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India’s

TOP 500
Companies
2017
India’s
TOP 500
Companies
2017

Published by
Dun & Bradstreet Information Services India Pvt Ltd
India’s Top 500 Companies 2017
Published in India by Dun & Bradstreet Information Services India Pvt Ltd.

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Editor Preeta Misra


Sub-Editor Naina Acharya
Editorial Team Yogesh Jambhale, Mihir Shah, Omesh Kandalkar, Christopher Dsouza, Rohit Pawar, Nishikant Sharma
Sales Team Suhail Aboli, Jaison Swamidas, Triveni Rabindraraj, Rajesh Kandari, Prasad Kachraj, Sunena Jain,
Romita Dey Talukdar, Subhonita Gargari, Dharmesh Kapoor, Keerthi Madhu, Apoorwa Tyagi, Karan Abrol,
Anchal Devnani, Amit Kumar, Suchitra Pandey, Siddarth Ravindran, Sukhvinder Singh, Miloni Shah, Riya Prasad,
Krishna Raj, Ayushi Nayak, Manjula Dinakaran
Operations Team Mangesh Shinde, Nehal Khosla, Prem Kumar, Sumit Sakhrani, Ankur Singh, Rajesh Gupta, Melita Menezes,
Smruti Gandhi, Tia Roy, Upasana Mohapatra, Lakshaya Sahni, Archana Singh, Parmeshwar More,
Srinivas Kamath
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India’s Top 500 Companies 2017


17th Edition
978-93-86214-16-4
Contents
Preface . ............................................................................................................... 1

Foreword ............................................................................................................. 3

executive summary ............................................................................................. 5

Methodology . ..................................................................................................... 7

Definitions & Calculations ................................................................................. 11

Economy Update................................................................................................ 17

Insights

Changing Face of Top 500 Companies............................................................................... 25

Overview of Top 500 Companies...................................................................................... 35

Quarterly Update.............................................................................................................. 45

Focus Sector: Renewable Energy........................................................................ 51

Experts’ View...................................................................................................... 73

Listings of Top 500 Companies ..................................................................95–151

Profiles of Top 500 Companies ................................................................153–531

Abbreviation ............................................................................................ 535–574

Index ........................................................................................................ 575–584


Preface
Dun & Bradstreet India is proud to announce the launch of the 2017 edition of
its premier publication ‘India’s Top 500 Companies’. The issue, which made its
debut in 1997, is a ready reference tool on the leading companies of corporate
India across more than 50 sectors. The publication provides valuable insights on
their business operations and financial performance.

The publication ‘India’s Top 500 Companies 2017’ continues with the customary
approach of profiling companies that are ranked on total income, net profit, and
net worth among other key financial indicators. Further, the edition also includes
a financial comparison of companies classified under their respective sectors. The
‘Insights’ section is based primarily on in-depth analysis of the aggregate financial
performance of these companies. Views of industry veterans on opportunities
and growth drivers about their respective sectors as well as the future plans have
been encapsulated in the ‘Experts’ View’ section.

Global growth has been tepid since financial crisis broke out almost a decade ago. However, it showed signs
of revival in the year 2016 when it was estimated to grow by 3.4% in 2016 compared to 3.1% in 2015. The
Indian economy today is far more interlinked with the global economy. India, with a growth of more than
7% in 2015-16, continued to demonstrate resilience in the face of a tepid global recovery and remained the
fastest growing major economy in the world (as indicated by Central Statistics Organisation and International
Monetary Fund numbers). India’s rapid economic growth is ushered in through the much needed economic
reforms embarked by the government at the center since 2015. Significant progress on key fiscal reforms such
as the upcoming implementation of the goods and services tax is expected to increase India’s medium-term
growth by 1-2%. The impact of the Prime Minister’s vision of a ‘New India’ by 2022 is being seen at all levels
– be it the union, state or local government or the private players where collaborative efforts are the need of
the hour. India’s Top 500 Companies, being the frontrunners among Indian Corporates, are expected to play a
significant role in achieving this feat.

India’s economic growth has also contracted owing to continued slowdown in the global economy. India’s
anticipated growth of real GVA at basic prices in 2016-17 is 6.7% compared to 7.8% in 2015-16. India’s Top
500 Companies are a reflection of the Indian economy in the true sense. Battling sluggish macro-economic
environment, the aggregate income and profit of India’s Top 500 Companies declined by 2% and 7%
respectively in FY16. A key challenge for the country is still dealing with a large amount of bad loans and
corporate vulnerabilities in several key sectors of the economy. A number of sectors are still governed by the
old regulations that need to be rationalized to allow for sustainable growth. The country is moving in the right
path with its commitment to key reforms expected to improve the business sentiment going forward and
fortify India’s position further on the global platform. In this context, the role of India’s Top 500 Companies will
be clearly accentuated to lead India to greater heights in the days to come.

I hope you enjoy reading this issue of ‘India’s Top 500 Companies 2017’ and look forward to your comments
and suggestions.

Manish Sinha
Managing Director – India
Dun & Bradstreet

INDIA’S TOP 500 COMPANIES 1


Foreword
Dun & Bradstreet India takes pleasure in announcing the launch of the seventeenth
edition of its premier publication – ‘India’s Top 500 Companies’. This publication
has consistently served as a compendium on financial performance of corporate
India’s top performing companies 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.

The year 2016 was a difficult year for the global economy. And as highlighted
in the recently released report by World Bank, the 2017 outlook continues to
face headwinds from political uncertainties in number of countries such as from
the policy direction of the new US administration, the outcome of the Brexit
negotiations and elections in a number of major European countries. Positively,
the threat of deflation is abating as inflation picks up towards central bank targets in many advanced countries,
including the US and Europe.

Prospects for the Indian economy continued to show promise as the government anticipated 7% growth in GDP
in Q4 even though growth was widely expected to remain downbeat during the period of demonetisation. In
the past two years, India has witnessed several reform measures in infrastructure, energy and financial sectors
including demonetization and the implementation of Goods and Services Tax (GST). With the GST regime in
the final stage of culmination, policy support for more structural reforms and the sustained revival in domestic
demand will help boost India’s economic growth. The gross value added is estimated to grow by 6.7% in 2016-
17 and expected to improve in the near future.

Bank Credit growth continues to remain subdued as can be seen from the significant decline in the share of
bank credit to the industrial sector. Many sectors such as power, iron and steel are experiencing severe stress.
Efforts are being made to improve ease of doing business; the passage of new bankruptcy code is aimed at
addressing the chronicle exit problem that has been tormenting the Indian economy and forestalling innovation
for Corporate India. The series of measures in 2016 are expected to change the face of the Indian economy.
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 3


Executive Summary
The publication ‘India’s Top 500 Companies 2017’ reflects 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 their role in driving the
country’s economic growth is underscored through this publication. FY16 was
characterized by improvement in the domestic macroeconomic landscape but
faced challenges from the global economy which was struggling to recover.
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:


• 42 new entrants made their debut in the 2017 edition as compared to 37 new
companies in the 2016 edition. These new entrants recorded 3.7% growth in
total income in FY16 compared to FY15
• The top-line growth of the Top 500 companies was dented due to lack of global recovery and slowdown in
industrial activity reflecting weak investment demand with some deceleration of capital goods production,
especially in the first two months of Q3 of 2015-16. The total income growth of the Top 500 companies
declined by 1.9% in FY16 as compared to 3.2% growth in FY15
• Similarly the net profit of the Top 500 companies which had grown by almost 5% in FY15 declined by 4.6%
in FY16
• With profit and income degrowth, the aggregate equity dividend paid by the Top 500 companies slowed
down from 11.1% in FY15 to 2.3% in FY16
• Small-cap companies scored over their counterparts by recording nearly 5% growth in profit whereas large-
cap companies showed a flat growth and mid-cap companies showed double digit decline in profit

Dun & Bradstreet also analyzed the recent performance of 489 companies from India’s Top 500 Companies
which have consistently published their quarterly interim results during the three year period ending 31
December 2016 (June, Sept and Dec quarters of FY15, FY16 and FY17).
• The aggregate total income of Top 500 companies for Apr-Dec 2016 grew by 3.1%, as against a 4.5% decline
during the corresponding period a year ago.
• The aggregate PAT during the period grew by a healthy 13.9%, as against a 2.4% decline during Apr-Dec
2015.

India is currently witnessing a dynamic business environment propelled by government reforms and growing
investor confidence. All the stakeholders in the Indian economy are collectively working towards realizing the
vision of a New India. India’s Top 500 Companies, being the torch bearers of Corporate India will definitely
play an important part in ‘Building a New India’ in the near future and Dun & Bradstreet will continue to track
their developments in the near future.

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

INDIA’S TOP 500 COMPANIES 5


Methodology
‘India’s Top 500 Companies 2017’ 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, 2016 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,
2016 were excluded from the publication. However, companies that were listed or re-listed before December
31, 2016 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 2017’.
* Weak macroeconomic conditions in India in the past few years have impacted the financial health of many Indian companies. There have
been instances wherein companies faced difficulties in servicing their debt and have adopted different debt restructuring mechanisms
such as joint lenders forum (JLF), 5:25 scheme, corporate debt restructuring (CDR), strategic debt restructuring (SDR) and Scheme for
Sustainable Structuring of Stressed Assets (S4A). 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 56 distinct sectors for classifying companies. We have classified companies into 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 FY16 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, 2015 and
September 30, 2016 is considered for the purpose of the publication. In effect for the majority of Top 500
Companies, the audited financial statements for the period ended March 31, 2016 have been considered. 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 model for selecting top performing companies for awards in
respective 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 7


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.
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 excludes fertilisers, plastics and petrochemicals which are classified separately in the
respective sectors.
Cigarettes Manufacture and distribution of cigarettes.
Coal & Coal Products Mining & distribution of coal and coal products.
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 Project/Capital Goods Manufacturing and supply of industrial spares & consumables, equipment and 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 / Financial Services Companies other than banking institutions that are engaged in providing various types of financial
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.

8 INDIA’S TOP 500 COMPANIES


Sector Definition
Sector Definition

Liquor Manufacturing and distribution of all types of alcoholic beverages.

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 and 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 and Allied Products 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 and 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 and Plastic Products Manufacturing and distribution of plastic and plastic products.

Power Companies engaged in generation, transmission and distribution of electricity.

Power Equipments Manufacturing of power equipment used for power generation and transmission and related EPC
services.

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 and 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.

Trading Companies engaged in trading 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.

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 9


Definitions &
Calculations
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 Amortisa-
tion 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
Shareholder’s Fund Equity Share Capital + Preference Share Capital+ Reserves and Surplus – Accumulated
Losses – Deferred expenses
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.

Banking Indicators and 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

Symbols used
# Annualised Financials
PL Profit to Loss
LP Loss to Profit
LL Loss in Current and Previous Year
NA Not Applicable

12 INDIA’S TOP 500 COMPANIES


ECGC Diamond Jubilee Celebrations inaugurated
by the President, Shri Pranab Mukherjee

New Delhi, November 8, 2016: The evolved to meet the need of the give a major boost to exports,
President, Shri Pranab Mukherjee changing times. The organization the country’s exporters would
inaugurated the Diamond Jubilee has grown substantially over the have to be more competitive. He
Celebrations of ECGC at Vigyan years and its premium income outlined the need for ECGC to
Bhavan, New Delhi. The function had increased to ` 1300 crores. It extend support to exporters who
was presided by Smt. Nirmala served 9000 exporters directly and are looking at these new markets,
Sitharaman, Minister of State another 17000 exporters who are even though there would be a
(I/C) for Commerce and Industry, financed by banks to whom ECGC greater element of risk associated
Government of India while Smt. provides credit risk insurance. with trade with some of these
Rita Teaotia, IAS, Commerce countries.
Secretary, Government of India The Minister of State (I/C) for
and Shri Ajay Kumar Bhalla, IAS, Commerce and Industry, Smt. Smt. Geetha Muralidhar,
Director General of Foreign Trade, Nirmal Sitharaman, said that it Chairman-cum-Managing Director,
Government of India, were the was a matter of great pride that ECGC Ltd. profusely thanked
guests of honour. ECGC had grown to become one the Government, the Ministry of
of the world’s leading credit risk Commerce, the Board of Directors,
During the function, the President insurance provider for exports and past and present employees of
Shri Pranab Mukherjee, unveiled trade related services and ranked ECGC, all of whom have played an
the Diamond Jubilee logo of ECGC as the 5th largest credit insurer in important role in bringing it to the
and the Minister of State (I/C) for the world in short term business. stature that it enjoys today.
Commerce and Industry, released She emphasized the need for the
the Diamond Jubilee Journal and country’s export to grow and to About ECGC
Stamp; the first copies of which achieve that, the Indian exporters ECGC was established in 1957 as
were presented to the President. would need to explore new markets India’s first organization to offer
The Corporate Film which like Africa, Latin America and Far Credit Risk Insurance to exporters.
highlighted the achievements of East since exports to developed Over the last six decades, ECGC
ECGC and the role played by them economies have been at the same has weathered many a storm and
in India’s export promotion was level or declining during the past protected exporters in times of
shown during the function. couple of years. She also made a geopolitical turmoil, economic
case for extending greater support downturns and currency collapses.
The function was well attended so that it can play an even greater The Corporation has earned an
by a large number of bankers, role in promoting exports. international reputation and has
exporters, representatives of trade grown to become the fifth largest
bodies and prominent people The President in his address Credit Risk Insurer in the world
from the government, business recalled the time when he was the in short term business. ECGC’s
and trade. Minister of Commerce and said growth has been commendable;
that ECGC always had a record of its Total Business Covered has
Smt. Teaotia welcomed the guests taking initiatives and launching grown from ` 75 crore in FY1966
and outlined the crucial role played innovative products to meet the to ` 2,70,000 crores in FY2016.
by ECGC in promotion of exports needs of the export community.
from India. She said that ECGC has He mentioned that in order to

14 INDIA’S TOP 500 COMPANIES


INDIA’S TOP 500 COMPANIES 15
16 INDIA’S TOP 500 COMPANIES
ECONOMY UPDATE
Overview of the Indian Economy

In FY16, India was touted as a bright spot on the world economic growth map even as the global economic
recovery remained fragile. The growth prospects of the Indian economy for FY17, thereby largely hinged
on domestic drivers of growth with very little support expected to seep in from the global markets. India’s
growth projections were thus framed on the basis of expectations of favourable monsoon and consequent
strong agricultural output, the 7th Pay Commission payouts and transmission of policy rate cuts to the
borrowers. These in turn were anticipated to fuel the consumption demand during the year and thereby
boost corporate profitability and investment.

y/y (%)

Source: MOSPI

However, the wheels of economic recovery, which was estimated to have started rolling on by the year,
pulled brakes on various fronts. Two major shocks which the Indian economy faced during the course of
the year were Brexit (August 2016) and demonetization (November 2016). While the announcement of
Brexit in August 2016 flooded global market with uncertainties, the Indian rupee remained stable after
the initial knee-jerk reaction. The local debt market also remained stable indicating investors’ confidence
in India. It was anticipated that the impact of the Brexit would unfold with the clarity in the roadmap for
‘Brexit’ going ahead.
Economy Update

During the year, “Animal Spirits” in the industrial sector remained low. The industrial growth story remained
mired in a difficult situation, beleaguered by weak exports, poor demand (largely from the rural segment),
high borrowing cost & subdued bank credit and projects stalled at various levels. While lower capacity
utilization led to restrained capacity expansion amongst the manufacturers, lower private sector participation
hindered traction in investment in the infrastructure segment. Excess capacity and high leverage in the
private sector restricted their investment. This in turn impacted the borrowing capacity of the corporates.
Moreover, with bad loans piling up since the economic downturn due to the delay in policy decisions, tight
liquidity, stringent regulations, supply mis-managements and slowdown in demand leading to stalling of
projects, it became difficult for borrowers to repay debt leading to a cumulative accumulation of stressed
assets. According to the data released by the IMF, non-performing loans (NPL) of India were the highest in
emerging markets in 2016. Taking into account restructured assets along with GNPAs, stressed assets for
the banking system as a whole had risen to 11.5% as of 31 March 2016, and further to 12.3% in September
2016 from 5.6% in FY10, as per latest available data, of which the public sector had the largest share. The
GNPA (gross non-performing advances) ratio of SCBs increased sharply to 9.1% in September 2016 from
7.8% in Mar 2016. The consequent risk aversion amongst bankers spiraled into low credit disbursement.

INDIA’S TOP 500 COMPANIES 18


Overview of the Indian Economy

Bank credit growth deteriorated significantly and stood at 4.4%, as on March 2017, lowest since April 1971.
Further, , bank credit to industry dipped below 1% during FY17 and currently averages at a negative growth
rate for FY17 (till 17th March 2017) as compared to the double digit credit growth rates two year ago. The
sharp slowdown in credit disbursement has been witnessed largely in the small and medium sector, even as
the share of NPAs belongs largely to the large industries (more than 88% of NPAs belong to large industries).
Growth in bank credit to the micro, small and medium industries remained in the negative zone for the
year, while credit growth to the large industries dipped below the negative territory during H2 FY17. The
significant decline in share of bank credit to the industrial sector, which has been the traditional job creator,
had been accompanied with a correspondent increase in the share in personal loans.
As the economy endured non-revival of private investment, increase in NPA levels in the banking system
and rise in inflation, the event of demonetization accentuated the prevailing downside risks to the
growth momentum of the economy. Demonetization curtailed demand as restrictions were placed on
cash withdrawal and pace of supplying the new banknotes remained slow. It caused severe disruption in
consumer oriented sectors and the informal and unorganized segment where cash is the preferred mode
of transaction. Continued weak manufacturing output (IIP), since December 2016, points toward the fact
that demonetization led disruption to the economic activity is yet to be arrested. The weak capital and
consumer goods, especially consumer durables (from Index of Industrial Production) since December 2016
signifies the fact that the dampening effects of demonetization on consumer spending and normal business
operations is yet to alleviate.
The inflation data also corroborates the fact that demand in the economy has not recuperated completely
despite the re-monetization measures. The surge in inflation was largely cost push and did not indicate
recovery in demand. With normal and spatially well distributed monsoon and sowing of food grains at record
high, pressure on food prices had eased and inflation in the food articles which had remained high during
the initial months of the fiscal year started abating post July 2016. The inflation trajectory in CPI followed
suit. However, firming up of industrial commodity prices added to the wedge between the WPI and CPI
inflation. The WPI inflation started edging up since August 2016, driven by the increase in inflation in the
manufactured and minerals group and gathered pace by November 2016 contributed by the fuel group.
Global commodity prices, including fuel, witnessed a turnaround since October 2016, and almost grew by
40% (y-o-y) in January 2017. Nonetheless, the core inflation in both the WPI and retail segment had remained
sticky and had been slowly and steadily moving upwards.
Given that the persistence of core inflation could set a floor on further downward movements in headline
inflation and trigger second-order effects and to further assess the transitory effects of demonetization
on inflation and output gap, the RBI monetary Policy Committee (MPC), decided to change its stance
Economy Update

from accommodative to neutral in February 2017. The measures taken for monetary policy transmission
included introducing the new Marginal Cost-Based Lending Rate (MCLR) and reducing the small saving rates
and linking it to market yields with quarterly resetting to make it more responsive to market conditions
amongst others. Monetary policy transmission thus strengthened during H2 of FY17, aided by surplus
liquidity, post demonetization. Flooded with excess liquidity, the lending rates in the banking system eased
as anticipated.
On the policy front, the government had ushered in significant economic reforms in almost all aspects relating
to macroeconomic stability, FDI, closure of sick units, energy, infrastructure, taxation, corruption, social
inclusion etc. Though termed as incremental efforts, the government has transformed the global investors’
perceptions about India. The clearance of the GST bill in August 2016 marked a significant milestone in
India’s history of taxation reforms. However, both demonetization and GST is expected to widen the tax base
and facilitate in increasing the tax-to-GDP ratio. The central government’s fiscal deficit as a percentage to
GDP stood at around 4.0% in FY17 as against the target of 3.5%. Increase in tax collection and setting up of
an autonomous fiscal council to help the government stay on the path of fiscal consolidation as suggested
by the Fiscal Responsibility and Budget Management (FRBM) committee would nonetheless help India in
improving its credit profile.

INDIA’S TOP 500 COMPANIES 19


Transcon Developers is forward in the real estate landscape of
looking Real Estate Group, one India by developing eco-efficient
that believes in enriching tomorrow residential and commercial spaces.
by taking actions today. Transcon Every project stands strong on the
distinguishes itself as a group that deep set belief and ideology of
envisions and develops premium enriching lives, without placing at
eco homes and commercial risk the resources and possibilities
spaces across Mumbai and Thane. of our future generation. In
The realty projects of the company a megacity like Mumbai, the
have not only received Pre- company is set out to expand its
Certified Platinum Ratings from green footprint by taking small but
the IGBC; it redefines the skyline substantial steps.
as green landmarks.
All our structures stand tall not on
Incorporated in 1985, the the foundations of concrete, but on
company’s mission is to provide the strong corporate philosophy
spaces that breathe and mark that drives Transcon. The
the difference between a house company believes in developing
and a home. Our projects deliver premium quality homes with
flexibility to combine flats and sustainability that enhance living
provide designated areas for and support ecology. It trusts
recreation. Group believes that to be the wave of change in the
transformation happens when real estate industry that focuses
we fulfill people’s dreams. It is on innovation, transparency and
this belief that inspires to create customer centricity. A responsible
spaces which nurture, shape and approach is always an underlining
celebrate life. commitment in all the actions
company undertakes. Transcon
The core strategy of the company Developers strongly believe “we
is to identify and acquire prime do not inherit the earth from our
land at early stage. The company’s parents; we borrow it from our
expertise is to get the land clear children”.
and marketable. This strategy
helps us to keep the cost lower Change is the only constant. To keep
than competitors thereby creating from becoming irrelevant in today’s
a value proposition for esteemed challenging time, businesses
customers. can either adapt to change or
enable it. Transcon is built on the
Transcon Developers has idea of transformation—not in
successfully pioneered a change response to a change in demand,

Artist Impression
or a trend, but as a bridge to new, bank of over 1,000 acres in and
never-before innovations in living around Mumbai.
experiences.
To understand the company’s
The team at Transcon stands by future-centric approach; one
and believes in adding to the needs to only look at the past. At
future while changing approach projects that rose from disdained
towards sustainable living. origins to towers across the
Creating awareness amongst the horizon, lifestyles that embraced
home owners about the ethos of sustainability and turned it into a
conserving, and preserving the fulfilling way of life long before it
environment by doing what we became fashionable and facades,
can. layouts, amenities that meld the
best of world living with Indian
The driving principle of the realities, made Transcon what it is
company is to provide sustainable at present.
living by making the best use of
light, wind, water, power and raw Some of the projects undertaken
material, and acting responsibly by Transcon Developers include
towards the environment. The Gokuldham & Yashodham
company’s projects are user Township at Goregaon; ‘Megh’
friendly, where people of all ages ‘Malhar’ “Raag” & Villas, Gagan
and abilities can derive comfort at Goregaon; Ben Hur at Borivali
and enjoy a good life. Every and Saket at Thane. Few of the
project is initiated after thorough ongoing projects are Auris serenity
brain storming, using the finest at Malad; Tirumala Habitats at
materials and resources available. Mulund; Fortune 500 at Mulund;
Today, Transcon Developers Transcon Residences at Bandra;
takes pride in its project Tirumala Transcon Triumph at Andheri; Flora
Habitats (Mulund), which is slated Heights at Andheri and Urbania at
to be India’s 1st high rise platinum Thane.
rated green residential building.
Transcon is all of these and more.
The company has so far delivered The company is the vanguard of
over 6 million sq. ft. of area change, not only in the edifices
under residential and commercial that it constructs but the way it
development; around 12.5 million goes about business: creatively,
sq. ft. of area under construction honestly, and with a deep-rooted
across Western and Central commitment to our customers
Mumbai & Thane, holding a land guiding our actions.

Artist Impression
  

 
 

     
    

  
        
           
        
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Insights
Changing Face of Top 500 Companies
Overview of Top 500 Companies
Quarterly Update
Changing Face of
Top 500 Companies
Changing Face of Top 500 Companies

India’s Top 500 Companies is Dun & Bradstreet India’s premier publication. The publication has served as
a compendium and ready reckoner on the front-runners of Indian corporates that are essentially the drivers
of the Indian economy since 1997. This is the 17th edition of the publication. India’s Top 500 Companies are
spread across a wide spectrum of more than 50 diverse industries that play a key role in driving the Indian
economy. The significance of these 500 companies emerges from the fact that they account for nearly 30%
of India’s exports and nearly 90% of the total BSE market capitalisation.

Dun & Bradstreet published the first edition of India’s Top 500 Companies in 1997 offering a clear and concise
information on the leading companies in India and ranked companies on the basis of market capitalisation.
In the 1999 edition, the ranking on the basis of market capitalisation was replaced with rankings based on
three parameters - income, net profit and net worth. Moving forward, in the year 2006, there was inclusion
of additional features like ‘CEO Speak’ and ‘Sectoral classification’ to the publication. Eventually, the 2007
edition of India’s Top 500 Companies added two more key sections - the financial comparison and insights
on sectors for in-depth understanding of India’s leading companies. Since then, the same methodology has
largely been followed, with minor changes gradually being introduced in the form of exclusion criteria based
on checks pertaining to issues in corporate governance, debt servicing, litigations, etc.
Changing Face of Top 500 Companies

1997 2017
Edition Edition

The Aggregate total income of


4 Trillion 49 Trillion
Journey
Top 500 Companies Rs. Rs.

Unfolds
Contribution of public
sector companies 51% 43%

Total income-wise
largest company Rs. 554 Billion Rs. 3,528 Billion

Total income-wise
smallest company Rs. 0.7 Million Rs. 10 Billion

Aggregate net profit of Top


500 Companies Rs. 308 Billion Rs. 3,895 Billion

Aggregate average market


capitalization of Top 500
Companies
Rs. 4.5 Trillion Rs. 94.1 Trillion

Top 500 aggregate


average market
capitalization to GDP ratio
32.9% 68.8%

Contribution of 146 consistently


featuring companies to
aggregate total income
68% 61%

INDIA’S TOP 500 COMPANIES 26


Changing Face of Top 500 Companies

Market capitalisation-to-GDP ratio of Top 500 Companies more than doubles


In the inaugural 1997 edition of the publication, the aggregate value of the average market capitalisation
of Top 500 companies stood at ` 4,583.5 bn. In the 2017 edition (data based on financial performance in
FY16), the aggregate value of the average market capitalisation jumped to ` 94,131.5 bn, which translates
into a CAGR of 17.2%.

To offer a perspective on the rapid growth of Indian corporates and the stock markets over the years, it is
interesting to know that the market capitalisation of the top-ranked company in the current edition (` 4,657.6
bn) exceeds the aggregate value of the average market capitalisation of all 500 companies that featured
in the 1997 edition (` 4,583.5 bn). This is a reflection of the rapid pace at which India Inc. has grown over
the past two decades.

Dun & Bradstreet Top 500 Companies comprises companies that form a significant portion of the Indian
stock markets. This can be gauged 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)
more-than-doubled from 32.9% in the 1997 edition to 68.8% in the 2017 edition. As of date, the aggregate
market capitalisation of the Top 500 Companies stands at around 90% of the aggregate market capitalisation
of all BSE-listed companies. About two-third of the Top 500 companies feature either on the BSE 500 index
Changing Face of Top 500 Companies

or the CNX 500 index. The highest ranking market capitalisation in the 1997 edition was ` 395.3 bn. With
the same market capitalisation, the company would have ranked 46th in the 2017 edition.

Average Market Cap to GDP Ratios (edition-wise)


Aggregate Average Market Cap (` billion)

Source: Dun & Bradstreet Research, RBI, BSE

In the 1997 edition of the India’s Top 500 Companies publication, the aggregate total income stood at ` 4,076.3
bn. In the 2017 edition, this figure stood at ` 48.9 bn, reflecting a growth of 14% per annum. Likewise, the
aggregate net profit of the Top 500 companies grew by 14.3% per annum from ` 308 mn in the 1997 edition
to ` 3.9 bn in the current 2017 edition. Over the same period (between 1996-97 and 2015-16), the GDP (by
expenditure/demand - spliced series; current prices: base year 2011-12) reflected a growth of 12.8% per
annum. This shows that the Top 500 companies have been growing faster than the economy.

The total income of the top-ranked company as per the 1997 edition was ` 553.9 bn. In the current 2017
edition, the same total income level would have earned a company the 15th rank. Likewise, at ` 20.3 bn,
the net profit of the top-ranked company in the 1997 edition would have ranked 45th in the 2017 edition.

INDIA’S TOP 500 COMPANIES 27


Changing Face of Top 500 Companies

Key Indicators
1997 Edition 2017 Edition
Aggregate average market capitalisation of Top 500 4,583,529.9 94,131,564.5
Companies (` million)
Aggregate Total Income of Top 500 Companies 4,076,257.7 48,944,299.1
(` million)
Aggregate Net Profit of Top 500 Companies 307,967.7 3,895,598.8
(` million)
GDP (by expenditure/demand - spliced series) at 13,912,830.0 136,753,310.0
current prices (base year 2011-12) (` million)
Aggregate Average Mkt. cap of Top 500 Companies 32.9 68.8
to GDP (%age)
BSE Market Cap (` million) 4,553,604.1 106,233,470.5

Increasing Significance of Private Sector Companies in Top 500 Companies


The first edition of Dun & Bradstreet’s India’s Top 500 Companies’ publication in 1997 featured 63 public
sector undertakings and associate companies (companies directly in control of central and state government,
and their associate companies). This number has not changed much over the years. Consistent with the
Changing Face of Top 500 Companies

trend in the past two editions, the number of public-sector and associate companies featuring in ‘India’s
Top 500 Companies 2017’ stands at 71 companies.

The aggregate average market capitalisation of public sector companies rose from ` 1,923 bn in the 1997
edition to ` 18,745.7 bn in the 2017 edition. This translates into a healthy CAGR of 12.7%. The aggregate
total income of public sector companies in the 1997 edition stood at ` 2,073.4 bn, which rose by 13% per
annum to ` 21,100.6 bn in the 2017 edition. Likewise, the aggregate net profit of public sector companies
rose by 9.4% per annum from ` 152.6 bn in the 1997 edition to ` 843.7 bn in the 2017 edition.

It is interesting to know that public sector companies, which account for just over 14% of the overall universe
of Top 500 Companies, contribute to more than 40% (~43%) of the aggregate total income of India’s Top 500
companies in the 2017 edition. However, the share of public sector companies’ in the aggregate average
market capitalisation halved from a high of 42% in the 1997 edition to under 20% (19.9%) in the 2017
edition. Likewise, considering the heavy losses incurred by public sector banks in FY16, the share of public
sector companies’ in the aggregate net profit of Top 500 companies also contracted from 49.5% in the 1997
edition to 21.6% in the 2017 edition.

INDIA’S TOP 500 COMPANIES 28


Changing Face of Top 500 Companies

Comparative Statistics of Public and Private Companies: 1997 edition vs 2017 edition

1997 Edition 2017 Edition CAGR


Indicators
Public Private Public Private Public Private
Number of
63 437 71 429 N/A N/A
Companies
Market cap
1,922,980.8 2,660,549.1 18,745,690.4 75,385,874.0 12.7 19.2
(` million)
Total Income
2,073,378.2 2,002,879.5 21,100,638.1 27,843,661.0 13.0 14.9
(` million)
Net Profit
152,574.3 155,393.4 843,660.9 3,051,937.9 9.4 17.0
(` million)
Source: Dun & Bradstreet Research, RBI

Contrastingly, the contribution of private sector companies in the overall performance of Top 500 companies
has improved significantly over the past 17 editions. The first edition of the publication featured 437 private
companies, as against the current edition’s 429. In terms of market capitalisation, however, the aggregate
Changing Face of Top 500 Companies

value of market capitalisation of private companies jumped by 19.2% per annum from ` 2,660.5 bn in the
1997 edition to ` 75,385.9 bn in the 2017 edition. Their total income grew by 14.9% per annum from `
2,002.9 bn in the inaugural edition in 1997 to ` 27,843.7 bn in the 2017 edition. Likewise, their aggregate
net profit grew from ` 155.4 bn in the first edition to ` 3,051.9 bn in the latest edition, at a robust 17% per
annum.

The extent of evolution of the Indian private sector can be gauged from the fact that the share of private
companies expanded: 1) in the aggregate value of average market capitalisation of Top 500 Companies from
58% in the inaugural edition to more than two-third (80.1%) in the 2017 edition; 2) in total income from
49.1% in the 1997 edition to 56.9% in the 2017 edition; and 3) in terms of net profit from 50.5% in 1997 to
a whopping 78.3% in the 2017 edition.

Rapid Growth of Companies in terms of Market Capitalisation
For the purpose of analysis, Dun & Bradstreet has categorised companies into large, mid and small cap on
the basis of the 80-15-5 method used by BSE. With respect to composition in terms of market-capitalisation,
small cap companies have historically had the largest representation in Dun & Bradstreet’s universal set of
India’s Top 500 Companies. Since the past couple of editions, however, the number of small-caps has almost
halved from 283 in the 2010 edition to 146 in the 2017 edition. On the other hand, the number of large
caps has almost doubled from 78 in the 2010 edition to 146 in the current edition. Likewise, the number of
mid-caps has increased from 139 in the 2010 edition to 208 in the current edition.

INDIA’S TOP 500 COMPANIES 29


Changing Face of Top 500 Companies

Market Cap-wise Composition

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

If we had to attempt to classify companies featuring in the 1997 publication into large-caps, mid-caps and
small-caps on the basis of the same upper and lower limits of average market capitalisation applicable in
the 2017 edition, we would end up with 458 small-caps, 34 mid-caps and merely eight large-caps.

146 Consistently Featuring Companies Hold onto Lion’s Share among Top 500 Companies
The 2017 edition of ‘India’s Top 500 Companies’ includes 146 companies which have featured in all the
preceding 16 editions as well. It would not be wrong to refer to these companies as consistent performers,
considering the fact that they have managed to sustain their growth trajectories and retain their position
Changing Face of Top 500 Companies

over the years, despite constantly increasing competition.

In the 1997 edition, the 146 consistent performers accounted for a whopping 71.3% of the aggregate
market capitalisation and around 68-70% of the aggregate values of total income and net profit. By the
2017 edition, they have managed to sustain a lion’s share of 48-54% share in market capitalisation and net
profit and a ~61% share in total income. Between the 1997 and 2017 editions of the publication, these 146
companies have recorded a CAGR of 15.5% in market capitalisation, 13.4% in aggregate total income and
12.2% in aggregate net profits.

Of these 146 companies, 32 are public sector companies while 114 are private companies. The 32 public
sector companies recorded a growth of 12.7% per annum in terms of collective total income, nearly 11.1%
per annum in terms of aggregate market capitalisation and 6.8% per annum in terms of aggregate net profit.
Private companies, however, grew faster, recording a 17.7% per annum growth in terms of aggregate average
market capitalisation and ~14-15% per annum growth in their collective total income and net profit.

Comparative Analysis of 146 Consistently Featuring Companies

Average Market Cap Total Income Net Profit


1997 2017 1997 2017 1997 2017
CAGR CAGR CAGR
Edition Edition Edition Edition Edition Edition
(%) (%) (%)
(` mn) (` mn) (` mn) (` mn) (` mn) (` mn)
Private
1,787,390.9 39,547,205.6 17.7 1,101,310.1 13,768,867.3 14.2 99,977.5 1,501,872.5 15.3
Companies
Public sector
1,479,814.4 10,866,586.0 11.1 1,659,879.0 16,213,579.8 12.7 113,356.0 392,297.7 6.8
Companies
All 146
3,267,205.3 50,413,791.6 15.5 2,761,189.1 29,982,447.1 13.4 213,333.5 1,894,170.2 12.2
Companies
Source: Dun & Bradstreet Research

INDIA’S TOP 500 COMPANIES 30


UPL Limited
Incorporated in 1969, UPL Limited to post harvest requirements. The
(formerly known as United Phosphorus company’s product portfolio comprises of

UPL: The
Ltd) is a global generic crop protection, 1,344 products, some of which includes
chemicals, and seeds company, herbicides, insecticides, fungicides,
headquartered in Mumbai. With a vision

Force Behind
miticides, soil and plant health products,
– To ensure sustainable, conscientious rodenticides, grain fumigants, fruit
agricultural growth and rural prosperity coatings, cleaners, sanitizers and storage

India’s to meet the demands of ever-increasing


population, the company has taken great
treatments. The company has 13
manufacturing units across India, many

Booming
strides to become the third largest post- of which have won awards for efficient
patent agrochemical company in the water usage and Green Manufacturing
world.
Agrarian
Excellence.
The company follows a stringent
The Growth Story
Industry
quality control process to ensure that it
manufactures products with zero-defect.
A series of acquisitions pursued by the
The company ensures that each stage of
company since 1994, has enabled it to
production, from raw material sourcing
evolve itself into a giant in the industry
and manufacturing to post production,
with 28 manufacturing facilities in
is closely monitored. Further, to maintain
11 countries and market presence in
and improve its high standards of
around 124 countries spread across six
environmental care and consciousness,
continents.
the company is making substantial
investments.
UPL’s offerings range from pre-planting

Major Acquisitions of UPL Limited

Started Red Acquired ‘Devrinol’ Acquired Advanta


Phosphorus from Zeneca for USA (Netherlands)

1969 1994 1996 2000 2006 2012

Acquisition of MTM Acquired ‘Devrinol’ DVA Agro and SIB


Agrochemical (U.K.) from Zeneca for Japan acquisition in Brazil
Snapshot of UPL’s Growth Story

Zero
#3 124 1962 1,344
UPL is the 3rd
largest post-patent Rajnikant D Shroff Defect A clear target when
Countries in which Products in UPL’s
agrochemical founded United it comes to quality
UPL is present Portfolio
company in the Phosphorous control
world

Snapshot of UPL’s Growth Story of time easier. Besides this, it gives 3. Oorja
Improving the shelf-life of Fruit and fruit and vegetables a healthy shine
A usual practice followed to ensure a
Vegetables and preserving their so that they look as good as they
steady supply of potatoes throughout
nutrients taste. DECCO’s products are used in
the year, they are preserved in cold
major fruit growing and exporting
The total value of post-harvest losses in storages at two degrees centigrade
regions like the USA, Spain, Italy,
India every year is estimated to be around for nine months at a stretch. During
South Africa and Asia especially to
` 580 bn (~ US $10 bn). It is of utmost this time, a significant portion of
preserve fresh fruits like citrus and
importance to give equal importance starch in the potatoes turns in to
apples. These products are also
to pre-harvest gain yield as well as post- sugar. As a result, the potatoes
widely used on kinnows from Punjab,
harvest preservation. In order to protect begin to sprout within four days
Haryana and Rajasthan, oranges
the crops from post-harvest pests and of taken out of cold storage. This,
from Maharashtra and lemons from
at the same time retain their nutritional not only reduces the shelf life of
Gujarat.
value, UPL has set up a post-harvest the products but also leads to the
company named DECCO, which is short 2. Quickphos poor product quality and supply
for Decay Control. The company enables shortage. In order to ensure that
In order to reduce the post-harvest the freshness and nutrition of the
to preserve the nutrients in food crops
losses, the company introduced potatoes is maintained throughout
and increase their shelf life in following
QuickPhos (phosphine and its the year, the company launched a
ways:
application technologies), which has product “Oorja”, which is a potato
been globally acknowledged as the suppressant. Further, Oorja also
1. Fruit and Vegetable Preservation safest, most effective way preserving ensures that the crop stays fresh
grains and other perishable during its journey from farm to the
DECCO produces high quality FDA, commodities. The products principal end consumer. Currently, UPL is the
EU and PFA approved surface ingredient, aluminium phosphide leading company to provide services
protection solutions to preserve helps to keep storage pest at bay on to protect potatoes after they have
fruits and vegetables. While these all food grains without any comprise been harvested.
solutions prevent fungal infection, on grain quality for consumption.
it also controls shrinkage and
dehydration, thereby making
transportation for a longer period
Overview of
Top 500 Companies
Overview of Top 500 Companies

This section includes the key analytical observations and trends of Dun & Bradstreet India’s Top 500
Companies. These insights are derived from the comparison of financial performance during FY16 and FY15
of the Top 500 companies in India which have featured in the current edition of publication. The publication
features companies listed on the BSE and/or NSE, which are categorised on the following parameters for
analytical purposes:

• Sector-wise classification into 56 different sectors (including others and diversified)


• Segregated 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 capitalization.

