharashtra
Website - www.shirpurgold.com
Dun & Bradstreet D-U-N-S® No 91-860-3317 Top 500 Ranking Income 386 Net Profit 474 Networth 476
About the Company
Financial Snapshot (` mn)
Shirpur Gold Refinery Ltd (SGRL) along with its subsidiaries in Dubai and Singapore is a Public Ltd Company in
Total Income 17,069.3
India. Shirpur Gold Refinery Ltd is engaged in the business of manufacturing and trading of gold bars, gold coins,
gold jewelry and export of gold jewelry. The Company is also engaged in the business of refining, manufacturing Net Profit 50.0
and marketing of precious metals. The Company sells its products under Zee Gold brand. SGRL has come up with
Networth 3,333.5
a green field precious metal refinery that has a capacity to refine 217 MT p.a. of gold and silver respectively. This
refinery has all the technical capability required to refine and fabricate gold and silver up to 999.9 fineness. The Ratios (%)
Company’s subsidiaries include Zee Gold DMCC and Shirpur Gold Mining Company Private Limited. On Oct 31, 0.3
NPM
2017, Zee Gold has completed the acquisition of 70% of shareholding of Metalli Exploration and Mining Mali
(MEAM) for a consideration of USD 6.86 mn, with MEAM becoming a step down subsidiary of the company. RONW 1.5
(As on Mar 31, 2017)

INDIA’S TOP 500 COMPANIES 191

RCI Industries & Technologies Limited
B - 97, All Heavens Building, Wazirpur Ring Road, Delhi - 110052.
Website: www.rciind.com
Dun & Bradstreet D-U-N-S® No 91-535-6948 Top 500 Ranking Income 441 Net Profit 472 Networth 498
About the Company
Financial Snapshot (` mn)
RCI Industries & Technologies Ltd (RCI) was incorporated in 1992, and listed on Bombay Stock Exchange, is engaged
Total Income 13,862.7
in the manufacturing of copper wire, lead free solders, tin-alloy solders, copper, brass, stainless steel-strips/foils/
coils, international and domestic trading of ferrous and non-ferrous metals used in a range of electrical and Net Profit 70.7
industrial applications. Also, it is involved in the international & domestic trading of non-ferrous metal used in
Networth 1,030.9
various electrical and industrial applications. The company offers annealed copper wire, bunched copper wire
lead free solders, and tin-alloy solders, which are manufactured using graded raw material and used in electrical Ratios (%)
and industrial applications. The company also trades scrap, copper scraps, continuous cast (CC) copper rod 8 mm, 0.5
NPM
copper and cathodes. The Company’s subsidiaries are RCI Skills and Social Development Private Limited and RCI
World Trade Link DMCC Dubai (UAE). Its plant is located in Baddi (HP) in an area of 9828 sq. mtrs. RONW 6.9
(As on Mar 31, 2017)

Hindustan Copper Limited

Tamra Bhavan 1, Ashutosh Chowdhury Avenue, Kolkata - 700019, WB
Website: www.hindustancopper.com
Dun & Bradstreet D-U-N-S® No 65-008-6051 Top 500 Ranking Income 454 Net Profit 403 Networth 281
About the Company
Financial Snapshot (` mn)
Hindustan Copper Ltd (Hindustan Copper) was incorporated in 1967. Hindustan Copper is a vertically integrated
Total Income 13,382.2
copper producing company engaged in manufacturing copper right from the stage of mining to beneficiation,
smelting, refining and casting of refined copper metal into downstream saleable products. It has a wide range of Net Profit 619.4
product portfolio which includes copper cathodes, copper wire bar, continuous cast copper rod and by-products,
Networth 14,669.6
such as anode slime (containing gold, silver, etc.), copper sulphate and sulphuric acid. In Sep 2017, Hindustan
Copper signed an MoU with National Aluminium Company Ltd and Mineral Exploration Corporation Ltd, to Ratios (%)
explore the possibility of forming a JV company for exploration of primarily strategic minerals overseas and sale 4.6
NPM
of these minerals in India and other countries for commercial use. In Jul 2017, the company signed an MoU with
Mishra Dhatu Nigam Ltd for joint collaboration in area of production of copper-nickel tubes and related items. RONW 4.2
(As on Mar 31, 2017)

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192 INDIA’S TOP 500 COMPANIES

OIL - REFINING & MARKETING
Comparative Matrix

Sector Total Income Net Profit Net Worth NPM RONW

Company Name
TI Rank ` Mn ` Mn ` Mn (%) (%)
1 Indian Oil Corporation Limited 4,495,814.9 191,064.0 997,287.2 4.2 19.2
2 Reliance Industries Limited 2,737,500.0 314,250.0 2,883,130.0 11.5 10.9
3 Bharat Petroleum Corporation Limited 2,446,485.0 80,393.0 296,683.8 3.3 27.1
4 Hindustan Petroleum Corporation Limited 2,153,177.1 62,088.0 203,474.1 2.9 30.5
5 Mangalore Refinery and Petrochemicals Limited 598,536.9 36,436.9 100,704.9 6.1 36.2
6 Chennai Petroleum Corporation Limited 406,475.7 10,297.5 33,138.1 2.5 31.1

INDIA’S TOP 500 COMPANIES

Indian Oil Corporation Limited
Indian Oil Bhavan, G-9, Ali Yavar Jung Marg, Bandra (E), Mumbai - 400051, Maharashtra
Website: www.iocl.com
Dun & Bradstreet D-U-N-S® No 86-218-5592 Top 500 Ranking Income 1 Net Profit 3 Networth 5
About the Company
Financial Snapshot (` mn)
Indian Oil Corporation Ltd (IOCL), a CPSE with Maharatna status, was established as an oil marketing entity in 1959.
Total Income 4,495,814.9
IOCL operates along the entire hydrocarbon value chain – from refining, pipeline transportation and marketing
of petroleum products, to exploration and production of crude oil and gas as well as marketing of natural gas Net Profit 191,064.0
and petrochemicals. The company has also forayed into alternative energy and globalization of downstream
Networth 997,287.2
operations. IOCL owns and operates 11 of India’s 23 refineries, with a combined refining capacity of 80.7 MMTPA.
It’s 13,300-km cross-country pipelines network facilitates the transportation of crude oil to refineries and finished Ratios (%)
products. IOCL refineries achieved the highest ever crude throughput of 65.19 mn tonnes during FY17 as against 4.2
NPM
a 56.69 mn tonnes in FY16. The company’s pipelines achieved the throughput of 82.49 mn tonnes during FY17 as
against a throughput of 79.82 mn tonnes in FY16. RONW 19.2
(As on Mar 31, 2017)

Reliance Industries Limited

Maker Chambers IV, 3rd Floor, 222 Nariman Point, Mumbai - 400021, Maharashtra
Website: www.ril.com
Dun & Bradstreet D-U-N-S® No 65-005-3135 Top 500 Ranking Income 2 Net Profit 1 Networth 1
About the Company
Financial Snapshot (` mn)
Reliance Industries Ltd (RIL) was initially founded in 1957 as a yarn trading business and later incorporated in
Total Income 2,737,500.0
1966 as Reliance Textile Industries Pvt Ltd. The company was renamed as RIL in 1985. The company has four
reportable segments- refining, petrochemicals, oil & gas and organized retail. Its businesses include exploration Net Profit 314,250.0
& production, petroleum refining & marketing, global corporate security, petrochemicals, textiles, retail and Jio.
Networth 2,883,130.0
Some of the company’s flagship brands include Jio, RelStar, Qwik Mart, GAPCO, Vimal, Recron, Relflex, Reliance
Fresh Reliance Gas, Reliance Petroleum Retail, and Reliance Retail. In Mar 2018, RIL announced the sale of select Ratios (%)
assets in the Eagle Ford Shale Position for a consideration of $ 100 mn. It also announced its strategic transaction 11.5
NPM
with SAAVN; the integration is expected to be valued over at $ 1 bn. In Jun 2017, it announced the launch of Asia-
Africa-Europe 100Gbps technology based submarine cable system, stretching over 25,000 kms in length. RONW 10.9
(As on Mar 31, 2017)

Bharat Petroleum Corporation Limited

Bharat Bhavan, 4 & 6 Currimbhoy Road, Ballard Estate, Mumbai - 400001, Maharashtra
Website: www.bharatpetroleum.in
Dun & Bradstreet D-U-N-S® No 65-007-8793 Top 500 Ranking Income 3 Net Profit 15 Networth 29
About the Company
Financial Snapshot (` mn)
The journey of Bharat Petroleum Corporation Ltd (BPCL) can be traced back to around 1860s when it started
Total Income 2,446,485.0
off as Burma Oil Company. It was incorporated as BurmaShell Refineries Ltd in 1952 and was subsequently
nationalized in 1976 under the name of Bharat Refineries Ltd, which was changed to BPCL in 1977. The GoI Net Profit 80,393.0
conferred BPCL with Maharatna status in Sep 2017. BPCL is engaged in the exploration, production and retail
Networth 296,683.8
of petroleum and petrol-related products. In addition to petrol, diesel and kerosene, BPCL also produces LPG,
specialty oils, automotive engine oils, gear oils, transmission oils, lubricators and greases. In Feb 2018, Bharat Ratios (%)
PetroResources Ltd, a 100% subsidiary of BPCL and its exploration and production arm along with ONGC Videsh 3.3
NPM
Ltd and Indian Oil Corporation Ltd acting jointly as the Indian consortium have been awarded 10% stake in Lower
Zakum Concession, Offshore Abu Dhabi. RONW 27.1
(As on Mar 31, 2017)

Hindustan Petroleum Corporation Limited

17, Jamshedji Tata Road, Post Box No. 11041, Mumbai - 400020, Maharashtra
Website: www.hindustanpetroleum.com
Dun & Bradstreet D-U-N-S® No 65-005-4943 Top 500 Ranking Income 4 Net Profit 21 Networth 46
About the Company
Financial Snapshot (` mn)
Hindustan Petroleum Corporation Ltd (HPCL) incorporated in 1952 is a PSU with a Navratna status. HPCL is
Total Income 2,153,177.1
engaged in the exploration, production and marketing of petroleum and petrol-related products that include
petrol, diesel, kerosene, LPG, naphtha, among others. HPCL also provides aviation refueling services at various Net Profit 62,088.0
airports across India. HPCL also lays pipeline network of over 3,370 km for transportation of petroleum products
Networth 203,474.1
to end users. The company operates two major refineries at Mumbai, Maharashtra (7.5 MMTPA capacity) and
Vishakhapatnam, AP (8.3 MMTPA capacity) in addition to holding equity stakes in Mangalore Refinery and Ratios (%)
Petrochemicals Ltd and a refinery at Bhatinda, Punjab. It also operates lube refinery with a capacity of 428 TMT, 2.9
NPM
producing lube base oils of international standards. In FY17, the company’s refineries at Mumbai and Visakh
reported combined refining throughput of 17.8 MMT. RONW 30.5
(As on Mar 31, 2017)

INDIA’S TOP 500 COMPANIES 195

Mangalore Refinery and Petrochemicals Limited
Kuthethoor P. O. Via Katipalla, Mangalore 575030, Karnataka
Website: www.mrpl.co.in
Dun & Bradstreet D-U-N-S® No 91-575-8317 Top 500 Ranking Income 15 Net Profit 27 Networth 78
About the Company
Financial Snapshot (` mn)
Mangalore Refinery and Petrochemicals Ltd (MRPL) was set up in 1988 as a joint venture oil refinery between
Total Income 598,536.9
Hindustan Petroleum Corp Ltd and IRIL & Associates of AV Birla Group. In 2003, ONGC acquired the total
shareholding of AV Birla Group and further infused equity capital of ` 6 bn, thus making MRPL a majority held Net Profit 36,436.9
subsidiary of ONGC. Initially, the oil refinery was set up with a processing capacity of 3 MMTPA and was later
Networth 100,704.9
augmented to its present capacity of 15 MMTPA. The company manufactures petroleum and petroleum products
for domestic and international consumers. MRPL’s products include liquid or gaseous fuels, lubricating oils, Ratios (%)
greases, liquefied petroleum gas, high speed diesel, motor spirit, bitumen, sulphur, pet coke, furnace oil, naphtha 6.1
NPM
and aviation turbine fuel. During FY17, the company recorded highest-ever crude throughput of 16.27 MMT
against the previous highest of 15.69 MMT in FY16. RONW 36.2
(As on Mar 31, 2017)

Chennai Petroleum Corporation Limited

536, Anna Salai, Teynampet, Chennai – 600018, TN
Website: www.cpcl.co.in
Dun & Bradstreet D-U-N-S® No 91-573-9528 Top 500 Ranking Income 31 Net Profit 76 Networth 163
About the Company
Financial Snapshot (` mn)
Chennai Petroleum Corporation Ltd (CPCL), formerly known as Madras Refineries Ltd, was incorporated in 1965
Total Income 406,475.7
as a JV between the GoI, AMOCO and National Iranian Oil Company (NIOC). However, as part of the restructuring,
the GoI transferred its stake to Indian Oil Corporation (IOC) in FY01, while NIOC transferred its entire stake to Net Profit 10,297.5
Naftiran Intertrade Company Ltd in Jul 2003. Currently, IOC holds 51.89% while NICO holds 15.40% in CPCL. The
Networth 33,138.1
company has been conferred with Miniratna Category - I CPSE status by GoI. CPCL has two refineries namely
in Manali and Nagapattinam with a combined refining capacity of 11.5 MMTPA. The product portfolio of the Ratios (%)
company consists of LPG, motor spirit, superior kerosene, aviation turbine fuel, high speed diesel, naphtha, 2.5
NPM
bitumen, lube base stocks, paraffin wax, fuel oil, hexane and petrochemical feed stocks. The wax plant at CPCL
has an installed capacity of 30,000 tonnes per annum. RONW 31.1
(As on Mar 31, 2017)

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196 INDIA’S TOP 500 COMPANIES

OIL & GAS EXPLORATION
Comparative Matrix

Sector Total Income Net Profit Net Worth NPM RONW

Company Name
TI Rank ` Mn ` Mn ` Mn (%) (%)
1 Oil and Natural Gas Corporation Limited 854,558.6 178,999.8 1,855,383.8 20.9 9.6
2 Oil India Limited 111,910.7 15,486.8 290,904.9 13.8 5.3

INDIA’S TOP 500 COMPANIES

Oil and Natural Gas Corporation Limited
5, Nelson Mandela Marg, Vasant Kunj, New Delhi - 110070, Delhi
Website: www.ongcindia.com
Dun & Bradstreet D-U-N-S® No 86-041-6240 Top 500 Ranking Income 7 Net Profit 4 Networth 2
About the Company
Financial Snapshot (` mn)
Oil and Natural Gas Corp Ltd (ONGC), incorporated in 1993, is a Maharatna public sector undertaking of the Govt.
Total Income 854,558.6
of India with interests in exploration & production (E&P), refining, LNG, power, petrochemicals and new sources
of energy. ONGC’s business interests span the entire hydrocarbon value chain and also include renewable and Net Profit 178,999.8
alternative sources of energy. In FY17, ONGC made 23 hydrocarbon discoveries with total reserve accretion of
Networth 1,855,383.8
64.54 MT of oil and oil equivalent gas. Standalone domestic output from the ONGC-operated fields during the
year stood at 22.25 MMT as compared to 22.37 MMT in the preceding fiscal, whereas onshore crude production Ratios (%)
increased to 5.97 MMT in FY17 against 5.83 MMT in FY16. The company’s domestic gas production increased 20.9
NPM
4.3% from m 21.18 BCM in FY16 to 22.09 BCM during FY17. Drilling performance also improved significantly, with
drilling of 501 wells – the highest-ever. RONW 9.6
(As on Mar 31, 2017)

Oil India Limited

P O Duliajan, Duliajan ,Dibrugarh 786602, Assam
Website: www.oil-india.com
Dun & Bradstreet D-U-N-S® No 67-563-7648 Top 500 Ranking Income 83 Net Profit 58 Networth 30
About the Company
Financial Snapshot (` mn)
Oil India Ltd (OIL) was incorporated in 1959. Presently, OIL engages in the business of exploration, development
Total Income 111,910.7
and production of crude oil and natural gas, transportation of crude oil and production of LPG. The company
also provides various E&P related services. OIL has over 1 lakh sq km of PEL/ML areas for its exploration and Net Profit 15,486.8
production activities. During FY17, the company’s crude oil production was 3.277MMT while natural gas and
Networth 290,904.9
LPG production amounted to 2937 MMSCM and 34580 MT, respectively. In the renewable energy segment, the
company undertook its fourth wind energy power project of capacity 52.5 MW. As of March 2017, an 8.4 MW sub Ratios (%)
part was commissioned at Kotiya, Gujarat, while another 6.3 MW sub part had been commissioned at Unchwas, 13.8
NPM
Madhya Pradesh. With this, OIL’s total installed capacity in renewable energy projects (commercial) stands at
150.3 MW at the end of FY17. In the field of exploration, the company drilled 23 exploratory wells in FY17. RONW 5.3
(As on Mar 31, 2017)

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INDIA’S TOP 500 COMPANIES 199

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

Financial Snapshot (` mn)

Total Income

Eros fuels digital mega revolution in India

Net Profit
Networth
Ratios (%)
NPM
The Indian audience is known Eros Now has been a RONW
for consuming entertainment game-changer in the digital (As on Mar 31, 2017)
and this dates back to more entertainment segment in India.
than a century when the means Marking a leadership position
for consuming entertainment for itself, Eros Now owns 69%
was limited. With time, Indian of the movie library segment
cinema established
Dun & Bradstreet D-U-N-S®its
No strong in
Topthe OTT space
500 Ranking and is home Net Profit
Income Networth

foothold and movies started to 10000+ movies with titles Financial Snapshot (` mn)
becoming the pulse of the dating as far back as the Total Income
nation. When the Indian film 1930’s, brilliantly capturing Net Profit
industry was undergoing the film-making progression Networth
a cinematic evolution, Eros in India. Revolutionizing the
Ratios (%)
International started its digital entertainment space,
NPM
Kishore Lulla
business with VHS distribution Eros Now has increased its
Chairman
RONW & CEO
and eventually entered the content base to reach out to a Eros International
(As on Mar 31, 2017)
acquisition, co-production larger audience worldwide and
and production business. Eros provide distinguished content in
Targeting the phenomenally
International soon became 10 Indian regional languages
large, 1.5-billion-strong
a leading player in the including Hindi, Tamil, Telugu,
audience for Indian content
movie business
Dun & Bradstreet across
D-U-N-S® No Indian and Bengali
Top 500 Ranking across
Income genres Net Profit Networth
worldwide with Eros Now,
geographies and languages. like fiction, comedy, drama,
Eros reinforces its promise
Financial Snapshot (` mn)
thriller and romance. Focusing
of providing an ultimate
Total Income
With a legacy dating back to carefully on its content strategy,
entertainment experience, even
Net Profit
over four decades, Eros has distribution and monetization,
in lesser known
Networth locations like
always kept itself abreast with Eros Now has over 100
Papua New Guinea in(%)
Ratios the
the changing dynamics of the million registered users and
Pacific Ocean.
NPM
industry, demonstrating its 7.9 million paying subscribers
creditable futuristic approach. internationally. With strategic RONW
In April this year, Eros Now
Being a front-runner, Eros telco partnerships and content (As on Mar 31, 2017)
released its first direct-to-
embraced technology, be it deals with major players,
digital film, Meri Nimmo,
adoption of VHS or launching Eros now has strengthened its
which received great reviews.
one of the first on-demand presence in the ever-growing
2018 will also see a line-up
digital contentD-U-N-S®
platforms
No in OTT
Top 500segment.
Dun & Bradstreet Ranking Income of original shows
Net Profit and films.
Networth
India. Eros envisioned the digital
With a vision of contributing
Financial Snapshot (` mn)
revolution that the country was Eros International along with
to around 75% of Eros’ total
about to experience and began Eros Now is unarguably the Total Income
revenues by 2020, Eros Now
its journey of transitioning world’s largest Indian digital Net Profit
truly catersNetworth
to the discerning
from a film studio to a digital entertainment company,
consumer looking for quality
entertainment company in the enabling digitally savvy users Ratios (%)
and unparalleled entertainment
year 2012 with the launch of to view content from across the NPM
– anytime, anywhere.
Eros Now. globe as per their convenience. RONW
(As on Mar 31, 2017)

200 INDIA’S TOP 500 COMPANIES

PACKAGING & ALLIED ACTIVITIES
Comparative Matrix

Sector Total Income Net Profit Net Worth NPM RONW

Company Name
TI Rank ` Mn ` Mn ` Mn (%) (%)
1 Uflex Limited 39,045.9 1,935.5 20,418.0 5.0 9.5
2 Jindal Poly Films Limited 27,830.3 1,136.1 18,337.4 4.1 6.2
3 Huhtamaki PPL Limited 21,950.1 851.5 4,705.2 3.9 18.1
4 Cosmo Films Limited 14,665.0 1,115.5 6,102.0 7.6 18.3
5 Flexituff International Limited 13,351.4 86.1 3,867.1 0.6 2.2

INDIA’S TOP 500 COMPANIES

Uflex Limited
305, 3rd Flr Bhanot Corner Pamposh Enclave Greater Kailash-I, New Delhi - 110048, Delhi
Website: www.uflexltd.com
Dun & Bradstreet D-U-N-S® No 91-514-6646 Top 500 Ranking Income 212 Net Profit 252 Networth 225
About the Company
Financial Snapshot (` mn)
Uflex Ltd. (Uflex) has manufacturing is in the business of manufacturing packaging film and value-added packaging
Total Income 39,045.9
products. Uflex was promoted and founded in 1985 by Mr. Ashok Chaturvedi. Uflex is engaged in providing end-
to-end flexible packaging solutions to customers viz. packaging design and colour scheme, packaging structure, Net Profit 1,935.5
and packaging products in over 140 countries across the globe. Uflex caters to markets across USA, Canada,
Networth 20,418.0
South America, UK, Europe, Russia, South Africa, CIS, Asian and African nations among others. In 2017, it had
a packaging film capacity of 337,000 TPA and a 100,000 TPA of packaging products capacity accredited by ISO/ Ratios (%)
BRC/HACCP. Uflex’s clientele includes Perfetti, Nestle, P&G, Britannia, Fritolay, Tata, and Cadbury among several 5.0
NPM
others. It has employed about 9,300 trained and skilled persons globally.
RONW 9.5
(As on Mar 31, 2017)

Jindal Poly Films Limited

19th K.M. Hapur, Bulandshahr Road, P.O. Gulaothi, Bulandshahr - 245408, UP
Website:www.jindalpoly.com
Dun & Bradstreet D-U-N-S® No 91-510-6207 Top 500 Ranking Income 270 Net Profit 335 Networth 243
About the Company
Financial Snapshot (` mn)
Jindal Poly Films Ltd (JPFL), part of B C Jindal group, was incorporated in 1985. The company’s product portfolio
Total Income 27,830.3
comprises of PET films, BOPP films, metallised films, coated films, CPP films medical x-ray films and supar plus
digital print media. The products manufactured by JPFL serve a range of application areas including generating Net Profit 1,136.1
solar power motor insulations, cables, transformers, labels, flexible packaging, metallic yarn, perfume cartoons,
Networth 18,337.4
adhesive tapes, and sequins for textiles amongst others. In FY17, the company had a combined manufacturing
capacity of 466,000 TPA. It has six manufacturing locations – two in USA, three in Europe and one in Nashik Ratios (%)
in India. The company has six subsidiaries and two associate companies. In Feb 2018, company announced 4.1
NPM
expansion plans for its India operation by way of investment of ` 2.25 bn in Polyester Line – 1, (PET). In Sep 2017,
JPF Holland BV concluded the acquisition of Apeldoorn Flexible Packaging Holding B.V. RONW 6.2
(As on Mar 31, 2017)

Huhtamaki PPL Limited

12A-06, B-wing, Parinee CRESCENZO, Bandra Kurla Complex, Bandra E, Mumbai 400051, Maharashtra

Dun & Bradstreet D-U-N-S® No 86-220-3754 Top 500 Ranking Income 318 Net Profit 374 Networth 445
About the Company
Financial Snapshot (` mn)
Huhtamaki PPL Ltd (HPPL) was established in 1935 in Lahore as the Paper Products Ltd. In 1999, the company
Total Income 21,950.1
became a member of Huhtamaki Packaging Worldwide and subsequently in 2014, adopted its present name. The
company engages in the manufacture and sale of flexible packaging materials, labels and rotogravure printing Net Profit 851.5
cylinders. In April 2017, Positive Packaging Industries Ltd and Webtech Labels Pvt Ltd merged into the company,
Networth 4,705.2
making Huhtamaki one of the largest entities in the flexible packaging industry in the Afro–Asian region. Since
both the subsidiaries have merged with the company, HPPL has no subsidiaries as of April 2017. In the year Ratios (%)
2016, HPPL added 198 new brands to its portfolio of products that it packages, and opened new factories at 3.9
NPM
Guwahati, Assam and Gangtok, Sikkim. The company’s other manufacturing units are located in Himachal
Pradesh, Uttarakhand, Maharashtra, Telangana, Karnataka and Dadra & Nagar Haveli. RONW 18.1
(As on Dec 31, 2016)

Cosmo Films Limited

1008, DLF Tower-A, Jasola District Centre, New Delhi - 110025, Delhi
Website: www.cosmofilms.com
Dun & Bradstreet D-U-N-S® No 86-453-2392 Top 500 Ranking Income 431 Net Profit 339 Networth 409
About the Company
Financial Snapshot (` mn)
Cosmo Films Ltd (Cosmo Films) was established in the year 1981. The company is in the business of manufacturing
Total Income 14,665.0
of biaxially oriented polypropylene (BOPP) films. It offers BOPP Films for flexible packaging, lamination, labelling
and industrial applications. The product portfolio of Cosmo Films includes printing & pouching films, barrier films, Net Profit 1,115.5
overwrap films, lamination films, wrap around label films, in mould label films, direct thermal printable films,
Networth 6,102.0
adhesive tape films, textile bag films and release films, etc. The company has three plants in India and one each in
the US and Korea. In Feb 2018, CF (Netherland) Holding Ltd B.V., a wholly owned subsidiary of the Company has Ratios (%)
setup a wholly owned step-down subsidiary in Poland namely Cosmo Films Poland SP.Z.0.0. In the same month, 7.6
NPM
the company commissioned its second cast polypropylene line and fourth metalizer with an aggregate capacity
of 7,500 MTPA. RONW 18.3
(As on Mar 31, 2017)

INDIA’S TOP 500 COMPANIES 203

Flexituff International Limited
C 41-50, S.E.Z., Sector 3, Pithampur, Dist. Dhar - 454775, MP
Website: www.flexituff.com
Dun & Bradstreet D-U-N-S® No 85-808-0727 Top 500 Ranking Income 455 Net Profit 469 Networth 462
About the Company
Financial Snapshot (` mn)
Flexituff International Ltd (FIL), founded in 1993, is a manufacturer of high density polypropylene woven sacks,
Total Income 13,351.4
Flexible Intermediate Bulk Containers (FIBC)/jumbo bags, reverse printed Biaxially Oriented Polypropylene
(BOPP) woven bags, geo-textile fabrics and ground covers, and polymer compounds & drippers for irrigation. Net Profit 86.1
Its bags include sift-proof bags, baffle bags, form-fitted liner bags, builder bag/tunnel-lift, single-loop bags and
Networth 3,867.1
sling bags. Publicly listed since 2003, the company has four integrated manufacturing units across India, a wholly-
owned distribution company in the UK, and a warehousing supply and technical services network in all the six Ratios (%)
continents. FIL exports its products to over 60 countries. In 2017, the company forayed into geo-textiles. FIL is 0.6
NPM
known for completing large orders for governments and private parties for geotextiles bags in India. The company
has patents on some of its technologies and bags. FIL has a workforce of more than 7,000 globally. RONW 2.2
(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
xyz
Financial Snapshot (` mn)
Total Income
Net Profit
Networth
Ratios (%)
NPM
RONW
(As on Mar 31, 2017)

204 INDIA’S TOP 500 COMPANIES

PAINTS
Comparative Matrix

Sector Total Income Net Profit Net Worth NPM RONW

Company Name
TI Rank ` Mn ` Mn ` Mn (%) (%)
1 Asian Paints Limited 146,613.3 18,031.0 69,509.8 12.3 25.9
2 Berger Paints India Limited 46,572.0 4,464.5 19,221.4 9.6 23.2
3 Kansai Nerolac Paints Limited 46,292.7 5,059.4 28,053.2 10.9 18.0
4 Akzo Nobel India Limited 31,837.0 2,470.0 10,077.0 7.8 24.5

INDIA’S TOP 500 COMPANIES

Asian Paints Limited
6A, Shantinagar, Santacruz (East), Mumbai – 400 055, Maharashtra
Website: www.asianpaints.com
Dun & Bradstreet D-U-N-S® No 65-005-3150 Top 500 Ranking Income 66 Net Profit 49 Networth 97
About the Company
Financial Snapshot (` mn)
Asian Paints Ltd (Asian Paints) which was set up as a partnership firm in 1942, manufactures a wide range of
Total Income 146,613.3
paints for decorative and industrial use. In decorative paints, the company operates in four segments namely,
interior wall finishes, exterior wall finishes, enamels and wood finishes. The company also offers water proofing, Net Profit 18,031.0
wall coverings, adhesives and painting tools in its product portfolio. Asian Paints has also diversified its business
Networth 69,509.8
into manufacture of chemical products such as phthalic anhydride and pentaerythritol which are used in the
paint manufacturing process. In the home improvement and décor category, the company has introduced kitchen Ratios (%)
and bath fittings and offers various products under the brand names Sleek and Ess Ess respectively. Asian Paints 12.3
NPM
operates in 19 countries with 26 pain manufacturing facilities serving consumers in almost 65 countries. During
FY17, Asian Paints acquired a 100% stake in Reno Chemicals. RONW 25.9
(As on Mar 31, 2017)

Berger Paints India Limited

Berger House, 129, Park Street, Kolkata - 700017, WB
Website: www.bergerpaints.com
Dun & Bradstreet D-U-N-S® No 65-004-9455 Top 500 Ranking Income 175 Net Profit 146 Networth 232
About the Company
Financial Snapshot (` mn)
Berger Paints India Ltd (Berger) was incorporated in 1923 as Hadfield’s (India) Ltd in WB and acquired its present
Total Income 46,572.0
name in 1983. Berger offers interior wall coatings which include designer finishes, interior emulsions and
distempers; exterior wall coatings which include exterior emulsions, texture finishes and metal & wood finishes; Net Profit 4,464.5
and undercoats like putty, interior, exterior & metal primers and waterproofing solutions. In Mar 2017, Berger
Networth 19,221.4
commenced commercial production of its paint and putty plant at Naltali and Nalbari, Assam. The company
also commenced commercial production of its automotive and general industrial paints production plant with Ratios (%)
a capacity of 4,800 KL/MT per annum at Jejuri, Maharashtra in Mar 2017. In Jun 2017, Berger acquired Saboo 9.6
NPM
Coatings Pvt Ltd. In May 2017, the company entered into an agreement with Rock Paint Co Ltd of Japan to market
automotive refinish paints in India manufactured by Rock Paint. RONW 23.2
(As on Mar 31, 2017)

Kansai Nerolac Paints Limited

Nerolac House, Ganpatrao Kadam Marg, Lower Parel , Mumbai 400013, Maharashtra
Website: www.nerolac.com
Dun & Bradstreet D-U-N-S® No 65-005-3218 Top 500 Ranking Income 176 Net Profit 131 Networth 186
About the Company
Financial Snapshot (` mn)
Kansai Nerolac Paints Ltd (KNPL) was established as Gahagan Paint & Varnish Company Ltd in 1920. KNPL, a
Total Income 46,292.7
subsidiary of Kansai Paint Co Ltd, Japan, acquired its present name in 2006. The company is in the business
of paints and caters to customers in businesses segments such as decorative, automotive, auto refinish, wood Net Profit 5,059.4
coatings, general industrial, performance coatings and powder coatings. The company operates through a wide
Networth 28,053.2
network of 98 depot/sales locations, four distribution centres, six offices and four manufacturing facilities, which
are located at Lote in Maharashtra, Bawal in Haryana, Jainpur in UP and Hosur in TN. KNPL also operates a Ratios (%)
research and development centre. During the year, the company launched many products including exterior 10.9
NPM
emulsion, Excel Mica Marble and Ready Mix (primer and putty), and entered into association with cricket league
IPL as well as domestic football league ISL. RONW 18.0
(As on Mar 31, 2017)

Akzo Nobel India Limited

8-B, 1st Floor, Geetanjali Apartment, Middleton Street, Kolkata - 700071, WB
Website: www.akzonobel.co.in
Dun & Bradstreet D-U-N-S® No 86-379-8546 Top 500 Ranking Income 239 Net Profit 218 Networth 337
About the Company
Financial Snapshot (` mn)
Akzo Nobel India Ltd (Akzo Nobel India) was incorporated as Indian Explosives Ltd and co-promoted by the GoI
Total Income 31,837.0
and Imperial Chemical Industries PLC, UK (ICI) in 1954. In 2003, the GoI holding in the company became nil.
In 2008, on account of the acquisition of ICI, the company became part of Akzo Nobel NV. Subsequently, the Net Profit 2,470.0
company acquired its present name in Feb 2010. Akzo Nobel India manufactures and markets a wide range of
Networth 10,077.0
coatings and specialty chemicals. Under coatings, it offers decorative paints and performance coatings under the
brand names Dulux, Interpon, Sikkens, and International. Under specialty chemicals, it offers polymer chemistry Ratios (%)
and surface chemistry, under the brand names Butanox and Elotex. Its specialty chemicals business mainly caters 7.8
NPM
to the oil & gas, personal care and agrochemical industries.
RONW 24.5
(As on Mar 31, 2017)

INDIA’S TOP 500 COMPANIES 207

 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)

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)

208 INDIA’S TOP 500 COMPANIES

PAPER & PAPER PRODUCTS
Comparative Matrix

Sector Total Income Net Profit Net Worth NPM RONW

Company Name
TI Rank ` Mn ` Mn ` Mn (%) (%)
1 Tamil Nadu Newsprint and Papers Limited 31,309.2 2,645.6 17,046.9 8.4 15.5
2 JK Paper Limited 27,904.8 1,628.3 13,215.2 5.8 12.3
3 The West Coast Paper Mills Limited 18,790.8 1,285.0 6,391.5 6.8 20.1
4 International Paper APPM Limited 12,727.8 313.1 4,822.5 2.5 6.5
5 Emami Paper Mills Limited 11,568.2 259.4 4,755.0 2.2 5.5
6 Seshasayee Paper and Boards Limited 11,418.4 1,288.4 5,498.2 11.3 23.4

INDIA’S TOP 500 COMPANIES

Tamil Nadu Newsprint and Papers Limited
67, Mount Road, Guindy, Chennai - 600032, TN
Website: www.tnpl.com
Dun & Bradstreet D-U-N-S® No 65-028-2015 Top 500 Ranking Income 245 Net Profit 211 Networth 251
About the Company
Financial Snapshot (` mn)
Tamil Nadu Newsprint and Papers Ltd (TNPL) was incorporated in 1979 by the Government of Tamil Nadu. The
Total Income 31,309.2
company produced newsprint till 2009 and presently manufactures printing and writing paper (PWP) utilizing
a sugarcane residue bagasse as the primary raw material. TNPL has three paper machines manufacturing PWP Net Profit 2,645.6
in its Unit I facility in Karur district (TN). Its second plant, Unit II, is a multilayer double coated board unit which
Networth 17,046.9
commenced commercial production since May 1, 2016. The facility is a green field project located in Thiruchirapalli
district (TN). It manufactures paper board for pharmaceutical, health care, food, cosmetics and other consumer Ratios (%)
product industries. In FY17, paper production was 403,261 MT and cement production increased by 19.4% from 8.4
NPM
196,573 MT in the FY16 to 234,676 MT in FY17. The company generated 712.89 mn units of power, of which
692.37 mn units were internally consumed and 20.52 mn units exported to the state grid. RONW 15.5
(As on Mar 31, 2017)

JK Paper Limited
P.O. Central Pulp Mills, Fort Songadh, Dist. Tapi, Surat - 394660, Gujarat
Website: www.jkpaper.com
Dun & Bradstreet D-U-N-S® No 91-845-7805 Top 500 Ranking Income 269 Net Profit 284 Networth 301
About the Company
Financial Snapshot (` mn)
JK Paper Ltd (JK Paper), a JK group company, was incorporated in 1960. JK paper is primarily engaged in the
Total Income 27,904.8
manufacturing of paper and paper board. The company’s product portfolio comprises of office papers, packaging
board, printing & writing papers and specialty papers. The company markets its products under the brand names Net Profit 1,628.3
JK Cedar, JK Copier, JK Easy Copier, JK TuffCote, JK Ultima, JK TuffPac, JK Cote, JK Ledger, JK SHB, MICR Cheque
Networth 13,215.2
paper and Parchment, to name a few. The company operates through two integrated paper manufacturing units
– JK paper mills, Rayagada in Odisha and central pulp mills, Songadh in Gujarat with a combined capacity of Ratios (%)
455,000 TPA. It has a strong distribution network of 188 wholesalers, 10 depots & 4 regional marketing offices, 5.8
NPM
and covering nearly 4,000 dealers. In FY17, the company registered a paper production of 0.47 mn MT as against
0.45 mn MT in the previous year. The company also produced 0.28 mn MT of pulp in the same year. RONW 12.3
(As on Mar 31, 2017)

The West Coast Paper Mills Limited

PB No. 5, Bangur Nagar Dandeli - 581 325, Karnataka
Website: www.westcoastpaper.com
Dun & Bradstreet D-U-N-S® No 86-221-0564 Top 500 Ranking Income 355 Net Profit 320 Networth 404
About the Company
Financial Snapshot (` mn)
The West Coast Paper Mills Ltd (WCPM) was established in 1955 and is primarily engaged in manufacturing
Total Income 18,790.8
and sale of paper/ paperboard and duplex boards. The company operates in two business segments, paper/
paperboard (including duplex board) at Dandeli (KA) and telecommunication cables at Mysore (KA); and wind Net Profit 1,285.0
mills of 1.75 MW capacity in TN for power generation. The paper and duplex board division provides premium
Networth 6,391.5
grades of paper and boards across six different product segments namely writing, printing, business stationery,
specialty, industrial and packaging. WCPM has a pan-India distribution network with over 70 dealers across India. Ratios (%)
In FY17, the company produced 313,311 MT and sold 317,951 MT of paper, paperboard and multi layer board. 6.8
NPM
During 2017, WCPM produced 29,802 km and sold 30,936 km of optical fibre cable. Further in FY17, the company
exported 1,541 km of optical fibre cable and 4,702 MT of paper, paperboard and duplex board. RONW 20.1
(As on Mar 31, 2017)

International Paper APPM Limited

East Godavari District, Rajahmundry - 533 105, AP
Website: www.ipappm.com
Dun & Bradstreet D-U-N-S® No 91-683-1684 Top 500 Ranking Income 466 Net Profit 442 Networth 442
About the Company
Financial Snapshot (` mn)
Established in 1964 and headquartered in Hyderabad, International Paper APPM Ltd. (IPAPPM), is an integrated
Total Income 12,727.8
paper and pulp manufacturer in India. In 1921, the mill was established as Carnatic Paper Mills Ltd; which was
then acquired by The Andhra Paper Mills Co. Ltd. In 1929; further acquired by State Government of Andhra Net Profit 313.1
Pradesh in 1953, with a the then capacity of 10 TPD. The company produces writing, printing and copier papers
Networth 4,822.5
at its production facilities at Rajahmundry and Kadiyam having a total production capacity of 240,000 TPA. The
company employs around 2,500 employees. IPAPPM offers a range of superior quality writing and printing papers Ratios (%)
. Presently, IPAPPM has facilitated planting of over 1.76 billion saplings of subabul, casuarinas & eucalyptus, 2.5
NPM
benefiting over 57,000 farmers and resulted in a green cover of 252,500 ha.
RONW 6.5
(As on Mar 31, 2017)

INDIA’S TOP 500 COMPANIES 211

Emami Paper Mills Limited
Unit No. 1, Acropolis, 15th floor, 1858/1, Rajdanga Main Road, Kolkata - 700107, WB
Website: www.emamipaper.in
Dun & Bradstreet D-U-N-S® No 65-020-2864 Top 500 Ranking Income 495 Net Profit 448 Networth 443
About the Company
Financial Snapshot (` mn)
Emami Paper Mills Ltd (Emami Paper Mills), a part of Emami Group, was incorporated in 1981. The company
Total Income 11,568.2
has paper mills located at Balasore in Odisha and Dakshineswar in Kolkata, WB. The company manufactures
environment friendly paper and has presence in newsprint, white creamwove, ledger & maplitho paper, multi- Net Profit 259.4
layer coated packaging board, virgin fibre board and recycled board. The company has installed capacity of
Networth 4,755.0
180,000 TPA for multi-layer coated high end paperboard, 95,000 TPA for newsprint, 60,000 TPA for writing &
printing (W&P) paper and captive power generation of 33.5 MW. The company markets its products under the Ratios (%)
brand names Emami Maxo Fold, Emami Glamkot and Emami Eco Strong. In FY17, the combined production from 2.2
NPM
newsprint, W&P paper and packaging board stood at 278,489 MT, while board plant production stood at 136,691
MT, thereby contributing to 55% of the overall sales. RONW 5.5
(As on Mar 31, 2017)

Seshasayee Paper and Boards Limited

Pallipalayam, Namakkal District, Cauvery RS PO, Erode - 638007, TN
Website: www.spbltd.com
Dun & Bradstreet D-U-N-S® No 65-007-8942 Top 500 Ranking Income 500 Net Profit 318 Networth 426
About the Company
Financial Snapshot (` mn)
Seshasayee Paper and Boards Ltd (SPB), the flagship company of Esvin Group, was incorporated in 1960, promoted
Total Income 11,418.4
by Seshasayee Brothers (Pvt) Ltd in association with a foreign collaborator M/s Parsons and Whittemore, South
East Asia Inc., USA. The foreign collaborators, however, withdrew in 1969. SPB manufactures a wide range of Net Profit 1,288.4
products such as printing and writing papers, packing and wrapping papers and speciality papers. The company
Networth 5,498.2
markets its products under the brands SPrint, Colour Sprint, Index, SprintPlus and Success, etc. The company has
manufacturing facilities located at Erode and Tirunelveli in TN. During FY17, the production at Erode unit stood at Ratios (%)
125,662 tonnes, as compared to 123,630 tonnes in FY16. Tirunelveli unit produced 69,751 tonnes of paper during 11.3
NPM
FY17 as against 59,004 tonnes, produced in the previous year. The overall production for the company stood at
195,413 tonnes of paper and boards for FY17, as compared to 182,634 tonnes in the previous year. RONW 23.4
(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
xyz
Financial Snapshot (` mn)
Total Income
Net Profit
Networth
Ratios (%)
NPM
RONW
(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
xyz
Financial Snapshot (` mn)
Total Income
Net Profit
Networth
Ratios (%)
NPM
RONW
(As on Mar 31, 2017)

212 INDIA’S TOP 500 COMPANIES

PETROCHEMICALS & POLYMERS
Comparative Matrix

Sector Total Income Net Profit Net Worth NPM RONW

Company Name
TI Rank ` Mn ` Mn ` Mn (%) (%)
1 JBF Industries Limited 44,078.7 356.3 15,917.3 0.8 2.2
2 Supreme Petrochem Limited 32,237.9 1,794.1 5,821.0 5.6 30.8

INDIA’S TOP 500 COMPANIES

JBF Industries Limited
Survey No 273, Village Athola, Silvassa - 396230, D&NH
Website: www.jbfindia.com
Dun & Bradstreet D-U-N-S® No 91-538-0138 Top 500 Ranking Income 186 Net Profit 436 Networth 268
About the Company
Financial Snapshot (` mn)
JBF Industries Ltd (JBF Industries) was incorporated in 1982 as a yarn texturising company, and gradually diversified
Total Income 44,078.7
its business by pursuing backward integration into manufacturing partially oriented yarn (POY), polyester (BOPET)
film and also various types of bottle grade, film grade and textile grade polyester chips. The product portfolio of Net Profit 356.3
JBF Industries includes polyester chips, bottle grade PET, POY, fully draw yarn, Polyester textured yarn/ sewing
Networth 15,917.3
thread. The company operates plants at Sarigam in Gujarat and Athola & Saily in Silvassa, with an aggregate chips
capacity of 608,000 MTPA, polyester yarn capacity of 650,000 MMTPA and texturized yarn capacity of 250,000 Ratios (%)
MTPA. The company also has international facilities in Ras Al-Khaimah, UAE, Bahrain and Belgium. JBF Industries 0.8
NPM
has one direct subsidiary named JBF Global Pte Ltd and seven sub-subsidiaries.
RONW 2.2
(As on Mar 31, 2017)

Supreme Petrochem Limited

Solitaire Corporate Park, Bldg. no 11, 5th Flr, Chakala, Mumbai – 400093, Maharashtra
Website: www.supremepetrochem.com
Dun & Bradstreet D-U-N-S® No 65-014-6715 Top 500 Ranking Income 235 Net Profit 267 Networth 417
About the Company
Financial Snapshot (` mn)
Supreme Petrochem Ltd (Supreme Petrochem) was incorporated in 1989 as a JV between The Supreme Industries
Total Income 32,237.9
Ltd and Rajan Raheja group. The company operates through two manufacturing units located at Amdoshi in Tamil
Nadu and Wangani in Maharashtra. The Company is engaged in the manufacture of polystyrene (PS), expandable Net Profit 1,794.1
polystyrene (EPS), specialty polymers and compounds (SPC), and extruded polystyrene foam boards(XPS).
Networth 5,821.0
The company has set up the Product Application Centre for further development of new applications of these
materials. It has an installed capacity of 272,000 TPA of polystyrene (PS); 32,000 TPA of Expandable Polystyrene Ratios (%)
(EPS); 33,500 TPA of Specialty Polymers and Compounds (SPC) and 10,000 cubic meters per month of Extruded 5.6
NPM
Polystyrene Foam Boards (XPS). In FY17, the company sold 161,048 MT of polystyrene and 46,218 MT of
expandable polystyrene. RONW 30.8
(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
xyz
Financial Snapshot (` mn)
Total Income
Net Profit
Networth
Ratios (%)
NPM
RONW
(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
xyz
Financial Snapshot (` mn)
Total Income
Net Profit
Networth
Ratios (%)
NPM
RONW
(As on Mar 31, 2017)

