Mumbai: Fortune India has released its highly anticipated list of the country’s top 500 largest corporations for 2024. This annual publication serves as a comprehensive benchmark of corporate excellence, innovation, and resilience, offering deep insights into India’s dynamic business ecosystem.
The Fortune 500 India 2024 list showcases the power and transformation of corporate India. Reliance Industries continues its dominance at the top, maintaining its position as #1 with a staggering revenue of ₹9,22,391 crore. The list also highlights significant shifts, with Life Insurance Corporation of India (LIC) rising to #2, overtaking Indian Oil Corporation, which dropped to #3 after a decline in revenue by 8.52%. ONGC retained its spot at #4, while State Bank of India climbed to #5, marking a remarkable 25.6% growth in total income to ₹5,94,575 crore — the only company in the top five to post such robust double-digit revenue growth.
The 2024 edition also welcomed 29 new entrants, collectively contributing ₹1,85,614 crore in revenue, further underscoring the evolution and inclusivity of India’s corporate landscape. These new additions reflect the emergence of innovative players and industries, driving the transformation of the business ecosystem.
This year’s list highlights continued growth and resilience. The total number of billion-dollar revenue companies has risen to 283, generating a combined income of $1.7 trillion and profits of $154 billion, with 37 firms achieving over $1 billion in profits. Stability within the core of India Inc. is evident, as 220 companies have consistently maintained their positions on the list over the past 15 years. These firms contribute to a cumulative market cap of $3.02 trillion, with profits and revenues consistently leading the way.
India’s Fortune 500 companies have demonstrated exceptional economic strength, with record-breaking profitability and revenue growth in FY24. The profit-to-GDP ratio reached a 13-year high of 4.7%, up from 4.06% in FY23. Cumulative profits surged by 27.5% year-on-year, reaching an all-time high of ₹13.95 lakh crore, while total revenues hit a record ₹157 lakh crore, illustrating the resilience and adaptability of corporate India amidst global commodity price fluctuations and macroeconomic challenges. Key sectors driving this growth include financials, energy, and automobiles.
The Fortune India 500 Issue 2024 is available now on newsstands across the country and can also be accessed through Fortune India’s official website. Exclusive digital content is available through a subscription to the magazine.