Classification of Top 500 Companies by Market Cap

FY16 Share (%) in FY16 Share (%) in


Type Top 500 Companies Aggregate Total Income Aggregate Profit of Top
of Top 500 500
Large-cap 146 74.0 89.7
Mid-cap 208 19.8 8.2
Small-cap 146 6.1 2.2
Source: Dun & Bradstreet Research
Overview of Top 500 Companies

With reference to the BSE principle of company classification, we have identified that of the Top 500
companies, 146 are large-cap companies; 208 are mid-cap companies; 146 are small-cap companies. All
the three types of companies viz large-cap, mid-cap and small-cap recorded a decline in their total income
growth for FY16 compared to the previous year. However, in terms of profit growth for FY16, small-cap
companies scored over their counterparts by recording nearly 5% growth whereas large-cap companies
showed a flat growth and mid-cap companies showed double digit decline.

New entrants demonstrate robust improvement in profit, net profit margin and exports

The 2017 edition of India’s Top 500 companies witnessed


the debut of 42 new companies as compared to 37 new
companies in the last edition. These debutant companies
are across various sectors with majority of the new entrants
belong to the following sectors including; Pharmaceuticals
(5 companies) and iron & Steel (4 companies). New entrants
in the 2017 edition outperformed the Top 500 Companies
in terms of income and profit growth. The total income of
new entrants in FY16 grew by 3.7% while their profit after
tax (PAT) grew by almost 96% as compared to the previous
year. On the other hand, the Top 500 Companies witnessed
degrowth of 1.9% in total income and degrowth of 4.5% in 2017 edition saw
the PAT for the same period.

42
new companies
Interestingly, the profit margin of all 500 companies together compared to 37 in the
remained flat since FY14 to FY16 – their profit margin stood previous year
at 7.5% in FY14, 7.6% in FY15 and 7.4% in FY16. In contrast
to this, the new entrants who demonstrated a very small
profit margin in FY14 have managed to match the margins of
500 companies. The profit margin of new entrants improved
from 2.2% in FY14 to 3.3% in FY15 and to 6.5% in FY16.

INDIA’S TOP 500 COMPANIES 36


Overview of Top 500 Companies

On the exports front, the export performance of combined Top 500 companies slumped further by nearly
12.4% in FY16 as compared to FY15 when it had degrown by 6.7%. On the other hand, exports of debutant
companies grew by 30.8% in FY16 as compared to 36.6% in FY15. Further, the share of exports in the total
sales revenue of 500 companies declined from 20.3% in FY14 to 18.7% in FY15 to 17.2% in FY16. In case of
new entrants, the share of exports in the total sales revenue increased from 6.4% in FY14 to 7.9% in FY15
to almost 10% in FY16.

Earnings scorecard of Top 500 Companies fails to live up to expectations in FY16

The Indian economy showed slight improvement


with 7.3% growth in real GVA at basic prices in
FY16 as compared to 7.1% in FY15. However,
% the same was not reflected in India Inc’s
performance as Indian corporates faced stress
on their earnings and profitability. The decline
in the aggregate corporate performance can
be attributed to a number of reasons including
corrections in commodity prices, global deflation
of manufactured products coupled with surplus
capacity in the domestic market, falling domestic
Overview of Top 500 Companies

and global demand. Consequently, the total


income (TI) of the Top 500 companies declined
by 1.9% in FY16 as compared to the growth of
3.2% in FY15. Similarly, the net profit of these
companies, which had grown by almost 5% in
FY15, declined by 4.6% in FY16.

% Ten sectors, as observed in the table below,


accounted for nearly 70% of the aggregate total
income of the Top 500 Companies. Of these,
three sectors namely Oil Refining & Marketing,
Iron & Steel and Oil & Gas Exploration (which account for nearly 25% of the aggregate total income of Top
500 Companies) witnessed a decline in their total income in FY16.

INDIA’S TOP 500 COMPANIES 37


Overview of Top 500 Companies

Income-wise Top 10 contributing sectors (FY16)

Growth FY16 Contribution to


Total Income FY15 Total Income FY16
Sector Name (%) Overall TI in FY16
(` Mn) (` Mn)
(%)
Oil - Refining &
14,429,359.50 11,860,754.70 (17.8) 22.6
Marketing
Banks 9,742,569.10 10,576,238.80 8.6 20.2
Software and BPM 2,388,390.30 2,695,802.33 12.9 5.1
Power 1,866,392.00 1,902,341.30 1.9 3.6
Automobiles 1,630,264.10 1,851,025.90 13.5 3.5
Fis/NBFCs/
1,519,399.80 1,745,190.30 14.9 3.3
Financial Services
Iron and Steel 1,788,202.40 1,569,640.80 (12.2) 3.0
Pharmaceuticals 1,110,813.62 1,240,289.80 11.7 2.4
Telecom Services 1,162,291.10 1,162,751.80 0.0 2.2
Oil & Gas
1,138,182.60 1,051,374.50 (7.6) 2.0
Overview of Top 500 Companies

Exploration
Source: Dun & Bradstreet Research, Prowess

Top 500 Companies contribute to 24.2% of India’s exports in FY16

In FY16, India’s exports of goods and services stood at ` 27,286.4


mn, about 4.7% lower than a year ago. Exports of merchandise,
Top 500 companies account for
which accounted for around 63% of the total exports during the
year, declined by 9.4% vis-à-vis FY15. This was largely due to a fall
in the export of petroleum and petro-products due to falling oil
over
24%of India’s total exports.
prices and subdued global demand.

In FY16, the total exports of goods & services by India’s Top 500
Companies stood at ` 6,610.3 bn, about 12.4% lower than the `
7,548 bn reported a year ago. This decline is largely attributed
to a 35% decline in the exports of Oil – Refining and Marketing
companies.

In FY16, the Top 6 export-oriented sectors among India’s Top 500


Companies collectively accounted for approximately 75% of the aggregate value of Top 500 exports. Of these
sectors, the Software & BPM and Oil – Refining & Marketing sectors together accounted for more than 57%
of the Top 500 aggregate exports. The Oil – Refining & Marketing sector has historically accounted for ~30%
of the aggregate value of exports, and therefore, the impact of the fall in exports of crude-based products
at the macro-level reflected on the sector’s exports. The Non-Ferrous and Precious Metals sector also
witnessed a decline in exports during the year by 8.7%. Although the Iron & Steel and Oil & Gas Exploration
sectors each do not account for more than 2% of the aggregate value of exports, more than 40% decline in
their exports also weighed down heavily on the total exports.

In contrast, the Software and BPM sector, which contributed to 32% of the Top 500 aggregate exports in
FY16, reported a 3.1% rise in exports during the year. This was in line with the 4.5% rise in the export of

INDIA’S TOP 500 COMPANIES 38


Overview of Top 500 Companies

services as recorded by the Indian economy during the year. The pharmaceuticals sector reported a robust
growth in exports during the year, at 17.5%.

Top 6 Sectors from Top 500 Companies in terms of Exports (FY16)

Contribution to
Value of Exports in Value of Exports in Exports Growth Aggregate Exports
Sectors
FY16 (` mn) FY15 (` mn) (%) of Top 500 in FY16
(%)
Software and BPM 2,117,888.7 2,055,051.8 3.1 32.0
Oil - Refining &
1,691,551.8 2,620,230.5 (35.4) 25.6
Marketing
Pharmaceuticals 627,019.7 533,660.9 17.5 9.5
Non Ferrous &
191,558.9 209,927.1 -8.7 2.9
Precious Metals
Textiles 187,593.7 179,278.1 4.6 2.8
Mining - Metals &
111,896.4 144,261.5 (22.4) 1.7
Minerals
Overview of Top 500 Companies

Source: Dun & Bradstreet Research

Aggregate market capitalization of Top 500 Companies shows modest growth

India is now well above an important milestone of ` 100 trillion market capitalization, cementing its position
further as a growing world economic power. India is among the top 10 equity market by size, accounting
for nearly 2.3% of the world market capitalisation. India nearly took 7 years for its journey from market
cap of ` 50 trillion to ` 100 trillion. Market capitalisation of more than ` 100 trillion, a historic milestone,
is testimony to the vision and the hard work of Corporate India, aptly represented by Dun & Bradstreet
India’s Top 500 companies. Top 500 companies account for nearly 90% of the BSE’s aggregate average
market capitalization.

Top 5 Sectors by Market Capitalisation

Aggregate
Growth in Market CAGR in Market Contribution
Average Market
Sectors Capitalisation Capitalisation to the Top 500
Capitalisation
(CY16/CY15) % (CY16/CY14) % publication
CY16 (` in Trillion)
Banks 12.6 2.8 12.8 13.4
Software and BPM 10.8 (8.0) 1.8 11.5
Pharmaceuticals 6.7 (10.4) 15.2 7.2
Oil - Refining & 6.7 37.0 21.8 7.1
Marketing
Financial Services 5.3 10.6 20.1 5.7
Source: Dun & Bradstreet Research

INDIA’S TOP 500 COMPANIES 39


Overview of Top 500 Companies

While policymakers play significant role in augmenting India’s economic growth, capital markets have a
representative role in mirroring the country’s economic and business performance. Hence, average market
capitalization of the Top 500 companies which grew modestly at 3.2% in Calendar Year (CY) 2017/CY2016
reflected the performance of Top 500 companies. Top 500 companies witnessed its top line declined by
nearly 2% in FY16, followed by the growth of 3% in the 9 months period of FY17.

Market capitalization and financial performance has varied for sectors as well. For instance, sectors such
as Financial Services, Automobiles – Two/Three Wheelers, Cement, Oil –Refining and Marketing have seen
robust growth in market capitalization while other sectors such as Telecom Services, Mining etc. have shrunk
in terms of market capitalization over the past two years.

Leading sectors with robust market capitalization growth

Aggregate
Growth in Market CAGR in Market Contribution
Average Market
Sectors Capitalisation Capitalisation to the Top 500
Capitalisation
(CY16/CY15) % (CY16/CY14) % publication
CY16 (` in Trillion)
Auto Components 1.9 3.5 32.0 2.0
Automobile - Two/
2.1 19.4 21.6 2.3
Overview of Top 500 Companies

Three Wheelers
Cement 2.5 16.8 22.1 2.7
Financial Services 5.3 10.6 20.1 5.6
Oil - Refining &
6.7 37.0 21.8 7.1
Marketing
Paints 1.3 15.0 28.1 1.4
Textiles 1.1 22.6 33.5 1.1
Source: Dun & Bradstreet Research

India’s Market capitalisation in recent years has not grown in line with the economic growth. Market
capitalization to GDP ratio measures the performance of country’s market capitalization vis-à-vis its economic
growth. India’s market capitalization to GDP ratio is well below 100% reflecting passive growth in the market
capitalization of its listed companies. Some of the recent economic reforms and election results are expected
to further improve policy environment in India. This should enable further pick up in the economic growth
leading to sustained growth in market capitalization and further improvement in Indian capital market’s
global ranking going forward.

Equity dividend paid by Top 500 Companies adversely impacted due to profit degrowth

INDIA’S TOP 500 COMPANIES 40


Overview of Top 500 Companies

FY16 was characterized by subdued domestic demand


and weak and uncertain external demand including
the slowdown in the Chinese economy. The substantial
decline in global prices of crude oil and metals had a
significant impact on all economies with the global
economy growing by 3.1% in 2015. Although the macro
indicators of the Indian economy displayed positive signs,
corporate India faced challenges in terms of showing a
SOFTWARE & BPM and COAL healthy scorecard. This was aptly reflected wherein
the aggregate total income and net profit of the Top
& Coal products accounted for
500 Companies declined by 1.9% and 4.6% respectively
nearly one fourth share of the in FY16, thereby impacting the equity dividend paid by
aggregate dividend paid by Top 500 the Top 500 Companies. The aggregate dividend paid
Companies in FY16 on y-o-y basis by the Top 500 companies slowed down from 11.1% in
FY15 to 2.3% in FY16.

Top 10 sectors as per dividend paid

Contribution
Overview of Top 500 Companies

Equity Equity Dividend to


PAT Growth
Sector dividend FY15 dividend FY16 growth FY16 aggregate
FY16 (%)
(` mn) (` mn) (%) dividend in
FY16 (%)
Software and
16.2 335,929.0 207,685.2 (38.2) 13.9
BPM
Coal & Coal
19.4 131,702.8 174,022.4 32.1 11.7
Products
Non Ferrous
& Precious (9.0) 25,305.6 124,683.4 392.7 8.4
Metals
FIs / NBFCs
/ Financial 12.6 80,872.9 108,485.8 34.1 7.3
Services
Oil - Refining &
49.8 70,030.3 99,635.1 42.3 6.7
Marketing
Banks (69.4) 149,105.5 94,188.9 (36.8) 6.3
Oil & Gas
(11.0) 109,955.8 87,964.5 (20.0) 5.9
Exploration
Power 4.3 58,595.7 79,569.1 35.8 5.3
Cigarettes 2.2 50,513.0 68,817.1 36.2 4.6
Mining - Metals
1.8 46,054.3 53,989.4 17.2 3.6
& Minerals
Source: Dun & Bradstreet Research

INDIA’S TOP 500 COMPANIES 41


Overview of Top 500 Companies

The Top 10 sectors contributing to aggregate dividend accounted for nearly 75% of the total dividend paid
by the Top 500 companies in FY16. Of these 10 sectors, five sectors namely Software & BPM, Coal & Coal
Products, Non-Ferrous & Precious Metals, FIs / NBFCs / Financial Services and Oil - Refining & Marketing
accounted for nearly 50% of the aggregate dividend. Heavy provisioning for bad loans especially during the
last quarter of FY16 adversely impacted the profit growth of the banking sector. Similarly, the profit for Oil
& Gas Exploration showed a decline on account of softening of crude oil prices. As a result of these both
these sectors showed double digit decline in the equity dividend paid.
Overview of Top 500 Companies

INDIA’S TOP 500 COMPANIES 42


Quarterly
Updates
Top 500 Quarterly Updates

In FY17, the global economy was subjected to a substantial degree of uncertainty in the light of geo-political
developments such as the BREXIT referendum, the policy direction of the new US administration, elections
in a number of major European countries and a slowdown of the Chinese economy. On the domestic front,
the upheaval caused by the demonetization gradually faded. FDI equity inflows for the 9 month period
ended December 31, 2016 showed robust growth of 26% over the corresponding period in the previous
year. Furthermore, the economy has displayed resilience with more than 7% growth during the first 3
quarters of FY17.

As the section includes y-o-y comparison for three quarters of FY17 (April-Dec 2016) with the corresponding
period for the previous year of FY16, it would be worthwhile to take a look at the macro economic
developments in FY16. FY16 was a year characterized by sedate growth and a high degree of volatility in
the global financial markets. The Indian economy, however, grew by 7.9% during FY16, over a 7.2% growth
in FY15. This growth was largely bolstered by macroeconomic stability, while keeping the fiscal and current
account deficits and inflation in check. More than 7% rise in private final consumption expenditure in FY16
(at current prices) compared to the previous year spurred domestic demand. One of the major positive
elements for India in FY16 was the fact that it emerged as one of the most preferred destinations for foreign
direct investment (FDI), having received its highest ever net inflow during the year (about ` 2,358 bn).

For the purpose of analysis, Dun & Bradstreet has


identified 489 companies from among India’s Top 500
companies which have consistently published their
quarterly interim results during the three year period
ending 31 December 2016 (June, Sept and Dec quarters
of FY15, FY16 and FY17).

Sedate growth in income, healthy rise in PAT during


Apr-Dec 2016

After a y-o-y decline in FY16, the total income of the


Top 500 companies returned to growth for the first 3
quarters of FY17 (3Q FY17), although this growth was
quite modest. The aggregate total income of Top 500
companies for Apr-Dec 2016 grew by 3.1%, as against
a 4.5% decline during the corresponding period a year
Quarterly Updates

ago. On a more positive note, the aggregate PAT during


the period grew by a healthy 13.9%, as against a 2.4%
decline during Apr-Dec 2015.

Earnings Scorecard

Y-o-Y Comparison (% change over corresponding quarter in 9M Aggregate Comparison (y-o-y change
Parameters previous year) in %)
Q1FY17 Q2FY17 Q3FY17 April-Dec 2015 April-Dec 2016
Total Income (0.8) 2.5 7.5 (4.5) 3.1
Total Expenses (0.3) 2.3 7.0 (4.6) 3.0
PAT (1.5) 12.8 38.3 (2.4) 13.9
NPM (%) 8.9 9.0 8.0 7.8 8.6
Source: Dun & Bradstreet Research, Prowess

INDIA’S TOP 500 COMPANIES 46


Top 500 Quarterly Updates

The biggest contributors to the growth were


the Banks, Software & BPM, Iron & Steel, FIs/
NBFCs/Financial Services and the Automobiles
sectors.

The banking sector accounted for ~22% of


the aggregate total income of India’s Top 500
companies during the nine month period ended
31 December 2016. During this period, the total
income of the sector grew by 5.9% y-o-y, a tad
slower than the 7.9% growth recorded during
the corresponding period a year ago. However,
more than 85% of this growth came from other
income such as treasury, advisory fees etc. The
banking sector continues to struggle with lower
credit off-take and deterioration in asset quality.
As per data furnished by the RBI, the cumulative
value of bank credit had risen by 10.9% in FY16,
but thereafter during the 9 month period ended
December 31, 2016, less than 1% of additional credit had been disbursed. Moreover, data furnished by the
Ministry of Finance showing that the gross non-performing assets of public and private sector banks taken
together increased by more than 23% from around ` 5,500 bn at the end of March 2016 to close to ` 6,800
bn as on December 31, 2016. Furthermore, at the net level, the banking sector of the Top 500 Companies
shows a 16.3% decline in PAT during 3Q FY17, over a 33.1% decline reported during Apr-Dec 2015.

India continues to be among the most favoured sourcing destinations for IT-BPM services (including hardware
services). The Indian Software & BPM sector’s growth is being driven by increased demand for cloud, mobility
and advanced analytics. Having the second largest user base after China and in the light of the significant
push from the government to go digital, the sector reported an 8.3% growth in total income during Apr-Dec
2016. Moving on to the next sector, the iron & steel sector recorded an upturn in its performance during
the period at both, the topline as
well as bottomline levels. During
Apr-Dec 2016, its total income During Apr-Dec 2016, aggregate
reflected a 16.6% y-o-y growth total income of banking sector
Quarterly Updates

as against a 16.6% y-o-y decline a


year ago during Apr-Dec 2015. This
was largely due to an increase in
from Top 500 Companies
`
realisations due to the imposition grew by 6%
of Minimum Import Price (MIP)
to restrict cheap steel imports,
but profit
and a rise in input prices. The FIs/
NBFCs/Financial Services and the declined by 16%
Automobiles sectors sustained compared to
double digit growths at the topline corresponding period
as well as bottomline levels during of previous year
the period. Their margins also
improved as compared to Apr-Dec
2015.

INDIA’S TOP 500 COMPANIES 47


Top 500 Quarterly Updates

Of the top 10 sectors with maximum contribution to the total income of Top 500 Companies during 3Q
FY17, the Oil – Refining & Marketing sector was the only one to have reported a decline in total income.
The decline, however, stood at merely 2.1%.

Top 10 sectors - largest contributors in terms of Total Income (3Q FY17)

9M Aggregate Growth (%
Growth in Total Income (% change over % share in Agg.
change over corresponding
Sector Name corresponding quarter in previous year) Total Income
period in previous year)
during 3Q FY17
Q1FY17 Q2FY17 Q3FY17 3Q FY17 3Q FY16
Banks 4.7 6.8 6.1 5.9 7.9 21.7
Oil - Refining &
Marketing
(15.3) (2.1) 13.7 (2.1) (25.0) 20.6
Software and BPM 10.3 7.3 7.4 8.3 10.1 5.6
Power 5.8 1.1 3.9 3.5 2.8 3.9
FIs / NBFCs /
Financial Services
14.4 8.8 9.3 10.8 14.2 3.7
Automobiles 11.7 13.0 6.5 10.3 14.0 3.6
Iron & Steel 1.7 16.0 32.8 16.5 (16.6) 3.1
Pharmaceuticals 2.8 3.6 6.6 4.3 11.3 2.5
Telecom Services 8.2 8.1 9.1 8.5 4.4 2.4
Construction -
Infrastructure 6.6 4.3 (1.5) 2.9 11.1 2.2
Development
Source: Dun & Bradstreet Research, Prowess

Despite modest rise in income, aggregate PAT grows by healthy 13.9% during 3Q FY17
During 3Q FY17, the aggregate net profit of the companies constituting India’s Top 500 Companies reflected
a healthy 13.9% growth as compared to the corresponding period a year ago. This was as against a 2.4%
decline during Apr-Dec 2015. The healthy rise in PAT translated into an improvement in margins as well.
The first half of the year witnessed the softening of crude oil and commodity prices. Consequently, the rise
in total expenses of the Top 500 companies during 3Q FY17 was restricted to 3%, as against a 3.1% rise in
total income, thereby resulting in better profits and margins.
Quarterly Updates

The top performers at the bottomline level during 3Q FY17 were Oil – Refining & Marketing, Iron & Steel,
FIs/NBFCs/Financial Services, Software & BPM and Construction – Infrastructure Development sectors. The
PAT of the Oil – Refining & Marketing and the Construction – Infrastructure Development sectors each grew
by 40% y-o-y during the period.

INDIA’S TOP 500 COMPANIES 48


Top 500 Quarterly Updates

Stronger gross refining margins (GRMs), spurred by inventory arising from a sharp rise in crude prices in Dec
2016, and improvement in diesel, aviation turbine fuel and petrol cracks helped the Oil - Refining & Marketing
sector report a robust growth in PAT, along with better margins. Crude Oil prices (Brent) averaged at USD 47.3
per barrel in FY16, which was ~45% lower than in the preceding year; prices thereafter averaged at around
USD 48.5 per barrel for a large part of FY17. The construction sector was helped by the continued focus of
the government on infrastructure development, particularly on roads, railways, irrigation, etc. Propelled by
improved government spending on infrastructure and the imposition of MIP to curtail imports, some of the
loss making companies in the Iron & Steel sector returned to profits during Apr-Dec 2016, taking the sector
into the profitable zone at the aggregate level. The FIs/NBFCs/Financial Services sector reported double-digit
growth during the period. Interestingly, the PAT of the Software & BPM sector grew by a faster 6.2% y-o-y
as compared to 2.8% during 3Q FY16.

Top 10 sectors – Growth in Net Profit (3Q FY17)

Growth in Total Income (% change over corresponding quarter 9M Aggregate Growth (% change over
Sector Name in previous year) corresponding period in previous year)
Q1FY17 Q2FY17 Q3FY17 3Q FY17 3Q FY16
Banks (54.1) (32.0) 2,675.5 (16.3) (33.1)
Oil - Refining &
18.9 145.4 25.9 40.0 146.9
Marketing
Software and BPM 4.5 4.3 9.8 6.2 2.3
Power 0.4 (1.2) (8.8) (3.0) 17.2
FIs / NBFCs /
Financial Services
16.7 8.0 17.0 13.6 11.4
Automobiles 11.8 41.1 (3.2) 17.0 279.5
Iron & Steel 248.4 122.5 126.8 149.1 (162.1)
Pharmaceuticals (3.6) (0.9) 5.2 (0.0) 35.1
Telecom Services (55.8) (5.5) (41.2) (33.2) (25.9)
Construction -
Infrastructure (0.8) 83.1 14.6 40.5 (7.0)
Development
Source: Dun & Bradstreet Research, Prowess
Quarterly Updates

INDIA’S TOP 500 COMPANIES 49


Focus sector:
renewable energy
Focus Sector: Renewable Energy

India with a population of close to 1.3 billion people is growing at a fast pace. Being the seventh largest
economy in the world in terms of nominal GDP, India will need energy to achieve its development ambitions
and catapult its growth. Despite having an installed capacity exceeding power demand, some parts of the
country face acute power shortages. The critical reasons are – coal supply shortages, high level of transmission
and distribution losses, and poor financial health of utilities. These problems inevitably hamper the efficient
use of the existing system to meet the demand. As per the Ministry of New and Renewable Energy, India
has huge potential for renewable energy from various sources such as solar, wind, biomass, small hydro,
cogeneration from sugar-mill bagasse, and through conversion of waste to energy.

MW

of solar power capacity


added in 2015-16

MW
of wind power capacity
added in 2015-16

1
solar pumps installed
in 2015-16
RS.
380BN
green energy set up
corridor being

Source: Ministry of New and Renewable Energy


Focus Sector

To give a perspective on the potential of solar energy in meeting India’s energy requirement, it would be
interesting to note that a country like Germany, which does not get too much sunlight, has an installed
capacity of over 40 GW for solar energy. Germany has set itself a goal of producing 35% of its electricity
from renewable sources by 2020 and to further meet all its energy needs through renewable energy sources
by the year 2050. What is commendable is that Germany is able to generate solar power by enlisting the
support of individuals through the setting up of solar panels and by encouraging power companies to buy
the generated solar power from individuals at a fixed price. This endeavor required strong regulations and
public support, which Germany was able to secure. If a country like Germany is able to harvest solar energy,
then a country like India could do much more.

INDIA’S TOP 500 COMPANIES 52


Focus Sector: Renewable Energy

With respect to wind power, India is better placed in the global context. As per data furnished by the Global
Wind Energy Council, India’s global rank with respect to installed wind power capacity improved to 4th as
at the end of 2015 from 5th a year ago. India’s total installed wind power capacity as at the end of calendar
year 2015 stood at 25.1 GW, about 11.5% higher than in 2014. India’s wind power capacity stood at 5.8% of
the global capacity of 432.9 GW. As per estimates, the level of technology currently available, gives India the
on-shore potential for wind power generation of around 65 GW. India also is blessed with a 7,517 km long
coastline, and its territorial waters extend up to 12 nautical miles into the sea which gives India tremendous
opportunities for off-shore wind energy resources. The biggest visible hurdle for India is the high cost
associated with generation and the storage of renewable energy vis-à-vis thermal and hydro power.

Global Installed Wind Power Capacity (GW)

Country GW % SHARE
People’s Republic
145.4 33.6
of China
USA 74.5 17.2
Germany 44.9 10.4
India 25.1 5.8
Spain 23.0 5.3
United Kingdom 13.6 3.1
Canada 11.2 2.6
France 10.4 2.4
Italy 8.9 2.1
Brazil 8.7 2.0
Rest of the World 67.2 15.5
World Total 432.9 100.0
Source: Global Wind Energy Council, Dun & Bradstreet Research

India’s Demand for Renewable Energy

Noteworthy is the fact that the demand for energy is expected to grow by 95 percent by 2030 which is ~
255,000 MW and approximately 295,000 MW at 9 percent growth during the period 2029-2030. Till date,
India has been targeting large-scale conventional power capacities to meet its demand and has encountered
limited success. Incidentally, India does not possess sufficient energy resources to cater to either the current or
future requirement. Earlier, alternative sources of power sources were considered to be expensive. However,
with solar and wind power becoming commercially viable in comparison to conventional sources (specially
Focus Sector

imported coal, and nuclear based generation), policy makers concerned with the technical, economic, and
environmental are provided with additional choices. This is expected to enable them to clearly plan for
future power systems that can keep pace with the economic growth as well as the demand.

India’s Supply of Renewable Energy

But still the question remains is what should we do become self-sufficient in-order to suffice our demand
and guarantee our economic growth. To become self-sufficient, our government has decided completely
leverage the potential of renewable energy. To understand this better, let us see the current scenario in
terms of the existing capacity and demand of energy in the country.

INDIA’S TOP 500 COMPANIES 53


Focus Sector: Renewable Energy

Source: 2017 Annual report, Ministry of New and Renewable Energy

As per the graph above, the total installed capacity of renewable energy in India is 14.8% of the total capacity
of 310 GW. From the total renewable power installed capacity of 14,400 MW at the beginning of 2009, it
has reached a capacity of 50,068 MW at the end of December 2016. Incidentally, Renewable energy has
been witnessing over 20 percent growth in the last five years.
Focus Sector

Source: Ministry of New and Renewable Energy

INDIA’S TOP 500 COMPANIES 54


Focus Sector: Renewable Energy

As per the figure above, within the renewable energy segment, Wind energy continues to dominate India’s
renewable energy industry, accounting for over 57.4% of installed capacity (28,700 MW), followed by solar
power (9,013 MW), Bio-power (8,021 MW) and small Hydro power (4,334 MW).

Potential of Renewable Energy in India

Now that we have an idea of the existing capacity, it would be good to understand the potential of renewable
energy of India and why it is extremely important to increase our focus on Renewable energy.

According to a recent report published by Niti Ayog, recent estimates show that India’s solar potential is
greater than 750 GW and its announced wind potential is 302 GW (actual could be higher than 1000 GW).
India Energy Security Scenarios 2047 show a possibility of achieving a high of 410 GW of wind and 479 GW
of solar PV by 2047. The potential of biomass and small hydro is also significant. This clearly implies that
renewable energy has the potential to strongly support the development of India’s electricity sector. We
all understand that tapping into the abundant indigenous renewable resources could curb our outflows
for procuring expensive imported fuels. It is important to know that India’s coal imports in 2014-15 were
already at 212 million tonnes at over ` 1 lakh crore. Therefore, the government anticipates that reaching
175 GW RE by 2022 could dramatically reduce the coal import bill in 2022. Further, opting for renewable
energy would also provide added benefits such as environmental benefits (less pollution), social benefits
(local employment opportunities) and investment inflows.

Targets Set by the Government

The break-up of the target set for 2022 by the government to achieve a cumulative of 175 GW of Renewable
Energy is as follows:

• Solar (utility-scale, distributed, off-grid/mini-grid – 100 GW)


• Wind (utility-scale – 60 GW)
• Small hydro (5 GW)
• Bioenergy (10 GW)

Of the 100 GW target for solar, 40 GW is expected to be achieved through deployment of decentralized
rooftop projects, 40 GW through utility-scale solar plants, and 20 GW through ultra-mega solar parks. For
this purpose, in 2015, the Ministry of New and Renewable Energy (MNRE) had submitted proposals to the
Expenditure Finance Committee (EFC), Government of India, for funds to support achievement of 100 GW
solar by 2022. Proposed region-wise break of the targets are mentioned in the table below-
Focus Sector

INDIA’S TOP 500 COMPANIES 55


Focus Sector: Renewable Energy

Biomass Power
States/Uts Solar Power (MW) Wind (MW) SHP (MW)
(MW)
8,600 (only in 2,450 (Max. from 4,149 (max. from
Nothern Region 31,120
Rajasthan) HP) UP)
22,600
Western Region 28,410 (Gujarat, MP & 125 2,875
Maharashtra)
28,200 (TN,AP,
Southern Region 26,531 1,675 (Karnataka) 2,612 (Karnataka)
Karnataka)
Eastern Region 12,237 0 135 244
North- Eastern 615 (Arunachal
1205
Region Pradesh)
Total 99,533 60,000 5,000 10,000

Source: Ministry of New and Renewable Energy

Although the target seems massive, the fact that several states have already witnessed the launch of net
metering in the country for rooftop solar power generation offers some sense of feasibility. Confident of the
growth rate in clean energy, the Government of India in its submission to the United Nations Framework
Convention on Climate Change on Intended Nationally Determined Contribution (INDC) has made a statement
that India will achieve 40% cumulative Electric power capacity from non-fossil fuel based energy resources
by 2030 with the help of transfer of technology and low cost international finance.

Advantages
India seems to be seriously focusing on renewable energy due to various factors. These projects can be
executed within a three year period from conceptualization in comparison to the 10 years required for
conventional power projects. Incidentally, solar PV projects can be deployed within a years’ time. Renewable
energy can also provide access to affordable energy solutions to the India’s off-the grid population. This has
the potential to create employment for local as well as unskilled labour. However, the most striking advantage
of renewable energy is reducing the dependency on imported fossil-fuels and their volatile prices. This in
turn is expected to result no fuel costs and negligible impact on the quality of the surrounding environment.
Further, electricity generated from renewable resources is cheaper than most conventional sources such
as gas, diesel, nuclear and also coal. As a matter of fact, PV module prices have fallen 80% since 2008
and by 12% in 2012 alone. Wind turbine prices have fallen 29% since 2008. There are various renewable
energy components which are much cheaper as compared to the components for the conventional energy
components clearly indicating the cost advantage in project set-up for renewable energy. On the upside, over
the past decade, the costs for generating renewable energy have steeply fallen. Further, post completion of
the project, the costs are not likely to rise for at least 25 years which is ideally the life of the asset.
Focus Sector

Challenges

Things really look lucrative for renewable energy but it is imperative to look at challenges that India as a
country faces. Some of them are very well highlighted in a report developed by Niti Ayog which clearly states
that India lacks a comprehensive national policy and legislative framework for renewable energy. Existing
policies and programme are technology-specific and vary across states restricting strategic intent. Second,
there is an acute shortage of willing and credit-worthy buyers of RE-based electricity. Most of our financially
distressed power distribution companies (Discoms), also the bulk purchasers of power, have held back from
buying expensive power (whether conventional or renewable-based) thus confining power markets. Market
risks, clubbed with other economic factors, have led to high interest rates in Indian financial markets, around

INDIA’S TOP 500 COMPANIES 56


Focus Sector: Renewable Energy

10% - 14% per annum, almost three times higher than in developed economies. These high rates impact
RE more than other conventional power or infrastructure. The lack of financing for RE projects is also a
result of risks at multiple stages, for example buyers not paying or grid operators backing-down operations,
which results in reduced investors’ interest. Third major factor, also adding to the risks, is – unplanned and
non-facilitated project development environment. Finally, inadequate and outdated grid infrastructure and
operations have affected not just the renewable energy sector but the overall power reliability. Therefore
in order to place renewable energy at the center of India’s power system, a paradigm shift in planning and
governance practices is imperative *Note: Report of Expert Group on 175 GW RE by 2022 by Niti Aayog.

For India to focus more on renewable energy, some tangible and concrete steps need to be taken. Firstly,
India will need to make available the necessary capital, and understand and manage the variability and
uncertainty of Renewable Energy generation in conjunction with the existing and planned fossil fuel-based
and large power plants. India will also have to be prepared for the financing challenge for the upliftment of the
sector. According to the estimates provided by the Planning commission, infrastructure development under
the 12th Five Year Plan would require more than a trillion US Dollars. With renewable energy development
under consideration, this figure could further enhance.

The good news is, India has started taking steps towards creating a conducive business environment. Among
the others, the two that stand out include:

• A large domestic manufacturing base has been established in the country for renewable energy systems
and products. Companies investing in these technologies are eligible for fiscal incentives, tax holidays
and accelerated depreciation apart from the remunerative returns for the power fed into the grid.
• The government is encouraging foreign investors to set up renewable power projects with 100 percent
foreign direct investment.
Focus Sector

INDIA’S TOP 500 COMPANIES 57


Renewable Energy-
Industry Experts’ Views
Canadian Solar Energy Private
Limited
Dr Shawn Qu
Chairman, President and
Chief Executive Officer Kindly share with us a brief of your company’s operations.

Founded in 2001 in Canada, Canadian Solar (NASDAQ: CANADIAN SOLARQ) operates as a global
provider for solar energy on six continents. Besides serving as a global leading manufacturer of solar
PV modules and provider of solar energy solutions, Canadian Solar has a geographically diversified
pipeline close to 9.8 GW utility-scale solar power projects. With state-of-the-art manufacturing
facilities in Canada, China, Brazil, Vietnam and other Southeast Asian countries, Canadian Solar
employs over 9,700 workers worldwide. This translates into >20 GW of module shipments in the
past 16 years.

How, in your opinion, is India currently placed in terms of its renewable energy infrastructure?

Indian renewable space is growing at a rapid pace, and the Infrastructure is also following the growth
demand to meet the government aspirations. Infrastructure forms a key part of the integration
of the solar and other renewables into the grid. Infrastructure improvement will definitely boost
the needs for solar projects. Firstly, the substations need to be augmented to accommodate solar
energy seamlessly. They need to be near to the installations, thus avoiding high transmission lines.
Hence many more substations have to be built. The power grid in India has to be stable, allowing
maximum uptime to the PV plants. A simpler land acquisition environment will help. Lastly, the
financing infrastructure needs to support PV projects. India has nearly 10-12 GW of PV installations
and can develop its own database for power generations, performance of plants, and thus have a
good strong base for bankability with lenders in India.

India has set an ambitious target of raising its renewable energy generation to 175 GW by 2022.
With almost 200 million people in India still without access to electricity, what measures India
needs to take to rapidly develop its renewable energy infrastructure?