INDIA’S TOP 500 COMPANIES 215

 Dun & Bradstreet D-U-N-S® No
Aurobindo Pharma Ltd.
(headquartered in Hyderabad,
India), manufactures generic
pharmaceuticals and active
pharmaceutical ingredients. With
a revenue of US$ 2.3 billion in
FY 2016-17, the company started
operations in the late eighties as
an API
Dun manufacturer
& Bradstreet D-U-N-S®focusing
No
on semi-synthetic penicillin and
cephalosporin products. The
company expanded by entering
into the formulations production
market in 2002 and filed its
first ANDA in the US in 2003.
Aurobindo generates over 80%
of its sales from the international
markets and currently holds a
strong position in the US market,
where it is the 5th largest generic
pharmaceutical company as per the
IMS National
Dun & BradstreetPrescription
D-U-N-S® No Audit,
total prescriptions dispensed for the
twelve months ending Dec 2017,
and in many European countries,
including France and Italy where
it ranks among the largest generic
companies.
Aurobindo is among the top 3
listed pharmaceutical companies
in India by FY17 Sales. A vertically
integrated company with around
70% of its API requirement
met
Dun in-house.
& BradstreetAurobindo
D-U-N-S® No has 25
manufacturing facilities for its
API and formulations business,
which has the requisite approval
from various regulatory authorities
viz. US FDA, UK MHRA, Japan
PMDA, WHO, Health Canada,
MCC South Africa, and ANVISA
Brazil. The company’s robust
216
Top 500 Ranking Income Net Profit Networth
Financial Snapshot (` mn)
Total Income
Net Profit
Networth
product portfolio is spread over Aurobindo forayed Ratiosinto the
(%)
7 major therapeutic/product biosimilars segment
NPM
with the
areas encompassing Antibiotics, acquisition of
RONW
five cell culture
Anti-Retrovirals, CVS, CNS, derived biosimilar products from
(As on Mar 31, 2017)
Gastroenterologicals, Anti-Allergies TL Biopharmaceutical AG. Apart
and Anti-Diabetics, supported from these, the company has also
by an outstanding R&D set-up. identified eight more products
The company is marketing these for development. Aurobindo has
products globally, in over 150
Top 500 Ranking Income Net set up a fully functional
Profit NetworthR&D
countries. With global footprints center for biologics
Financialdevelopment
Snapshot (` mn)
Aurobindo employs over 19,000 and is also establishing
Total Income
a state-
people across 30 countries. of-art manufacturing
Net Profit
facility in
Hyderabad, Networth
Telangana.
The company’s R&D team of over
Ratios (%)
1,600 people is increasingly focused Aurobindo also develops
NPM
on difficult to develop, niche oral, fermentation based semi synthetic
RONW
sterile, specialty injectable products, products, and furthermore it
(As on Mar 31, 2017)
penems, biosimilars, semi synthetic produces novel proprietary
and peptide based drugs involving biocatalysts through its subsidiary
difficult, clinical end-point studies. AuroZymes. AuroZymes has
In the process, Aurobindo is developed some key core
focused on developing
Top 500 Ranking technology in biocatalysis
Income complicated Net Profit Networth and has
molecules, differentiated offerings, identified a number of products
Financial Snapshot (` mn)
broad spectrum products and for implementation within the
Total Income
newer technologies. Aurobindo group of companies.
Net Profit
Networth
The company along with its
Ratios (%)
continuous focus on the base
NPM
business is also capitalizing on the
RONW
complex molecules, differentiated
(As on Mar 31, 2017)
technology platforms and specialty
products. Aurobindo’s strength
lies in being a vertically integrated
pharmaceutical player, large
product portfolio
Top 500 Ranking of ANDAs,
Income Net Profit Networth
efficient supply chain management
Financial Snapshot (` mn)
and optimal utilization of capacities
Total Income
with focus on health safety and
Net Profit
environment, manufacturing
Networth
infrastructure, the knowledge base
at the research centers and the Ratios (%)
NPM
ability to deal successfully with its
process chemistry. RONW
(As on Mar 31, 2017)
INDIA’S TOP 500 COMPANIES
PHARMACEUTICALS
Comparative Matrix

Sector Total Income Net Profit Net Worth NPM RONW

Company Name
TI Rank ` Mn ` Mn ` Mn (%) (%)
1 Lupin Limited 128,416.2 31,413.3 147,802.4 24.5 21.3
2 Cipla Limited 111,044.3 9,749.4 128,005.1 8.8 7.6
3 Dr. Reddy'S Laboratories Limited 103,110.0 13,841.0 116,006.0 13.4 11.9
4 Aurobindo Pharma Limited 99,171.6 17,067.6 84,361.8 17.2 20.2
5 Sun Pharmaceutical Industries Limited 83,211.1 (349.5) 208,715.1 (0.4) (0.2)
6 Glenmark Pharmaceuticals Limited 82,437.4 21,406.1 94,366.2 26.0 22.7
7 Torrent Pharmaceuticals Limited 48,922.8 8,542.2 44,537.1 17.5 19.2
8 Alkem Laboratories Limited 47,850.5 8,831.6 43,926.5 18.5 20.1
9 Piramal Enterprises Limited 41,664.6 7,767.8 144,226.0 18.6 5.4
10 Divi's Laboratories Limited 41,417.5 10,532.7 54,089.1 25.4 19.5
11 Cadila Healthcare Limited 38,576.0 6,619.0 66,183.0 17.2 10.0
12 Ipca Laboratories Limited 31,788.7 1,882.9 24,751.1 5.9 7.6
13 Glaxosmithkline Pharmaceuticals Limited 30,662.7 3,367.8 20,282.1 11.0 16.6
14 Abbott India Limited 29,963.3 2,766.5 13,869.4 9.2 19.9
15 Alembic Pharmaceuticals Limited 29,883.2 4,306.3 18,673.3 14.4 23.1
16 Biocon Limited 27,172.0 5,193.0 65,402.0 19.1 7.9
17 Jubilant Life Sciences Limited 26,748.8 791.9 20,428.1 3.0 3.9
18 Wockhardt Limited 25,458.3 1,371.2 12,193.2 5.4 11.2
19 Sanofi India Limited 24,394.0 2,970.0 17,353.0 12.2 17.1
20 Strides Shasun Limited 22,859.4 1,085.4 32,325.3 4.7 3.4
21 Pfizer Limited 21,430.9 3,367.8 24,188.8 15.7 13.9
22 NATCO Pharma Limited 20,160.0 4,948.0 16,997.0 24.5 29.1
23 Laurus Labs Limited 19,487.8 2,025.7 13,581.8 10.4 14.9
24 Ajanta Pharma Limited 18,896.6 4,998.1 15,039.4 26.4 33.2
25 Nectar Lifesciences Limited 17,662.8 551.3 10,067.3 3.1 5.5
26 Unichem Laboratories Limited 14,265.9 1,038.7 11,307.3 7.3 9.2
27 Granules India Limited 13,886.9 1,428.3 8,843.6 10.3 16.2
28 Syngene International Limited 12,716.0 2,873.0 14,131.0 22.6 20.3
29 J.B. Chemicals & Pharmaceuticals Limited 12,445.8 1,729.6 13,878.6 13.9 12.5

INDIA’S TOP 500 COMPANIES

Lupin Limited
Kalpataru, Inspire, 3rd Floor, Santacruz (E), Mumbai 400055, Maharashtra
Website: www.lupin.com
Dun & Bradstreet D-U-N-S® No 67-592-3163 Top 500 Ranking Income 72 Net Profit 34 Networth 55
About the Company
Financial Snapshot (` mn)
Lupin Ltd (Lupin) commenced business in 1968 and was incorporated in 1972 as Lupin Laboratories Pvt Ltd. The
Total Income 128,416.2
company acquired its present name in 2001 following the amalgamation of Lupin Chemicals with itself. Lupin
is a transnational pharmaceutical company producing, developing and marketing a wide range of branded and Net Profit 31,413.3
generic formulations, biotechnology products and active pharmaceutical ingredients (APIs) globally. During FY17,
Networth 147,802.4
the company acquired branded product portfolio from Shionogi & Co Ltd, Japan, comprising of 21 long-listed
products. As of March 2017, Lupin had 368 ANDA filings with the US FDA, of which 214 had been approved. The Ratios (%)
company also had 45 First-to-File (FTF) filings including 23 exclusive FTF opportunities, as of March 2017. In Jan 24.5
NPM
2018, the company made a foray into the over-the-counter segment under the ‘Lupin Life Consumer Healthcare’
umbrella with pan-India launch of Softovac. RONW 21.3
(As on Mar 31, 2017)

Cipla Limited
Cipla House, Peninsula Business Park, Lower Parel, Mumbai - 400013, Maharashtra
Website: www.cipla.com
Dun & Bradstreet D-U-N-S® No 65-013-8746 Top 500 Ranking Income 84 Net Profit 81 Networth 64
About the Company
Financial Snapshot (` mn)
Cipla Ltd (Cipla) was incorporated in 1935 by Dr K A Hamied. The company is engaged in manufacturing of
Total Income 111,044.3
APIs, formulations and respiratory products. It produces bulk drugs, tablets, capsules, oral liquids, injections/
sterile solutions and aerosols. Cipla’s product portfolio includes over 1,500 products across various therapeutic Net Profit 9,749.4
categories with more than 50 dosage forms. The company operates over 43 manufacturing facilities, with a
Networth 128,005.1
workforce of over 23,000 people and has presence in over 80 countries across the world. Cipla has established its
own company and brand presence in 17 markets including Algeria, Morocco, Malaysia, Vietnam, Yemen and Sri- Ratios (%)
Lanka among others, adopting the direct-to-market (DTM) approach. As of Mar 2017, the company was granted 8.8
NPM
more than 100 patents and 73 ANDAs were under approval.
RONW 7.6
(As on Mar 31, 2017)

Dr. Reddy’S Laboratories Limited

8-2-337, Road No. 3, Banjara Hills, Hyderabad - 500034, Telangana
Website: www.drreddys.com
Dun & Bradstreet D-U-N-S® No 87-180-4627 Top 500 Ranking Income 87 Net Profit 63 Networth 71
About the Company
Financial Snapshot (` mn)
Dr. Reddy’S Laboratories Ltd (Dr Reddy) was founded in 1984. The company’s business portfolio mainly consists of
Total Income 103,110.0
generic formulations, including tablets, capsules, injectables and topical creams, biologics, APIs and proprietary
products. The products manufactured by the company cater to major therapeutic areas of gastrointestinal Net Profit 13,841.0
ailments, cardiovascular diseases, pain management, oncology, anti-infective, paediatrics and dermatology. The
Networth 116,006.0
company’s generic formulations business offers more than 200 high-quality generic versions in over 80 countries
around the world. The prominent brands of the company include Omez (Omeprazole), Nise (Nimesulide), Ketorol Ratios (%)
(Ketorolac Thromethamine), Stamlo (Amlodipine Besylate) and Razo (Rabeprazole), among others. In FY17, 13.4
NPM
revenue from the global generic segment of the company declined by 10% to ` 115.4 bn.
RONW 11.9
(As on Mar 31, 2017)

Aurobindo Pharma Limited

Maitrivihar, Plot No.2, Ameerpet, Hyderabad – 500038, Telangana
Website: www.aurobindo.com
Dun & Bradstreet D-U-N-S® No 65-008-2092 Top 500 Ranking Income 94 Net Profit 51 Networth 88
About the Company
Financial Snapshot (` mn)
Aurobindo Pharma Ltd (Aurobindo) was incorporated in the year 1986 and commenced business operations
Total Income 99,171.6
in 1988-89, manufacturing Semi-Synthetic Penicillin (SSP) at Pondicherry. Aurobindo became a public company
in 1992 and listed its shares on the Indian stock exchanges in 1995. In addition to SSP’s, the company is Net Profit 17,067.6
involved in the production of antibiotics, anti-retrovirals, cardiovascular (CVS), central nervous systems (CNS),
Networth 84,361.8
gastroenterologicals, anti-diabetics and anti-allergics, among others. The Company has a broad portfolio of
diversified dosage forms including Rx and OTC oral solids & liquids, injectables, ophthalmics, specialty products Ratios (%)
and controlled substances. The Company’s portfolio mix consists of 429 products and it employees over 16,000 17.2
NPM
employees. Aurobindo exports to over 125 countries across the globe with more than 70% of its revenues derived
out of international operations. RONW 20.2
(As on Mar 31, 2017)

INDIA’S TOP 500 COMPANIES 219

Sun Pharmaceutical Industries Limited
SPARC, Tandalja, Vadodara - 390020, Gujarat
Website: www.sunpharma.com
Dun & Bradstreet D-U-N-S® No 87-177-9483 Top 500 Ranking Income 111 Net Profit 484 Networth 44
About the Company
Financial Snapshot (` mn)
Sun Pharmaceutical Industries Ltd (Sun Pharma) was incorporated in 1983 with five psychiatry products; and
Total Income 83,211.1
went public in 1994. Sun Pharma produces a diverse portfolio of generics, branded generics, difficult-to-make
technology intensive products, OTC, ARVs, APIs and intermediates in the dosage forms of tablets, capsules, Net Profit (349.5)
injectables, inhalers, ointments, creams and liquids. It’s R&D capabilities comprise of ~2,000 research scientists
Networth 208,715.1
working in multiple R&D centres. In FY15, Sun Pharma acquired Ranbaxy Laboratories Ltd for USD 4 bn. In
2016, Sun Pharma acquired 85.1% stake in JSC Biosintez and Ocular Technologies Sàrl. The company signed an Ratios (%)
agreement with RPG Life Sciences Ltd to divest seven prescription brands in India for ` 410 mn in Jul 2016. In Q4 (0.4)
NPM
FY17, Sun Pharma received approval for 4 ANDAs and 36 NDAs. As on Mar 31, 2017, the Company has over 42
manufacturing sites in six continents, enabling it to cater to patients across 150 countries worldwide. RONW (0.2)
(As on Mar 31, 2017)

Glenmark Pharmaceuticals Limited

B/2, Mahalaxmi Chambers, 22, Bhulabhai Desai Road, Mumbai - 400026, Maharashtra
Website: www.glenmarkpharma.com
Dun & Bradstreet D-U-N-S® No 87-179-4271 Top 500 Ranking Income 112 Net Profit 45 Networth 80
About the Company
Financial Snapshot (` mn)
Glenmark Pharmaceuticals Ltd (Glenmark) was incorporated in 1977. Glenmark is primarily engaged in the
Total Income 82,437.4
development, manufacture and marketing of branded and generic formulations, APIs, Novel Molecular Entities
(NMEs) and specialty products. The company has presence in various therapeutic areas including oncology, Net Profit 21,406.1
respiratory, dermatology, inflammation, autoimmune and cardio-metabolic. In Feb 2018, Glenmark entered into
Networth 94,366.2
an agreement with Sam Chun Dang Pharm Co Ltd, to develop, manufacture and market a portfolio of ophthalmic
products in the US and Canada. In FY17, more than 70% of the company’s revenue was gained through Ratios (%)
international operations. The company entered into a development, license, manufacture and commercial supply 26.0
NPM
agreement with Cyndea Pharma S.L., granting exclusive rights to use their technology for developing generic,
soft-gelatin capsule formulations of certain pharmaceutical products in Jul 2017. RONW 22.7
(As on Mar 31, 2017)

Torrent Pharmaceuticals Limited

Torrent House, Off Ashram Road, Ahmedabad - 380009, Gujarat
Website: www.torrentpharma.com
Dun & Bradstreet D-U-N-S® No 65-017-5722 Top 500 Ranking Income 167 Net Profit 88 Networth 128
About the Company
Financial Snapshot (` mn)
Torrent Pharmaceuticals Ltd (Torrent Pharma), a flagship company of Torrent Group was incorporated in
Total Income 48,922.8
1972. The company is primarily engaged in manufacturing of formulations and APIs in the therapeutic areas
of cardiovascular, central nervous system, gastro-intestinal, diabetology, anti-infective and pain management. Net Profit 8,542.2
It mainly manufactures and sells branded as well as unbranded generic pharmaceutical products in regulated
Networth 44,537.1
and semi-regulated markets across the globe. Some of its prominent brands include; Shelcal, Chymoral, Nikoran,
Dilzem, Nebicard, Nexpro that contribute significantly to India sales across therapies. The company has 11,781 Ratios (%)
employees as on Mar 31, 2017. As of Mar 31, 2017, the company has 16 subsidiaries, and of which 4 are step- 17.5
NPM
down subsidiaries. During 2017, the company acquired API manufacturing unit located at Vizag. The acquisition
will help the company in vertically integrating its Abbreviated New Drug Application (ANDA) filings in the future. RONW 19.2
(As on Mar 31, 2017)

Alkem Laboratories Limited

Devashish Building, Alkem House, Senapati Bapat Road, Lower Parel, Mumbai – 400013, Maharashtra
Website: www.alkemlabs.com
Dun & Bradstreet D-U-N-S® No 65-006-6939 Top 500 Ranking Income 171 Net Profit 85 Networth 131
About the Company
Financial Snapshot (` mn)
Alkem Laboratories Ltd (Alkem Labs) was established in 1973. It is engaged in the development, manufacturing
Total Income 47,850.5
and sales of pharmaceutical and nutraceutical products including branded generics, generic drugs and APIs. Its
key therapy areas include anti-infectives, gastro-intestinal, pain and analgesics, gynaecology, dermatology and Net Profit 8,831.6
neurology, amongst others. The company has a portfolio of over 700 brands, which are marketed across India
Networth 43,926.5
and over 50 countries globally. Some of the key brands under which it markets its products include Clavam,
Taxim, Xone, Pan, Ondem, Pan-D, Satrogyl-O, Gemcal, Sumo, Enzoflam, Uprise D3, Olkem, Donep, Melbild and Ratios (%)
Glucoryl-M/MV. In Feb 2017, Alkem Labs entered into strategic alliance with Haw Par to exclusively sell and 18.5
NPM
distribute Tiger Balm products in the country. During the year, the company also commenced Direct consumer
marketing for its brands, Pregakem and Livoerb. RONW 20.1
(As on Mar 31, 2017)

220 INDIA’S TOP 500 COMPANIES

Piramal Enterprises Limited
Piramal Ananta, Agastya Corporate Park, LBS Marg, Kurla (W), Mumbai - 400070, Maharashtra
Website: www.piramal.com
Dun & Bradstreet D-U-N-S® No 65-079-3826 Top 500 Ranking Income 200 Net Profit 95 Networth 60
About the Company
Financial Snapshot (` mn)
Piramal Enterprises Ltd (PEL), a flagship company of the Piramal Group, was incorporated in 1947. The company
Total Income 41,664.6
operates in the field of healthcare, financial services and information management. Under healthcare, the
company offers pharma solutions like APIs and formulations and healthcare analytics. The company has 13 Net Profit 7,767.8
manufacturing facilities for pharma solutions in North America, Europe and Asia. It also has a wide distribution
Networth 144,226.0
network of 420,000 outlets across 2,000 towns. Under financial services, PEL offers a comprehensive suit of
financial products such as wholesale lending, alternative asset management and housing finance. As on Mar 31, Ratios (%)
2017, the company reported a loan book of ` 249.75 bn under wholesale lending and ` 71.57 bn of alternative 18.6
NPM
assets under management. In Nov 2017, PEL acquired Digeplex and associated brands from Shreya Lifesciences.
RONW 5.4
(As on Mar 31, 2017)

Divi’s Laboratories Limited

1-72/23(P)/DIVIS/303, Divi Towers, Gachibowli, Hyderabad - 500032, Telangana
Website: www.divislaboratories.com
Dun & Bradstreet D-U-N-S® No 91-852-3627 Top 500 Ranking Income 202 Net Profit 74 Networth 113
About the Company
Financial Snapshot (` mn)
Divi’s Laboratories Ltd (Divis Laboratories) was incorporated in 1990 with an objective to develop new processes
Total Income 41,417.5
for the production of APIs and intermediates. The facility built at Hyderabad comprises of 13 multi-purpose
production blocks. In 2002, the company commenced its second manufacturing facility in Visakhapatnam, Net Profit 10,532.7
AP, which has 14 multi-purpose production blocks. As of Mar 31, 2017, the company had four manufacturing
Networth 54,089.1
facilities, three R&D centres. The company’s product portfolio comprises of generics, intermediates, protected
amino acids, chiral synthesis, carotenoids (synthetic) and nutraceuticals. The company also undertakes FTE/ Ratios (%)
contract research on process development for discovering new compounds for leading MNCs across the world 25.4
NPM
and partners with them for the supply of APIs. During FY17, exports constituted 87% of the company’s revenue,
of which exports to advanced markets comprising Europe and America constituted 73% of the revenue. RONW 19.5
(As on Mar 31, 2017)

Cadila Healthcare Limited

Zydus Tower, Satellite Cross Roads, Ahmedabad - 380015, Gujarat
Website: www.zyduscadila.com
Dun & Bradstreet D-U-N-S® No 65-019-9482 Top 500 Ranking Income 216 Net Profit 108 Networth 101
About the Company
Financial Snapshot (` mn)
Cadila Healthcare Ltd (Cadila), a Zydus Cadila Group company, was incorporated in 1995. Cadila offers healthcare
Total Income 38,576.0
solutions ranging from formulations, APIs, animal healthcare products to wellness products. Under formulations,
Cadila specialises in cardiovascular, anti-diabetic, gastrointestinal, gynaecological and other therapeutic segments Net Profit 6,619.0
such as respiratory, anti-neoplastics, dermatology, neurological, and anti-infectives. It operates in the consumer
Networth 66,183.0
wellness segment through its subsidiary, Zydus Wellness Ltd; which operates three brands namely Sugar Free,
EverYuth and Nutralite. The animal health business of the company manufactures drugs, vaccines and feed Ratios (%)
supplements for livestock, poultry and companion animals. During FY17, the company launched over 75 new 17.2
NPM
products under formulations segment in India, including line extensions, of which 17 were first-in-India launches.
It also acquired six trademarks from Organon India (Pvt) Ltd and Merck Sharp & Dohme B V. RONW 10.0
(As on Mar 31, 2017)

Ipca Laboratories Limited

48, Kandivli Industrial Estate, Kandivli (West), Mumbai - 400067, Maharashtra
Website: www.ipca.com
Dun & Bradstreet D-U-N-S® No 65-021-9132 Top 500 Ranking Income 240 Net Profit 256 Networth 203
About the Company
Financial Snapshot (` mn)
Ipca Laboratories Ltd (Ipca) was incorporated in 1949. Ipca is integrated pharmaceutical company engaged
Total Income 31,788.7
in two business segments namely branded & generics formulations; and APIs & intermediates. The company
manufactures and markets over 350 formulations and 80 APIs covering various therapeutic segments. The Net Profit 1,882.9
company manufactures formulations in various dosage forms viz. oral solids and liquids, dry powders for
Networth 24,751.1
suspension, and liquid & dry injectables. The formulation segment caters to therapeutic areas including anti-
diabetic, anti-infectives, anti-malarial, anti-parasitic, cardiac, gastro intestinal and urological, among others. The Ratios (%)
API segment of the company manufactures Atenolol, Furosemide, Chloroquine Phosphate, Hydroxychloroquine 5.9
NPM
Sulphate, Metoprolol Succinate, Metoprolol Tartrate and Pyrantel Salts. The Company has 17 manufacturing units
in India manufacturing APIs and formulations for the world market. RONW 7.6
(As on Mar 31, 2017)

INDIA’S TOP 500 COMPANIES 221

GlaxoSmithkline Pharmaceuticals Limited
GSK House, Dr Annie Besant Road, Worli, Mumbai - 400030, Maharashtra
Website: www.gsk-india.com
Dun & Bradstreet D-U-N-S® No 65-005-7953 Top 500 Ranking Income 247 Net Profit 176 Networth 227
About the Company
Financial Snapshot (` mn)
GlaxoSmithKline Pharmaceuticals Ltd (GSK) was established in 1924 as HJ Foster & Co. In 1989, the company’s
Total Income 30,662.7
name changed to Glaxo India Ltd and in 2001 it acquired its present name after a merger with SmithKline Beecham
Pharmaceuticals (India) Ltd. GSK’s product portfolio includes prescription medicines and vaccines. Under Net Profit 3,367.8
prescription medicines, the company operates in the therapeutic areas such as anti-infectives, dermatology,
Networth 20,282.1
gynaecology, diabetes, oncology, cardiovascular disease and respiratory disease. It also offers a range of vaccines,
for the prevention of hepatitis A, hepatitis B, invasive disease caused by H, influenzae, chickenpox, diphtheria, Ratios (%)
pertussis, tetanus, rotavirus, cervical cancer, streptococcus pneumonia and others. In FY17, the company entered 11.0
NPM
into the probiotic segment with the launch of EnteroPlus. It also launched Priorix Tetra, a combination MMRV
(Measles, Mumps, Rubella and Varicella) vaccine in the same year. RONW 16.6
(As on Mar 31, 2017)

Abbott India Limited

4, Corporate Park, Chembur, Mumbai 400 071, Maharashtra
Website: www.abbott.in
Dun & Bradstreet D-U-N-S® No 65-078-4460 Top 500 Ranking Income 257 Net Profit 204 Networth 290
About the Company
Financial Snapshot (` mn)
Abbott India Ltd (Abbott) is a part of the US-based Abbott Laboratories business in India. The company operates in
Total Income 29,963.3
the pharmaceuticals sector. Abbott’s business operations have been divided into four divisions namely, women’s
health & gastrointestinal gastroenterology and hepatic care; specialty care; GenNext & vaccines; and consumer Net Profit 2,766.5
care. It has a strong presence in multiple therapeutic categories such as women’s health, gastroenterology,
Networth 13,869.4
neurology, thyroid, diabetes, pain management, general care, vitamins and vaccines and other therapy areas.
Abbott offers a comprehensive portfolio of diverse products across 110+ prominent brands. In FY17, it launched Ratios (%)
the first smartphone compatible insertable cardiac monitor to detect arrhythmias. It pioneered a new liquid 9.2
NPM
dosing device, LIDICON, which provides accurate, hygienic and convenient dosing. The company also introduced
a first-of-its-kind flash glucose monitoring system, which helps doctors treat patients’ diabetes effectively. RONW 19.9
(As on Mar 31, 2017)

Alembic Pharmaceuticals Limited

Alembic Road, Vadodara – 390 003
Website: www.alembicpharmaceuticals.com
Dun & Bradstreet D-U-N-S® No 65-057-4663 Top 500 Ranking Income 258 Net Profit 150 Networth 238
About the Company
Financial Snapshot (` mn)
Alembic Pharmaceuticals Ltd (APL) was incorporated in 1907 to develop, manufacture and market generic
Total Income 29,883.2
pharmaceutical products. APL is a subsidiary of the Alembic Group, which in addition to pharmaceuticals, is
involved in industries such as Glass, Chemicals, Real Estate, Engineering, Education and Healthcare. APL is Net Profit 4,306.3
primarily engaged in the business of international formulations, branded domestic formulations, generic &
Networth 18,673.3
NSA domestic formulations and APIs. It has a presence in the therapeutic areas of cardiology, anti-diabetics,
gastroenterology, gynaecology, dermatology, orthopaedics and anti-infectives, amongst others. Some of the Ratios (%)
prominent brands of the company include Azithral, Roxid, Ulgel, Rekool, Tellzy, Zeet, Wikoryl, Althrocin and 14.4
NPM
Gestofit, amongst others. In November 2017, the company announced the acquisition of the US based, generic
drug developer, Orit Laboratories LLC. RONW 23.1
(As on Mar 31, 2017)

Biocon Limited
20th KM, Hosur Road, Electronic city, Bangalore - 560100
Website: www.biocon.com
Dun & Bradstreet D-U-N-S® No 65-017-3537 Top 500 Ranking Income 275 Net Profit 130 Networth 102
About the Company
Financial Snapshot (` mn)
Biocon Ltd (Biocon), was incorporated in Nov 1978 and was listed in 2004. It is an integrated healthcare company
Total Income 27,172.0
engaged in manufacturing of biotechnology products for the pharmaceutical sector. It operates in four verticals;
small molecules comprising of APIs & generic formulations; novel biologics and biosimiliars comprising of rh- Net Profit 5,193.0
insulin, insulin analogs, monoclonal antibodies and recombinant proteins; branded formulations comprising of
Networth 65,402.0
finished dosage business in India and abroad; and research services through Syngene. Some if its prominent
brands in the domestic branded formulation business includes; Insugen®, Basalog®, BIOMAb EGFR®, CANMAb™, Ratios (%)
ALZUMAb™ and Abraxane®. Moreover, its insulins are registered in over 65 markets across UAE, APAC, North 19.1
NPM
America, Europe and LATAM / CIS / Africa. In FY17, it launched KRABEVA – a bio similar device bevacizumab for
testing several types of cancer. It also won a MYR 300 mn contract for insulin from Malaysia. RONW 7.9
(As on Mar 31, 2017)

222 INDIA’S TOP 500 COMPANIES

Jubilant Life Sciences Limited
Bhartiagram, Gajraula, District Amroha - 244 223, UP
Website: www.jubl.com
Dun & Bradstreet D-U-N-S® No 91-505-1705 Top 500 Ranking Income 280 Net Profit 382 Networth 224
About the Company
Financial Snapshot (` mn)
Jubilant Life Sciences Ltd (Jubilant Life Sciences) was incorporated in 1978 as Vam Organic Chemicals Ltd., and was
Total Income 26,748.8
renamed in 2010. Jubilant Life Sciences is an integrated global pharmaceutical and life sciences company engaged
in manufacturing and supply of APIs, solid dosage formulations, radiopharmaceuticals, allergy therapy products, Net Profit 791.9
advance intermediates, fine ingredients, crop science ingredients, life science chemicals and nutritional products.
Networth 20,428.1
It is engaged in contract manufacturing of sterile injectables and drug discovery solutions. The company has
presence in countries like Singapore, Belgium, China, Canada and US. In May 2017, Jubilant life sciences acquired Ratios (%)
Triad Isotopes Inc. and its parent, Isotope Holdings, Inc, which is in the radio pharmacy business. In Jun 2017, 3.0
NPM
Jubilant Life Sciences and Baretz International entered into a strategic partnership to serve the food & nutrition
market in India and its neighbouring countries. RONW 3.9
(As on Mar 31, 2017)

Wockhardt Limited
D-4 MIDC, Chikalthana, Aurangabad – 431006, Maharashtra
Website: www.wockhardt.com
Dun & Bradstreet D-U-N-S® No 91-505-4340 Top 500 Ranking Income 286 Net Profit 309 Networth 309
About the Company
Financial Snapshot (` mn)
Wockhardt Ltd (Wockhardt) was founded in 1967 and incorporated as a public limited company in 1999.
Total Income 25,458.3
Wockhardt is a pharmaceutical and biotechnology company which also operates a chain of speciality hospitals.
The company is engaged in manufacturing and marketing pharmaceutical and bio-pharmaceutical formulations, Net Profit 1,371.2
active pharmaceutical ingredients (APIs) and vaccines. The hospitals provide interalia treatment and care facilities
Networth 12,193.2
in cardiology, neurosurgery, orthopaedics, critical care, oncology, nephrology, urology, and trichology. It has three
research centres located in India, UK and USA and 12 manufacturing facilities. In FY17, Wockhardt earned almost Ratios (%)
62% of its revenue from international business which included 35% from Europe, 18% from USA and the rest from 5.4
NPM
Asia (with 38% from India), the Middle East, Africa and Latin America. Wockhardt also received an FDA approval
for antibiotic injection and for eye drop for treating ophthalmic allergies. RONW 11.2
(As on Mar 31, 2017)

Sanofi India Limited

Sanofi House, 117-B, L&T Business Park, Saki Vihar Road, Powai, Mumbai - 400072, Maharashtra
Website: www.sanofiindialtd.com
Dun & Bradstreet D-U-N-S® No 86-231-7765 Top 500 Ranking Income 296 Net Profit 191 Networth 248
About the Company
Financial Snapshot (` mn)
Sanofi India Ltd (Sanofi) was established as Hoechst Fedco Pharma Private Ltd in 1956, and is engaged in
Total Income 24,394.0
the manufacture and sale of pharmaceutical products. Over the years, its name was changed to Hoechst
Pharmaceuticals Private Limited, Hoechst India Limited and Hoechst Marion Roussel Limited. It provides medicines Net Profit 2,970.0
for the treatment of patients in various therapeutic areas, including cardiology, thrombosis, oncology, diabetes,
Networth 17,353.0
central nervous system, internal medicine and consumer healthcare. The company’s products include Cardace
10, Cardace am 5, Cardace H 5, Combiflam Suspension, Caspercid, Zolineg, Zolineg 2, Combiflam Plus, Novalgin Ratios (%)
NU, Proctosedyl bd, Amino-fit, CoQ Forte, CoQ, FreeFlex Forte, FreeFlex, Folgel Plus, Icegel, Macraberin-M, Selace 12.2
NPM
Forte, Seacod Capsule and Seacod Oil. In Feb 2018, Sanofi launched its new product Toujeo™, the next generation
basal insulin that improves glycemic control in adults with type 1 and type 2 diabetes. RONW 17.1
(As on Dec 31, 2016)

Strides Shasun Limited

201, Devavrata, Sector 17, Vashi, Navi Mumbai - 400703, Maharashtra
Website: www.stridesarco.com
Dun & Bradstreet D-U-N-S® No 91-583-6845 Top 500 Ranking Income 308 Net Profit 342 Networth 168
About the Company
Financial Snapshot (` mn)
Strides Shasun Ltd (Strides) was incorporated in 1990 as Strides Arcolab Ltd. In Nov 2015, the company acquired
Total Income 22,859.4
its present name pursuant to merger of Shasun Pharmaceuticals Ltd with itself. The company is a fully integrated
global pharmaceutical company with 14 manufacturing facilities. Strides operate in two business verticals viz. Net Profit 1,085.4
pharmaceuticals and biotech. The company’s pharmaceutical business is further bifurcated into four verticals
Networth 32,325.3
namely; regulated markets, emerging markets, institutional business and pharmaceutical services and active
ingredients. During FY17, the company received six new product approvals - tentative approval for efavirenz Ratios (%)
tablet, two FTF approval for roflumilast tablets and fingolimod capsules, approvals for metronidazole tablet, 4.7
NPM
ranitidine tablet and polyethylene glycol 3350, powder for solution (OTC). Strides has 82 cumulative ANDA filings
with USFDA of which 51 ANDAs have been approved as of Mar 2018 and 31 are pending for approval. RONW 3.4
(As on Mar 31, 2017)

INDIA’S TOP 500 COMPANIES 223

Pfizer Limited
The Capital, 1802/1901, Plot No. C-70, G Block, BKC, Bandra (E), Mumbai - 400051, Maharashtra
Website: www.pfizerindia.com
Dun & Bradstreet D-U-N-S® No 65-005-2475 Top 500 Ranking Income 328 Net Profit 176 Networth 207
About the Company
Financial Snapshot (` mn)
Pfizer Ltd (Pfizer), a subsidiary of Pfizer Inc., USA was incorporated in 1950. Pfizer is mainly engaged in the
Total Income 21,430.9
manufacture of pharmaceutical products like tablets and capsules, liquid parentals, solids, ointments and lotions
amongst others. The company has a product portfolio of over 200 products across 15 therapeutic areas including Net Profit 3,367.8
respiratory, ophthalmology, anti-infectives, vitamins/minerals/nutrients, blood related dermatology, urology,
Networth 24,188.8
anti-parasitic, vaccines, gastro intestinal, hormones, neuroscience/central nervous system, pain/analgesics,
cardiovascular and gynaecology among others. Some of its key brands include; Corex, Becosules, Equiflex, Ratios (%)
Trulimax, Gelusil, Terramycin, Folvite, Targit, Viagra, Autrin, and Dolonex among others. Its consumer healthcare 15.7
NPM
segment involves brands like Anacin and Anne French. On Jan 31, 2018 The Indian Council of Medical Research
(ICMR) has partnered with Pfizer to establish a ‘Centre to Combat Antimicrobial Resistance’ in New Delhi. RONW 13.9
(As on Mar 31, 2017)

NATCO Pharma Limited

NATCO house, Road # 2, Banjara Hills, Hyderabad - 500034, Telangana
Website: www.natcopharma.co.in
Dun & Bradstreet D-U-N-S® No 65-022-4736 Top 500 Ranking Income 340 Net Profit 136 Networth 252
About the Company
Financial Snapshot (` mn)
NATCO Pharma Ltd (NATCO) was incorporated in 1981. The Company’s operations could be classified into
Total Income 20,160.0
three business segments, namely domestic formulations, international formulations and active pharmaceutical
ingredients (API). The company markets and distributes products in over 40 countries, and sells finished dosage Net Profit 4,948.0
formulations (FDF) products in the USA, India, Europe and rest of the world. Under domestic formulations, it
Networth 16,997.0
operates in the oncology and gastro hepatology segment. As of Mar 31, 2017, the company has 43 ANDAs with
22 product approvals under its international formulations business where it produces drugs which are marketed Ratios (%)
by its associate partners. As of Mar 31, 2017, the company filed 37 DMFs with the USFDA across therapeutic 24.5
NPM
segments such as oncology, CNS, anti-asthmatic, anti-depressant, anti-migraine, anti-osteoporosis and astro-
intestinal disorders. RONW 29.1
(As on Mar 31, 2017)

Laurus Labs Limited

Plot No 21, Jawaharlal Nehru Pharma City, Parawada, Visakhapatnam - 531021, AP
Website: www.lauruslabs.com
Dun & Bradstreet D-U-N-S® No 65-063-7403 Top 500 Ranking Income 345 Net Profit 243 Networth 294
About the Company
Financial Snapshot (` mn)
Laurus Lab Ltd (Laurus Labs) was incorporated in 2005 as a private limited company. Laurus Labs operates through
Total Income 19,487.8
four business segments namely API, FDF, synthesis and ingredients. API business comprises the development,
manufacture and sale of APIs and advanced intermediates in various therapeutic segments like anti-retroviral, Net Profit 2,025.7
hepatitis C, oncology, cardiovascular, anti-diabetic and anti-asthmatic, etc. The API segment is the key revenue
Networth 13,581.8
generator of the company, contributing to almost 91.3% of the total revenue generation. The FDF segment
comprises the development and manufacture of oral solid formulations. The services offered under synthesis Ratios (%)
business include alternate route development, process development, process optimization and validation, scale 10.4
NPM
up of clinical phase new chemical entities as well as commercial manufacturing. As of Mar 31, 2017, the company
has commercialised 59 products and has been granted 41 patents since its inception. RONW 14.9
(As on Mar 31, 2017)

Ajanta Pharma Limited

Ajanta House, Charkop, Kandivli (W), Mumbai - 400067, Maharashtra
Website: www.ajantapharma.com
Dun & Bradstreet D-U-N-S® No 65-019-9284 Top 500 Ranking Income 352 Net Profit 133 Networth 277
About the Company
Financial Snapshot (` mn)
Ajanta Pharma Ltd (Ajanta Pharma), a specialty pharmaceutical company, was established in 1973 and engages in
Total Income 18,896.6
the development, manufacture and marketing of quality finished dosages in domestic and international markets.
Its business includes branded generics in emerging markets of Asia and Africa, generics in the developed markets Net Profit 4,998.1
of USA, and institutional sales. During FY17, the company commenced commercial production at two of its
Networth 15,039.4
new manufacturing facilities in Guwahati (Phase I) and Dahej. The company is carrying out further expansion
of the Guwahati unit under Phase II of its augmentation plans. As of March 2017, the company had six foreign Ratios (%)
subsidiaries located in USA, Nigeria, Philippines, Mauritius and UK. In FY17, Ajanta Pharma launched more than 26.4
NPM
25 products in India and seven new products in the US. The company filed 34 Abbreviated New Drug Applications,
of which it received 17 final approvals and two tentative approvals in FY17. RONW 33.2
(As on Mar 31, 2017)

224 INDIA’S TOP 500 COMPANIES

Nectar Lifesciences Limited
Village Saidpura, Tehsil Dera Bassi, S.A.S. Nagar, Mohali - 140507, Punjab
Website: www.neclife.com
Dun & Bradstreet D-U-N-S® No 86-041-6238 Top 500 Ranking Income 370 Net Profit 413 Networth 338
About the Company
Financial Snapshot (` mn)
Nectar Lifesciences Ltd (NLL) was incorporated in 1995. NLL is involved in various business activities like contract
Total Income 17,662.8
research and manufacturing services, API and intermediates, formulations, generics and OTC, diagnostics, empty
hard gelatin capsules and menthol. Under contract research and manufacturing activity, NLL provides analytical Net Profit 551.3
development, chemical development, manufacturing and engineering consulting services. Under API and
Networth 10,067.3
intermediates, NLL manufactures cephalosporin range of products like cefixime trihydrate, cefpodoxime proxetil,
cefazolin sodium and cefdinir amongst others. NLL undertakes formulations for finished and solid dosage forms Ratios (%)
like tablets, capsules, dry powder oral suspension etc. As on Mar 31, 2017, NLL has filed 44 drug master files in 3.1
NPM
highly regulated markets like the USA, EU, Japan, Korea, Canada and South Africa. During FY17, the company had
exported its pharmaceutical products to 65 countries. RONW 5.5
(As on Mar 31, 2017)

Unichem Laboratories Limited

Unichem Bhavan, S V Road, Prabhat Estate, Jogeshwari (W), Mumbai - 400102, Maharashtra
Website: www.unichemlabs.com
Dun & Bradstreet D-U-N-S® No 65-005-5882 Top 500 Ranking Income 437 Net Profit 351 Networth 318
About the Company
Financial Snapshot (` mn)
Unichem Laboratories Ltd (Unichem) was incorporated in 1944 as a proprietary company and became a public
Total Income 14,265.9
limited company in 1962. Unichem is engaged in manufacturing of formulations, active pharmaceutical ingredients
(APIs) for domestic and international markets. Under API segment, the company caters to various therapeutic Net Profit 1,038.7
segments such as anticoagulant, anti-hypertensive, post-operative analgesic, anti-glaucoma, anti-inflammatory,
Networth 11,307.3
lipid-regulating agent and anti-diabetic, to name a few. Under formulations segment, the company manufactures
and sales more than 240 products. Some of the prominent brands of the company are Losar, Losar-H, Ampoxin Ratios (%)
and Unienzyme. The company has formulation plants located at Goa, Baddi (HP) and Ghaziabad (UP) as well as 7.3
NPM
three API manufacturing units located at Roha & Kolhapur (Maharashtra), Pithampur (MP). As of Mar 31, 2017,
the company had six distributors and three warehouses across India. RONW 9.2
(As on Mar 31, 2017)

Granules India Limited

2nd Floor, 03rd Block, My Home Hub, Madhapur, Hyderabad-500 081, Telangana
Website: www.granulesindia.com
Dun & Bradstreet D-U-N-S® No 91-500-0087 Top 500 Ranking Income 440 Net Profit 303 Networth 354
About the Company
Financial Snapshot (` mn)
Granules India Ltd (Granules) was established in 1984 as Triton Laboratories in Hyderabad. The company
Total Income 13,886.9
is engaged in the manufacturing of active pharmaceutical ingredients (API), pharmaceutical formulation
intermediates (PFIs) and finished dosages (FDs). Its business is divided into three areas, Core business, which Net Profit 1,428.3
comprises of core molecules – paracetamol, ibuprofen, metformin, guaifenesin and methocarbamol, Emerging
Networth 8,843.6
business, which focusses on manufacturing APIs with a focus on vertical integration and crams segment, which
focuses on contract research and manufacturing. It has eight manufacturing locations in Bonthapally, Jeedimetla, Ratios (%)
Gagllipur and Vizag in India along with Virginia in USA and Jingmen in China. It has its presence in more than 10.3
NPM
75 countries. It has over 2,165 employees across the entire company. In Mar 2018, the company received
Establishment Inspection Report (EIR) by the US FDA for its unit located at Chantilly, Virginia. RONW 16.2
(As on Mar 31, 2017)

Syngene International Limited

Biocon Park SEZ, Jigani Link Road, Bommasandra IV Phase, Bengaluru - 560099, Karnataka
Website: www.syngeneintl.com
Dun & Bradstreet D-U-N-S® No 91-597-1985 Top 500 Ranking Income 467 Net Profit 198 Networth 285
About the Company
Financial Snapshot (` mn)
Syngene International Ltd (SIL) was incorporated in 1993 as a research subsidiary of biopharmaceutical
Total Income 12,716.0
company Biocon Ltd. SIL’s business activities are divided into three verticals dedicated R&D, discovery services
and development and manufacturing services. The company is engaged in drug discovery and development Net Profit 2,873.0
in medicinal chemistry, biology, in vivo pharmacology, toxicology, custom synthesis, process R&D, cGMP
Networth 14,131.0
manufacturing, formulation and analytical development with clinical development services. It is focused in
novel molecule discovery and development services. The company caters to sectors such as pharmaceutical, Ratios (%)
biotechnology, agrochemicals, consumer goods, animal health, cosmetic & nutrition and specialty & performance 22.6
NPM
chemicals. The company has manufacturing facility located at Bengaluru, Karnataka. In FY17 the company also
acquired bioinformatics capabilities from Strand Life Sciences. RONW 20.3
(As on Mar 31, 2017)

INDIA’S TOP 500 COMPANIES 225

J.B. Chemicals & Pharmaceuticals Limited
Cnergy IT Park, Unit A2, 3rd floor & Unit A, 8th floor, Appa Saheb Marathe Marg, Prabhadevi, Mumbai 400 025, Maharashtra
Website: www.jbcpl.com
Dun & Bradstreet D-U-N-S® No 91-716-5052 Top 500 Ranking Income 472 Net Profit 275 Networth 289
About the Company
Financial Snapshot (` mn)
Established in 1976, J.B. Chemicals & Pharmaceuticals Ltd (JBCPL) is a public listed pharmaceutical companies with
Total Income 12,445.8
its headquarters in Mumbai. In 1950, original it was formed as a partnership firm M/s. Unique Pharmaceutical
Laboratories. It has a domestic sales force of 1,000 people, 17 internationally approved manufacturing units, a Net Profit 1,729.6
Research and Development Centre, and subsidiaries abroad. JBCPL exports to over 30 countries across the world
Networth 13,878.6
and earns more than half its revenue from its international business. JBCPL manufactured a range of specialty
products including pharmaceutical dosage forms like tablets, injectable (vials, ampoules, form fill seal), creams & Ratios (%)
ointments, lozenges, herbal liquids and capsules. On Jan 17, 2018, it received an European GMP Approval for its 13.9
NPM
formulation facilities in Panoli, Gujarat, India from Medicines Authority of Malta.
RONW 12.5
(As on Mar 31, 2017)

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

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

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

226 INDIA’S TOP 500 COMPANIES

PLASTIC & PLASTIC PRODUCTS
Comparative Matrix

Sector Total Income Net Profit Net Worth NPM RONW

Company Name
TI Rank ` Mn ` Mn ` Mn (%) (%)
1 The Supreme Industries Limited 44,697.9 3,793.0 15,534.5 8.5 24.4
2 Jain Irrigation Systems Limited 39,847.5 1,638.0 43,165.0 4.1 3.8
3 Finolex Industries Limited 30,119.8 3,521.8 22,913.9 11.7 15.4
4 Nilkamal Limited 21,068.6 1,184.5 6,971.3 5.6 17.0
5 Kkalpana Industries (India) Limited 19,572.7 257.4 2,712.2 1.3 9.5
6 Responsive Industries Limited 18,816.5 206.7 6,038.6 1.1 3.4
7 INEOS Styrolution India Limited 16,732.5 692.8 5,870.5 4.1 11.8
8 Astral Poly Technik Limited 16,563.8 1,066.3 8,350.1 6.4 12.8
9 Time Technoplast Limited 15,977.1 949.0 11,560.5 5.9 8.2

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 (%)
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)

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 229

 The Supreme Industries Limited
Mr. Taparia’s View
The effect of Demonetization, GST and RERA seems to have settled down to a large extent. The economy is slowly,
but surely moving towards the formal sector from the informal sector. Several initiatives by the Government to
boost rural income and infrastructure are now fructifying to boost business in several segments which are catered
to by the Company. The Company, therefore, envisaged a faster growth in business from April 2018 onwards. Due
to hardening of polymer prices and lack of new capacity buildup of PVC resin the world over, PVC prices have
moved to a higher band. In spite of increase in crude prices, the prices of polythene will move to a lower level
over the year as several new plants are starting in USA, based on low feed stock cost of shale gas. Overall, polymer
prices will remain affordable. We seek to commission two new greenfield plants this year – one in Telangana and
the other in Rajasthan. Additional construction of buildings in existing plants and start-up of production at those
MP Taparia sites will also go in production this year at Malanpur, Khopoli, Hosur and Kharagpur. We intend to start two new
plants at AP and Assam. Land acquisition process has started. They may partially go into production next year.
Managing Director

Dun & Bradstreet D-U-N-S® No 91-845-8683 Top 500 Ranking Income 180 Net Profit 163 Networth 271

Financial Snapshot (In ` mn) About the Company

Total Income 44,697.9 Supreme Industries Limited is India’s leading plastics product manufacturer, offering
a wide and comprehensive range of plastic products in India. The company handles
Net Profit 3,793.0 a volume of over 370,000 tonnes of polymers annually. The company operates in
Networth 15,534.5 various product categories viz. Plastic Piping System, Cross Laminated Films & Products,
Ratios (%) Protective Packaging Products, Industrial Moulded Components, Moulded Furniture,
Storage & Material Handling Products, Performance Packaging Films and Composite LPG
NPM 8.5
Cylinders.
RONW 24.4
(As on Mar 31, 2017) Supreme Industries has 25 technologically advanced manufacturing facilities located
at various places spread across the country. The company has built-up an excellent
Management Details
relationship with its distributors and is also providing orientation to them, in order to
Chairman ensure proper service to ultimate customers.
BL Taparia
Managing Director Business Verticals
MP Taparia
Supreme is one of the leading plastic product manufacturing companies, with business
Executive Directors divisions as under:-
SJ Taparia
VK Taparia Plastics Piping System: Supreme offers a wide array of cost-effective piping solutions,
Directors which find usage in the water & waste management and infrastructure sectors. The
BV Bhargava company offers around 7730 different types of pipes and fittings which are manufactured
NN Khandwala as per various national and international standards. The Company is continuously trying
YP Trivedi to boost export business of Piping Systems by participating in various international
R Khan exhibitions. During the financial year ending Mar-18, it introduced 195 injection moulded
R Kannan pipe fittings.
RM Pandia
The production of Double Wall Corrugated HDPE Pipes has started from Gadegaon plant
with BIS Certification. The company has also started commercial production of Double
Wall Corrugated HDPE Pipes at Kharagpur. At Kharagpur the BIS certification for Pipes
up to diameter of 500 mm is received and for balance sizes of 600 mm and 800 mm
diameter is likely to be received shortly.
The AQUAKRAFT Bath Fittings introduced by the company is well established now
Address & Website including newly launched Chrome Plated range. There were 11 new items introduced
612, Raheja Chambers during the year. The portfolio in Bath Fittings has reached to 100 items.
Nariman Point Cross laminated Films (XF) and Products: Under this division, Supreme offers multilayered
Mumbai - 400021 cross laminated U.V. stabilized films under the brand Silpaulin which is used in various
Maharashtra
agricultural, industrial applications and for covering purpose. The company has a capacity
Website to produce over 27,000 MTs of multilayered cross laminated films p.a. It is manufactured
www.supreme.co.in
as per IS 14611-1998 standards. The Company has made Cross Line (XL) Bonded Film
available in almost all thicknesses. This product has properties that are superior to the
normal XF Film & enjoys patent protection. The company has now acquired all the rights
in the patents of Cross Line Bonded Film from the technical collaborator. This will bring
in lot of savings in the royalties in the coming years as the sale of this product is expected
to grow. The company has developed many new fabricated products.
Moulded Furniture: Supreme is one of the leading manufacturers and suppliers of

230 INDIA’S TOP 500 COMPANIES Advertorial

designer moulded plastic furniture which is made from 100% virgin polymers. The Company manufactures Injection Moulded Furniture
& Blow Moulded Furniture. The company offers a vast range of plastic furniture in eight sub categories, namely: upholsterd, premium
monoblock chairs, monoblock chairs, armless chairs, Almirahs, centre tables & trolley, dining tables, baby chairs and stools. It has 5
units manufacturing Injection Moulded Furniture across the country at Puducherry (UT), Durgapur (West Bengal), Derabassi (Punjab),
Gadegaon (Maharashtra) and Guwahati (Assam) to cater effectively to different regions of the country.
Material Handling and Storage Products: Supreme crates are used in various segments which includes Automobiles, FMCG, White
Goods, Engineering and Retail Sectors. The Company is setting up a new complex at Jadcherla in Telangana. Products for Material
Handling Division also will be produced at that site.
Protective Packaging Products: The products include thermoplastic PE foam sheets and profiles, cross-linked and blended PE foams
(block & extruded), air bubble films and composites and Customized products include anti-static, UV resistant and aluminum foil
laminated foam & bubble films, besides EPDM blended and other specialty rubber foams. Composites – aluminum, Metalized PET,
Specialty film & Cross Laminated Film Products.
Performance Films: Supreme manufactures co-extruded multi-layer barrier films (upto 7 layers). As the capacity is fully utilised,
expansion of the capacity is planned in the current year. It is accredited with ISO 9001:2008 as well as BRC-IOP certification. Its various
applications include vacuum packing, gas flushing, hot filling, pasteurization, sterilization, MAP, freezing, chilling and thermoforming.
Composite LPG Cylinder: Supreme’s state of the art composite LPG cylinder facility at Halol, Gujarat has an annual installed capacity
of around 450,000 cylinders. The much awaited BIS Standards is complete and BIS 16646 has been published for Type IV composite
cylinders. Company has acquired 10% business interest in HPC Research s.r.o. a startup company focusing on R & D in Composite
Cylinders in the Czech Republic which will strengthen its R & D footprint in the field of Pressure Vessels.
Industrial Components: The industrial products division supplies plastics parts and assemblies to various industry segments like
electronics, engineering, auto-motive, textile, fisheries, fruits & vegetable handling, dairy products handling and many more. Its
comprehensive product range starts from Small Bins to Super Jumbo Crates, Injection moulded and Roto moulded Pallets, Injection
moulded and Roto moulded Garbage bins.
Petrochemicals: The company operates in this segment through Supreme Petrochem Ltd. It is one of the largest single site Poystyrene
(PS) producers accounting for 2% of world capacity. It owns 60% of domestic installed capacity. Its plants are located at Amdoshi,
Maharashtra and Manali in Tamil Nadu. It has a fully automated DCS controlled plant with a capacity of 255,000 TPA of polystyrene. The
unit also manufactures Speciality Polymers Compound & Masterbatches, EPS – normal and Cup grade, Styrene Methyl Methacralate
and Extuded Polystyrene Foam .