India has nearly 300 days of sunshine every year and hence solar PV can be most viable here. India
needs to seize this natural advantage and push reforms at all levels to boost renewables, mainly
solar PV. Firstly infrastructure needs to be improved as I mentioned above. Secondly, India has to
install at least 20-35 GW of PV plants every year to reach the ambitious target of 175GW. We need to
immediately secure low cost financing from overseas financial institutions. Generate green funds by
having a small “cess” on conventional fossil fuel energy and use this fund to finance PV projects. We
must make it attractive for overseas investors to invest in Indian PV projects so as to achieve loans
with lower interest costs, and repatriation taxes. Rural electrification by way of decentralized plants
needs to be accelerated to reach remote villages. Energy storage for PV plants is the new mantra and
will help immensely for rural electrification.

How does your company plan to cater to this opportunity?

As a global leader in the solar industry, Canadian Solar is fully integrated from upstream wafers, cells,
modules to downstream development, EPC and even O&M of PV projects. Firstly, we successfully
built the CANADIAN SOLAR brand over the past 5 years with a record 2 GW module shipments to
the Indian market. We are the first international company with this achievement. Canadian Solar
is now an automatic preference for developers, lenders, etc. Secondly, we have also commenced

Renewable Energy
60 INDIA’S TOP 500 COMPANIES Industry Experts’ View
project development activities and will soon announce our achievements in large-scale project
development. Followed by this, we will provide international quality EPC & O&M services to our
customers. In this way, we would virtually touch the customers on all the fronts in the solar PV
arena.

Can you shed some light on the roadmap for new module technologies and which type of modules
do you recommend for Indian market?

As you know we are a global leader with cutting-edge technologies, In Q2 2017, we have already
launched high efficiency Poly Gen 3 modules with module output reaching up to 335W for utility
scale systems. In Q4 2017, we will launch super high efficiency poly Gen 4 modules. These modules
are technically superior with lower temperature coefficients, i.e. lower risk to hot spots and field
failures. Typically Indian summers come close to nearly 50oC and we believe that they are perfect
match for the Indian market. On the cell manufacturing side, we have gone far ahead from the
conventional blue polySi to the black silicon and PERC technologies. We are very pleased to inform
Indian customers that they will be able to install these modules in their projects in 2017.

Which segments of the renewable energy does your company cater to? Kindly brief us on the key
projects executed by your company in last 5 years.

We are primarily in solar PV segment, and we have been catering for the requirements for utility-scale
PV projects, rooftop PV projects, energy storage projects, and floating PV projects. We have been
focusing on project development in India for couple of years back. We have been carefully choosing
bids, and we have bid and won in SECI Maharashtra and Karnataka projects, under construction now
& we will continue to participate in forthcoming bids.

What are the key challenges faced by companies while executing renewable energy projects?

The very first challenge is financing barrier, and with the current trend of reverse bid tariffs, the
funding companies question the viability of the projects, and in other hand, the land availability and
conversion to utilize it for solar PV projects are really tough. Project financing should be available for
all developers on non-recourse basis, which can ease the major constraint, and help projects to get
commissioned within the timelines.

What kind of collaborations is company planning to enter into in order to expand its power
projects? What markets is company planning to venture into in the near future?

CANADIAN SOLAR being a technology driven company, we have access for superior technology and
quality of poly silicon, wafers and cells compared to the rest of the competitors. At this moment,
collaboration will be successful only with financing companies, for low cost funding. CANADIAN
SOLAR will continue to invest in grown up countries, and the focus geared up for “growing up
markets” like India, Middle East and “upcoming markets” like Africa. Recently, CANADIAN SOLAR
has invested PV cell/Module manufacturing facilities in Brazil & Thailand. For some solar projects
where local EPC companies are experienced and have financial resources, Canadian Solar is happy
to supply them with high quality modules. In some emerging solar markets lacking sufficient local
EPC experience and/or project financing, Canadian Solar is also happy to build solar power plants.
We have already been working on these difference modes of collaborations. We have been building
solar projects in close to 10 countries with a solar project pipeline of 10 GWs around the world.

Renewable Energy
Industry Experts’ View INDIA’S TOP 500 COMPANIES 61
Hero Future Energies Private Limited
Sunil Jain
Chief Executive Officer
What are your organization’s main products and services? What are the delivery mechanisms for
reaching your customers?

We are an Independent Power Producer which develops and owns Renewable Energy assets and
sell the green power generated through various renewable sources including Electricity generated
through wind and solar (Grid-connected and rooftop solar) power plants to Central or State
Government owned Distribution Companies and/or Industrial/ commercial customers. We sell the
power generated through our power plants either to Government entities by entering into long
term Power Purchase Agreements auctioned through competitive bidding or state specific Feed-
In tariff mechanism. Or directly to Industrial/ Commercial captive customers by entering into
bilateral medium/ long term Power Purchase Agreements. We create the necessary transmission
infrastructure at our project sites and take necessary approvals to connect with the relevant
Government grid station whose transmission/ distribution infrastructure is used to deliver power
to end-customer.

What is your competitive position, relative size, and growth in your industry / markets served?

• Top renewable IPP in India backed by reputed sponsors and International Finance Corporation
(IFC) – the private sector investment arm of the World Bank, coupled with strong execution
team. Relatively better placed than peers in the competitive market because of access to
various sources of finance at competitive costs (first company to raise Climate Bond certified
Green in the country) and great execution capabilities
• Exceptional and most experienced management team having pioneered the renewable energy
growth in India
• Ability to attract top talent in the Renewable Energy industry because of the esteemed Hero
Group legacy
• Amongst top ten players by installed capacity in Wind. Expected to be among top 10 players in
solar by September 2017
• Amongst leading players in Solar Rooftop having executed ~20 MW till date and expected to
execute ~100 MW in next 12-18 months
• Have set up offices in the key states of India and also got into strong channel partnerships to
deepen the reach.
• Would be amongst fastest players to scale ~1 GW since inception by August 2017
• Pan-India presence with strong focus on international expansion like South-East Asia and Africa
leveraging on group’s strength.

What are the principal factors that lead to your success, relative to your competitors?

• Backed by Blue-chip sponsor group (~USD 6bn Hero Group) and marquee international investor
(IFC and GIF)
• Exceptional and experienced management team
• Robust renewable energy platform in terms of revenue, geographic and technology
diversification

Renewable Energy
62 INDIA’S TOP 500 COMPANIES Industry Experts’ View
• Proven ability to raise finance at faster pace and better terms than industry norms
• Early mover advantage in rooftop solar and international expansion

Main features of your organizational culture.

VISION
To drive India’s development by leading a change in generating energy using Renewable Resources
like Wind, Sun, Hydro and providing Sustainable, Cost effective, Clean Power thereby reducing
Carbon Emissions leading to a Greener Planet for our future generations. We call this “planet
positive power”.

MISSION
To become a leading Power Generator of multi-Gigawatt scale, consistently deploying best-in-class
Green Technologies, Attracting and empowering the finest talent to emerge as India’s most valuable
and respected Renewable Energies Company, committed to serving domestic and international
clientele.

Kindly provide the detail of Organization’s Size, Location and Ownership.

Size: ~1 GW Renewable energy platform with ~550 MW Operational and rest expected to be
operational by August 2017.
Location: Pan-India
Ownership: BCIPL, & BMOP (Munjal family holding), International Finance Corporation (IFC) – the
private sector investment arm of the World Bank and the IFC Global Infrastructure Fund.

What are your major facilities, technologies and equipment?

Our major facilities are located across all the key states of India conducive for developing Renewable
Energy power plants including Karnataka, Madhya Pradesh, Rajasthan, Tamil Nadu, Maharashtra,
Telangana and Andhra Pradesh

Details of your key customers and stakeholder groups and market segments?

• B2G: State Discoms, SECI


• B2B (Group Captive): Industrial, commercial & government & non-government institutions

What are your key strategic challenges: business, operational, and human resource; and
advantages associated with organizational sustainability?

We operate in a highly regulated sector because electricity is considered a very sensitive political
subject in Indian democracy. It is a concurrent subject with both central government and state
government legislating on it. Due to policy uncertainties, local political issues, bureaucracy, partial
red-tapism etc. Ambitious renewable energy capacity addition targets set by central government has
attracted lot international/domestic companies thereby making the market extremely competitive.
With the competitive bidding introduced for both solar and wind verticals, we are currently
witnessing very aggressive tariff wars amongst a few players because of which there is a visible
pressure on creating project pipelines and securing Power Purchase Agreements at viable tariffs.
Because of competitive dynamics of the sector, there is a very little scope for any execution errors.
With the entry of many international/ domestic players lately there is a visible shortage of skilled
management professionals/ labor to execute projects. There is a challenge to control the attrition
rates while also adding new professionals to execute projects on time.

Renewable Energy
Industry Experts’ View INDIA’S TOP 500 COMPANIES 63
Sova Solar Limited
Subrata Mukherjee
Managing Director
We know that you are a medium scale business tycoon in the Steel and Coal Sector, what had
inspired you to start and switch to Solar Module manufacturing business?

The word inspiration is very interesting word. You may or may not choose one or two incidents. It
was back in 2007 when being one of the private companies after the Nationalisation of Coal Mines,
we had got the allocation of a coal block in West Bengal. Steel industry was in its boom, but one
thought was always there in the back of my mind that I have to diversify into a next generation
business. At the same time, I got an advice from one of the then resourceful personality of West
Bengal politics to go for this industry. Both clicked and we planned to divert our business initiative to
Green Energy. I am feeling lucky that the idea thus clicked and has given me an opportunity to work
in the solar industry and to serve the Mother Earth.

In a nutshell, please brief why Sova Solar Modules are ranked better among the modules
manufactured by the top 5 Module Manufacturers of India?

Three things play major roles in controlling the quality of Solar PV Modules. One is technology or
production line in which modules are produced, second is the quality of Bill of Materials used and
third is the experienced & skilled manpower. Sova modules are manufactured in fully automated
production line, with state of the art technology from M/s Team Technik Gmbh. With no or minimum
manual intervention, the products have almost zero margin of error. The raw materials are sourced
from the Top 10 global scale companies in the world.
Every solar PV cell used in solar module is electrically tested and accepted for use in production. The
solar module goes through 3 stage quality assurance process. After visual & electroluminescence
tests, the end product is tested in renowned sun simulator from Spire USA. Moreover, a good track
record for last 7/8 years has built a faith in the mind of the customers.

Your view on GOI Target of 175GW by 2022?

There is a radical change in the initiative from Government of India, the target seems achievable.
We strongly believe that if everything goes in proper direction with the initiative from developers
like NTPC, BHEL, BEL, NHPC, NLC, APGENCO, MAHAGENCO and other Pvt. Developers, the state will
make it happen.

What is your outlook for Indian Solar Industry for 2017-18 and onwards?

The outlook on the Solar PV market has completely changed. At one point of time when we ventured
into this industry in the year 2010-11, we found that if we have to survive then our only target
point should be the EUROPEAN Solar market.. The complete vision and mission of the company
has radically changed with enterprising efforts of our Hon’ble Prime Minister, Shree Narendra Modi
and Shree PiyushGoel, Hon’ble Minister of Ministry of New and Renewable Energy. The target set
by them has changed the dimension of the Indian Solar Industry. In my view, if Indian Solar Industry
would get some basic interms of infrastucture & financing from Chinese Manufacturers, then India
could be the most potential hub for the industry. To join in the mission of our PM, our group has set
a target of 1GW Module Manufacturing Capacity by 2018-19. In broader perspective, Indian Solar
PV Industry should do well.

Renewable Energy
64 INDIA’S TOP 500 COMPANIES Industry Experts’ View
A definite question comes during any interview that is, what is the price future of Solar
Modules?

Cost of modules has fallen and will continue to fall. In a survey it is found that due to over- supply in
China the raw material cost is falling. The global demand is expected to be nearly stagnant in 2017-18.
We expect that the price of basic raw material like wafer would go below US$ 0.50 mark. That would
trigger a further fall in price of Solar Modules. Sova Solar feels that it is important for the industry
to maintain quality and reliability in such situation, for sustainability. The quality improvement has
also a part in the price fall. The price war alone may be detrimental to the industry. Prices in China
have fallen 12-13%, whereas the fall in South East Asia and Taiwan is nearly 18-20%. It is difficult to
measure the magnitude of price fall right now.

Are you facing any challenges from Chinese Products? What is your take on the US having anti-
dumping policies against China?

Chinese business policy and their Governmental support is overwhelming. It is true that all Chinese
products are not bad but in most of the cases some cheap products have entered the Indian Market
and are hampering Indian Business. However, recently, China is also consuming their products, which
have decreased the export from the country. The country needs to set up a benchmark when it comes
to import of solar products in India. This will provide more breathing room to Indian manufacturers,
as well as maintain a minimum quality standard of the installed capacity, recuperating from the
overall scenario of Solar business in India. As far as the US anti-dumping policies are concerned, our
market is open, so we have to be in the market with competitive product quality and commitment.
I am happy to state here that our products are well accepted in the global markets.

REWA came out with a tariff of ` 2.97 plus VGF, Kadappa ` 3.15 tariff rate, Bhadla IL&FS 500 Mw
have come up with the tariff of ` 2.44 without VGF. Non-conventional power tariff become less
than conventional power tariff now. So what’s in your view?

From the market economy point of view it is always better to have reduction of cost so that there
will be mass consumption increment. You may remember that after swearing in as the Minister of
Ministry of New & Renewable Energy, Shri Piyush Goyal had declared that his mission would be to
pull down the tariff of non-conventional power below the tariff rate of conventional power, to make
it usable for every Indian. The mission is successful and we should gladly appreciate & support the
same.
Only one issue which needs time to prove is sustainability in long term. There is undoubtedly a fall
in raw material and production cost, which has pulled down the capex cost and the tariff as well.
There is an obvious presence of FDI which has become main game changer to the industry. Low
cost financing has major role in the fall of tariff. The player with big brand names of the industry are
quoting this or these rates, hence we must believe that they have calculated sustainability aspect
during their computation of capital cost & tariff.

Down the next 10 years line, where do you see Sova Solar?

Given the target and the mindset nurtured by the Government of India, it is expected that there will
be a tsunami in the Renewable field which will eventually take us forward. Since we are committed
in “Energising the Future”, it is our solemn duty & good luck to serve the nation & the world so as to
make it cleaner and greener. The Global Warming issue is a serious threat to the earth, and we can
make our mother earth a better living place if we reduce the percentage of pollution, preserve the
conventional sources of energy which are on the verge of exhaustion. For that, we must use more
and more renewable energy and it is our commitment to spread the use of Renewable Energy in
the coming years.

Renewable Energy
Industry Experts’ View INDIA’S TOP 500 COMPANIES 65
MBsolar-final.pdf 1 07/07/10 6:54 PM

Moser Baer Solar Limited


CM

MY

CY

K.N Subramaniam CMY

Chief Executive OfficerK

How in your opinion India is placed in terms of Renewable Energy Infrastructure?


India is fast emerging as an important destination for Renewables, especially for Solar. While tariffs
have come down by 84 % since 2010 from ` 17.91/kwhr to ` 2.44 /Kwhr, installations have jumped
from near Zero in 2010 to over 12 GWs+ now and this number continues to look up. I expect at
least 9 GWs more this fiscal. Through GOI’s “UDAY ‘Scheme, financial health of the State Discoms
are well poised to improve. However, we need to scale up our infrastructure to take on larger
loads through Green Energy Corridors which will substantially mitigate transmission constraints.
Government’s plan of building large scale Solar Parks along with transmission Infrastructure will
mitigate substantial risks of most stake holders and drive the solar tariffs down further Large scale
funding with attractive Interest rates, is the only need of the hour.

What measures need to be taken to rapidly develop Renewable Energy Infrastructure to achieve
175 GW?
Since COP21 Paris declaration, GOI is taking strong measures to not only promote Renewables but
also penetrate into villages across the country where electricity has not reached so far due to last
mile connectivity issues. Following actions would drive this program:
• Distributed Off Grid Solar with battery backup with reliable maintenance for these installations,
as we are bestowed with good radiation in over 90 % of area of the country.
• Innovative financing solutions like what happened in the case of housing led by HDFC in late
Seventies. Entrepreneurs need to be motivated to take responsibility for supplying electricity
to villages with meters, prepaid consumption cards (like Debit cards) at consumer level so that
payment collection is not a bottleneck.
• Solar water pumping solution would be a boon for farmers. Agriculture subsidies can be recast
through State provided solar pumps.

Brief on Key projects executed by your Company in the last 5 years.


Moser Baer Solar has taken a lead role in installing Utility Scale power Plants of 350MWs across
the country in both CrSi and Thin Film technologies and all the plants are performing well. We are
producing Cells and Modules and thus cater to the growing domestic demand. We have exported over
500 MWs of modules to Europe and Japan already. We have the prestigious JET and JIS Certifications
from Japan confirming to our stringent quality standards. We are in the roof top segment as well
with many marquee installations totaling to over 4 MWs already.

Challenges faced by Companies while executing Renewable Energy Projects.


Top most challenge in executing projects today is attractive and timely financing. Second in my list
would be timely payments from the Discoms or private developers, if you are in EPC. Credit Risks
have to be reduced as demonstrated by Madhya Pradesh State for 250 mw REWA Solar Park with
Guaranteed off take as well as payments.

Company’s Expansion Strategy both in short term and long term.


Moser Baer has established a global reputation as a quality supplier of Solar Modules in over 38 countries
including Germany and Japan. Our aggressive Investments in early stages of Solar in 2007 - when the
capex and module prices were high, compared with today’s low prices for modules, (10% of the earlier
prices) have put severe strain on our finances. Special thrust on ‘Make in India’ program in Solar, will help
in recovery of the domestic solar manufacturing Industry, which is struggling because of the cheaper
Chinese offerings. Our expansion plans would be after filling existing capacities to the full.

Renewable Energy
66 INDIA’S TOP 500 COMPANIES Industry Experts’ View
Vineet Mittal
Director Sales & Finance
Navitas Green Solutions Private Limited
Ankit Singhania
Director - Purchase What is the potential of the Indian solar market?

Aditya Singhania We see a huge potential in the Indian Solar market as a sharp growth is witnessed in past 5 years and
Director - EPC total installed capacity stands at 12.28 GW and it is only a fraction of the potential and the targets
set by Government of India. Of this installed capacity, major proportion of installations have been
Sunay Shah in Ground Mounted sector which in our opinion will continue to dominate the mix in upcoming 5
Director - EPC
years. Rooftop Solar segment is picking up and is expected to grow courtesy of MNRE’s supportive
policy initiatives and rising awareness among consumers which is assisted by affordable prices.
www.navitassolar.in
What are the challenges and opportunities your company is facing in sustainability?

The challenges which are faced by our company towards sustainability is high cost of capital and stiff
competition from Chinese players in the market.
The opportunities that we see to achieve sustainability in business is to continue building our name
through supplying quality product and after sales service that shall benefit our customers from their
decision of choosing to generate renewable energy and contribute to India’s Solar story.

What is the current situation of the solar market in India?

Currently solar market in India is going through a transformation phase from nascent to growing
state. The advancements in technology has driven down prices and is continuing to do so. There
is increased awareness and cost of electricity generated from Solar energy is cheaper than from
conventional sources of energy. There is increased demand and favorable policy decisions and smart
financing mechanisms can push for growth of solar market in India.

What are your company’s advantages over others?

Our company is focused on giving best experience to our customers who choose to generate
sustainable energy from Solar. We achieve that by engaging with various stakeholders involved by
developing long term and mutually beneficial sustainable partnerships by leveraging our in house
team’s expertise in technical, regulatory and financial aspects of business and not limited only to
supply Solar panels which we manufacture. We offer end to end solutions ranging from design, own
supply, installation commissioning and if required, even sale of power on BOOT basis. Hence, our
clients get a single point sourcing for all their solar power needs.

What are your company’s key achievements in the last 10 years?

Our company is a new venture in Solar sector of a four decades old business group engaged in
business of transformers, textiles, real estate and steel. In short time span of 2 years our turnover
has crossed 17 million US$ and we have PAN India presence as well as oversees in Emirates, Africa
and USA. In very short time of starting our business we have gained trust and appreciation from our
customers with installations at reputed locations such as DMRC, Tehri Dam, Amer Fort, Jolly Grant
Airport and Times of India, Ahmedabad Municipal Corporation etc. We have expanded from 75 MW
p.a. to 200 MW p.a. manufacturing installed capacity and done EPC projects of more than 4 MW in
Maharashtra, Gujarat, Karnataka, Haryana, Delhi, etc and about 10MW in pipeline. Our presence is
in Surat, Pune, Jaipur, Delhi NCR, Nagpur, Raipur, Mumbai in India and representative offices in USA,
Zambia and UK.

Renewable Energy
68 INDIA’S TOP 500 COMPANIES Industry Experts’ View
Waaree Energies Limited
Hitesh Doshi
Chairman and
Managing Director How, in your opinion, is India currently placed in terms of its renewable energy infrastructure?
In India Renewable Energy Infrastructure has entered into golden phase, with the generation capacity
enhancement in 2016-17 of 15.3 GW vis-à-vis 11 GW for conventional power, and RE installed capacity
having crossed the 50 GW milestone. We already reached the twin global milestones from the last
year, to becoming the top 4th market players in wind and top 3 in solar segment. These milestones
- heartening that they are - also underline our belief that infrastructure in the manufacturing and
evacuation segments needs to match steps with the aggressive capacity installation. We also look
at the readiness of the Green Energy Corridor to ensure integration of the solar and wind capacities
without curtailment issues. There is a good opportunity to develop infrastructure for manufacturing
of renewable equipment and grid infra for roof top in our country.

India has set an ambitious target of raising its renewable energy generation to 175 GW by 2022.
With almost 200 mn people in India still without access to electricity, what measures India needs
to take to rapidly develop its renewable energy infrastructure?
Currently we have two issues: one those have grid connection but they do not get 24X7 power and
the second issue is no grid connection at all. Now we are in renewable, we have a great advantage
to distribute power generation and can be added as and when needed. Unlike conventional power,
renewable energy sources, such as solar, are ideally suited for distributed generation. So we can
have solar power plant next to agriculture or rural feeder, that will have off grid power generation as
per requirement. At present government is doing phenomenal job, through speedily electrification
which we can explore the small solar projects in rural feeder area.

Kindly brief us on the key projects executed by your company in last 5 years.
We have executed more than 300 MW projects of EPC & close to 1 GW modules supplied, every
executed projects are important to us. We started MW scale EPC projects with 10 MW for Mono Steel
Ltd in 20 MW in several projects has been executed by us. Some of the projects we could do within
record time. We have delivered all the successful hundred rooftop and thousands of water pumps
projects. All our projects are delivering superior performance and great return on investment.

What are the key challenges faced by companies while executing renewable energy projects?
The major challenges in India compare to other market is mostly in time line in following price era, most
of the decision are taken at last minutes & the EPC Companies are get very short. In non-solar parks
projects, the uncertainties of land and evacuation are the major source of challenges. In solar park this
issue, though not completely absent, is much lower – hence the higher aggression in bids for those
projects. Showing the aggression in bidding in the recent processes I think we have huge pressure of
cost, achieving quality & within time line at expected cost is the worthy execution challenge.

What is the company’s expansion strategy, both in the short term as well as the long term?
Waaree has been always working to deliver the better products and technology, to maximize value
to customer and this will continue. We are working on various technologies Merlin is amongst them,
which we is already launched to serve customers better solution. We are executing with new Waaree
solar energy centers across the country to meet cost and quantity demand, where we are expanding
our Module Manufacturing Line to provide one point solution with various other components like
Inverters, structure, data monitoring and management we have started offering to our customers.
So expansion plans are in various area with the focus of delivering better value to the customer.

Renewable Energy
70 INDIA’S TOP 500 COMPANIES Industry Experts’ View
Skipper Limited

India. Under the brand name of ‘Skipper’, Skipper Limited, a BSE/NSE Listed 250
the company also manufactures premium Million USD revenue company and
quality Polymer Pipes & Fittings which featured prominently amongst India’s
serve both the agricultural as well as the top 500 corporates. Skipper is one of
plumbing sectors. In a short span of just the largest manufacturers of Power
5 + years, it has established a cumulative Transmission & Distribution Structure
production capacity of 48,000 MTPA. By globally and amongst the fastest growing
the year 2019, Skipper aims to raise the Polymer Pipe manufacturing companies
Mr. Sharan Bansal manufacturing capacity to 100000 MTPA. in India. After graduating in Mechanical
Director
Engineering from Georgia Tech, Atlanta
USA, he initiated the Power Transmission
The Company has a technological tie-up
vertical at Skipper in 2003 and within a
About Skipper Limited with Sekisui Chemicals of Japan, which
decade, has grown it to become India’s
provides Durastream Compound for
largest T&D Structure manufacturer with
manufacturing of CPVC Pipes & Fittings.
Skipper Limited was established in 1981, 4 integrated plants and a capacity of over
Recently the company has also joined
and is currently among the leading 230,000 MT per annum. Skipper exports
hands with Wavin of Netherlands which
companies in the Power Transmission T&D Structures to over 20 countries across
positions the company nicely within the
& Distribution and Polymer Pipes & the globe from South America, Africa and
premium brand segment with a highly
Fittings segment. The total manufacturing South East Asia. Under his leadership,
differentiated product line. Skipper
capacity of its Engineering Products Skipper Limited has been honoured with
boasts of 6 state-of-the-art Polymer Pipes
division is 230000 MTPA with 3 Plants in several accolades, recent being “Largest
manufacturing facilities in Uluberia (WB),
West Bengal (2 in Howrah & 1 in Uluberia) Tower Supplier” award by Power Grid
Ahmedabad (Gujarat), 2 nos. in Guwahati
and 1 Plant in Guwahati. Corporation of India Ltd. in the Tower
(Assam), Hyderabad (Telengana) &
Supply category.
Sikandrabad (UP).
The company delivers a complete
Mr. Bansal is an active member of several
service chain to clients, from designing Executive Profile
& manufacturing of each component to industry associations. Currently he is
erection & stringing of the customized Mr. Sharan Bansal is the Director of a National Executive Council member
tower, Skipper is present in the complete of Indian Electrical & Electronics
Manufacturers’ Association (IEEMA) as

“Touching
value chain. It has a unique advantage of
producing 100% of the prime raw material well as the Vice Chairman for IEEMA –
- Mild Steel & High Tensile Angles in- Eastern Region Committee. He is also

Lives by
house. Skipper is an integrated player and the President Elect of Entrepreneur’s
a leading exporter of T&D Structures, with Organization, the world’s largest network
for business owners.

Delivering
export footprint in 20+ countries across
South America, Europe, Africa, the Middle
East, South East Asia and Australia. Mr. Bansal is married and based out of

The company is also amongst the largest


Superior Kolkata with his family. He is an avid reader
and has keen interest in exploring new

Quality
manufacturers of Distribution poles in places around the world.
India, covering the entire range from

Solutions”
Swaged to Polygonal Poles with one of the
largest galvanizing facilities in the country.
It is also one of the first companies to
introduce state-of-the-art Monopoles in
Experts’ View
UPL Limited
Rajju Shroff
Chairman
Please give us a brief profile of your Company and the businesses it is engaged in India.

We put the farmer first in all our initiatives. Right from hybrid seeds to crop protection products to
plant health to storage and more, we provide solutions to the farmers through the different stages
in the life-cycle of crops --- from pre-sowing to post-harvest. At UPL, we take pride in producing
high quality, modern and ecologically compatible products. Our single-minded goal in ensuring
sustainable, conscientious agricultural growth and furthering farmers’ prosperity while they meet
the growing demands of an ever-rising Indian population has catapulted us into the global arena
from our modest origins nearly 48 years ago. Today, we have 13 manufacturing units in India alone
with our product portfolio comprising seeds, seed treatment, herbicides, insecticides, fungicides,
rodenticides and post-harvest items to cater to our end consumers.

Kindly provide the brief on your Company’s overseas operations and the markets it caters to.
What are the key strategies employed by your Company for the global business?

I think we are the only Indian agrochemical company with a worldwide presence in 124 countries
across 6 continents and with 1,344 products in our portfolio. We are in business of providing
agricultural inputs. As far as technology is concerned, we believe that India’s scientists and engineers
are at par with the best in the world. So, even in the developed countries of Europe and the UK as
well as the US… whenever we see any company with good market potential but poor performance,
we acquire that company. Our team studies the company in and out. In almost all the acquisitions
which we have made, we have been able to turn around the company in less than one or two years.
We have also expanded the production capacities of these companies in Europe, the US and even in
Latin America. Our main strategy is to study the market and improve the quality of our products and
bring down the cost of production.

What opportunities do you see for your sector in the next five years? How is your Company
planning to tap those opportunities?

Today, India is the second largest producer of agricultural commodities and allied products but the
potential of getting higher yield is not properly utilized in India compared to the size of land. Further,
as compared to the production, India’s agrochemical consumption is one of the lowest in the world
at 0.6 kg per hectare (ha) as compared to the US (7 kg/ha) and Japan (12 kg/ha), according to the
data released by the Food and Agriculture Organization (FAO) of the United Nations. China, which
has less land under cultivation (156 million ha) compared to India (196 million ha), but has emerged
as the leading food producer of the world – uses 13 kg/ha of crop protection chemicals.
The Government wants to double the income of farmers in the next 5 years and make agriculture
more profitable and to achieve this it is necessary to provide better infrastructure, transport &
storage facilities for food products particularly perishable fruits and vegetables and better post-
harvest protection where UPL is a leader in the world. With hurdles being removed and with more
Extension Work done by the Industry with Government’s support, I am expecting the need for Crop
Protection Chemicals to grow very far.
In order to benefit from the developments in the agro-chemical sector, the company is also taking
several measures. At UPL, our scientific team spends a lot of time on R&D in bringing out better
products with proper molecular combinations, which are patented in India and other parts of the

74 INDIA’S TOP 500 COMPANIES Experts’ View


world. Besides providing the agro-chemical products, the company also provides the hybrid seeds
and training services to the farmers. We have put Unimarts - a centre where farmers can come and
take advice and guidance. This has helped farmers improve their yields and also profitability. We are
taking measures keeping in mind that if we want to bring prosperity to rural areas of India, we have
to make farming more profitable.

Over the years, what were the key strategies employed by UPL Limited to manoeuver through the
changing business environment?

In UPL we have used the scientific talent available in the country. Every product we manufacture in
our plants is of superior quality, cost-effective and are priced competitively in order to offer better
value-addition to our customers. Further, for pesticides to be more effective our R&D team develops
better formulations. We have hundreds of patents based on our new formulations which have
captured a large market not only in India but all over the world. Our specialty is that even though
the manufacturing units are running well and making profit, we are constantly improvising to bring
down the costs and increasing the plant capacity.
Our team is in constant touch with the farmers in order to create adequate awareness on the crop
protection. The team also provides live demonstrations to the farmers in order to enable them to
see the results.
Another major event that will happen in the Indian economy is the launch of GST. There are various
points about GST. Totally it may cost more or less but we strongly feel that irrespective of the tax
slabs under which agriculture and allied industry fall in to, the launch of GST will certainly improve
the ease of doing business, remove multiple taxation systems. We strongly believe GST will certainly
help the industry.

The emerging trend is to be environmental friendly and aware along with taking on more social
responsibility. How does your Company plan to keep up with these trends? What possible impact
do you see on your Company?

Pesticides, which are manufactured in India, are thoroughly tested under different field conditions
across the world. Though some foreign funded NGOs are trying to harm the reputation of Indian
farmers and the Indian pesticide industry, we can tell you with confidence that India is among the
lowest in the use of pesticides in the world, even when it comes to the Maximum Residue Limits
(MRLs) of pesticides. Our Company has got a strong R&D team and we develop superior and better
formulations, which are more effective by using lower volumes of chemicals. We foresee that with
proper education and training of farmers, the demand for crop protection chemicals will rise.

With an increase in demand for organic food products in India, how does UPL plan to address the
changing preferences of the end consumers?

Increase in demand of organic food is a big myth. The total organic food in the world is less than 1%
of the total food production. In India 90% of Organic food is grown using pesticides than the regular
food which has been proved by Dr. K K Sharma of All India Network of Pesticide Residue.
There’s more to it… A Right to Information (RTI) query filed with the Ministry of Agriculture revealed
that between January 2012 and October 2014, 150 samples of organic vegetables collected from
an organic produce outlet in Delhi were analyzed by the All India Network Project on Pesticides
Residues (AINPPR) under the Indian Agricultural Research Institute (IARI), which is India’s premier
national institute for agricultural research, education and extension … Out of the 150 samples
collected, 50 samples, or 33%, were detected with pesticide residues, while 10 samples, or 6.6%,
were found to have residues above the maximum residue level (MRL).
While there may be many claiming to produce organic food, UPL continues to focus on manufacturing
quality agro-chemicals to enable farmers protect their crops from pre-harvest as well as from post-
harvest pests.

Experts’ View INDIA’S TOP 500 COMPANIES 75


Persistent Systems Limited
Mritunjay Singh
President and Executive Director
A brief overview of their company and the specific challenges they are addressing.
Persistent is one of the fastest growing technology company focused on products and services. We
build software for software driven businesses. We started 26 years ago, working with some of the
largest global software product company as their product development partner. Today, all businesses
are aspiring to become software-driven businesses, but need partner who can help with the “how”
to use and implement digital technology. Based on our visionary Software 4.0 methodology, we
partner with enterprises in their transformation journey, with a focus on advising and implementing
Digital, Data and IOT initiatives. Our approach of pre-building most of the processes around micro
verticals (like Loan Origination, Patient Management, Insurance Claims servicing) help us win
significant deals in the market.

What were the key strategies employed to increase their global presence?
Persistent’s global operations span across 16 countries. Last year, we launched new offices in
Morrisville in North Carolina and in Guadalajara in Mexico. We recruit only local talent in these
countries as it helps us build talent pool which understands our markets. We have significant
engineering talent in USA, our largest market, but we do most of our work offshore. Therefore, we
do not envisage any major impact on our business due to policy changes, such as visa regulations.
We are helping clients on DevOps, data integration, machine learning, building APIs and enabling
them to quickly embrace these latest trends.

What opportunity do you see for your sector in the next five years? How is your company planning
to tap those opportunities?
Digital transformation and disruption are changing the rules of the game. Traditional approaches
to Systems Integration/ IT outsourcing are being challenged. We see significant shifts in sourcing
patterns and service delivery models. Enterprises are looking for speed and ability to continuously
co-innovate. New business models built by smaller teams, speedy innovations focused on micro-
industry segments are key differentiators. Our focus on the convergence in the world of finance, life
sciences and healthcare, as well as media and communications, combined with our software product
DNA, has created significant growth opportunities for Persistent. Our strategy to focus on IP-driven
and digital business has helped to differentiate Persistent from competition. We co-organized with
government of India, world’s largest hackathon called “Smart India Hackathon 2017” a couple of
weeks ago. Hon’ Prime Minister Shri Narendra Modi addressed all the participants through video
conference and encouraged them to join the nation building.

Over the years what were the key strategies employed by Persistent to manoeuvre through the
changing business environment?
Last year, we re-organized ourselves into 4 business units. Alliance (Watson alliance with IBM.),
Services (Enterprise clients and software vendors), Accelerite (Product business), and Digital (pre-
build solutions for enterpries). As more and more business bring transformation at the core of their
technology spend, so they are looking for trusted partners who are experts in this technology and
can bring global scale. We are increasingly being invited for such multiyear partnership.
Our focus on the “how of digital” through our visionary Software 4.0 methodology is driving traction
with global clients. Leveraging our IBM Watson IOT partnership and Aepona capability, we are
starting to deploy and monetize IOT platforms. Our strategies have laid emphasis on the importance
of data integration and the need to build a data platform as part of digital transformation. In the
last 3 years, Persistent witnessed more partner awards and recognitions and leadership positions in
analyst reports. Persistent is making the transition to winning with these new deal constructs.

76 INDIA’S TOP 500 COMPANIES Experts’ View


Experts’ View INDIA’S TOP 500 COMPANIES 77
SKF India Limited
Shishir Joshipura
Managing Director
Please give us a profile of SKF India and its business operations in India.

SKF Group started its operations in India, Kolkata in 1923 with its trading arm and in 1961 expanded
its footprint by incorporating SKF India Limited as a listed entity. SKF in India today provides
industry’s leading automotive and industrial engineered solutions through its five technology driven
platforms - bearings and units, seals, mechatronics, lubrication and services. Over the years the
company has evolved from being a pioneer in self-aligning ball bearing manufacturing company to
a knowledge driven engineering company helping customers achieve sustainable and competitive
business excellence.
At present, SKF in India has consolidated its operations in three different companies, namely SKF
India Limited, SKF Technologies (India) Pvt. Ltd and Lincoln Helios India Ltd. SKF’s industry leading
solutions provide integrated, sustainable solutions that offer breakthroughs in friction reduction,
energy efficiency, increased equipment life and reliability to several industry segments across
Automotive, Electrical, Industrial and Service verticals. With strong commitment to knowledge
engineering and continuous effort dedicated towards research in building innovative solutions, SKF
India today offers customized value added solutions based on the “power of knowledge engineering”
principle that integrates all the five technology platforms.
SKF in India has a pan India footprint comprising of six manufacturing facilities, six offices, over 300
distributors and an employee base of over 3,300 dedicated professionals.

Give us a brief on the company’s overseas operations and the geographies it caters to. What are
the key strategies employed by the company to strengthen its global business?

The SKF Group is globally certified to ISO 14001, the international standard for environmental
management, and also OHSAS 18001, the health and safety management standard. Individual
divisions have been approved for quality certification in accordance with ISO 9001 and other customer
specific requirements. With over 100 manufacturing sites worldwide and sales companies in 70
countries, SKF is a truly international corporation. In addition, our global distribution system with
distributors and dealers in over 15,000 locations around the world and an e-business marketplace
put SKF close to customers for the supply of both products and services. In essence, SKF solutions are
available wherever and whenever customers need them. As the knowledge engineering company,
we stand ready to serve you with world-class product competencies, intellectual resources, and
the vision to help our customers succeed. The Group’s service offer includes technical support,
maintenance services, engineering consultancy and training. SKF is represented in more than 140
countries and has 15,000 distributor locations worldwide.
SKF lives its vision of offering a world of reliable rotation to its customers by being closer to the
customers, providing latest technology and products with best quality, complete solution to enhance
the Rotating Equipment Performance.

How do you view the current market for bearings in India in both the automotive and industrial
segments?

SKF’s share of business in Indian market is divided into 47% Automotive and 53% Industrial customers.
We have decided that we will become pilots for the global roll-out of some of the programmes in

78 INDIA’S TOP 500 COMPANIES Experts’ View


India. Technology has a big role to play here, yet we have a clear, market-driven definition of what
counts as required innovation.