Recent Developments
• During the year ended 31st March, 2018, the company sold 371,176 tons of plastic products as against 340,906 tons in the
corresponding period of previous year.
• The company exported goods worth US$ 16.9 mn as against US$ 13.5 mn in the corresponding period of the previous year.
• The share of overall Sales in the Value added products has been 36% of the Total Sales in the year ended 31st March, 2018 as
against 38% in the corresponding previous year. The Company’s focus remains to increase the share of value added products in
its turnover.
• The company’s branded turnover is in excess of 82% of the total turnover. The Company’s Supreme brand is now registered with
a punch line “Supreme – People who know plastics best.”
• The Company is developing / introducing innovative products for new applications in areas of Patented Cross Plastic Film Product,
Large Varieties of Pipe Fittings, Large range of Bathroom Fittings including Electroplated Products, Fusion Furniture, Protective
Packaging Innovative Products, Larger Range of Solvents, Special varieties of Performance Packaging Film, New Plumbing System
for HOT & COLD Water and New varieties of Plastic Pipe System.

Supreme’s Product Portfolio

Advertorial INDIA’S TOP 500 COMPANIES 231

Jain Irrigation Systems Limited
Jain Plastic Park, N H No 6, Bambhori, Jalgaon - 425001, Maharashtra
Website: www.jains.com
Dun & Bradstreet D-U-N-S® No 91-535-0222 Top 500 Ranking Income 208 Net Profit 283 Networth 133
About the Company
Financial Snapshot (` mn)
Jain Irrigation Systems Ltd (Jain Irrigation) was incorporated in 1963 as a trading business in agricultural inputs
Total Income 39,847.5
and equipment. Jain Irrigation has a diversified product portfolio which comprises of drip irrigation systems,
sprinkler irrigation systems, PVC piping systems, HDPE piping systems, plumbing systems, PVC sheets, food Net Profit 1,638.0
processing, tissue culture plants, greenhouse and renewable energy. The company also undertakes turnkey
Networth 43,165.0
projects for agricultural and irrigation development with holistic & integrated approach. The company has 30
manufacturing facilities located globally with 12 manufacturing units within India and 18 units are located across Ratios (%)
five continents. It has a distribution network of 39 depots and more than 6,526 dealers for domestic operations 4.1
NPM
along with 23 warehouses and over 2,100 distributors for global operations. As on Mar 31, 2017, the company
had 40 subsidiaries/ associate companies. RONW 3.8
(As on Mar 31, 2017)

Finolex Industries Limited

Gate No 399, Village Urse, Taluka Maval, Pune - 410506, Maharashtra
Website: www.finolexwater.com
Dun & Bradstreet D-U-N-S® No 67-737-4730 Top 500 Ranking Income 254 Net Profit 171 Networth 213
About the Company
Financial Snapshot (` mn)
Finolex Industries Ltd (Finolex Industries), a Finolex group company was incorporated in 1981. In 1985, Finolex
Total Income 30,119.8
Industries introduced Ringfit pressure pipes and in the year 2008, it launched lead free plumbing pipes. The
company mainly operates through two divisions namely PVC-U pipes division and PVC resin division. PVC-U pipes Net Profit 3,521.8
division has manufacturing facilities in Pune, Ratnagiri, and Masar with an average annual production of 250,000
Networth 22,913.9
MT. PVC resin division of the company operates through a resin manufacturing plant in Ratnagiri, which has been
set in technical collaboration with Uhde GmbH, Germany with Hoechst technology. The plant manufactures both Ratios (%)
suspension and emulsion PVC and has an annual output of 272,000 MT per annum. The company’s product 11.7
NPM
portfolio consists of agriculture pipes & fittings, column pipes, casing pipes, solvent cement, ASTM pipes &
fittings, CPVC pipes & fittings, sewerage pipes and SWR pipes & fittings. RONW 15.4
(As on Mar 31, 2017)

Nilkamal Limited
Survey No 354/2 & 354/3, Silvassa-Khanvel Road, Village Vasona, Silvassa - 396230, D&NH
Website: www.nilkamal.com
Dun & Bradstreet D-U-N-S® No 91-830-2902 Top 500 Ranking Income 331 Net Profit 331 Networth 389
About the Company
Financial Snapshot (` mn)
Nilkamal Ltd (Nilkamal), formerly known as National Plastics, was incorporated in 1950. The company engages
Total Income 21,068.6
in the manufacture of plastic products, moulded furniture and mattresses. It also provides material handling
solutions and operates home furnishing stores, Nilkamal Home Ideas and home retail chain store, @home. As Net Profit 1,184.5
of March 2017, Nilkamal had 15 home furnishing stores ranging from 4,000-8,000 sq.ft in various 2-3 tier cities.
Networth 6,971.3
In addition to this, the company has also commissioned 33 dealer-owned-dealer-operated stores across various
geographies to showcase and sell its ready furniture products & mattress. Nilkamal’s network consists of nearly Ratios (%)
980 channel partners and over 15,000 dealers on a pan India basis. The company has eight large manufacturing 5.6
NPM
plants across in India spanning a total constructed area of 1 mn sq ft. The company introduced nine new models
in the moulded furniture segment during FY17 mainly in the premium range. RONW 17.0
(As on Mar 31, 2017)

Kkalpana Industries (India) Limited

2B, Pretoria Street, Kolkata – 700 071, WB
Website: www.kkalpanagroup.com
Dun & Bradstreet D-U-N-S® No 65-046-3391 Top 500 Ranking Income 344 Net Profit 449 Networth 487
About the Company
Financial Snapshot (` mn)
Kkalpana Industries (India) Ltd. was established since 1977, the Company is engaged in the business of polyethylene
Total Income 19,572.7
(PE) compound, Polyvinyl Chloride (PVC) compound and others. The Company operates in manufacturing and
selling of PVC and XLPE compound segment. The Company’s product range includes PE compounds, including Net Profit 257.4
Silane Grafted XLPE Compounds, PE Black Sheating/Jacketing, and semi conductive compounds thermoplastic;
Networth 2,712.2
PVC compounds, including insulation and sheating; Filled Compound, including Calcium carbonate in PE, Talc
filled in PE and Calcium Carbonate in PP; Engineered Thermo Plastics, including Talc Filled PP, and Mineral & Glass Ratios (%)
filled Thermoplastic; Footwear Compounds, including PVC, TPR, PVC/NBR and EVA; Pipe Compounds, including 1.3
NPM
PEX (PEX b) and rigid PVC, and Ink, including printing inks, Flexo and gravure, and MASTERBATCH, including Colour
Masterbatches, white Masterbatches, performance enhancer masterbatches and colour rotomoulding powder. RONW 9.5
(As on Mar 31, 2017)

232 INDIA’S TOP 500 COMPANIES

Responsive Industries Limited
Village Betegaon, Mahagaon road, Boisar (E), Taluka Palghar, Dist. Thane - 401501
Website - www.responsiveindustries.com
Dun & Bradstreet D-U-N-S® No 87-180-2119 Top 500 Ranking Income 354 Net Profit 452 Networth 411
About the Company
Financial Snapshot (` mn)
Responsive Industries Ltd (Responsive Industries) was incorporated as Sinhal Holdings Ltd in 1982. In 2006,
Total Income 18,816.5
the company’s name was changed to Responsive Polymers and further in 2007, it acquired its present name.
Responsive Industries is primarily engaged in manufacturing of PVC based products like PVC leather cloth, PVC Net Profit 206.7
flooring, PVC sheeting and PVC rigid. The products portfolio of the company includes PVC flooring, automotive
Networth 6,038.6
upholstery solutions, FMCG, pharmaceutical packaging and transparent sheeting. Responsive Industries serve
multiple industries comprising healthcare, hospitality, transportation, IT and telecom, retail, education, sports Ratios (%)
infrastructure and real estate. Some of the major clients of responsive Industries include Indian Railways, RIL, 1.1
NPM
Ashok Leyland, Eicher Motors, Tata, Marcopolo, Mercedes Benz, Indian Navy, Seven Hills Hospital and Future
group among others. The company’s manufacturing facility is located in Boisar, Maharashtra. RONW 3.4
(As on Mar 31, 2017)

INEOS Styrolution India Limited

6th Floor, ABS Towers, Old Padra Road, Vadodara - 390007, Gujarat
Website: www.ineosstyrolutionindia.com
Dun & Bradstreet D-U-N-S® No 65-071-5022 Top 500 Ranking Income 392 Net Profit 394 Networth 416
About the Company
Financial Snapshot (` mn)
INEOS Styrolution India Ltd (SIL) was incorporated in 1973 as ABS Plastics Ltd. The company acquired its present
Total Income 16,732.5
name effective Mar 31, 2016. The company mainly manufactures absolac (ABS) and absolan (SAN). ABS is a plastic
resin produced from acrylonitrile, butadiene and styrene which is utilized for manufacturing home appliances, Net Profit 692.8
automobiles, consumer durables and machinery. The company has manufacturing facilities at Dahej, Katol, Moxi
Networth 5,870.5
and Nandesari, all located in Gujarat. It has distribution network in major cities such as Bengaluru, Chennai,
Mumbai, New Delhi and Pune. In FY17, the company reported sales of 125 KT in volume terms as compared to Ratios (%)
143 KT in FY16. In Feb 2018, SIL’s high impact grade Absolac ABS has been selected by STUDDS, the manufacturer 4.1
NPM
of helmets and motorcycle accessories, for its premium range of helmets.
RONW 11.8
(As on Mar 31, 2017)

Astral Poly Technik Limited

Astral House, 207/1, B/h Rajpath Club, Off. S. G. Highway, Ahmedabad - 380059, Gujarat
Website: www.astralcpvc.com
Dun & Bradstreet D-U-N-S® No 91-803-2178 Top 500 Ranking Income 398 Net Profit 345 Networth 365
About the Company
Financial Snapshot (` mn)
Astral Poly Technik Ltd (Astral) was incorporated in 1996. Astral is mainly engaged into the manufacturing of
Total Income 16,563.8
plumbing and drainage systems for residential and commercial applications. The company’s product portfolio
includes domestic plumbing systems for hot & cold water, sewage waste & rainwater systems, agriculture Net Profit 1,066.3
pressure pipes, pipes for submersible pumps, electrical pipes, drains & waste traps, fire sprinklers piping system
Networth 8,350.1
and pipes for industrial applications. The company increased its installed production capacity by 8% to 137,708
MT in FY17 from 127,762 MT in FY16. In FY17, the company reported sales of ` 16.47 bn as compared to Ratios (%)
` 14.67 bn in the previous year. During FY17, the company did backward integration and started its own CPVC 6.4
NPM
compounding facility. During the same year, Astral launched new brands like Astral CPVC Pro, Astral Fire pro and
Astral Chem Pro. RONW 12.8
(As on Mar 31, 2017)

Time Technoplast Limited

101, Centre Point, Somnath Daman Road, Dabhel, Daman UT - 396210
Website: www.timetechnoplast.com
Dun & Bradstreet D-U-N-S® No 86-041-6244 Top 500 Ranking Income 409 Net Profit 363 Networth 316
About the Company
Financial Snapshot (` mn)
Time Technoplast Ltd (Time Tech) was incorporated in 1992 and in 2010 it acquired composite gas cylinder
Total Income 15,977.1
business in Czech Republic. The company operates in two businesses, namely established products and value-
added products. The established product portfolio caters to industrial packaging, infrastructure and technical Net Profit 949.0
and lifestyle segments. The value-added products portfolio catersto intermediate bulk container (IBC), composite
Networth 11,560.5
cylinder and mMulti-layer multi axis oriented X cross lamination films (MOX) segments. The product portfolio of
company includes PE drums, dumpo bins, pails, turf and matting, disposable bins and PET sheets amongst others. Ratios (%)
Some of its brands include TechPack, DuroSoft, MaxLife, DuroTurf, Meadowz and GNX amongst others. In Jun 5.9
NPM
2017, Time Tech launched MOX film under brand ‘Techpaulin’. In Apr 2017, TIME MAUSER Industries private ltd, a
JV between Time Technoplast and MAUSER group, inaugurated its production site for steel drums. RONW 8.2
(As on Mar 31, 2017)

INDIA’S TOP 500 COMPANIES 233

 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)

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)

234 INDIA’S TOP 500 COMPANIES

POWER
Comparative Matrix

Sector Total Income Net Profit Net Worth NPM RONW

Company Name
TI Rank ` Mn ` Mn ` Mn (%) (%)
1 NTPC Limited 793,423.0 93,852.6 962,312.3 11.8 9.8
2 Power Grid Corporation Of India Limited 265,814.6 75,201.5 498,072.5 28.3 15.1
3 PTC India Limited 143,128.2 2,908.7 30,748.8 2.0 9.5
4 Adani Power Limited 117,531.9 (60,543.4) 46,733.3 (51.5) (129.6)
5 Reliance Infrastructure Limited 110,043.4 12,884.1 209,951.4 11.7 6.1
6 Torrent Power Limited 102,068.9 4,323.6 68,844.8 4.2 6.3
7 NLC India Limited 93,472.5 23,688.1 121,986.2 25.3 19.4
8 NHPC Limited 87,298.4 27,955.9 269,421.3 32.0 10.4
9 The Tata Power Company Limited 81,318.9 2,834.5 165,485.6 3.5 1.7
10 CESC Limited 73,666.3 8,628.6 133,237.5 11.7 6.5
11 JSW Energy Limited 43,695.2 1,947.5 83,935.6 4.5 2.3
12 SJVN Limited 31,199.0 15,441.4 114,838.3 49.5 13.4
13 Gujarat Industries Power Company Limited 13,815.8 2,292.4 22,359.8 16.6 10.3

INDIA’S TOP 500 COMPANIES

NTPC Limited
NTPC Bhawan, Lodi Road, Scope Complex, 7, Institutional Area ,New Delhi - 110003, Delhi
Website: www.ntpc.co.in
Dun & Bradstreet D-U-N-S® No 65-007-9049 Top 500 Ranking Income 10 Net Profit 12 Networth 7
About the Company
Financial Snapshot (` mn)
NTPC Ltd (NTPC) was incorporated in 1975 to boost power development in India. In May 2010, NTPC became
Total Income 793,423.0
a Maharatna company and is presently a major power player with presence in the entire value chain of the
power generation business. From fossil fuels, NTPC has forayed into generating electricity via hydro, nuclear Net Profit 93,852.6
and renewable energy sources. To strengthen its core business, the company has diversified into the fields of
Networth 962,312.3
consultancy, power trading, training of power professionals, rural electrification, ash utilisation and coal mining
as well. In FY17, the company commissioned 3845 MW and added 2190 MW to its commercial capacity. The Ratios (%)
company also added wind to its power generation portfolio during the year and commissioned 18 MW. Presently, 11.8
NPM
the total installed capacity of the company is 53,651 MW (including JVs) with 21 coal-based, seven gas-based
stations, one hydro-based station and one wind-based station. RONW 9.8
(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 237

 Power Grid Corporation of India Limited
Dun & Bradstreet D-U-N-S® No 67-582-9222 Top 500 Ranking Income 43 Net Profit 16 Networth 13

Background
Power Grid Corporation of India Ltd. (POWERGRID), the Central Transmission Utility
of the country and a ‘Navratna’ company operating under the Ministry of Power was
incorporated in 1989. Formerly known as National Power Transmission Corporation
Ltd., the company is engaged in the power transmission business with the responsibility
for planning, implementation, operation and maintenance of inter-state transmission
system. The company is one of the largest and best managed transmission utilities in
the world. Based on Platts Top 250 Global Energy Company Rankings, POWERGRID has
been ranked as the ‘Fastest Growing Electric Utility in Asia’ for four consecutive years,
I S Jha since 2014.
Chairman and Managing Director
POWERGRID is a listed company, with a 56.91% holding by the Government of India and
Financial Snapshot (In ` mn) balance by institutional investors and the public. The company’s stock is listed on the BSE
Total Income 265,814.6 and NSE and is a part of S&P BSE SENSEX and NIFTY. The company’s market capitalization
Net Profit 75,201.5 is in excess of ` 1 lakh crore.
Networth 498,072.5
POWERGRID has been implementing various transmission projects for generation
Ratios (%) capacity addition under the Central Sector, Ultra-Mega Power Projects (UMPPs),
NPM 28.3 Independent Power Producers (IPPs), Green Energy Corridors, Transmission Systems for
Ultra Mega Solar Parks, STATCOMs and projects secured through tariff based competitive
RONW 15.1
bidding (TBCB) route. As on 31st March, 2018, the company has secured 12 projects
(As on Mar 31, 2017) under TBCB route.
Management Details
Chairman and Managing Director Network & Diversifications
I S Jha As on Dec 31, 2017, the company owned and operated around 1,45,400 ckm of
Directors transmission lines at ±800kV HVDC/765kV, ±500kV HVDC, 400kV, 220kV & 132kV levels
Ravi P Singh and 230 sub-stations with a transformation capacity of around 3,23,215 MVA. This
K Sreekant gigantic transmission network, spread across the length and breadth of the country, is
Prabhakar Singh consistently maintained at an availability of over 99.5%.
Seema Gupta
Leveraging on its experience and expertise in power transmission, the company provides
Consultancy Services to its domestic and international clients in various areas of power
transmission; and its clientele is spread across twenty countries, major ones including
Nepal, Bhutan, Bangladesh, Afghanistan, Kenya, & Ethiopia.

The company has also diversified into telecom business utilizing its country-wide power
transmission network and has established a telecom network of >43,000 km and >600
Address & Website
points of presence spread across the length and breadth of the country.
Registered Address
B-9, Qutab Institutional Area, Operational Highlights in FY17
Katwaria Sarai,
New Delhi - 110016 • In the area of project commissioning, the company recorded a capitalization of
Corporate Address approximately ` 31,000 crores (including TBCB projects). The company added 9,723
Saudamini, ckm of EHV transmission lines; 12 substations and 34,696MVA transformation
Plot No.2, Sector 29, capacity during the year. In addition, inter-regional power transfer capacity of
Near IFFCO Chowk, 15,000 MW was added during the year. With this, cumulative inter-regional power
Gurgaon - 122001, Haryana
transfer capacity of the national grid stood at 75,050 MW at the end of March,
Website 2017.
www.powergridindia.com/
• During FY17, the company maintained availability of the transmission network at
99.79%, which is comparable with international standards. The number of tripping
per line (unplanned) was contained to 0.68 for the year, indicating high reliability
of POWERGRID transmission system.
• During the XIIth Plan (April 2012 – March 2017), the company incurred a capital
expenditure of more than ` 112,000 crore and added around 46,000 ckm of
transmission lines and 69 substations along with 1,65,000 MVA of transformation
capacity.

238 INDIA’S TOP 500 COMPANIES Advertorial

PTC India Limited
2nd Floor, NBCC Tower, 15 Bhikaji Cama Place, New Delhi - 110066, Delhi
Website: www.ptcindia.com
Dun & Bradstreet D-U-N-S® No 91-953-6458 Top 500 Ranking Income 67 Net Profit 195 Networth 172
About the Company
Financial Snapshot (` mn)
PTC India Ltd (PTC) erstwhile Power Trading Corporation of India Ltd was incorporated in 1999 by the Government
Total Income 143,128.2
of India to provide credit risk mitigation to private power project developers. PTC is a Public-Private Partnership
company engaged in power trading. The company along with its subsidiaries and associates is principally engaged Net Profit 2,908.7
in trading/ generation of power and providing total financing solutions to the energy value-chain which includes
Networth 30,748.8
investing in equity or extending debt to power projects in generation, transmission, distribution, fuel resources
and fuel related infrastructure. Its business solutions include solutions for generators, solutions for utilities, cross Ratios (%)
border power trade, PTC retail, project financing, renewable energy and energy efficiency and consultancy. In 2.0
NPM
FY17, the company witnessed a shift towards renewable energy. The company has its domestic branches in
Uttarakhand, Kerela, UP, Tamil Nadu amongst others. RONW 9.5
(As on Mar 31, 2017)

Adani Power Limited

Shikhar, Near Adani House, Mithakhali Six Roads, Navrangpura, Ahmedabad-380009, Gujarat
Website: www.adanipower.com
Dun & Bradstreet D-U-N-S® No 91-713-1138 Top 500 Ranking Income 76 Net Profit 499 Networth 126
About the Company
Financial Snapshot (` mn)
Adani Power Ltd (APL) is the power business subsidiary of the Indian business conglomerate Adani group
Total Income 117,531.9
incorporated in 1996. The company is headquartered at Gujarat. APL is also involved in solar power production.
The company operates five superficial boilers at Gujarat and Maharashtra each. It also operates mega solar plant Net Profit (60,543.4)
at Gujarat. The company is also the largest thermal power generating company in the Indian private sector.
Networth 46,733.3
Presently, APL has a total commissioned capacity of 10,440 MW. The transmission has a 5,000 circuit kms of
transmission system. Adani Power Maharashtra Limited, Adani Power Rajasthan Limited, Adani Power Dahej Ratios (%)
Limited, Mundra Power SEZ Limited, Udupi Power Corporation Limited and Adani Power (Overeseas) Limited are (51.5)
NPM
the six direct and indirect subsidiaries of APL. In 2009, the company became a public listed company. APL has
1,220 permanent employees as on Mar 31, 2017. RONW (129.6)
(As on Mar 31, 2017)

Reliance Infrastructure Limited

H Block, 1st Floor Dhirubhai Ambani Knowledge City Navi Mumbai 400 710, Maharashtra
Website: www.rinfra.com
Dun & Bradstreet D-U-N-S® No 67-723-6459 Top 500 Ranking Income 85 Net Profit 67 Networth 43
About the Company
Financial Snapshot (` mn)
Reliance Infrastructure Ltd (RInfra) incorporated in 1929, is part of Reliance Group. It is listed on BSE, NSE and its
Total Income 110,043.4
global depository receipt is listed on London Stock Exchange. Rinfra operates in business segments namely power
and engineering, procurement, construction (epc) and contracts. It develops projects through Special Purpose Net Profit 12,884.1
Vehicles (SPVs) in high growth sectors like power, roads, metro rail and airport and the defence sector. The
Networth 209,951.4
company is engaged in generation, transmission, distribution and power trading. Rinfra along with its subsidiaries
has an installed capacity of 941 MW of power and distributes power to over 6.9 mn consumers in Mumbai and Ratios (%)
Delhi. EPC division offers a single point solution to the execution of projects from concept to commissioning. 11.7
NPM
Reliance Defence Limited, a wholly owned subsidiary of Rinfra has eleven subsidiaries in niche segments of the
defence sector. RONW 6.1
(As on Mar 31, 2017)

Torrent Power Limited

Samanvay, 600, Tapovan, Ambawadi, Ahmedabad-380015, Gujarat
Website: www.torrentpower.com
Dun & Bradstreet D-U-N-S® No 86-041-6245 Top 500 Ranking Income 90 Net Profit 149 Networth 98
About the Company
Financial Snapshot (` mn)
Torrent Power Ltd (Torrent), part of Torrent Group, forayed into power sector in 1990 by acquiring an ailing power
Total Income 102,068.9
company, Mahendra Electricals. In FY05, Torrent was formed by merging together the three group companies
viz Torrent Power AEC Ltd, Torrent Power SEC Ltd and Torrent Power Generation Ltd. Torrent is engaged in Net Profit 4,323.6
the business of power generation, transmission, distribution as well as cable manufacturing. Torrent has four
Networth 68,844.8
subsidiaries namely Torrent Solargen Ltd, Torrent Power Grid Ltd, Torrent Pipavav Generation Ltd and AEC
Cements and Constructions Ltd (AECCCL). Torrent has an aggregate generation capacity of 3,588 MW with a mix Ratios (%)
of coal, gas and renewable power. It also operates 249 km and 105 km 400kV double-circuit transmission lines 4.2
NPM
for transmitting power generated at SUGEN and DGEN gas-based power plants, to various off-take centers. The
cables unit manufactures power and control cables and has manufacturing capability of up to 132 kV XLPE cables. RONW 6.3
(As on Mar 31, 2017)

INDIA’S TOP 500 COMPANIES 239

NLC India Limited
#8 PSD, Egmore Complex of Food Corp of India, Mayor Sathyamurthy Road, Chetpet ,Chennai 600031
Website: www.nilkamal.com
Dun & Bradstreet D-U-N-S® No 65-005-2186 Top 500 Ranking Income 100 Net Profit 44 Networth 67
About the Company
Financial Snapshot (` mn)
NLC India Ltd (NLC), formerly Neyveli Lignite Corp Ltd is a Navratna Govt. of India enterprise, incorporated in
Total Income 93,472.5
1956. The main activity of the company, which is under the Ministry of Coal, is mining (coal and lignite) and power
generation (thermal and renewable energy). As of March 2017, NLC operates three lignite mines at Neyveli, Tamil Net Profit 23,688.1
Nadu and one lignite mine at Barsingsar, Rajasthan with an aggregate capacity of 30.60 MTPA. In the power
Networth 121,986.2
segment, NLC operates four thermal power stations at Neyveli and one thermal power station at Barsingsar.
Total power generation during FY17 was at a record high since inception at 21033.10 MU with an average PLF of Ratios (%)
73.73%. The company also achieved its highest-ever power export from all its thermal power stations at 17719.46 25.3
NPM
MU. In the renewable energy space, the company has commissioned all 34 wind turbine generators of 1.5 MW
each, taking the overall installed power generating capacity of the company to 3301 MW. RONW 19.4
(As on Mar 31, 2017)

NHPC Limited
NHPC Office Complex, Sector - 33, Faridabad 121003, Haryana
Website: www.nhpcindia.com
Dun & Bradstreet D-U-N-S® No 86-225-7412 Top 500 Ranking Income 106 Net Profit 40 Networth 33
About the Company
Financial Snapshot (` mn)
NHPC Ltd (NHPC) is a Mini Ratna Category-I enterprise of the Govt. of India, incorporated in 1975 to develop
Total Income 87,298.4
hydroelectric power in the country. Later on NHPC expanded its objects to include development of power in all
its aspects through conventional and non-conventional sources in India and abroad. Since its incorporation, NHPC Net Profit 27,955.9
has executed 20 projects with an installed capacity of 6507 MW on ownership basis including projects executed
Networth 269,421.3
by its subsidiary NHDC Ltd. NHPC has also executed five projects with an installed capacity of 89.25 MW on
turnkey basis. Two of these projects have been commissioned in neighbouring countries i.e. Nepal and Bhutan. Ratios (%)
During FY17, NHPC power stations generated 23275 MU of electricity. The company commissioned the remaining 32.0
NPM
two units of 40 MW each of Teesta Low Dam-IV HE Project (160 MW) in West Bengal and 50 MW Wind Power
Project in Jaisalmer during FY17. RONW 10.4
(As on Mar 31, 2017)

The Tata Power Company Limited

Bombay House 24, Homi Mody Street, Mumbai 400 001, Maharashtra
Website: www.tatapower.com
Dun & Bradstreet D-U-N-S® No 65-004-7459 Top 500 Ranking Income 115 Net Profit 202 Networth 52
About the Company
Financial Snapshot (` mn)
The Tata Power Company Ltd (Tata Power) was incorporated in 1915 by establishing hydro-electric project in
Total Income 81,318.9
Khopoli, Maharashtra. In 2000, the Tata Hydro-Electric Co Ltd, The Andhra Valley Power Supply Co Ltd, and
the Tata Power Co Ltd were amalgamated to form Tata Power. The company is engaged in power generation, Net Profit 2,834.5
transmission, distribution-cum-retail, trading, power services, coal mines and logistics and strategic engineering
Networth 165,485.6
for defence applications. It is engaged in electricity generation through various fuel sources and has operational
generation capacity of 10,757 MW in India. As on Mar 31, 2017, the Company had 49 subsidiaries (including 38 Ratios (%)
wholly-owned subsidiaries), 37 joint ventures and 8 associates. Tata Power is serving over 2.6 mn distribution 3.5
NPM
consumers in India. On Mar 26, 2018, Tata Power’s Board approved the sale of its shares in Tata Communications
and Panatone Finvest to Tata Sons and its affiliates. RONW 1.7
(As on Mar 31, 2017)

CESC Limited
CESC House, Chowringhee Square, Kolkata - 700001, WB
Website: www.cesc.co.in
Dun & Bradstreet D-U-N-S® No 65-004-6741 Top 500 Ranking Income 122 Net Profit 86 Networth 63
About the Company
Financial Snapshot (` mn)
CESC Ltd (CESC), a flagship company of the RP-Sanjiv Goenka Group, was incorporated in 1897. CESC is mainly
Total Income 73,666.3
engaged in generation, transmission and distribution of electricity. It is the sole distributor of electricity within
an area of 567 sq km of Kolkata & Howrah and serves 2.9 mn consumers which include domestic, industrial and Net Profit 8,628.6
commercial users. CESC owns & operates three thermal power plants, namely Budge Budge generating station
Networth 133,237.5
(750 MW), Southern generating station (135 MW) and Titagarh generating station (240 MW), cumulatively
generating 1125 MW of power. Under renewable energy, the company has set up three projects which consists Ratios (%)
of a solar plant in Kutch, Gujarat, hydro power venture in Arunachal Pradesh and wind power project in Dangi, 11.7
NPM
Rajasthan. In Feb 2017, CESC Ltd was appointed by Jodhpur Vidyut Vitran Nigam Ltd as the electricity distribution
franchisee for the city of Bikaner, Rajasthan for 20 years. RONW 6.5
(As on Mar 31, 2017)

240 INDIA’S TOP 500 COMPANIES

JSW Energy Limited
JSW Centre, Bandra Kurla Complex, Bandra (E), Mumbai - 400051, Maharashtra
Website:www.jsw.in
Dun & Bradstreet D-U-N-S® No 86-025-8620 Top 500 Ranking Income 191 Net Profit 250 Networth 89
About the Company
Financial Snapshot (` mn)
JSW Energy Ltd (JSW Energy), a JSW Group company, was incorporated in 1994. JSW Energy is an integrated
Total Income 43,695.2
power company engaged in power generation, power transmission, mining, power trading and equipment
manufacturing. The company has power generation capacity of 4,531 MW (Thermal – 3,140 MW and Hydel – Net Profit 1,947.5
1,391 MW) through its plants across Vijaynagar in Karnataka; Ratnagiri in Maharashtra; Barmer in Rajasthan and
Networth 83,935.6
Kinnaur in Himachal Pradesh. In FY17, it acquired 51% stake in Minerals & Energy Swaziland Proprietary Limited.
JSW Energy operates a JV with Toshiba Corp, which is engaged in the manufacturing of supercritical steam Ratios (%)
turbines and generators. In Oct 2016, JSW Energy entered into a MoU with the Swaziland Electricity Company 4.5
NPM
(SEC) and the Govt of Swaziland for setting up of a thermal power plant. In Mar 2018, it acquired JSW electric
vehicles and announced its decision to launch electrical vehicle in next 3-4 years. RONW 2.3
(As on Mar 31, 2017)

SJVN Limited
SJVN Corporate Office Complex, Shanan, Shimla - 171006, HP
Website: www.svjn.nic.in
Dun & Bradstreet D-U-N-S® No 65-067-9319 Top 500 Ranking Income 246 Net Profit 60 Networth 72
About the Company
Financial Snapshot (` mn)
SJVN Ltd (SJVN), a mini-ratna company, was incorporated in 1988 as a JV between GoI and the state government of
Total Income 31,199.0
HP. SJVN is primarily engaged in generation and sale of power. In the power generation segment, SJVN is operates
in thermal, hydro, wind and solar power projects. The company has its plants in Uttarakhand, Bihar, Gujarat, Net Profit 15,441.4
Himachal Pradesh, Rajasthan and Arunachal Pradesh in India as well as in Bhutan and Nepal. The company has a
Networth 114,838.3
combined installed capacity of 1,964.6 MW. Moreover, it is engaged in power transmission business by partnering
with other companies (CTPC and PTCN) to lay out the cross-border Indo-Nepal power transmission line. SJVN Ratios (%)
has acquired 26% equity in Cross-Border Power Transmission Company Ltd, which is engaged in establishment, 49.5
NPM
operation and maintenance and transfer of Indian portion of Indo-Nepal cross-border transmission line. SJVN
also offers consultancy services from concept to commissioning of hydroelectric projects. RONW 13.4
(As on Mar 31, 2017)

Gujarat Industries Power Company Limited

P. O. Petrochemicals, District Vadodara, Vadodara - 391346, Gujarat
Website: www.gipcl.com
Dun & Bradstreet D-U-N-S® No 91-843-7687 Top 500 Ranking Income 442 Net Profit 229 Networth 216
About the Company
Financial Snapshot (` mn)
Gujarat Industries Power Company Ltd (GIPCL) was incorporated in 1985 and engages in the business of electrical
Total Income 13,815.8
power generation. Currently, the company has installed power generating capacity of 929.4 MW. The company
operates two gas-based power plants at Vadodara, thermal power plants at Surat and a solar power plant at Surat. Net Profit 2,292.4
GIPCL also has mining division which operates Vastan lignite mine and Mangrol-Valia lignite mine. Vastan lignite
Networth 22,359.8
mine covers a mining lease area of 1,536 hectare and has an approved mining capacity of 1.2 MTPA. Mangrol-
Valia lignite mine, which is an extension of Vastan lignite field covers a mining lease area of 3,019 hectare and Ratios (%)
has an approved mining capacity of 4.2 MTPA. GIPCL has a subsidiary named GIPCL Projects and Consultancy 16.6
NPM
Company Ltd and an associate company named Bhavnagar Energy Company Ltd.
RONW 10.3
(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 241

 Dun & Bradstreet D-U-N-S® No Top 500 Ranking Income Net Profit Networth
M
Financial Snapshot (` mn)
Total Income
Net Profit
Networth
Ratios (%)
C
NPM
p
RONW
(As on Mar 31, 2017)
F
s
i
p
p
Dun & Bradstreet D-U-N-S® No Top 500 Ranking Income Net Profit Networth

Financial Snapshot (` mn) G

Total Income w
Net Profit t
Networth
Ratios (%) O
NPM w
RONW o
(As on Mar 31, 2017)
B
&
d
o
Dun & Bradstreet D-U-N-S® No Top 500 Ranking Income Net Profit Networth c
Financial Snapshot (` mn) A
Total Income
Net Profit M
Networth s
Ratios (%) i
NPM m
RONW c
(As on Mar 31, 2017) h

T
c
Dun & Bradstreet D-U-N-S® No Top 500 Ranking Income Net Profit Networth f
Financial Snapshot (` mn)
M
Total Income
m
Net Profit
m
Networth
Ratios (%)
M
NPM
RONW
s
(As on Mar 31, 2017)

242 INDIA’S TOP 500 COMPANIES

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

Financial Snapshot (` mn)

Total Income
Net Profit
Networth
Ratios (%)
Chit Fund is one of the oldest financial institutions operating in India in general, and in South India in
NPM
particular. The term ‘Chit Fund’ is known as Chit, Chittie or Kuri in different parts of the country. A Chit
RONW
Fund is a unique saving-cum-borrowing instrument, offering dual benefits. It inculcates(Asthe habit of
on Mar 31, 2017)
saving. Once a Chit is joined, a Foreman of the Chit persuades subscribers to regularly pay monthly
instalments. This leads to positive force on the subscriber to save and pay monthly instalments. It lets
persons save money periodically and to withdraw lumpsum amounts whenever the need arises for
purposes such as education, housing, marriage, business or even planning for retirement.
Dun & Bradstreet D-U-N-S® No Top 500 Ranking Income Net Profit Networth

Guided by the vision and determination of Sri Ramoji Rao, Margadarsi made its humble
Financial beginning
Snapshot (` mn)
way back in October, 1962, in a small office with just two people working. The first year’s business
Total Income
turnover was a mere ` 8.75 lakh. Ever since, Margadarsi has been growing consistently
Net Profit year by year.
Networth

On 1st June, 1991, the present Managing Director Mrs. Ch. Sailaja joined as a Wholetime Ratios (%) Director
when the total annual business Turnover was just ` 158 crore, with 18 branches. Within a short span
NPM

of time, she proved her mettle and was elevated to the position of Managing RONW Director in April, 1995.
By that time, Margadarsi was operating through 27 branches, 1,033 employees across Andhra Pradesh
(As on Mar 31, 2017)

& Tamil Nadu, and a total annual business turnover of ` 383 crore. With sheer hard work, unwavering
dedication and perfect planning, she has developed the business multifold. Presently, Margadarsi
operates through 105 branches with 4,356 employees and an annual business turnover of ` 10,270
crore.
Dun &Under her
Bradstreet ableNoand dynamicTop
D-U-N-S® leadership,
500 Ranking Margadarsi
Income has spread
Net Profitits operations in the states of
Networth

Andhra Pradesh, Telangana, Tamil Nadu and Karnataka. Financial Snapshot (` mn)
Total Income
Margadarsi has been empowering people financially through its innovative schemes,
Net Profit helping them
save in easy instalments and enabling them to withdraw in lumpsum, wheneverNetworth
required. Subscribers
include individuals, families, business firms and companies for whom Margadarsi has Ratiosbecome
(%) the
most trusted financial partner. Generations have trusted Margadarsi, and today
NPM they vouch for the
company, encouraging their children to save in Margadarsi Chits. In fact, Margadarsi
RONW has become a
household name today. (As on Mar 31, 2017)

The hallmark of Margadarsi’s success is its meticulous planning, coupled with hard work and deep
commitment to serve its customers in the best possible manner. New schemes are being introduced
from
Duntime to time
& Bradstreet to meet
D-U-N-S® No the financial needs
Top 500 Rankingof the customers and
Income Netto fulfill their aspirations.
Profit Networth

Financial Snapshot (` mn)

Most importantly, Margadarsi has earned a great reputation for the best and timely payment of prize
Total Income
money. Margadarsi is eager to make payments to its subscribers, since satisfied subscribers give us
Net Profit
more business.
Networth
Ratios (%)
Margadarsi is very keen on proper sureties/guarantors for the future liability of prized subscribers,
NPM
since we have to protect the interests of the saving subscribers. RONW
(As on Mar 31, 2017)

INDIA’S TOP 500 COMPANIES 243

 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)

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)

244 INDIA’S TOP 500 COMPANIES

POWER EQUIPMENT
Comparative Matrix

Sector Total Income Net Profit Net Worth NPM RONW

Company Name
TI Rank ` Mn ` Mn ` Mn (%) (%)
1 ABB India Limited 87,136.4 3,762.5 32,827.8 4.3 11.5
2 KEC International Limited 77,741.7 2,818.2 16,557.4 3.6 17.0
3 Apar Industries Limited 52,482.2 1,823.2 9,480.5 3.5 19.2
4 Kalpataru Power Transmission Limited 50,600.8 2,690.7 24,784.2 5.3 10.9
5 CG Power and Industrial Solutions Limited 49,618.4 1,244.6 41,992.9 2.5 3.0
6 GE T&D India Limited 44,003.0 (866.6) 10,327.9 (2.0) (8.4)
7 Inox Wind Limited 29,836.9 2,563.1 21,648.9 8.6 11.8
8 GE Power India Limited 21,867.8 2.9 8,304.5 0.0 0.0
9 Skipper Limited 17,060.9 1,115.0 4,906.3 6.5 22.7
10 Power Mech Projects Limited 12,988.4 636.8 6,171.6 4.9 10.3

INDIA’S TOP 500 COMPANIES

ABB India Limited
21st Floor, WTC, Brigade Gateway, No. 26/1, Dr. Rajkumar Road, Bengaluru - 560055, Karnataka
Website: new.abb.com/indian-subcontinent
Dun & Bradstreet D-U-N-S® No 86-020-3741 Top 500 Ranking Income 108 Net Profit 165 Networth 165
About the Company
Financial Snapshot (` mn)
ABB India Ltd (ABB), an ABB group company, was incorporated in 1949. ABB is engaged in the manufacturing of
Total Income 87,136.4
power and automation technologies. ABB operates in various product segments including, power system, power
products, discrete automation and motion, process automation and low voltage. The company operates through Net Profit 3,762.5
39 factories at 12 manufacturing sites. Its product portfolio consists of Drives, High Voltage Products, Low Voltage
Networth 32,827.8
Products & Systems, Measurement & Analytics, Mechanical Power & Transmission Products, Medium Voltage
Products, Metallurgy Products, Motors & Generators, PLC Automation, Power Converters & Inverters, Power Ratios (%)
Protection & Automation Products, Robotics, Semiconductors and Transformers. In Jan 2017, the company won 4.3
NPM
a contract for a long distance power transmission link between Raigarh and Pugalur.
RONW 11.5
(As on Dec 31, 2016)

KEC International Limited

RPG House, 463, Dr. Annie Basant Road, Worli, ,Mumbai 400030, Maharashtra
Website: www.kecrpg.com
Dun & Bradstreet D-U-N-S® No 92-109-0051 Top 500 Ranking Income 117 Net Profit 203 Networth 261
About the Company
Financial Snapshot (` mn)
KEC International Ltd (KEC), the flagship company of RPG Group is a global infrastructure engineering,
Total Income 77,741.7
procurement and construction (EPC) major incorporated in 1945. The company has presence in the verticals
of power transmission & distribution, cables, railways, civil and renewables. KEC has undertaken infrastructure Net Profit 2,818.2
projects in 63 countries across Africa, Americas, Central Asia, Middle East, South Asia and South-East Asia. KEC
Networth 16,557.4
undertakes design, manufacture, test, supply and erection of transmission lines, installation of substations,
distribution network, and HV/EHV cabling projects. The cable segment manufactures wide range of power and Ratios (%)
telecom cables; while in the railway vertical, it undertakes civil infrastructure, railway electrification and power 3.6
NPM
systems among others. The company has eight manufacturing facilities spread across India. The company’s order
intake for FY17 was 93.45 bn with more than 70% orders in power T&D. RONW 17.0
(As on Mar 31, 2017)

Apar Industries Limited

Apar House”, Building No.5, Corporate Park, Sion-Trombay Road, Chembur Mumbai-400071, Maharashtra
Website: www.apar.com
Dun & Bradstreet D-U-N-S® No 87-179-4341 Top 500 Ranking Income 159 Net Profit 262 Networth 347
About the Company
Financial Snapshot (` mn)
Apar Industries Ltd (AIL) was founded in 1958. At the time of inception, the company was engaged in the
Total Income 52,482.2
manufacturing of power transmission conductors and in 1969 it diversified into the production of Specialty Oils.
Gujarat Apar Polymers Ltd was incorporated in the year 1989 and was renamed as Apar Industries Ltd in 1997. Net Profit 1,823.2
AIL is engaged in the manufacturing of Specialty Oils & Lubricants, Aluminium & Alloy Conductors, Electrical
Networth 9,480.5
& Telecom Cables, ENI Automotive Lubricants and Polymers. AIL manufactures Automotive Lubricants under a
license agreement with ENI S.p.A, Italy and markets them in India under the brand Agip. It manufactures and Ratios (%)
markets electrical & telecommunication cables in India under the brand name Uniflex. In Feb 2018, AIL announced 3.5
NPM
its decision to enter into a Joint Venture agreement with PPS Motors Pvt. Ltd. and establish a company named
‘Ampoil Apar Lubricants Private Limited’ (AALPL). RONW 19.2
(As on Mar 31, 2017)