Import of components from China and the presence of an unorganized market are significant
challenges. How do you plan to deal with these concerns?

The biggest challenge for Indian Bearing Industry is increased in-flow of bearings from Chinese
market, this increases the pressure on domestic industries. The Indian Industry representatives have
demanded an Anti-dumping policy (similar to anti-dumping policy of Steel) from the government.
The problem of counterfeit bearings has become more widespread in recent years and all markets
are now susceptible to receiving these unpredictable quality products of all brands unknowingly.
In factories, this may lead to production and other losses. Counterfeit bearings can also lead to
accidents due to sudden failure of counterfeit bearings in the vehicles of the end users. The financial
damage resulting from the counterfeit products is difficult to quantify. Being an industry leader,
SKF has taken the initiative to safeguard the bearings industry from counterfeit and emphasizes
on the importance of buying products from Authorized Distributors to minimize the risk of getting
cheated. SKF shows no tolerance against counterfeit products and will continue to work hard to
keep counterfeits away from the market. We also educate our customers to distinguish between
original and counterfeit bearing, and ensure they only get best quality product.

The Indian auto sector is moving from first generation bearings to third generation ones. How
much has this benefitted the company thus far?

The change in technology demands for innovative and reliable solutions, for which SKF is known
for. More and more companies are approaching us and our bearings have been used in some of the
recent revolutionary products in automotive industry.

What opportunities do you see for the bearings sector in the next five years? How is your company
planning to tap such opportunities?

With the governments push to manufacturing, infrastructure and clean energy industries, the need
for Industrial Bearing has increased by 12-15% over past few years. Need for infrastructure from
safety and technology upgradation aspect has demanded partnership between Indian Railway and
global locomotive manufacturers. The increasing demand of Clean Energy, has brought in new
global players to the Indian market, thus opening ways for partnership with local manufacturers
with global expertise. Every product of SKF comes with a standardized quality across the globe.
We customize our products as per the customers requirement and enhance value with additional
services and maintenance training.
These approaches are helping us strengthen our presence in existing territories and also step into
yet unexplored territories.

Which are the most important changes that India’s leading corporates need to make in order to be
effective contributors to the process of the country’s economic and social development?

The economy of India is growing and is expected to grow higher in the coming years. With the Indian
manufacturing industry focusing on government’s “Make in India” campaign, some of the important
changes that companies need to adapt fast are Technology upgradations, new market offerings
as per the customer requirements, and more serious contribution to the development of society
through CSR and Sustainability initiatives. Every organization needs to own social responsibility
towards the community and society.

Experts’ View INDIA’S TOP 500 COMPANIES 79


L&T Technology Services Limited
Dr. Keshab Panda
Managing Director and CEO
Kindly provide us the brief about L&T Technology Services Ltd and the business it is engaged in.

L&T Technology Services Limited is a global leader in pure-play Engineering Services, operating in a
global ER&D market valued at over $1 trillion. We are pioneers in the Digital Engineering space and
derive rich engineering legacy from our parent L&T Group. Over the years we have scaled up to serve
a large number of Fortune 500 companies across the globe. In the new-age business ecosystem,
we are recognized as specialists in the engineering innovation pursuits of our clients. Our bouquet
of services includes end-to-end innovative design and development solutions spanning the entire
product development value chain. We provide services and solutions in the areas of mechanical and
manufacturing engineering, embedded systems, engineering analytics and process engineering.

Which industries does L&T Technology Services currently cater to?

One of the key differentiators for us is our multi-vertical expertise and depth across several domains.
Our clientele span across Industrial Products, Transportation, Telecom & Hi-tech, Medical Devices
and the Process Industry. We target a broad spectrum of services in all the segments of our business.
We have achieved a market leadership position in ten industry verticals and have developed industry
leading capabilities in areas such as plant engineering. We develop cross-domain solutions for our
customers that can be applied to the businesses of our existing and prospective customers across
verticals that could help drive non-linear revenue growth for the company.

With current government emphasizing largely on digital technology, what opportunities do you
see company in next 5 years? How does your company plan to tap in to these opportunities?

L&T Technology Services caters to 43 of the world’s top global ER&D spenders. A well-defined Digital
Engineering strategy helps us deliver differentiated solutions for building Smart Products, Smart
Manufacturing and enabling Smart Services. We have developed IP led solutions like its IoT platform
UBIQWeise and smart building framework i-BEMS and launched in the global market.
One key area of focus is the Smart Cities business potential. For instance, we have designed and
developed a mesh network for grids to tap on this opportunity. This solution rolled out to a global
customer include wireless mesh network and smart meters that act as internet hubs, providing
connectivity to the entire smart city ecosystem.

What is the company’s expansion strategy, both in the short term as well as the long term?

Our growth strategy is multi-pronged based on geographical reach, industry-wide focus and cross-
selling to existing clients. A key growth segment is in Embedded technology. We have invested to
complement our strengths in the realm of Perceptual Computing, Internet of Things, Advanced
Silicon Products and Wireless Networking Technologies with fast, powerful & smart design tools and
signal processing libraries.
Digital Engineering will be the centre of focus. We continue to enhance our digital engineering
offerings especially in the areas of Smart Technology such as Industry 4.0 along with strategic focus
on fast growing verticals like Automotive, Medical, and Industrial etc. The growth in digital business
was on account of maturing of the company’s Intellectual Property & platform solutions such as
UBIQWeise and i-BEMS, UBIQData for analytics and business and our next generation wireless
protocol solutions.

80 INDIA’S TOP 500 COMPANIES Experts’ View


Experts’ View INDIA’S TOP 500 COMPANIES 81
Sintex Industries Limited

Please give us a profile of Sintex Industries and the business it is engaged in. Also share the details
of various products and solutions offered by your company.

Our history goes back to 1931! And we’re as true to our guiding principles today as we were back
then. For more than 8 decades, Sintex has been helping its clients, industries and societies prosper.
We’ve been leading the way in Plastics and Textiles, and are present across major Asian, European,
American, and African markets, in 9 countries across 4 continents including France, Germany, and
USA.
Sintex was a pure play textile company at one point of time. Among the first to produce polyester
fabrics in India in the 1960s, the first to start making corduroy fabrics in 1976 and also the first to
Amit D Patel manufacture high-end yarn dyed men’s shirting in 1992. Today, Sintex is an established player in
Group Managing Director high-value structured fabrics and Asia’s largest producer of corduroy fabrics. We are setting up world
class yarn manufacturing project with “State of The Art Technology” to become the largest “Single
location mega capacity compact spinning facility” in the state of Gujarat, India.
Way back in 1974, Sintex decided to enter the plastics business and introduced water storage tank
that revolutionized the way people would store their water in India. Today, Sintex is one of the
world’s largest producers of plastic water tank. Also, other extended verticals in building material
segment are doing extremely well in their respective business areas includes Interior, Environmental,
Electrical, Infra and Industrial Products & Solutions.
In years 2000 to 2002, Sintex decided to go for prefab housing and monolithic construction business;
again, the idea which was first time introduced in India.

Give us a brief on the company’s overseas operations and the geographies it caters to. What are
the key strategies employed by the company to strengthen its global business?

In 2004-05, looking at electrical sector and automotive sector, we decided to go for custom-molding
business and here Sintex became global. In 2005-06 we acquired a company Wausaukee Composites
in the United States and this company gave us new horizons in technology, especially in RTM &
LRTM processes. Immediately within 12 months Sintex acquired a company in Europe, NIEF Plastics,
a leading player in injection and blow molding as well as advanced material supplies for aerospace,
defense, electricals, automotive, building products, mining industry, renewable energy etc. Today,
Sintex is one of the largest employer outside India and we employ around 3,000 people outside
India, generating revenue of more than 350 million USD internationally.

Sintex Industry’s history spans over eight decades. Over the years what were the key strategies
employed by the company to manoeuver through the changing business environment? How does
your company plan to grow in the near future?

“Innovations” being an integral part of organizational philosophy, “Active Thinking” is the practice of
translating ideas and thoughts into actions with an objective of creating meaningful innovations and
further translate them into innovative products & solutions. ‘Active Thinking’ is a way of life at Sintex
that helps to apply innovation not just to products but also to strategies and processes.
Sintex is a pioneer in the development through innovations in building products & solutions, custom
moulding and textiles, creates best in class products that deliver better utility and value to its
customers. It is our quest to deliver quality products at affordable prices. Recently, we have even
expanded our global footprints by acquisitions to offer total solutions to the customers. The global
presence and expertise across different segments enable Sintex to offer cutting-edge solutions to
our customers no matter which part of the world they operate. The verticals which Sintex target

82 INDIA’S TOP 500 COMPANIES Experts’ View


with their solutions include housing, construction, electrical, energy, interiors, and telecom,
among others. Being a socially responsible corporate, we understand the value of protecting the
environment and aim to build product lines which reduces the burden on precious natural resources
like wood and metal.
Sintex aims to develop itself as a global product & solutions provider to the clients both in India
and abroad. To achieve this Sintex has adopted an aggressive strategy of inorganic growth. Under
this strategy, we have acquired companies that are specialists in their respective areas. Sintex has
a strong presence in the European, American, African, and Asian markets. Through the network of
growth partners in India and worldwide, including Sintex BAPL Limited, Sintex NP Group, and Sintex
Wausaukee Composites, Sintex is constantly driving its business growth.
At Sintex, the competitiveness lies in our innovation based culture and strong technological
competence. Sintex continue to invest in cutting-edge technologies that facilitate in developing
niche solutions for achieving sectorial business leadership. At the same time, Sintex understands
that we do not merely create products, we innovate and develop concepts that are marketed to
opinion leaders and decision-makers, this approach widens business opportunities for them.
Sintex continued to outperform and also strengthen their ‘Make in India’ relevance by widening
the offerings in every product vertical and adding more product verticals. Sintex believe that, going
ahead, these initiatives will sustain our business momentum. The manufacturing is an important
sector for India which contributes around 17% of the total GDP which is the core part of development
for the country. Being leading manufacturing company in plastics and textiles, Sintex understand
the importance of preserving the nature, developing the surrounding area, providing employment
opportunity to youth and farmers, Women Empowerment.
Since Sintex began as a small textile establishment with just few employees has risen up to more
than 10,000 employee’s strength across the globe today. Keeping the growth objective in mind, we
would become a family of 15,000 employees in next 5 years.

What impact do you foresee GST implementation would have on your sector? How prepared is
your company to successfully implement GST in current business operations

In near future, with the new tax systems under GST, the business environment would become more
transparent, ethical and positive, even equal opportunities would help to grow the businesses across
the country because of simplified tax practices. We believe that post implementation of GST, the
manufacturing sector will become more competitive as GST addresses cascading of tax, inter-state
tax, high logistics costs and fragmented market. This would give added advantage to Sintex, as we
have large manufacturing facilities across 9 states of India includes our textile & plastics business.

Experts’ View INDIA’S TOP 500 COMPANIES 83


IBS Business School
Prof. Y K Bhushan
Senior Advisor & Head
India has become the hub of innovation and entrepreneurship. With lots of start-ups emerging in
India, how is IBS catering to the need to the budding entrepreneurs?
IBS Business School, Mumbai has been involved in developing entrepreneurs from among its
students so that they become ‘job creators’ and do not remain mere ‘job seekers’. As a part of
this effort, it had a collaborative association with the Department of Entrepreneurship at ESSEX
University UK. This resulted in the ‘Venture Academy’ program which offered opportunities for the
students to learn about startups and their funding. Over the years some students of IBS Mumbai
have set up their own enterprises with mentoring from the faculty. IBS is now in the process of setting
up an incubation center for the benefit of its students and alumni coupled with mentorship and
development programs. It is meant for alumni and current students to build innovative, sustainable,
and scalable business by offering strategically located shared working meeting spaces.

How is IBS different from other B-Schools in India?


IBS Business School is the pan India network of B-Schools set up by ICFAI with headquarters at
Hyderabad. IBS has been trying to differentiate itself from the large number of Business Schools in
the country on many counts. The approach of the school is being ‘student-centric, in the sense of
providing individual career guidance, mentoring and training to individual students and also adopting
‘participant – centered’ pedagogies. The School also actively promotes student development through
a number of co-curricular activities involving problem solving creativity and active team work. The
focus of teaching at IBS Mumbai is action-oriented with hands-on managerial experience in the 14
week summer internship program and live problem solving assignment from the corporates.
The faculty members at IBS are engaged in research in business environment and management
issues and are encouraged to channelize their research findings into their teaching. The School has
been actively working towards building ‘Qualified Faculty’ into ‘Quality Faculty’ through ongoing
faculty development programs and regular research reviews.
Another strong feature of our working is the participation of our 40,000 strong alumni network in
academic and placement processes. As a Business School positioned close to the corporate sector,
IBS has built strong relationship with the corporate sector and has been serving the sector by
meeting their requirements for talent from its large pool of students.

What are the specialized courses offered considering the rapidly changing business environment?
In today’s digitally connected world, businesses find that from marketing to sales to payments to
customer service and engagement are all technology-based and online. This has necessitated the
inclusion of technology in almost all courses along with specialized courses such as data analytics,
big data, data mining, financial analytics, marketing analytics, digital marketing, and social media
marketing with emphasis on excel-based analytics included as compulsory requirement for the first
year students at IBS Mumbai.

What is IBS’s expansion strategy, both in the short term as well as the long term?
IBS expansion strategy is interwoven with its mission to impart first–class business education to
as many management education aspirants as possible. While strengthening the current centres in
major locations in India as a pan-India institution, IBS is planning expansion in different locations
beginning with Gurgaon, New Delhi, Pune and Ahmadabad. Similar expansion plans are also being
chalked out for locations like Mumbai and Kolkata and Bengaluru. Considering that IBS has emerged
as an institution of preference both among students and corporates, IBS hopes to continue its march
towards spread of Management Education to other chosen centres as well.

84 INDIA’S TOP 500 COMPANIES Experts’ View


Experts’ View INDIA’S TOP 500 COMPANIES 85
Astral Poly Technik Limited
Hiranand Savlani
Chief Financial Officer
Kindly provide us the brief about your Group and the business it is engaged in.
Astral group was established in 1999 with the aim to manufacture pro-India plumbing and drainage
systems in the country. The Astral group is engaged in following businesses:
Plastic Piping Business - The group is equipped with production facilities at Santej & Dholka (Gujarat)
and Hosur (Tamil Nadu) with a capacity of 135,000 MT to manufacture pipes for Plumbing systems,
Drainage systems, Agriculture, Fire Sprinkler, Industrial and Electrical Conduit Pipes along with all
kinds of necessary fittings.
Adhesives Business - The group is equipped with production facilities at Unnao & Rannia (Uttar
Pradesh), Santej (Gujarat), UK and USA to manufacture adhesives for construction, maintenance,
wood care and automotive sector.

What opportunities do you see for your sector in the next five years? How is your company
planning to tap those opportunities?
Plastic Piping Business - The size of the Indian Plastic Piping industry is around INR 25,000 Cr. and it
has registered a growth of 10-12% Y-o-Y in last 10 years. It is estimated that it will continue to grow
at similar pace for next five years. Future growth of India’s plastic piping Market is expected to be led
by the rising construction of much required residential units, inclining demand in agricultural sector
to bring in more area under cultivation and good demand in hospitality & hotel industry.

Over last 5 years, the Company’s piping business has registered a growth of 18% CAGR. The Company
has pan India presence with modern manufacturing facility in west (117,000 MT) and south (18,000
MT). Construction of manufacturing facility at Ghilot (Rajasthan) (20,000 MT) & doubling the capacity
at South (From 18,000 to 36,000 MT) is expected to commence production by December 2017. Our
recently launched CPVC pipes for fire sprinkler and high density low noise drainage system is getting
very good response in the Indian market. The Company is also exploring an opportunity of setting up
manufacturing facility in eastern part of India. With manufacturing facility spread across India, the
Company is expecting to take lead role in catering to the requirement of growing needs in India.

Adhesive Business – Adhesives, Sealants and Building Chemicals industry in India is estimated to
be INR 10,000 Cr. which is fastest growing in the world and is expected to grow at 15%+ in coming
5 years. Based on three acquisitions in last 2 years, we have aggressively entered into the adhesive
business and expecting to grow at more than 20%+ in coming years because of increase in brand
awareness activity, strengthening distribution network, expansion in manufacturing & packaging
capacity and introduction of good quality product from UK & USA group companies.

Over the years what were the key strategies employed by Astral Poly Technik to manoeuver
through the changing business environment
We have adopted a strategy of consistent innovation of quality products and de-risk business through
organic as well as inorganic growth. To diversify CPVC business, we ventured into PVC business
in 2004. Over a period, the Company has added 13 different categories of pipes & fittings range
through continuous innovation. In 2012, we further diversified our piping business by venturing into
adhesive business. In 2014-16, we acquired three companies in adhesive segment with wide range
of quality products and good market reach. To provide quality CPVC products at competitive price to
our customers, we have recently started compounding facility by going for backward integration.

With this strategy, the group has achieved sales growth of 38 % CAGR in last 10 years and delivered
return of 45% CAGR since IPO (2007) to the investors.

86 INDIA’S TOP 500 COMPANIES Experts’ View


Experts’ View INDIA’S TOP 500 COMPANIES 87
Kirby Building Systems India Private Limited
D. Raju
Managing Director
Kindly provide us the brief about your company and the business it is engaged in.
Kirby Building Systems - India is a part of Kuwait based Alghanim Industries and is one of the world’s
largest producers of quality steel buildings. The company is operational since 1976 in Middle East
& in India since 1999. Today, at 200,000 MT capacity per annum, Kirby is the market leader in the
Indian PEB industry with more than 18,000 buildings spread over 30 million sqm of area.

Kirby India is a total solution provider and offers design, manufacture, supply and construction
of Pre-Engineered Steel Building (PEB). The company is specialized in completing many large and
complex projects across diverse applications - Factories, Warehouses, Offices, Supermarkets,
Shopping Malls, High Rise Buildings - Commercial & Residential, Shipyards, Metro Stations, Power
& Steel Plants, Convention Centers, Railway Stations, Airport Terminal Buildings, etc. spread across
different industries.

How, in your opinion, is India currently placed in terms of its infrastructure? How is your company
aiding the process of building infrastructure at a faster pace?
Infrastructure development is in revival mode because of many initiatives and reforms taken up
by the central government. The Make in India campaign, development of 100 Smart Cities, Mass
Housing, etc. will further give a boost to the economic growth and infrastructure development
leading to higher demand for PEB products & services. All these reforms and initiatives will act as
the propelling factor for the economic growth and shape the country’s road to success.

Kirby India is already a part of many ongoing industrial and urban infrastructure projects across India
and will continue to be a part of this growth story thereby making an impact on India’s economic
progress with a footprint on the global map.

Kindly share with us details of some key projects executed by your company?
Kirby India provides top class customer service through its integrated ERP system. The company has
the privilege of partnering most of the leading corporates by setting up their facilities such as ABB
Ltd, Phoenix Developers, Kansai Nerolac, Cipla, BASF, Skoda, Tata Group, Reliance Industries, HUL,
Colgate Palmolive, Indospace, BMW, Renault-Nissan, Royal Enfield, Trident Ltd, Cargill India, DRL,
Aurobindo, Suzlon, Apollo, MRF, L&T, Toshiba-JSW, Pepsico, Coca-Cola, Dabur, ITC, Metro Stations -
Delhi, Bangalore, Hyderabad, JSW Steel, M&M, Honda Motors, Asian Paints, Alstom Bharat Forge,
DRDO, IMTMA and many more. All these projects are in different sizes of area varying from as small
as 10,000 square feet to over 1 million square feet.

What is the company’s expansion strategy, both in the short term as well as the long term?
Kirby India has grown manifolds over the last few years from simple box like buildings to very
complex industrial buildings to high rise structures. The company is now adapting new innovative
methods across design, fabrication, & construction which have widened their scope of operations.

PEB is one of the preferred modes of construction as it is faster, environmental friendly, earthquake
resistant, lesser maintenance; provide higher column free space, high resale value, green benefits,
dry construction, saving of natural resources, etc. All the Kirby buildings comply to green building
norms laid down by Indian Green Building Council (IGBC).

Kirby India also provides Industrial Racking solutions and has diversified into Structural Steel segment
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Garg Acrylics Limited
Rajiv Garg
Managing Director
Kindly provide us the brief about Garg Acrylics Limited and the business it is engaged in.

Garg Acrylics Limited was established in the year 1999. We are one of the leading manufacturers,
suppliers, and exporters of basic yarn, speciality yarns and garment. Yarn is our leading business with
installed capacity of 3, 42,212 spindles, with the production of 2, 00,000 Kgs/day. We offer one stop
solution for variety of yarn requirements for domestic, and majority for international market. The
company’s reliable workforce, coupled with the latest technology, quality consciousness, customer
oriented services and strong logistics have given the company the edge over its competition in the
world’s most quality conscious and price sensitive market.
We also have a garment division with capacity of 30,000 pieces per day of knits, woven and sweaters.
We offer count range from Ne 16- Ne 60.

Kindly provide us the brief about your company’s international business.

We are exporting globally like in Asia, Europe, Latin America and Africa. In these continents we are
working regularly and our main volume goes to Bangladesh, Egypt, Pakistan and Morocco. We have
nomination from buying house H&M based in Sweden which is giving us regular support through its
vendors. We also started focusing on some new market like Ecuador, Venezuela, Poland, Mexico and
many others. We are now trying to get associated with brands like Mango, Channel, Lindex, Lerros,
mother care etc.

What opportunities do you see for your sector in next 5 years? How does your company plan to
tap in to these opportunities?

We are very positive for the domestic market growth and consumption as well. With the
implementation of GST we expect tremendous growth in domestic market for textile sector. Big
corporates are going to be benefited with this implementation. With the change in trend we are
focusing more on innovative blended and fancy yarn we are trying to come out of the conventional
yarn that is in the range of 100% cotton . This new upcoming style have wide scope in domestic and
international market as well which help us to do more investment in our forecast plan. We believe
that with collateral efforts made by our development team will make us leading player in this new
era.

What is the company’s expansion strategy, both in the short term as well as the long term?

This year we have planned capacity of 100 knitting fabric machine and adding air jet spun
implementation. In coming 5 years we have plan to expand the mill in forward integration and
adding capacity. We have plan to invest 100 crores per year on plant and building in our both
spinning and knitting house. By coming 2022, we are expecting to see our company sales turnover
to grow to ` 25 bn.

90 INDIA’S TOP 500 COMPANIES Experts’ View


Experts’ View INDIA’S TOP 500 COMPANIES 91
UAE Exchange & Financial Services Limited
V George Antony
Managing Director
Kindly provide us the brief about your company and the business it is engaged in.
UAE Exchange & Financial Services Limited always had a deep insight towards the life of people and
their desires. Delving deep into the financial industry, the company has always groomed an innovative
inclination for foreign financial amenities, travel leisure facilities, loans, Insurance, share trading,
Money transfer, in the most optimized manner. It soon gained the Authorized Dealer II category
license and Non-Banking Financial company status from Reserve Bank of India, empowering the
company further in its services. In 1999, the company started operations in Kochi with its registered
office at Bangalore. In 2013, the company took the initiative to launch XPay, the payment mobile
app advancing with faster strides through the introduction of UPI, IMPS, e-KYC and integrated digital
version of all conventional services available with the company.

Laying a foundation for delivering unique and innovative services, the company keeps a steadfast
stand to the motto “Service is Our Currency” in all aspects of its operations. As a financial institution,
UAE Exchange India has always been instrumental in finding innovative methods through its active
online presence, to serve the customer with perfect convenience through all its 375 branches and
4382 agent network spread across the nation. From the inception, the company always had an
inclination towards the lower section of the populace who were totally unbanked or set away from
the moderate financial facilities available for the urban citizen.

In the recent years, there has been a wide fluctuation in rates of currencies across the world. What
are your views on this and how was your company able to cater to this volatility?
Company is already strong and efficient with its technology driven mechanism being practiced in all
its operations making the reach to the highest level, in foreign exchange industry. Real-time market
information tools are used by treasury team to have standardized analysis for future strategies. The
company had a keen focus on currency market trends and conducted regular market study to analyze
fluctuation in currency rates which often gives an upper hand, to cater with much competitive rates
in the industry. The demand for currency exchange has increased with developments in travel and
immigration sector. Foreign Exchange counters analyze the most demanded to maintain a ready stock
of these potential currencies which was a boon for the company in times of recent rate fluctuation.

Kindly provide the details of your company’s loyalty programme.


Company always had a strong focus on serving the loyal customers and general society with varied
loyalty programmes. Every year company conducts customer service week to honor every customer
for their valuable support with small gifts, refreshments and chat session within the branch,
practiced across the nation. As part of the Customer Service Week, every year three lucky customers
are selected from the CRM database to award with surprise gifts. Very often company also provides
reward points for regular customers with discounts and offers.

What is the company’s expansion strategy, both in the short term as well as the long term?
Company plans to expand the branch and agency network in the coming years. BC model
expansion strategy is already in action for better customer reach-outs. This year marked with the
inauguration of the first agency or FS Mart signature location at Adoor. The main focus of expansion
is underserved and unbanked potential areas which are served through digital services and counter
for direct customer services. While adopting the plans to expand physical presence, the company
look forward to expand the digital presence and to launch innovative financial products which has
been soon initiated with XPay Cash Wallet.

92 INDIA’S TOP 500 COMPANIES Experts’ View


Experts’ View INDIA’S TOP 500 COMPANIES 93
LISTINGS OF
TOP 500 COMPANIES
NTPC has always envisaged environment
protect ion as one of it s p r im e
responsibilities. Company has adopted
sound env ironment managem ent
practices for the benefit of society. NTPC
NTPC is now a 51,000+ MW Company has planted more than 32 million trees
with presence in Coal, Gas, Hydro, Solar, since inception, including 10 million trees
Wind Power Generation and Coal Mining during 2016-17.
INDIA’S TOP 500 COMPANIES Alphabetical Listing 97

Sr No Company Name Sector


1 3M India Limited Diversified
2 Aarti Drugs Limited Pharmaceuticals
3 Aarti Industries Limited Chemicals
4 ABB India Limited Power Equipment
5 Abbott India Limited Pharmaceuticals
6 ACC Limited Cement
7 Adani Enterprises Limited Trading & Distribution
8 Adani Ports and Special Economic Zone Limited Others
9 Adani Power Limited Power
10 Aditya Birla Nuvo Limited Diversified
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
98 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 Axis Bank Limited Banks
38 Bajaj Auto Limited Automobile - Two/Three Wheelers
39 Bajaj Electricals Limited Consumer Durables & Appliances
40 Bajaj Finance Limited FIs / NBFCs / Financial Services
41 Bajaj Holdings & Investment Limited FIs / NBFCs / Financial Services
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 BASF India Limited Chemicals
51 Bata India Limited Footwear
52 Bayer CropScience Limited Agro Chemicals
53 BEML Limited Engineering Projects/ Capital Goods
54 Berger Paints India Limited Paints
55 BGR Energy Systems Limited Engineering Projects/ Capital Goods
56 Bharat Electronics Limited Others
57 Bharat Financial Inclusion Limited FIs / NBFCs / Financial Services
58 Bharat Forge Limited Auto Components
59 Bharat Heavy Electricals Limited Engineering Projects/ Capital Goods
60 Bharat Petroleum Corporation Limited Oil - Refining & Marketing
61 Bharti Airtel Limited Telecom Services
62 Bharti Infratel Limited Telecom Equipment & Infra Services
63 Biocon Limited Pharmaceuticals
64 Birla Corporation Limited Cement
65 Blue Dart Express Limited Transport & Logistics
66 Blue Star Limited Consumer Durables & Appliances
67 The Bombay Dyeing and Manufacturing Company Limited Textiles
68 Bosch Limited Auto Components
69 Brigade Enterprises Limited Real Estate
70 Britannia Industries Limited Food Products
71 Cadila Healthcare Limited Pharmaceuticals
72 Cairn India Limited Oil & Gas Exploration
73 Can Fin Homes Limited FIs / NBFCs / Financial Services
74 Canara Bank Banks
INDIA’S TOP 500 COMPANIES Alphabetical Listing 99

Sr No Company Name Sector


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

Sr No Company Name Sector


116 E.I.D.-Parry (India) Limited Sugar
117 eClerx Services Limited Software and BPM
118 Eicher Motors Limited Automobile - Two/Three Wheelers
119 EIH Limited Hotels
120 Electrosteel Castings Limited Metal Products
121 Emami Limited FMCG
122 Engineers India Limited Engineering Projects/ Capital Goods
123 Eros International Media Limited Media & Broadcasting
124 Escorts Limited Automobiles
125 Eveready Industries India Limited Electrical Products
126 Everest Industries Limited Construction - Infrastructure Development
127 Exide Industries Limited Batteries
128 FAG Bearings India Limited Bearings
129 FDC Limited Pharmaceuticals
130 Fedders Lloyd Corporation Limited Engineering Projects/ Capital Goods
131 The Federal Bank Limited Banks
132 Federal-Mogul Goetze (India) Limited Auto Components
133 Filatex India Limited Textiles
134 Finolex Cables Limited Electrical Products
135 Finolex Industries Limited Plastic & Plastic Products
136 Flexituff International Limited Packaging & Allied Activities
137 Force Motors Limited Automobiles
138 Future Consumer Limited Food Products
139 Future Enterprises Limited Others
140 Future Lifestyle Fashions Limited Retail
141 Future Retail Limited Retail
142 Gabriel India Limited Auto Components
143 GAIL (India) Limited Gas - Processing, Transmission & Marketing
144 Gayatri Projects Limited Construction - Infrastructure Development
145 GE Power India Limited Power Equipment
146 GE T&D India Limited Power Equipment
147 GHCL Limited Chemicals
148 Gillette India Limited FMCG
149 GlaxoSmithkline Consumer Healthcare Limited Food Products
150 GlaxoSmithkline Pharmaceuticals Limited Pharmaceuticals
151 Glenmark Pharmaceuticals Limited Pharmaceuticals
152 Godawari Power & Ispat Limited Iron & Steel
153 Godfrey Phillips India Limited Cigarettes
154 Godrej Consumer Products Limited FMCG
155 Godrej Industries Limited Chemicals
156 Gokaldas Exports Limited Textiles
INDIA’S TOP 500 COMPANIES Alphabetical Listing 101

Sr No Company Name Sector


157 Gokul Agro Resources Limited Food Products
158 Gokul Refoils and Solvent Limited Food Products
159 Goodyear India Limited Tyres
160 Granules India Limited Pharmaceuticals
161 Graphite India Limited Others
162 Grasim Industries Limited Textiles
163 The Great Eastern Shipping Company Limited Shipping
164 Greaves Cotton Limited Engineering Projects/ Capital Goods
165 Greenply Industries Limited Wood & Wood Products
166 Grindwell Norton Limited Others
167 GRUH Finance Limited FIs / NBFCs / Financial Services
168 Gujarat Alkalies and Chemicals Limited Chemicals
169 Gujarat Ambuja Exports Limited Food Products
170 Gujarat Fluorochemicals Limited Chemicals
171 Gujarat Gas Limited Gas - Processing, Transmission & Marketing
172 Gujarat Industries Power Company Limited Power
173 Gujarat Mineral Development Corporation Limited Coal & Coal Products
174 Gujarat Narmada Valley Fertilizers & Chemicals Limited Chemicals
175 Gujarat State Fertilizers & Chemicals Limited Fertilisers
176 Gujarat State Petronet Limited Gas - Processing, Transmission & Marketing
177 Gulf Oil Lubricants India Limited Specialty Oils & Lubricants
178 Hatsun Agro Product Limited Food Products
179 Havells India Limited Electrical Products
180 HBL Power Systems Limited Batteries
181 HCL Technologies Limited Software and 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 and BPM
187 HIL Limited Construction - Infrastructure Development
188 Himachal Futuristic Communications Limited Telecom Equipment & Infra Services
189 Himatsingka Seide Limited Textiles
190 Hindalco Industries Limited Non Ferrous & Precious Metals
191 Hinduja Global Solutions Limited Software and 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
102 Alphabetical Listing INDIA’S TOP 500 COMPANIES

Sr No Company Name Sector


198 Housing Development and Infrastructure Limited Real Estate
199 Housing Development Finance Corporation Limited FIs / NBFCs / Financial Services
200 HSIL Limited Glass & Ceramics
201 HT Media Limited Media & Broadcasting
202 Huhtamaki PPL Limited Packaging & Allied Activities
203 ICICI Bank Limited Banks
204 IDBI Bank Limited Banks
205 Idea Cellular Limited Telecom Services
206 IDFC Bank Limited Banks
207 IFB Industries Limited Consumer Durables & Appliances
208 IFCI Limited FIs / NBFCs / Financial Services
209 IL&FS Transportation Networks Limited Construction - Infrastructure Development
210 The India Cements Limited Cement
211 Indiabulls Housing Finance Limited FIs / NBFCs / Financial Services
212 Indian Bank Banks
213 The Indian Hotels Company Limited Hotels
214 Indian Metals and Ferro Alloys Limited Iron & Steel
215 Indian Oil Corporation Limited Oil - Refining & Marketing
216 Indian Overseas Bank Banks
217 Indo Count Industries Limited Textiles
218 Indo Rama Synthetics (India) Limited Textiles
219 Indoco Remedies Limited Pharmaceuticals
220 Indraprastha Gas Limited Gas - Processing, Transmission & Marketing
221 IndusInd Bank Limited Banks
222 INEOS Styrolution India Limited Plastic & Plastic Products
223 Infosys Limited Software and BPM
224 Inox Leisure Limited Media & Broadcasting
225 Inox Wind Limited Power Equipment
226 InterGlobe Aviation Limited Others
227 International Paper APPM Limited Paper & Paper Products
228 Ipca Laboratories Limited Pharmaceuticals
229 IRB Infrastructure Developers Limited Construction - Infrastructure Development
230 Isgec Heavy Engineering Limited Engineering Projects/ Capital Goods
231 ITC Limited Cigarettes
232 ITD Cementation India Limited Construction - Infrastructure Development
233 J. Kumar Infraprojects Limited Construction - Infrastructure Development
234 J.B.Chemicals & Pharmaceuticals Limited Pharmaceuticals
235 J.K. Cement Limited Cement
236 Jagran Prakashan Limited Media & Broadcasting
237 Jain Irrigation Systems Limited Plastic & Plastic Products
238 The Jammu and Kashmir Bank Limited Banks
INDIA’S TOP 500 COMPANIES Alphabetical Listing 103

Sr No Company Name Sector


239 Jamna Auto Industries Limited Auto Components
240 Jay Bharat Maruti Limited Auto Components
241 JBF Industries Limited Petrochemicals & Polymers
242 Jindal Poly Films Limited Packaging & Allied Activities
243 Jindal Saw Limited Metal Products
244 Jindal Stainless (Hisar) Limited Iron & Steel
245 Jindal Worldwide Limited Textiles
246 JK Lakshmi Cement Limited Cement
247 JK Paper Limited Paper & Paper Products
248 JK Tyre & Industries Limited Tyres
249 JMC Projects (India) Limited Construction - Infrastructure Development
250 Johnson Controls-Hitachi Air Conditioning India Limited Consumer Durables & Appliances
251 JSW Energy Limited Power
252 JSW Steel Limited Iron & Steel
253 Jubilant FoodWorks Limited Others
254 Jubilant Life Sciences Limited Pharmaceuticals
255 JVL Agro Industries Limited Food Products
256 Jyothy Laboratories Limited FMCG
257 K.P.R. Mill Limited Textiles
258 Kajaria Ceramics Limited Glass & Ceramics
259 Kalpataru Power Transmission Limited Power Equipment
260 Kalyani Steels Limited Iron & Steel
261 Kansai Nerolac Paints Limited Paints
262 The Karnataka Bank Limited Banks
263 The Karur Vysya Bank Limited Banks
264 KEC International Limited Power Equipment
265 KEI Industries Limited Electrical Products
266 Kirloskar Brothers Limited Engineering Projects/ Capital Goods
267 Kirloskar Ferrous Industries Limited Iron & Steel
268 Kirloskar Oil Engines Limited Engineering Projects/ Capital Goods
269 Kkalpana Industries (India) Limited Plastic & Plastic Products
270 Kohinoor Foods Limited Food Products
271 Kotak Mahindra Bank Limited Banks
272 Kothari Products Limited Trading & Distribution
273 KPIT Technologies Limited Software and BPM
274 KRBL Limited Food Products
275 Kwality Limited Food Products
276 L.G. Balakrishnan & Bros Limited Auto Components
277 Lakshmi Machine Works Limited Engineering Projects/ Capital Goods
278 The Lakshmi Vilas Bank Limited Banks
279 Larsen & Toubro Limited Construction - Infrastructure Development
104 Alphabetical Listing INDIA’S TOP 500 COMPANIES

Sr No Company Name Sector


280 LIC Housing Finance Limited FIs / NBFCs / Financial Services
281 Linde India Limited Chemicals
282 Lloyd Electric & Engineering Limited Consumer Durables & Appliances
283 Loyal Textile Mills Limited Textiles
284 LT Foods Limited Food Products
285 Lumax Industries Limited Auto Components
286 Lupin Limited Pharmaceuticals
287 Mafatlal Industries Limited Textiles
288 Magma Fincorp Limited FIs / NBFCs / Financial Services
289 Maharashtra Seamless Limited Metal Products
290 Mahindra & Mahindra Financial Services Limited FIs / NBFCs / Financial Services
291 Mahindra & Mahindra Limited Automobiles
292 Mahindra CIE Automotive Limited Auto Components
293 Maithan Alloys Limited Iron & Steel
294 Man Industries (India) Limited Metal Products
295 Manappuram Finance Limited FIs / NBFCs / Financial Services
296 Mangalore Chemicals and Fertilizers Limited Fertilisers
297 Mangalore Refinery and Petrochemicals Limited Oil - Refining & Marketing
298 Marico Limited FMCG
299 Maruti Suzuki India Limited Automobiles
300 Mcleod Russel India Limited Food Products
301 Minda Industries Limited Auto Components
302 Mindtree Limited Software and BPM
303 MMTC Limited Trading & Distribution
304 Motherson Sumi Systems Limited Auto Components
305 Mphasis Limited Software and BPM
306 MRF Limited Tyres
307 Mukand Limited Iron & Steel
308 Munjal Showa Limited Auto Components
309 Muthoot Finance Limited FIs / NBFCs / Financial Services
310 Nahar Industrial Enterprises Limited Textiles
311 Nahar Spinning Mills Limited Textiles
312 Nandan Denim Limited Textiles
313 Narayana Hrudayalaya Limited Healthcare
314 NATCO Pharma Limited Pharmaceuticals
315 National Aluminium Company Limited Non Ferrous & Precious Metals
316 National Fertilizers Limited Fertilisers
317 Nava Bharat Ventures Limited Iron & Steel
318 NBCC (India) Limited Construction - Infrastructure Development
319 NCC Limited Construction - Infrastructure Development
320 Nectar Lifesciences Limited Pharmaceuticals
INDIA’S TOP 500 COMPANIES Alphabetical Listing 105