Kalpataru Power Transmission Limited

Plot No. 101, Part III, GIDC Estate, Sector - 28, Gandhi Nagar 382028, Gujarat
Website: www.kalpatarupower.com
Dun & Bradstreet D-U-N-S® No 86-223-4684 Top 500 Ranking Income 164 Net Profit 208 Networth 202
About the Company
Financial Snapshot (` mn)
Kalpataru Power Transmission Ltd (KPTL) is part of the Kalpataru Group established in 1969. The company
Total Income 50,600.8
operates in the power transmission and infrastructure EPC space, executing projects covering design, testing,
manufacturing, fabrication, erection and construction of transmission lines, oil and gas infrastructure and railways Net Profit 2,690.7
projects on a turnkey basis. The company also engages in high voltage substation business both in air insulated
Networth 24,784.2
(AIS) and gas insulated (GIS) segment in domestic as well as international market. The company has also set up
two biomass power generation plants in Rajasthan. KPTL has an annual production capacity of over 180,000 MT Ratios (%)
of transmission towers at its three manufacturing facilities in India and an ultra-modern tower testing facility. The 5.3
NPM
company’s wide reach and presence includes international geographies like Africa, CIS countries, the Middle East,
SAARC, Asia-Pacific and the Americas. As of March 2017, the company’s order book stood at ` 90.17 bn. RONW 10.9
(As on Mar 31, 2017)

INDIA’S TOP 500 COMPANIES 247

CG Power and Industrial Solutions Limited
CG House, 6th floor, Dr Annie Besant Road, Worli, Mumbai 400030, Maharashtra
Website: www.cgglobal.com
Dun & Bradstreet D-U-N-S® No 65-012-5487 Top 500 Ranking Income 166 Net Profit 324 Networth 137
About the Company
Financial Snapshot (` mn)
CG Power and Industrial Solutions Ltd (CG), the flagship company of Avantha Group was incorporated in 1937.
Total Income 49,618.4
The company’s business can be classified in two categories: power systems and industrial systems. Under power
system segment, CG offers products like transformers, switchgear, vacuum interrupters, network protection and Net Profit 1,244.6
control gear. It also provides services like control and protection design, protocol development, power system
Networth 41,992.9
analysis, execution, and servicing of turnkey T&D as well as substation projects and solutions for end-to-end
renewables projects. Under industrial system, CG is in the business of power conversion equipment, a wider Ratios (%)
spectrum of high and low voltage rotating machines (motors and alternators), stampings, as well as railway 2.5
NPM
transportation and signalling products. It caters to foreign markets through its facilities in Hungary. CG has 16
manufacturing locations in India and 10 locations abroad. RONW 3.0
(As on Mar 31, 2017)

GE T&D India Limited

A 18, First Floor, Okhla Industrial Area, Phase II, New Delhi -110020, Delhi
Website: www.ge.com/in/ge-td-india-limited
Dun & Bradstreet D-U-N-S® No 86-025-0647 Top 500 Ranking Income 189 Net Profit 487 Networth 335
About the Company
Financial Snapshot (` mn)
GE T&D India Ltd (GETD), formerly Alstom T&D India Ltd, is engaged in offering switchgear of all types, control
Total Income 44,003.0
panels, power transformers, electrical substation projects and services. The company operates through domestic
and overseas segments. It offers a portfolio of products, solutions, automation and services, comprising a range of Net Profit (866.6)
power transmission equipment ranging from medium voltage to ultra high voltage for power generation, utility,
Networth 10,327.9
industry and infrastructure markets is present in India for over 100 years. The company’s other range of products
also includes Power Transformers, Circuit Breakers, Gas Insulated Switchgears, Air Insulated Switchgears, power Ratios (%)
electronic solutions such as high-voltage, direct current and Flexible Alternating Current Transmission Systems, (2.0)
NPM
Instrument Transformers, Substation Automation Equipment, Digital Software Solutions, Turnkey Solutions for
Substation Engineering & Construction, Flexible AC Transmission Systems etc. RONW (8.4)
(As on Mar 31, 2017)

Inox Wind Limited

Plot No. 1, Khasra No. 264 to 267, Industrial Area, Village Basal, Una – 174103, HP
Website: www.inoxwind.com
Dun & Bradstreet D-U-N-S® No 85-888-6449 Top 500 Ranking Income 259 Net Profit 213 Networth 219
About the Company
Financial Snapshot (` mn)
Inox Wind Ltd (Inox Wind) was incorporated in 2009. Inox Wind is a wind energy solutions provider servicing IPPs,
Total Income 29,836.9
Utilities, PSUs, Corporates and Retail Investors. The company is primarily engaged in manufacturing and supply
of key components of wind turbine generators along with associated and auxiliary components. Inox Wind also Net Profit 2,563.1
offers wind farm projects on a turnkey basis across the country through its wholly owned subsidiary Inox Wind
Networth 21,648.9
Infrastructure Services Ltd and Marut-Shakti Energy India Ltd. In FY17, the company erected and commissioned
656 MW of wind power capacity as compared to 786 MW capacity in FY16. The Company had an order book of Ratios (%)
300 MW as on March 31, 2017. During the same year, the company commissioned projects for three different 8.6
NPM
segments which include 426 MW of IPPs, 156 MW of PSU tenders and 74 MW of retail.
RONW 11.8
(As on Mar 31, 2017)

GE Power India Limited

The International 16, V Floor, Marine Lines Cross Road No.1, Churchgate, Mumbai 400020, Maharashtra
Website: www.ge.com
Dun & Bradstreet D-U-N-S® No 91-614-9636 Top 500 Ranking Income 319 Net Profit 478 Networth 367
About the Company
Financial Snapshot (` mn)
GE Power India Ltd (GEPIL), formerly Alstom India, was established in 1992 as Alstom Projects India Ltd. In 2016,
Total Income 21,867.8
the company changed its name to GEPIL after it was taken over by US giant General Electric Co. The company,
which is a GE Group company, is a key player in the Indian power generation equipment market, offering a Net Profit 2.9
comprehensive portfolio of power generation solutions for environment-friendly thermal and hydro energy-
Networth 8,304.5
based power projects. Its activities include engineering, procurement, manufacturing, construction and servicing
of power plants and power equipment. In March 2018, the company won a contract worth ` 3.09 bn by NTPC Ratios (%)
Limited to install its flue gas desulphurization system at Phase-I (2X800 MW) of its super thermal power project 0.0
NPM
in Telangana. GEPIL had an order backlog of ` 45.01bn and received orders worth ` 22.6 bn in FY17.
RONW 0.0
(As on Mar 31, 2017)

248 INDIA’S TOP 500 COMPANIES

Skipper Limited
3A, Loudon Street Kolkata-700017, WB
Website: www.skipperlimited.com
Dun & Bradstreet D-U-N-S® No 67-593-6498 Top 500 Ranking Income 387 Net Profit 340 Networth 440
About the Company
Financial Snapshot (` mn)
Skipper Ltd (Skipper) was established in 1981. It is engaged in the manufacturing of transmission and distribution
Total Income 17,060.9
(T&D) structures in its engineering products segment. It is a leading and respected brand in the plastic water
pipes sector and a trusted partner for executing critical Infrastructure EPC projects. It has a distribution network Net Profit 1,115.0
spanning across the country with over 3,500 channel partners. Skipper has a total of eight manufacturing
Networth 4,906.3
facilities in India. Skipper has increased its polymer capacity to 51,000 MTPA from 35,000 MTPA and engineering
capacity to 230,000 MTPA in FY17 from 200,000 MTPA. During FY17, Skipper engineering product segment, which Ratios (%)
primarily caters to the power T&D sectors witnessed an increase in orders book of ` 25,890 mn and order book- 6.5
NPM
to-sales ratio stood at 1.9x as of Mar 31 2017.
RONW 22.7
(As on Mar 31, 2017)

Power Mech Projects Limited

Plot No 77, Jublee Enclave, Opp. Hitex, Madhapur, Hyderabad - 500081, Telangana
Website: www.powermechprojects.in
Dun & Bradstreet D-U-N-S® No 91-503-1320 Top 500 Ranking Income 460 Net Profit 401 Networth 407
About the Company
Financial Snapshot (` mn)
Power Mech Projects Ltd (PMPL), established in 1999, is an engineering and construction company providing
Total Income 12,988.4
comprehensive services in the power and infrastructure sectors. The company engages in three main business
segments, namely erection works, operation and maintenance services (O&M) and civil works with operations Net Profit 636.8
in India as well as overseas across ten countries. PMPL had four subsidiaries – Hydro Magus Private Ltd, Power
Networth 6,171.6
Mech Industri Private Ltd, Mas Power Mech Arabia in Saudi Arabia and Power Mech Projects Limited LLC in Oman.
Additionally, the company had a joint venture – Power Mech-CPNED Services (Hongkong) Holding Co. Ltd – with Ratios (%)
Chengdu Pengrun New Energy Development Company Ltd. With a fleet of cranes and machines the Company 4.9
NPM
is capable of handling over 4,00,000 MT annually and operating over 50 sites simultaneously. The Company
completed the major international ETC projects successfully both in Saudi Arabia and Bangladesh. RONW 10.3
(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
xyz
Financial Snapshot (` mn)
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RONW
(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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RONW
(As on Mar 31, 2017)

INDIA’S TOP 500 COMPANIES 249

xyz
xyz

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

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

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

xyz
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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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250 INDIA’S TOP 500 COMPANIES

PROFESSIONAL &
BUSINESS SERVICES
Comparative Matrix

Sector Total Income Net Profit Net Worth NPM RONW

Company Name
TI Rank ` Mn ` Mn ` Mn (%) (%)
1 Quess Corp Limited 33,768.4 902.1 7,924.5 2.7 11.4
2 TeamLease Services Limited 30,150.4 566.3 3,700.0 1.9 15.3
3 CRISIL Limited 11,787.9 2,556.5 7,149.1 21.7 35.8

INDIA’S TOP 500 COMPANIES

Quess Corp Limited
3/3/2, Bellandur Gate, Sarjapur Main Road, Bengaluru-560103, Karnataka
Website: www.quesscorp.com
Dun & Bradstreet D-U-N-S® No 67-736-7813 Top 500 Ranking Income 232 Net Profit 370 Networth 375
About the Company
Financial Snapshot (` mn)
Quess Corp Ltd (Quess) is an integrated business services provider established in 2007. It was formerly known
Total Income 33,768.4
as ‘IKYA Human Capital Solutions Ltd’. It is engaged in four industrial activities namely 1) people and services, 2)
global technology solutions, 3) integrated facility management and 4) industrials. Quess’ product and services Net Profit 902.1
includes staffing and recruitment services, facility management and food services, training services and operation
Networth 7,924.5
and maintenance. Quess went public on Jul 12, 2016 to raise a total capital of ` 4 bn. As of Mar 31, 2017 the
company has 65 branches across 34 cities in India. It operated in nine countries including the USA, Canada, Ratios (%)
Sri Lanka, UAE, India, Malaysia, Philippines, Singapore and Vietnam. Quess announced six acquisitions and 2.7
NPM
investments in FY17 and all transactions were closed during the third and fourth quarters, with the exception of
MIS. As on FY17, Quess serves over 1,700 clients along with over 189,200 employees worldwide. RONW 11.4
(As on Mar 31, 2017)

TeamLease Services Limited

Office No. 6, 3rd Floor, C Wing, Laxmi Towers, BKC, Bandra (East), Mumbai - 400051, Maharashtra
Website: www.teamlease.com
Dun & Bradstreet D-U-N-S® No 72-541-0901 Top 500 Ranking Income 253 Net Profit 411 Networth 466
About the Company
Financial Snapshot (` mn)
TeamLease Services Ltd (TeamLease) was originally incorporated as a private limited company on Feb 02,
Total Income 30,150.4
2000. Subsequently, it got converted into a public limited company on May 15, 2015 and was listed on Feb 12,
2016. TeamLease provides multiple HR services ranging from temporary staffing (general and IT), permanent Net Profit 566.3
recruitment, payroll processing, training and regulatory consultancy of labour law compliance. In FY17, the
Networth 3,700.0
company’s total client base increased to over 1,900 clients from over 1,400 clients in FY16. During 2017, company
acquired the following IT staffing companies: Asap Info Systems Private Limited, Nichepro Technologies Private Ratios (%)
Limited, and Keystone Business Solutions Private Limited, through its wholly owned subsidiary, TeamLease 1.9
NPM
Staffing Services Private Limited. TeamLease has business across over 6,000 locations in India.
RONW 15.3
(As on Mar 31, 2017)

CRISIL Limited
Central Avenue, Hiranandani Business Park, Powai, Mumbai – 400076, Maharashtra
Website: www.crisil.com
Dun & Bradstreet D-U-N-S® No 86-327-7938 Top 500 Ranking Income 489 Net Profit 215 Networth 385
About the Company
Financial Snapshot (` mn)
CRISIL Ltd (CRISIL) is a credit rating agency incorporated in 1987, was listed in 1993. The majority of the
Total Income 11,787.9
shares of the company are owned by S&P Global Inc. CRISIL is a provider of ratings, data research, analytics
and solutions. The company has delivered independent opinions, actionable insights and efficient solutions Net Profit 2,556.5
to over 1 lakh customers. The business operates from offices in India, US, UK, Argentina, Poland, China,
Networth 7,149.1
Hongkong and Singapore. It caters to micro, small and medium companies, large corporates, investors, global
financial institutions, commercial and investment banks, insurance companies, private equity players and asset Ratios (%)
management companies. In 2017, the company launched ‘Quantix’: an expected loss ratings and independent 21.7
NPM
credit evaluation for stressed assets; ‘Infralnvex’: an investability index for the infrastructure sector; and SMART
a financial research platform for global banks. RONW 35.8
(As on Dec 31, 2016)

xyz
xyz

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

INDIA’S TOP 500 COMPANIES 253

 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)

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

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Networth
Ratios (%)
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RONW
(As on Mar 31, 2017)

254 INDIA’S TOP 500 COMPANIES

REAL ESTATE
Comparative Matrix

Sector Total Income Net Profit Net Worth NPM RONW

Company Name
TI Rank ` Mn ` Mn ` Mn (%) (%)
1 DLF Limited 44,053.1 5,965.6 147,033.8 13.5 4.1
2 Prestige Estates Projects Limited 22,819.0 5,891.0 47,428.0 25.8 12.4
3 Sobha Limited 22,273.7 1,402.1 25,145.7 6.3 5.6
4 Brigade Enterprises Limited 17,477.4 1,651.2 16,961.1 9.4 9.7
5 Ahluwalia Contracts (India) Limited 14,349.6 860.0 5,081.2 6.0 16.9

INDIA’S TOP 500 COMPANIES

DLF Limited
DLF Shopping Mall, 3rd Floor, Arjun Marg, Phase-I, DLF City, Gurugram - 122002, Haryana
Website: www.dlf.in
Dun & Bradstreet D-U-N-S® No 72-503-1947 Top 500 Ranking Income 187 Net Profit 115 Networth 57
About the Company
Financial Snapshot (` mn)
DLF Ltd (DLF) was incorporated in 1963. Its primary business includes development of residential, commercial
Total Income 44,053.1
and retail properties. The business can be segmented into two categories viz. property development business
and rental business. The development business is carried through Gurgaon DevCo and National DevCo. DLF’s Net Profit 5,965.6
development business primarily focuses on the development and sale of residential real estate which includes
Networth 147,033.8
plotted developments, houses, villas and apartments, integrated townships, offices, SEZ and shopping complexes.
DLF’s lease business involves leasing its developed offices, SEZ and retail properties. The company’s retail portfolio Ratios (%)
includes India’s first luxury mall DLF Emporio, Premium malls – DLF Promenade (Vasant Kunj), DLF Place (Saket), 13.5
NPM
DLF City Centre (Chandigarh), DLF Cyber Hub (Gurgaon) and India’s largest destination mall – The mall of India
(Noida). It also owns two hotel properties namely The Lodhi and Hilton Garden Inn. RONW 4.1
(As on Mar 31, 2017)

Prestige Estates Projects Limited

The Falcon House, No. 1, Main Guard Cross Road, Bengaluru – 560001, Karnataka
Website: www.prestigeconstructions.com
Dun & Bradstreet D-U-N-S® No 91-892-3855 Top 500 Ranking Income 309 Net Profit 117 Networth 123
About the Company
Financial Snapshot (` mn)
Prestige Estates Projects Ltd (Prestige Estates), part of Prestige Group, was incorporated in 1997. The company
Total Income 22,819.0
is engaged in the business of real estate development and operates in five segments - residential, commercial,
retail, hospitality and real estate services. As of Mar 2017, company has completed 205 projects (80 mn sqft), Net Profit 5,891.0
has 58 projects under construction (60.2 mn sqft) and 35 projects under planning (47.8 mn sqft). During FY17,
Networth 47,428.0
Prestige Estates undertook a restructuring exercise by which the four verticals (residential, commercial, retail and
hospitality) have been incorporated as separate holding companies (100% held by Prestige Estates) formed for Ratios (%)
each segment. During FY17, the Company launched two residential projects aggregating to 1.98 million square 25.8
NPM
feet of total developable area. Prestige Estates has 22 subsidiaries and 7 joint ventures and associates as on Mar
31, 2017. RONW 12.4
(As on Mar 31, 2017)

Sobha Limited
SOBHA, Sarjapur- Marathahalli Outer Ring Rd, Devarabisanahalli, Bengaluru– 560103, Karnataka
Website: www.sobha.com
Dun & Bradstreet D-U-N-S® No 86-026-6123 Top 500 Ranking Income 316 Net Profit 307 Networth 199
About the Company
Financial Snapshot (` mn)
Sobha Ltd (Sobha) was established in 1995 and is in the business of real estate and is largely focused on building
Total Income 22,273.7
residential and contractual projects. Residential projects constructed by it include presidential apartments, villas,
row houses, luxury and super luxury apartments, plotted development and aspirational homes. Under contracts, Net Profit 1,402.1
it has constructed corporate offices, convention centres, software development blocks, multiplex theatres, food
Networth 25,145.7
courts & restaurants, research centres and club houses. As of Dec 31, 2017, Sobha has completed real estate
projects and contractual projects covering about 88.93 million sqft. The company has a real estate presence in Ratios (%)
nine cities, viz. Bangalore, Gurgaon, Chennai, Pune, Coimbatore, Thrissur, Calicut, Cochin and Mysore. Overall, 6.3
NPM
Sobha has footprint in 26 cities and 13 states across India. During Q3 of FY18, the company launched two projects
one in Bengaluru named as Sobha HRC Pristine and one in Thrissur named as Sobha Silver Estate. RONW 5.6
(As on Mar 31, 2017)

Brigade Enterprises Limited

World Trade Center, Brigade Gateway, 26 / 1, Malleswaram-Rajajinagar, Bengaluru - 560055, Karnataka
Website: www.brigadegroup.com
Dun & Bradstreet D-U-N-S® No 85-985-6238 Top 500 Ranking Income 375 Net Profit 280 Networth 254
About the Company
Financial Snapshot (` mn)
Brigade Enterprises Ltd (BEL), established in 1986, is a property development company with a multi-domain
Total Income 17,477.4
portfolio covering property development services, property management services, hospitality and education.
The company’s projects extend across several major cities in South India including Chennai, Chikmagalur, Net Profit 1,651.2
Hyderabad, Kochi, Mangalore, Mysore and GIFT City in Gujarat. In FY17, the company launched two commercial
Networth 16,961.1
lease projects and three hotel/retail projects covering a total land area of 10.9 acres. At the end of FY17, BEL had
a total land bank of 542 acres, which translates into a total development area of 57.6 mn sq ft with BEL’s share Ratios (%)
of 42.2 mn sq ft. As of March 2017, the company had 15 subsidiaries, two limited liability partnerships and one 9.4
NPM
associate company. The company incorporated two wholly-owned subsidiaries, Brigade Hotel Ventures Ltd and
Augusta Club Pvt Ltd in FY17 to facilitate a scheme of arrangement for hiving-off of the hotels business. RONW 9.7
(As on Mar 31, 2017)

INDIA’S TOP 500 COMPANIES 257

Ahluwalia Contracts (India) Limited
A-177, Okhla Industrial Area, Phase-I, New Delhi - 110020, Delhi
Website: www.acilnet.com
Dun & Bradstreet D-U-N-S® No 65-034-3619 Top 500 Ranking Income 435 Net Profit 373 Networth 434
About the Company
Financial Snapshot (` mn)
Ahluwalia Contracts (India) Ltd (ACIL), engaged in the construction business was founded in 1965. The company
Total Income 14,349.6
has been associated with the architects and consultants including Stein Doshi Bhalla, Jasbir Sawhney, Charles
Corrhea, Hafiz Contractor, Raj Rewal, Kanvinde Rai Chaudhary, Jacobs H&G, Tata Projects Ltd, and Tata Consulting Net Profit 860.0
Engineers for building large Institutional Buildings & Corporate Office Complexes, Industrial Complex Buildings,
Networth 5,081.2
Multi-Storeyed Housing Complexes & Township Development projects, Hospitals, Medical Colleges & Laboratory
Buildings, 5-star Hotels, Educational and Technical Institutes, Schools and Auditoriums, Gymnasiums, and Sports Ratios (%)
Complexes. The company has also executed a number of turnkey projects on account of the in-house expertise 6.0
NPM
for plumbing, fire-fighting, electrical, and HVAC Works. The sister concern of the company executes Aluminium
and Glass Facades. RONW 16.9
(As on Mar 31, 2017)

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258 INDIA’S TOP 500 COMPANIES

RETAIL
Comparative Matrix

Sector Total Income Net Profit Net Worth NPM RONW

Company Name
TI Rank ` Mn ` Mn ` Mn (%) (%)
1 Future Retail Limited 170,988.9 3,682.8 25,536.6 2.2 14.4
2 Avenue Supermarts Limited 119,124.1 4,826.4 38,370.6 4.1 12.6
3 Aditya Birla Fashion and Retail Limited 66,329.8 535.0 9,581.6 0.8 5.6
4 Future Lifestyle Fashions Limited 38,837.0 456.7 16,730.4 1.2 2.7
5 Shoppers Stop Limited 36,776.1 (199.4) 7,607.6 (0.5) (2.6)
6 Trent Limited 17,970.5 1,068.7 15,408.3 5.9 6.9

INDIA’S TOP 500 COMPANIES

Future Retail Limited
Knowledge House, Shyam Nagar, Jogeshwari (East), Mumbai - 400060, Maharashtra
Website: www.futureretail.in
Dun & Bradstreet D-U-N-S® No 86-220-3742 Top 500 Ranking Income 62 Net Profit 166 Networth 196
About the Company
Financial Snapshot (` mn)
Future Retail Ltd (FRL) was incorporated in 1987 as Manz Wear Pvt. Ltd which launched Pantaloons. In 1992, it was
Total Income 170,988.9
converted into a public limited company and renamed Pantaloon Fashions (India) Ltd. In Oct 2015, FRL merged
its business with Bharti Retail Ltd (BRL) which operated a retail store chain ‘easyday’. Post-merger, FRL managed Net Profit 3,682.8
retail operations and Future Enterprises Ltd managed the retail infrastructure. The company operates under two
Networth 25,536.6
segments and seven formats with 901 retail stores spread across 2,240 cities. It has a retail space of 13.8 mn
square feet. FRL’s supermarket segments form Big Bazaar, easyday, fbb, and Foodhall whereas HomeTown, ezone, Ratios (%)
and FabFurnish.com are managed under the home solutions segment. In FY17, Big Bazaar partnered with Google 2.2
NPM
to launch ‘Smart Search’ which would convert more than one million big bazaar searches on Google into store
footfall. In Mar 2017, Fbb opened India’s largest store of 25,000 square feet in Kolkata. RONW 14.4
(As on Mar 31, 2017)

Avenue Supermarts Limited

Plot no B72 & B72 A, Road no 33, MIDC, Wagle Estate, Thane (West) - 400604, Maharashtra
Website: www.dmartindia.com
Dun & Bradstreet D-U-N-S® No 67-760-3955 Top 500 Ranking Income 74 Net Profit 139 Networth 144
About the Company
Financial Snapshot (` mn)
Avenue Supermarts Ltd (DMart) was incorporated on May 12, 2000. The company operates under the brand name
Total Income 119,124.1
of DMart. The company is primarily engaged in the business of organized retail. The company’s business model
is based on providing value retailing to customers by using the ELDC/EDLP (Everyday Low Cost/ Everyday Low Net Profit 4,826.4
Pricing) strategy. The key product categories include dairy, staples, groceries, snacks, frozen products, processed
Networth 38,370.6
foods, beverages & confectionary, fruits & vegetables, home care products, personal care products, toiletries &
other over the counter products and general merchandise & apparel (bed & bath, toys & games, crockery, plastic Ratios (%)
goods, garments, footwear, utensils and home appliances). The company went public with 62.5 mn equity shares 4.1
NPM
at ` 18.7 bn. In FY17, 21 new stores were opened totalling to 131 stores, across 10 states and one union territory.
RONW 12.6
(As on Mar 31, 2017)

Aditya Birla Fashion and Retail Limited

701-704, Skyline Icon Business Park, 86-92, Andheri (E), Mumbai – 400 059, Maharashtra
Website: www.abfrl.com
Dun & Bradstreet D-U-N-S® No 65-061-6803 Top 500 Ranking Income 130 Net Profit 416 Networth 344
About the Company
Financial Snapshot (` mn)
Aditya Birla Fashion and Retail Limited (ABFRL) was formed due to the consolidation of the branded apparel
Total Income 66,329.8
businesses of Aditya Birla Group comprising Aditya Birla Nuvo Ltd’s (ABNL) Madura Fashion division - Madura
Fashion and Lifestyle (MF&L) and ABNL’s subsidiary- Pantaloons Fashion and Retail in May 2015. The MF&L Net Profit 535.0
business is engaged in manufacturing and distributing branded fashion apparel and accessories, and comprises
Networth 9,581.6
over 1,800 exclusive brand outlets (EBOs) and approximately 150 value stores whereas its Pantaloons segment
is engaged in retailing of apparel and accessories, and comprises over 160 stores, including one Pantaloons Kids Ratios (%)
store and approximately 30 factory outlets. In FY17, the company entered the innerwear segment with the launch 0.8
NPM
of Van Heusen innerwear, loungewear and leisurewear for men. It also signed up with international brands Simon
Carter and Ted Baker for the Indian market. RONW 5.6
(As on Mar 31, 2017)

Future Lifestyle Fashions Limited

Knowledge House, Shyam Nagar, Jogeshwari (East), Mumbai - 400060, Maharashtra
Website: www.futurelifestyle.in
Dun & Bradstreet D-U-N-S® No 65-070-6422 Top 500 Ranking Income 214 Net Profit 424 Networth 257
About the Company
Financial Snapshot (` mn)
Future Lifestyle Fashions Ltd (FLF) was incorporated in 2012. FLF is an integrated fashion company with presence
Total Income 38,837.0
across key segments in the fashion industry from design to distribution. The company has a portfolio of 41
domestic and foreign brands which are sold through its own retail chains, independent distribution channels, Net Profit 456.7
exclusive brand outlets and modern retail chains across the country, its fashion brands also cover sub-categories
Networth 16,730.4
including formal menswear, casual wear, active or sportswear, ethnic wear, denim wear, footwear and accessories
such as Lee Cooper BARE casuals, Jealous 21, Coverse, Urban Yoga, CERIZ, Umbro, aLL amongst others. Apart from Ratios (%)
FLF brands, the company also has a range of investee brands such as Celio, Turtle, Giovani, Cover Story, MINERAL, 1.2
NPM
Spunk, Mother Earth and Clarks amongst others. The company has a total retail space of 5.4 mn square feet and
has a presence in over 90 cities. Its distribution network includes 35 central stores, 53 brand factory outlets. RONW 2.7
(As on Mar 31, 2017)

INDIA’S TOP 500 COMPANIES 261

Shoppers Stop Limited
Umang Tower, 5th Floor, Mindspace, Off. Link Road, Malad (W), Mumbai - 400064, Maharashtra
Website: www.shoppersstop.com
Dun & Bradstreet D-U-N-S® No 91-588-0737 Top 500 Ranking Income 217 Net Profit 482 Networth 378
About the Company
Financial Snapshot (` mn)
Shoppers Stop Ltd (Shoppers Stop), a part of K Raheja Corp Group was incorporated in Jun 16, 1997. Shoppers
Total Income 36,776.1
Stop is engaged in the business of retailing a range of products like branded apparel, footwear, perfumes,
cosmetics, jewellery, leather products, accessories and home products through its departmental stores. Shoppers Net Profit (199.4)
Stop also retails its own merchandise under its popular private brands called STOP, Life, Haute Curry, Kashish and
Networth 7,607.6
Vittorio Fratini. The company also operates speciality stores viz. HomeStop, Mothercare, Crossword Bookstores,
Arcelia, MAC, Clinique, Bobbi Brown, Estee Launder and Airport business. As on Dec 31, 2017, the company had Ratios (%)
82 Shoppers Stop stores, 42 Crossword Bookstores, 16 HomeStop stores, and 97 other speciality stores including (0.5)
NPM
MAC, Estee Launder, Clinique and Bobbi Brown taking the total store count to 237, spread across 38 cities in the
country. In FY17, Shoppers Stop customer footfalls grew at 7% CAGR while the conversion ratio stood at 26%. RONW (2.6)
(As on Mar 31, 2017)

Trent Limited
Bombay House, 24 Homi Mody Street, Mumbai - 400001, Maharashtra
Website: www.mywestside.com
Dun & Bradstreet D-U-N-S® No 67-695-5846 Top 500 Ranking Income 367 Net Profit 344 Networth 274
About the Company
Financial Snapshot (` mn)
Trent Ltd (Trent), a part of the Tata Group was established in 1998. In 2004, the company ventured into the
Total Income 17,970.5
hypermarket business with Star Bazaar and in 2005 it acquired Landmark, book and family retail chains. The
company is engaged in retailing apparels, footwear, accessories, toys, and games, amongst others. Trent operates Net Profit 1,068.7
its stores in different formats viz retail chain Westside which is the company’s flagship chain has 108 stores across
Networth 15,408.3
61 cities; Star Bazaar, a hypermarket chain has 42 stores under Star Daily, Star Market and Star Hyper banner
and Landmark, a family entertainment format store, has five independent stores and retailed through selected Ratios (%)
Westside stores. Product offerings of Westside include apparel, footwear and accessories for men, women and 5.9
NPM
children, along with furnishings, artifacts and a range of home accessories. Some brands that are available
exclusively at its Westside stores include Studiowest, Nuon, Zuba, Wardrobe, and Sassy Soda amongst others. RONW 6.9
(As on Mar 31, 2017)

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262 INDIA’S TOP 500 COMPANIES

SHIPPING
Comparative Matrix

Sector Total Income Net Profit Net Worth NPM RONW

Company Name
TI Rank ` Mn ` Mn ` Mn (%) (%)
1 The Shipping Corporation Of India Limited 35,921.0 1,355.2 68,673.8 3.8 2.0
2 The Great Eastern Shipping Company Limited 22,267.4 6,013.9 51,620.2 27.0 11.7

INDIA’S TOP 500 COMPANIES

The Shipping Corporation of India Limited
Shipping House, 245, Madame Cama Road, Mumbai 400 021, Maharashtra
Website: www.shipindia.com
Dun & Bradstreet D-U-N-S® No 65-006-7580 Top 500 Ranking Income 221 Net Profit 311 Networth 99
About the Company
Financial Snapshot (` mn)
The Shipping Corporation of India Ltd (SCI) was incorporated in 1961 by the amalgamation of Eastern Shipping
Total Income 35,921.0
Corporation and Western Shipping Corporation. SCI received Navratna status in 2008. The company owns fleets viz
bulk carriers, crude oil tankers, and product tankers, container vessels, passenger-cum-cargo vessels, phosphoric Net Profit 1,355.2
acid/ chemical carriers, LPG/ ammonia carriers and offshore supply vessels. The company’s services portfolio
Networth 68,673.8
comprises break-bulk services, international container services, liquid/ dry bulk services, offshore services, and
passenger services. SCI has one subsidiary company and has six joint ventures. In FY17, SCI received a delivery of Ratios (%)
a second-hand Suezmax tanker and a resale MPSV, on Apr 26, 2017 and Jul 07, 2017, respectively. Two vessels viz; 3.8
NPM
MV Indira Gandhi and MV Rajiv Gandhi were sold on May 22, 2017 and Jul 07, 2017, respectively.
RONW 2.0
(As on Mar 31, 2017)

The Great Eastern Shipping Company Limited

Ocean House, 134/A, Dr. Annie Besant Road, Worli, Mumbai - 400018, Maharashtra
Website: www.greatship.com
Dun & Bradstreet D-U-N-S® No 65-017-9062 Top 500 Ranking Income 317 Net Profit 114 Networth 116
About the Company
Financial Snapshot (` mn)
The Great Eastern Shipping Company Ltd (GES) was incorporated in 1948. The company has two main businesses,
Total Income 22,267.4
shipping and offshore. The shipping is involved in the business of transportation of crude oil, petroleum products,
gas and dry bulk commodities. The offshore business services involve assisting oil companies in carrying out Net Profit 6,013.9
offshore exploration and production activities, through its subsidiary Greatship (India) Limited. As of Mar 31,
Networth 51,620.2
2017, the fleet of the company consisted of 44 ships aggregating 3.69 mn deadweight tonnage (dwt). During
2017, the company took delivery of 7 tankers, 1 very large gas carrier and 6 dry bulk carriers aggregating 1.39 mn Ratios (%)
dwt and also sold an Aframax tanker in FY17. Total number of permanent shore and floating staff was 191 and 27.0
NPM
222, respectively. During 2017, GES acquired full ownership of its Singapore subsidiary, Greatship Global Energy
Services Pte. Ltd. (GGES) and further also decided to acquire the jack-up rigs owned by GGES. RONW 11.7
(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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INDIA’S TOP 500 COMPANIES 265

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

SOFTWARE & BPM
Comparative Matrix

Sector Total Income Net Profit Net Worth NPM RONW

Company Name
TI Rank ` Mn ` Mn ` Mn (%) (%)
1 Tata Consultancy Services Limited 972,610.0 236,530.0 780,220.0 24.3 30.3
2 Infosys Limited 623,510.0 138,180.0 680,170.0 22.2 20.3
3 Wipro Limited 486,178.0 81,617.0 467,056.0 16.8 17.5
4 Tech Mahindra Limited 240,583.0 30,473.0 168,902.0 12.7 18.0
5 HCL Technologies Limited 202,736.4 68,726.9 259,462.9 33.9 26.5
6 Larsen & Toubro Infotech Limited 63,812.0 9,376.0 29,769.0 14.7 31.5
7 Mindtree Limited 48,159.0 4,891.0 27,578.0 10.2 17.7
8 Vakrangee Limited 39,625.2 5,229.5 20,605.0 13.2 25.4
9 Oracle Financial Services Software Limited 38,999.7 12,881.0 26,759.2 33.0 48.1
10 Mphasis Limited 32,051.4 6,250.1 46,953.3 19.5 13.3
11 L&T Technology Services Limited 31,680.0 4,490.0 15,315.0 14.2 29.3
12 Persistent Systems Limited 18,275.9 2,940.3 18,144.1 16.1 16.2
13 NIIT Technologies Limited 16,289.0 1,649.0 13,394.0 10.1 12.3
14 Hinduja Global Solutions Limited 16,248.2 1,015.3 9,906.9 6.2 10.2
15 Polaris Consulting & Services Limited 15,307.1 993.4 7,598.9 6.5 13.1
16 Rolta India Limited 14,684.3 1,054.9 39,057.6 7.2 2.7
17 Hexaware Technologies Limited 14,024.8 3,560.7 13,228.2 25.4 26.9
18 Cyient Limited 13,736.0 2,369.0 18,822.0 17.2 12.6
19 KPIT Technologies Limited 13,382.6 1,692.9 13,743.2 12.6 12.3
20 Zensar Technologies Limited 12,945.0 1,802.2 11,281.7 13.9 16.0
21 Tata Elxsi Limited 12,494.1 1,732.9 5,589.8 13.9 31.0
22 eClerx Services Limited 11,905.0 3,311.5 10,993.3 27.8 30.1

INDIA’S TOP 500 COMPANIES

Tata Consultancy Services Limited
Nirmal Building, 9th Floor, Nariman Point, Mumbai - 400021, Maharashtra
Website: www.tcs.com
Dun & Bradstreet D-U-N-S® No 87-181-3161 Top 500 Ranking Income 6 Net Profit 2 Networth 10
About the Company
Financial Snapshot (` mn)
Tata Consultancy Services Ltd (TCS) was established in 1968 as a division of Tata Sons Ltd. The company was
Total Income 972,610.0
subsequently incorporated as a separate entity in 2004. TCS provides information technology services, consulting,
and digital and business solutions to large enterprises through its unique Global Network Delivery Model™. As Net Profit 236,530.0
on Mar 31, 2017, the company had applied for 3,350 patents cumulatively, including 493 applied during FY17,
Networth 780,220.0
of which 478 patents were granted. As on Dec 2017, TCS has total 390,880 employees in 55 countries and over
141 solution centers across 19 countries. It also has a total of 58 subsidiaries. TCS launched HOBS - A Next-Gen Ratios (%)
Digital Subscription Platform on Microsoft Azure in Jan 2018 and enterprise Data Lake for advanced analytics on 24.3
NPM
the Amazon Web Services Platform in Feb 2018.
RONW 30.3
(As on Mar 31, 2017)

Infosys Limited
No. 44, Infosys Avenue, Hosur Road, Electronics City, Bengaluru - 560100, Karnataka
Website: www.infosys.com
Dun & Bradstreet D-U-N-S® No 65-008-8735 Top 500 Ranking Income 14 Net Profit 7 Networth 11
About the Company
Financial Snapshot (` mn)
Infosys Ltd (Infosys), a global consulting and IT services company, was incorporated in 1981. As on Mar 31, 2017,
Total Income 623,510.0
the company had 84 sales and marketing offices, 116 development centres across the world and had a workforce
of more than 200,000 employees. The company offers services such as consulting services, business services, Net Profit 138,180.0
technology services and business process management services. It’s product portfolio comprises of Infosys Nia,
Networth 680,170.0
Infosys Information Platform, EdgeVerve, Infosys Finacle, Panaya and Skava among others. In Mar 2018, Infosys
invested US$ 1.5 mn in Waterline Data Science. The company also opened Technology and Innovation Hub in Ratios (%)
Indianapolis, USA in the same month. In Feb 2018, it signed an agreement for divestment of its entire investment 22.2
NPM
from Onmobile Systems Inc, USA for a total consideration of US$ 2.5 mn. In Jan 2018, Infosys partnered with
ValGenesis to further enable digitisation in life sciences. RONW 20.3
(As on Mar 31, 2017)

Wipro Limited
Doddakannelli, Sarjapur Road, Bengaluru - 560035, Karnataka
Website: www.wipro.com
Dun & Bradstreet D-U-N-S® No 67-582-9500 Top 500 Ranking Income 26 Net Profit 14 Networth 16
About the Company
Financial Snapshot (` mn)
Wipro Ltd (Wipro), established in 1945, is a provider of information technology, consulting and outsourcing
Total Income 486,178.0
services. The company has two operating segments which are IT Services and IT Products. IT services various
sectors across BFSI, healthcare and life sciences, consumer business unit, communications and others. The Net Profit 81,617.0
key offerings under this segment include software application development and maintenance, research and
Networth 467,056.0
development services for hardware and software design, business application services, analytics, consulting,
infrastructure outsourcing services and business process services. Under the IT products segment, the company Ratios (%)
delivers hardware, software products and other related deliverables. The company is a value-added reseller 16.8
NPM
of desktops, servers, notebooks, storage products, networking solutions and packaged software for leading
international brands. In Mar 2018, Wipro expanded its partnership with Adobe to offer enhanced digital services. RONW 17.5
(As on Mar 31, 2017)

Tech Mahindra Limited

Gateway Building, Apollo Bunder, Mumbai - 400001, Maharashtra
Website: www.techmahindra.com
Dun & Bradstreet D-U-N-S® No 67-634-5320 Top 500 Ranking Income 49 Net Profit 36 Networth 50
About the Company
Financial Snapshot (` mn)
Tech Mahindra Ltd (TechM) was incorporated in 1986 as Mahindra-British Telecom, a joint venture between
Total Income 240,583.0
Mahindra & Mahindra Ltd and British Telecom Plc., and was renamed in 2006. The company is engaged in
providing IT outsourcing services, consulting, next gen solutions, application outsourcing, network services, Net Profit 30,473.0
infrastructure management services, integrated engineering solutions, BPO, platform solutions and mobile value-
Networth 168,902.0
added services. The Company has presence across 90 countries and helps over 840 global customers including
many Fortune-500 companies. During 2017, the company augmented its digital portfolio with the acquisition of Ratios (%)
The BIO Agency (BIO), headquartered in UK for GBP 40 mn, in Jun 2016. On Mar 6, 2017 TechM announced to 12.7
NPM
acquire CJS Solutions Group LLC, a US-based healthcare information technology consulting company, which does
business under the brand “The HCI Group”. RONW 18.0
(As on Mar 31, 2017)

INDIA’S TOP 500 COMPANIES 269

HCL Technologies Limited
806, Siddharth, 96, Nehru Place, New Delhi - 110019, Delhi
Website: www.hcltech.com
Dun & Bradstreet D-U-N-S® No 91-845-9314 Top 500 Ranking Income 58 Net Profit 19 Networth 35
About the Company
Financial Snapshot (` mn)
HCL Technologies Ltd (HCL) a group company of HCL Enterprise, was incorporated in 1991. HCL is an IT/ITES
Total Income 202,736.4
company which mainly delivers services in the areas of applications, IT infrastructure, BPO and engineering &
R&D. It also offers next generation services like digital & analytics, internet of things, cloud native services, cyber- Net Profit 68,726.9
security and GRC services. HCL operates in 32 countries and has an employee strength of more than 119,000
Networth 259,462.9
people. In FY17, software services contributed almost 57% to the company’s total revenue, while infrastructure
and BPO services contributed 39% and 4% respectively to the revenue. In Jan 2018, HCL entered into a global Ratios (%)
reseller agreement with SAP SE, under which SAP will resell the HCL next-generation maintenance, repair, and 33.9
NPM
overhaul solution under the brand name SAP® Enterprise Asset Management. The company acquired ETL Factory
Ltd, Scotland in Sep 2017. RONW 26.5
(As on Mar 31, 2017)

Larsen & Toubro Infotech Limited

Technology Tower 1, Gate No. 5, Saki Vihar Road, Powai, Mumbai - 400072, Maharashtra
Website: www.lntinfotech.com
Dun & Bradstreet D-U-N-S® No 86-041-6235 Top 500 Ranking Income 135 Net Profit 83 Networth 176
About the Company
Financial Snapshot (` mn)
Larsen & Toubro Infotech Ltd (LTI) is a subsidiary of Larsen & Toubro Limited. The company was incorporated
Total Income 63,812.0
in 1996 and is headquartered in Mumbai, Maharashtra. It offers a range of IT services across sectors such as
Banking and Finance, Insurance, Energy and Utilities, CPG and Retail, Life Sciences and Healthcare, Media and Net Profit 9,376.0
Entertainment and Manufacturing. The company offers a wide range of services such as automation, consulting,
Networth 29,769.0
cloud infrastructure and security, assurance services, cyber security and applications management. It also
offers enterprise solutions through Oracle, SAP, Microsoft Dynamics, Cloud Apps, Maximo and Salesforce. It is Ratios (%)
focussing on exponential technologies such as digital, analytics, automation, IoT and cloud. Its mosaic platform 14.7
NPM
is accelerating digital transformation with unique offerings like Mosaic Experience, Mosaic Automation, Mosaic
Decisions, Mosaic AI and Mosaic Things. RONW 31.5
(As on Mar 31, 2017)

Mindtree Limited
Global Village, RVCE Post, Mysore Road, Bengaluru 560059, Karnataka
Website: www.mindtree.com
Dun & Bradstreet D-U-N-S® No 67-559-5858 Top 500 Ranking Income 170 Net Profit 137 Networth 188
About the Company
Financial Snapshot (` mn)
Mindtree Ltd, (Mindtree) established in 1999, is an international Information Technology consulting and
Total Income 48,159.0
implementation company that delivers business solutions through global software development. The company
offers services in the areas of agile, analytics and information management, application development and Net Profit 4,891.0
maintenance, business process management, business technology consulting, cloud, digital business, independent
Networth 27,578.0
testing, infrastructure management services, mobility, product engineering and SAP services. In December 2017,
the company opened its first North America-based network operations center (NOC) in Scottsdale, Arizona, to Ratios (%)
support its growing infrastructure management services business. Earlier in Sep 2017, Mindtree opened its first 10.2
NPM
international ‘Digital Pumpkin’ innovation hub located within its Warren, NJ office. In Jul 2017, the company was
elevated to a ‘Business Partner’ status within the Adobe Solution Partner Program. RONW 17.7
(As on Mar 31, 2017)

Vakrangee Limited
Vakragee Corporate House, Plot No 93, MIDC Marol, Andheri (E), Mumbai - 400093, Maharashtra
Website: www.vakrangee.in
Dun & Bradstreet D-U-N-S® No 86-221-7460 Top 500 Ranking Income 210 Net Profit 127 Networth 222
About the Company
Financial Snapshot (` mn)
Vakrangee Ltd (Vakrangee) was established in 1990 as Vakrangee Investment and Consultancy Pvt Ltd. The
Total Income 39,625.2
company acquired its present name in 2013. Vakrangee through its vast network of retail access points, delivers
real-time banking services, insurance services, e-Governance services (G2C), e-Commerce services (B2C) & ATM Net Profit 5,229.5
services to the unserved rural, semi-urban and urban markets. As of Mar 31, 2017, the company has set up
Networth 20,605.0
35,206 Vakrangee kendras spread across more than 16 states; out of these 25,131 kendras are in rural area
and 10,075 kendras are in urban areas. In Jan 2018, the company announced alliance with Cinestaan Digital Ratios (%)
Pvt Ltd to offer free and offline videos to citizens from Vakrangee Kendra. On May 7, 2018, the Company has 13.2
NPM
submitted a clarification to BSE with reference to news appeared in media quoting ‘Vakrangee comes under SEBI,
Government scanner after PWC flags concerns’. RONW 25.4
(As on Mar 31, 2017)

270 INDIA’S TOP 500 COMPANIES

Oracle Financial Services Software Limited
Oracle Park, Off Western Express Highway, Goregaon (East), Mumbai 400063, Maharashtra
Website: www.oracle.com/financialservices
Dun & Bradstreet D-U-N-S® No 91-892-4192 Top 500 Ranking Income 213 Net Profit 68 Networth 191
About the Company
Financial Snapshot (` mn)
Oracle Financial Services Software Ltd (OFSL), incorporated in 1989, provides IT solutions to the financial services
Total Income 38,999.7
industry. The company, which is a subsidiary of Oracle Global (Mauritius) Ltd, offers a comprehensive suite of
offerings encompassing retail, corporate and investment banking, funds, cash management, trade, treasury, Net Profit 12,881.0
payments, lending, private wealth management, asset management, compliance, enterprise risk and business
Networth 26,759.2
analytics, among others. The company has two major business segments – the products business (comprising
product licensing, consulting and support) and the consulting services business (comprising IT application and Ratios (%)
technology services). In addition, OFSL offers business process outsourcing to financial institutions. Some of the 33.0
NPM
products and services offered by the company include Oracle FLEXCUBE, Oracle FLEXCUBE Direct Banking, Oracle
Banking Platform, PrimeSourcing Application services, PrimeSourcing Technology Services etc. RONW 48.1
(As on Mar 31, 2017)

Mphasis Limited
Bagmane World Technology Center, Marathalli Outer Ring Rd, Mahadevapura, Bengaluru 560048
Website: www.mphasis.com
Dun & Bradstreet D-U-N-S® No 86-026-1321 Top 500 Ranking Income 237 Net Profit 111 Networth 125
About the Company
Financial Snapshot (` mn)
Mphasis Ltd (Mphasis) is a leading IT solutions provider, offering applications, business process outsourcing
Total Income 32,051.4
(BPO) and infrastructure services globally through a combination of technology know-how, domain and process
expertise. It was formed in 2000 through the merger of two IT companies. In Jun 2006, Electronics Data Systems Net Profit 6,250.1
Corporation (EDS) acquired a majority holding in the company. In Aug 2008, EDS was acquired by Hewlett-Packard
Networth 46,953.3
Company (HP) while in Apr 2016, HP entered into a definitive agreement with private equity funds managed
by Blackstone to sell its stake (60.5%) in Mphasis. In Sept 2016, Blackstone Group through its fund, Marble II Ratios (%)
PTE, completed the share purchase, representing the largest acquisition by Blackstone in India. As part of the 19.5
NPM
acquisition terms, HP has committed a minimum revenue amount of $990 mn over the next five years. As of Mar
2017, the company has two Indian subsidiaries and 27 foreign subsidiaries. RONW 13.3
(As on Mar 31, 2017)

L&T Technology Services Limited

5th Floor, L&T Technology Centre, Gate No.5, Powai Mumbai - 400072, Maharashtra
Website: www.lnttechservices.com
Dun & Bradstreet D-U-N-S® No 67-611-7115 Top 500 Ranking Income 242 Net Profit 145 Networth 275
About the Company
Financial Snapshot (` mn)
L&T Technology Services Ltd (LTTS), a subsidiary company of Larson & Toubro Limited, is a India-based
Total Income 31,680.0
Engineering Research and Development services company. The company’s business segments include Industrial
products, medical devices, process industry, transportation, consumer electronics, semiconductors and Net Profit 4,490.0
telecommunications. It provides a range of technology services such as embedded systems and applications,
Networth 15,315.0
mechanical engineering, smart manufacturing devices and smart product and services. It offers solutions such as
Intelligent build energy management system, Narrow band IoT, ServiceIQ, UBIQWeise 2.0, WagesApp, MIPI, UHS- Ratios (%)
II device and USB data transfer. It also completed its acquisition of US-based Esencia Technologies. The company 14.2
NPM
has tied up with Microsoft to win Smart City project in Israel. It expanded its global footprint with a centre of
excellence centre in Munich. RONW 29.3
(As on Mar 31, 2017)

Persistent Systems Limited

Bhageerath, 402, Senapati Bapat Road, Pune - 411016, Maharashtra
Website: www.persistent.com
Dun & Bradstreet D-U-N-S® No 65-013-9876 Top 500 Ranking Income 360 Net Profit 193 Networth 245
About the Company
Financial Snapshot (` mn)
Persistent Systems Ltd (PSL), incorporated in 1990, engages in the business of building software products and
Total Income 18,275.9
consultancy services, namely enterprise digital transformation, product engineering services and solutioning for
internet of things (IoT), product engineering and professional services to ISVs and enterprises and IP products. Net Profit 2,940.3
The company operates development centres in Pune, Nagpur, Hyderabad, Bengaluru and Goa with international
Networth 18,144.1
presence across Asia, Africa, Australia, Europe and North America. During FY17, the company established
partnerships with Google Cloud Platform, Amazon Web Services and Dell Boomi and became a platinum Ratios (%)
consulting partner for Salesforce. PSL also signed a strategic collaboration with Partners Healthcare to bring 16.1
NPM
digital transformation to clinical care. It partnered with USAA, a financial services provider for US military and
their families. The company completed the acquisition of PRM Cloud Solutions of Australia and GenWi in FY17. RONW 16.2
(As on Mar 31, 2017)

INDIA’S TOP 500 COMPANIES 271

NIIT Technologies Limited
8, Balaji Estate, First Floor, Guru Ravi Das Marg, Kalkaji, New Delhi - 110019, Delhi
Website: www.niit-tech.com
Dun & Bradstreet D-U-N-S® No 72-527-5098 Top 500 Ranking Income 402 Net Profit 281 Networth 298
About the Company
Financial Snapshot (` mn)
NIIT Technologies Ltd (NIIT Technologies), incorporated in 1992, is a global IT solutions organization. Focused on
Total Income 16,289.0
Digital Services, the Company is helping businesses design agile, scalable, and digital operating models. During
FY17, the company branded its end-to-end automation platform as TRON Smart Automation. NIIT Technologies Net Profit 1,649.0
also forged a partnership with Nanoheal, a predictive tech support and IT helpdesk platform. The company
Networth 13,394.0
leverages Nanoheal’s platform within TRON Smart Automation to deliver intelligent and empathetic helpdesk
solution. Apart from this, the company partnered with Arago, a pioneer in artificial intelligence (AI) and leader Ratios (%)
in autonomous automation, to integrate Arago’s general AI technology HIRO™ into its automation offering, 10.1
NPM
TRON Smart Automation. The company also collaborated with Microsoft to deploy BankingEasy its Core Banking
Solution on Microsoft’s Azure platform, and joined hands with Thailand’s Siam City Cement Public Co Ltd. RONW 12.3
(As on Mar 31, 2017)

Hinduja Global Solutions Limited

IN Center, 12th Road, MIDC Andheri (E) Mumbai, Maharashtra
Website: www.gulfoilindia.com
Dun & Bradstreet D-U-N-S® No 91-683-2248 Top 500 Ranking Income 403 Net Profit 355 Networth 340
About the Company
Financial Snapshot (` mn)
Hinduja Global Solutions Ltd (HGS) is a listed company into business process management (BPM). HGS combines
Total Income 16,248.2
technology-powered services in automation, analytics and digital with domain expertise offering back office
processing, contact centers and HRO solutions across the globe. The Company’s principal activity includes Net Profit 1,015.3
information technology (IT)/ IT enabled services (ITES) - business process outsourcing (BPO). Also it offers voice
Networth 9,906.9
and non-voice-based services and back office transaction processing across North America, Europe, Asia and
Middle East. It provides BPM services in various segments, such as healthcare, telecommunications and media, Ratios (%)
insurance, banking, consumer electronics and packaged goods industries, retail, technology and public sector. It 6.2
NPM
has 4,600 employees across nine key verticals.
RONW 10.2
(As on Mar 31, 2017)

Polaris Consulting & Services Limited

No. 34 IT Highway, Navallur, Chennai - 603103, TN
Website: www.virtusa.com
Dun & Bradstreet D-U-N-S® No 86-228-4531 Top 500 Ranking Income 419 Net Profit 357 Networth 379
About the Company
Financial Snapshot (` mn)
Polaris Consulting & Services Ltd (Polaris), formerly known as Polaris Financial Technology Ltd was incorporated
Total Income 15,307.1
in 1993 and was renamed in Oct 2014. In Mar 2016, Virtusa Consulting Services Pvt Ltd acquired a majority stake
in the company, and then branded it as VirtusaPolaris. It focuses on communications and technology, BFSI, and Net Profit 993.4
media and information. It also provides a range of services such as business process management, application
Networth 7,598.9
services, infrastructure management, enterprise information management, independent validation services, IoT,
platforming, business consulting, customer experience management and cloud services. The company enables Ratios (%)
its clients to become digital enterprises by providing emerging technology solutions such as Big Data solutions, 6.5
NPM
enterprise content management solutions and mobility solutions.
RONW 13.1
(As on Mar 31, 2017)

Rolta India Limited

Rolta Tower - A, Rolta Technology Park, MIDC-Marol, Andheri (E), Mumbai – 400093, Maharashtra
Website: www.rolta.com
Dun & Bradstreet D-U-N-S® No 65-012-3029 Top 500 Ranking Income 430 Net Profit 349 Networth 143
About the Company
Financial Snapshot (` mn)
Rolta India Ltd (Rolta) was founded in 1982 and is headquartered in India. It operates through two segments
Total Income 14,684.3
namely Enterprise Geospatial and Engineering Solutions (EGES) and System Integration and Enterprise IT Solutions
(EITS). It offers a range of solutions such as enterprise applications, e-Governance, financial analytics, defense Net Profit 1,054.9
solutions, engineering AIM, safety and security, cloud and IT transformation solutions, BI and big data analytics.
Networth 39,057.6
Its products include Rolta OneView, Rolta OnPoint, Rolta GeoCAD, Rolta Imaging Suite, Rolta Photogrammetry
Suite, Rolta IT-OT Fusion and Rolta Command and Control amongst others. The company has more than 3,500 Ratios (%)
customers and operates projects in over 45 countries. In Mar 2018, Rolta won digital transformation projects 7.2
NPM
worth ` 3.6 bn.
RONW 2.7
(As on Mar 31, 2017)

272 INDIA’S TOP 500 COMPANIES

Hexaware Technologies Limited
152, Millennium Business Park, Sector - 3, A Block, Mahape, Navi Mumbai – 400710, Maharashtra
Website: www.hexaware.com
Dun & Bradstreet D-U-N-S® No 91-845-7698 Top 500 Ranking Income 439 Net Profit 170 Networth 300
About the Company
Financial Snapshot (` mn)
Hexaware Technologies Ltd (HTL) was established in 1990 and is a global provider of IT, BPS and consulting services.
Total Income 14,024.8
In Mar 2017, the company was amalgamated with its wholly owned subsidiary, Risk Technology International
Ltd. The company is engaged in information technology consulting, software development and business process Net Profit 3,560.7
management. Its service offerings include application development and management, enterprise package
Networth 13,228.2
solutions, infrastructure management, business intelligence and analytics, business process, digital assurance
and testing. The company’s plants are located in Navi Mumbai, Pune and Nagpur (Maharashtra), Bengaluru Ratios (%)
(Karnataka), Chennai and Coimbatore (Tamil Nadu). In Feb 2018, HTL launched CarrotCube, an integrated 25.4
NPM
population health management solution In Feb 2017, HTL announced the launch of package-based fixed price
and fixed scope Oracle HCM Cloud implementation services. RONW 26.9
(As on Dec 31, 2016)

Cyient Limited
Plot 11, A-Wing, 4th Floor, Software Units Layouts, Infocity, Hyderabad - 500081, Telangana
Website: www.cyient.com
Dun & Bradstreet D-U-N-S® No 65-036-0386 Top 500 Ranking Income 444 Net Profit 224 Networth 235
About the Company
Financial Snapshot (` mn)
Cyient Ltd (Cyient) is a public limited company and was established in 1991. The company is engaged in
Total Income 13,736.0
providing global technology services and solutions specialising in geospatial, engineering design, IT solutions.
Cyient specialises in software services and solutions for the manufacturing, utilities, telecommunications, Net Profit 2,369.0
transportation and logistics, local government and financial services markets. Its services include digitisation of
Networth 18,822.0
drawings and maps, photogrammetry, computer aided design/engineering (CAD/ CAE), design and modelling,
repair development engineering, reverse engineering application software development, software products Ratios (%)
development, consulting, analytics and implementation. The company provides software enabled engineering 17.2
NPM
and GIS services. In Dec 2017, the company entered into Global alliance with EA technology. In Sep 2017, it sold
its 49% stake in Infotech Aerospace Services, Inc to Pratt and Whitney. RONW 12.6
(As on Mar 31, 2017)

KPIT Technologies Limited

Plot No. 35 & 36, Rajiv Gandhi Infotech Park Phase 1, MIDC, Hinjawadi, Pune - 411 057, Maharashtra
Website: www.kpit.com
Dun & Bradstreet D-U-N-S® No 65-064-9551 Top 500 Ranking Income 453 Net Profit 279 Networth 293
About the Company
Financial Snapshot (` mn)
KPIT Technologies Ltd (KPIT) is a global technology company that specializes in providing IT Consulting and Product
Total Income 13,382.6
Engineering solutions and services. The Company’s business segments include Auto, IES, SAP and Others. It
provides software development, global information technology (IT) consulting and product engineering solutions Net Profit 1,692.9
to its clients, in automotive and transportation; energy and resources; consumer and industrial manufacturing; life
Networth 13,743.2
sciences, and utilities verticals. The Company currently partner with 200+ global corporations. It is also engaged
in the production of Integrated Systems, under product engineering solutions vertical. Its products include KIVI- Ratios (%)
Infotainment Platform, Konnect, K-SAR-AUTOSAR Suite, Medini Analyze-Functional Safety Tool, Medini Unite, 12.6
NPM
On-Bus Intelligent Transport System and Revolo. It offers domain solutions for the energy and utilities vertical in
Systems Applications and Products (SAP), Oracle and Java Development Environment (JDE). RONW 12.3
(As on Mar 31, 2017)

Zensar Technologies Limited

Plot No 4, Kharadi MIDC, Zensar Knowledge park, Pune - 411014, Maharashtra
Website: www.zensar.com
Dun & Bradstreet D-U-N-S® No 65-028-0936 Top 500 Ranking Income 462 Net Profit 265 Networth 319
About the Company
Financial Snapshot (` mn)
Zensar Technologies Ltd (Zensar), a part of RPG Enterprise was incorporated in 1963. Zensar is a digital solutions
Total Income 12,945.0
and technology services provider. The company’s product portfolio comprises of services for mission-critical
applications, enterprise applications, infrastructure management, business intelligence & analytics, customer Net Profit 1,802.2
relationship management, business process management and digital enterprise services. It also offers cloud,
Networth 11,281.7
mobility and social media solutions. Almost 74% of the company’s revenue is derived from the US, followed by
Europe which contributes 12% to the company’s revenue. In FY17, the company launched many new services Ratios (%)
and solutions like the VinciTM, Zensar’s intelligent managed services platform and offerings in areas like Robotic 13.9
NPM
Process Automation. The company also launched its Gaming Centre of Excellence in the same year. In Mar 2018,
Zensar acquired the US-based Cynosure Inc. RONW 16.0
(As on Mar 31, 2017)

INDIA’S TOP 500 COMPANIES 273

Tata Elxsi Limited
ITPB Road, Whitefield, Bengaluru - 560048, Karnataka
Website: www.tataelxsi.com
Dun & Bradstreet D-U-N-S® No 65-013-7342 Top 500 Ranking Income 471 Net Profit 274 Networth 422
About the Company
Financial Snapshot (` mn)
Tata Elxsi Ltd (TEL), a part of Tata Group, was incorporated in 1989. TEL provides product design and engineering
Total Income 12,494.1
services to the consumer electronics, communications & transportation industries and systems integration and
support services for enterprise customers. It also provides digital content creation for media and entertainment Net Profit 1,732.9
industry. The company’s services portfolio includes design, product engineering, big data analytics, internet
Networth 5,589.8
of things, content development and system integration. In Feb 2018, the company partnered with ZEE5, the
digital entertainment destination of Zee Entertainment Enterprises Ltd for its front-end applications. In Nov Ratios (%)
2017, TEL partnered with BlackBerry Ltd to help companies design and develop secure, mission-critical solutions 13.9
NPM
for industries such as automotive, industrial, medical and network communication using BlackBerry QNX
technologies. RONW 31.0
(As on Mar 31, 2017)

eClerx Services Limited

Sonawala Building, 1st Floor, 29 Bank Street, Fort, Mumbai - 400023, Maharashtra
Website: www.eclerx.com
Dun & Bradstreet D-U-N-S® No 91-798-9501 Top 500 Ranking Income 485 Net Profit 179 Networth 325
About the Company
Financial Snapshot (` mn)
eClerx Services Ltd (ESL) is a knowledge and business process outsourcing company. The company was founded
Total Income 11,905.0
in 2000. The company provides operational support, data management and analytics solutions to companies. The
company caters to several world’s leading companies across financial services, cable and telecommunications, Net Profit 3,311.5
online retail and distributors, fashion, media & entertainment, industrial manufacturing, luxury brands, travel
Networth 10,993.3
and leisure, software and hi-tech. ESL provides innovative business processes, change management, data-
driven insights and advanced analytics. The digital services include creative production, computer generated Ratios (%)
images, digital production, analytics and insights. Its cable and telecom services and solutions provide technical 27.8
NPM
operations and dispatch, customer interaction monitoring and analytics, end-user chat support, support services
and reporting and analytics. RONW 30.1
(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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RONW
(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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RONW
(As on Mar 31, 2017)

274 INDIA’S TOP 500 COMPANIES

SPECIALTY OILS & LUBRICANTS
Comparative Matrix

Sector Total Income Net Profit Net Worth NPM RONW

Company Name
TI Rank ` Mn ` Mn ` Mn (%) (%)
1 Castrol India Limited 34,043.5 6,749.1 5,957.5 19.8 113.3
2 Savita Oil Technologies Limited 16,963.2 936.2 6,611.7 5.5 14.2
3 Tide Water Oil Co. (India) Limited 11,606.8 1,029.3 6,429.5 8.9 16.0
4 Gulf Oil Lubricants India Limited 11,525.9 1,210.8 3,536.7 10.5 34.2

INDIA’S TOP 500 COMPANIES

Castrol India Limited
Technopolis Knowledge Park, Chakala, Andheri (E), Mumbai – 400093, Maharashtra
Website: www.castrol.co.in
Dun & Bradstreet D-U-N-S® No 65-005-7995 Top 500 Ranking Income 229 Net Profit 106 Networth 414
About the Company
Financial Snapshot (` mn)
The origin of Castrol India Ltd (Castrol), can be traced back to 1919 when C C Wakefield & Company set up its
Total Income 34,043.5
first overseas branch office as a trading unit in Mumbai. Castrol is a manufacturer, distributor and marketer of
premium lubricating oils, greases and related services. The company’s product portfolio includes engine oils such Net Profit 6,749.1
as fully & part synthetic oils and mineral oil for cars, automatic transmission fluids for cars & trucks, antifreeze
Networth 5,957.5
and coolant, driveline fluids, greases and machinery, amongst others. Some of its prominent brands include
Castrol Edge, Castrol Magnatec, Castrol GTX, Castrol Activ, Castrol Power1, Castrol GO!, Castrol CRB and Castrol Ratios (%)
RX amongst other. In Nov 2017, Castrol and Volvo Car Group renewed their global partnership which covers 19.8
NPM
supply of engine oils, gear oils and greases in all new vehicles in Volvo’s global manufacturing facilities as well as
the supply of lubricants to Volvo dealers across the globe. RONW 113.3
(As on Dec 31, 2016)

Savita Oil Technologies Limited

66/67, Nariman Bhavan, Nariman Point, Mumbai - 400021, Maharashtra
Website: www.savita.com
Dun & Bradstreet D-U-N-S® No 65-007-7316 Top 500 Ranking Income 390 Net Profit 366 Networth 397
About the Company
Financial Snapshot (` mn)
Savita Oil Technologies Ltd (Savita Oil Technologies) was incorporated in 1961 and began manufacturing liquid
Total Income 16,963.2
paraffin. In 1994, it commenced production of automotive and industrial lubricants and in 1999 the company
ventured into alternative and sustainable energy sources. Savita Oil Technologies operates under two segments Net Profit 936.2
namely petroleum products and wind power. The petroleum products segment offers products such as
Networth 6,611.7
transformer oils, white oils & liquid paraffins, lubricating oils, petrolatum & petroleum jellies, oxidised waxes
and wax emulsions, cable filling compounds, optic fibre compounds and waterless engine coolant. The company Ratios (%)
operates three manufacturing facilities - one in Turbhe, Maharashtra and the other two in Silvassa - UT of Dadra 5.5
NPM
& Nagar Haveli at Kharadpada and Silli. The company also operates wind power plants at 18 sites in the states of
Maharashtra, Karnataka and TN with a cumulative generation capacity of 54.15 MW. RONW 14.2
(As on Mar 31, 2017)

Tide Water Oil Co. (India) Limited

Yule House, 8 Dr Rajendra Prasad Sarani, Kolkata - 700001, WB
Website: www.tidewaterindia.com
Dun & Bradstreet D-U-N-S® No 65-007-2242 Top 500 Ranking Income 494 Net Profit 354 Networth 403
About the Company
Financial Snapshot (` mn)
Tide Water Oil Co. (India) Ltd (Tide Water Oil), a part of Andrew Yule group, was established in 1921. Tide Water
Total Income 11,606.8
Oil manufactures and markets Veedol brand of lubricants. The company also manufactures engine oils for trucks,
tractors, commercial vehicles, passenger cars and two/ three wheelers. It also produces gear oils, transmission Net Profit 1,029.3
oils, coolants, and greases for automobiles. For industrial application, it manufactures industrial oils, greases, and
Networth 6,429.5
specialty products like metal working fluids, quenching oils, and heat transfer oils. The company is a pioneer in
the manufacture of latest engine oils that exceed JASO FC, API SM, and API CI-4 Plus performance levels in India. Ratios (%)
The company operates five manufacturing plants and over 55 depots located across the country. The company 8.9
NPM
has two R&D centres, including R&D centre for lube oils at Turbhe, Maharashtra and the R&D centre for greases
near Chennai, TN. RONW 16.0
(As on Mar 31, 2017)

Gulf Oil Lubricants India Limited

IN Center, 12th Road, MIDC Andheri (E) Mumbai, Maharashtra
Website: www.gulfoilindia.com
Dun & Bradstreet D-U-N-S® No 65-080-1017 Top 500 Ranking Income 496 Net Profit 328 Networth 470
About the Company
Financial Snapshot (` mn)
Gulf Oil Lubricants India Ltd (GOL) since 2008 is engaged in the business of manufacturing, marketing and
Total Income 11,525.9
trading of automotive and non-automotive lubricants, and greases. The company’s geographical segments
include domestic and international. GOL offers diesel engine oils, hydraulic oils, gear, turbine, compressor and Net Profit 1,210.8
refrigeration, axle and transmission, marine oil, stationary gas engine oil, rust preventive, industrial cleaners,
Networth 3,536.7
thermic fluid, greases and transformer oil, among others. Gulf’s Indian operations have a plant capacity of 72,000
MTPA, located at Silvassa. Has over 300 Distributors and over 50,000 Retailers across, 5 Regional Offices, 33 Sales Ratios (%)
Offices and Depots. The company has collaborated with Ashok Lelyand, Mahindra, Swaraj VIlvo Penta and many 10.5
NPM
others. The brand is also known for its association with the World of Sports.
RONW 34.2
(As on Mar 31, 2017)

INDIA’S TOP 500 COMPANIES 277

xyz
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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
Networth
Ratios (%)
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RONW
(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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RONW
(As on Mar 31, 2017)

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RONW
(As on Mar 31, 2017)

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(As on Mar 31, 2017)

278 INDIA’S TOP 500 COMPANIES

SUGAR
Comparative Matrix

Sector Total Income Net Profit Net Worth NPM RONW

Company Name
TI Rank ` Mn ` Mn ` Mn (%) (%)
1 Balrampur Chini Mills Limited 36,659.4 5,922.9 15,412.5 16.2 38.4
2 Triveni Engineering & Industries Limited 29,972.4 2,335.6 7,776.7 7.8 30.0
3 E.I.D.-Parry (India) Limited 26,312.1 2,836.1 14,774.6 10.8 19.2
4 Dhampur Sugar Mills Limited 25,586.1 2,430.4 6,620.9 9.5 36.7
5 Bannari Amman Sugars Limited 17,575.1 1,451.7 10,670.8 8.3 13.6
6 Dalmia Bharat Sugar and Industries Limited 16,977.6 1,834.2 6,945.2 10.8 26.4
7 DCM Shriram Industries Limited 15,051.4 1,205.2 3,524.5 8.0 34.2
8 Dwarikesh Sugar Industries Limited 11,998.4 1,584.7 3,165.9 13.2 50.1

INDIA’S TOP 500 COMPANIES

Balrampur Chini Mills Limited
‘FMC FORTUNA’ 234/3A, A.J.C. Bose Road, Kolkata 700020
Website: www.chini.com
Dun & Bradstreet D-U-N-S® No 65-019-6413 Top 500 Ranking Income 218 Net Profit 116 Networth 273
About the Company
Financial Snapshot (` mn)
Balrampur Chini Mills Ltd (Balrampur Chini) was incorporated in 1975 as a wholly owned subsidiary of Balrampur
Total Income 36,659.4
Sugar Company Ltd, later renamed as Balrampur Commercial Enterprises Ltd (BCEL). In 1979, Balrampur Chini
ceased to be a subsidiary of BCEL. The company’s business can be mainly classified under three segments viz Net Profit 5,922.9
sugar, distillery and cogeneration. The company’s product portfolio comprises sugar, molasses, industrial alcohol,
Networth 15,412.5
ethanol, bagasse and power. As on Mar 31, 2017, Balrampur Chini operated 10 plants located across UP with
a sugar crushing capacity of 76,500 tonnes of cane per day, distillery capacity of 360 KL per day and saleable Ratios (%)
cogeneration capacity of 163.20 MW. The company’s units are located in the eastern and central part of Uttar 16.2
NPM
Pradesh. In FY17, the company produced 79.46 mn qtls of sugar with the recovery rate of 10.66% as compared to
the sugar production of 74.2 mn qtls in FY16 with the recovery rate of 11.06%. RONW 38.4
(As on Mar 31, 2017)

Triveni Engineering & Industries Limited

Deoband, Saharanpur - 247554, UP
Website: www.trivenigroup.com
Dun & Bradstreet D-U-N-S® No 91-860-1790 Top 500 Ranking Income 256 Net Profit 227 Networth 377
About the Company
Financial Snapshot (` mn)
Triveni Engineering & Industries Ltd (Triveni Engineering), a part of Triveni Group was incorporated in 1932.
Total Income 29,972.4
Triveni Engineering is engaged in the business of sugar and engineering. The company operates seven sugar
mills, six co-generation units and one distillery spread over eight locations in UP. Sugar business of the company Net Profit 2,335.6
manufacture refined sugar and white sulphitation sugar. In the sugarcane season of FY17, the company crushed
Networth 7,776.7
6.4 mn tonnes of sugarcane and reported a sugar recovery of 11.06%. The engineering business of the company
manufactures high speed gears and gear boxes upto 70 MW capacity and speed of 70,000 rpm. As on Dec 31, Ratios (%)
2017, outstanding order booking for gears business was ` 1.38 bn, including ` 508 mn long term orders. The 7.8
NPM
company is also engaged in water & wastewater management business.
RONW 30.0
(As on Mar 31, 2017)

E.I.D.-Parry (India) Limited

Dare House, 234, N S C Bose Road, Parry’s Corner, Chennai 600001, TN
Website: www.eidparry.com
Dun & Bradstreet D-U-N-S® No 65-008-3371 Top 500 Ranking Income 282 Net Profit 201 Networth 280
About the Company
Financial Snapshot (` mn)
E.I.D.-Parry (India) Ltd (EID Parry), founded in 1788, was the first company in India to manufacture sugar in 1842.
Total Income 26,312.1
The company, which is part of the Muruguppa Group, was incorporated as a public limited company in 1975 and
engages in the business of sugar, nutraceuticals and biopesticides. The company operates nine sugar mills spread Net Profit 2,836.1
across Tamil Nadu, Puducherry, Andhra Pradesh and Karnataka, in addition to a standalone distillery in Sivaganga.
Networth 14,774.6
The company’s sugar division crushed 44.4 LMT during FY17, while alcohol production from molasses, a by-
product of sugar, touched 70.8 mn lts. The company sold 17.4 mn lts of ethanol and 4.78 LMT of sugar in FY17. Ratios (%)
The co-generation power units generated 554 mn units of power during the year. In the nutraceuticals segment, 10.8
NPM
EID Parry engages in the cultivation and processing of microalgae-based nutraceuticals including organic spirulina,
organic chlorella, heamatococcus pluvialis & other phytochemicals. RONW 19.2
(As on Mar 31, 2017)

Dhampur Sugar Mills Limited

Dhampur, Bijnor - 248761, UP
Website: www.dhampur.com
Dun & Bradstreet D-U-N-S® No 91-583-8045 Top 500 Ranking Income 285 Net Profit 221 Networth 396
About the Company
Financial Snapshot (` mn)
Dhampur Sugar Mills Ltd (DSML) was incorporated in 1933 and commenced its operations with a sugar mill with
Total Income 25,586.1
a crushing capacity of 300 tonnes of cane per day. DSML’s business can be classified into four segments namely
sugar, chemicals, power and biofertiliser. The company has a cumulative sugar manufacturing capacity of 45,500 Net Profit 2,430.4
tonnes of cane per day, cumulative ethanol production capacity of 300,000 litres per day and power generation
Networth 6,620.9
capacity of 209 MW. The company’s five manufacturing facilities are located at Asmoli, Dhampur, Mansurpur,
Meerganj and Rajpura in UP. In FY17, sugarcane crushed by the company was 5.4 mn tonnes as compared to Ratios (%)
4.8 mn tonnes. The sugar production of the company stood at 5.93 lac tonnes in FY17 as against 5.09 lac tonnes 9.5
NPM
in the previous fiscal. The company reported sugar recovery of 10.94% in FY17 as compared to 10.53% in FY16.
RONW 36.7
(As on Mar 31, 2017)

INDIA’S TOP 500 COMPANIES 281

Bannari Amman Sugars Limited
1212, Trichy Road, Coimbatore - 641018, TN
Website: www.bannari.com
Dun & Bradstreet D-U-N-S® No 65-006-3076 Top 500 Ranking Income 372 Net Profit 299 Networth 328
About the Company
Financial Snapshot (` mn)
Bannari Amman Sugars Ltd (Bannari Sugars) is an industrial conglomerate based in South India with interests in
Total Income 17,575.1
manufacturing, trading and services activities. The company mainly engages in the manufacture and trade of
sugar, power, alcohol and granite. In the service segment, the company operates in the wind power energy and Net Profit 1,451.7
education sectors. The company has five sugar plants at various locations in Tamil Nadu and Karnataka along with
Networth 10,670.8
two distilleries and two bio-compost plants, one each in the two states. During FY17, the company produced
2.631 mn quintals of sugar while alcohol production stood at 30.74 mn barrel liters. The co-generation plants Ratios (%)
generated 376.51 mn units of power and exported 255.83 mn units to power grids. The company’s wind mills are 8.3
NPM
located at Tamil Nadu and generated 15.13 million units of power and exported 13.13 million units to grid during
FY17. The company has no subsidiary or associate companies. RONW 13.6
(As on Mar 31, 2017)

Dalmia Bharat Sugar and Industries Limited

Tiruchirapalli, Dalmiapuram - 621651, TN
Website: www.dalmiasugar.com
Dun & Bradstreet D-U-N-S® No 91-617-6894 Top 500 Ranking Income 389 Net Profit 261 Networth 390
About the Company
Financial Snapshot (` mn)
Dalmia Bharat Sugar and Industries Ltd (DBSIL), incorporated in 1951 in Tamil Nadu, forayed into the sugar
Total Income 16,977.6
business in 1994 by setting up its first unit of 2,500 TCD in Ramgarh, UP. Other The company operates sugar
plants at Jawaharpur and Nigohi, UP and Kolhapur and Sangli, Maharashtra. DBSIL’s operations are diversified Net Profit 1,834.2
with a distillery capacity of 140 KLPD and renewable energy capacity of 119 MW including wind power plant of
Networth 6,945.2
16.5 MW. DBSIL’s core business comprises sugar; it processes by-products like bagasse, molasses to generate
power and manufacture ethanol and organic manure from distilleries. The company has a total cane crushing Ratios (%)
capacity of 32,500 TCD. As of Mar 2017, the company has three subsidiaries – Dalmia Sugar Ventures Ltd, Dalmia 10.8
NPM
Solar Power Ltd and Himshikhar Investment Ltd. DBSIL’s clientele includes institutional buyers, both domestic and
international. The company has also been supplying to the nation’s defence sector. RONW 26.4
(As on Mar 31, 2017)

DCM Shriram Industries Limited

6th Floor, 18, Barakhamba Road, Kanchenjunga Bldg, New Delhi - 110001, Delhi
Website: www.dcmsr.com
Dun & Bradstreet D-U-N-S® No 65-017-2414 Top 500 Ranking Income 422 Net Profit 329 Networth 471
About the Company
Financial Snapshot (` mn)
DCM Shriram Industries Ltd (DSIL) was incorporated in 1989. DSIL is engaged in the manufacture and sale of sugar,
Total Income 15,051.4
alcohol, organic & inorganic chemicals, drug intermediates and rayon tyrecord. Daurala Sugar Works, located at
Daurala, UP manufactures sugar, refined sugar, pharma grade sugar, alcohol and aromatic chemicals. Shriram Net Profit 1,205.2
Rayons is located at Kota, Rajasthan and manufactures industrial rayon, nylon and chemicals. Daurala Organics
Networth 3,524.5
unit is engaged in the manufacturing of drug intermediates and fine chemicals. The company’s integrated distillery
plant has an annual capacity of 45,000 KL of bulk alcohol, while its anhydrous alcohol plant has a capacity of 9000 Ratios (%)
KL per annum. In FY17, Daurala Sugar Works produced 1.85 lakhs MT of sugar by crushing 17.29 lakhs MT of cane 8.0
NPM
with a recovery rate of 10.72%. DSIL has an associate company named DCM Hyundai Ltd (DHL) that manufactures
export marine freight containers. RONW 34.2
(As on Mar 31, 2017)

Dwarikesh Sugar Industries Limited

Dwarikesh Nagar, Dist. Bijnor – 246762, UP
Website: www.dwarikesh.com
Dun & Bradstreet D-U-N-S® No 87-179-8481 Top 500 Ranking Income 483 Net Profit 290 Networth 477
About the Company
Financial Snapshot (` mn)
Dwarikesh Sugar Industries Ltd (DSIL), originally incorporated in 1993, headquartered in Mumbai, as Dwarka
Total Income 11,998.4
Sugar Ltd, is an industrial group engaged in the manufacture of sugar and allied products. DSIL, commenced
its operations in 1995 by commissioning its first sugar plant in UP. The company also produces ethanol and Net Profit 1,584.7
industrial alcohol. DSIL also has offices across Maharashtra, Delhi and Rajasthan. In 2005, company commenced
Networth 3,165.9
manufacturing of industrial alcohol using molasses, a by-product of sugar production, in the distillery. The use of
molasses makes ethanol a green fuel, which reduces vehicular emissions when blended with motor spirit. The Ratios (%)
company also undertakes extensive sugarcane development and power generation with the residue of sugarcane 13.2
NPM
crushing. Currently, the company is listed at BSE and NSE. In addition to seasonal and other indirect labor across
these 3 locations, the company employs 638 full-time permanent employees. RONW 50.1
(As on Mar 31, 2017)

282 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 (%)
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)

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 283

 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)

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)

284 INDIA’S TOP 500 COMPANIES

TELECOM EQUIPMENT &
INFRA SERVICES
Comparative Matrix

Sector Total Income Net Profit Net Worth NPM RONW

Company Name
TI Rank ` Mn ` Mn ` Mn (%) (%)
1 Bharti Infratel Limited 71,068.0 27,050.0 162,371.0 38.1 16.7
2 Sterlite Technologies Limited 24,120.8 1,407.4 9,713.2 5.8 14.5
3 Himachal Futuristic Communications Limited 22,608.6 1,237.2 10,435.2 5.5 11.9

INDIA’S TOP 500 COMPANIES

Bharti Infratel Limited
Bharti Crescent, 1, Nelson Mandela Road, Vasant Kunj, New Delhi – 110070, Delhi
Website: www.bharti-infratel.com
Dun & Bradstreet D-U-N-S® No 65-064-9903 Top 500 Ranking Income 126 Net Profit 41 Networth 53
About the Company
Financial Snapshot (` mn)
Bharti Infratel Ltd (Bharti Infratel), a subsidiary of Bharti Airtel Ltd was incorporated in Nov 2006. Bharti Infratel
Total Income 71,068.0
is engaged in providing telecom tower infrastructure services that deploys, owns and manages towers and
communication structures for various mobile operators. In India, Bharti Infratel has over 39,363 towers, across Net Profit 27,050.0
18 states, and 11 telecom circles. The company also has a 42% stake in Indus Towers which was created as a
Networth 162,371.0
Joint Venture between Bharti Infratel, Vodafone and Aditya Birla Telecom to hive off the towers business in
15 telecom circles. As on Dec 31, 2017, the company along with Indus Towers owned and operated a total of Ratios (%)
91,007 towers in 22 telecom circles across the country with 213,476 co-locations. Along with Indus Towers, on a 38.1
NPM
consolidated basis, the company’s average sharing factor was 2.38 times as on Dec 31, 2017. The company has a
total workforce of over 2,350 employees. RONW 16.7
(As on Mar 31, 2017)

Sterlite Technologies Limited

E 1, MIDC, MIDC Industrial Area, Waluj, Aurangabad - 431136, Maharashtra
Website: www.sterlitetech.com
Dun & Bradstreet D-U-N-S® No 67-561-2968 Top 500 Ranking Income 298 Net Profit 305 Networth 342
About the Company
Financial Snapshot (` mn)
Sterlite Technologies Ltd (Sterlite Technologies), was incorporated in 2000. The company is primarily engaged
Total Income 24,120.8
in the business of providing telecom products and solutions which include integrated optical fiber, fiber optical
cables, copper telecom cables, structured data cables and access equipment, fiber connectivity and system Net Profit 1,407.4
integration solution offerings for telecom networks, OSS/ BSS solutions, billing and bandwidth management
Networth 9,713.2
solutions to organizations and other service design, engineering, implementation and maintenance of optical fiber
cable (OFC) network. In FY17, company had an order book of ` 30.2 bn. The company operated manufacturing Ratios (%)
units in India, China and Brazil. Its portfolio consists of approximately 146 patents till FY17. It operates in six 5.8
NPM
continents and over 100 countries.
RONW 14.5
(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 287

 Himachal Futuristic Communications
Limited
Dun & Bradstreet D-U-N-S® No 91-509-0927 Top 500 Ranking Income 313 Net Profit 325 Networth 333

Background
Established in 1987, Himachal Futuristic Communications Limited (HFCL) is a diverse
telecom company with operations in Project implementation, System Integration, and
manufacture of Optic Fiber Cables (OFC) & Telecom Equipment.

Over the last three decades, HFCL has manufactured high technology telecom products
and implemented several telecom networks in the field of Wireless Transmission &
Access, Optical Transport & Access, Satellite Network, CDMA / GSM Networks, WiFi
Networks, Surveillance networks etc. Since its inception, the company has implemented
Mahendra Nahata over 10,000 2G/3G cell sites infrastructure and rolled out over 100,000 km of optical
Managing Director fibre cable networks for telecommunication companies, railways, oil & gas companies
and high security networks for defence sector and internal security establishments.
Financial Snapshot (In ` mn)
Total Income 22,608.6 Business Profile
Net Profit 1,237.2 The company specializes in the manufacture of optical fibre cables and turnkey
Networth 10,435.2 implementation of Telecom Networks for Telecom Service Providers, Railways, Defence
and Safe & Smart cities projects. The company also undertakes large system integration
Ratios (%) projects in the field of GSM Mobile Networks, Optical Transmission Networks, Microwave
NPM 5.5 Backhaul Networks, and Fttx Networks.
RONW 11.9 • OFC: The company manufactures high-quality OFCs for telecommunication networks
(As on Mar 31, 2017) used in critical applications. These cables are designed to suit applications in NLD,
Access & FTT-x Networks, and address crucial applications through special offerings
Management Details
like fire survival cables, tactical cables, etc. HFCL operates a fully-automated plant
Managing Director in Goa to produce from single fibre to -576 fibre cables, customised to suit needs
Mahendra Nahata of various networks. The Company also has OFC manufacturing plant through its
V.P. (Corporate) & Company Secretary subsidiary HTL Limited in Chennai making it a major OFC manufacturer in India. The
Manoj Baid company also exports its cables to over 30 countries
CFO
• Turnkey Business: HFCL has more than two decades of experience in rolling out
V R Jain
large Optical Fibre cable networks for telecom service providers, railways and
Independent Directors Indian defence. Currently company is implementing OFC network for one large pan
M P Shukla
Bela Banerjee
India 4G operator. The company also specialises in implementing Fibre to the Home
(FTTH) Networks for providing broadband services.
Non-Executive Directors
Dr. R M Kastia The company manufactures GSM mobile systems and undertakes turnkey
Ranjeet Anandkumar Soni implementation of GSM networks especially in rural areas, to provide mobile
telephone & data services. Such networks involve the supply of GSM Systems,
Solar Power Systems, Microwave & Satellite Backhaul Systems and Sophisticated
Operations & Maintenance Centre.
HFCL also undertakes deployment of WiFi systems, which includes products both
Address & Website for the indoor and outdoor deployment scenarios. The optional Green Power
Registered Office source is specifically designed for outdoor environments and inaccessible terrains,
8, Electronics Complex where there is no guarantee for continuous power. The product is highly integrated,
Chambaghat, supporting 3 radios for 3 sector deployment.
Solan - 173213
Himachal Pradesh
• Railway Telecom & Signalling: HFCL has been servicing the Indian railways sector
for over a decade. Leveraging its telecom network design experience and project
Corporate Office
management capabilities, HFCL expanded its services & offerings to include
8, Commercial Complex,
Masjid Moth, network design, equipment supply, installation & commissioning (I&C), network
Greater Kailash II, integration, and post deployment warranty & maintenance support for metro
New Delhi - 110048 lines, mainline railway and dedicated railway freight corridors in India.
Website • Smart & Safe City Solutions: HFCL’s offerings in the Smart & Safe Cities domain
www.hfcl.com include key core solutions like communications/IT/Telecom infrastructure,
data centre, disaster recovery and management, security, surveillance, traffic
management and citizen/mobile applications.
• Defence Business: HFCL is currently implementing three large telecom projects
for high security, modern, pan India telecom networks, for Indian Defence. The

288 INDIA’S TOP 500 COMPANIES Advertorial

 company has been granted licenses for manufacture of a range of products including electronic fuses, electro optical devices and
communication equipment along with the permit for assembling electronic warfare systems, radars and the design, development
and manufacturing of aircraft, including helicopters.
• FTTx Solutions: HFCL offers a comprehensive FTTx solution to telecom operators, ISPs, public and private sector enterprises
which seek to deploy fiber access for their customers/users. The services offered cover the requirement analysis, network design
supply, installation and commissioning of GPON Electronics supply of OFC & its accessories with implementation of underground
and aerial OFC network.
• Optical Transmission Network Solutions: HFCL offers professional engineering services including installation and commissioning
services for the deployment of the optical transport network. The company has capabilities ranging from requirement analysis to
system engineering, material supply, installation & commissioning and overall program management for large projects.

Subsidiaries & Joint Ventures

The company has four subsidiaries as on March 2017 - HTL Ltd, Moneta Finance Pvt Ltd, HFCL Advance Systems Pvt Ltd, and Polixel
Security Systems Pvt Ltd (which became a wholly-owned subsidiary of HFCL in FY17). In addition to this, HFCL operates a joint-venture,
DragonWave HFCL India Pvt Ltd and an associate company, HFCL Bezeq Telecom Ltd.

Key Developments in FY17

• In FY17, HFCL undertook modernization at its Goa plant and added new lines to raise its installed annual capacity to 7.2 MFkm
from 5.0 MFkm. The Chennai plant of HFCL’s subsidiary, HTL Ltd also added another 1.5 MFkm to raise its annual capacity to 4.5
MFkm. As a result, the company’s OFC capacity including that of HTL Ltd grew by 46% to reach 11.7 MFkm per annum. This also
included doubling of spiral wire armoured cable capacity. The company also added FTTH cable to its product basket.
• The company developed and commissioned a GSM network in left wing extremist (LWE) region during FY17 with deployment of
more than 569 sites across 6 states in India.
The company received major order valued ` 1,245 crore for DWDM (Dense Wavelength Division Multiplexing) project for Indian
defence Network
• The company developed and deployed smart surveillance and intelligent traffic management systems in Ludhiana, under its
newly formed division of Safe & Smart City, during the year. The company also deployed WiFi hotspots, interactive information
kiosks, surveillance cameras, environmental sensors, structural sensors, smart lighting solutions and remote kiosks along with
the facility management services in Jaipur.
• In the defence segment, the company signed an MOU with a Global MNC as its technology partner for portable opto-electronics
to manufacture a wide range of portable night vision devices.
• In the railway signalling and telecom segment, HFCL bagged a large order in the Eastern dedicated freight corridor.

CSR Initiatives
At HFCL giving back to the community is among the most important and valuable things. The existing list of activities includes
medical relief through preventive health care, promoting digital learning solutions, supporting underprivileged meritorious students,
supporting mentally and physically disabled elderly persons and facilitating effective natural disaster management. HFCL undertakes
CSR activities through its registered society, HFCL Social Services Society, which was established in 1996.

HFCL CSR activities In FY 16-17

Specialized Mobile Medicare Unit (SMMU)/ Mobile Medicare Unit (MMU) Projects: We began our structured CSR journey in June
2016 by launching SMMU-Solan. The Company has also launched MMU Goa and MMU Sardarshahar, Churu, Rajasthan in FY17. In
association with Help Age India, around 300 individuals of the underprivileged community are benefited by our daily preventive health
care services. Our facilities are stationed at different locations as per a pre-chartered weekly schedule to assist the maximum number
of patients. Under this project, facilities such as Diagnostics, Medicines, Physiotherapy, Blood/Urine tests etc., are provided free of
cost.
Digital Classrooms: The Company has adopted the Government Girls Inter College, Ghaziabad with project implementation partner
Extramarks Education Foundation, to provide quality education through new age digital learning solutions.
Other CSR initiatives: HFCL also contributes to Natural Disaster Management to support the affected community.

Advertorial INDIA’S TOP 500 COMPANIES 289

 BHAHATELECTHONICS
Dun & Bradstreet D-U-N-S® No Top 500 Ranking Income Net Profit Networth
QUALITY. TECHNOLOGY. INNOVATION.