Sr No Company Name Sector


321 Nestlé India Limited Food Products
322 NHPC Limited Power
323 NIIT Technologies Limited Software and BPM
324 Nilkamal Limited Plastic & Plastic Products
325 NLC India Limited Power
326 NMDC Limited Mining - Metals & Minerals
327 NTPC Limited Power
328 Oberoi Realty Limited Real Estate
329 OCL India Limited Cement
330 Oil and Natural Gas Corporation Limited Oil & Gas Exploration
331 Oil India Limited Oil & Gas Exploration
332 Omax Autos Limited Auto Components
333 Omaxe Limited Real Estate
334 Optiemus Infracom Limited Trading & Distribution
335 Oracle Financial Services Software Limited Software and BPM
336 Orient Cement Limited Cement
337 Orient Paper & Industries Limited Consumer Durables & Appliances
338 Oriental Bank of Commerce Banks
339 Page Industries Limited Textiles
340 PC Jeweller Limited Gems & Jewellery
341 Persistent Systems Limited Software and BPM
342 Petronet LNG Limited Gas - Processing, Transmission & Marketing
343 Pfizer Limited Pharmaceuticals
344 Phillips Carbon Black Limited Others
345 PI Industries Limited Agro Chemicals
346 Pidilite Industries Limited Chemicals
347 Piramal Enterprises Limited Pharmaceuticals
348 PNC Infratech Limited Construction - Infrastructure Development
349 Polaris Consulting & Services Limited Software and BPM
350 Power Finance Corporation Limited FIs / NBFCs / Financial Services
351 Power Grid Corporation of India Limited Power
352 Power Mech Projects Limited Power Equipment
353 Prestige Estates Projects Limited Real Estate
354 Pricol Limited Auto Components
355 Procter & Gamble Hygiene and Health Care Limited FMCG
356 PTC India Financial Services Limited FIs / NBFCs / Financial Services
357 PTC India Limited Power
358 Punjab & Sind Bank Banks
359 Punjab National Bank Banks
360 Puravankara Limited Real Estate
361 PVR Limited Media & Broadcasting
106 Alphabetical Listing INDIA’S TOP 500 COMPANIES

Sr No Company Name Sector


362 Radico Khaitan Limited Liquor
363 Rajesh Exports Limited Gems & Jewellery
364 Rallis India Limited Agro Chemicals
365 The Ramco Cements Limited Cement
366 Rashtriya Chemicals and Fertilizers Limited Fertilisers
367 Ratnamani Metals & Tubes Limited Metal Products
368 Raymond Limited Textiles
369 Redington (India) Limited Trading & Distribution
370 Relaxo Footwears Limited Footwear
371 Reliance Capital Limited FIs / NBFCs / Financial Services
372 Reliance Communications Limited Telecom Services
373 Reliance Industries Limited Oil - Refining & Marketing
374 Reliance Infrastructure Limited Power
375 Renaissance Jewellery Limited Gems & Jewellery
376 Responsive Industries Limited Plastic & Plastic Products
377 Rolta India Limited Software and BPM
378 RSWM Limited Textiles
379 Rupa & Company Limited Textiles
380 Rural Electrification Corporation Limited FIs / NBFCs / Financial Services
381 Sadbhav Engineering Limited Construction - Infrastructure Development
382 Sangam (India) Limited Textiles
383 Sanofi India Limited Pharmaceuticals
384 Sanwaria Agro Oils Limited Food Products
385 Sarda Energy & Minerals Limited Iron & Steel
386 Sathavahana Ispat Limited Iron & Steel
387 Savita Oil Technologies Limited Specialty Oils & Lubricants
388 Seshasayee Paper and Boards Limited Paper & Paper Products
389 Shilpi Cable Technologies Limited Electrical Products
390 The Shipping Corporation of India Limited Shipping
391 Shirpur Gold Refinery Limited Non Ferrous & Precious Metals
392 Shoppers Stop Limited Retail
393 Shree Cement Limited Cement
394 Shriram City Union Finance Limited FIs / NBFCs / Financial Services
395 Shriram Transport Finance Company Limited FIs / NBFCs / Financial Services
396 Siemens Limited Engineering Projects/ Capital Goods
397 Simplex Infrastructures Limited Construction - Infrastructure Development
398 Sintex Industries Limited Plastic & Plastic Products
399 Siyaram Silk Mills Limited Textiles
400 SJVN Limited Power
401 SKF India Limited Bearings
402 Skipper Limited Metal Products
INDIA’S TOP 500 COMPANIES Alphabetical Listing 107

Sr No Company Name Sector


403 SML Isuzu Limited Automobiles
404 Sobha Limited Real Estate
405 Solar Industries India Limited Others
406 Somany Ceramics Limited Glass & Ceramics
407 Sona Koyo Steering Systems Limited Auto Components
408 The South Indian Bank Limited Banks
409 Southern Petrochemical Industries Corporation Limited Fertilisers
410 SPML Infra Limited Construction - Infrastructure Development
411 Srei Infrastructure Finance Limited FIs / NBFCs / Financial Services
412 SRF Limited Chemicals
413 Srikalahasthi Pipes Limited Metal Products
414 State Bank of Bikaner & Jaipur Banks
415 State Bank of India Banks
416 State Bank of Mysore Banks
417 State Bank of Travancore Banks
418 The State Trading Corporation of India Limited Trading & Distribution
419 Steel Authority of India Limited Iron & Steel
420 Steel Exchange India Limited Iron & Steel
421 Steel Strips Wheels Limited Auto Components
422 Sterlite Technologies Limited Telecom Equipment & Infra Services
423 Strides Shasun Limited Pharmaceuticals
424 Subros Limited Auto Components
425 Sudarshan Chemical Industries Limited Chemicals
426 Sun Pharmaceutical Industries Limited Pharmaceuticals
427 Sun TV Network Limited Media & Broadcasting
428 Sundaram Finance Limited FIs / NBFCs / Financial Services
429 Sundaram-Clayton Limited Auto Components
430 Sundram Fasteners Limited Auto Components
431 Sunflag Iron and Steel Company Limited Iron & Steel
432 Sunil Hitech Engineers Limited Engineering Projects/ Capital Goods
433 The Supreme Industries Limited Plastic & Plastic Products
434 Supreme Petrochem Limited Petrochemicals & Polymers
435 Surya Roshni Limited Metal Products
436 Sutlej Textiles and Industries Limited Textiles
437 Syndicate Bank Banks
438 Syngene International Limited Pharmaceuticals
439 Tamil Nadu Newsprint and Papers Limited Paper & Paper Products
440 Tata Chemicals Limited Fertilisers
441 Tata Communications Limited Telecom Services
442 Tata Consultancy Services Limited Software and BPM
443 Tata Elxsi Limited Software and BPM
108 Alphabetical Listing INDIA’S TOP 500 COMPANIES

Sr No Company Name Sector


444 Tata Global Beverages Limited Food Products
445 Tata Motors Limited Automobiles
446 The Tata Power Company Limited Power
447 Tata Steel Limited Iron & Steel
448 TeamLease Services Limited Others
449 Tech Mahindra Limited Software and BPM
450 Techno Electric and Engineering Company Limited Engineering Projects/ Capital Goods
451 Thangamayil Jewellery Limited Gems & Jewellery
452 Thermax Limited Engineering Projects/ Capital Goods
453 Tide Water Oil Co. (India) Limited Specialty Oils & Lubricants
454 Time Technoplast Limited Plastic & Plastic Products
455 Timken India Limited Bearings
456 Titan Company Limited Gems & Jewellery
457 Torrent Pharmaceuticals Limited Pharmaceuticals
458 Torrent Power Limited Power
459 Transport Corporation of India Limited Transport & Logistics
460 Trent Limited Retail
461 Tribhovandas Bhimji Zaveri Limited Gems & Jewellery
462 Trident Limited Textiles
463 TTK Prestige Limited Consumer Durables & Appliances
464 Tube Investments of India Limited Auto Components
465 TVS Motor Company Limited Automobile - Two/Three Wheelers
466 TVS Srichakra Limited Tyres
467 UCO Bank Banks
468 Uflex Limited Packaging & Allied Activities
469 UltraTech Cement Limited Cement
470 Unichem Laboratories Limited Pharmaceuticals
471 Union Bank of India Banks
472 United Bank of India Banks
473 United Breweries Limited Liquor
474 United Spirits Limited Liquor
475 UPL Limited Agro Chemicals
476 Ushdev International Limited Trading & Distribution
477 VA Tech Wabag Limited Engineering Projects/ Capital Goods
478 Vakrangee Limited Software and BPM
479 Vardhman Textiles Limited Textiles
480 Vedanta Limited Mining - Metals & Minerals
481 Venky’s (India) Limited Food Products
482 V-Guard Industries Limited Electrical Products
483 Videocon Industries Limited Consumer Durables & Appliances
484 Vijaya Bank Banks
INDIA’S TOP 500 COMPANIES Alphabetical Listing 109

Sr No Company Name Sector


485 Vindhya Telelinks Limited Engineering Projects/ Capital Goods
486 VIP Industries Limited Others
487 Visaka Industries Limited Construction - Infrastructure Development
488 Voltas Limited Consumer Durables & Appliances
489 VRL Logistics Limited Transport & Logistics
490 WABCO India Limited Auto Components
491 Welspun India Limited Textiles
492 The West Coast Paper Mills Limited Paper & Paper Products
493 Wheels India Limited Auto Components
494 Whirlpool of India Limited Consumer Durables & Appliances
495 Wipro Limited Software and BPM
496 Wockhardt Limited Pharmaceuticals
497 Yes Bank Limited Banks
498 Zee Entertainment Enterprises Limited Media & Broadcasting
499 Zensar Technologies Limited Software and BPM
500 Zuari Agro Chemicals Limited Fertilisers
INDIA’S TOP 500 COMPANIES Ranking By Total Income 111

Rank
Company Name Total Income (` Mn) (%) Change
2017 2016
1 1 Indian Oil Corporation Limited 3,528,494.1 (20.1)
2 2 Reliance Industries Limited 2,407,400.0 (28.7)
3 5 State Bank of India 1,918,436.7 9.6
4 3 Bharat Petroleum Corporation Limited 1,913,154.9 (20.4)
5 4 Hindustan Petroleum Corporation Limited 1,807,092.4 (13.3)
6 7 Tata Consultancy Services Limited 896,040.5 14.8
7 6 Oil and Natural Gas Corporation Limited 845,602.4 (4.2)
8 8 NTPC Limited 716,960.7 (4.8)
9 14 HDFC Bank Limited 709,731.7 23.5
10 9 ICICI Bank Limited 680,624.9 11.1
11 11 Larsen & Toubro Limited 621,855.8 4.9
12 10 Bharti Airtel Limited 617,858.0 1.8
13 16 Maruti Suzuki India Limited 582,082.0 14.6
14 17 Infosys Limited 569,920.0 12.6
15 15 Punjab National Bank 543,013.7 4.0
16 13 GAIL (India) Limited 527,718.5 (8.4)
17 23 Axis Bank Limited 503,595.0 14.9
18 20 Bank of Baroda 490,601.4 3.6
19 18 Canara Bank 488,973.6 1.2
20 24 Wipro Limited 474,561.0 8.6
21 19 Bank of India 454,490.1 (4.6)
22 28 Tata Motors Limited 445,027.4 16.6
23 25 Tata Steel Limited 421,010.4 (0.6)
24 26 Mahindra & Mahindra Limited 417,398.3 6.2
25 12 Mangalore Refinery and Petrochemicals Limited 405,045.6 (30.5)
26 21 Steel Authority of India Limited 396,668.4 (15.1)
27 29 ITC Limited 386,411.3 1.6
28 33 Vedanta Limited 386,344.4 11.9
29 30 Rajesh Exports Limited 386,227.0 1.8
30 22 JSW Steel Limited 370,171.1 (20.5)
31 35 Idea Cellular Limited 359,999.9 13.5
32 31 Union Bank of India 358,305.4 0.6
33 32 Hindalco Industries Limited 353,838.7 (0.1)
112 Ranking By Total Income INDIA’S TOP 500 COMPANIES

Rank
Company Name Total Income (` Mn) (%) Change
2017 2016
34 36 Hindustan Unilever Limited 324,878.0 3.4
35 34 IDBI Bank Limited 314,534.6 (2.2)
36 41 Housing Development Finance Corporation Limited 309,565.7 12.7
37 40 Hero MotoCorp Limited 289,904.2 3.2
38 39 Central Bank of India 278,266.8 (1.7)
39 43 Power Finance Corporation Limited 275,643.1 10.7
40 27 Petronet LNG Limited 273,038.7 (31.1)
41 37 Bharat Heavy Electricals Limited 270,800.7 (13.9)
42 42 Indian Overseas Bank 260,455.5 (0.1)
43 - Chennai Petroleum Corporation Limited 260,307.7 (37.9)
44 44 Syndicate Bank 257,065.1 8.4
45 45 UltraTech Cement Limited 243,425.2 4.5
46 51 Rural Electrification Corporation Limited 237,562.8 16.5
47 46 Bajaj Auto Limited 236,008.6 6.3
48 52 Tech Mahindra Limited 220,782.0 14.5
49 47 Oriental Bank of Commerce 218,249.9 (1.2)
50 56 Power Grid Corporation of India Limited 212,811.8 19.7
51 50 Corporation Bank 211,464.0 0.5
52 48 Allahabad Bank 207,950.7 (4.2)
53 49 UCO Bank 201,572.8 (5.6)
54 54 HCL Technologies Limited# 192,028.1 4.6
55 55 Andhra Bank 191,991.5 7.4
56 77 Kotak Mahindra Bank Limited 189,964.2 61.7
57 64 Ashok Leyland Limited 189,314.5 38.3
58 58 Indian Bank 180,252.0 4.7
59 62 Coal India Limited 172,926.3 19.0
60 57 Hindustan Zinc Limited 169,558.6 (3.7)
61 - InterGlobe Aviation Limited 166,013.0 15.9
62 66 Yes Bank Limited 162,455.9 19.3
63 71 IndusInd Bank Limited 148,776.1 21.5
64 65 Bank of Maharashtra 140,722.8 2.9
65 63 MRF Limited# 136,192.5 2.7
66 67 Videocon Industries Limited 132,625.5 (34.1)
67 81 Adani Power Limited 132,270.1 19.8
68 68 Vijaya Bank 129,574.4 (1.5)
69 69 PTC India Limited 128,822.3 (2.0)
70 76 Asian Paints Limited 128,711.8 8.7
71 72 Redington (India) Limited 126,758.8 5.0
72 53 MMTC Limited 126,558.5 (31.3)
73 83 LIC Housing Finance Limited 124,854.6 15.6
INDIA’S TOP 500 COMPANIES Ranking By Total Income 113

Rank
Company Name Total Income (` Mn) (%) Change
2017 2016
74 89 Cipla Limited 122,932.0 19.6
75 70 Reliance Infrastructure Limited 120,190.8 0.0
76 73 ACC Limited 119,161.8 (0.8)
77 85 Torrent Power Limited 119,060.8 12.4
78 79 Coromandel International Limited 115,643.7 2.0
79 95 Lupin Limited 114,657.1 15.4
80 75 United Bank of India 114,042.0 (4.4)
81 78 Dena Bank 113,625.3 (1.1)
82 74 Titan Company Limited 113,288.9 (5.4)
83 92 TVS Motor Company Limited 112,951.8 12.1
84 82 Oil India Limited 111,407.7 1.1
85 93 Bosch Limited 109,954.0 8.6
86 84 Siemens Limited 109,728.0 2.8
87 60 The State Trading Corporation of India Limited 108,557.5 (26.3)
88 90 Tata Chemicals Limited 108,075.4 5.1
89 86 State Bank of Travancore 107,570.7 1.6
90 96 State Bank of Bikaner & Jaipur 106,495.2 7.2
91 91 Dr. Reddy’s Laboratories Limited 104,525.0 2.1
92 80 Reliance Communications Limited 102,950.0 (7.6)
93 106 Shriram Transport Finance Company Limited 102,452.6 18.5
94 87 Ambuja Cements Limited 98,195.9 (5.6)
95 102 Chambal Fertilisers and Chemicals Limited 96,815.8 7.4
96 97 The Tata Power Company Limited 93,747.8 1.1
97 112 Aurobindo Pharma Limited 93,495.0 14.5
98 130 Grasim Industries Limited 92,613.7 38.6
99 101 Punjab & Sind Bank 92,228.3 2.3
100 111 United Spirits Limited 91,980.5 12.0
101 59 Adani Enterprises Limited 90,730.0 (44.0)
102 124 Indiabulls Housing Finance Limited 88,419.2 23.8
103 115 Rashtriya Chemicals and Fertilizers Limited 87,616.4 12.5
104 103 Apollo Tyres Limited 87,552.9 (2.8)
105 109 The Federal Bank Limited 85,310.7 2.8
106 108 NCC Limited 85,216.5 0.3
107 88 Future Enterprises Limited 83,764.7 (19.2)
108 118 NHPC Limited 83,538.2 9.0
109 104 Ushdev International Limited 82,363.8 (7.8)
110 61 NMDC Limited 82,301.9 (43.7)
111 94 Nestlé India Limited 81,753.1 (17.0)
112 116 ABB India Limited 81,533.1 5.2
113 110 Sun Pharmaceutical Industries Limited 80,462.8 (2.4)
114 Ranking By Total Income INDIA’S TOP 500 COMPANIES

Rank
Company Name Total Income (` Mn) (%) Change
2017 2016
114 123 Britannia Industries Limited 80,461.1 10.8
115 120 Century Textiles and Industries Limited 80,344.4 5.6
116 117 State Bank of Mysore 79,378.5 3.0
117 122 Bharat Electronics Limited 78,273.0 6.9
118 107 National Fertilizers Limited 78,122.1 (8.7)
119 132 Shree Cement Limited# 75,838.1 15.1
120 153 Bajaj Finance Limited 73,834.8 36.3
121 113 National Aluminium Company Limited 73,525.7 (8.7)
122 119 The Jammu and Kashmir Bank Limited 73,476.0 (4.0)
123 136 Dewan Housing Finance Corporation Limited 73,167.2 22.3
124 133 PC Jeweller Limited 73,086.3 14.1
125 127 NLC India Limited 71,942.0 5.8
126 151 Cadila Healthcare Limited 71,649.0 31.0
127 126 Exide Industries Limited 68,653.3 (0.5)
128 - Future Retail Limited 68,604.7 270.9
129 134 CESC Limited 66,161.8 5.5
130 128 KEC International Limited 65,756.4 (2.9)
131 129 Jindal Saw Limited 65,442.0 (6.7)
132 - Jindal Stainless (Hisar) Limited 64,419.6 (13.3)
133 147 UPL Limited 64,413.1 15.1
134 121 Bharti Infratel Limited 62,345.0 (15.6)
135 159 Glenmark Pharmaceuticals Limited 62,307.8 20.5
136 152 Gujarat State Fertilizers & Chemicals Limited 62,281.6 14.8
137 131 JSW Energy Limited 61,911.0 (6.6)
138 100 Gujarat Gas Limited 61,505.3 (32.5)
139 137 The Karur Vysya Bank Limited 61,502.2 2.9
140 138 Container Corporation of India Limited 60,872.4 2.4
141 141 The South Indian Bank Limited 60,746.2 5.0
142 165 NBCC (India) Limited 59,561.5 30.9
143 148 Dabur India Limited 59,466.4 6.8
144 144 Simplex Infrastructures Limited 59,086.3 4.9
145 146 Mahindra & Mahindra Financial Services Limited 59,051.0 5.7
146 135 JK Tyre & Industries Limited 58,954.1 (4.0)
147 140 Vardhman Textiles Limited 58,144.6 (1.5)
148 149 DCM Shriram Limited 57,875.1 4.2
149 157 Kwality Limited 57,536.4 9.0
150 204 Torrent Pharmaceuticals Limited 57,062.0 50.9
151 105 Cairn India Limited 56,528.7 (36.2)
152 99 Aditya Birla Nuvo Limited 56,060.3 (38.5)
153 172 Adani Ports and Special Economic Zone Limited 56,037.8 20.6
INDIA’S TOP 500 COMPANIES Ranking By Total Income 115

Rank
Company Name Total Income (` Mn) (%) Change
2017 2016
154 145 CEAT Limited 55,413.1 (0.5)
155 158 The Karnataka Bank Limited 55,350.7 6.3
156 161 Motherson Sumi Systems Limited 55,203.0 8.9
157 154 Arvind Limited 55,135.8 3.0
158 156 Havells India Limited 55,056.2 4.1
159 174 Apollo Hospitals Enterprise Limited 54,779.6 18.1
160 150 Zuari Agro Chemicals Limited 53,851.8 (3.1)
161 155 Voltas Limited 53,525.7 0.6
162 197 IL&FS Transportation Networks Limited 52,622.4 35.6
163 164 Marico Limited 51,382.3 6.6
164 167 United Breweries Limited 51,262.7 8.4
165 229 Eicher Motors Limited# 50,930.2 61.8
166 162 Apar Industries Limited 50,133.2 (0.1)
167 163 Tata Communications Limited 49,748.7 (0.3)
168 177 Welspun India Limited 49,616.4 10.3
169 170 Cummins India Limited 49,521.6 5.5
170 190 Sintex Industries Limited 49,417.9 20.0
171 183 Muthoot Finance Limited 48,750.1 12.7
172 178 Godrej Consumer Products Limited 48,543.8 8.2
173 181 Pidilite Industries Limited 47,783.0 7.6
174 168 BASF India Limited 47,546.3 0.8
175 188 Amara Raja Batteries Limited 47,363.5 11.3
176 169 Gujarat Narmada Valley Fertilizers & Chemicals Limited 46,615.3 (0.7)
177 171 Kothari Products Limited 46,525.4 (0.3)
178 185 Bajaj Electricals Limited 46,348.0 8.1
179 176 GlaxoSmithkline Consumer Healthcare Limited 45,874.7 1.3
180 114 CG Power and Industrial Solutions Limited 45,137.3 (3.0)
181 166 Thermax Limited 44,616.3 (5.5)
182 213 Mindtree Limited 44,504.0 22.6
183 212 Zee Entertainment Enterprises Limited 44,292.0 21.2
184 179 Kalpataru Power Transmission Limited 44,153.8 (1.3)
185 173 Bharat Forge Limited 44,052.8 (5.1)
186 205 Deepak Fertilisers and Petrochemicals Corporation Limited 43,098.6 14.9
187 186 Jain Irrigation Systems Limited 42,803.6 0.1
188 175 The Shipping Corporation of India Limited 42,771.9 (6.8)
189 180 The India Cements Limited 42,490.1 (4.6)
190 184 Hindustan Construction Company Limited 42,401.8 (1.0)
191 195 Colgate-Palmolive (India) Limited 42,018.9 4.7
192 210 Cholamandalam Investment and Finance Company Limited 41,937.1 13.6
193 199 Berger Paints India Limited 41,673.1 8.5
116 Ranking By Total Income INDIA’S TOP 500 COMPANIES

Rank
Company Name Total Income (` Mn) (%) Change
2017 2016
194 196 Reliance Capital Limited 41,450.0 3.9
195 182 JVL Agro Industries Limited 41,161.6 (6.7)
196 - Alkem Laboratories Limited 40,852.1 23.1
197 - IDFC Bank Limited 40,520.3 NA
198 221 IFCI Limited 40,066.4 19.7
199 - Inox Wind Limited 39,835.7 55.8
200 187 The Supreme Industries Limited# 39,793.1 (6.6)
201 198 Tube Investments of India Limited 39,753.8 2.9
202 253 Piramal Enterprises Limited 39,416.2 46.0
203 223 Isgec Heavy Engineering Limited 39,275.2 18.3
204 226 Shirpur Gold Refinery Limited 38,993.2 21.0
205 215 Shriram City Union Finance Limited 38,560.2 9.2
206 214 Kansai Nerolac Paints Limited 38,550.6 8.0
207 201 Bayer CropScience Limited 38,186.0 0.2
208 230 Divi's Laboratories Limited 38,157.3 22.0
209 209 Indraprastha Gas Limited 37,156.8 0.0
210 202 Trident Limited 37,150.8 (1.9)
211 189 JBF Industries Limited 37,041.3 (11.5)
212 206 The Ramco Cements Limited 36,870.9 (1.2)
213 211 SRF Limited 36,828.6 0.6
214 208 Oracle Financial Services Software Limited 36,733.0 (1.2)
215 - Gokul Agro Resources Limited 36,583.0 418.7
216 216 J.K. Cement Limited 36,103.2 5.9
217 192 DLF Limited 35,725.9 (12.0)
218 235 Blue Star Limited 35,473.7 14.8
219 222 Whirlpool of India Limited 35,422.9 6.3
220 193 Balkrishna Industries Limited 35,371.6 (12.9)
221 194 Escorts Limited 35,300.0 (12.8)
222 218 Uflex Limited 35,256.7 4.0
223 232 KRBL Limited 34,514.3 10.8
224 207 GE T&D India Limited 34,503.1 (7.3)
225 242 Hatsun Agro Product Limited 34,485.9 17.3
226 220 Birla Corporation Limited 34,386.9 2.2
227 236 Shoppers Stop Limited 34,345.1 12.0
228 233 City Union Bank Limited 33,541.9 8.1
229 217 Castrol India Limited 33,506.1 (1.7)
230 228 Future Lifestyle Fashions Limited 33,166.8 5.1
231 239 Sadbhav Engineering Limited 32,767.6 8.0
232 219 BGR Energy Systems Limited 31,937.8 (5.1)
233 238 Tata Global Beverages Limited 31,904.9 5.0
INDIA’S TOP 500 COMPANIES Ranking By Total Income 117

Rank
Company Name Total Income (` Mn) (%) Change
2017 2016
234 249 Vakrangee Limited 31,806.4 14.2
235 295 IRB Infrastructure Developers Limited 31,606.1 43.7
236 275 Force Motors Limited 31,312.3 28.9
237 227 Mphasis Limited 30,890.1 (3.1)
238 245 Surya Roshni Limited 30,707.2 7.3
239 244 BEML Limited 30,227.4 5.4
240 313 APL Apollo Tubes Limited 30,172.2 42.8
241 260 Mangalore Chemicals and Fertilizers Limited 30,065.2 16.2
242 315 Alembic Pharmaceuticals Limited 29,972.6 48.4
243 240 RSWM Limited 29,792.5 (1.8)
244 250 Raymond Limited 29,105.6 5.0
245 225 SJVN Limited 29,082.1 (10.7)
246 248 GlaxoSmithkline Pharmaceuticals Limited 28,787.8 (17.4)
247 268 The Lakshmi Vilas Bank Limited 28,728.3 15.0
248 231 Ipca Laboratories Limited 28,389.2 (9.0)
249 241 Balrampur Chini Mills Limited 28,012.2 (6.7)
250 259 Akzo Nobel India Limited 27,800.0 7.3
251 246 Balmer Lawrie & Co Limited 27,739.0 (1.5)
252 261 Prestige Estates Projects Limited 27,705.0 7.7
253 256 Supreme Petrochem Limited# 27,618.5 4.0
254 406 ITD Cementation India Limited 27,603.7 100.5
255 - Mukand Limited 27,534.5 (3.0)
256 266 Gujarat Ambuja Exports Limited 27,463.2 8.1
257 291 OCL India Limited 27,336.6 22.0
258 243 Aarti Industries Limited 27,266.5 (5.1)
259 224 Jubilant Life Sciences Limited 27,179.1 (17.2)
260 255 Sanwaria Agro Oils Limited 27,072.1 1.7
261 302 Compuage Infocom Limited 26,900.1 25.8
262 286 JK Lakshmi Cement Limited 26,801.3 14.8
263 285 Abbott India Limited 26,788.6 14.6
264 265 Jindal Poly Films Limited 26,788.1 (4.2)
265 278 Sundram Fasteners Limited 26,410.0 9.6
266 271 Lakshmi Machine Works Limited 26,266.5 5.4
267 262 Himachal Futuristic Communications Limited 25,914.8 0.8
268 288 Blue Dart Express Limited 25,821.5 12.6
269 279 Procter & Gamble Hygiene and Health Care Limited 25,719.4 6.8
270 251 Indo Rama Synthetics (India) Limited 25,665.3 (7.4)
271 282 GHCL Limited 25,643.8 7.5
272 264 Kirloskar Oil Engines Limited 25,286.6 (1.5)
273 267 Finolex Cables Limited 25,251.8 0.7
118 Ranking By Total Income INDIA’S TOP 500 COMPANIES

Rank
Company Name Total Income (` Mn) (%) Change
2017 2016
274 - TeamLease Services Limited 25,196.9 24.6
275 281 Biocon Limited 25,077.0 4.9
276 263 Atul Limited 25,046.4 (2.6)
277 287 Sun TV Network Limited 24,933.0 6.9
278 269 Finolex Industries Limited 24,919.5 (0.2)
279 277 JMC Projects (India) Limited 24,901.0 3.2
280 270 SKF India Limited# 24,790.6 (0.5)
281 283 Sundaram Finance Limited 24,750.2 4.5
282 299 JK Paper Limited 24,694.7 13.7
283 292 Kajaria Ceramics Limited 24,656.5 10.0
284 296 Bata India Limited 24,481.4 11.8
285 257 Godfrey Phillips India Limited 24,399.9 (6.8)
286 301 Tamil Nadu Newsprint and Papers Limited 24,343.1 13.1
287 304 Emami Limited 24,242.7 14.0
288 306 Jubilant FoodWorks Limited 24,162.9 16.1
289 289 E.I.D.-Parry (India) Limited 23,954.1 5.8
290 307 Heritage Foods Limited 23,871.3 14.8
291 337 Lloyd Electric & Engineering Limited 23,834.8 29.6
292 303 The Indian Hotels Company Limited 23,823.2 13.2
293 - Asian Star Company Limited 23,731.3 4.3
294 482 Strides Shasun Limited 23,444.5 127.7
295 312 KEI Industries Limited 23,309.3 14.6
296 - Dish TV India Limited 23,060.2 (15.9)
297 327 Sutlej Textiles and Industries Limited 23,023.0 20.0
298 316 The Great Eastern Shipping Company Limited 22,953.0 14.0
299 284 Wockhardt Limited 22,810.5 (3.0)
300 294 Transport Corporation of India Limited 22,700.0 2.8
301 310 Sanofi India Limited 22,444.1 9.9
302 321 Manappuram Finance Limited 22,175.0 11.9
303 325 Honeywell Automation India Limited 22,109.5 (8.9)
304 339 Dhampur Sugar Mills Limited 22,074.4 23.1
305 308 Asahi India Glass Limited 21,740.6 4.8
306 293 AIA Engineering Limited 21,673.4 (2.9)
307 343 Venky’s (India) Limited 21,576.0 22.5
308 309 Magma Fincorp Limited 21,391.6 4.6
309 320 PI Industries Limited 21,310.3 7.6
310 336 3M India Limited 21,201.9 14.3
311 326 Pfizer Limited 21,027.6 9.5
312 331 TVS Srichakra Limited 20,820.6 9.6
313 311 D. B. Corp Limited 20,788.9 2.2
INDIA’S TOP 500 COMPANIES Ranking By Total Income 119

Rank
Company Name Total Income (` Mn) (%) Change
2017 2016
314 353 Indo Count Industries Limited 20,707.7 23.3
315 300 Nahar Spinning Mills Limited 20,538.3 (5.0)
316 234 Sterlite Technologies Limited 20,525.3 (33.2)
317 342 Avanti Feeds Limited 20,363.1 13.8
318 - PNC Infratech Limited 20,343.2 29.2
319 314 Ashoka Buildcon Limited 20,245.8 (0.0)
320 319 Wheels India Limited 20,181.3 1.8
321 317 Gujarat Alkalies and Chemicals Limited 20,123.2 0.8
322 297 Electrosteel Castings Limited 20,043.0 (8.3)
323 329 Gillette India Limited 19,954.2 4.5
324 305 K.P.R. Mill Limited 19,948.8 (5.1)
325 333 HSIL Limited 19,481.5 4.7
326 363 DCB Bank Limited 19,189.2 20.8
327 272 Phillips Carbon Black Limited 19,126.7 (23.0)
328 - Optiemus Infracom Limited 19,095.4 (25.5)
329 396 Shilpi Cable Technologies Limited 19,094.8 35.3
330 330 Srei Infrastructure Finance Limited 18,963.3 (0.2)
331 273 The Bombay Dyeing and Manufacturing Company Limited 18,843.9 (22.6)
332 340 Nilkamal Limited 18,794.6 4.8
333 332 Rolta India Limited 18,770.6 (0.6)
334 345 Kkalpana Industries (India) Limited 18,765.8 8.5
335 409 WABCO India Limited 18,728.8 36.9
336 344 V-Guard Industries Limited 18,695.1 6.8
337 - Southern Petrochemical Industries Corporation Limited 18,558.5 (11.7)
338 290 GE Power India Limited 18,552.7 (17.5)
339 346 Polaris Consulting & Services Limited 18,548.4 8.1
340 374 Responsive Industries Limited 18,491.2 20.5
341 391 Capital First Limited 18,478.4 29.6
342 335 LT Foods Limited 18,468.0 (0.5)
343 355 Sunil Hitech Engineers Limited 18,418.1 10.6
344 352 Orient Paper & Industries Limited 18,377.4 8.8
345 351 Jagran Prakashan Limited 18,329.6 8.3
346 - Gayatri Projects Limited 18,188.1 13.3
347 280 Sobha Limited 18,185.0 (24.3)
348 - Crompton Greaves Consumer Electricals Limited 18,155.3 NA
349 372 Page Industries Limited 17,896.7 15.3
350 354 FAG Bearings India Limited 17,805.9 6.4
351 338 Nahar Industrial Enterprises Limited 17,802.3 (1.6)
352 403 PVR Limited 17,657.8 27.1
353 318 Engineers India Limited 17,527.8 (11.7)
120 Ranking By Total Income INDIA’S TOP 500 COMPANIES

Rank
Company Name Total Income (` Mn) (%) Change
2017 2016
354 373 Somany Ceramics Limited 17,399.1 12.3
355 349 Ratnamani Metals & Tubes Limited 17,360.6 1.4
356 - VRL Logistics Limited 17,294.3 3.0
357 383 Relaxo Footwears Limited 17,152.7 15.8
358 358 The West Coast Paper Mills Limited 17,077.1 3.4
359 356 Nectar Lifesciences Limited 16,820.7 1.1
360 367 Steel Exchange India Limited 16,820.7 6.6
361 361 Kirloskar Brothers Limited 16,803.5 2.6
362 360 HeidelbergCement India Limited 16,707.9 1.5
363 341 Sunflag Iron and Steel Company Limited 16,671.6 (5.4)
364 364 Century Plyboards (India) Limited 16,647.3 5.2
365 366 Johnson Controls-Hitachi Air Conditioning India Limited 16,613.2 5.1
366 369 Greenply Industries Limited 16,609.9 6.1
367 347 Greaves Cotton Limited 16,607.3 (3.1)
368 324 Tribhovandas Bhimji Zaveri Limited 16,594.1 (14.8)
369 139 Gokul Refoils and Solvent Limited 16,540.3 (72.1)
370 368 HT Media Limited 16,499.4 4.8
371 378 Siyaram Silk Mills Limited 16,365.0 7.2
372 402 Ajanta Pharma Limited 16,341.1 17.6
373 357 Mahindra CIE Automotive Limited# 16,116.3 (3.1)
374 388 Mcleod Russel India Limited 16,031.9 11.2
375 443 INEOS Styrolution India Limited 15,997.5 9.0
376 380 Linde India Limited 15,984.4 6.4
377 387 Jyothy Laboratories Limited 15,848.9 9.7
378 375 Radico Khaitan Limited 15,812.4 3.1
379 390 Trent Limited 15,713.2 9.7
380 322 Godawari Power & Ispat Limited 15,511.5 (20.5)
381 400 TTK Prestige Limited 15,347.2 10.1
382 384 Sangam (India) Limited 15,290.5 3.3
383 431 VA Tech Wabag Limited 15,279.8 23.0
384 416 Persistent Systems Limited 15,277.8 14.2
385 398 Sundaram-Clayton Limited 15,171.7 8.3
386 371 Orient Cement Limited 15,167.4 (2.3)
387 423 IFB Industries Limited 15,142.5 18.6
388 419 Skipper Limited 15,113.9 15.0
389 334 Savita Oil Technologies Limited 15,096.2 (18.7)
390 408 NIIT Technologies Limited 15,089.0 10.3
391 359 Munjal Showa Limited 15,070.3 (8.7)
392 404 Minda Industries Limited 14,911.2 6.9
393 - Narayana Hrudayalaya Limited 14,736.1 11.8
INDIA’S TOP 500 COMPANIES Ranking By Total Income 121

Rank
Company Name Total Income (` Mn) (%) Change
2017 2016
394 412 EIH Limited 14,637.4 6.6
395 386 SPML Infra Limited 14,591.9 0.9
396 397 Man Industries (India) Limited 14,585.0 4.1
397 - Bannari Amman Sugars Limited 14,584.5 54.1
398 382 Cosmo Films Limited 14,446.6 (2.5)
399 385 Gabriel India Limited 14,424.4 (0.4)
400 362 Goodyear India Limited# 14,289.0 (11.4)
401 413 J. Kumar Infraprojects Limited 14,262.8 5.2
402 415 Time Technoplast Limited 14,088.0 4.8
403 461 Hinduja Global Solutions Limited 14,074.2 28.2
404 489 Bajaj Holdings & Investment Limited 14,012.8 39.2
405 405 Gujarat Fluorochemicals Limited 13,906.7 1.0
406 426 Gujarat Industries Power Company Limited 13,870.5 10.3
407 418 Fedders Lloyd Corporation Limited# 13,800.1 4.6
408 376 Graphite India Limited 13,726.8 (10.2)
409 - Future Consumer Limited 13,702.5 22.4
410 - Power Mech Projects Limited 13,676.8 0.5
411 425 Federal-Mogul Goetze (India) Limited 13,631.6 8.3
412 399 Cyient Limited 13,590.6 (2.7)
413 480 Mafatlal Industries Limited 13,446.6 28.7
414 381 Godrej Industries Limited 13,377.4 (10.2)
415 417 Deepak Nitrite Limited 13,372.7 0.6
416 498 Inox Leisure Limited 13,370.1 38.6
417 436 Granules India Limited 13,347.8 9.7
418 428 Astral Poly Technik Limited 13,343.9 6.3
419 370 Gujarat Mineral Development Corporation Limited 13,337.4 (14.7)
420 422 Eveready Industries India Limited 13,314.0 3.8
421 432 Everest Industries Limited 13,262.6 6.9
422 - Oberoi Realty Limited 13,237.2 73.9
423 - Bharat Financial Inclusion Limited 13,206.7 64.5
424 440 Subros Limited 13,093.3 9.3
425 421 Jay Bharat Maruti Limited 13,065.6 0.4
426 379 Rallis India Limited 13,056.3 (13.6)
427 437 Hexaware Technologies Limited 13,039.3 7.4
428 488 Brigade Enterprises Limited 13,013.3 29.1
429 414 HBL Power Systems Limited 13,004.4 (3.4)
430 439 Carborundum Universal Limited 12,992.8 11.2
431 458 Zensar Technologies Limited 12,927.4 17.4
432 365 Filatex India Limited 12,884.2 (18.6)
433 424 KPIT Technologies Limited 12,883.3 1.6
122 Ranking By Total Income INDIA’S TOP 500 COMPANIES