Delente Elettronits and beyond

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)

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Dun & Bradstreet D-U-N-S® No Top 500 Ranking Income Net Profit Networth
Bharat Electronics Ltd (BEL), India's foremost Defence electronics company, has set its
Financial Snapshot (` mn)
target to equip the country’s armed forces with a wide range of products & systems and
Total Income
empower the soldiers during their decisive missions. A multi-product, multi-unit
Net Profit
company, BEL specialises in providing end-to-end customised solutions by maintaining
Networth
world-class quality in all its processes. Ratios (%)

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Ratios (%)
BHARAT ELECTRONICS LIMITED Toll Free No.:NPM
1800 425 0433
(A Govt of India Enterprise under the Ministry of Defence), CIN No.: L32309KA
RONW 1954GOI000787
Regd. Office: Outer Ring Road, Nagavara, Bangalore-560 045, India. www.bel-india.com (As on Mar 31, 2017)

290 INDIA’S TOP 500 COMPANIES

Empowering the Nation's Defence Forces
TELECOM SERVICES
Comparative Matrix

Sector Total Income Net Profit Net Worth NPM RONW

Company Name
TI Rank ` Mn ` Mn ` Mn (%) (%)
1 Bharti Airtel Limited 624,606.0 (99,256.0) 1,012,073.0 (15.9) (9.8)
2 Idea Cellular Limited 354,756.7 (8,310.8) 237,237.6 (2.3) (3.5)
3 Tata Communications Limited 50,512.4 6,898.3 92,552.1 13.7 7.5

INDIA’S TOP 500 COMPANIES

Bharti Airtel Limited
Bharti Crescent, 1 Nelson Mandela Road, Vasant Kunj, New Delhi - 110070, Delhi
Website: www.airtel.in
Dun & Bradstreet D-U-N-S® No 65-032-6481 Top 500 Ranking Income 13 Net Profit 500 Networth 4
About the Company
Financial Snapshot (` mn)
Bharti Airtel Ltd (Airtel) was incorporated in 1995. The company is a telecommunications services provider with
Total Income 624,606.0
operations in 17 countries (as of Mar 31, 2017) across Asia and Africa. In India, Airtel offers a range of products
including 2G, 3G and 4G wireless services, mobile commerce, fixed line services, high speed DSL broadband, Net Profit (99,256.0)
IPTV, DTH, enterprise services including national & international long distance services to carriers. Airtel had
Networth 1,012,073.0
over 394 mn customers across its operations at the end of Dec 2017. In Mar 2018, Airtel acquired the Indian
leg of Gulf Bridge International’s India-Middle East-Europe submarine cable. During FY18, Airtel concluded few Ratios (%)
acquisitions including acquisition of 100% equity interest in Tigo Rwanda Ltd & acquisition of strategic equity (15.9)
NPM
stake in Juggernaut Books through its subsidiary Nettle Infrastructure Investments Ltd. In Dec 2017, Warburg
Pincus acquired a 20% stake in Airtel’s DTH arm. In Feb 2017, the company acquired Telenor (India). RONW (9.8)
(As on Mar 31, 2017)

Idea Cellular Limited

Suman Tower, Plot No 18, Sector 11, Gandhi Nagar - 382011, Gujarat
Website: www.ideacellular.com
Dun & Bradstreet D-U-N-S® No 67-550-8873 Top 500 Ranking Income 35 Net Profit 491 Networth 39
About the Company
Financial Snapshot (` mn)
Idea Cellular Ltd (IDEA) was incorporated as Birla Communications Ltd in 1995 and adopted its present name in
Total Income 354,756.7
2002. The company is engaged in the business of mobile telecommunications with pan India operations offering
voice, data and other value added services. It offers pan-India integrated wireless broadband services of 2G, Net Profit (8,310.8)
3G and 4G and has its own NLD & ILD operations, and ISP license. The company’s business mainly comprises
Networth 237,237.6
of voice based, connectivity based & location based services and fixed line data. The GSM-based 2G services of
the Company are available in all 22 service areas of India, covering approximately 1 bn Indians. As of Feb 2017, Ratios (%)
the subscriber base of IDEA stood at 196.1 mn (on VLR), with subscriber market share of 19.4%. In Mar 2017, (2.3)
NPM
Vodafone Group Plc (Vodafone) and IDEA entered into an agreement to combine Vodafone’s operations in India
(excluding its 42% stake in Indus Towers) with Idea. RONW (3.5)
(As on Mar 31, 2017)

Tata Communications Limited

VSB, Mahatma Gandhi Road, Fort, Mumbai 400001, Maharashtra
Website: www.tatacommunications.com
Dun & Bradstreet D-U-N-S® No 91-793-6080 Top 500 Ranking Income 165 Net Profit 105 Networth 81
About the Company
Financial Snapshot (` mn)
Tata Communications Ltd (TCL) was incorporated in 1986. The company is engaged in the business of providing
Total Income 50,512.4
international telecommunications services. Its operating segments include voice solutions, data and managed
services (DMS), payments solutions (PS), and South Africa operations (SAO). The company offers high speed Net Profit 6,898.3
connections and global MPLS virtual private networks, telepresence services, DDoS mitigation and detection
Networth 92,552.1
services, content delivery networks and cloud offerings. It also owns a submarine fibre network of over 500,000
km of subsea fibre and over 210,000 km of terrestrial fibre. TCL offers customised network solutions for its range Ratios (%)
of customers in market segments like manufacturing, oil and gas, banking, financial services, insurance, media 13.7
NPM
and entertainment. The company provides connectivity to over 240 countries across 400 points-of-presence and
collocation space globally across 44 locations. RONW 7.5
(As on Mar 31, 2017)

xyz
xyz

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

INDIA’S TOP 500 COMPANIES 293

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294 INDIA’S TOP 500 COMPANIES

TEXTILES
Comparative Matrix

Sector Total Income Net Profit Net Worth NPM RONW

Company Name
TI Rank ` Mn ` Mn ` Mn (%) (%)
1 Grasim Industries Limited 117,268.8 15,600.0 162,309.8 13.3 9.6
2 Vardhman Textiles Limited 62,958.7 10,015.9 39,858.5 15.9 25.1
3 Arvind Limited 60,532.3 2,708.8 32,417.1 4.5 8.4
4 Welspun India Limited 57,935.1 3,065.5 22,010.1 5.3 13.9
5 Trident Limited 48,393.4 3,369.8 27,245.0 7.0 12.4
6 RSWM Limited 30,277.8 1,009.7 6,331.9 3.3 15.9
7 Raymond Limited 29,509.5 338.3 12,240.4 1.1 2.8
8 Sutlej Textiles and Industries Limited 22,869.4 1,579.4 8,159.7 6.9 19.4
9 K.P.R. Mill Limited 22,462.6 2,384.2 11,180.6 10.6 21.3
10 Page Industries Limited 21,564.0 2,662.8 6,657.8 12.3 40.0
11 Nahar Spinning Mills Limited 21,541.5 459.7 8,562.7 2.1 5.4
12 Indo Count Industries Limited 20,847.4 2,280.3 8,265.5 10.9 27.6
The Bombay Dyeing and Manufacturing
13 17,802.4 417.1 12,652.8 2.3 3.3
Company Limited
14 Nahar Industrial Enterprises Limited 17,372.9 701.3 6,892.1 4.0 10.2
15 Sangam (India) Limited 16,169.8 546.0 4,938.5 3.4 11.1
16 Siyaram Silk Mills Limited 15,994.3 910.1 5,966.1 5.7 15.3
17 Filatex India Limited 15,620.0 412.0 2,895.5 2.6 14.2
18 Sintex Industries Limited 15,141.6 1,274.8 39,064.5 8.4 3.3
19 Himatsingka Seide Limited 14,399.9 1,768.4 10,667.2 12.3 16.6
20 Century Enka Limited 13,547.1 909.7 8,543.6 6.7 10.6
21 Mafatlal Industries Limited 12,806.8 (21.5) 3,754.1 (0.2) (0.6)
22 Banswara Syntex Limited 12,561.3 165.8 2,681.9 1.3 6.2
23 Nandan Denim Limited 12,228.3 566.7 4,201.0 4.6 13.5
24 Sumeet Industries Limited 12,053.1 367.3 3,079.5 3.0 11.9
25 Jindal Worldwide Limited 11,854.2 665.6 2,836.4 5.6 23.5

INDIA’S TOP 500 COMPANIES

Grasim Industries Limited
Birlagram, Nagda - 456331, MP
Website: www.grasim.com
Dun & Bradstreet D-U-N-S® No 65-004-9760 Top 500 Ranking Income 78 Net Profit 56 Networth 54
About the Company
Financial Snapshot (` mn)
Grasim Industries Ltd (Grasim), a flagship company of the Aditya Birla Group, was incorporated in 1947 as a
Total Income 117,268.8
textile manufacturer. In 1954, it commenced viscose staple fibre (VSF) production in MP and subsequently in
1985 entered into cement business. In FY16, Aditya Birla Chemicals (India) Ltd was merged with Grasim. Grasim is Net Profit 15,600.0
primarily engaged in manufacturing of VSF, cement, chemicals and textiles. As of Mar 31, 2017, the company has
Networth 162,309.8
installed capacity of 498 KTPA for VSF, 840 KTPA for caustic soda, 69.3 MTPA for cement. Aditya Birla Nuvo Ltd,
an Aditya Birla Group Company was merged with Grasim w.e.f. Jul 1, 2017. Subsequently the financial services Ratios (%)
business was demerged from the merged entity and was listed on bourses as Aditya Birla Capital Ltd on Sep 1, 13.3
NPM
2017. In Feb 2018, Grasim acquired the right to manage and operate the Viscose Filament Yarn (VFY) business of
Century Textiles and Industries Ltd. RONW 9.6
(As on Mar 31, 2017)

Vardhman Textiles Limited

Vardhman Premises, Chandigarh Road, Ludhiana - 141010, Punjab
Website: www.vardhman.com
Dun & Bradstreet D-U-N-S® No 65-022-4744 Top 500 Ranking Income 137 Net Profit 78 Networth 139
About the Company
Financial Snapshot (` mn)
Vardhman Textiles Ltd (Vardhman Textiles), a Vardhman Group company, was incorporated in 1973 as Mahavir
Total Income 62,958.7
Spinning Mills Ltd and subsequently renamed to Vardhman Textiles on Sep 5, 2006. The company is engaged in
manufacturing Cotton yarn, Synthetic yarn and woven fabric. Under the yarn segment, the company manufactures Net Profit 10,015.9
various types of yarns including grey yarn, dyed yarns, and speciality yarns. Under the fabrics segment, it
Networth 39,858.5
manufactures grey and processed fabrics for shirting and trousers. The company has 22 manufacturing facilities
across Punjab, HP and MP. It operates 1,320 looms and 110 mn metres of fabric processing infrastructure. During Ratios (%)
2017, the total yarn production was 202,770 MT, greige fabric production remained at the same level 175 mn as 15.9
NPM
that in FY16. Vardhman Textiles’ processed fabric production increased by 7.15% from 112 million metres in FY16
to 121 million metres in FY17. RONW 25.1
(As on Mar 31, 2017)

Arvind Limited
Naroda Road, Ahmedabad – 380025, Gujarat
Website: www.arvind.com
Dun & Bradstreet D-U-N-S® No 86-218-1930 Top 500 Ranking Income 143 Net Profit 206 Networth 167
About the Company
Financial Snapshot (` mn)
Arvind Ltd (Arvind) was incorporated in 1931 to manufacture superfine fabrics. In 1997, Arvind set up a
Total Income 60,532.3
manufacturing plant in Gujarat for shirting, bottom weights and knits. The company is engaged in manufacturing
shirting and bottom weights, voiles, denim, knits fabric and apparels. Arvind owns 22 global patents for Net Profit 2,708.8
environmental solutions and manages 15 global apparel brands including Tommy Hilfiger, US Polo, CK, GAP,
Networth 32,417.1
Nautica, and Sephora. In 2014, the company entered into the fiber reinforced polymer (FRP) composites market.
It provides composite solutions to diversified sectors like construction, power & renewable energy, oil & gas, Ratios (%)
mass transportation, telecom, industrial applications, electronics and electricals. In FY17, the company merged 4.5
NPM
its 100% subsidiaries, Arvind Brands & Retail Ltd, Arvind Garments Park Pvt Ltd and Dholka Textile Park Pvt Ltd,
with itself. In Mar 2018, Arvind announced the launch of 17 Gap shop-in-shops through multi-brand retailers. RONW 8.4
(As on Mar 31, 2017)

Welspun India Limited

Welspun House, 6th Floor, Kamala Mills Compound, Lower Parel, Mumbai 400 013, Maharashtra
Website: www.welspunindia.com
Dun & Bradstreet D-U-N-S® No 91-607-6995 Top 500 Ranking Income 148 Net Profit 189 Networth 217
About the Company
Financial Snapshot (` mn)
Welspun India Ltd (WIL) was established in 1985 as Welspun Winilon Silk Mills Pvt Ltd as a synthetic yarn
Total Income 57,935.1
company. The company acquired its present name in 1995. WIL is primarily engaged in the manufacturing of
home textile products which include towels, bath robes, barth rugs/mats, area rugs, carpet, bedsheets, utility Net Profit 3,065.5
bedding and fashion bedding. It is also involved in the generation of power. Some of its prominent brands include;
Networth 22,010.1
Welhome, Christy, Kingsley Home, Spun, Hygro Cotton, SPACES, and among others. The company has a distribution
presence across 50+ countries and exports to global retailers across countries like the US, UK and Europe. WIL’s Ratios (%)
manufacturing facilities are located at Anjar and Vapi in Gujarat, and design studios in Mumbai, Anjar, Vapi and 5.3
NPM
New York. In Jan 2018, it introduced Wel-Trak, a patented traceability solution for textiles. It also completed the
acquisition of 49% stake in two projects from MBL group at a consideration of ` 230 mn. RONW 13.9
(As on Mar 31, 2017)

INDIA’S TOP 500 COMPANIES 297

Trident Limited
Trident Group, Raikot Road, Sanghera - 148101, Punjab
Website: www.tridentindia.com
Dun & Bradstreet D-U-N-S® No 91-845-7136 Top 500 Ranking Income 169 Net Profit 175 Networth 189
About the Company
Financial Snapshot (` mn)
Trident Ltd (Trident) of The Trident Group was established in 1990. Trident operates in five business segments viz.
Total Income 48,393.4
home textiles, yarn, paper, chemicals and energy. Under home textiles, Trident offers a variety of bed linens, bed
lines, yarn, and dyed yarn. Trident manufactures a variety of papers including diamond line, silverline, cartridge, Net Profit 3,369.8
super line, and drawing paper and markets them under several brands including Spectra, Natural, My Choice, Eco
Networth 27,245.0
Green and Royal Touch. Under the energy segment, it produces steam and power using eco-friendly processes.
Trident’s customer base is spread across 100 countries around the world. Trident operates with an installed Ratios (%)
capacity of 0.55 mn spindles and 6,464 rotors with a capacity to produce 90,000 tpa of cotton, compact and 7.0
NPM
blended yarns. The Company has two subsidiaries - Trident Global Corp Limited and Trident Europe Limited.
RONW 12.4
(As on Mar 31, 2017)

RSWM Limited
Kharigram, P B 28, Gulabpura, Bhilwara - 311021, Rajasthan
Website: www.rswm.in
Dun & Bradstreet D-U-N-S® No 91-599-0766 Top 500 Ranking Income 249 Net Profit 356 Networth 406
About the Company
Financial Snapshot (` mn)
RSWM Ltd (RSWM), a flagship company of the LNJ Bhilwara Group, operates in several business segments namely,
Total Income 30,277.8
yarn (flagship division), fabric, denim and Melange Yarns. It manufacturers synthetic yarns in various fibre blends,
counts and shades. Its product range serves the needs of fashion, knitting, weaving, denim, hosiery, shirting and Net Profit 1,009.7
suiting segments. The fabric segment offers a wide range in this segment covering formal and semi-formal wear
Networth 6,331.9
coupled with unique blends of polyester and viscose in different shades and finishes. The company’s denim
business offers product mix like denim-out-of-denim (recycled denim) and work wear. In FY17, it expanded to two Ratios (%)
new geographical regions. It also operationalized the new sheet dyeing facility at the Denim plant and enhanced 3.3
NPM
the overall plant capacity to 25 million mtrs.
RONW 15.9
(As on Mar 31, 2017)

Raymond Limited
New Hind House, Narottam Morarjee Marg, Ballard Estate, Mumbai – 400001, Maharashtra
Website: www.raymond.in
Dun & Bradstreet D-U-N-S® No 91-621-3382 Top 500 Ranking Income 262 Net Profit 438 Networth 308
About the Company
Financial Snapshot (` mn)
Raymond Ltd (Raymond) was established in 1925 as Raymond Woollen Mill Ltd at Thane, Maharashtra. Raymond
Total Income 29,509.5
is a textile and branded apparel company. Its operating segments include textile (branded fabric), shirting (shirting
fabric B-to-B), apparel (branded readymade garments), garmenting (garmenting manufacturing), tools and Net Profit 338.3
hardware (power and hand tools), auto components (components and forging), and others (non-scheduled airline
Networth 12,240.4
operations and real estate development). It operates in the FMCG business through its associate companies. In
the FMCG business, the company caters to the male grooming, home care and sexual wellness segments. The Ratios (%)
company markets its products under various brands like Raymond, Park Avenue, ColorPlus, Raymond Ready to 1.1
NPM
Wear, Ethnix, Raymond home, Parx, Makers and Kamasutra. It has its manufacturing facilities in Maharashtra,
Karnataka and Gujarat. RONW 2.8
(As on Mar 31, 2017)

Sutlej Textiles and Industries Limited

Pachpahar Road Bhawani Mandi - 326502, Rajasthan
Website: www.sutlejtextiles.com
Dun & Bradstreet D-U-N-S® No 85-813-9180 Top 500 Ranking Income 307 Net Profit 291 Networth 372
About the Company
Financial Snapshot (` mn)
Sutlej Textiles and Industries Ltd (STIL), incorporated in 2005, is engaged in the manufacturing and exporting of
Total Income 22,869.4
textiles. The company’s manufacturing activity is divided into specialized yarns and home textile segments. The
specialised yarn segment manufactures cotton blended yarn and melange yarn and offers a range of natural and Net Profit 1,579.4
man-made yarns in blends (grey, dyed and mixture) and count ranging from 6 to 50. In the home textile segment,
Networth 8,159.7
the company manufactures upholstery and curtains. STIL produces synthetic, natural and blended yarns, all types
of spun yarns, processes fabrics and home textile furnishing. It manufactures specialized yarns across three units Ratios (%)
– Rajasthan Textile Mills, Bhawanimandi (Rajasthan), Chenab Textile Mills, Kathua (J&K), Birla Textile Mills, Baddi 6.9
NPM
(HP) whereas it manufactures its home textiles in Daheli (Gujarat). In FY18, the company will market 50% of the
home textiles business output from the expanded facility within India and the rest abroad. RONW 19.4
(As on Mar 31, 2017)

298 INDIA’S TOP 500 COMPANIES

K.P.R. Mill Limited
No.9, Gokul Buildings, 1st Floor, Thadagam Road, AKS Nagar, Coimbatore - 641001, TN
Website: www.kprmilllimited.com
Dun & Bradstreet D-U-N-S® No 87-178-5170 Top 500 Ranking Income 314 Net Profit 223 Networth 323
About the Company
Financial Snapshot (` mn)
K.P.R. Mill Ltd (KPR), formerly K.P.R. Cotton Mills Pvt Ltd, was incorporated in the year 2003 but its journey into
Total Income 22,462.6
textiles dates back to 1984 when the company started its maiden business at Coimbatore. In 1989, the company
started exporting knitted garments. Today, KPR is a leading vertically-integrated apparel manufacturing company, Net Profit 2,384.2
producing readymade knitted apparel, fabrics, compact, mélange, carded & combed yarn. The company operates
Networth 11,180.6
manufacturing facilities in Tamil Nadu with a cumulative capacity of 353,616 spindles to produce 90,000 MT of
yarn per annum; knitting facility to produce 27,000 MT of fabric per annum; garmenting facility to produce 95 Ratios (%)
mn pieces of readymade knitted apparel per annum. KPR’s ETP embedded fabric processing unit has a capacity 10.6
NPM
of producing 18,000 MT per annum and is equipped with advanced cold processing technology and a printing
division with 7,500 MT per annum. As of March 2017, the company had four wholly-owned subsidiaries. RONW 21.3
(As on Mar 31, 2017)

Page Industries Limited

1, Umiya Business Bay, Varthur Hobli, Cessna Business Park, Bengaluru - 560103, Karnataka
Website: www.jockeyindia.com
Dun & Bradstreet D-U-N-S® No 65-088-2041 Top 500 Ranking Income 323 Net Profit 209 Networth 395
About the Company
Financial Snapshot (` mn)
Page Industries Ltd (Page) was incorporated in 1994 as Page Apparel Manufacturing Pvt Ltd. In Aug 2006, it
Total Income 21,564.0
was renamed to ‘Page Industries Pvt Ltd’. Page is the exclusive licensee of JOCKEY International Inc. (USA) for
manufacturing, distributing and marketing of Jockey brand innerwear/ leisurewear for men and women in India, Net Profit 2,662.8
Sri Lanka, Bangladesh, Nepal and UAE. Jockey garments are distributed in over 1,400 cities and towns. During
Networth 6,657.8
2017, the company through its authorised franchisees opened 101 EBOs (Exclusive Brand Outlets) including 5
‘Jockey Woman’ EBOs catering exclusively to women customers, taking the total number of EBOs to 360. The Ratios (%)
company is also an exclusive licensee of Speedo International Ltd, offering a range of swimwear products available 12.3
NPM
in 1,100 stores including 140 large format stores across 106 cities and 9 EBOs across the country. The company
operates 14 manufacturing units in Karnataka, India. RONW 40.0
(As on Mar 31, 2017)

Nahar Spinning Mills Limited

373, Industrial Area-A, Ludhiana - 141003, Punjab
Website: www.owmnahar.com/spinning
Dun & Bradstreet D-U-N-S® No 65-007-7126 Top 500 Ranking Income 324 Net Profit 422 Networth 357
About the Company
Financial Snapshot (` mn)
Nahar Spinning Mills Ltd (Nahar Spinning) was incorporated as a private limited company in 1980 which was
Total Income 21,541.5
converted into a public limited company in 1983. Nahar Spinning is part of the Nahar Group and is engaged in
manufacturing and exporting woollen and cotton hosiery knit wears and woollen textiles. The company has been Net Profit 459.7
certified as a recognized trading house by the Government of India. Nahar Spinning manufactures cotton yarn
Networth 8,562.7
and hosiery garments; nearly 60% of its total production is exported to countries across the world. The countries
to which the company exports its goods include USA, UK, France, Brazil, Bangladesh, Mauritius, Argentina, Ratios (%)
Colombia, Peru, Chile, Netherlands, Japan, Canada, Korea, Taiwan, Hong Kong, Singapore, Egypt and Russia. 2.1
NPM
Nahar has eight manufacturing units located in Punjab and MP which cumulatively have a capacity of 5,00,000
spindles and 1,080 rotors. It manufactures approximately 12.5 mn pieces of hosiery garments annually. RONW 5.4
(As on Mar 31, 2017)

Indo Count Industries Limited

Office No 1, Plot No 266, Village Alte, Kumbhoj Road, Hatkanangale, Kolhapur - 416109, Maharashtra
Website: www.indocount.com
Dun & Bradstreet D-U-N-S® No 91-603-6337 Top 500 Ranking Income 334 Net Profit 230 Networth 368
About the Company
Financial Snapshot (` mn)
Indo Count Industries Ltd (ICIL) was established in 1988 and commenced operations in 1991 as an export oriented
Total Income 20,847.4
unit, focused mainly on yarn production. In 2007, the company forayed into home textile business by setting up
vertically-integrated plant to manufacture bed linen on a global scale. The company’s product portfolio includes Net Profit 2,280.3
bedsheets, fashion bedding, utility bedding and institutional bedding. ISIL is one of the leading manufacturers/
Networth 8,265.5
exporters of bed linen in India, exporting to more than 54 countries across six continents, with exports accounting
for 92% of its revenues. ICIL’s major destination market is the US, accounting for around 65% of its revenues. Ratios (%)
Other prominent markets include UK, Canada, Europe, MENA and Australia. In FY17, ICIL completed Phase I 10.9
NPM
of its capacity expansion plan, boosting its production capacity to 90 mn meters per year, and forayed into the
domestic market with a premium brand, Boutique Living. RONW 27.6
(As on Mar 31, 2017)

INDIA’S TOP 500 COMPANIES 299

The Bombay Dyeing and Manufacturing Company Limited
Neville House, J. N. Heredia Marg, Ballard Estate, Mumbai - 400001, Maharashtra
Website: www.bombaydyeing.com
Dun & Bradstreet D-U-N-S® No 87-180-8207 Top 500 Ranking Income 369 Net Profit 431 Networth 306
About the Company
Financial Snapshot (` mn)
The Bombay Dyeing and Manufacturing Company Ltd (BDMC) was established in 1879. The company engaged
Total Income 17,802.4
primarily in the business of real estate, polyester staple fibre and retail-textiles. It manufactures cotton textile
goods and non-woven fabrics. BDMC is listed on BSE, NSE and The Luxembourg Stock Exchange. In 1999, BDMC Net Profit 417.1
entered into a joint venture with the US-based Fieldcrest Cannon to manufacture terry towels. In 2002, the
Networth 12,652.8
company acquired 51% stake in Proline India Limited for ` 4 cr, and changed its readymade garment business
to the same Proline India Limited. The company also unveiled 150 new designs in bed and bath linen and home Ratios (%)
towel category. In 2016, Archway Investment Company became the whole owned subsidiary of BDMC. Presently, 2.3
NPM
the company’s range of products includes bed sheets, bath linens, comforters, pillow, duvet covers and blankets.
As of Mar 31, 2017, the company has 726 permanent employees. RONW 3.3
(As on Mar 31, 2017)

Nahar Industrial Enterprises Limited

Focal Point, Ludhiana - 141010, Punjab
Website: www.owmnahar.com
Dun & Bradstreet D-U-N-S® No 65-065-2167 Top 500 Ranking Income 379 Net Profit 392 Networth 392
About the Company
Financial Snapshot (` mn)
Nahar Industrial Enterprises Ltd (NIEL) was incorporated in 1983 and it’s a part of the Nahar Group. NIEL is a
Total Income 17,372.9
vertically-integrated textile manufacturer, with operations ranging from spinning, weaving and processing and
also having sugar unit with 2,500 TCD per day. It was renamed in 1994. NIEL operates in two main segments Net Profit 701.3
i.e. textile and sugar. The textiles business accounted for over 89.6% of the company’s revenue in FY17. The
Networth 6,892.1
company produced 68,236 MTs of yarn and 74.7 mn meters of fabrics. Under sugar segment, the company
has produced 468,115 qtls in FY17 as against 435,350 qtls in FY16. As on Mar 31, 2017 the company had four Ratios (%)
associate companies i.e. Cotton County Retail Ltd, J L Growth Fund Ltd, Vardhman Investment Ltd and Atam 4.0
NPM
Vallabh Financiers Ltd. There were 10,473 permanent employees as on Mar 31, 2017.
RONW 10.2
(As on Mar 31, 2017)

Sangam (India) Limited

Atun, Chittorgarh Road, Bhilwara – 311001, Rajasthan
Website: www.sangamgroup.com
Dun & Bradstreet D-U-N-S® No 91-845-8332 Top 500 Ranking Income 404 Net Profit 414 Networth 439
About the Company
Financial Snapshot (` mn)
Sangam (India) Ltd (Sangam), the flagship company of Sangam Group, was incorporated in 1984 and commenced
Total Income 16,169.8
operations in 1985 with eight weaving machines. Sangam operates under two divisions viz. yarn and fabric.
Its product portfolio includes PV blended dyed/ grey yarn, cotton spun yarn, cotton open end yarn, texturized Net Profit 546.0
yarn, synthetic blended fabric, cotton knitted fabrics, denim fabric and seamless garments. As on Mar 31, 2017,
Networth 4,938.5
the company had capacity of 238,608 spindles, 510 weaving machines, five denim fabric processing lines, 36
seamless garment knitting machines and three texturizing machines. The company is also engaged in captive Ratios (%)
power generation and operates 31 MW coal based captive thermal power plant. In FY17 the company reported a 3.4
NPM
fabric production of 47.32 mn metres and 70,505 tonnes. In FY17, the company installed 13,440 spindles and 74
weaving machines and one Denim line at its existing Denim unit. RONW 11.1
(As on Mar 31, 2017)

Siyaram Silk Mills Limited

H 3 / 2 A-Road Tarapur, Boisar MIDC, Thane - 401506, Maharashtra
Website: www.siyaram.com
Dun & Bradstreet D-U-N-S® No 91-588-2087 Top 500 Ranking Income 408 Net Profit 368 Networth 413
About the Company
Financial Snapshot (` mn)
Siyaram Silk Mills Ltd (Siyaram Mills) was incorporated in 1978 and went public in 1980. In 1984 it entered into
Total Income 15,994.3
backward integration of manufacturing textured yarn at Patalganga. Further in 1995 it tied up with J. Hampstead
of Italy/England to market 100% pure worsted suiting in India. The company’s product portfolio comprises of Net Profit 910.1
yarn, fabrics, home furnishing, apparels, women’s wear and readymade garments. Fabrics account for 76.3% of
Networth 5,966.1
the total turnover of the company, while readymade garments account for 21.4% of the total turnover. It also
operates a retail franchise business through over 170 outlets under the name Siyaram’s Shop. The Siyaram’s Ratios (%)
Shops also have tailoring service under brand name Tailor Fit. The company markets its products under brands 5.7
NPM
like Miniature, Mistair, J. Hampstead, Oxemberg, Siya, Cadini, and Casa Moda among others. In Nov 2017, Siyaram
Mills incorporated a wholly owned subsidiary Cadini S R L in Italy. RONW 15.3
(As on Mar 31, 2017)

300 INDIA’S TOP 500 COMPANIES

Filatex India Limited
S No 274, Demni Road, Dadra - 396191, Dadra & Nagar Haveli
Website: www.filatex.com
Dun & Bradstreet D-U-N-S® No 65-064-5005 Top 500 Ranking Income 413 Net Profit 432 Networth 482
About the Company
Financial Snapshot (` mn)
Filatex India Ltd (FIL) was incorporated in 1990 and set up its first manufacturing facility in Jan 1994 in Noida,
Total Income 15,620.0
UP. FIL primarily manufactures different varieties of synthetic manmade fibres. It’s product portfolio consists of
partially oriented yarn, polyester textured yarn, fully drawn yarns, polypropylene yarns, narrow woven fabrics, Net Profit 412.0
monofilament yarns and PET chips. FIL has also diversified into special polyester filament yarns like micro-denier
Networth 2,895.5
polyester filament yarn. The company has manufacturing facilities located in Dadra, Dahej and Noida. In FY17,
exports accounted for 19.4% of total revenue. Amongst product categories, polyester filament yarn accounted Ratios (%)
for 29.58% of total revenue, followed by fully drawn yarn and draw texturized yarn which accounted for 27.6% 2.6
NPM
and 24.02% of total revenue respectively. As of Mar 31, 2017, the company had one subsidiary – Filatex Global
Pte Ltd. RONW 14.2
(As on Mar 31, 2017)

Sintex Industries Limited

Kalol - 382721, Dist. Gandhinagar, Gujarat
Website: www.sintex.in
Dun & Bradstreet D-U-N-S® No 65-004-9943 Top 500 Ranking Income 421 Net Profit 321 Networth 142
About the Company
Financial Snapshot (` mn)
Sintex Industries Ltd (Sintex), a part of Sintex Group was incorporated as The Bharat Vijay Mills Limited in June
Total Income 15,141.6
1931. The Company’s segments include Textiles and Yarn division. The textile division works under the name
‘Bharat Vijay Mills (BVM)’ and Sintex Yarns works with unparalleled technology that can process the cotton into Net Profit 1,274.8
high-quality sustainable yarns. Sintex Yarns has set up a Greenfield Textile Project which is strategically located
Networth 39,064.5
along the richest cotton belts of India and is in close proximity to the prominent seaports of Gujarat. The project
envisaged a capacity of one million spindles. The production of value-added yarns is been incorporated as part Ratios (%)
of the project. At full capacity, the plant will produce close to a massive 500 tons of yarn per day. The Company’s 8.4
NPM
plastic plants are located at Kalol (N.G.), Kolkata, Daman, Bhachau, Nagpur, Nalagarh, Salem and Namakkal and
Lunsapur. In FY17, Sintex demerged to Sintex Industries and Sintex Plastics Technology Limited. RONW 3.3
(As on Mar 31, 2017)

Himatsingka Seide Limited

No. 10/24, Kumara Krupa Road, High Grounds, Bengaluru - 560001, Karnataka
Website: www.himatsingka.com
Dun & Bradstreet D-U-N-S® No 65-012-7392 Top 500 Ranking Income 433 Net Profit 269 Networth 329
About the Company
Financial Snapshot (` mn)
Himatsingka Seide Ltd (Himatsingka Seide) was incorporated in 1985. The company is vertically integrated in
Total Income 14,399.9
the home textile sector. It manufactures, retails and distributes bedding, bath, drapery, upholstery and lifestyle
accessory products made of cotton, silk and blends. Its retail and distribution network has over 8,000 points Net Profit 1,768.4
of sale including 200 shop-in-shops of its licensed brands in major departmental stores and 25 exclusive retail
Networth 10,667.2
stores. It operates retail and distribution business across 22 countries in North America, Europe and Asia. The
company operates two vertically integrated manufacturing facilities in Bengaluru and Hassan in Karnataka. It holds Ratios (%)
brands including; Calvin Klein home, Kelly wearstler, BEEKMAN, Kate Spade, Barbara Barry, Esprit, Aeropostale, 12.3
NPM
atmosphere and Bellora among others. As on Mar 31, 2017, the company has seven subsidiaries.
RONW 16.6
(As on Mar 31, 2017)

Century Enka Limited

Plot No. 72 & 72-A, MIDC, Bhosari, Pune - 411026, Maharashtra
Website: www.centuryenka.com
Dun & Bradstreet D-U-N-S® No 86-218-3949 Top 500 Ranking Income 449 Net Profit 369 Networth 359
About the Company
Financial Snapshot (` mn)
Century Enka Ltd (CEL) was established in 1965 and is part of the B.K. Birla group of companies. The company
Total Income 13,547.1
mainly engages in the manufacture of polyester filament yarn, nylon filament yarn, polyester POY, polyester
and nylon chips of industrial and fabric grade and nylon industrial yarn and nylon tyre cord fabrics. CEL has Net Profit 909.7
two manufacturing units at Pune in Maharashtra and Rajashree Nagar in Gujarat. Nylon tyre cord fabric (NTCF)
Networth 8,543.6
accounts for 60.45% of the total turnover of the company, while polyester/ nylon filament yarn 38.11% of the
total turnover of the company. In FY17, the production of NTCF and industrial yarn was higher by 9.5% at 32,288 Ratios (%)
MT and of nylon textile yarn by 23.4% at 22,809 MT. 6.7
NPM
RONW 10.6
(As on Mar 31, 2017)

INDIA’S TOP 500 COMPANIES 301

Mafatlal Industries Limited
Kaledonia, 6th Floor, Sahar Road, Andheri (E), Mumbai - 400069, Maharashtra
Website: www.mafatlals.com
Dun & Bradstreet D-U-N-S® No 86-041-6236 Top 500 Ranking Income 464 Net Profit 480 Networth 464
About the Company
Financial Snapshot (` mn)
Mafatlal Industries Ltd (MIL), the flagship company of Arvind Mafatlal Group, traces its origin back to 1873. The
Total Income 12,806.8
company was incorporated in 1913 and is engaged in the manufacture and sale of textiles including menswear,
womenswear, institutional & school uniforms, denim, bed linen, bath towels and specialty fabrics. MIL has three Net Profit (21.5)
manufacturing units at Nadiad and Navsari in Gujarat and Mumbai in Maharashtra. As of March 2016, MIL had
Networth 3,754.1
one subsidiary, Mafatlal Services Ltd, and one joint venture, Al Fahim Mafatlal Textiles LLC (UAE) in which the
company has 49% shareholding. In India, apparel brands like Marks & Spencer, Next, Debenhams, Tommy Hilfiger, Ratios (%)
Gap, Marco Polo, Jules, Wrangler, Lee, Jack & Jones, UF and Esprit procure their fabric from MIL. The company also (0.2)
NPM
exports its fabrics, including denims, to clients in USA, South America, UK, Switzerland, Italy, France, Germany,
UAE, Qatar, Saudi-Arabia, Yemen, Oman, Egypt, Sri Lanka, Malaysia, Indonesia, Thailand, Hong Kong and Japan. RONW (0.6)
(As on Mar 31, 2017)

Banswara Syntex Limited

Industrial Area, Dahod Road, Post Box No. 21, Banswara-327001, Rajasthan
Website: www.banswarasyntex.com
Dun & Bradstreet D-U-N-S® No 67-760-3983 Top 500 Ranking Income 470 Net Profit 461 Networth 488
About the Company
Financial Snapshot (` mn)
Banswara Syntex Ltd (BSL) is a textile mill manufacturing company. It was incorporated in 1976 as a joint sector
Total Income 12,561.3
company with RIICO Ltd. (A Govt. of Rajasthan Undertaking) and Mr. Toshniwal. Presently, it is a public limited
company. Spinning, weaving, dyeing, processing, garmenting and power plant are the key operational segments Net Profit 165.8
of the company. BSL manufactures man-made synthetic blended yarn, wool and wool mixed yarn and all types
Networth 2,681.9
of fabrics. The base products include yarn, fabric and readymade garments while technical fabric, automotive
fabric and fire retardant fabric are its featured products. Presently the spinning capacity is 1,43,240 spindles (had Ratios (%)
started with 12,500 spindles only). The company also has a lab dye house for dyeing of fiber, yarn and wool. Its 1.3
NPM
lycra manufactured fabrics are exported to more than 50 countries. In 2016, BSL adopted a new brand SOGNARE
for domestic sales. RONW 6.2
(As on Mar 31, 2017)

Nandan Denim Limited

Chiripal House, Shivaranjani Cross Road, Satellite, Ahmedabad – 380 015, Gujarat
Website: www.nandandenim.com
Dun & Bradstreet D-U-N-S® No 91-636-1616 Top 500 Ranking Income 478 Net Profit 410 Networth 456
About the Company
Financial Snapshot (` mn)
Nandan Denim Ltd (NDL) was incorporated in 1994 as a private limited company and commenced operations
Total Income 12,228.3
in 1999. NDL is part of the Chiripal Group with presence in a range of businesses, including textiles, packaging,
education and infrastructure. The company mainly engages in cotton spinning, weaving and processing in mills. Net Profit 566.7
NDL’s textile products are supplied to leading customers in India as well as international markets. The Company’s
Networth 4,201.0
denim collections include EUROPA 2020, FEMME FATALE, BLUE LABYRINTH, PEOPLE OF YELLOW and KIDICIOUS.
The Company also produces khakis. NDL operated two manufacturing plants located in Gujarat, with a denim Ratios (%)
manufacturing capacity of 110 MMTPA; also has 10 MMPA capacity for processing shirting fabric; an installed 4.6
NPM
capacity of 10 million metric TPD for yarn dyeing, and an installed capacity of 141 TPD of spinning, as on Mar 31,
2017. The key customers include spykar, mufti, Colorplus, Polo, and Tommy Hilfiger. RONW 13.5
(As on Mar 31, 2017)

Sumeet Industries Limited

504, Trividh Chambers, 5th Floor, Ring Road, Surat - 395002, Gujarat
Website: www.sumeetindustries.com
Dun & Bradstreet D-U-N-S® No 86-220-7912 Top 500 Ranking Income 480 Net Profit 435 Networth 478
About the Company
Financial Snapshot (` mn)
Sumeet Industries Ltd (Sumeet Industries) was incorporated in 1988 as Sumeet Synthetics Ltd and acquired its
Total Income 12,053.1
present name in 1996. The company’s product portfolio includes PET chips, partially oriented yarn (POY), fully
draw yarn (FDY), polyester texturised yarn and carpet yarn. The company has set up C.P. plant (Continuous Poly Net Profit 367.3
Condensation plant of 100,000 TPA capacity and 10’ lines of polyester POY / FDY spinning plant with annual
Networth 3,079.5
installed capacity of 48,300 TPA. The company produces a wide range of POY products including polyester semi
dull intermingled POY, bright yarn and dope dyed black yarn for draw texturizing, air texturizing, draw twisting Ratios (%)
and draw warping applications. Under FDY category, the company produces semi dull and bright FDY and super 3.0
NPM
bright dope dyed FDY. Under polyester texturised yarn category, the company produces yarns of 75 deniers, 100
deniers, 126 deniers, 150 deniers in various filaments both in semi dull and in black colour. RONW 11.9
(As on Mar 31, 2017)

302 INDIA’S TOP 500 COMPANIES

Jindal Worldwide Limited
Jindal House, Opp. D-Mart, IOC Petrol Pump Lane, Shivranjani Shyamal 132 Ft Ring Road, Satellite, Ahmedabad - 380015, Gujarat
Website: www.jindaltextiles.com
Dun & Bradstreet D-U-N-S® No 65-045-8623 Top 500 Ranking Income 486 Net Profit 397 Networth 484
About the Company
Financial Snapshot (` mn)
Jindal Worldwide Ltd (Jindal Worldwide), part of the diversified Jindal group, was incorporated in 1986 and went
Total Income 11,854.2
public in 1995. The company is primarily engaged in the business of manufacturing and dealing in denim and
other textile activities. Some of its offerings include; denims, bottom weight fabric, shirting fabric, yarn dyed Net Profit 665.6
fabric, and bed sheets. It has a manufacturing capacity of 74 mn meters of denim fabric on an annual basis. The
Networth 2,836.4
company supplies Dobbies, double cloth, corduroys, cotton twills, cotton tussar, cotton viscose, micro Tussar and
pc x pc, among others. It offers a range of shirting fabrics, such as rich cotton, casuals, plaid, striped, micro-dot, Ratios (%)
classic, military and western. The company offers fabric rich 100% cotton, purnt out fabric, curtain fabric, poly 5.6
NPM
cotton and union fabric. Its range of bed sheets includes quilt covers/duvet covers, flat sheets, fitted sheets,
pillow covers, valance sheets and bloster case. RONW 23.5
(As on Mar 31, 2017)

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INDIA’S TOP 500 COMPANIES 303

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

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304 INDIA’S TOP 500 COMPANIES

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

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INDIA’S TOP 500 COMPANIES 305

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

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306 INDIA’S TOP 500 COMPANIES

TOBACCO PRODUCTS
Comparative Matrix

Sector Total Income Net Profit Net Worth NPM RONW

Company Name
TI Rank ` Mn ` Mn ` Mn (%) (%)
1 ITC Limited 574,343.7 102,009.0 453,409.6 17.8 22.5
2 Godfrey Phillips India Limited 44,428.1 1,363.5 15,918.2 3.1 8.6

INDIA’S TOP 500 COMPANIES

ITC Limited
Virginia House, 37 Jawaharlal Nehru Road, Kolkata - 700071, WB
Website: www.itcportal.com
Dun & Bradstreet D-U-N-S® No 86-216-7769 Top 500 Ranking Income 16 Net Profit 10 Networth 18
About the Company
Financial Snapshot (` mn)
ITC Ltd (ITC) was established in 1910 as Imperial Tobacco Company of India Ltd and acquired its present name
Total Income 574,343.7
in 1974. ITC has diversified into 13 businesses including FMCG, hotels and hospitality, agriculture, paperboards,
paper and packaging and information technology. Under FMCG segment, the company manufactures products Net Profit 102,009.0
covering branded packaged foods, personal care, education & stationery, lifestyle retailing, incense sticks,
Networth 453,409.6
cigarettes and safety matches. The company owns 25 mother brands in FMCG segment, over 200 manufacturing
units, more than 100 hotels in 70 locations and employs over 30,000 people. The company has 24 subsidiaries, Ratios (%)
six associate companies and 4 JVs. In Nov 2017, the company entered into fresh fruits and vegetables business by 17.8
NPM
launching its new brand ‘Farmland’ which has a range of variants in potatoes such as natural low sugar potatoes,
potatoes with natural antioxidant, baby potatoes and french fry potatoes. RONW 22.5
(As on Mar 31, 2017)

Godfrey Phillips India Limited

Macropolo Bldg, Dr Babasaheb Ambedkar Road, Lalbaug, Mumbai - 400033, Maharashtra
Website: www.godfreyphillips.com
Dun & Bradstreet D-U-N-S® No 67-559-3154 Top 500 Ranking Income 183 Net Profit 310 Networth 267
About the Company
Financial Snapshot (` mn)
Godfrey Phillips India Ltd (Godfrey), the flagship company of Modi Enterprises, was incorporated in 1936. While
Total Income 44,428.1
the company was primarily involved in cigarette manufacturing, it has now extended its business to tea, pan
masala, chewing and confectionery productions. Godfrey has several renowned cigarette brands under its portfolio Net Profit 1,363.5
including Four Square, Red and White, Cavanders, Marlboro, Tipper and North Pole. Godfrey exports its own
Networth 15,918.2
cigarette brands, cut and blended tobacco, tobacco leaf and offer technical services and contract manufacturing
for companies from the Middle East, Africa, Asia, Europe, Australia and Latin America. The company’s international Ratios (%)
business division also exports bulk and specialty teas to Germany, USA, Japan, UAE and Kazakhstan. The company 3.1
NPM
has five manufacturing facilities located at Rabale (Maharashtra) Bazpur (Uttarakhand), Kolkata (West Bengal), &
two units in Ghaziabad (UP), a R&D centre in Mumbai, & a tobacco-buying unit in Guntur (AP). RONW 8.6
(As on Mar 31, 2017)

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INDIA’S TOP 500 COMPANIES 309

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

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(As on Mar 31, 2017)

310 INDIA’S TOP 500 COMPANIES

TRADING & DISTRIBUTION
Comparative Matrix

Sector Total Income Net Profit Net Worth NPM RONW

Company Name
TI Rank ` Mn ` Mn ` Mn (%) (%)
1 Redington (India) Limited 154,807.5 2,016.8 15,462.7 1.3 13.0
2 MMTC Limited 117,506.6 570.6 14,340.8 0.5 4.0
3 Adani Enterprises Limited 92,821.8 2,216.4 37,671.8 2.4 5.9
4 Kothari Products Limited 43,802.9 645.1 8,242.1 1.5 7.8
5 Compuage Infocom Limited 35,704.8 176.7 1,150.4 0.5 15.4
6 TVS Electronics Limited 26,264.4 71.6 514.1 0.3 13.9
7 Sakuma Exports Limited 20,277.6 146.0 1,044.6 0.7 14.0
8 Adani Transmission Limited 16,083.0 38.5 21,209.9 0.2 0.2
9 Fourth Dimension Solutions Limited 14,935.1 219.6 681.3 1.5 32.2
10 Competent Automobiles Company Limited 12,440.5 121.2 1,148.7 1.0 10.6

INDIA’S TOP 500 COMPANIES

Redington (India) Limited
SPL Guindy House, 95, Mount Road, Chennai – 600032, TN
Website: www.redingtonindia.com
Dun & Bradstreet D-U-N-S® No 86-026-4143 Top 500 Ranking Income 63 Net Profit 245 Networth 272
About the Company
Financial Snapshot (` mn)
Redington (India) Ltd (Redington) commenced its operations in 1993 in India. It was listed in 2007. Redington’s
Total Income 154,807.5
core business includes technology distribution, hardware support services and warehousing and logistics. Outside
India, it operates in Middle East, Africa, Turkey, South Asia and CIS countries. It has two wholly owned subsidiaries Net Profit 2,016.8
namely ProConnect Supply Chain Solutions Ltd and Ensure Support Services (India) Ltd. The company also has
Networth 15,462.7
two overseas subsidiaries, Redington International Mauritius Ltd addressing Middle East, Turkey, Africa region,
and Redington Distribution Pte Ltd, Singapore (RDPL) addressing Sri Lanka, Bangladesh, Nepal and Maldives. Ratios (%)
Nook Micro Distribution Ltd and Cadensworth (India) Ltd, the subsidiaries of Redington were merged with the 1.3
NPM
company on Apr 1, 2015 and Apr 1, 2016, respectively.
RONW 13.0
(As on Mar 31, 2017)

MMTC Limited
Core-1, Scope Complex, 7, Institutional Area, Lodhi Road, New Delhi - 110003, Delhi
Website: www.mmtclimited.gov.in
Dun & Bradstreet D-U-N-S® No 65-006-7721 Top 500 Ranking Income 77 Net Profit 409 Networth 284
About the Company
Financial Snapshot (` mn)
MMTC Ltd, (MMTC) established in 1963, is an international trading central public-sector undertaking, under the
Total Income 117,506.6
administrative control of Ministry of Commerce & Industry, Govt. of India. The principal activities of the company
are export of minerals and import of precious metals, non-ferrous metals, fertilizers, agro products, coal and Net Profit 570.6
hydrocarbon etc. MMTC also deals in engineering products and drugs and pharmaceuticals. The company’s trade
Networth 14,340.8
activities span across various countries in Asia, Europe, Africa and Middle East. As of March 2017, the company
has 9 regional offices in major cities and ports of India and a wholly-owned subsidiary – MMTC Transnational Pvt. Ratios (%)
Ltd (MTPL), Singapore. MMTC is the first public sector enterprise to be accorded the status of ‘Five-star export 0.5
NPM
house’ by the government for long standing contribution to exports. In Jan 2017, the company through its joint-
venture, NINL signed an agreement with the Govt of Orissa for iron ore mining. RONW 4.0
(As on Mar 31, 2017)

Adani Enterprises Limited

Adani House, Nr. Mithakhali Six Roads, Navrangpura, Ahmedabad-380009, Gujarat
Website: www.adanienterprises.com
Dun & Bradstreet D-U-N-S® No 65-022-3480 Top 500 Ranking Income 101 Net Profit 232 Networth 148
About the Company
Financial Snapshot (` mn)
Adani Enterprises Ltd (AEL) was incorporated in 1994, as the is the flagship company of the Adani Group. AEL
Total Income 92,821.8
operates in the coal trading and mining, renewable energy generation, agri-storage infrastructure services and
edible oil and gas distribution sectors. AEL has a mine development and operations permit for coal mining for Net Profit 2,216.4
three mines located in Chhattisgarh. The company also owns coal mines in Indonesia and Australia. AEL imports
Networth 37,671.8
coal from Indonesia and South Africa. AEL and Wilmar, Singapore formed a joint venture to manufacture edible
oil, basmati rice, pulses, soya chunks and besan. AEL owns the Fortune brand of edible oils. The company provides Ratios (%)
bulk handling, storage and logistics systems for food grains to the Food Corporation of India. It is also present in 2.4
NPM
the packing and storage services in horticulture. Its activities include storing apples, citrus fruits, litchi, cherry,
grape and pomegranates. RONW 5.9
(As on Mar 31, 2017)

Kothari Products Limited

Pan Parag House, 24/19, The Mall, Kanpur - 208001, UP
Website: www.kothariproducts.in
Dun & Bradstreet D-U-N-S® No 91-683-1487 Top 500 Ranking Income 190 Net Profit 400 Networth 369
About the Company
Financial Snapshot (` mn)
Kothari Products Ltd (Kothari Products), a Kothari Group company was incorporated in 1983. The company has
Total Income 43,802.9
a diversified business across three segments viz. real estate ventures, international trade and investment in
securities. Under the real estate segment, the company and its associates along with other promoter group Net Profit 645.1
companies’ make investment in the real estate sector in the commercial, residential, retail, hospitality segments,
Networth 8,242.1
land and development. Under international trade, company imports and exports various commodities including
agro-based commodities, minerals, metals, petroleum products, coal, tiles, notebook, copier paper, steel, scrap Ratios (%)
and PVC amongst others. Under investment business, it invests its funds in stocks and mutual funds along with 1.5
NPM
subscribing share capital of its subsidiaries. The company also manages 350-key hotel operational in Kolkata
which is operated and managed by International Group – Accor Hotels under the brand NOVOTEL. RONW 7.8
(As on Mar 31, 2017)

INDIA’S TOP 500 COMPANIES 313

Compuage Infocom Limited
D Wing 601/602, Ram Mandir Road, Western Express Highway, Mumbai 400063, Maharashtra
Website: www.compuageindia.com
Dun & Bradstreet D-U-N-S® No 86-025-3609 Top 500 Ranking Income 224 Net Profit 459 Networth 495
About the Company
Financial Snapshot (` mn)
Compuage Infocom Ltd (CIL) was incorporated in 1987 and got listed on Bombay stock exchange on Jan 29,
Total Income 35,704.8
2002. CIL is an IT and mobility distribution company offering products and solutions such as hardware, software,
networking, data management and storage of leading brands to SOHO, SMB, mid-size, large enterprise and Net Profit 176.7
Government organizations. The company has nationwide presence across 24 states and one union territory
Networth 1,150.4
along with an overseas branch in Singapore. CIL operates through a network of over 10,000 reseller partners
across 800 cities and towns. The company has 41 branches, one central warehouse, three redistribution hubs, Ratios (%)
42 warehouses and 61 service centres. In FY17, 14 new brands were added, increasing the product portfolio to 0.5
NPM
35. In Jul 2016, the company got listed on National Stock Exchange. Company is adopting newer channels such as
e-commerce which is increasing the reach and pace of growth of the company. RONW 15.4
(As on Mar 31, 2017)

TVS Electronics Limited

Jayalakshmi Estates, No. 29, Haddows Road, Chennai - 600006, TN
Website: www.tvs-e.com
Dun & Bradstreet D-U-N-S® No 86-011-8886 Top 500 Ranking Income 283 Net Profit 471 Networth 500
About the Company
Financial Snapshot (` mn)
TVS Electronics Ltd (TVS Electronics), a part of the TVS Group, was incorporated in 1986 as an IT peripheral
Total Income 26,264.4
manufacturer. The company’s business can be classified into service business and product business. The service
offerings of TVS Electronics include a range of services like call centre, installation, repair, refurbishment, Net Profit 71.6
remote tech, managed services, extended warranty protection, e-auction, fulfilment services and supply chain
Networth 514.1
management. The company offers its services to various customer segments like B2B, B2O and B2C. It caters to
service requirements of its client through 13 branch offices, over 200 authorised service partners, more than 60 Ratios (%)
multi-brand walk-in centres, 20+ warehouses/ drop points, three repair factories and 15 regional repair centres 0.3
NPM
spread across the country. Under products category, the company offers DOT Matrix printers, electronic cash
registers, label printers, barcode scanners, specialty printers, thermal receipt printers, POS DMP etc. RONW 13.9
(As on Mar 31, 2017)

Sakuma Exports Limited

A-301, Aurus Chambers, S.S. Amrutwar Lane, Worli, Mumbai - 400013, Maharashtra
Website - www.sakumaexportsltd.com
Dun & Bradstreet D-U-N-S® No 87-177-8664 Top 500 Ranking Income 337 Net Profit 462 Networth 497
About the Company
Financial Snapshot (` mn)
Sakuma Exports Ltd (Sakuma), was incorporated in Aug 2015, as a public limited company, originally was formed
Total Income 20,277.6
as a partnership firm “Sakuma Exports” on Dec 1, 1998 at Mumbai, as a trading entity with a single commodity and
a single international client. Today Sakuma has created a position for itself by fulfilling commodity requirements Net Profit 146.0
The Company is engaged in exports of commodities, such as sugar, rice, maize, sesame seeds, ground nuts,
Networth 1,044.6
pulses, oil meal and raw cotton, among others. The Company is engaged in the import of commodities, such
as sugar, coal and oil. The Company caters to both domestic and international markets. The Company also Ratios (%)
offers coriander, turmeric, tamarind, cumin seeds, chilly, fenugreek seeds, watermelon, jiggery, cashews, onion, 0.7
NPM
peanuts in shell, niger seeds, wheat, tea leaf and lentils. The Company operates Three Star Trading House. SEL
also offers innovative financial structured products which linked to physical commodities. RONW 14.0
(As on Mar 31, 2017)

Adani Transmission Limited

Adani House, Near Mithakhali Six Roads, Navrangpura, Ahmedabad - 380009, Gujarat
Website: www.adanitransmission.com
Dun & Bradstreet D-U-N-S® No 65-096-0821 Top 500 Ranking Income 406 Net Profit 475 Networth 221
About the Company
Financial Snapshot (` mn)
Adani Transmission Ltd (ATL) is a transmission arm of the Indian business conglomerate Adani group incorporated
Total Income 16,083.0
in 2013. The company is a private power transmission company headquartered at Gujarat. ATL with its operation
and management support team have managed to complete its first high voltage direct current (HVDC) Net Profit 38.5
transmission system and double circuit transmission system. It has also taken up construction of various projects
Networth 21,209.9
through engineering, procurement and construction (EPC) route. ATL has established around 5,000 kms of
transmission network. The company has also executed 765 KV transmission lines and substations in Maharashtra. Ratios (%)
ATL acquired 3 subsidiaries of PFC consulting in 2015. The company acquired 2 SPVs Barmer Power Transmission 0.2
NPM
Service Limited and Thar Power Transmission Service Limited in 2017. In the same year it signed binding SPA with
R-Infra to acquire integrated business of generation, transmission, distribution and retail power for Mumbai. RONW 0.2
(As on Mar 31, 2017)

314 INDIA’S TOP 500 COMPANIES

Fourth Dimension Solutions Limited
DSM-340, DLF Trade Tower, Shivaji Marg, New Delhi - 110015, Delhi
Website: www.fdsindia.co.in
Dun & Bradstreet D-U-N-S® No 65-084-2003 Top 500 Ranking Income 423 Net Profit 451 Networth 499
About the Company
Financial Snapshot (` mn)
Fourth Dimension Solutions Ltd (FDSL) was founded in 2011. It is an Indian based Information Technology (IT)
Total Income 14,935.1
and Cable Infrastructure company which provides end-to-end IT and telecon solutions combined with technical
support and operations outsourcing. The company operates in three core verticals – Technology solutions, IT Net Profit 219.6
Infrastructure Services and Operations Outsourcing. FDSL is involved in Project and Program Management,
Networth 681.3
Internet and Web Marketing, IT Products – Sales and Service, Printing Solutions and Document Management.
The company has completed projects across various sectors such as Government sector, Corporate Sector and Ratios (%)
Defence Sector. The company clientele includes Acer, Adobe, Fujitsu, Intel, Symantec, Samsung, CISCO and 1.5
NPM
Microsoft. The company has a workforce of over 2,000 employees.
RONW 32.2
(As on Mar 31, 2017)

Competent Automobiles Company Limited

Competent House, F-14, Connaught Place, New Delhi - 110001, Delhi
Website: www.competent-maruti.com
Dun & Bradstreet D-U-N-S® No 65-071-5303 Top 500 Ranking Income 473 Net Profit 466 Networth 496
About the Company
Financial Snapshot (` mn)
Competent Automobiles Co. Ltd (CACL) is a part of the Competent group incorporated in 1985 and is based in
Total Income 12,440.5
New Delhi; and listed on BSE. It is engaged in trading and servicing of Maruti Suzuki vehicles in India. It operates in
two segments, a) Showroom and b) Services and Spares. The Showroom segment is involved in the purchase and Net Profit 121.2
sale of vehicles manufactured by Maruti Suzuki India Ltd. The Services and Spares segment engages in servicing
Networth 1,148.7
of Maruti Suzuki vehicles, as well as the sale of its spare parts. Presently, the company has its presence in Delhi,
Haryana and Himachal Pradesh as a dealer of Maruti Suzuki India Ltd. The company has got nine showrooms and Ratios (%)
six workshops across these locations. As on Mar 31, 2017, CACL has a workforce of 1,762. 1.0
NPM
RONW 10.6
(As on Mar 31, 2017)

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xyz
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Total Income
Net Profit
Networth
Ratios (%)
NPM
RONW
(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
xyz
Financial Snapshot (` mn)
Total Income
Net Profit
Networth
Ratios (%)
NPM
RONW
(As on Mar 31, 2017)

INDIA’S TOP 500 COMPANIES 315

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

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

316 INDIA’S TOP 500 COMPANIES

TRANSPORT & LOGISTICS
Comparative Matrix

Sector Total Income Net Profit Net Worth NPM RONW

Company Name
TI Rank ` Mn ` Mn ` Mn (%) (%)
1 Container Corporation Of India Limited 58,953.7 8,580.2 88,462.0 14.6 9.7
2 Blue Dart Express Limited 27,086.9 1,395.7 5,217.2 5.2 26.8
3 Transport Corporation Of India Limited 18,219.7 702.6 5,809.0 3.9 12.1
4 VRL Logistics Limited 18,123.8 704.7 5,412.3 3.9 13.0
5 Allcargo Logistics Limited 12,000.1 1,063.2 13,424.1 8.9 7.9

INDIA’S TOP 500 COMPANIES

Container Corporation of India Limited
C-3, CONCOR Bhawan, Mathura Road, Opp. Apollo Hospital, New Delhi - 110076, Delhi
Website: www.concorindia.com
Dun & Bradstreet D-U-N-S® No 65-028-0696 Top 500 Ranking Income 146 Net Profit 87 Networth 84
About the Company
Financial Snapshot (` mn)
Container Corporation of India Ltd (CONCOR), a Navratna company of the Ministry of Railways, GoI, was
Total Income 58,953.7
established in Mar 1988 and commenced operations from Nov 1989. CONCOR’s business can be classified under
three distinct activities namely, that of carrier, a terminal operator and a warehouse operator. As a terminal and Net Profit 8,580.2
CFS operator, the company has an extended network of 79 terminals, of which 14 are export-import container
Networth 88,462.0
depots, 7 strategic tieups, 22 exclusive domestic container depots and 36 terminal platforms with combined role
of domestic as well as international terminals. Through its terminals, the company provides various facilities like Ratios (%)
warehousing, container parking, repair facilities and office complexes. In Dec 2017, CONCOR and Bharat Mumbai 14.6
NPM
Container Terminals Pvt Ltd (BMCT) signed an MoU to launch a dedicated shuttle train running between BMCT
and CONCOR’s Rail Transshipment Hubs at Khatuwas and Jakhwada. RONW 9.7
(As on Mar 31, 2017)

Blue Dart Express Limited

Blue Dart Centre, Sahar Airport Road, Andheri (East), Mumbai - 400099, Maharashtra
Website: www.bluedart.com
Dun & Bradstreet D-U-N-S® No 65-019-1380 Top 500 Ranking Income 276 Net Profit 308 Networth 432
About the Company
Financial Snapshot (` mn)
Blue Dart Express Ltd (Blue Dart) was established in 1983 as Blue Dart Courier Services. In 1991, the company was
Total Income 27,086.9
registered as a private limited company and acquired its present name. It is primarily engaged in the business of
integrated air and ground transportation and distribution of time sensitive packages within India. The company Net Profit 1,395.7
offers B2B/B2C express and e-tailing distribution services. The company has an extensive domestic network
Networth 5,217.2
covering over 35,142 locations and services more than 220 countries and territories worldwide through sales
alliance with DHL. It operates through an air support of 6 Boeing 757 freighters and a ground support of 11,122 Ratios (%)
vehicles. The company also has warehouses at 85 locations across the country as well as bonded warehouses at 5.2
NPM
the seven major metros of Ahmedabad, Bangalore, Chennai, Delhi, Mumbai, Kolkata and Hyderabad. In FY17,
Blue Dart handled 184.15 mn domestic shipments and 0.9 mn international shipments. RONW 26.8
(As on Mar 31, 2017)

Transport Corporation of India Limited

FNo 306/7, 1/8/271/2/3, Ashoka Bhoopal Chambers, SP Road, Secunderabad - 500003, Telangana
Website: www.timetechnoplast.com
Dun & Bradstreet D-U-N-S® No 91-508-4974 Top 500 Ranking Income 362 Net Profit 391 Networth 418
About the Company
Financial Snapshot (` mn)
Transport Corporation of India Ltd (TCI) was incorporated in 1958 and registered as a public limited company in
Total Income 18,219.7
1995. TCI is a multimodal logistics and supply chain solutions provider with its business activities divided into
different strategic business units. TCI freight division, as on Mar 31, 2017, accounted for 50.42% in the total Net Profit 702.6
revenue of the company. It provides multimodal transportation solutions including full truck load, less than
Networth 5,809.0
truck load, small packages and consignments and over dimensional cargo (ODC) through road and rail. TCI SCS
provides integrated logistics and supply chain solutions which involves offering customized logistics solutions, Ratios (%)
warehousing, and planning & information management skills. TCI Seaways division owns five ships providing 3.9
NPM
coastal shipping services and handles both container and bulk cargo movement in India.
RONW 12.1
(As on Mar 31, 2017)

VRL Logistics Limited

Bengaluru Road Varur, Hubballi - 581207, Karnataka
Website: www.vrlgroup.in
Dun & Bradstreet D-U-N-S® No 72-542-9422 Top 500 Ranking Income 364 Net Profit 389 Networth 427
About the Company
Financial Snapshot (` mn)
VRL Logistics Ltd (VRL) was incorporated in 1976 as a surface logistics and parcel delivery services company. It
Total Income 18,123.8
has four operating divisions, goods transport, bus operations, sale of power, and transport of passengers by air.
The company is primarily engaged in providing less than truckload services (LTL) for general and priority parcels Net Profit 704.7
catering through a transportation network of 28 states and four union territories across India. Other services
Networth 5,412.3
provided by VRL include full truck load (FTL), car carrying, priority cargo and courier services. VRL provides luxury
bus services across cities like Bengaluru, Mumbai, Pune, Ahmedabad, Hyderabad and Goa along with other Ratios (%)
tier-II and tier- III cities. VRL also offers bulk charters and charter services to individuals, corporate clients and 3.9
NPM
government officials through a fleet of a Premier 1A and a Premier 1 aircraft of Hawker.
RONW 13.0
(As on Mar 31, 2017)

INDIA’S TOP 500 COMPANIES 319

Allcargo Logistics Limited
6th Floor, Avvashya House, CST Road, Santacruz (E), Mumbai – 400098, Maharashtra
Website: www.allcargologistics.com
Dun & Bradstreet D-U-N-S® No 91-854-9499 Top 500 Ranking Income 482 Net Profit 346 Networth 297
About the Company
Financial Snapshot (` mn)
Allcargo Logistics Ltd (ALL), founded in 1993, is an integrated logistics solutions provider. The company began
Total Income 12,000.1
its journey as a cargo handling operator at Mumbai Port in 1993 and went public in Jun 2006. In the same
year the company acquired the Belgium founded ‘ECU Worldwide’ to enhance their operations. In 2016, the Net Profit 1,063.2
company also changed its identity to ECU Worldwide. The company functions with a network of 25 offices in India
Networth 13,424.1
and over 300 offices globally across 160 countries. The company also has a network of warehouses across 20
locations in India. The services include LCL consolidation, FCL forwarding, air freight services, and movement of Ratios (%)
over dimensional & project cargo and multi city consolidation. ALL also provides project engineering and shipping 8.9
NPM
solutions, e-commerce logistics, coastal shipping, contract logistics and container freight stations (CFS) facilities.
The employee strength of the company was 892 in 2017. 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
xyz
Financial Snapshot (` mn)
Total Income
Net Profit
Networth
Ratios (%)
NPM
RONW
(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
xyz
Financial Snapshot (` mn)
Total Income
Net Profit
Networth
Ratios (%)
NPM
RONW
(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
xyz
Financial Snapshot (` mn)
Total Income
Net Profit
Networth
Ratios (%)
NPM
RONW
(As on Mar 31, 2017)

320 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 (%)
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)

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 321

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

Private Limited Financial Snapshot (` mn)

Total Income
Net Profit
Networth
At present ecommerce is mainly limited to urban Ratios
populace.
(%)

Rural segment needs access to commodityNPM

and services at
RONW
a lower cost of delivery. Rural assisted ecommerce for(Asmasses
on Mar 31, 2017)

is going to the real game changer in coming days. NextDoor

Hub is creating a sustainable infrastructure towards that goal.
Dun & Bradstreet D-U-N-S® No Top 500 Ranking Income - Kumar P. Saha | Managing
Net Profit Networth Director

Financial Snapshot (` mn)

Total Income
INTRODUCTION Due to the far reaching influence of televisions
and smartphones in the Net Profit
rural areas of India,
the demand for ConsumerNetworth
Products has risen
The advent of 21st century transformed consumer
significantly in the recent years. However, a host
Ratios (%)
preference extensively, thanks to the wide spread
of hitherto unidentified requirements
NPM still exist
use of media and mobile phones. Now even the
such as agricultural expert advisory
RONW and delivery
rural population with modest economic means
of customized real time knowledge to farmers
(As on to
Mar 31, 2017)
has developed a smarter taste for lifestyle
improve decision making so that they can align
products that could not be dreamt of a few
farm output with market demands and improve
decades ago. And characteristically, the trend
their productivity. There is a need of healthcare
is that people now prefer not to go to the market
services, medical insurance, crop insurance,
inDun
person; it isD-U-N-S®
& Bradstreet the other
No way around
Top-500
theRanking
marketIncome Net Profit Networth
utility bill payments, etc. that will be in great
needs to go to the shopper’s door.
demand instantly on accessibility
Financial at affordable
Snapshot (` mn)
cost. Total Income
NextDoor Hub, a unique initiative by Senrysa
Net Profit
Technologies Private Limited brings marketplaces
Presently, individual service providers find it
Networth
close to (especially) the rural people because of
difficult to reach the rural population Ratiossince
(%) cost
the extensive void in the supply of commodities
of operation in these markets NPM is very high, thus
and services existing there. SENRYSA has the
making it unviable to offerRONWgoods and services
technological expertise and physical presence
at competitive prices. Considering(As onthe facts
in rural India, that is much needed to cater to Mar 31, 2017)
and constraints, there is a strong need for an
this sector.
aggregation platform to offer all connectivity,
access and collaboration related requirements
PARTNERING FOR INCLUSIVE GROWTH of rural consumers and service providers.
Dun & Bradstreet D-U-N-S® No Top 500 Ranking Income Net Profit Networth
In the Emerging Indian Market scenario,
industries need access to rural markets while
Senrysa’s NextDoor Hub
Financial Snapshot is
(` mn)a

rural consumers need multiple options available highly efficient Totalaggregation

Income
Net Profit
at affordable prices. The rural consumer is willing platform that marries
Networth
the sellers
to pay for products and services that fetch them
better value for money.
of products and services Ratios (%) with

potential rural customers

NPM at a
RONW
very low cost to all. (As on Mar 31, 2017)

322 INDIA’S TOP 500 COMPANIES

To elaborate, NextDoor Hub is a marketplace ¾ Microfinance Services
in itself where outside sellers sell to the local
Extension of micro-financing services and
people and conversely, local produce is sold to
Dun & Bradstreet D-U-N-S® No Income improvedNetcredit delivery Networth
system in rural
manufacturers and consumers at Top 500 Ranking
large. Profit
areas for farmers and small entrepreneurs.
Financial Snapshot (` mn)
NextDoor Hub – the AGGREGATOR ¾ Micro Insurance Total Income
Enable organizations toNetprovide
Profit micro crop
NextDoor Hub is designed to enable aggregation insurance and health insurance
Networth products to
of services that would eliminate deficiencies and the rural population. Ratios (%)
wastage of distribution systems thus reducing the ¾ E-Governance NPM
total cost of service. Using our platform industries RONW
would reach out to the rural population and Deliver e-services to rural users(As through IT
on Mar 31, 2017)
provide products and services at low price. Kiosks. Provide easy access to digitized
government records to citizens. Support the
An assorted list of services that will be showcased Government’s e-governance initiative.
through our platform is given below. The list is ¾ Financial Inclusion
Dun & Bradstreet D-U-N-S® No Top 500 Ranking Income Net Profit Networth
not exhaustive and more and more services
Government of India has extensive
will continue to be added since the basic Financial Snapshot (` mn)
schemes to extend financial reach to the
design paradigm is open ended. NextDoor Hub Total Income
economically challenged population in
enables an extensive array of facilitation centers Net Profit
villages. NextDoor Hub’s proximity to the
with high-end technology supported by internet Networth
target population makes it an excellent
connectivity to facilitate to-and-fro movement
partner in fulfilling the nationalRatios
objective.
(%)
of information. NPM

Sell on NextDoor Hub RONW

¾ Consumer Products (As on Mar 31, 2017)

Needs of the rural market are not met as

their access to products is either insulated Selling on NextDoor Hub
or limited by higher prices. NextDoor hub provides businesses of all sizes
provides
Dun & accessNoat low costs, Top
Bradstreet D-U-N-S® while allowingIncomewith a compelling
500 Ranking Net Profit sales channel
Networth
industries to venture into unexplored markets.
due to its nationwide reach.
Financial Snapshot (` mn)
¾ Agriculture Total Income
Enables farmers with agriculture advisory to You can list an unlimited Net
number
Profit of products
improve quality and productivity of produce. and benefit from NEXTDOOR HUB’s
Networth technology
Increases accessibility to markets to trade and innovation, traffic, convenient shopping
Ratios (%)
the produce and take decisions on crop experience, and a secure payment
NPM infrastructure
farming patterns. backed by Senrysa’s guaranteed
RONW services that
can help you easily grow your business online.
(As on Mar 31, 2017)
¾ Utility Bill Payments
Customers can save time by accessing Next Door Hub’s unique HIEC (Human Interaction
the payment services of various bills like Electronic Commerce) will revolutionize the
electricity, DTH, telephone, mobile recharge, Indian e-Commerce industry. Senrysa’s main
municipality
Dun & tax,Noetc.
Bradstreet D-U-N-S® Top 500 Ranking objective is to
Income reach every single
Net Profit Networth individual
across the nation, be it urban or rural. Senrysa’s
¾ Healthcare Services Financial Snapshot (` mn)
core expertise is financial inclusion and dominant
Total Income
Improve quality of healthcare by educating penetration in rural India with its work force of
Net Profit
rural folks and rural health practitioners on over 10,000 touch points will bring in a new era
Networth
primary healthcare, family planning and in Indian ecommerce Industry.
preventive medicines. Establish linkage with Ratios (%)

city hospitals/ doctors/ voluntary groups to NPM

support rural healthcare. RONW

(As on Mar 31, 2017)

INDIA’S TOP 500 COMPANIES 323

 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)

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)

324 INDIA’S TOP 500 COMPANIES

TRAVEL & TOURISM
Comparative Matrix

Sector Total Income Net Profit Net Worth NPM RONW

Company Name
TI Rank ` Mn ` Mn ` Mn (%) (%)
1 Cox & Kings Limited 32,100.0 1,813.4 28,562.3 5.6 6.3
2 Thomas Cook (India) Limited 17,388.1 (83.6) 11,598.8 (0.5) (0.7)

INDIA’S TOP 500 COMPANIES

Cox & Kings Limited
1st Floor, Turner Morrison Building, 16 Bank Street, Fort, Mumbai - 400001, Maharashtra
Website: www.coxandkings.com
Dun & Bradstreet D-U-N-S® No 65-007-9432 Top 500 Ranking Income 236 Net Profit 263 Networth 182
About the Company
Financial Snapshot (` mn)
Cox & Kings Ltd (CK) was established in 1758. CK was agent for most British regiments posted overseas.
Total Income 32,100.0
Presently, CK has over 500 trained professionals to cater to the ever increasing travelers. CK is a publicly listed
company headquartered in Mumbai (India). It has subsidiaries in the US, Canada, the UK, Netherlands, the UAE, Net Profit 1,813.4
Japan, Singapore, Australia and New Zealand. CK offers various principal services which include Destination
Networth 28,562.3
Management, Outbound Tourism, Domestic Holidays, Corporate Travel, Non-Resident Indians (NRI), Trade Fairs,
Foreign Exchange and Insurance. It also offers flights/hotels, business travel services and meetings, incentives, Ratios (%)
conferencing, exhibitions (MICE) and visa processing. CK also offers travel interest for adventure and pilgrimage. 5.6
NPM
It is an Authorised Dealer Category-II. Currently, the company has four business verticals namely Leisure-India,
Leisure-International, Meininger (Europe’s leading hybrid hotel company) and Education. RONW 6.3
(As on Mar 31, 2017)

Thomas Cook (India) Limited

Thomas Cook Building, Dr D Naoroji Road Fort, Mumbai - 400001, Maharashtra
Website: www.thomascook.in
Dun & Bradstreet D-U-N-S® No 65-060-6247 Top 500 Ranking Income 378 Net Profit 481 Networth 315
About the Company
Financial Snapshot (` mn)
Thomas Cook (India) Ltd (TCIL) was registered in 1978. However, the journey of TCIL dates back to 1881 when
Total Income 17,388.1
the company had set up its first office in India. The company is engaged into travel and travel related financial
services which include a broad spectrum of services such as foreign exchange, corporate travel, MICE, leisure Net Profit (83.6)
travel, insurance, visa & passport services and e-business. TCIL is spread across 21 countries across 4 continents
Networth 11,598.8
and employs a team of over 198,500 people. The company operates leading B2C and B2B brands including,
Thomas Cook, SOTC, TCI, Sita, Asian Trails, Allied T Pro, Australian Tours Management, Desert Adventures, Travel Ratios (%)
Circle International Ltd, Private Safaris East & South Africa. TCIL (exclusive of its subsidiaries) operates through (0.5)
NPM
261 locations in 102 cities, 81 PSAs and 96 gold circle partner outlets. In Apr 2018, Thomas Cook India signed an
MoU with Tourism New Zealand and Immigration New Zealand. RONW (0.7)
(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
Financial Snapshot (` mn)
Total Income
Net Profit
Networth
Ratios (%)
NPM
RONW
(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
Financial Snapshot (` mn)
Total Income
Net Profit
Networth
Ratios (%)
NPM
RONW
(As on Mar 31, 2017)

INDIA’S TOP 500 COMPANIES 327

 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)

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)

328 INDIA’S TOP 500 COMPANIES

TYRES
Comparative Matrix

Sector Total Income Net Profit Net Worth NPM RONW

Company Name
TI Rank ` Mn ` Mn ` Mn (%) (%)
1 MRF Limited 150,780.1 14,510.8 85,444.2 9.6 17.0
2 Apollo Tyres Limited 100,590.2 8,027.6 53,311.9 8.0 15.1
3 JK Tyre & Industries Limited 66,671.7 3,321.3 16,739.5 5.0 19.8
4 CEAT Limited 64,179.8 3,627.3 23,061.5 5.7 15.7
5 Balkrishna Industries Limited 40,374.1 7,151.4 35,485.6 17.7 20.2
6 TVS Srichakra Limited 21,406.5 1,553.3 5,749.8 7.3 27.0
7 Goodyear India Limited 16,600.1 1,273.7 7,043.6 7.7 18.1

INDIA’S TOP 500 COMPANIES

MRF Limited
114, Greams Road, Chennai - 600006, TN
Website: www.mrftyres.com
Dun & Bradstreet D-U-N-S® No 65-005-0495 Top 500 Ranking Income 65 Net Profit 61 Networth 87
About the Company
Financial Snapshot (` mn)
MRF Ltd (MRF) was founded as Madras Rubber Factory in 1946 at Chennai for the manufacture of toy rubber
Total Income 150,780.1
balloons. In 1952, the company forayed into tread rubber manufacturing. The company was incorporated as a
public company in 1960 and subsequently entered into a technical collaboration with US-based Mansfield Tire Net Profit 14,510.8
& Rubber Company and the government of Tamil Nadu. The company set up its first overseas office in 1964 at
Networth 85,444.2
Beirut, Lebanon and started exporting tyres in 1967. MRF engages in the manufacture of rubber products such
as tyres, tubes, flaps, tread rubber and conveyor belts. The company has eight manufacturing plants located Ratios (%)
across Tamil Nadu, Kerala, Goa, Telangana and Puducherry. New products launched by MRF during FY17 included 9.6
NPM
Masseter and Musclerok E4 tyres in the two-wheelers and OTR segments, respectively while in the truck radials
segment, it launched S1F4 10 R 20 and S1R4 Plus 295/80 R 22.5. RONW 17.0
(As on Mar 31, 2017)

Apollo Tyres Limited

3rd Floor, Areekal Mansion, Near Manorama Junction, Panampilly Nagar, Kochi- 682036, Kerala
Website: www.apollotyres.com
Dun & Bradstreet D-U-N-S® No 86-041-6225 Top 500 Ranking Income 91 Net Profit 94 Networth 114
About the Company
Financial Snapshot (` mn)
Apollo Tyres Ltd (Apollo Tyres) was incorporated in 1972. The company’s product portfolio includes passenger car,
Total Income 100,590.2
light truck, truck-bus, off highway and bicycle tyres, retreading material and retreaded tyres. It owns renowned
brands like Apollo, Kaizen, Regal and Vredestein among others. Apollo and Vredestein cater to tyres for passenger, Net Profit 8,027.6
commercial and off highway vehicles. Regal and Kaizen are region-specific brands and focus on the truck-bus tyre
Networth 53,311.9
segment. During FY17, Apollo Tyres completed the phase 1 expansion of the Truck and Bus Radial (TBR) capacity
in the Chennai plant. The company also commenced production in its first overseas greenfield plant based in Ratios (%)
Hungary. During the same period, the company announced plans for setting up a two wheeler plant in Andhra 8.0
NPM
Pradesh, India. Apollo Tyres has manufacturing units in Enschede, Hungary, Limda, Kalamassery, Perambra and
Chennai. During the same month, Apollo Tyres inaugurated a rubber sheet making unit in Kottayam district. RONW 15.1
(As on Mar 31, 2017)

JK Tyre & Industries Limited

Jaykaygram, PO - Tyre Factory, Kankroli - 313342, Rajasthan
Website: www.jktyre.com
Dun & Bradstreet D-U-N-S® No 67-760-3991 Top 500 Ranking Income 128 Net Profit 178 Networth 255
About the Company
Financial Snapshot (` mn)
JK Tyre & Industries Ltd (JK Tyre), a flagship company of JK Organisation was incorporated in the year 1951. In
Total Income 66,671.7
1977, the company commenced manufacturing and marketing of radial tyres. JK Tyre’s product portfolio includes
passenger car tyres, motorcycle/ scooter tyres, commercial tyres for truck, bus, LCV & SCV, farm tyres, off the Net Profit 3,321.3
road tyres and three-wheeler tyres. JK Tyre operates through 9 manufacturing facilities in the country located
Networth 16,739.5
across Karnataka, MP, Rajasthan, TN and Uttarakhand. It also has three manufacturing plants in Mexico. The
company exports to over 100 countries across the globe through its extensive distribution network comprising Ratios (%)
over 125 distributors. In the international market, the company’s tyres are marketed under three brands namely 5.0
NPM
JK Tyre, Vikrant and Tornel. JK Tyre caters to leading automotive original equipment manufacturers like Maruti
Suzuki, Tata Motors, Honda, Hyundai, Ashok Leyland, Mahindra & Mahindra, Volvo Eicher and General Motors. RONW 19.8
(As on Mar 31, 2017)

CEAT Limited
RPG House, 463, Dr. Annie Besant Road, Worli, Mumbai - 400030, Maharashtra
Website: www.ceat.com
Dun & Bradstreet D-U-N-S® No 65-005-3887 Top 500 Ranking Income 133 Net Profit 167 Networth 212
About the Company
Financial Snapshot (` mn)
CEAT Ltd (CEAT), the flagship company of RPG Enterprises, was incorporated in 1958. The company is mainly
Total Income 64,179.8
engaged in manufacturing of automotive tyres, tubes and flaps. CEAT produces over 26 mn tyres per year and
offers the widest range of tyres to segments consisting of heavy-duty trucks, buses, light commercial vehicles Net Profit 3,627.3
(LCV), earthmovers, forklifts, tractors, trailers, cars, motorcycles, scooters and auto-rickshaws. The company
Networth 23,061.5
exports its products in truck, OTR and LCV categories to over 130 countries across the world. Manufacturing
operations of CEAT are carried out through four in-house manufacturing facilities in India and one in Sri Lanka and Ratios (%)
two key outsourcing facilities. The company has a distribution network of over 4,500 dealers, 250+ two-wheeler 5.7
NPM
distributors, over 450 Franchisees and more than 350 multi brand outlets & shop-in-shop concepts. During FY17,
the company launched 92 new products. RONW 15.7
(As on Mar 31, 2017)

INDIA’S TOP 500 COMPANIES 331

Balkrishna Industries Limited
B-66, Waluj Industrial Area, Waluj, Aurangabad - 431136, Maharashtra
Website: www.bkt-tires.com
Dun & Bradstreet D-U-N-S® No 86-226-3464 Top 500 Ranking Income 204 Net Profit 102 Networth 157
About the Company
Financial Snapshot (` mn)
Balkrishna Industries Ltd (Balkrishna Industries) was incorporated in 1987. Balkrishna Industries is mainly involved
Total Income 40,374.1
in the manufacturing of off-highway tires meant for agricultural, construction and industrial vehicles as well as
earthmoving, port, mining, ATV and gardening applications. The company operates through five manufacturing Net Profit 7,151.4
sites located in Aurangabad & Dombivali in Maharashtra, Bhiwadi and Chopanki in Rajasthan, and Bhuj in Gujarat
Networth 35,485.6
and employs over 7,000 people. The company invests around 3.5% of its annual sales into R&D and has R&D
Centre located in Chopanki. Balkrishna Industries has four subsidiaries in Europe and North America and it sells Ratios (%)
its products in 130 countries worldwide. More than 80% of the company’s revenue is generated through exports. 17.7
NPM
The company has two 100% direct subsidiary companies namely BKT Tyres Ltd and Thristha Synthetics Ltd and
five indirect subsidiaries. In Feb 2018, BKT Exim Ltd was amalgamated with Balkrishna Industries. RONW 20.2
(As on Mar 31, 2017)

TVS Srichakra Limited

7-B, TVS Building, West Vell Street, Madurai - 625001, TN
Website: www.tvstyres.com
Dun & Bradstreet D-U-N-S® No 91-607-6172 Top 500 Ranking Income 329 Net Profit 294 Networth 419
About the Company
Financial Snapshot (` mn)
TVS Srichakra Ltd (TVS Srichakra), incorporated in 1982, is part of the TVS Auto Ancillary Group founded by
Total Income 21,406.5
T.V. Sundaram Iyengar. The company manufactures a range of tyres including two- and three-wheeler tyres,
industrial pneumatic tyres, farm and implement tyres, skid steer tyres, multipurpose tyres, and floatation tyres. Net Profit 1,553.3
The company also exports its products to USA, Europe, South America, Africa and Australia. As on Mar 31, 2017,
Networth 5,749.8
TVS Srichakra had two manufacturing units at Madurai (TN) and Rudrapur (UK) and had one wholly-owned
subsidiary – TVS Srichakra Investments Limited. The number of permanent employees on the rolls of Company is Ratios (%)
around 2,700. Being the original equipment manufacturer in India, company supplies products to major vehicle 7.3
NPM
manufacturers across country - Atul Auto Limited, Bajaj Auto, Hero MotoCorp Limited, Honda Motors Cycles and
Scooters India, India Yamaha Motor Pvt. Ltd, LML, Mahindra 2wheelers, Piaggio, TVS Motor Company Ltd. RONW 27.0
(As on Mar 31, 2017)

Goodyear India Limited

Mathura Road, Ballabgarh, Faridabad - 121004, Haryana
Website: www.goodyear.co.in
Dun & Bradstreet D-U-N-S® No 67-619-0670 Top 500 Ranking Income 397 Net Profit 322 Networth 388
About the Company
Financial Snapshot (` mn)
Goodyear India Ltd (Goodyear) was established in 1922 as a private company and got converted into public
Total Income 16,600.1
company in 1961. Goodyear is a step-down subsidiary of US-based Goodyear Tire & Rubber Company. The
company is primarily engaged in manufacturing and trading of automotive tyres, tubes and flaps for passenger Net Profit 1,273.7
& commercial vehicles and farm segment. The company manufactures automotive bias tyres viz. farm tyres and
Networth 7,043.6
commercial truck tyres at its Ballabgarh plant and also trades in ‘Goodyear’ branded tyres manufactured by
Goodyear South Asia Tyres Pvt Ltd, Aurangabad. In the passenger car segment, the company supplies tyres to Ratios (%)
many of the leading original equipment manufacturers and has introduced tubeless radial tyres in this segment. 7.7
NPM
Some of the prominent brands of the company are Goodyear Eagle, Goodyear Excellence, Goodyear Eagle NCT5,
Goodyear Assurance Triplemax, Goodyear Eagle F1 GSD3, Goodyear Assurance Duraplus, Goodyear DP series. RONW 18.1
(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
Financial Snapshot (` mn)
Total Income
Net Profit
Networth
Ratios (%)
NPM
RONW
(As on Mar 31, 2017)

332 INDIA’S TOP 500 COMPANIES

WOOD & WOOD PRODUCTS
Comparative Matrix

Sector Total Income Net Profit Net Worth NPM RONW

Company Name
TI Rank ` Mn ` Mn ` Mn (%) (%)
1 Century Plyboards (India) Limited 19,430.1 1,855.6 7,086.3 9.6 26.2
2 Greenply Industries Limited 17,813.9 1,350.7 7,870.2 7.6 17.2

INDIA’S TOP 500 COMPANIES

Century Plyboards (India) Limited
6, Lyons Range, Kolkata - 700001, WB
Website: www.centuryply.com
Dun & Bradstreet D-U-N-S® No 67-557-2470 Top 500 Ranking Income 346 Net Profit 259 Networth 386
About the Company
Financial Snapshot (` mn)
Century Plyboards (India) Ltd (CPIL) was incorporated in 1986. CPIL offers a range of interior infrastructure
Total Income 19,430.1
products like plywood, laminates, veneers, blockboards, doors, centuryprelam and centuryfaceveneers. Some
of the major brands marketed by the company are CenturyPly, CenturyPly Marine, CenturyPly Elasto, Sharonply, Net Profit 1,855.6
Maxima, Century Win MR, Sainik, Technopine, CenturyLaminates, Monocore, NatzuraWoods, Century Club
Networth 7,086.3
Prime, Century 710+, CenturyPrelams and Century FaceVeneers, among others. The Company’s five plywood
business units are located in Joka (WB), Guwahati (Assam), Kandla (Gujarat), Chennai (TN) and Karnal (Haryana). Ratios (%)
CPIL also operates three units in Roorkee (Uttarakhand), Myanmar and Laos through its subsidiary. It’s container 9.6
NPM
freight stations, located close to Kolkata Port, cover 100,000 square metres with the capacity to handle 156,000
twenty-foot equivalent units (TEU) containers. RONW 26.2
(As on Mar 31, 2017)

Greenply Industries Limited

Makum Road, Tinsukia - 786125, Assam
Website: www.greenply.com
Dun & Bradstreet D-U-N-S® No 91-557-2952 Top 500 Ranking Income 368 Net Profit 312 Networth 376
About the Company
Financial Snapshot (` mn)
Greenply Industries Ltd (Greenply) was incorporated in the year 1990. Eventually, in 1994, it acquired its present
Total Income 17,813.9
name and came out with an IPO in 1995. Greenply is mainly engaged in the manufacturing and marketing of a
wide range of interior infrastructure products. Its product portfolio comprises of plywood & blockboard, wood Net Profit 1,350.7
floors, medium density fibreboard, flush doors and decorative veneers. The company market its products under
Networth 7,870.2
the brand names of Greenply Plywood, Green Club Ply, Ecotec, Green Panelmax, and Green Floormax. The
company has manufacturing facilities at Tizit in Nagaland, kriparampur in WB, Pantnagar in Uttarakhand and Ratios (%)
Bamanbore in Gujarat. It also has a strong retail network with 48 branches and 12,000 distributors across India. 7.6
NPM
The company exports its products to more than 15 countries. Greenply incorporated a wholly owned subsidiary
company named Greenpanel Industries Ltd in Dec 2017. RONW 17.2
(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
Financial Snapshot (` mn)
Total Income
Net Profit
Networth
Ratios (%)
NPM
RONW
(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
Financial Snapshot (` mn)
Total Income
Net Profit
Networth
Ratios (%)
NPM
RONW
(As on Mar 31, 2017)

INDIA’S TOP 500 COMPANIES 335

 Gujarat Narmada Valley
Dun & Bradstreet D-U-N-S® No Fertilizers & Chemicals Limited
Top 500 Ranking Income Net Profit Networth

Financial Snapshot (` mn)

Total Income
Net Profit
“Leadership matters and matters
Networththe most”
Ratios (%)
GNFC is a sterling example of how a government
NPM
controlled organization can be transformed into a more
RONW
agile and commercially thriving organization with
single-minded dedication and efforts. By concentrating(As on Mar 31, 2017)

on key business variables and focusing on key

financial metrics, an organization is transformed from
a moribund loss making company to a thriving profit-
making company.
Dun & Bradstreet D-U-N-S® No Top 500 Ranking Income Net Profit
- Dr. Rajiv KumarNetworth
Gupta IAS PAT & PBT
Managing Director
Financial Snapshot (` mn)
Total Income
Net Profit
About the Company Networth
Gujarat Narmada Valley Fertilizers & Chemicals Limited (GNFC), is a PBT Ratios (%) PAT
joint sector enterprise promoted by the Government of Gujarat and the
NPM Rs. Crs
Gujarat State Fertilizers & Chemicals Ltd (GSFC). It was incorporated 22%
in 1976 with a registered office in Bharuch, Gujarat. GNFC started its RONW
manufacturing and marketing operations by setting up one of the world's CAGR (As on Mar 31, 2017)
largest single-stream ammonia-urea fertilizer complexes, in 1982. Over 1162
the next few years, GNFC successfully expanded its market share in
different chemicals as well as complex fertilizers. GNFC today earns more 715
422 27
than 70% revenue from Chemicals and around 30% from fertilizers.
Dun & Bradstreet D-U-N-S® No Top 500 Ranking
PAT & PBT
Income Net Profit Networth
Business Segments
GNFC has extended its profile much beyond fertilizers through a process 2012-13 Financial
2016-17 Snapshot (` mn)
2017-18 201
of horizontal integration in Chemicals & Petrochemicals. Total Income
Net Profit
It has primarily two segments: Fertilizers and Chemicals. The company
Networth
manufactures around 1 million
PBT ton of Urea and complex fertilizers and PAT
an assorted mix of chemicals which are mainly import substitutes viz Ratios (%)
Rs. Crs 24% Rs. Crs
Aniline, Ethyl Acetate, Formic Acid, Nitric 22%
Acid, Methanol, Ammonium NPM
Nitro-Phosphate and Toluene Di-Isocyanate. These chemicals are primarily CAGR
RONW
meant for industrial consumers (B2B profile).CAGR
(As on Mar 31, 2017)
790
1162
Financial Performance: Turnaround and Growth Story 521
715 has earned an average
In its history of 37 years, till FY13, the company
422
PBT of INR 136 crores. The company saw a change in leadership when 273
Dr. Rajiv Kumar Gupta IAS assumed the charge as the Managing Director
inDun
mid& Bradstreet
- 2013. D-U-N-S® No Top 500 Ranking Income Net Profit Networth
2012-13 2016-17 2017-18 2012-13 2016-17 2017-18 T
Financial Snapshot (` mn)
At that time, the company was saddled with a liability of INR 6,900
crore i.e. Rusting capital investment (INR 2,500 Crore), Long-term debt Total Income
outstanding (INR 3,800 Crore) and EPCG obligation (INR 600 Crore). The company witnessed
Nettime
Profitand cost overruns,
which finally led to a historic loss of 452 crore in FY15. Networth
Ratios (%)
With various strategic initiatives the company started turning around from FY16 where it registered INR 226 crore of
profit. During the same period, TDI prices fell by 26% from FY15 to FY16. Despite this hugeNPM
fall in TDI prices, GNFC
registered a profit of INR 226 crores in FY16 from a loss of INR 452 crore in the previous year,
RONWa change of 150%.
(As on Mar 31, 2017)

336 INDIA’S TOP 500 COMPANIES

 Working Capital, Debt and Exports
This can be attributed to the significant business improvement of Non-TDI Working Capital
products showing a growth of 89%, which was a result of key strategic
Rs. Crs
decisions undertaken by company’s managing director Dr. Gupta. 86% Reduction

Dun & Bradstreet D-U-N-S® No Top 500 Ranking Income Net Profit Networth
Strategic Decisions undertaken by Dr. Rajiv Kumar Gupta
IAS, which made the turnaround possible: 1675 1645 Financial
1422 Snapshot (` mn)
1070
9 Initiated bold, quick & effective measures for Safety, Operational Total Income
TDI Prices228& PAT Trend
Stability and Increase in Throughput for TDI-II Greenfield plant. As Net Profit
FY14 FY15 FY16 FY17 FY18
at FY18, the capacity utilization for the TDI-II plant stood at 93% Networth
against 80% of average operating rates across the globe. Ratios (%)
TDI Prices per MT PA
9 Scouted successfully for anti-dumping dutiesTotal
on TDI and
Long ANDebt
Term Melt, NPM Export Growth
292
Rs. Lacs
protecting margins on these two products. Rs. Crs 1.35 RONW Rs. Crs
Only public sector 26% +640%
9 Ensured strategic volume tie-ups with key strategic2180
customers.
2198 company to have (As on Mar 31, 2017)
0.99
prepaid long term debts
1670
9 Established long-term/mid-term sourcing contracts at economical 888
361
212 2013-14
prices. 85
0
9 Started Methanol trading after establishing ties with
FY14 Iran. FY15 FY16 FY17 FY18
T & PBT
FY15 FY16 FY17
Dun
9 & Bradstreet D-U-N-S®
Facilitated No
Major negotiations Top 500savings
ensuring Ranking of Income TDI Prices & PATNetTrend
more than INR Profit Networth
2014-15 2015-16 Rs. Crs
750 Crores over last 4 years.
Financial Snapshot (` mn)
9 Established export footprint in 66 countries; Exports grew 1750 % Total Income
to INR 629 crores in FY 18 from an average of INRper
TDI Prices 34 MT
crores from PAT Trend
Net Profit
FY 01 – FY 14. Rs. Lacs 292
1.35 Networth 226
PAT 9 Enhanced domestic market share to around 65% for26%
TDI from around Ratios (%)
32%. 0.99
24% Rs. Crs NPM
9 Introduced dynamic marketing strategy for better realizations resulting 2013-14 2014-15
RONW 2015-16
CAGR
into highest ever realizations in Acetic Acid, Formic Acid and Ethyl
(As on Mar 31, 2017)
Acetate. 790 150%
9 Facilitated the approval for production of Technical Grade Urea;
521
PAT Contribution (TDI/Non-TDI)
adding one more profitable product to the chemical portfolio.
2014-15 2015-16 Rs. Crs -452
273
9 Facilitated fuel supply arrangement for coal from 4.27 lacs MT per PAT ContributionNetworth
(TDI/Non-TDI)
Dun & Bradstreet
annum D-U-N-S®
to 9.12 lacsNoMT per annum. Top 500 Ranking Income Net Profit

2012-139 Fulfilling
2016-17 Honorable
Working
WorkingCapital,
Capital,Debt
Debtand
andExports
Exports
Rs. Crs
2017-18 Prime Minister’s vision of 100% Neem Coating 597 (` mn)
Financial Snapshot
89%
of Urea through backward & forward integration, implemented 316 Total Income
GNFC’s prestigious Neem project
Working generating
Working Capital
Capitalmore than INR 45
Net Profit
crore income for 4.5 lakh women
Rs.Rs. in
CrsCrs 53 districts across six states
leading to women empowerment. 86% 86%
Reduction
Reduction Networth
2014-15 2015-16
Ratios (%)
9 Facilitated digitalization through Cashless drive supporting Digital -370
NPM
India movement.
1675
1675 1645
1645 1422
1422 RONW
1070
1070 -768
As a consequence, GNFC’s performance not only turned around from (As on Mar 31, 2017)
Non-TDI TDI
FY16 onwards but the company consistently made historically higher 228228
operating profits and rewarded shareholders. The company is now poised
FY14
for further expansions mainly with strong FY14 FY15
internal FY15 FY16
accruals FY16 FY17
having FY17 FY18
already FY18
left the loss legacy far behind.
Dun & Bradstreet D-U-N-S® No Top 500 Ranking Income Net Profit Networth
Total
Total
Long
Long
Term
Term
Debt
Debt Export
Export
Growth
Growth
Rs.Rs.
CrsCrs Financial Snapshot (` mn)
Rs.Rs.
CrsCrs
OnlyOnly
public
public
sector
sector +640%
+640%Total Income
2180
2180 2198
2198 company
companyto have
to have
Net Profit 629629
prepaid
prepaid
longlong
termterm
debts
debts
1670
1670
Networth
361361
888888
212212 Ratios (%)
0 0 85 85
NPM
FY14
FY14 FY15
FY15 FY16
FY16 FY17
FY17 FY18
FY18 FY15
FY15 FY16
FY16 RONW
FY17
FY17 FY18
FY18
(As on Mar 31, 2017)

INDIA’S TOP 500 COMPANIES 337

 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)

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)

338 INDIA’S TOP 500 COMPANIES

OTHERS
Comparative Matrix

Sector Total Income Net Profit Net Worth NPM RONW

Company Name
TI Rank ` Mn ` Mn ` Mn (%) (%)
1 ICICI Prudential Life Insurance Company Limited 378,862.6 16,822.3 63,962.6 4.4 26.3
2 Interglobe Aviation Limited 193,695.7 16,591.9 37,792.2 8.6 43.9
3 Bharat Electronics Limited 96,114.5 15,476.2 75,085.4 16.1 20.6
4 Adani Ports and Special Economic Zone Limited 61,635.3 31,006.1 168,648.5 50.3 18.4
5 Future Enterprises Limited 40,131.4 435.6 38,098.0 1.1 1.1
6 Jubilant Foodworks Limited 25,605.5 672.5 8,521.8 2.6 7.9
7 Phillips Carbon Black Limited 21,502.1 695.2 11,259.3 3.2 6.2
8 Carborundum Universal Limited 15,541.0 1,217.8 10,526.6 7.8 11.6
9 Graphite India Limited 14,756.4 1,122.8 18,518.6 7.6 6.1
10 Sheela Foam Limited 14,707.6 1,104.8 4,210.1 7.5 26.2
11 Grindwell Norton Limited 13,698.1 1,160.1 8,845.7 8.5 13.1
12 VIP Industries Limited 12,825.7 759.8 3,991.0 5.9 19.0
13 Solar Industries India Limited 12,666.0 1,325.8 6,586.3 10.5 20.1

INDIA’S TOP 500 COMPANIES

ICICI Prudential Life Insurance Company Limited
ICICI Pru Life Towers, 1089 Appasaheb Marathe Marg, Prabhadevi, Mumbai - 400025, Maharashtra
Website: www.iciciprulife.com
Dun & Bradstreet D-U-N-S® No 91-562-8787 Top 500 Ranking Income 33 Net Profit 53 Networth 106
About the Company
Financial Snapshot (` mn)
ICICI Prudential Life Insurance Company Ltd (ICICI Prudential Life) is a JV between ICICI Bank Ltd, India and
Total Income 378,862.6
Prudential Corporation Holdings Ltd. The company started its operations in the year 2001. It offers a wide range of
insurance products under term life insurance plans, ULIPs, health insurance plans, savings plans, and retirement Net Profit 16,822.3
plans. Some of its offerings under these categories include ICICI Pru iProtect Smart, ICICI Pru Smart Health Cover,
Networth 63,962.6
ICICI Pru SmartKid, ICICI Pru Savings Suraksha and ICICI Pru Easy Retirement. The Company distributes its products
through agents, corporate agents, banks, brokers, proprietary sales force (PSF), and online channels. As of 31- Ratios (%)
Mar-2017, the company operated through 512 offices at 449 locations and had a pan India network of 1,36,114 4.4
NPM
advisors to cater to the needs of the customers. As of 30-Sep-2017, the company had an AUM of ` 130,591 cr.
RONW 26.3
(As on Mar 31, 2017)

InterGlobe Aviation Limited

Central Wing, Ground Floor, Thapar House, 124 Janpath, New Delhi – 110001, Delhi
Website: www.goindigo.in
Dun & Bradstreet D-U-N-S® No 92-562-0197 Top 500 Ranking Income 59 Net Profit 54 Networth 147
About the Company
Financial Snapshot (` mn)
InterGlobe Aviation Ltd (Indigo), a part of InterGlobe Enterprises Ltd, commenced operations in Aug 2006. Indigo
Total Income 193,695.7
primarily operates in India’s domestic air travel market as a low-cost carrier. The company has a fleet of 160
aircrafts including 32 new generation A320 NEOs and 5 ATRs. It operates flights connecting 50 destinations – 42 Net Profit 16,591.9
domestic and 8 international. In FY17, the company witnessed a growth of 31.5% in its passengers, higher than
Networth 37,792.2
the growth in capacity of 27.5% for the same period. The company has a throughput of close to 1,000 flights
per day across 46 destinations carrying an estimated 4.4 mn passengers per month. Indigo’s passenger carrying Ratios (%)
capacity as measured by available seat kilometres (ASK) increased to 54.58 bn in FY17 from 42.83 bn in FY16. In 8.6
NPM
terms of traffic, the company’s revenue per kilometres (RPK) increased to 46.29 bn in FY17 as compared to 35.97
bn in FY16. The company reported passenger load factor of 84.8% in FY17 as against 84% in FY17. RONW 43.9
(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)

INDIA’S TOP 500 COMPANIES 341

 Bharat Electronics Limited
Dun & Bradstreet D-U-N-S® No 65-004-9042 Top 500 Ranking Income 98 Net Profit 59 Networth 95

About the Company

Bharat Electronics Ltd (BEL), a ` 100 bn enterprise, is a ‘Navratna’ company set up in 1954
in association with the erstwhile CSF, France (now known as Thales) to manufacture basic
communication equipment for the Indian defence sector. Today, BEL produces a wide
range of state-of-the-art equipment in the areas of Defence communication, Radars,
Naval systems, C4I systems, Weapon systems, Homeland security, Telecom & broadcast
systems, Electronic warfare, Tank electronics, Electro optics, Professional electronic
components and Solar photovoltaic systems. BEL also provides turnkey system solutions
and has a significant presence in the civilian market with products such as Electronic
MV Gowtama Voting Machines, Tablet PC, Solar-powered traffic signal systems and access control
Chairman & Managing Director systems. The company also exports its products and services to several countries.