Rank
Company Name Total Income (` Mn) (%) Change
2017 2016
434 430 Banswara Syntex Limited 12,755.7 2.6
435 474 GRUH Finance Limited 12,754.0 20.3
436 392 Thangamayil Jewellery Limited 12,747.5 (10.4)
437 427 DCW Limited 12,743.0 1.4
438 472 Ahluwalia Contracts (India) Limited 12,631.6 17.9
439 447 Lumax Industries Limited 12,595.5 9.7
440 442 Allcargo Logistics Limited 12,461.7 5.7
441 457 Unichem Laboratories Limited 12,450.6 12.1
442 411 Indian Metals and Ferro Alloys Limited 12,275.5 (10.2)
443 420 DCM Shriram Industries Limited 12,258.5 (6.1)
444 456 Sudarshan Chemical Industries Limited 12,201.4 9.6
445 478 VIP Industries Limited 12,187.5 16.0
446 471 J.B.Chemicals & Pharmaceuticals Limited 12,010.9 12.1
447 444 Steel Strips Wheels Limited 12,007.2 2.3
448 464 Eros International Media Limited 11,920.2 9.3
449 - Housing Development and Infrastructure Limited 11,910.9 9.2
450 - Sathavahana Ispat Limited 11,893.9 20.6
451 445 Dalmia Bharat Sugar and Industries Limited 11,878.6 1.9
452 - PTC India Financial Services Limited 11,869.3 48.0
453 433 Kalyani Steels Limited 11,831.2 (3.8)
454 451 Grindwell Norton Limited 11,812.9 4.5
455 395 Loyal Textile Mills Limited 11,807.5 (16.8)
456 476 Flexituff International Limited 11,748.9 10.4
457 455 SML Isuzu Limited 11,725.9 5.2
458 493 Omaxe Limited 11,716.9 19.4
459 - International Paper APPM Limited 11,662.7 (0.7)
460 448 Huhtamaki PPL Limited 11,637.0 1.7
461 463 Srikalahasthi Pipes Limited 11,629.4 6.5
462 460 Nandan Denim Limited 11,608.8 5.6
463 - Maithan Alloys Limited 11,548.0 30.1
464 454 Gokaldas Exports Limited 11,509.7 3.1
465 434 Century Enka Limited 11,475.3 (6.4)
466 470 Renaissance Jewellery Limited 11,454.0 6.4
467 - eClerx Services Limited 11,432.6 34.5
468 490 Jamna Auto Industries Limited 11,338.9 13.0
469 446 Kohinoor Foods Limited 11,338.3 (2.4)
470 - Pricol Limited 11,335.1 19.1
471 410 Kirloskar Ferrous Industries Limited 11,161.8 (18.4)
472 - Syngene International Limited 11,131.0 27.7
473 452 HIL Limited 11,085.0 (1.5)
INDIA’S TOP 500 COMPANIES Ranking By Total Income 123

Rank
Company Name Total Income (` Mn) (%) Change
2017 2016
474 481 Solar Industries India Limited 10,996.9 6.3
475 477 L.G. Balakrishnan & Bros Limited 10,942.7 4.2
476 467 Sona Koyo Steering Systems Limited 10,933.8 1.0
477 - Automotive Axles Limited 10,875.4 135.6
478 - Tata Elxsi Limited 10,870.7 27.4
479 389 Maharashtra Seamless Limited 10,838.0 (24.6)
480 - Can Fin Homes Limited 10,835.4 32.6
481 466 Aarti Drugs Limited 10,754.9 (1.1)
482 394 Sarda Energy & Minerals Limited 10,742.0 (24.3)
483 - Timken India Limited 10,675.6 14.2
484 491 Himatsingka Seide Limited 10,622.1 7.8
485 - Techno Electric and Engineering Company Limited 10,608.0 48.7
486 453 Gujarat State Petronet Limited 10,560.0 (5.4)
487 438 Nava Bharat Ventures Limited 10,540.9 (12.4)
488 435 Puravankara Limited 10,374.8 (14.5)
489 484 Seshasayee Paper and Boards Limited 10,357.8 1.6
490 - NATCO Pharma Limited 10,354.9 42.0
491 487 Omax Autos Limited 10,324.8 2.2
492 - FDC Limited 10,299.5 11.7
493 494 Gulf Oil Lubricants India Limited 10,292.9 5.4
494 468 Hindustan Copper Limited 10,175.2 (6.0)
495 495 Rupa & Company Limited 10,168.0 4.4
496 - Jindal Worldwide Limited 10,133.7 20.1
497 496 Tide Water Oil Co. (India) Limited 10,096.6 4.2
498 483 Visaka Industries Limited 10,075.8 (1.6)
499 - Vindhya Telelinks Limited 10,017.4 51.4
500 - Indoco Remedies Limited 10,016.3 17.1

Symbols used
# Annualised Financials
PL Profit to Loss
LP Loss to Profit
LL Loss in Current and Previous Year
NA Not Applicable
INDIA’S TOP 500 COMPANIES Ranking By Net Profit 125

Rank
Company Name Net Profit (` Mn) (%) Change
2017 2016
1 1 Reliance Industries Limited 274,170.0 20.7
2 2 Tata Consultancy Services Limited 228,827.0 18.8
3 4 Coal India Limited 165,135.3 21.0
4 3 Oil and Natural Gas Corporation Limited 160,036.5 (9.8)
5 7 Infosys Limited 157,860.0 29.8
6 9 HDFC Bank Limited 122,962.0 20.4
7 26 Indian Oil Corporation Limited 103,990.3 97.2
8 10 NTPC Limited 102,429.1 (0.5)
9 6 State Bank of India 99,506.5 (24.0)
10 11 ITC Limited 98,447.1 2.5
11 8 ICICI Bank Limited 97,262.9 (13.0)
12 14 Axis Bank Limited 82,236.6 11.8
13 13 Hindustan Zinc Limited 81,665.8 (0.1)
14 12 Wipro Limited 80,990.0 (1.1)
15 5 Bharti Airtel Limited 75,465.0 (42.8)
16 20 Bharat Petroleum Corporation Limited 74,318.8 46.2
17 17 Housing Development Finance Corporation Limited 70,931.0 18.4
18 16 HCL Technologies Limited# 63,115.7 (0.5)
19 18 Power Finance Corporation Limited 61,134.8 2.6
20 21 Power Grid Corporation of India Limited 60,267.2 21.0
21 19 Rural Electrification Corporation Limited 56,276.6 7.0
22 48 Vedanta Limited 54,718.8 183.9
23 22 Larsen & Toubro Limited 53,114.6 5.0
24 23 Tata Steel Limited 49,009.5 (23.9)
25 24 Maruti Suzuki India Limited 45,714.0 23.2
26 25 Hindustan Unilever Limited 40,823.7 (5.4)
27 34 Hindustan Petroleum Corporation Limited 38,627.4 41.3
28 29 Bajaj Auto Limited 36,524.1 29.8
29 40 Tech Mahindra Limited 32,200.0 42.7
30 31 Mahindra & Mahindra Limited 31,674.8 (4.6)
31 37 Hero MotoCorp Limited 31,323.7 31.3
32 15 NMDC Limited 30,283.3 (52.8)
33 155 Siemens Limited 28,880.0 144.1
34 39 Lupin Limited 28,850.7 20.3
126 Ranking By Net Profit INDIA’S TOP 500 COMPANIES

Rank
Company Name Net Profit (` Mn) (%) Change
2017 2016
35 41 Adani Ports and Special Economic Zone Limited 28,415.8 30.2
36 33 Idea Cellular Limited 26,166.6 (6.9)
37 46 Yes Bank Limited 25,394.5 26.6
38 44 NHPC Limited 24,401.4 14.9
39 38 Oil India Limited 23,301.1 (7.2)
40 32 GAIL (India) Limited 22,989.0 (24.4)
41 47 Indiabulls Housing Finance Limited 22,941.2 16.0
42 51 IndusInd Bank Limited 22,864.5 27.5
43 45 UltraTech Cement Limited 21,746.5 7.9
44 49 Kotak Mahindra Bank Limited 20,897.8 12.0
45 - InterGlobe Aviation Limited 19,897.2 52.6
46 57 Reliance Infrastructure Limited 19,858.2 29.5
47 66 Cadila Healthcare Limited 19,773.0 55.6
48 105 Torrent Pharmaceuticals Limited 17,633.4 183.0
49 63 LIC Housing Finance Limited 16,607.9 19.8
50 59 Aurobindo Pharma Limited 16,196.7 6.8
51 64 Asian Paints Limited 15,974.3 20.3
52 56 MRF Limited# 15,518.1 72.8
53 71 Glenmark Pharmaceuticals Limited 14,684.3 45.7
54 50 SJVN Limited 14,084.8 (16.0)
55 69 Cipla Limited 13,980.3 18.4
56 73 Bharat Electronics Limited 13,576.7 16.3
57 55 Dr. Reddy’s Laboratories Limited 13,545.0 (19.3)
58 52 Union Bank of India 13,516.0 (24.1)
59 35 Bharti Infratel Limited 13,234.0 (51.4)
60 83 Bajaj Finance Limited 12,785.2 42.4
61 86 Bajaj Holdings & Investment Limited 12,705.1 46.4
62 75 Bosch Limited 12,459.0 16.4
63 68 NLC India Limited 12,041.5 (23.8)
64 67 Shriram Transport Finance Company Limited 11,782.0 (4.8)
65 498 Mangalore Refinery and Petrochemicals Limited 11,481.6 LP
66 88 Divi's Laboratories Limited 11,076.9 30.8
67 336 Piramal Enterprises Limited 10,611.5 184.7
68 113 Eicher Motors Limited# 9,838.8 76.0
69 485 United Spirits Limited 9,811.6 LP
70 96 Reliance Capital Limited 9,770.0 29.1
71 82 DLF Limited 9,745.6 3.7
72 78 JSW Energy Limited 9,658.5 (2.9)
73 115 Grasim Industries Limited 9,532.7 79.9
74 92 Dabur India Limited 9,395.1 23.2
INDIA’S TOP 500 COMPANIES Ranking By Net Profit 127

Rank
Company Name Net Profit (` Mn) (%) Change
2017 2016
75 76 Oracle Financial Services Software Limited 9,288.5 (12.2)
76 84 Petronet LNG Limited 9,140.2 3.6
77 188 Kansai Nerolac Paints Limited 8,911.0 228.0
78 97 Sun TV Network Limited 8,672.5 17.6
79 89 Zee Entertainment Enterprises Limited 8,593.0 3.3
80 27 Cairn India Limited 8,535.3 (35.3)
81 102 Apollo Tyres Limited 8,524.6 32.1
82 94 State Bank of Bikaner & Jaipur 8,506.0 9.5
83 95 Torrent Power Limited 8,159.6 10.0
84 100 Muthoot Finance Limited 8,095.5 20.7
85 158 Biocon Limited 8,088.0 123.9
86 61 Ambuja Cements Limited 8,075.6 (46.0)
87 77 Container Corporation of India Limited 7,869.3 (24.9)
88 79 The Tata Power Company Limited 7,716.2 (23.6)
89 - Chennai Petroleum Corporation Limited 7,706.8 LP
90 93 Cummins India Limited 7,518.5 (4.3)
91 128 Britannia Industries Limited 7,490.9 20.4
92 101 Godrej Consumer Products Limited 7,397.2 13.0
93 72 National Aluminium Company Limited 7,310.1 (44.7)
94 313 Tube Investments of India Limited 7,298.9 503.9
95 106 Dewan Housing Finance Corporation Limited 7,292.0 17.4
96 203 Ashok Leyland Limited 7,217.8 115.6
97 134 Havells India Limited 7,153.5 53.9
98 123 Motherson Sumi Systems Limited 7,119.0 38.3
99 81 Indian Bank 7,113.8 (29.2)
100 99 CESC Limited 7,070.1 1.3
101 91 Titan Company Limited 7,058.5 (14.2)
102 136 UPL Limited 7,057.1 52.3
103 122 Pidilite Industries Limited 7,030.4 40.1
104 118 Marico Limited 7,018.6 28.7
105 98 Bharat Forge Limited 7,010.6 (2.5)
106 185 Alembic Pharmaceuticals Limited 6,981.4 143.6
107 110 GlaxoSmithkline Consumer Healthcare Limited 6,869.1 17.7
108 90 Mahindra & Mahindra Financial Services Limited 6,726.0 (19.1)
109 162 Vardhman Textiles Limited 6,530.5 81.9
110 - Alkem Laboratories Limited 6,384.4 73.6
111 117 Exide Industries Limited 6,227.7 14.1
112 131 Castrol India Limited 6,152.6 29.6
113 174 The Great Eastern Shipping Company Limited 6,099.0 92.2
114 60 Hindalco Industries Limited 6,072.5 (34.4)
128 Ranking By Net Profit INDIA’S TOP 500 COMPANIES

Rank
Company Name Net Profit (` Mn) (%) Change
2017 2016
115 137 Shree Cement Limited# 6,065.7 42.3
116 119 Mindtree Limited 6,049.0 13.2
117 124 Welspun India Limited 6,017.4 18.0
118 87 Tata Chemicals Limited 5,945.8 (6.8)
119 65 ACC Limited 5,915.7 (49.4)
120 148 AIA Engineering Limited 5,876.7 41.8
121 112 Colgate-Palmolive (India) Limited 5,765.1 3.1
122 144 Cholamandalam Investment and Finance Company Limited 5,684.5 30.6
123 127 Balkrishna Industries Limited 5,676.7 16.1
124 135 The Karur Vysya Bank Limited 5,676.4 22.3
125 163 Tata Global Beverages Limited 5,636.7 95.0
126 70 Nestlé India Limited 5,632.7 (52.5)
127 200 The Ramco Cements Limited 5,582.6 130.4
128 129 Sintex Industries Limited 5,496.1 20.1
129 103 Andhra Bank 5,398.4 (15.4)
130 114 Shriram City Union Finance Limited 5,297.8 (5.1)
131 130 Adani Enterprises Limited 4,963.3 22.0
132 147 Amara Raja Batteries Limited 4,894.5 19.1
133 - Inox Wind Limited 4,812.9 45.2
134 138 Sundaram Finance Limited 4,772.8 5.1
135 80 The Federal Bank Limited 4,756.5 (52.7)
136 - Oberoi Realty Limited 4,754.7 56.0
137 193 Rajesh Exports Limited 4,752.9 80.1
138 - IDFC Bank Limited 4,668.5 9,130.3
139 116 Mphasis Limited 4,583.7 (17.1)
140 183 CEAT Limited 4,525.2 51.4
141 156 City Union Bank Limited 4,446.9 12.6
142 150 Gujarat State Petronet Limited 4,444.7 8.3
143 164 TVS Motor Company Limited 4,321.4 24.2
144 165 Procter & Gamble Hygiene and Health Care Limited 4,231.8 22.3
145 - Dish TV India Limited 4,199.2 41,476.2
146 143 Indraprastha Gas Limited 4,162.0 (4.9)
147 125 The Jammu and Kashmir Bank Limited 4,160.3 (18.2)
148 139 The Karnataka Bank Limited 4,152.9 (8.0)
149 178 Ajanta Pharma Limited 4,144.8 35.3
150 198 JK Tyre & Industries Limited 4,009.6 58.3
151 160 PC Jeweller Limited 4,008.8 6.0
152 171 Vakrangee Limited 3,914.7 22.1
153 - PTC India Financial Services Limited 3,911.0 143.1
154 142 Vijaya Bank 3,818.0 (13.1)
INDIA’S TOP 500 COMPANIES Ranking By Net Profit 129

Rank
Company Name Net Profit (` Mn) (%) Change
2017 2016
155 154 Gujarat State Fertilizers & Chemicals Limited 3,793.5 (5.3)
156 216 The Shipping Corporation of India Limited 3,772.9 87.8
157 146 GlaxoSmithkline Pharmaceuticals Limited 3,752.1 (20.4)
158 186 KRBL Limited 3,713.7 32.2
159 161 Apollo Hospitals Enterprise Limited 3,694.4 6.6
160 149 Prestige Estates Projects Limited 3,618.1 (12.7)
161 153 Coromandel International Limited 3,613.9 (10.4)
162 181 SRF Limited 3,608.7 17.3
163 120 Aditya Birla Nuvo Limited 3,600.2 (31.8)
164 152 State Bank of Mysore 3,578.5 (12.5)
165 191 Berger Paints India Limited 3,548.7 33.4
166 201 DCM Shriram Limited 3,502.6 44.8
167 168 State Bank of Travancore 3,377.3 0.7
168 121 IFCI Limited 3,374.5 (35.3)
169 190 Manappuram Finance Limited 3,372.4 24.6
170 274 Punjab & Sind Bank 3,359.7 176.9
171 182 The South Indian Bank Limited 3,332.7 8.5
172 173 Hexaware Technologies Limited 3,329.7 4.6
173 179 Voltas Limited 3,328.9 1.1
174 132 Emami Limited 3,276.7 (30.5)
175 262 IRB Infrastructure Developers Limited 3,249.1 134.9
176 218 Sanofi India Limited 3,214.9 22.0
177 151 Arvind Limited 3,188.5 (15.4)
178 199 PI Industries Limited 3,133.6 28.8
179 187 NBCC (India) Limited 3,088.0 11.4
180 167 Thermax Limited 3,055.2 (9.1)
181 - Bharat Financial Inclusion Limited 3,029.8 61.5
182 158 Bayer CropScience Limited 3,009.0 (21.4)
183 175 D. B. Corp Limited 3,002.5 (5.3)
184 205 ABB India Limited 2,998.8 31.2
185 - eClerx Services Limited 2,976.4 37.9
186 194 United Breweries Limited 2,945.7 13.5
187 176 The Supreme Industries Limited# 2,841.2 (10.0)
188 208 Atul Limited 2,680.6 23.3
189 195 Persistent Systems Limited 2,654.6 2.4
190 - Housing Development and Infrastructure Limited 2,649.6 17.1
191 204 Abbott India Limited 2,596.3 13.4
192 180 Engineers India Limited 2,583.1 (16.1)
193 211 GHCL Limited 2,566.2 40.2
194 207 Jagran Prakashan Limited 2,550.2 14.1
130 Ranking By Net Profit INDIA’S TOP 500 COMPANIES

Rank
Company Name Net Profit (` Mn) (%) Change
2017 2016
195 233 Tamil Nadu Newsprint and Papers Limited 2,539.3 52.3
196 224 Aarti Industries Limited 2,524.3 34.4
197 235 Indo Count Industries Limited 2,507.1 80.3
198 230 Finolex Cables Limited 2,488.4 25.3
199 210 Whirlpool of India Limited 2,473.8 17.5
200 212 GRUH Finance Limited 2,435.8 19.5
201 - PNC Infratech Limited 2,427.4 141.9
202 157 Gujarat Mineral Development Corporation Limited 2,399.7 (52.0)
203 282 OCL India Limited 2,362.9 107.8
204 232 Kajaria Ceramics Limited 2,348.9 39.5
205 226 Zensar Technologies Limited 2,342.5 27.9
206 500 Tata Motors Limited 2,342.3 LP
207 202 PTC India Limited 2,336.1 15.0
208 322 Finolex Industries Limited 2,335.9 388.9
209 189 Cyient Limited 2,334.5 (13.9)
210 219 Page Industries Limited 2,326.6 18.7
211 278 Trident Limited 2,284.5 93.9
212 489 Gujarat Narmada Valley Fertilizers & Chemicals Limited 2,263.6 LP
213 286 NCC Limited 2,228.5 99.3
214 244 Pfizer Limited 2,227.7 122.0
215 206 Gujarat Alkalies and Chemicals Limited 2,216.7 (2.7)
216 - Syngene International Limited 2,212.0 26.4
217 209 Lakshmi Machine Works Limited 2,199.2 6.0
218 177 Jindal Saw Limited 2,192.5 (22.2)
219 237 Bata India Limited 2,187.5 18.3
220 239 Gillette India Limited 2,130.3 34.7
221 252 Sundram Fasteners Limited 2,111.7 56.0
222 241 Jindal Poly Films Limited 2,057.8 34.1
223 214 SKF India Limited# 2,057.2 1.5
224 275 WABCO India Limited 2,046.2 69.6
225 225 Akzo Nobel India Limited 2,021.0 8.5
226 215 KPIT Technologies Limited 2,019.1 32.8
227 249 The Indian Hotels Company Limited 2,010.4 LP
228 290 3M India Limited 2,009.3 85.5
229 259 Uflex Limited 1,996.8 40.6
230 234 Kalpataru Power Transmission Limited 1,994.9 20.5
231 247 Greaves Cotton Limited 1,987.8 143.8
232 242 FAG Bearings India Limited 1,974.8 29.2
233 295 TVS Srichakra Limited 1,972.1 90.0
234 418 National Fertilizers Limited 1,970.9 651.1
INDIA’S TOP 500 COMPANIES Ranking By Net Profit 131

Rank
Company Name Net Profit (` Mn) (%) Change
2017 2016
235 221 DCB Bank Limited 1,945.2 1.7
236 236 NIIT Technologies Limited 1,940.1 31.5
237 170 Rashtriya Chemicals and Fertilizers Limited 1,912.3 (40.6)
238 269 Blue Dart Express Limited 1,898.8 49.7
239 229 Redington (India) Limited 1,889.0 3.8
240 254 Gujarat Industries Power Company Limited 1,884.1 49.2
241 245 Magma Fincorp Limited 1,871.5 25.5
242 317 Sterlite Technologies Limited 1,810.5 114.9
243 264 The Lakshmi Vilas Bank Limited 1,802.4 36.2
244 299 Force Motors Limited 1,794.2 77.0
245 289 Himatsingka Seide Limited 1,779.8 62.8
246 283 J.B.Chemicals & Pharmaceuticals Limited 1,763.9 55.3
247 - NATCO Pharma Limited 1,744.6 14.1
248 255 Isgec Heavy Engineering Limited 1,739.9 21.5
249 172 IL&FS Transportation Networks Limited 1,734.9 (45.6)
250 243 Century Plyboards (India) Limited 1,680.7 11.4
251 227 Godfrey Phillips India Limited 1,649.8 (9.9)
252 248 Balmer Lawrie & Co Limited 1,632.0 10.7
253 231 Ratnamani Metals & Tubes Limited 1,627.2 (5.7)
254 253 Jyothy Laboratories Limited 1,623.6 13.7
255 446 Strides Shasun Limited 1,610.7 (69.7)
256 258 Ashoka Buildcon Limited 1,594.1 12.1
257 321 Srikalahasthi Pipes Limited 1,588.0 93.3
258 287 KEC International Limited 1,580.1 42.7
259 223 Birla Corporation Limited 1,573.5 (10.3)
260 481 Godrej Industries Limited 1,573.0 5.7
261 - Can Fin Homes Limited 1,571.1 82.2
262 375 Apar Industries Limited 1,569.8 228.0
263 285 Capital First Limited 1,569.1 40.1
264 - FDC Limited 1,568.1 7.5
265 126 Oriental Bank of Commerce 1,560.8 (68.6)
266 250 K.P.R. Mill Limited 1,555.4 6.5
267 279 Avanti Feeds Limited 1,552.6 33.2
268 - Tata Elxsi Limited 1,548.1 50.4
269 141 Gujarat Gas Limited 1,529.5 (65.5)
270 341 Brigade Enterprises Limited 1,463.6 109.1
271 260 Kwality Limited 1,442.5 2.4
272 280 Sutlej Textiles and Industries Limited 1,433.6 24.2
273 256 Kirloskar Oil Engines Limited 1,405.3 (1.8)
274 344 Sundaram-Clayton Limited 1,396.0 96.2
132 Ranking By Net Profit INDIA’S TOP 500 COMPANIES

Rank
Company Name Net Profit (` Mn) (%) Change
2017 2016
275 270 Honeywell Automation India Limited 1,385.1 21.3
276 410 The India Cements Limited 1,378.1 368.0
277 217 Sobha Limited 1,369.2 (31.2)
278 281 Sadbhav Engineering Limited 1,337.1 17.6
279 292 Greenply Industries Limited 1,305.9 7.2
280 251 Rallis India Limited 1,260.2 (13.3)
281 302 Allcargo Logistics Limited 1,241.5 27.3
282 288 Blue Star Limited 1,227.7 (19.5)
283 327 Deepak Fertilisers and Petrochemicals Corporation Limited 1,211.3 54.6
284 304 Granules India Limited 1,209.6 27.0
285 296 Relaxo Footwears Limited 1,202.8 16.7
286 222 Himachal Futuristic Communications Limited 1,190.2 (37.3)
287 284 Hinduja Global Solutions Limited 1,182.5 5.0
288 309 VA Tech Wabag Limited 1,174.3 29.9
289 294 HSIL Limited 1,167.0 12.1
290 355 Carborundum Universal Limited 1,162.8 (21.6)
291 310 TTK Prestige Limited 1,148.2 24.4
292 272 Jubilant FoodWorks Limited 1,145.6 (7.1)
293 440 PVR Limited 1,141.4 738.0
294 319 Kalyani Steels Limited 1,135.8 36.3
295 104 Tata Communications Limited 1,132.0 (83.2)
296 271 Eros International Media Limited 1,131.9 (8.9)
297 111 Rolta India Limited 1,122.3 (84.3)
298 338 V-Guard Industries Limited 1,116.8 57.9
299 277 Solar Industries India Limited 1,112.6 3.1
300 257 Nava Bharat Ventures Limited 1,112.2 (21.9)
301 370 Cosmo Films Limited 1,082.7 167.9
302 266 HT Media Limited 1,079.9 (5.0)
303 316 RSWM Limited 1,059.9 24.8
304 - Crompton Greaves Consumer Electricals Limited 1,051.9 LP
305 297 Gujarat Fluorochemicals Limited 1,041.5 (72.8)
306 379 Nilkamal Limited 1,038.9 144.7
307 318 Gujarat Ambuja Exports Limited 1,035.8 23.1
308 305 J. Kumar Infraprojects Limited 1,031.6 9.3
309 - VRL Logistics Limited 1,023.1 12.2
310 240 J.K. Cement Limited 1,015.4 (35.3)
311 301 Grindwell Norton Limited 1,015.2 0.5
312 303 EIH Limited 1,014.8 5.0
313 140 Bank of Maharashtra 1,006.9 (77.7)
314 350 Unichem Laboratories Limited 1,005.7 56.2
INDIA’S TOP 500 COMPANIES Ranking By Net Profit 133

Rank
Company Name Net Profit (` Mn) (%) Change
2017 2016
315 332 Gulf Oil Lubricants India Limited 1,003.1 29.6
316 482 Balrampur Chini Mills Limited 994.2 LP
317 340 Time Technoplast Limited 991.5 41.5
318 300 Goodyear India Limited# 984.8 (2.7)
319 362 Asahi India Glass Limited 972.7 93.7
320 473 Bajaj Electricals Limited 956.0 LP
321 311 Skipper Limited 951.3 6.7
322 - Timken India Limited 919.1 13.9
323 196 Ipca Laboratories Limited 914.5 (64.3)
324 263 Polaris Consulting & Services Limited 897.6 (31.3)
325 293 Escorts Limited 893.8 19.6
326 326 Siyaram Silk Mills Limited 875.7 11.1
327 166 Chambal Fertilisers and Chemicals Limited 863.0 (63.6)
328 333 Transport Corporation of India Limited 850.6 12.0
329 323 Hindustan Construction Company Limited 849.7 4.1
330 351 Ahluwalia Contracts (India) Limited 844.1 31.6
331 - Indoco Remedies Limited 833.2 0.6
332 364 Man Industries (India) Limited 828.0 54.6
333 312 Graphite India Limited 823.8 0.2
334 298 Raymond Limited 820.9 (17.9)
335 471 JK Paper Limited 795.6 LP
336 371 Minda Industries Limited 793.8 49.2
337 456 Jubilant Life Sciences Limited 790.7 (61.4)
338 - Maithan Alloys Limited 790.3 53.4
339 348 Rupa & Company Limited 779.5 18.6
340 377 Trent Limited 778.5 (22.2)
341 427 Tide Water Oil Co. (India) Limited 776.9 (54.6)
342 420 Inox Leisure Limited 776.4 213.5
343 276 GE T&D India Limited 775.1 (35.7)
344 334 Puravankara Limited 774.9 (9.2)
345 - Vindhya Telelinks Limited 773.5 33.7
346 367 Sangam (India) Limited 770.4 49.4
347 345 Radico Khaitan Limited 768.9 13.7
348 357 Gabriel India Limited 752.4 25.3
349 396 Supreme Petrochem Limited# 747.3 109.3
350 - Power Mech Projects Limited 742.8 5.1
351 342 Astral Poly Technik Limited 724.7 5.3
352 411 Jamna Auto Industries Limited 723.2 145.7
353 380 Sudarshan Chemical Industries Limited 716.3 68.9
354 291 Jain Irrigation Systems Limited 712.5 44.3
134 Ranking By Net Profit INDIA’S TOP 500 COMPANIES

Rank
Company Name Net Profit (` Mn) (%) Change
2017 2016
355 331 Aarti Drugs Limited 662.9 (14.6)
356 353 Simplex Infrastructures Limited 662.7 6.2
357 261 JBF Industries Limited 654.9 (53.0)
358 365 Deepak Nitrite Limited 651.5 21.9
359 378 VIP Industries Limited 634.1 32.5
360 368 Nandan Denim Limited 633.2 23.1
361 416 INEOS Styrolution India Limited 627.7 79.2
362 220 Orient Cement Limited 622.4 (68.0)
363 401 KEI Industries Limited 622.0 81.6
364 363 Surya Roshni Limited 620.5 14.7
365 387 Steel Strips Wheels Limited 611.8 55.3
366 335 Munjal Showa Limited 611.5 (19.1)
367 376 Somany Ceramics Limited 610.6 37.6
368 469 Gokaldas Exports Limited 606.7 76.6
369 388 Hatsun Agro Product Limited 605.0 54.5
370 390 Century Enka Limited 594.6 62.6
371 347 Nectar Lifesciences Limited 592.8 (10.5)
372 337 Electrosteel Castings Limited 589.6 (18.9)
373 - Gayatri Projects Limited 586.5 165.9
374 461 Dalmia Bharat Sugar and Industries Limited 584.5 3,849.3
375 373 Kirloskar Ferrous Industries Limited 577.3 17.2
376 358 L.G. Balakrishnan & Bros Limited 574.5 (10.8)
377 308 Srei Infrastructure Finance Limited 574.0 (36.9)
378 462 Sunflag Iron and Steel Company Limited 573.4 134.9
379 - Narayana Hrudayalaya Limited 567.8 170.3
380 397 Shilpi Cable Technologies Limited 563.0 60.9
381 324 Lloyd Electric & Engineering Limited 560.6 (31.3)
382 475 Indo Rama Synthetics (India) Limited 560.0 LP
383 415 Heritage Foods Limited 554.3 96.5
384 423 MMTC Limited 548.6 14.5
385 457 BEML Limited 526.5 679.4
386 213 Ushdev International Limited 521.6 (74.4)
387 385 Omaxe Limited 514.7 28.3
388 372 Kothari Products Limited 514.5 4.3
389 434 Nahar Spinning Mills Limited 513.7 152.2
390 394 SML Isuzu Limited 511.6 38.5
391 374 Eveready Industries India Limited 506.5 3.3
392 329 Johnson Controls-Hitachi Air Conditioning India Limited 499.8 (35.7)
393 349 Huhtamaki PPL Limited 491.1 (24.0)
394 395 Sunil Hitech Engineers Limited 481.1 30.4
INDIA’S TOP 500 COMPANIES Ranking By Net Profit 135

Rank
Company Name Net Profit (` Mn) (%) Change
2017 2016
395 425 JVL Agro Industries Limited 475.9 (24.0)
396 421 Federal-Mogul Goetze (India) Limited 440.1 75.4
397 346 Hindustan Copper Limited 435.6 (35.6)
398 - Pricol Limited 432.0 LP
399 478 Nahar Industrial Enterprises Limited 429.0 LP
400 330 Mahindra CIE Automotive Limited# 411.3 (47.0)
401 406 JMC Projects (India) Limited 410.2 37.4
402 382 Jay Bharat Maruti Limited 404.0 1.0
403 - Jindal Worldwide Limited 402.7 51.2
404 407 Wheels India Limited 399.9 34.5
405 339 HIL Limited 396.6 (40.7)
406 273 Maharashtra Seamless Limited 391.7 (68.0)
407 464 HeidelbergCement India Limited 386.5 (18.8)
408 - Asian Star Company Limited 385.9 (10.7)
409 228 Sarda Energy & Minerals Limited 375.5 (32.8)
410 439 Lumax Industries Limited 373.7 125.5
411 - International Paper APPM Limited 368.9 14,787.0
412 428 Seshasayee Paper and Boards Limited 355.8 105.1
413 399 Everest Industries Limited 353.1 3.2
414 - Automotive Axles Limited 347.7 229.9
415 465 Savita Oil Technologies Limited 343.2 LP
416 398 Renaissance Jewellery Limited 334.7 (2.9)
417 459 DCM Shriram Industries Limited 332.4 658.9
418 381 BGR Energy Systems Limited 329.8 (21.8)
419 169 Wockhardt Limited 327.9 (90.1)
420 470 Dhampur Sugar Mills Limited 319.5 LP
421 - Bannari Amman Sugars Limited 317.9 2,986.4
422 369 IFB Industries Limited 313.6 (36.9)
423 402 APL Apollo Tubes Limited 308.3 (2.0)
424 404 LT Foods Limited 303.8 (0.9)
425 438 Venky’s (India) Limited 298.5 59.7
426 433 Future Lifestyle Fashions Limited 294.7 58.9
427 384 Fedders Lloyd Corporation Limited# 287.7 (28.4)
428 455 Banswara Syntex Limited 272.0 238.7
429 - Techno Electric and Engineering Company Limited 271.6 46.6
430 453 Filatex India Limited 262.7 173.6
431 444 Loyal Textile Mills Limited 259.7 73.2
432 383 Shoppers Stop Limited 251.8 (38.2)
433 435 Sona Koyo Steering Systems Limited 250.0 39.1
434 - Southern Petrochemical Industries Corporation Limited 247.7 40.9
136 Ranking By Net Profit INDIA’S TOP 500 COMPANIES

Rank
Company Name Net Profit (` Mn) (%) Change
2017 2016
435 426 Visaka Industries Limited 244.4 15.1
436 - TeamLease Services Limited 242.9 (24.7)
437 430 Subros Limited 240.0 18.1
438 458 Linde India Limited 234.6 334.4
439 447 Phillips Carbon Black Limited 228.6 80.8
440 479 Orient Paper & Industries Limited 210.2 LP
441 409 HBL Power Systems Limited 194.3 32.9
442 468 DCW Limited 185.5 LP
443 - Optiemus Infracom Limited 180.8 (38.9)
444 400 Responsive Industries Limited 179.2 (46.0)
445 419 The State Trading Corporation of India Limited 178.6 (31.8)
446 443 Mafatlal Industries Limited 171.2 (29.7)
447 422 Sanwaria Agro Oils Limited 156.8 (37.4)
448 - Jindal Stainless (Hisar) Limited 145.9 18.4
449 352 Mcleod Russel India Limited 145.7 (76.5)
450 - Future Retail Limited 145.5 LP
451 - Gokul Agro Resources Limited 142.0 302.2
452 451 Compuage Infocom Limited 140.2 19.9
453 442 Shirpur Gold Refinery Limited 137.5 (10.9)
454 445 SPML Infra Limited 130.6 (5.3)
455 477 Future Enterprises Limited 118.3 (84.0)
456 454 Kirloskar Brothers Limited 118.1 39.1
457 413 Kkalpana Industries (India) Limited 113.9 158.3
458 476 Thangamayil Jewellery Limited 105.3 LP
459 366 The West Coast Paper Mills Limited 88.6 694.3
460 463 Omax Autos Limited 79.1 (4.3)
461 414 Steel Exchange India Limited 73.9 (74.0)
462 238 JK Lakshmi Cement Limited 62.8 (93.4)
463 448 Gokul Refoils and Solvent Limited 57.0 (54.1)
464 494 Adani Power Limited 56.2 LP
465 487 BASF India Limited 44.5 LP
466 432 Flexituff International Limited 40.1 (79.7)
467 483 Kohinoor Foods Limited 38.1 LP
468 - Mukand Limited 16.2 2.5
469 449 Zuari Agro Chemicals Limited (158.9) PL
470 436 Tribhovandas Bhimji Zaveri Limited (231.3) PL
471 - Sathavahana Ispat Limited (343.5) PL
472 441 Century Textiles and Industries Limited (545.2) PL
473 452 Indian Metals and Ferro Alloys Limited (547.6) PL
474 460 Videocon Industries Limited (558.1) PL
INDIA’S TOP 500 COMPANIES Ranking By Net Profit 137

Rank
Company Name Net Profit (` Mn) (%) Change
2017 2016
475 484 ITD Cementation India Limited (593.1) PL
476 354 Godawari Power & Ispat Limited (633.9) PL
477 - Future Consumer Limited (635.5) LL
478 246 E.I.D.-Parry (India) Limited (664.5) PL
479 268 GE Power India Limited (787.7) PL
480 424 The Bombay Dyeing and Manufacturing Company Limited (852.4) PL
481 393 Mangalore Chemicals and Fertilizers Limited (2,401.2) PL
482 197 United Bank of India (2,819.6) PL
483 109 Corporation Bank (5,064.8) PL
484 107 Allahabad Bank (7,433.1) PL
485 62 Bharat Heavy Electricals Limited (9,134.2) PL
486 192 Dena Bank (9,353.2) PL
487 497 Sun Pharmaceutical Industries Limited (10,733.6) LL
488 133 CG Power and Industrial Solutions Limited (10,919.7) PL
489 108 Central Bank of India (14,181.9) PL
490 499 Reliance Communications Limited (16,240.0) LL
491 58 Syndicate Bank (16,434.9) PL
492 74 UCO Bank (27,992.6) PL
493 36 Canara Bank (28,128.2) PL
494 495 Indian Overseas Bank (28,973.3) LL
495 42 JSW Steel Limited (34,982.8) PL
496 85 IDBI Bank Limited (36,648.0) PL
497 30 Punjab National Bank (39,744.0) PL
498 43 Steel Authority of India Limited (41,372.6) PL
499 28 Bank of Baroda (53,955.4) PL
500 53 Bank of India (60,892.1) PL

Symbols used
# Annualised Financials
PL Profit to Loss
LP Loss to Profit
LL Loss in Current and Previous Year
NA Not Applicable
INDIA’S TOP 500 COMPANIES Ranking By Net Worth 139

Rank
Company Name Net Worth (` Mn)
2017 2016
1 1 Reliance Industries Limited 2,401,760.0
2 2 Oil and Natural Gas Corporation Limited 1,510,225.5
3 3 State Bank of India 1,442,744.5
4 4 NTPC Limited 887,820.0
5 5 ICICI Bank Limited 869,181.0
6 12 Bharti Airtel Limited 841,871.0
7 6 Indian Oil Corporation Limited 738,371.3
8 8 HDFC Bank Limited 726,777.6
9 7 Tata Steel Limited 702,810.1
10 10 Tata Consultancy Services Limited 588,668.6
11 9 Infosys Limited 567,760.0
12 11 Axis Bank Limited 531,649.0
13 18 Power Grid Corporation of India Limited 427,339.7
14 21 Wipro Limited 409,052.0
15 19 Larsen & Toubro Limited 406,525.4
16 14 Steel Authority of India Limited 392,812.6
17 23 Vedanta Limited 383,376.6
18 13 Hindustan Zinc Limited 373,851.9
19 20 Cairn India Limited 372,588.4
20 17 Hindalco Industries Limited 370,678.9
21 15 Bank of Baroda 360,727.7
22 25 Power Finance Corporation Limited 357,660.3
23 16 Punjab National Bank 354,653.6
24 26 Housing Development Finance Corporation Limited 341,210.6
25 22 Bharat Heavy Electricals Limited 330,533.5
26 27 ITC Limited 328,765.9
27 29 Bank of India 323,171.7
28 41 Reliance Communications Limited 320,260.0
29 31 Canara Bank 316,032.0
30 28 GAIL (India) Limited 305,848.7
31 24 NMDC Limited 301,059.8
32 34 Rural Electrification Corporation Limited 286,176.2
33 30 NHPC Limited 286,142.1
34 38 Bharat Petroleum Corporation Limited 270,403.6
140 Ranking By Net Worth INDIA’S TOP 500 COMPANIES

Rank
Company Name Net Worth (` Mn)
2017 2016
35 35 Maruti Suzuki India Limited 270,071.0
36 86 Idea Cellular Limited 242,959.2
37 54 Kotak Mahindra Bank Limited 239,624.6
38 95 Tata Motors Limited 223,452.1
39 39 Oil India Limited 223,018.0
40 37 IDBI Bank Limited 221,139.6
41 46 Mahindra & Mahindra Limited 216,964.0
42 42 HCL Technologies Limited# 215,088.6
43 36 Sun Pharmaceutical Industries Limited 214,830.9
44 32 JSW Steel Limited 213,483.6
45 40 Reliance Infrastructure Limited 212,889.2
46 43 UltraTech Cement Limited 207,360.9
47 44 Union Bank of India 203,099.7
48 45 Bharti Infratel Limited 185,732.0
49 51 Hindustan Petroleum Corporation Limited 181,937.5
50 47 DLF Limited 178,500.7
51 74 IndusInd Bank Limited 173,152.1
52 49 Coal India Limited 155,333.5
53 52 NLC India Limited 154,686.4
54 55 The Tata Power Company Limited 144,977.0
55 50 Central Bank of India 143,867.9
56 64 Yes Bank Limited 137,866.0
57 57 Oriental Bank of Commerce 137,338.7
58 - IDFC Bank Limited 136,325.5
59 68 Adani Ports and Special Economic Zone Limited 136,108.6
60 66 Tech Mahindra Limited 135,522.0
61 59 Indian Bank 134,783.4
62 56 Indian Overseas Bank 132,542.1
63 60 Reliance Capital Limited 131,310.0
64 58 National Aluminium Company Limited 129,076.8
65 67 Grasim Industries Limited 123,705.0
66 69 Cipla Limited 123,303.2
67 70 Bajaj Auto Limited 122,916.6
68 65 Piramal Enterprises Limited 121,766.0
69 71 Dr. Reddy’s Laboratories Limited 116,054.0
70 80 Lupin Limited 115,926.4
71 62 UCO Bank 115,869.6
72 61 Syndicate Bank 114,656.2
73 63 Allahabad Bank 114,160.1
74 76 SJVN Limited 110,638.6
INDIA’S TOP 500 COMPANIES Ranking By Net Worth 141

Rank
Company Name Net Worth (` Mn)
2017 2016
75 - Housing Development and Infrastructure Limited 109,971.9
76 72 Corporation Bank 106,861.4
77 97 Indiabulls Housing Finance Limited 105,038.3
78 77 Ambuja Cements Limited 103,068.7
79 73 Videocon Industries Limited 103,067.5
80 78 Andhra Bank 103,040.8
81 79 Shriram Transport Finance Company Limited 101,317.8
82 85 LIC Housing Finance Limited 91,459.8
83 87 Adani Power Limited 88,068.7
84 84 Bharat Electronics Limited 87,338.3
85 81 Aditya Birla Nuvo Limited 85,592.2
86 82 ACC Limited 84,430.8
87 83 Tata Communications Limited 83,188.6
88 90 Bosch Limited 82,888.0
89 89 JSW Energy Limited 81,849.9
90 88 Container Corporation of India Limited 81,058.3
91 53 The Federal Bank Limited 80,862.1
92 98 Hero MotoCorp Limited 79,447.5
93 91 CESC Limited 78,950.2
94 92 Bank of Maharashtra 74,913.6
95 93 Torrent Power Limited 74,719.4
96 119 Bajaj Finance Limited 74,266.4
97 117 Glenmark Pharmaceuticals Limited 72,857.6
98 96 The Shipping Corporation of India Limited 69,103.9
99 108 Aurobindo Pharma Limited 68,070.6
100 105 Bajaj Holdings & Investment Limited 67,980.5
101 102 MRF Limited# 67,943.3
102 106 Vijaya Bank 67,508.6
103 104 State Bank of Bikaner & Jaipur 67,427.9
104 113 Siemens Limited 65,819.0
105 101 The Jammu and Kashmir Bank Limited 64,239.7
106 109 Mangalore Refinery and Petrochemicals Limited 64,204.4
107 100 IFCI Limited 63,917.0
108 103 Tata Chemicals Limited 63,831.7
109 383 Petronet LNG Limited 63,764.4
110 94 Dena Bank 62,119.6
111 112 Shree Cement Limited# 61,802.2
112 122 Cadila Healthcare Limited 61,374.0
113 107 Mahindra & Mahindra Financial Services Limited 60,445.5
114 110 State Bank of Travancore 60,211.1
142 Ranking By Net Worth INDIA’S TOP 500 COMPANIES

Rank
Company Name Net Worth (` Mn)
2017 2016
115 114 Muthoot Finance Limited 56,192.4
116 111 United Bank of India 53,945.3
117 127 Jindal Saw Limited 53,016.7
118 116 The Great Eastern Shipping Company Limited 51,984.1
119 118 Punjab & Sind Bank 50,680.7
120 121 Zee Entertainment Enterprises Limited 50,394.0
121 120 Dewan Housing Finance Corporation Limited 50,170.0
122 128 Asian Paints Limited 49,631.6
123 126 Sintex Industries Limited 48,914.3
124 123 Gujarat State Fertilizers & Chemicals Limited 47,380.5
125 124 State Bank of Mysore 46,710.1
126 125 The Karur Vysya Bank Limited 45,729.6
127 130 Mphasis Limited 45,274.9
128 129 Shriram City Union Finance Limited 45,049.5
129 135 Ashok Leyland Limited 44,808.9
130 131 Exide Industries Limited 44,124.3
131 136 Divi's Laboratories Limited 43,501.4
132 133 Prestige Estates Projects Limited 41,954.3
133 142 IL&FS Transportation Networks Limited 41,302.2
134 132 CG Power and Industrial Solutions Limited 41,280.5
135 153 UPL Limited 40,157.3
136 143 Apollo Tyres Limited 39,932.8
137 137 Gujarat State Petronet Limited 39,684.5
138 167 The Indian Hotels Company Limited 38,830.0
139 171 Godrej Consumer Products Limited 38,232.5
140 - Oberoi Realty Limited 37,160.3
141 139 The South Indian Bank Limited 37,119.6
142 140 The Karnataka Bank Limited 36,905.9
143 134 Hindustan Unilever Limited 36,866.2
144 322 Torrent Pharmaceuticals Limited 36,859.9
145 148 Cholamandalam Investment and Finance Company Limited 36,573.8
146 151 Vardhman Textiles Limited 36,531.8
147 138 Bharat Forge Limited 36,404.5
148 75 Adani Enterprises Limited 35,603.0
149 - Alkem Laboratories Limited 35,567.0
150 150 Titan Company Limited 35,146.0
151 152 Sun TV Network Limited 35,117.7
152 149 Apollo Hospitals Enterprise Limited 34,301.3
153 146 NCC Limited 34,088.2
154 144 The India Cements Limited 33,906.4
INDIA’S TOP 500 COMPANIES Ranking By Net Worth 143

Rank
Company Name Net Worth (` Mn)
2017 2016
155 145 Gujarat Mineral Development Corporation Limited 33,667.1
156 115 Future Enterprises Limited 33,177.9
157 155 Sundaram Finance Limited 33,126.2
158 - Chennai Petroleum Corporation Limited 32,966.7
159 168 Biocon Limited 32,849.0
160 157 Rajesh Exports Limited 32,801.8
161 156 Cummins India Limited 31,712.9
162 242 Strides Shasun Limited 31,354.1
163 173 The Ramco Cements Limited 30,926.3
164 162 City Union Bank Limited 30,520.0
165 161 ABB India Limited 30,085.5
166 154 Oracle Financial Services Software Limited 29,890.3
167 159 Gujarat Fluorochemicals Limited 29,126.1
168 33 Tata Global Beverages Limited 28,740.4
169 180 Dabur India Limited 28,717.8
170 183 Rolta India Limited 28,562.9
171 160 Rashtriya Chemicals and Fertilizers Limited 28,267.1
172 158 Nestlé India Limited 28,178.4
173 205 United Spirits Limited 28,072.2
174 196 Pidilite Industries Limited 28,002.4
175 182 Balkrishna Industries Limited 27,953.1
176 164 PTC India Limited 27,898.8
177 169 Arvind Limited 27,483.9
178 165 Manappuram Finance Limited 27,281.3
179 163 Srei Infrastructure Finance Limited 27,043.7
180 166 Birla Corporation Limited 27,029.4
181 174 Gujarat Narmada Valley Fertilizers & Chemicals Limited 26,691.3
182 170 Engineers India Limited 26,650.2
183 184 SRF Limited 26,535.6
184 176 Havells India Limited 26,441.8
185 172 Nava Bharat Ventures Limited 26,154.3
186 179 Marico Limited 25,976.8
187 177 Jain Irrigation Systems Limited 25,115.3
188 187 Thermax Limited 24,871.2
189 175 EIH Limited 24,679.6
190 178 Sobha Limited 24,591.4
191 193 GlaxoSmithkline Consumer Healthcare Limited 24,456.3
192 195 Motherson Sumi Systems Limited 24,270.0
193 202 Mindtree Limited 24,164.0
194 194 Indraprastha Gas Limited 24,132.3
144 Ranking By Net Worth INDIA’S TOP 500 COMPANIES

Rank
Company Name Net Worth (` Mn)
2017 2016
195 191 Coromandel International Limited 23,806.7
196 181 Mahindra CIE Automotive Limited# 23,462.3
197 190 IRB Infrastructure Developers Limited 23,341.0
198 203 PC Jeweller Limited 23,274.0
199 192 Gujarat Alkalies and Chemicals Limited 23,185.8
200 189 Ipca Laboratories Limited 23,060.9
201 225 Kansai Nerolac Paints Limited 22,891.6
202 185 Maharashtra Seamless Limited 22,843.0
203 186 Chambal Fertilisers and Chemicals Limited 22,764.9
204 197 Kalpataru Power Transmission Limited 22,582.6
205 198 Century Textiles and Industries Limited 22,067.6
206 277 Eicher Motors Limited# 21,507.8
207 211 DCM Shriram Limited 21,449.2
208 285 Pfizer Limited 21,179.9
209 200 BEML Limited 21,093.6
210 216 United Breweries Limited 21,076.0
211 215 Gujarat Gas Limited 21,027.8
212 220 Amara Raja Batteries Limited 21,016.4
213 213 Voltas Limited 20,787.4
214 223 AIA Engineering Limited 20,155.3
215 204 Electrosteel Castings Limited 20,085.6
216 227 CEAT Limited 19,887.4
217 214 Gujarat Industries Power Company Limited 19,857.8
218 206 Jubilant Life Sciences Limited 19,825.0
219 207 Omaxe Limited 19,490.0
220 257 Tube Investments of India Limited 19,392.8
221 224 TVS Motor Company Limited 19,368.0
222 212 Puravankara Limited 19,137.0
223 208 Hindustan Copper Limited 19,133.9
224 - Inox Wind Limited 19,068.7
225 266 Magma Fincorp Limited 18,946.8
226 238 Welspun India Limited 18,785.3
227 - Future Retail Limited 18,741.9
228 243 Hindustan Construction Company Limited 18,628.3
229 221 Uflex Limited 18,595.7
230 218 Escorts Limited 18,361.2
231 - InterGlobe Aviation Limited 18,342.8
232 234 Jindal Poly Films Limited 18,046.0
233 217 Graphite India Limited 17,771.6
234 222 Godrej Industries Limited 17,594.8
INDIA’S TOP 500 COMPANIES Ranking By Net Worth 145

Rank
Company Name Net Worth (` Mn)
2017 2016
235 199 Bayer CropScience Limited 17,559.0
236 - PTC India Financial Services Limited 17,425.3
237 228 DCB Bank Limited 17,419.4
238 237 Trident Limited 17,416.6
239 210 GlaxoSmithkline Pharmaceuticals Limited 17,171.4
240 247 J.K. Cement Limited 17,144.1
241 275 Britannia Industries Limited 17,001.6
242 226 Cyient Limited 16,831.1
243 289 Ashoka Buildcon Limited 16,797.9
244 286 JBF Industries Limited 16,283.2
245 287 Sanofi India Limited 16,269.0
246 230 Future Lifestyle Fashions Limited 16,232.4
247 235 National Fertilizers Limited 16,066.5
248 231 Deepak Fertilisers and Petrochemicals Corporation Limited 16,001.7
249 233 HT Media Limited 15,920.0
250 232 The Lakshmi Vilas Bank Limited 15,918.6
251 269 KRBL Limited 15,856.5
252 239 SKF India Limited# 15,693.9
253 254 Persistent Systems Limited 15,509.3
254 273 Vakrangee Limited 15,420.0
255 236 Simplex Infrastructures Limited 15,365.4
256 324 Alembic Pharmaceuticals Limited 15,302.8
257 274 Procter & Gamble Hygiene and Health Care Limited 15,112.1
258 264 Berger Paints India Limited 15,095.9
259 241 HSIL Limited 15,010.6
260 256 NBCC (India) Limited 14,885.0
261 271 Force Motors Limited 14,804.4
262 267 Finolex Cables Limited 14,676.2
263 278 Tamil Nadu Newsprint and Papers Limited 14,455.4
264 240 Capital First Limited 14,454.6
265 259 Brigade Enterprises Limited 14,437.7
266 253 Sadbhav Engineering Limited 14,429.3
267 262 Kirloskar Oil Engines Limited 14,397.5
268 248 Redington (India) Limited 14,387.3
269 270 Lakshmi Machine Works Limited 14,261.4
270 288 JK Tyre & Industries Limited 14,166.7
271 245 Trent Limited 14,137.8
272 263 Godfrey Phillips India Limited 14,075.4
273 279 OCL India Limited 14,051.0
274 244 Linde India Limited 13,914.5
146 Ranking By Net Worth INDIA’S TOP 500 COMPANIES

Rank
Company Name Net Worth (` Mn)
2017 2016
275 251 Wockhardt Limited 13,889.8
276 - Bharat Financial Inclusion Limited 13,829.9
277 249 MMTC Limited 13,779.5
278 252 BGR Energy Systems Limited 13,772.7
279 - PNC Infratech Limited 13,622.6
280 265 Allcargo Logistics Limited 13,617.0
281 280 Emami Limited 13,509.0
282 268 D. B. Corp Limited 13,455.0
283 - NATCO Pharma Limited 13,354.1
284 255 JK Lakshmi Cement Limited 13,334.4
285 260 GE T&D India Limited 13,324.3
286 261 Mcleod Russel India Limited 13,208.3
287 290 Jagran Prakashan Limited 12,884.1
288 284 FAG Bearings India Limited 12,873.2
289 246 E.I.D.-Parry (India) Limited 12,855.8
290 333 J. Kumar Infraprojects Limited 12,833.1
291 292 Atul Limited 12,508.9
292 298 KEC International Limited 12,396.2
293 281 Raymond Limited 12,384.4
294 282 Balrampur Chini Mills Limited 12,280.4
295 283 The Supreme Industries Limited# 12,216.6
296 484 Eros International Media Limited 11,889.7
297 297 KPIT Technologies Limited 11,861.1
298 301 Bata India Limited 11,562.3
299 315 PI Industries Limited 11,558.0
300 311 Whirlpool of India Limited 11,500.9
301 304 NIIT Technologies Limited 11,476.3
302 293 J.B.Chemicals & Pharmaceuticals Limited 11,417.4
303 294 Himachal Futuristic Communications Limited 11,255.2
304 335 Ajanta Pharma Limited 11,247.9
305 291 Hexaware Technologies Limited 11,099.5
306 307 Abbott India Limited 11,076.4
307 309 Aarti Industries Limited 10,701.0
308 316 WABCO India Limited 10,539.6
309 296 Sarda Energy & Minerals Limited 10,511.3
310 - FDC Limited 10,439.7
311 310 Ratnamani Metals & Tubes Limited 10,401.7
312 302 BASF India Limited 10,326.3
313 363 Jyothy Laboratories Limited 10,325.8
314 305 Unichem Laboratories Limited 10,261.0
INDIA’S TOP 500 COMPANIES Ranking By Net Worth 147

Rank
Company Name Net Worth (` Mn)
2017 2016
315 341 Colgate-Palmolive (India) Limited 10,194.7
316 317 Sundram Fasteners Limited 10,166.8
317 300 Orient Cement Limited 10,101.9
318 313 Honeywell Automation India Limited 10,097.4
319 329 3M India Limited 10,086.4
320 312 Balmer Lawrie & Co Limited 9,973.3
321 342 GHCL Limited 9,853.8
322 314 K.P.R. Mill Limited 9,749.0
323 - Narayana Hrudayalaya Limited 9,606.1
324 334 Finolex Industries Limited 9,578.2
325 - eClerx Services Limited 9,530.8
326 321 Carborundum Universal Limited 9,447.0
327 345 Zensar Technologies Limited 9,435.0
328 303 Nectar Lifesciences Limited 9,424.3
329 299 GE Power India Limited 9,287.0
330 353 Isgec Heavy Engineering Limited 9,260.5
331 - Bannari Amman Sugars Limited 9,194.8
332 326 Gujarat Ambuja Exports Limited 9,163.9
333 327 Time Technoplast Limited 9,104.4
334 354 Kajaria Ceramics Limited 9,093.6
335 - Syngene International Limited 9,082.0
336 319 Ushdev International Limited 9,081.4
337 336 Hinduja Global Solutions Limited 9,058.1
338 332 Radico Khaitan Limited 8,960.3
339 320 HeidelbergCement India Limited 8,833.1
340 - Future Consumer Limited 8,813.4
341 - Can Fin Homes Limited 8,780.4
342 349 JK Paper Limited 8,692.6
343 337 Rallis India Limited 8,654.6
344 346 Gillette India Limited 8,577.9
345 453 PVR Limited 8,540.6
346 330 Greaves Cotton Limited 8,513.5
347 375 Blue Star Limited 8,462.7
348 - Gayatri Projects Limited 8,386.7
349 360 Himatsingka Seide Limited 8,367.9
350 355 GRUH Finance Limited 8,353.0
351 272 Sterlite Technologies Limited 8,140.6
352 331 Kirloskar Brothers Limited 8,041.7
353 318 Indian Metals and Ferro Alloys Limited 7,906.2
354 348 Shoppers Stop Limited 7,854.3
148 Ranking By Net Worth INDIA’S TOP 500 COMPANIES

Rank
Company Name Net Worth (` Mn)
2017 2016
355 351 Lloyd Electric & Engineering Limited 7,845.7
356 347 Kothari Products Limited 7,822.3
357 358 VA Tech Wabag Limited 7,810.7
358 - Techno Electric and Engineering Company Limited 7,786.2
359 369 Kwality Limited 7,736.9
360 361 Jubilant FoodWorks Limited 7,680.9
361 365 Apar Industries Limited 7,644.6
362 339 Godawari Power & Ispat Limited 7,568.7
363 338 Zuari Agro Chemicals Limited 7,521.4
364 356 Century Enka Limited 7,475.0
365 357 Bajaj Electricals Limited 7,436.4
366 367 Astral Poly Technik Limited 7,377.6
367 308 Akzo Nobel India Limited 7,273.0
368 343 Nahar Spinning Mills Limited 7,242.6
369 364 TTK Prestige Limited 7,208.0
370 328 Surya Roshni Limited 6,884.4
371 381 Sutlej Textiles and Industries Limited 6,759.5
372 368 Grindwell Norton Limited 6,718.8
373 444 Granules India Limited 6,612.8
374 496 Eveready Industries India Limited 6,596.6
375 372 Polaris Consulting & Services Limited 6,539.6
376 374 Sunflag Iron and Steel Company Limited 6,408.7
377 - Jindal Stainless (Hisar) Limited 6,369.5
378 414 JMC Projects (India) Limited 6,183.8
379 377 Nahar Industrial Enterprises Limited 6,175.7
380 402 Greenply Industries Limited 6,045.0
381 392 HBL Power Systems Limited 5,994.5
382 370 The West Coast Paper Mills Limited 5,986.8
383 359 Inox Leisure Limited 5,911.0
384 380 Savita Oil Technologies Limited 5,904.7
385 403 Kalyani Steels Limited 5,895.2
386 387 DCW Limited 5,863.8
387 394 Solar Industries India Limited 5,858.5
388 399 Nilkamal Limited 5,849.8
389 - Indoco Remedies Limited 5,842.2
390 384 Huhtamaki PPL Limited 5,841.0
391 390 Responsive Industries Limited 5,826.4
392 398 Goodyear India Limited# 5,806.3
393 391 Indo Rama Synthetics (India) Limited 5,775.8
394 400 Castrol India Limited 5,756.1
INDIA’S TOP 500 COMPANIES Ranking By Net Worth 149

Rank
Company Name Net Worth (` Mn)
2017 2016
395 393 JVL Agro Industries Limited 5,704.3
396 401 Man Industries (India) Limited 5,580.9
397 - Power Mech Projects Limited 5,530.9
398 452 Indo Count Industries Limited 5,513.8
399 395 Tide Water Oil Co. (India) Limited 5,438.9
400 - Asian Star Company Limited 5,374.9
401 425 Century Plyboards (India) Limited 5,273.6
402 396 Phillips Carbon Black Limited 5,227.7
403 - Timken India Limited 5,221.3
404 397 INEOS Styrolution India Limited 5,181.1
405 - VRL Logistics Limited 5,135.3
406 411 RSWM Limited 5,129.0
407 412 Siyaram Silk Mills Limited 5,107.1
408 379 ITD Cementation India Limited 5,082.2
409 408 Dalmia Bharat Sugar and Industries Limited 5,073.6
410 423 Page Industries Limited 5,052.2
411 419 Cosmo Films Limited 4,981.1
412 382 Transport Corporation of India Limited 4,932.2
413 409 Kirloskar Ferrous Industries Limited 4,920.3
414 410 Federal-Mogul Goetze (India) Limited 4,904.1
415 435 Relaxo Footwears Limited 4,797.8
416 404 SPML Infra Limited 4,779.3
417 443 Deepak Nitrite Limited 4,751.3
418 431 V-Guard Industries Limited 4,707.7
419 - Mukand Limited 4,666.9
420 413 HIL Limited 4,546.7
421 418 Munjal Showa Limited 4,529.2
422 - International Paper APPM Limited 4,509.4
423 405 Tribhovandas Bhimji Zaveri Limited 4,424.3
424 430 Sangam (India) Limited 4,392.5
425 432 Minda Industries Limited 4,386.0
426 429 Sundaram-Clayton Limited 4,312.0
427 461 Srikalahasthi Pipes Limited 4,281.7
428 421 Dhampur Sugar Mills Limited 4,272.7
429 472 Ahluwalia Contracts (India) Limited 4,214.4
430 422 Seshasayee Paper and Boards Limited 4,209.7
431 474 Somany Ceramics Limited 4,197.5
432 465 TVS Srichakra Limited 4,185.1
433 433 IFB Industries Limited 4,163.2
434 417 Kohinoor Foods Limited 4,153.8
150 Ranking By Net Worth INDIA’S TOP 500 COMPANIES

Rank
Company Name Net Worth (` Mn)
2017 2016
435 428 Supreme Petrochem Limited# 4,149.9
436 436 Sunil Hitech Engineers Limited 4,137.2
437 424 Fedders Lloyd Corporation Limited# 4,135.5
438 427 Wheels India Limited 4,081.6
439 442 Steel Strips Wheels Limited 4,062.5
440 426 Orient Paper & Industries Limited 4,055.9
441 476 Blue Dart Express Limited 4,011.0
442 441 L.G. Balakrishnan & Bros Limited 3,956.8
443 - Maithan Alloys Limited 3,946.7
444 454 Asahi India Glass Limited 3,941.1
445 438 Venky’s (India) Limited 3,900.2
446 439 Renaissance Jewellery Limited 3,895.9
447 - Tata Elxsi Limited 3,857.0
448 448 Gabriel India Limited 3,799.3
449 440 Flexituff International Limited 3,781.0
450 459 Skipper Limited 3,778.2
451 434 Mafatlal Industries Limited 3,774.7
452 470 Avanti Feeds Limited 3,764.4
453 466 Shilpi Cable Technologies Limited 3,730.3
454 - Vindhya Telelinks Limited 3,674.2
455 456 KEI Industries Limited 3,666.2
456 450 Rupa & Company Limited 3,659.0
457 406 The Bombay Dyeing and Manufacturing Company Limited 3,608.4
458 464 Johnson Controls-Hitachi Air Conditioning India Limited 3,579.5
459 457 Aarti Drugs Limited 3,503.1
460 451 Everest Industries Limited 3,474.4
461 445 APL Apollo Tubes Limited 3,472.3
462 446 Visaka Industries Limited 3,470.6
463 460 SML Isuzu Limited 3,401.3
464 471 Nandan Denim Limited 3,384.3
465 455 VIP Industries Limited 3,363.5
466 494 Subros Limited 3,353.7
467 458 LT Foods Limited 3,283.3
468 - Automotive Axles Limited 3,272.0
469 376 Mangalore Chemicals and Fertilizers Limited 3,265.7
470 469 Sudarshan Chemical Industries Limited 3,246.3
471 473 Shirpur Gold Refinery Limited 3,231.6
472 - TeamLease Services Limited 3,101.6
473 - Pricol Limited 2,993.3
474 468 Sanwaria Agro Oils Limited 2,834.6
INDIA’S TOP 500 COMPANIES Ranking By Net Worth 151

Rank
Company Name Net Worth (` Mn)
2017 2016
475 467 Steel Exchange India Limited 2,801.9
476 479 Sona Koyo Steering Systems Limited 2,731.2
477 437 Gokul Refoils and Solvent Limited 2,685.2
478 - Optiemus Infracom Limited 2,673.2
479 480 Banswara Syntex Limited 2,491.7
480 489 Gulf Oil Lubricants India Limited 2,485.3
481 - Southern Petrochemical Industries Corporation Limited 2,463.4
482 486 Jamna Auto Industries Limited 2,455.7
483 485 Jay Bharat Maruti Limited 2,422.5
484 477 Kkalpana Industries (India) Limited 2,417.4
485 487 Heritage Foods Limited 2,399.9
486 482 DCM Shriram Industries Limited 2,392.5
487 483 Hatsun Agro Product Limited 2,292.9
488 - Crompton Greaves Consumer Electricals Limited 2,287.2
489 481 Omax Autos Limited 2,200.0
490 495 Gokaldas Exports Limited 2,128.3
491 - Jindal Worldwide Limited 2,114.9
492 492 Filatex India Limited 2,095.3
493 493 Lumax Industries Limited 1,964.7
494 - Gokul Agro Resources Limited 1,714.9
495 - Sathavahana Ispat Limited 1,685.1
496 497 The State Trading Corporation of India Limited 1,592.8
497 498 Loyal Textile Mills Limited 1,514.0
498 499 Thangamayil Jewellery Limited 1,375.4
499 - Dish TV India Limited 1,095.9
500 500 Compuage Infocom Limited 1,002.0

Symbols used
# Annualised Financials
PL Profit to Loss
LP Loss to Profit
LL Loss in Current and Previous Year
NA Not Applicable
profiles OF
TOP 500 COMPANIES
Agro Chemicals
Agro Chemicals
Comparative Matrix

Sector Total Income Net Profit Net Worth NPM RONW


Company Name
TI Rank ` Mn ` Mn ` Mn (%) (%)
1 UPL Limited 64,413.1 7,057.1 40,157.3 11.0 17.6
2 Bayer CropScience Limited 38,186.0 3,009.0 17,559.0 7.9 17.1
3 PI Industries Limited 21,310.3 3,133.6 11,558.0 14.7 27.1
4 Rallis India Limited 13,056.3 1,260.2 8,654.6 9.7 14.6

INDIA’S TOP 500 COMPANIES


UPL Limited
Dun & Bradstreet D-U-N-S® No 85-805-4527
About the Company
UPL Ltd (UPL) along with its subsidiaries are engaged in the business of agrochemicals, industrial Top 500 Ranking
chemicals, chemical intermediates and specialty chemicals. . The company offers a wide range Income 133
of products that includes insecticides, fungicides, herbicides, plant growth regulators, speciality
chemicals, nutri-feeds, rodenticides, seeds and seed treatment products. Some of the products Net Profit 102
offered under various categories include red phosphorus, phenyl isocyanate, tri methyl phosphate, Networth 135
phosphorus trichloride, maize seed, tri decyl phosphate and phosphorus oxychloride amongst
others. UPL has generated 136 patents and over 4,900 product registrations worldwide. UPL along Address
with its 74 subsidiaries markets its products in over 120 countries. Some of the brands under which 3-11, G.I.D.C.,
it markets its products include Manzate, Surflan, Lifeline, Assail, Penncozeb, Microthiol, Disect, Vapi,
Atabron, Lancer Gold, Ulala, Phoskill and Starthene amongst others. In FY16, the company acquired Valsad – 396195,
40% stake in Sinargo Group, a Brazilian company in the state of Mato Grosso. In Jun 2016, UPL Gujarat
signed agreement to acquire strategic stake in Weather Risk Management Services Pvt Ltd. Website: www.uplonline.com

Financial Snapshot (` mn) Ratios (%)


Total Income Net Profit Networth EBIDTA EBIDTA Margin NPM RONW
64,413.1 7,057.1 40,157.3 12,534.3 19.5 11.0 17.6
(As on Mar 31, 2016)

Bayer CropScience Limited


Dun & Bradstreet D-U-N-S® No 91-862-7373
About the Company
Bayer CropScience Ltd (BCSL) was incorporated in 1958 as Bayer-Agrochem Pvt Ltd. BCSL mainly Top 500 Ranking
operates in three business segments viz. crop protection, seeds and environment science. Under Income 207
crop protection / seeds, it markets a broad portfolio of high-value seeds along with innovative
chemical and biological pest management solutions. Environmental science segment of the Net Profit 182
company focuses on non-agricultural applications, with a broad portfolio of pest control products Networth 235
and services for areas ranging from the home and garden sector to forestry. The product portfolio
of BSCL includes vegetable seeds, crop seeds, insecticides, fungicides, herbicides, professional pest Address
management, vector management and seed growth solutions. The company markets its products Bayer House, Central Avenue,
under various brands such as Admire, Adora, Adue, Antracol, Basta, Baycox, Bayrocin, Confidor, Hiranandani Estate, Thane (W),
Ethrel, Gaucho, Hocusia, Laudis, Jump and Larvin to name a few. As on Mar 31 2016, BCSL operated Mumbai - 400607,
through a network of 58 Bayer PCOs across 25 cities in the country. In FY16, the company launched Maharashtra
new products namely, Profiler, Belt Expert and Laudis. Website: www.bayer.in

Financial Snapshot (` mn) Ratios (%)


Total Income Net Profit Networth EBIDTA EBIDTA Margin NPM RONW
38,186.0 3,009.0 17,559.0 4,949.0 13.0 7.9 17.1
(As on Mar 31, 2016)

PI Industries Limited
Dun & Bradstreet D-U-N-S® No 87-180-6551
About the Company
PI Industries (PI) was established in 1947 as Mewar Oil & General Mills Ltd at Udaipur, Rajasthan. Top 500 Ranking
The company operated three manufacturing facilities in Gujarat, with five multi-purpose plants and Income 309
three formulation units at Panoli, as of March 2016. In FY16, the company set up two new multi-
purpose plants at Jambusar SEZ and a research and development centre at Udaipur. The company Net Profit 178
had an extensive network of 29 branches, 5,000 distributors and more than 40,000 retailers across Networth 299
India at the end of FY16. During the year, the company launched three brands – VIBRANT, BIOVITA
and PERIDO. In May 2016, the company’s board of directors gave an approval to enter into a joint Address
venture with Mitsui Chemical Agro Inc (MCAG) of Japan. The joint venture would facilitate access Udaisagar Road,
to MCAG’s capability of delivering innovative agrochemicals. PI Industries had three wholly-owned Post Box No 20,
subsidiaries – PI Life Science Research Ltd, PI Japan Co Ltd and PILL Finance and Investments Ltd, Udaipur - 313001,
as on March 2016. Rajasthan
Website: www.piindustries.com

Financial Snapshot (` mn) Ratios (%)


Total Income Net Profit Networth EBIDTA EBIDTA Margin NPM RONW
21,310.3 3,133.6 11,558.0 4,664.5 21.9 14.7 27.1
(As on Mar 31, 2016)

INDIA’S TOP 500 COMPANIES 157


Rallis India Limited
Dun & Bradstreet D-U-N-S® No 65-005-5007
About the Company
Rallis India Ltd (Rallis) was incorporated in the year 1948 and is a subsidiary of Tata Chemicals. It Top 500 Ranking
is one of India’s leading crop care companies. The company caters to various business segments Income 426
such as domestic crop protection (pesticides, seed treatment), international business (exports to
more than 70 countries around the globe), contract manufacturing (protection chemicals, specialty Net Profit 280
chemicals, polymers), seeds, plant growth nutrients and agri services to the farming community. Networth 343
It has factories spread across Bharuch, Akola, and Ratnagiri; producing more than 10,000 M.T. of
technical grade pesticide and about 30,000 tons/litres of formulations p.a. The distribution network Address
covers 80% of India’s districts with more than 1500 dealers and 40,000 retailers across country. It 156/157, 15th Floor,
has 11 regional offices, 44 sales offices, more than 25 depots and 225 well defined sales territories Nariman Bhavan, 227,
across the country. In FY16, the company launched ZEENY, an insecticide; MARK, a pre-emergent Nariman Point,
herbicide; and Panida Grande, a formulation of pendimethlin. Mumbai - 400021, Maharashtra
Website: www.rallis.co.in

Financial Snapshot (` mn) Ratios (%)


Total Income Net Profit Networth EBIDTA EBIDTA Margin NPM RONW
13,056.3 1,260.2 8,654.6 2,117.0 16.2 9.7 14.6
(As on Mar 31, 2016)

Dun & Bradstreet D-U-N-S® No


Top 500 Ranking
Income
Net Profit
Networth
Address

Financial Snapshot (` mn) Ratios (%)


Total Income Net Profit Networth EBIDTA EBIDTA Margin NPM RONW

(As on Mar 31, 2016)

Dun & Bradstreet D-U-N-S® No


Top 500 Ranking
Income
Net Profit
Networth
Address

Financial Snapshot (` mn) Ratios (%)


Total Income Net Profit Networth EBIDTA EBIDTA Margin NPM RONW

(As on Mar 31, 2016)

158 INDIA’S TOP 500 COMPANIES


Auto Components
Auto Components
Comparative Matrix

Sector Total Income Net Profit Net Worth NPM RONW


Company Name
TI Rank ` Mn ` Mn ` Mn (%) (%)
1 Bosch Limited 109,954.0 12,459.0 82,888.0 11.3 15.0
2 Motherson Sumi Systems Limited 55,203.0 7,119.0 24,270.0 12.9 29.3
3 Bharat Forge Limited 44,052.8 7,010.6 36,404.5 15.9 19.3
4 Tube Investments of India Limited 39,753.8 7,298.9 19,392.8 18.4 37.6
5 Sundram Fasteners Limited 26,410.0 2,111.7 10,166.8 8.0 20.8
6 Wheels India Limited 20,181.3 399.9 4,081.6 2.0 9.8
7 WABCO India Limited 18,728.8 2,046.2 10,539.6 10.9 19.4
8 Mahindra CIE Automotive Limited# 16,116.3 411.3 23,462.3 2.6 1.8
9 Sundaram-Clayton Limited 15,171.7 1,396.0 4,312.0 9.2 32.4
10 Munjal Showa Limited 15,070.3 611.5 4,529.2 4.1 13.5
11 Minda Industries Limited 14,911.2 793.8 4,386.0 5.3 18.1
12 Gabriel India Limited 14,424.4 752.4 3,799.3 5.2 19.8
13 Federal-Mogul Goetze (India) Limited 13,631.6 440.1 4,904.1 3.2 9.0
14 Subros Limited 13,093.3 240.0 3,353.7 1.8 7.2
15 Jay Bharat Maruti Limited 13,065.6 404.0 2,422.5 3.1 16.7
16 Lumax Industries Limited 12,595.5 373.7 1,964.7 3.0 19.0
17 Steel Strips Wheels Limited 12,007.2 611.8 4,062.5 5.1 15.1
18 Jamna Auto Industries Limited 11,338.9 723.2 2,455.7 6.4 29.5
19 Pricol Limited 11,335.1 432.0 2,993.3 3.8 14.4
20 L.G. Balakrishnan & Bros Limited 10,942.7 574.5 3,956.8 5.3 14.5
21 Sona Koyo Steering Systems Limited 10,933.8 250.0 2,731.2 2.3 9.2
22 Automotive Axles Limited 10,875.4 347.7 3,272.0 3.2 10.6
23 Omax Autos Limited 10,324.8 79.1 2,200.0 0.8 3.6

INDIA’S TOP 500 COMPANIES


Bosch Limited
Dun & Bradstreet D-U-N-S® No 86-346-1942
About the Company
Bosch Ltd (Bosch), a flagship company of the Bosch Group commenced its operations in 1953. It Top 500 Ranking
offers technology and services in the areas of mobility solutions, industrial technology, consumer Income 85
goods and energy & building technology. Under these four segments, the company offers a wide
range of products including power tools, household appliances, gasoline systems, diesel systems, Net Profit 62
chassis systems control, electrical drives, car multimedia, automotive electronics, automotive Networth 88
steering, drive and control technology, packaging technology, engineering & IT services, security
systems, thermotechnology and energy & building solutions. In addition, the company’s largest Address
development centre outside of Germany for end to end engineering technology solutions is located Hosur Road,
in India. Bosch operates through 15 manufacturing sites and seven development and application Adugodi,
centres with the total workforce over 30,000 employees. In Aug 2015, Bosch commenced first Bengaluru - 560030,
phase its new manufacturing facility at Bengaluru, Karnataka with an investment of ` 3.4 bn. In Feb Karnataka
2016, the company sold its starter motors and generators business to a subsidiary Robert Bosch Website: www.boschindia.com
Starter Motors Generators Holding GmbH for ` 4.8 bn.