Financial Snapshot (In ` mn) From a single unit in Jalahalli, Bangalore, BEL has widened its network across the country
with eight more units located in Ghaziabad, Pune, Machilipatnam, Panchkula, Kotdwara,
Total Income 96,114.5
Navi Mumbai, Chennai and Hyderabad. Each of these units has a specific product mix
Net Profit 15,476.2 and customer focus. The company has also established an extensive network of offices
Networth 75,085.4 and service centres as well as two overseas offices in New York and Singapore.
Ratios (%)
Operational Highlights
NPM 16.1
Defence equipment continues to be the mainstay of the company, contributing 88%
RONW 20.6 of sales revenue in FY17, while the civilian portfolio accounted for 12%. BEL received
(As on Mar 31, 2017) orders worth ` 163 bn during FY17 with major orders including long range surface to
Management Details air missile (LR-SAM) with MFSTAR, advanced composite communication system for P17,
Electronic voting machine, L band Static Tropo upgrade, Electronic warfare suite for
Chairman & Managing Director
MV Gowtama
Naval application, Gigabit Ethernet based Ship Data Network for P17, Hand Held Thermal
Imager, Low Intensity Conflict EW system, Homeland security, and ALG communication.
Directors
Dr Ajit T Kalghatgi With a view to expand its product offerings, the company is setting up new plants in
Nataraj Krishnappa Andhra Pradesh - at Nimmakuru for the manufacture of advanced night vision products
Anandi Ramalingam and at Ananthpur for the Missile systems business.
RN Bagdalkar
Koshy Alexander In April 2018, the company launched 11 new products at DEFEXPO 2018. These products
Dr Amit Sahai are 100 Mbps radio, secure military wireless LAN, multi-function handheld thermal
J Manjula (DG-DRDO) imager, long range surveillance system, chemical agent monitor, multi-purpose reflex
Dr Bhaskar Ramamurthi
weapon sight, light weight composite shelter, mine field recording system, Tablet PC
Dr RK Shevgaonkar
Usha Mathur
for Navy, 3D C/D Band Air Surveillance Radar and Point of Sale (POS) machine. MoUs
Sharad Sanghi were also signed with Mahindra Defence Systems and L&T Defence to jointly address
Mukka Harish Babu the requirements of products/systems for the Indian Defence Services as well as export
Dr Vijay S Madan opportunities. Earlier in February 2017, BEL launched a Remote Controlled Weapon
Surendra Singh Sirohi Station for MBT Arjun Mk II during Aero India 2017. The company also signed an MOU
Company Secretary with Space Applications Centre, ISRO Ahmedabad during FY17 for the joint development
S Sreenivas of various technologies and to extend co-operation for manufacturing on priority.
Address & Website
Subsidiaries & JVs
Outer Ring Road,
Nagavara,
As of March 2017, BEL had two subsidiaries and one associate company. BEL Optronic
Bengaluru - 560045, Devices Ltd, a wholly-owned subsidiary, conducts research, development and
Karnataka manufacture of image intensifier tubes and associated high voltage power supply units
Website for use in military, security and commercial systems. Likewise, BEL-THALES Systems
www.bel-india.in Ltd (BTSL) was formed in association with Thales for design, development, marketing,
supply and support of civilian and select defence radars for Indian and global markets.
It is currently co-developing a multi-target tracking Radar with Thales Netherlands for
forthcoming Indian weapon systems projects as well as for global requirements. It also
provides technical and product support for air traffic management radars.
GE-BE Pvt Ltd (GEBEL) is a joint venture set up in 1997 between BEL and General Electric
Medical Systems. GE BEL manufactures CT Max and other latest version X-ray tubes. BEL
supplies some parts required for the products manufactured by GE BEL.

342 INDIA’S TOP 500 COMPANIES Advertorial

Adani Ports and Special Economic Zone Limited
Adani House, Near Mithakhali Six Roads, Navrangpura, Ahmedabad – 3800 09, Gujarat
Website: www.adaniports.com
Dun & Bradstreet D-U-N-S® No 86-218-2743 Top 500 Ranking Income 139 Net Profit 35 Networth 51
About the Company
Financial Snapshot (` mn)
Adani Ports and Special Economic Zone Ltd (APSEZL) was incorporated in 1998 as Gujarat Adani Port Ltd. In 2006,
Total Income 61,635.3
the company’s name was changed to Mundra Port and Special Economic Zone Ltd and further in January 2012, it
acquired its present name. APSEZL is in the business of developing and operating ports and related infrastructure. Net Profit 31,006.1
APSEZL also provides port services including marine handing, intra-port transport, storage, other value-added
Networth 168,648.5
and evacuation services for terminal operators, shipping lines & agents, exporters, importers and other port
users. The company operates 16 terminals that have 40 berths to handle dry liquid and container cargo. In April Ratios (%)
2017, APSEZL signed an MoU with MMC Ports to set up a container port in Carey Island, Malaysia. In June 2017, 50.3
NPM
the company announced the commencement of Berth Construction at Vizhinjam port in Kerala, in order to gain
access to the most prominent waterways. RONW 18.4
(As on Mar 31, 2017)

Future Enterprises Limited

Knowledge House, Shyam Nagar, Jogeshwari (East), Mumbai - 400060, Maharashtra
Website: www.felindia.in
Dun & Bradstreet D-U-N-S® No 86-220-3742 Top 500 Ranking Income 205 Net Profit 430 Networth 145
About the Company
Financial Snapshot (` mn)
Future Enterprises Ltd (Future Enterprises) is primarily engaged in owning, investing, operating and maintenance
Total Income 40,131.4
of retail infrastructure which houses brands such as Big Bazaar, easyday, fbb, Foodhall, eZone and Home Town.
Its businesses also include Future Supply Chains (logistics), Future Generali (financial security solutions), Staples, Net Profit 435.6
Goldmohur & Apollo Mills, Future Media and Bluerock eServices provider (fabfurnish.com). In Mar 2017, company
Networth 38,098.0
launched an integrated apparels/general merchandise distribution centre (DC) at Burdwan, West Bengal. In FY17,
company announced that SSG Capital Management Group would be investing up to ` 5.80 bn to acquire 40% Ratios (%)
stake in Future Supply Capital Solutions Ltd (FSC) from the existing shareholders of the company at a valuation 1.1
NPM
of up to ` 14.50 bn. The company manages 765 retail stores which cover more than 13 mn square feet of retail
space in over 240 cities and spread in 26 states and union territories. RONW 1.1
(As on Mar 31, 2017)

Jubilant FoodWorks Limited

Plot 1A, Sector 16-A, Noida - 201301, UP
Website: www.jubilantfoodworks.com
Dun & Bradstreet D-U-N-S® No 91-843-6655 Top 500 Ranking Income 284 Net Profit 395 Networth 361
About the Company
Financial Snapshot (` mn)
Jubilant FoodWorks Ltd (JFL), a Jubilant Bhartia Group company, was incorporated in 1995 and commenced
Total Income 25,605.5
its operations in 1996. The Company operates as a franchisee for two international brands Domino’s Pizza and
Dunkin’ Donuts. For Domino’s Pizza brand, the company has exclusive rights for India, Nepal, Bangladesh and Sri Net Profit 672.5
Lanka. As on Jan 19, 2018, the company operated a network of 1,128 Domino’s Pizza restaurants across 265 cities
Networth 8,521.8
in India. JFL launched its other brand Dunkin’ Donuts in Apr 2012 in Delhi. Dunkin’ Donuts is engaged in baked
goods and coffee chain and sells large varieties of donuts and over a dozen coffee beverages as well as an array Ratios (%)
of bagels, breakfast sandwiches and other baked goods. As on Jan 19, 2018, the company had 43 Dunkin’ Donuts 2.6
NPM
restaurants across 12 cities in India. In Mar 2018, the company entered into a JV with Golden Harvest QSR Ltd to
launch Domino’s Pizza in Bangladesh. RONW 7.9
(As on Mar 31, 2017)

Phillips Carbon Black Limited

Duncan House, 31 Netaji Subhash Road, Post Box No 2229, Kolkata 700001, West Bengal
Website: www.pcblltd.com
Dun & Bradstreet D-U-N-S® No 91-862-8355 Top 500 Ranking Income 325 Net Profit 393 Networth 320
About the Company
Financial Snapshot (` mn)
Phillips Carbon Black Ltd (PCBL), part of RP-Sanjiv Goenka Group, was set up in collaboration with US-based,
Total Income 21,502.1
Phillips Petroleum in 1960. The company commenced operations in 1962 and offers a comprehensive portfolio of
carbon black for rubber applications and specialty black for non-rubber applications across plastics, fibre, pipes, Net Profit 695.2
inks & coatings, wire & cable and other niche industries globally. The company also produces and sells excess
Networth 11,259.3
electric power generated from the low calorific value off gas, which is generated in the process of manufacture of
carbon black. PCBL is a major carbon black producer and exporter, with presence across five continents in more Ratios (%)
than 30 countries. International markets account for 24% of the company’s total sales volume. PCBL operates 3.2
NPM
four manufacturing plants in West Bengal, Gujarat and Kerala, having a capacity of 4,72,000 MTPA. In FY17, the
company achieved highest-ever carbon black production of 3,83,316 MT and exported 93,340 MT. RONW 6.2
(As on Mar 31, 2017)

INDIA’S TOP 500 COMPANIES 343

Carborundum Universal Limited
Parry House, 43 Moore Street, Chennai - 600001, TN
Website: www.cumi.murugappa.com
Dun & Bradstreet D-U-N-S® No 87-178-0674 Top 500 Ranking Income 414 Net Profit 327 Networth 331
About the Company
Financial Snapshot (` mn)
Carborundum Universal Ltd (CUMI) was incorporated in 1954 a joint venture between Carborundum Comppany,
Total Income 15,541.0
USA, Universal Grinding Wheel Company, UK and the Murugappa Group, India. The company is engaged in the
manufacture of abrasives, electro minerals, industrial ceramics and super refractories. CUMI’s product portfolio Net Profit 1,217.8
comprises of coated and bonded abrasives, tools for stones, sintered aluminium oxide, silicon carbide, industrial
Networth 10,526.6
and bio ceramics and super refractory products, etc. The company mainly caters to industries like automobile,
auto-ancillary, furniture, fabrication, construction, cement, steel and electrical & electronics, amongst others. As Ratios (%)
of Mar 31, 2017, the company had 19 manufacturing plants located across the states of TN, WB, Uttarakhand, 7.8
NPM
Kerala, Gujarat and MP. The company also has 12 subsidiaries.
RONW 11.6
(As on Mar 31, 2017)

Graphite India Limited

31, Chowringhee Road, Kolkata - 700016, WB
Website: www.graphiteindia.com
Dun & Bradstreet D-U-N-S® No 86-224-1510 Top 500 Ranking Income 428 Net Profit 336 Networth 241
About the Company
Financial Snapshot (` mn)
Graphite India Ltd (GIL) was incorporated in 1967 in collaboration with Great Lakes Carbon Corporation, USA.
Total Income 14,756.4
GIL’s product portfolio comprises of graphite electrodes, speciality carbon & graphite products, carbon products,
impervious graphite equipment, glass reinforced plastic pipes, high speed steels, alloy tool steels and powder Net Profit 1,122.8
metallurgy steels. The products manufactured by the company have found applications in various industries
Networth 18,518.6
like steel, solar, semiconductor, chemical, glass and foundry castings, etc. The company operates through six
manufacturing facilities in India with an aggregate electrode manufacturing capacity of 80,000 tons per annum. It Ratios (%)
also has a wholly owned subsidiary named Graphite COVA GmbH in Germany, which has electrode manufacturing 7.6
NPM
capacity of 18,000 tons per annum. The company’s graphite and carbon segment was the main source of revenue,
accounting for about 90% of the total revenue. RONW 6.1
(As on Mar 31, 2017)

Sheela Foam Limited

C-55, Preet Vihar, New Delhi - 110092, Delhi
Website: www.sheelafoam.com
Dun & Bradstreet D-U-N-S® No 91-859-6847 Top 500 Ranking Income 429 Net Profit 341 Networth 455
About the Company
Financial Snapshot (` mn)
Sheela Foam Ltd (Sheela Foam) was founded in 1971. The company is primarily engaged in the manufacturing
Total Income 14,707.6
of polyurethane (PU) foam. The company’s business is classified under three categories namely home comfort
products, technical products and institutional products. The home comfort products segment offers various Net Profit 1,104.8
products like mattresses, comfort accessories like pillows, mattress protector, bolsters and back cushion as well as
Networth 4,210.1
furniture cushioning under the brand name ‘Sleepwell’. It supplies pure grade, deluxe grade, standard grade and
commercial grade flexible PU foam for various furniture cushioning applications. The technical products segment Ratios (%)
offers a range of products including automotive foam, reticulated foam, silentech foam, sound absorption foam, 7.5
NPM
speciality foam, UV foam, visco-elastic, rebounded foams, to name a few. The company has 12 manufacturing
facilities and a nationwide network of over 100 distributors & 5,000 dealers. RONW 26.2
(As on Mar 31, 2017)

Grindwell Norton Limited

5th Level, Leela Business Park, Andheri-Kurla Road, Marol, Mumbai - 400059, Maharashtra
Website: www.grindwellnorton.co.in
Dun & Bradstreet D-U-N-S® No 65-004-7194 Top 500 Ranking Income 446 Net Profit 334 Networth 353
About the Company
Financial Snapshot (` mn)
Grindwell Norton Ltd (GNO) was established in 1941 as Grindwell Abrasives through a technical collaboration
Total Income 13,698.1
between Grindwell and Norton Co, USA. Later, Norton Co was acquired by SaintGobain and GNO became a
majority-owned subsidiary of Saint-Gobain in India. Its businesses is divided into two major segments- abrasives Net Profit 1,160.1
and ceramics and plastics. GNO’s abrasives business markets and manufactures a range of bonded, coated,
Networth 8,845.7
non-woven and super abrasives. Its ceramic and plastics segments consists of silicon carbide, high performance
refractories (HPR) and performance plastics. Its other business segment consists of CertainTeed, which offers Ratios (%)
world-class exterior building products and INDEC, provides 24x7 IT infrastructure monitoring and management 8.5
NPM
solutions and services. In Mar 2018, the company paved its way into the automotive detailing segment with the
launch of Norton Car Spa in Indore. RONW 13.1
(As on Mar 31, 2017)

344 INDIA’S TOP 500 COMPANIES

VIP Industries Limited
5th Floor, DGP House, 88 C, Old Prabhadevi Road, Mumbai - 400025, Maharashtra
Website: www.vipindustries.co.in
Dun & Bradstreet D-U-N-S® No 91-539-7756 Top 500 Ranking Income 463 Net Profit 385 Networth 459
About the Company
Financial Snapshot (` mn)
VIP Industries Ltd (VIP) was incorporated in 1968 and commenced its operations in 1971. The company is engaged
Total Income 12,825.7
in manufacturing of hard-sided and soft-sided luggage and travel products. VIP’s product portfolio comprises
of strollys, suitcases, duffel-bags, backpacks, executive cases, overnight travel solutions and school bags. The Net Profit 759.8
company markets its products under the brands like VIP, Aristocrat, Alfa, Footloose, Skybags and Carlton. The
Networth 3,991.0
soft luggage accounts for 76% of the company’s total turnover, while hard luggage accounts for 24% of the
total turnover. The company operates through three factories located at Nashik and Sinnar in Maharashtra and Ratios (%)
Haridwar in Uttarakhand. VIP has more than 8,000 retail outlets across India and over 1,300 retailers across 5.9
NPM
27 countries. The company has two wholly owned subsidiaries namely Blow Plast Retail Ltd and VIP Industries
Bangladesh Pvt Ltd. In FY17, the company reported sales of ` 13.1 bn as compared to ` 12.3 bn in FY16. RONW 19.0
(As on Mar 31, 2017)

Solar Industries India Limited

11 Zade Layout Bharat Nagar, Nagpur - 440033, Maharashtra
Website: www.solargroup.com
Dun & Bradstreet D-U-N-S® No 91-673-8283 Top 500 Ranking Income 469 Net Profit 314 Networth 398
About the Company
Financial Snapshot (` mn)
Solar Industries India Ltd (SIIL) was incorporated in 1995. In 1996, the company commenced production of
Total Income 12,666.0
packaged explosives. SIIL is mainly engaged in the manufacturing of industrial explosives, detonators and defence
explosives. Under industrial explosives category, the company manufactures packaged explosives, bulk explosives, Net Profit 1,325.8
detonators, detonating cord, PETN, cast booster and styphnic acid. Under defence explosives, the company
Networth 6,586.3
manufactures military explosives, bombs & warheads, initiating systems & pyros, new generation explosives,
ammunitions, rockets & propellants and off set contract manufacturing. The company has 25 manufacturing Ratios (%)
facilities spread across states like Chattisgarh, Jharkhand, MP, Maharashtra, Odisha, Rajasthan, Telangana and 10.5
NPM
WB. SIIL exports to 42 countries across the world. The net sales of the company during FY17 increased to ` 15.79
bn from ` 14.48 bn in FY16. RONW 20.1
(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
Financial Snapshot (` mn)
Total Income
Net Profit
Networth
Ratios (%)
NPM
RONW
(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
Financial Snapshot (` mn)
Total Income
Net Profit
Networth
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RONW
(As on Mar 31, 2017)

INDIA’S TOP 500 COMPANIES 345

INDEX

Index
3 B
3M India Limited................................................................................... 87 Bajaj Auto Limited................................................................................. 19

A Bajaj Electricals Limited......................................................................... 81

Bajaj Finance Limited.......................................................................... 112
Aarti Industries Limited......................................................................... 60
Balkrishna Industries Limited.............................................................. 332
ABB India Limited................................................................................ 247
Balmer Lawrie & Co Limited.................................................................. 87
Abbott India Limited............................................................................ 222
Balrampur Chini Mills Limited............................................................. 281
ACC Limited........................................................................................... 53
Bank of Baroda...................................................................................... 30
Adani Enterprises Limited................................................................... 313
Bank of India.......................................................................................... 30
Adani Ports and Special Economic Zone Limited................................. 343
Bank of Maharashtra............................................................................. 34
Adani Power Limited........................................................................... 239
Bannari Amman Sugars Limited.......................................................... 282
Adani Transmission Limited................................................................. 314
Banswara Syntex Limited..................................................................... 302
Aditya Birla Fashion and Retail Limited............................................... 261
Bata India Limited................................................................................ 139
Ahluwalia Contracts (India) Limited.................................................... 258
Bayer CropScience Limited...................................................................... 3
AIA Engineering Limited........................................................................ 97
BEML Limited........................................................................................ 96
Ajanta Pharma Limited........................................................................ 224
Berger Paints India Limited.................................................................. 207
Akzo Nobel India Limited..................................................................... 207
BGR Energy Systems Limited................................................................. 96
Alembic Pharmaceuticals Limited....................................................... 222
Bharat Electronics Limited.............................................................. 342
Alkem Laboratories Limited................................................................. 220
Bharat Financial Inclusion Limited....................................................... 118
Allahabad Bank...................................................................................... 33
Bharat Forge Limited............................................................................. 11
Allcargo Logistics Limited.................................................................... 320
Bharat Heavy Electricals Limited........................................................... 95
Amara Raja Batteries Limited................................................................ 43
Bharat Petroleum Corporation Limited............................................... 195
Ambuja Cements Limited...................................................................... 53
Bharti Airtel Limited............................................................................ 293
Andhra Bank.......................................................................................... 32
Bharti Infratel Limited......................................................................... 287
Apar Industries Limited....................................................................... 247
Biocon Limited..................................................................................... 222
APL Apollo Tubes Limited.................................................................... 181
Birla Corporation Limited...................................................................... 55
Apollo Hospitals Enterprise Limited.................................................... 161
Blue Dart Express Limited.................................................................... 319
Apollo Tyres Limited............................................................................ 331
Blue Star Limited................................................................................... 81
Arvind Limited..................................................................................... 297
Bodal Chemicals Limited....................................................................... 65
Asahi India Glass Limited..................................................................... 157
The Bombay Dyeing and Manufacturing Company Limited................ 300
Ashok Leyland Limited........................................................................... 23
Bosch Limited........................................................................................ 11
Ashoka Buildcon Limited....................................................................... 73
Brigade Enterprises Limited................................................................ 257
Asian Paints Limited............................................................................ 207
Britannia Industries Limited................................................................ 129
Asian Star Company Limited.....................................................152-153
Astral Poly Technik Limited.................................................................. 233 C
Atul Limited........................................................................................... 60 Cadila Healthcare Limited................................................................... 221
Aurobindo Pharma Limited................................................................. 219 Can Fin Homes Limited........................................................................ 119
Automotive Axles Limited..................................................................... 16 Canara Bank.......................................................................................... 30
Avanti Feeds Limited........................................................................... 134 Capital First Limited............................................................................. 117
Avenue Supermarts Limited................................................................ 261 Carborundum Universal Limited......................................................... 344
Axis Bank Limited.................................................................................. 29 Castrol India Limited............................................................................ 277

346 INDIA’S TOP 500 COMPANIES

INDEX
CEAT Limited........................................................................................ 331
Central Bank of India............................................................................. 31
Century Enka Limited.......................................................................... 301
Century Plyboards (India) Limited....................................................... 335
Century Textiles and Industries Limited................................................ 54
CESC Limited........................................................................................ 240
CG Power and Industrial Solutions Limited......................................... 248
Chambal Fertilisers and Chemicals Limited......................................... 103
Chennai Petroleum Corporation Limited............................................. 196
Cholamandalam Investment and Finance Company Limited.............. 116
Cipla Limited........................................................................................ 219
City Union Bank Limited........................................................................ 36
Coal India Limited................................................................................ 187
Colgate-Palmolive (India) Limited........................................................ 124
Competent Automobiles Company Limited........................................ 315
Compuage Infocom Limited................................................................ 314
Container Corporation of India Limited............................................... 319
Coromandel International Limited...................................................... 103
Corporation Bank.................................................................................. 31
Cosmo Films Limited........................................................................... 203
Cox & Kings Limited............................................................................. 327
CRISIL Limited...................................................................................... 253
Crompton Greaves Consumer Electricals Limited................................. 82
Cummins India Limited.......................................................................... 95
Cyient Limited..................................................................................... 273
D Future Lifestyle Fashions Limited........................................................ 261
D. B. Corp Limited................................................................................ 175
Dabur India Limited............................................................................. 123
Dalmia Bharat Sugar and Industries Limited....................................... 282
DCB Bank Limited.................................................................................. 37
DCM Shriram Industries Limited......................................................... 282
DCM Shriram Limited............................................................................ 87
DCW Limited.......................................................................................... 65
Deepak Fertilisers and Petrochemicals Corporation Limited......... 62-63
Deepak Nitrite Limited.......................................................................... 65
Dewan Housing Finance Corporation Limited..................................... 112
Dhampur Sugar Mills Limited.............................................................. 281
Dhanlaxmi Bank Limited........................................................................ 37
Dilip Buildcon Limited............................................................................ 71
Dish TV India Limited........................................................................... 176
Divi’s Laboratories Limited.................................................................. 221
DLF Limited.......................................................................................... 257
Dr. Reddy’S Laboratories Limited........................................................ 219
Dwarikesh Sugar Industries Limited.................................................... 282
E Goodyear India Limited....................................................................... 332
E.I.D.-Parry (India) Limited................................................................... 281
INDIA’S TOP 500 COMPANIES
eClerx Services Limited........................................................................ 274
Eicher Motors Limited........................................................................... 19
EIH Limited.......................................................................................... 165
Electrosteel Castings Limited............................................................... 182
Emami Limited..................................................................................... 124
Emami Paper Mills Limited.................................................................. 212
Endurance Technologies Limited........................................................... 11
Engineers India Limited......................................................................... 98
Eros International Media Limited........................................................ 177
Escorts Limited...................................................................................... 24
Eveready Industries India Limited......................................................... 92
Everest Industries Limited..................................................................... 75
Exide Industries Limited........................................................................ 43
F
Fedders Electric and Engineering Limited............................................. 98
The Federal Bank Limited...................................................................... 34
Federal-Mogul Goetze (India) Limited................................................... 15
Filatex India Limited............................................................................ 301
Finolex Cables Limited........................................................................... 91
Finolex Industries Limited................................................................... 232
Flexituff International Limited............................................................. 204
Force Motors Limited............................................................................ 24
Fourth Dimension Solutions Limited................................................... 315
Future Consumer Limited.................................................................... 135
Future Enterprises Limited.................................................................. 343
Future Retail Limited........................................................................... 261
G
Gabriel India Limited............................................................................. 14
GAIL (India) Limited........................................................................ 145
Gayatri Projects Limited........................................................................ 73
GE Power India Limited....................................................................... 248
GE T&D India Limited.......................................................................... 248
GHCL Limited......................................................................................... 60
Gillette India Limited........................................................................... 124
GlaxoSmithKline Consumer Healthcare Limited.................................. 132
Glaxosmithkline Pharmaceuticals Limited........................................... 222
Glenmark Pharmaceuticals Limited..................................................... 220
Godawari Power & Ispat Limited......................................................... 170
Godfrey Phillips India Limited.............................................................. 309
Godrej Consumer Products Limited.................................................... 123
Godrej Industries Limited...................................................................... 64
Gokul Agro Resources Limited............................................................. 132
Gokul Refoils & Solvent Limited.......................................................... 135
Granules India Limited........................................................................ 225
347
INDEX
Graphite India Limited......................................................................... 344
Grasim Industries Limited.................................................................... 297
The Great Eastern Shipping Company Limited.................................... 265
Greaves Cotton Limited......................................................................... 97
Greenply Industries Limited................................................................ 335
Grindwell Norton Limited.................................................................... 344
GRUH Finance Limited......................................................................... 119
Gujarat Alkalies and Chemicals Limited................................................. 60
Gujarat Ambuja Exports Limited......................................................... 133
Gujarat Fluorochemicals Limited........................................................... 64
Gujarat Gas Limited............................................................................. 146
Gujarat Industries Power Company Limited........................................ 241
Gujarat Mineral Development Corporation Limited............................ 187
Gujarat Narmada Valley Fertilizers & Chemicals Limited...................... 59
Gujarat State Fertilizers & Chemicals Limited...................................... 104
Gulf Oil Lubricants India Limited......................................................... 277
H Inox Leisure Limited............................................................................ 176
Hatsun Agro Product Limited.............................................................. 132
Havells India Limited............................................................................. 91
HBL Power Systems Limited.................................................................. 43
HCL Technologies Limited.................................................................... 270
HDFC Bank Limited................................................................................ 29
HeidelbergCement India Limited........................................................... 56
Heritage Foods Limited....................................................................... 134
Hero MotoCorp Limited........................................................................ 19
Hexaware Technologies Limited.......................................................... 273
Himachal Futuristic Communications Limited...........................288-289
Himadri Speciality Chemical Limited..................................................... 64
Himatsingka Seide Limited.................................................................. 301
Hindalco Industries Limited................................................................. 191
Hinduja Global Solutions Limited........................................................ 272
Hindustan Construction Company Limited............................................ 71
Hindustan Copper Limited................................................................... 192
Hindustan Petroleum Corporation Limited......................................... 195
Hindustan Unilever Limited................................................................. 123
Hindustan Zinc Limited........................................................................ 191
Honeywell Automation India Limited.................................................... 91
Housing Development Finance Corporation Limited.......................... 111
HSIL Limited......................................................................................... 157
HT Media Limited................................................................................ 176
Huhtamaki PPL Limited....................................................................... 203
I JK Tyre & Industries Limited................................................................ 331
ICICI Bank Limited.................................................................................. 29
ICICI Prudential Life Insurance Company Limited................................ 341
Idea Cellular Limited............................................................................ 293
IDFC Bank Limited................................................................................. 34
348 INDIA’S TOP 500 COMPANIES
IFB Industries Limited............................................................................ 83
IFCI Limited.......................................................................................... 117
IL&FS Engineering and Construction Company Limited........................ 73
IL&FS Transportation Networks Limited................................................ 72
The India Cements Limited.................................................................... 54
India Glycols Limited............................................................................. 59
Indiabulls Housing Finance Limited..................................................... 112
Indian Bank............................................................................................ 33
The Indian Hotels Company Limited................................................... 165
The Indian Hume Pipe Company Limited.............................................. 74
Indian Metals and Ferro Alloys Limited............................................... 170
Indian Oil Corporation Limited............................................................ 195
Indo Count Industries Limited............................................................. 299
Indraprastha Gas Limited.................................................................... 146
IndusInd Bank Limited........................................................................... 33
INEOS Styrolution India Limited.......................................................... 233
Infosys Limited..................................................................................... 269
Inox Wind Limited............................................................................... 248
Interglobe Aviation Limited................................................................. 341
International Paper APPM Limited...................................................... 211
Ipca Laboratories Limited.................................................................... 221
IRB Infrastructure Developers Limited.................................................. 72
Isgec Heavy Engineering Limited........................................................... 96
ITC Limited........................................................................................... 309
ITD Cementation India Limited.............................................................. 72
J
J. Kumar Infraprojects Limited............................................................... 74
J.B. Chemicals & Pharmaceuticals Limited.......................................... 226
J.K. Cement Limited............................................................................... 55
Jagran Prakashan Limited.................................................................... 176
Jain Irrigation Systems Limited............................................................ 232
The Jammu and Kashmir Bank Limited.................................................. 35
Jamna Auto Industries Limited.............................................................. 16
Jay Bharat Maruti Limited..................................................................... 13
JBF Industries Limited.......................................................................... 215
Jindal Poly Films Limited...................................................................... 203
Jindal Saw Limited............................................................................... 181
Jindal Stainless (Hisar) Limited............................................................ 169
Jindal Worldwide Limited.................................................................... 303
JK Lakshmi Cement Limited................................................................... 55
JK Paper Limited.................................................................................. 211
JMC Projects (India) Limited.................................................................. 73
Johnson Controls-Hitachi Air Conditioning India Limited...................... 82
JSW Energy Limited............................................................................. 241
JSW Steel Limited................................................................................ 169
INDEX
JTEKT India Limited................................................................................ 16
Jubilant Foodworks Limited................................................................. 343
Jubilant Life Sciences Limited.............................................................. 223
JVL Agro Industries Limited................................................................. 132
Jyothy Laboratories Limited................................................................ 125
K Marico Limited.................................................................................... 123
K.P.R. Mill Limited................................................................................ 299
Kajaria Ceramics Limited..................................................................... 157
Kalpataru Power Transmission Limited............................................... 247
Kalyani Steels Limited.......................................................................... 171
Kansai Nerolac Paints Limited............................................................. 207
The Karnataka Bank Limited.................................................................. 36
The Karur Vysya Bank Limited............................................................... 35
KEC International Limited.................................................................... 247
KEI Industries Limited............................................................................ 91
Kirloskar Brothers Limited..................................................................... 98
Kirloskar Oil Engines Limited................................................................. 96
Kkalpana Industries (India) Limited..................................................... 232
KNR Constructions Limited.................................................................... 74
Kotak Mahindra Bank Limited............................................................... 32
Kothari Products Limited..................................................................... 313
KPIT Technologies Limited................................................................... 273
KRBL Limited........................................................................................ 133
Kwality Limited.........................................................................130-131
L National Aluminium Company Limited............................................... 191
L&T Technology Services Limited........................................................ 271
L.G. Balakrishnan & Bros Limited.......................................................... 15
Lakshmi Machine Works Limited........................................................... 97
The Lakshmi Vilas Bank Limited............................................................ 36
Larsen & Toubro Infotech Limited....................................................... 270
Larsen & Toubro Limited....................................................................... 69
Laurus Labs Limited............................................................................. 224
LEEL Electricals Limited......................................................................... 82
LIC Housing Finance Limited................................................................ 111
Linde India Limited................................................................................ 64
LT Foods Limited.................................................................................. 135
Lumax Industries Limited...................................................................... 15
Lupin Limited....................................................................................... 219
M OCL India Limited.................................................................................. 55
Mafatlal Industries Limited.................................................................. 302
Magma Fincorp Limited....................................................................... 118
Mahanagar Gas Limited...................................................................... 146
Maharashtra Seamless Limited........................................................... 182
Mahindra & Mahindra Financial Services Limited.....................114-115
Mahindra & Mahindra Limited.............................................................. 23
INDIA’S TOP 500 COMPANIES
Mahindra CIE Automotive Limited........................................................ 12
Maithan Alloys Limited........................................................................ 171
Manappuram Finance Limited............................................................ 117
Mangalore Chemicals and Fertilizers Limited...................................... 104
Mangalore Refinery and Petrochemicals Limited................................ 196
Maruti Suzuki India Limited................................................................... 23
McLeod Russel India Limited............................................................... 136
Minda Industries Limited...................................................................... 13
Mindtree Limited................................................................................. 270
MMTC Limited..................................................................................... 313
MOIL Limited....................................................................................... 188
Motherson Sumi Systems Limited......................................................... 11
Mphasis Limited.................................................................................. 271
MRF Limited........................................................................................ 331
Mukand Limited.................................................................................. 170
Munjal Showa Limited........................................................................... 14
Muthoot Finance Limited.................................................................... 116
N
Nahar Industrial Enterprises Limited................................................... 300
Nahar Spinning Mills Limited............................................................... 299
Nandan Denim Limited........................................................................ 302
Narayana Hrudayalaya Limited............................................................ 161
NATCO Pharma Limited...................................................................... 224
National Fertilizers Limited.................................................................. 103
NBCC (India) Limited............................................................................. 71
NCC Limited...................................................................................... 70
Nectar Lifesciences Limited................................................................. 225
Nestlé India Limited............................................................................. 129
NHPC Limited...................................................................................... 240
NIIT Technologies Limited................................................................... 272
Nilkamal Limited.................................................................................. 232
NLC India Limited................................................................................ 240
NMDC Limited..................................................................................... 187
NTPC Limited....................................................................................... 237
O
Oil and Natural Gas Corporation Limited............................................ 199
Oil India Limited.................................................................................. 199
Oracle Financial Services Software Limited......................................... 271
Orient Cement Limited.......................................................................... 56
Orient Paper & Industries Limited......................................................... 82
Oriental Bank of Commerce.................................................................. 32
349
INDEX
P Rolta India Limited............................................................................... 272
Page Industries Limited....................................................................... 299
Parag Milk Foods Limited.................................................................... 135
PC Jeweller Limited............................................................................. 151
Persistent Systems Limited.................................................................. 271
Petronet LNG Limited.......................................................................... 146
Pfizer Limited....................................................................................... 224
Phillips Carbon Black Limited.............................................................. 343
PI Industries Limited................................................................................ 3
Pidilite Industries Limited...................................................................... 59
Piramal Enterprises Limited................................................................. 221
PNB Housing Finance Limited.............................................................. 116
PNC Infratech Limited............................................................................ 74
Polaris Consulting & Services Limited................................................. 272
Power Finance Corporation Limited.................................................... 111
Power Grid Corporation of India Limited........................................ 238
Power Mech Projects Limited.............................................................. 249
Prabhat Dairy Limited.......................................................................... 136
Prestige Estates Projects Limited......................................................... 257
Pricol Limited......................................................................................... 15
Prism Johnson Limited.......................................................................... 54
Procter & Gamble Hygiene and Health Care Limited.......................... 124
PTC India Financial Services Limited.................................................... 119
PTC India Limited................................................................................. 239
Punjab & Sind Bank............................................................................... 35
Punjab National Bank............................................................................ 30
PVR Limited......................................................................................... 175
Q Skipper Limited.................................................................................... 249
Quess Corp Limited............................................................................. 253
R
Radico Khaitan Limited............................................................................ 7
Rajesh Exports Limited........................................................................ 151
Rallis India Limited.................................................................................. 3
The Ramco Cements Limited................................................................. 54
Rashtriya Chemicals and Fertilizers Limited........................................ 103
Ratnamani Metals & Tubes Limited..................................................... 182
Raymond Limited................................................................................ 298
RBL Bank Limited................................................................................... 36
RCI Industries & Technologies Limited................................................ 192
Redington (India) Limited.................................................................... 313
Relaxo Footwears Limited............................................................... 140
Reliance Capital Limited...................................................................... 118
Reliance Industries Limited................................................................. 195
Reliance Infrastructure Limited........................................................... 239
Responsive Industries Limited............................................................. 233
350 INDIA’S TOP 500 COMPANIES
RSWM Limited..................................................................................... 298
Rural Electrification Corporation Limited............................................ 111
S
Sadbhav Engineering Limited................................................................ 72
Sakuma Exports Limited...................................................................... 314
Sangam (India) Limited........................................................................ 300
Sanofi India Limited............................................................................. 223
Sanwaria Consumer Limited................................................................ 133
Sarda Energy & Minerals Limited........................................................ 171
Savita Oil Technologies Limited........................................................... 277
Schaeffler India Limited......................................................................... 50
Seshasayee Paper and Boards Limited................................................ 212
Sharda Cropchem Limited....................................................................... 4
Sheela Foam Limited........................................................................... 344
The Shipping Corporation of India Limited.......................................... 265
Shirpur Gold Refinery Limited............................................................. 191
Shoppers Stop Limited........................................................................ 262
Shree Cement Limited........................................................................... 53
Shriram City Union Finance Limited.................................................... 116
Shriram Pistons & Rings Limited............................................................ 13
Shriram Transport Finance Company Limited..................................... 112
Siemens Limited.................................................................................... 95
Simplex Infrastructures Limited............................................................. 71
Sintex Industries Limited..................................................................... 301
Siyaram Silk Mills Limited.................................................................... 300
SJVN Limited........................................................................................ 241
SKF India Limited......................................................................... 48-49
SML Isuzu Limited.................................................................................. 24
Sobha Limited...................................................................................... 257
Solar Industries India Limited.............................................................. 345
Somany Ceramics Limited................................................................... 157
The South Indian Bank Limited.............................................................. 35
Southern Petrochemical Industries Corporation Limited.................... 104
Srei Infrastructure Finance Limited..................................................... 118
SRF Limited............................................................................................ 87
Srikalahasthi Pipes Limited.................................................................. 183
State Bank of India................................................................................ 29
Steel Authority of India Limited.......................................................... 169
Steel Strips Wheels Limited................................................................... 14
Sterlite Technologies Limited.............................................................. 287
Strides Shasun Limited........................................................................ 223
Subros Limited....................................................................................... 14
Sudarshan Chemical Industries Limited................................................ 65
Sumeet Industries Limited................................................................... 302
Sun Pharmaceutical Industries Limited............................................... 220
INDEX

Sun TV Network Limited...................................................................... 175 UltraTech Cement Limited..................................................................... 53

Sundaram Finance Limited.................................................................. 117
Sundaram-Clayton Limited.................................................................... 13
Sundram Fasteners Limited................................................................... 12
Sunflag Iron and Steel Company Limited............................................. 170
Sunil Hitech Engineers Limited.............................................................. 97
The Supreme Industries Limited...............................................230-231
Supreme Petrochem Limited............................................................... 215
Surya Roshni Limited........................................................................... 181
Sutlej Textiles and Industries Limited.................................................. 298
Syndicate Bank...................................................................................... 31
Syngene International Limited............................................................ 225
T Varun Beverages Limited..................................................................... 134
Tamil Nadu Newsprint and Papers Limited......................................... 211
Tata Chemicals Limited.......................................................................... 59
Tata Communications Limited............................................................. 293
Tata Consultancy Services Limited....................................................... 269
Tata Elxsi Limited................................................................................. 274
Tata Global Beverages Limited............................................................ 133
Tata Metaliks Limited.......................................................................... 182
Tata Motors Limited.............................................................................. 23
The Tata Power Company Limited....................................................... 240
Tata Steel Limited................................................................................ 169
TeamLease Services Limited................................................................ 253
Tech Mahindra Limited........................................................................ 269
Techno Electric and Engineering Company Limited............................... 99
Texmaco Rail & Engineering Limited..................................................... 99
Thangamayil Jewellery Limited........................................................... 154
Thermax Limited.................................................................................... 95
Thomas Cook (India) Limited............................................................... 327
Tide Water Oil Co. (India) Limited....................................................... 277
Unichem Laboratories Limited............................................................ 225
Union Bank of India............................................................................... 31
United Bank of India.............................................................................. 34
United Breweries Limited........................................................................ 7
United Spirits Limited.............................................................................. 7
UPL Limited............................................................................................. 3
V
VIP Industries Limited.......................................................................... 345
VA Tech Wabag Limited......................................................................... 98
Vakrangee Limited............................................................................... 270
Vardhman Textiles Limited.................................................................. 297
Vedanta Limited.................................................................................. 187
Venky’s (India) Limited........................................................................ 134
V-Guard Industries Limited.................................................................... 92
Vijaya Bank............................................................................................ 33
Voltas Limited........................................................................................ 81
VRL Logistics Limited........................................................................... 319
W
WABCO India Limited............................................................................ 12
Welspun Corp Limited......................................................................... 181
Welspun India Limited......................................................................... 297
The West Coast Paper Mills Limited.................................................... 211
Wheels India Limited............................................................................. 12
Whirlpool of India Limited..................................................................... 81
Wipro Limited...................................................................................... 269
Wockhardt Limited.............................................................................. 223
Y
Yes Bank Limited.................................................................................... 32

Z
Time Technoplast Limited.................................................................... 233
Titan Company Limited....................................................................... 151
Torrent Pharmaceuticals Limited......................................................... 220 Zee Entertainment Enterprises Limited............................................... 175
Torrent Power Limited......................................................................... 239 Zensar Technologies Limited............................................................... 273
Transport Corporation of India Limited............................................... 319 Zuari Agro Chemicals Limited.............................................................. 104
Trent Limited....................................................................................... 262
Tribhovandas Bhimji Zaveri Limited..................................................... 154 Note: Companies marked in bold are Advertorials
Trident Limited.................................................................................... 298
Triveni Engineering & Industries Limited............................................. 281
TTK Prestige Limited.............................................................................. 83
TVS Electronics Limited....................................................................... 314
TVS Motor Company Limited................................................................ 19
TVS Srichakra Limited.......................................................................... 332

U
Uflex Limited....................................................................................... 203

INDIA’S TOP 500 COMPANIES 351

352 INDIA’S TOP 500 COMPANIES
INDIA’S TOP 500 COMPANIES 353
Notes