Financial Snapshot (` mn) Ratios (%)


Total Income Net Profit Networth EBIDTA EBIDTA Margin NPM RONW
109,954.0 12,459.0 82,888.0 22,583.0 20.5 11.3 15.0
(As on Mar 31, 2016)

Motherson Sumi Systems Limited


Dun & Bradstreet D-U-N-S® No 65-010-6917
About the Company
Motherson Sumi Systems Ltd (MSSL), the flagship company of Samvardhana Motherson Group, was Top 500 Ranking
formed in 1986 in JV with Sumitomo Wiring Systems Ltd of Japan. The company caters to diverse Income 156
range of customers in the automotive and other industries. The company supplies wiring harnesses,
injection-moulded components, assemblies, blow moulded components, integrated modules and Net Profit 98
high precision plastic parts to OEMs. In the non-automotive segment, MSSL supplies wiring harnesses Networth 192
to manufacturers of material handling equipment, off-road vehicles/construction equipment,
agricultural equipment, industrial forklifts and other industries. The company also offers a variety Address
of products, from individual components to full system solutions, such as plastic components for Plot No.1, Sector-127,
white goods, household wires, plates, the Aerobin, the Re-timer light device, etc. The company has Noida-Greater Noida,
a presence in 25 countries and conducts its operations with over 180 manufacturing facilities, sales Expressway,
offices, R&D centres spread across Europe, Asia, North America, South America, Australia and South Noida - 201301, UP
Africa. In Sept 16, MSSL through its subsidiary acquired the automotive business unit of Abraham Website: www.motherson.com
and Co Ltd, Hungary.

Financial Snapshot (` mn) Ratios (%)


Total Income Net Profit Networth EBIDTA EBIDTA Margin NPM RONW
55,203.0 7,119.0 24,270.0 11,685.0 21.2 12.9 29.3
(As on Mar 31, 2016)

Bharat Forge Limited


Dun & Bradstreet D-U-N-S® No 86-335-7424
About the Company
Bharat Forge Ltd (Bharat Forge), a part of Kalyani Group was incorporated in 1961. The company Top 500 Ranking
is engaged in manufacturing and selling of forged components catering to both domestic and Income 185
international markets. Bharat Forge manufactures performance, critical and safety components
for automotive applications in passenger vehicles, commercial vehicles and SUV and industrial Net Profit 105
applications in sectors like power, oil & gas, rail & marine, aerospace, metals & mining, construction Networth 147
and general engineering amongst others. Some of the prestigious clients of the company include
Ford, BMW, Honda, Force Motors, FMC Technologies, Siemens, Indian Railways, SAIL, and Tata Steel Address
to name a few. In Jun 2016, Bharat Forge through its JV Alstom Bharat Forge Power Pvt Ltd signed a Mundhwa,
contract worth US$ 219 mn with NTPC for supply of two units of 800 MW ultra-supercritical steam Pune Cantonment,
turbine generator islands. In Dec 2016, the company through its subsidiary Bharat Forge America Pune - 411036,
Inc, USA acquired Walker Forge Tennessee LLC and PMT Holdings Inc, USA for a total consideration Maharashtra
of US$ 14 mn. Website: www.bharatforge.com

Financial Snapshot (` mn) Ratios (%)


Total Income Net Profit Networth EBIDTA EBIDTA Margin NPM RONW
44,052.8 7,010.6 36,404.5 13,709.1 31.1 15.9 19.3
(As on Mar 31, 2016)

INDIA’S TOP 500 COMPANIES 161


Tube Investments of India Limited
Dun & Bradstreet D-U-N-S® No 65-005-3697
About the Company
Tube Investments of India Ltd (TII), a Murugappa Group company was incorporated in 1959 by Top 500 Ranking
merging TI Cycles of India and Tube Products of India. TII’s business can be categorised into three Income 201
segments namely cycles and components, engineering and metal formed products. Under the cycles
and components segment the company manufactures bicycles of the standard and special variety Net Profit 94
including the alloy bikes and specialty performance bikes, fitness equipment. Under engineering Networth 220
segment, TII offers products like cold rolled steel strips and precision steel tubes. The metal
formed products segment manufactures automotive and industrial chains, fine blanked products, Address
stamped products, cold rolled formed sections for railway wagons and passenger coaches. In 234, Dare House,
Nov 2016, TII signed a JV agreement with M/s Absolute Speciality Foods Chennai Pvt Ltd for the NSC Bose Road,
establishment of a JV company TI Absolute Concepts Pvt Ltd. In Jun 2016, TII inaugurated the new Chennai – 600001, TN
bicycle manufacturing plant at Rajpura, Punjab. In Dec 2015, the company sold 14% shareholding in Website: www.tiindia.com
Cholamandalam MS General Insurance Company Ltd to its JV partner, Mitsui Sumitomo Insurance
Company Ltd, Japan.

Financial Snapshot (` mn) Ratios (%)


Total Income Net Profit Networth EBIDTA EBIDTA Margin NPM RONW
39,753.8 7,298.9 19,392.8 3,845.1 9.7 18.4 37.6
(As on Mar 31, 2016)

Sundram Fasteners Limited


Dun & Bradstreet D-U-N-S® No 65-008-6143
About the Company
Sundram Fasteners Ltd (Sundram Fasteners), a part of TVS Group was incorporated in 1966. It has Top 500 Ranking
a vast and diversified product range which includes high tensile fasteners, cold extruded parts, Income 265
powder metal parts, iron powder, radiator caps, gear shifters, hot forged parts, precision forged
differential gears, water pumps, oil pumps, fuel pumps, belt tensioners, rocker arm assemblies, Net Profit 221
cam followers, bearing housings, hubs and shafts, tappets & other engine components and valve Networth 316
train parts. The company has manufacturing operations located in India, the UK and China. The high
tensile fasteners segment of the company contributed 40.35% to the total turnover of the company Address
while motor vehicle parts and accessories contributed 59.65% to the total turnover. In Apr 2016, 98 A, VII Floor,
TVS Infotech Ltd, the subsidiary of Sundram Fasteners, acquired 90% of the equity share capital of Dr Radhakrishnan Salai,
Blisslogix Technology Solutions Pvt Ltd. The company restructured its international operations in Mylapore,
Apr 2016 by creating a new subsidiary called Sundram International Ltd in the UK and divested its Chennai – 600004, TN
stake in the German subsidiary Peiner Umformtechnik and its affiliate. Website: www.sundram.com

Financial Snapshot (` mn) Ratios (%)


Total Income Net Profit Networth EBIDTA EBIDTA Margin NPM RONW
26,410.0 2,111.7 10,166.8 3,795.3 14.4 8.0 20.8
(As on Mar 31, 2016)

Wheels India Limited


Dun & Bradstreet D-U-N-S® No 86-000-7767
About the Company
Wheels India Ltd (Wheels India) was incorporated in 1960 and is promoted by the TVS Group. Top 500 Ranking
The company manufactures wheels for trucks, buses, passenger cars & utility vehicles, off-road Income 320
construction equipment, agricultural tractors & farm equipment, tracked vehicles and wire wheels
as well as air suspension products. The company also manufactures parts and accessories for Net Profit 404
machinery/equipment used by construction and mining industries. In FY16, the company focused Networth 438
on indigenous development of products and technology, with 317 new products been developed
and four patents filed during the year. The company also worked on developing special defense Address
products during the year. As of March 2016, the company had one associate company, Axles India 21 Pattulos Road,
Ltd and operated ten manufacturing plants at various locations in the states of Tamil Nadu, Uttar Chennai - 600002, TN
Pradesh, Maharashtra, Haryana and Uttarakhand. In November 2016, Wheels India entered into Website: www.wheelsindia.com
a technology transfer agreement with Spain’s Fluitecnik S.A. for the manufacture of hydraulic
components to be supplied to windmill manufacturers in India.

Financial Snapshot (` mn) Ratios (%)


Total Income Net Profit Networth EBIDTA EBIDTA Margin NPM RONW
20,181.3 399.9 4,081.6 1,685.0 8.3 2.0 9.8
(As on Mar 31, 2016)

162 INDIA’S TOP 500 COMPANIES


WABCO India Limited
Dun & Bradstreet D-U-N-S® No 65-036-5161
About the Company
WABCO India Ltd (WABCO) was formed in 1962 as a joint venture with Clayton Dewandre Holdings Top 500 Ranking
Ltd which was named WABCO-TVS (India). The company was registered in 2004 and in 2009, WABCO Income 335
Holdings Inc. acquired a majority stake in it. Subsequent to the acquisition, in 2011 the company’s
name was changed to its present name. WABCO is an auto components manufacturing company Net Profit 224
which is engaged in designing, manufacturing and marketing braking products, advanced braking Networth 308
systems, and other related air assisted products and systems. The company caters to the commercial
vehicle segment, OEM and aftermarket segments. It has five manufacturing units located in TN, Address
Jharkhand, UP, and Uttarakhand. It also has a software design center and a test track in Chennai, Plot No. 3 (SP),
TN. WABCO owns an aftermarket service network which provides original parts, repair, expertise, III Main Road,
diagnostics and services. The network comprises of seven wholesale distributors, which supply to Ambattur Industrial Estate,
around 250 branches and more than 7000 outlets. The company has around 200 authorized service Chennai - 600058, TN
centres and 145 certified workshops in rural parts of the country. Website: www.wabco-auto.com

Financial Snapshot (` mn) Ratios (%)


Total Income Net Profit Networth EBIDTA EBIDTA Margin NPM RONW
18,728.8 2,046.2 10,539.6 3,275.5 17.5 10.9 19.4
(As on Mar 31, 2016)

Mahindra CIE Automotive Limited


Dun & Bradstreet D-U-N-S® No 65-031-7006
About the Company
Mahindra CIE Automotive Ltd (MCAL) was incorporated in 1999 as an alliance between the CIE Top 500 Ranking
Group, Spain and Mahindra Group, India. The company manufactures automotive components Income 373
including forgings, stampings, gears, casting, magnetic products, and composites. MCAL caters to
cars and utility vehicles, medium and heavy commercial vehicles, agriculture and off road and two Net Profit 400
wheelers segments. Some of the company’s complex products include crankshafts & common rail Networth 196
forgings, turbocharger housings, crown wheel pinion gears etc. As on Mar 31, 2016, MCAL operated
through its 17 subsidiaries in India and in the European region including Germany, Spain, Lithuania, Address
Italy and the UK. MCAL has 26 manufacturing units which include eight plants in the European Mahindra Towers, 1st Floor,
region. In FY16, the stampings business accounted for 40% of the company’s total revenue. Forgings Dr. G. M. Bhosale Marg, Worli,
and castings accounted for nearly 23% each of the total revenue. On Oct 25, 2016, MCAL acquired Mumbai - 400018, Maharashtra
Bill Forge Private Ltd (BFPL), a supplier of forged and machined automotive components. Website: www.mahindracie.com

Financial Snapshot (` mn) Ratios (%)


Total Income Net Profit Networth EBIDTA EBIDTA Margin NPM RONW
16,116.3 411.3 23,462.3 1,402.9 8.7 2.6 1.8
(As on Dec 31, 2015)
9 months data annualised

Sundaram-Clayton Limited
Dun & Bradstreet D-U-N-S® No 87-178-0092
About the Company
Sundaram-Clayton Ltd (SCL), a part of TVS Group was established in 1962. SCL is amongst the leading Top 500 Ranking
suppliers of aluminum pressure die castings to automotive and non-automotive sector. The product Income 385
portfolio of SCL for the truck segment includes flywheel housing, gear housing, clutch housing, air
connectors, lube oil cooler cover assembly, filter heads, filtration module casting, turbo charger Net Profit 274
and cover coolant duct. For passenger cars it offers cylinder head, case transaxle assembly, cylinder Networth 426
head cover, oil pan, chain case, adaptor oil filter, fork gear shift, starter housing and A/C compressor
housing. It also manufactures crank case, cylinder head, cylinder barrel, wheel hub for two wheelers Address
and brake equipment valve bodies. SCL operates through four manufacturing facilities located in Jayalakshmi Estates,
the state of TN with an aggregate installed capacity of 50,000 MTPA. The company also has three 5th Floor, P.O. Box 732,
regional offices located in the US, Sweden & Germany and 17 third party logistics locations. Some 29, Haddows Road,
of the prestigious clients of the company include BMW, Cummins, Honda, Hyundai, Diamler, Nissan, Chennai - 600006, TN
Volvo, Ford, Turbo Technologies and Visteon amongst others. Website: www.sundaram-clayton.com

Financial Snapshot (` mn) Ratios (%)


Total Income Net Profit Networth EBIDTA EBIDTA Margin NPM RONW
15,171.7 1,396.0 4,312.0 2,260.2 14.9 9.2 32.4
(As on Mar 31, 2016)

INDIA’S TOP 500 COMPANIES 163


Munjal Showa Limited
Dun & Bradstreet D-U-N-S® No 65-071-6871
About the Company
Munjal Showa Ltd (MSL), a Hero group company, was established in 1985, in technical and financial Top 500 Ranking
collaboration with Showa Corporation of Japan. MSL is engaged in design and manufacturing of Income 391
shock absorbers and struts for two-wheelers and four-wheelers. The product portfolio of MSL
includes front fork, front and rear cushion, shock absorbers, front and rear strut, open stay, rear Net Profit 366
door lifters, window balancer and gas springs amongst others. MSL supplies shock absorbers to Networth 421
auto companies in India, Japan, Germany, US and the UK, amongst other developed markets. MSL’s
products serve as original equipment to a wide range of Maruti Suzuki upper end cars and export Address
models, Honda City car, complete range of Hero Honda Motorcycles, Kawasaki Bajaj Motorcycles, 9-11, Maruti Industrial Area,
Kinetic Scooters and Hero range of mini-motorcycles and mopeds. MSL has three plants located at Gurgaon - 122015,
Gurgaon and Manesar in Haryana and Haridwar in Uttarakhand. Some of the major client list of the Haryana
company includes Maruti Suzuki India Ltd, Hero MotoCorp Ltd, Honda Motorcycles & Scooters India Website: www.munjalshowa.net
Pvt Ltd, Honda Cars India Ltd and India Yamaha Motors Pvt Ltd amongst others.

Financial Snapshot (` mn) Ratios (%)


Total Income Net Profit Networth EBIDTA EBIDTA Margin NPM RONW
15,070.3 611.5 4,529.2 1,172.7 7.8 4.1 13.5
(As on Mar 31, 2016)

Minda Industries Limited


Dun & Bradstreet D-U-N-S® No 91-858-8088
About the Company
Minda Industries Ltd (MIL), a flagship company of UNO MINDA Group was incorporated in 1992. Top 500 Ranking
The company is engaged in manufacturing of auto components including auto electrical parts and Income 392
its accessories. The product portfolio of MIL include switching systems, lighting systems, acoustic
systems, alloy wheels, fuel cap, horn and CNG/LPG kit amongst others. It has operations spread Net Profit 336
across 32 plants in India with over 20 different products manufactured, partnering with 9 global Networth 425
automotive technology players through joint ventures and partnerships and a global presence in
three continents. MIL serves over 50 OEMs in India & overseas with strong network of over 700 Address
country business partners & 10,000 touch points. In FY16, the company acquired four subsidiaries, B-64/1,
two step-down subsidiaries and one associate. In Oct 2016, MIL completed acquisition of Panasonic Wazirpur Industrial Area,
Minda Batteries India Pvt Ltd and investment in Roki Minda Co Pvt Ltd. In Feb 2017, the company Delhi - 110052,
signed J agreement with Katolec Corporation, Japan to manufacture the products including high Delhi
end electronics like printed circuit boards and box build assemblies. Website: www.unominda.com

Financial Snapshot (` mn) Ratios (%)


Total Income Net Profit Networth EBIDTA EBIDTA Margin NPM RONW
14,911.2 793.8 4,386.0 1,605.2 10.8 5.3 18.1
(As on Mar 31, 2016)

Gabriel India Limited


Dun & Bradstreet D-U-N-S® No 91-843-5470
About the Company
Gabriel India Ltd (Gabriel), a flagship company of Anand Group was established in 1961. In 1995 the Top 500 Ranking
company acquired Stallion Shox and in 2009 it commenced manufacturing speciality castings and Income 399
backward integration process for 2-wheelers. The company is primarily engaged in manufacturing of
range of ride control products catering to automotive industry including 2 & 3-wheelers, passenger Net Profit 348
cars, commercial vehicles and railways. The product portfolio of Gabriel include front forks and Networth 448
rear shock absorbers for 2-wheelers; McPherson struts and shock absorbers for passenger cars;
cabin dampers, seat dampers and suspension shock absorbers for commercial Vehicles, and shock Address
absorbers for railway coaches. It has manufacturing facilities at Pune, Nashik, Sanand, Chakan, 29th Milestone,
Hosur, Dewas, Khandsa, Parwanoo & two satellite plants at Malur and Aurangabad. Some of the Pune Nasik Highway,
major clients of Gabriel include Honda Cars, Maruti Suzuki, Tata Motors, Yamaha India, SML Isuzu, Village Kuruli, Taluka Khed,
Bajaj Auto, Skoda, Hindustan Motors and TVS Motors amongst others. As on Mar 31 2016, Gabriel Pune - 410501, Maharashtra
holds a 31% share in the passenger vehicles segment, 11% in the two-wheeler segment and 58% in Website: www.gabrielindia.com
the commercial vehicles segment.

Financial Snapshot (` mn) Ratios (%)


Total Income Net Profit Networth EBIDTA EBIDTA Margin NPM RONW
14,424.4 752.4 3,799.3 1,312.9 9.1 5.2 19.8
(As on Mar 31, 2016)

164 INDIA’S TOP 500 COMPANIES


Federal-Mogul Goetze (India) Limited
Dun & Bradstreet D-U-N-S® No 91-843-6978
About the Company
Federal-Mogul Goetze India Ltd (FMGIL) was established in 1954 as a joint venture with Germany Top 500 Ranking
based Goetze-Werke, which is now owned by Federal-Mogul Corp. FMGIL manufactures pistons, Income 411
piston rings and pins. The company operates mainly in the OEM segment and the aftermarket. As
of March 2016, FMGIL had one subsidiary, namely Federal-Mogul TPR (India) Ltd. The company’s Net Profit 396
product lines include pistons, piston rings, cylinder liners, light alloy castings and sintered products. Networth 414
FMGIL had four manufacturing plants located in the states of Punjab, Bangalore in Karnataka,
Rajasthan and Uttarakhand during FY16. In April 2015, FMGIL acquired a 26% stake in Real Captive Address
Power Private Ltd. Subsequently in March 2016, the investment was disposed off to Suraksha Build DLF Prime Tower,
well LLP on 30 March 2016 at cost. 10 Ground Floor,
F 79 & 80, Okhla Phase - I,
New Delhi – 110020, Delhi
Website: www.federalmogulgoetzeindia.net

Financial Snapshot (` mn) Ratios (%)


Total Income Net Profit Networth EBIDTA EBIDTA Margin NPM RONW
13,631.6 440.1 4,904.1 1,743.0 12.8 3.2 9.0
(As on Mar 31, 2016)

Subros Limited
Dun & Bradstreet D-U-N-S® No 65-008-3272
About the Company
Subros Ltd (Subros) was incorporated in 1985 as a joint-venture public limited company by Suri Top 500 Ranking
family of India in collaboration with Denso Corp and Suzuki Motor Corp. The company manufactures Income 424
automotive air conditioning systems and thermal products for automotive applications. Subros
also supplies cab-mounted HVAC units to Indian Railways for driver cabin application. In February Net Profit 437
2017, the company received an order of 306 kits from Indian Railways – Diesel Locomotive Works Networth 466
(DLW), Varanasi. In the same month, the company, which is a key supplier of Maruti Suzuki India Ltd,
started supplies to Suzuki Motor Gujarat Pvt Ltd from its Gujarat plant. In 2016, Subros signed an Address
entrustment production contract with Denso for engine cooling module (ECM Assy). The company Add World Trade Centre,
restarted production of ECM Assy in February 2017, with radiator manufacturing undertaken at its Lower Ground Floor,
Noida plant and ECM Assy at its Manesar plant. The company had one wholly-owned subsidiary at Barakhamba Lane,
Thailand, at the end of FY16. New Delhi – 110001, Delhi
Website: www.subros.com

Financial Snapshot (` mn) Ratios (%)


Total Income Net Profit Networth EBIDTA EBIDTA Margin NPM RONW
13,093.3 240.0 3,353.7 1,545.2 11.8 1.8 7.2
(As on Mar 31, 2016)

Jay Bharat Maruti Limited


Dun & Bradstreet D-U-N-S® No 91-845-3429
About the Company
Jay Bharat Maruti Ltd (JBML) was founded in 1986 in collaboration with Maruti Suzuki Ltd. The Top 500 Ranking
company manufactures sheet metal components, welded assemblies, exhaust systems, fuel fillers Income 425
(fuel pipe), chassis and suspension parts, components for automobiles. JBML’s plants are located
at Gurgaon and Manesar. JBML has been working in close association with many Japanese players Net Profit 402
including Hamamatsu Pipe Co Ltd, Daiwa Excel, Yorozu Corp, Futaba Industrial Co and Okamoto Networth 483
Press Co Ltd. As of March 2016, the company had one associate company, Maruti Suzuki Ltd. The
company has no subsidiaries. In FY16, JBML undertook the expansion of its high-end robotic lines. Address
The company also invested in new welding equipment technology with Medium Frequency Inverter 601, Hemkunt Chambers,
Technique (MFDC) guns and transfer press. Additionally, in line with Maruti Suzuki’s requirement, 89 Nehru Place,
the company adopted a new production system called ‘sequence production’ to close in the time New Delhi – 110019,
gap and to introduce the concept of ‘just in time’, bringing in synergy into processes. Delhi
Website: www.jbmgroup.com

Financial Snapshot (` mn) Ratios (%)


Total Income Net Profit Networth EBIDTA EBIDTA Margin NPM RONW
13,065.6 404.0 2,422.5 1,217.9 9.3 3.1 16.7
(As on Mar 31, 2016)

INDIA’S TOP 500 COMPANIES 165


Lumax Industries Limited
Dun & Bradstreet D-U-N-S® No 65-012-2328
About the Company
Lumax Industries Ltd (LIL) was founded in 1945 as a trading firm which was changed to a private Top 500 Ranking
limited company in 1981 and a public limited company in 1985. LIL is the flagship company of Income 439
the D.K. Jain Group involved in manufacturing and exporting of automotive components. It
manufactures automotive lighting solutions which cater to requirements of four and two-wheelers Net Profit 410
and farm equipment segments. LIL’s product portfolio includes tail lamps, head lamps, sundry and Networth 493
auxiliary lamps, and other lighting accessories products. As on Dec 31, 2016 almost 70% of LIL’s
sales comprised of front lighting and 72% of the sales catered to passenger vehicle segment. LIL Address
owns nine manufacturing units located in Gurgaon, Haryana, Gujarat, Karnataka and two plants B-85-86,
each at Maharashtra and Uttarakhand. In May 2016, the company inaugurated a design center in Mayapuri Industrial Area,
Taiwan. Phase – I,
New Delhi - 110064, Delhi
Website: www.lumaxindustries.com

Financial Snapshot (` mn) Ratios (%)


Total Income Net Profit Networth EBIDTA EBIDTA Margin NPM RONW
12,595.5 373.7 1,964.7 918.9 7.3 3.0 19.0
(As on Mar 31, 2016)

Steel Strips Wheels Limited


Dun & Bradstreet D-U-N-S® No 91-509-7273
About the Company
Steel Strips Wheels Ltd (SSWL) was incorporated in 1985. The company manufactures and designs Top 500 Ranking
automotive steel wheels rims for two and three wheelers, passenger cars, multi utility vehicles, Income 447
tractors, trucks & OTR vehicles. SSWL’s three manufacturing units are located in Punjab, TN and
Jharkhand. Passenger car wheels are manufactured in Punjab and TN units while truck wheels are Net Profit 365
manufactured in Jharkhand. In Sep 2015 SSWL and Kalink Co., Ltd, Korea, entered into a technical Networth 439
collaboration for deploying the former’s green field alloy wheels plant in Gujarat. SSWL’s total
manufacturing capacity is 16.6 million wheels which comprises of nine million wheels in Punjab, Address
six million wheels in TN and 1.6 million truck wheels in Jharkhand. In Oct 2015 SSWL added 0.6 Village Somalheri/Lehli,
million capacity to the Jharkhand plant. During FY16, SSWL has also installed a 20,000 ton captive P.O. Dappar, Tehsil Derabassi,
steel processing unit named Ute Mayr Steel Service Centre at Punjab for steel pickling, slitting and Distt. S.A.S. Nagar (Mohali) - 140506, Punjab
cut to length. Website: www.sswlindia.com

Financial Snapshot (` mn) Ratios (%)


Total Income Net Profit Networth EBIDTA EBIDTA Margin NPM RONW
12,007.2 611.8 4,062.5 1,556.0 13.0 5.1 15.1
(As on Mar 31, 2016)

Jamna Auto Industries Limited


Dun & Bradstreet D-U-N-S® No 91-642-1167
About the Company
Jamna Auto Industries Ltd (JAI) was founded in 1954 as a proprietary firm which was converted into Top 500 Ranking
a public limited company in 1965. JAI since its inception is engaged in manufacturing automotive Income 468
suspension solutions. The company mainly manufactures multi leaf and parabolic springs for
commercial vehicles (CVs) in India. The company also manufactures lift axle and air suspension Net Profit 352
products for which it has a technical collaboration with Ridewell Corporation, USA. As on Mar 31, Networth 482
2016 the company had eight plants across India supplying to major OEMS. In FY16, the company set
up two manufacturing units for air suspension and lift axle, one in Pune and the other in Pillaipakkam Address
near Chennai. Some of the company’s major clients include Ashok Leyland, Tata Motors, Volvo, SML Jai Springs Road, Industrial Area,
Isuzu etc. Yamuna Nagar - 135001, Haryana
Website: www.jaispring.com

Financial Snapshot (` mn) Ratios (%)


Total Income Net Profit Networth EBIDTA EBIDTA Margin NPM RONW
11,338.9 723.2 2,455.7 1,434.9 12.7 6.4 29.5
(As on Mar 31, 2016)

166 INDIA’S TOP 500 COMPANIES


Pricol Limited
Dun & Bradstreet D-U-N-S® No 86-026-3418
About the Company
Pricol Ltd (Pricol) is engaged in manufacturing of automobile parts primarily comprising four major Top 500 Ranking
product categories. The driver information systems and sensors category includes products such as Income 470
instrument clusters, speed, and pressure and temperature sensors. Asset management solutions
category comprises of asset tracking and monitoring systems, cab tilting system, digital fare meters Net Profit 398
amongst others. The third product category includes telematics, body control and security solutions Networth 473
which manufactures telematics control unit, body control modules, park assist systems. Pricol
manufactures oil and water pumps, chain tensioner, auto fuel cock, fuel feed pumps and valves Address
under pumps and mechanical products category. The company caters to seven vehicle segments CPM Towers,
– two-wheelers, three-wheelers, cars and vans, tractors, commercial vehicles, off-road vehicles 109, Race Course,
and industrial segment. Pricol owns seven manufacturing plants located in Coimbatore, Pune, Coimbatore - 641018, TN
Gurgaon and Rudrapur. In 2016 it completed the amalgamation of Pricol Pune Ltd, its wholly owned Website: www.pricol.com
subsidiary, with itself. On Jan, 22, 2016 Pricol sold its entire stake in Coimbatore Metal Works Ltd.

Financial Snapshot (` mn) Ratios (%)


Total Income Net Profit Networth EBIDTA EBIDTA Margin NPM RONW
11,335.1 432.0 2,993.3 1,135.2 10.0 3.8 14.4
(As on Mar 31, 2016)

L.G. Balakrishnan & Bros Limited


Dun & Bradstreet D-U-N-S® No 65-006-1666
About the Company
L.G. Balakrishnan & Bros Ltd (LGB) commenced its business in 1937 as a transport company with Top 500 Ranking
a fleet of 250 buses. Subsequently, LGB was registered as a public limited company in 1956 and its Income 475
business activities evolved to include manufacturing chains, sprockets and metal formed parts for
automotive applications. The company’s business segments include transmission, metal forming Net Profit 376
and others. Transmission products include chains, sprockets, tensioners, belts and brake shoe. It also Networth 442
offers metal forming products consisting of fine blanking for precision sheet metal parts, machined
components and wire drawing products for internal use as well as for other chain manufacturing Address
plants, spring steel suppliers and umbrella manufacturers. LGB’s products are marketed under the 6/16/13,
Rolon brand. It has 17 manufacturing units which are located in TN, Maharashtra, Uttrakhand, Krishnarayapuram Road,
Karnataka, Haryana and Rajasthan. The company has three subsidiary manufacturing units located Ganapathy,
in the USA which manufacture precision stamped metal parts used in automobiles. Coimbatore - 641006, TN
Website: www.lgb.co.in

Financial Snapshot (` mn) Ratios (%)


Total Income Net Profit Networth EBIDTA EBIDTA Margin NPM RONW
10,942.7 574.5 3,956.8 1,281.8 11.7 5.3 14.5
(As on Mar 31, 2016)

Sona Koyo Steering Systems Limited


Dun & Bradstreet D-U-N-S® No 65-009-1275
About the Company
Sona Koyo Steering Systems Ltd (SKSSL) incorporated in 1985, is the flagship company of the Sona Top 500 Ranking
Group which was formed under a technical and financial collaboration with JTEKT Corporation, Japan Income 476
(formally known as Koyo Seiko Co. Ltd.). SKSSL also has a technical partnership with Fuji Autotech
AB, Sweden. The company manufactures steering systems for passenger cars, utility vehicles and Net Profit 433
light commercial vehicles. SKSSL’s product portfolio includes two segments-steering systems and Networth 476
driveline products. The steering systems segment comprises of manual as well as power steering
including steering gears and columns. The Driveline segment manufactures case differentials, axle Address
components, rear axle assemblies and propeller shafts. SKSSL has seven manufacturing facilities UGF-6, Indraprakash,
located in Gurgaon, Dharuhera, Chennai and Sanand. The company has two subsidiaries JTEKT Sona 21, Barakhamba Road,
Automotive India Ltd and Sona Fuji Kiko Automotive Ltd. In FY16, the company started supplying New Delhi - 110001, Delhi
steering assembly to Eicher Pollaris. Website: www.sonakoyosteering.com

Financial Snapshot (` mn) Ratios (%)


Total Income Net Profit Networth EBIDTA EBIDTA Margin NPM RONW
10,933.8 250.0 2,731.2 1,317.6 12.1 2.3 9.2
(As on Mar 31, 2016)

INDIA’S TOP 500 COMPANIES 167


Automotive Axles Limited
Dun & Bradstreet D-U-N-S® No 65-019-4483
About the Company
Automotive Axles Ltd (AAL) was incorporated in 1981 as a joint venture between Kalyani Group Top 500 Ranking
and Meritor Inc., USA. (erstwhile automotive division of Rockwell International Corporation). The Income 477
company manufactures rear drive axles, non-drive axles, front steer axles, specialty and defence
axles and drum and disc brakes. It also manufactures light duty drive axles. The company supplies its Net Profit 414
products to manufacturers of trucks and buses and it caters to light, medium and heavy commercial Networth 468
vehicles, military and off-highway vehicles, among others. Some of its major clients include Ashok
Leyland, Tata Motors, AMW, Daimler India, Volvo India, SML Isuzu Ltd among others. AAL exports Address
axle parts to USA, France, Italy, China, Brazil and Australia. The company has three manufacturing Hootagalli Industrial Area,
plants located in Mysore, Rudrapur and Jamshedpur. AAL is amongst the major automotive axles Off-Hunsur Road,
manufacturing company in the country with almost 70% of its revenue generated from rear drive Mysore - 570018, Karnataka
axles segment. Website: www.autoaxle.com

Financial Snapshot (` mn) Ratios (%)


Total Income Net Profit Networth EBIDTA EBIDTA Margin NPM RONW
10,875.4 347.7 3,272.0 963.2 8.9 3.2 10.6
(As on Mar 31, 2016)

Omax Autos Limited


Dun & Bradstreet D-U-N-S® No 65-014-2953
About the Company
Omax Autos Ltd (Omax Autos) was established in the year 1985. The company is is engaged in Top 500 Ranking
manufacturing of auto components and supplies to the leading two- wheelers, four- wheelers and Income 491
Commercial Vehicle manufacturers around the country. It is also a registered supplier to the Indian
Railways. The company specializes in sheet metal components, tubular components and machined Net Profit 460
components. It also offers a wide gamut of assemblies, sub-assemblies, frames, bus structure Networth 489
assemblies, tools fixtures and SPM. The company operates nine manufacturing facilities in Rewari,
Manesar, Binola, Gurgaon across Haryana; Bengaluru in Karnataka; Lucknow in UP; and Pant Nagar Address
in Uttarakhand. Its clientele includes companies such as Suzuki, Honda, Yamaha, Royal Enfield, 69 K.M. Stone,
Ashok Leyland, Tata, Volvo, and Indian Railways among others. Delhi-Jaipur Highway,
Dharuhera,
Distt.-Riwari, Harayana - 123110
Website: www.omaxauto.com

Financial Snapshot (` mn) Ratios (%)


Total Income Net Profit Networth EBIDTA EBIDTA Margin NPM RONW
10,324.8 79.1 2,200.0 578.0 5.6 0.8 3.6
(As on Mar 31, 2016)

xyz
Dun & Bradstreet D-U-N-S® No 00-000-0000
About the Company
xyz Top 500 Ranking
Income
Net Profit
Networth
Address
xyz

Financial Snapshot (` mn) Ratios (%)


Total Income Net Profit Networth EBIDTA EBIDTA Margin NPM RONW

(As on Mar 31, 2016)

168 INDIA’S TOP 500 COMPANIES


Automobile -
Two / ThrEe Wheelers
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 289,904.2 31,323.7 79,447.5 10.8 39.4
2 Bajaj Auto Limited 236,008.6 36,524.1 122,916.6 15.5 29.7
3 TVS Motor Company Limited 112,951.8 4,321.4 19,368.0 3.8 22.3
4 Eicher Motors Limited# 50,930.2 9,838.8 21,507.8 19.3 45.7

INDIA’S TOP 500 COMPANIES


Hero MotoCorp Limited
Dun & Bradstreet D-U-N-S® No 65-006-1518
About the Company
Hero MotoCorp. Ltd. (Hero), was established in 1984 following a collaboration between Japan’s Top 500 Ranking
Honda Motor Company and India’s Hero Group. Erstwhile known as Hero Honda Motors Ltd., the Income 37
company is engaged in the business of manufacturing of two-wheelers, namely motorcycles and
scooters. As on Mar 31, 2016 the company had more than 24 products comprising 100cc, 110cc, Net Profit 31
125cc, 150cc, 225cc and various scooter categories for a wide range of customers. Some of its Networth 92
popular brands include Glamour, Super Splendor etc. In FY16, the company sold 6.63 mn units. In
the motorcycle segment (domestic and export), sales remained flat at 5.74 mn units in FY16. In the Address
scooter segment (domestic and exports), sales grew by 7.9% from 0.83 mn units in FY15 to 0.90 34, Community Centre,
mn units in FY16. During FY16, the company exported 210,409 units, compared to 200,140 units in Basant Lok,
FY15, recording 5.1% growth in sales volumes. Across the border, Hero commenced operations at Vasant Vihar,
its first overseas manufacturing facility at Villa Rica, Columbia, with an annual capacity of 80,000 New Delhi - 110057, Delhi
units. Website: www.heromotocorp.com

Financial Snapshot (` mn) Ratios (%)


Total Income Net Profit Networth EBIDTA EBIDTA Margin NPM RONW
289,904.2 31,323.7 79,447.5 48,381.3 16.7 10.8 39.4
(As on Mar 31, 2016)

Bajaj Auto Limited


Dun & Bradstreet D-U-N-S® No 65-037-2753
About the Company
Bajaj Auto Ltd. (Bajaj Auto) is the flagship company of the Bajaj Group and was founded in 1926 by Top 500 Ranking
Jamnalal Bajaj. The company manufactures scooters, motorcycles and three-wheeler vehicles as Income 47
well as their spare parts. Some of its well-known brands include Boxer, CT 100, Platina, Discover,
Pulsar, etc. The company’s plants are located at Waluj and Chakan in Maharashtra and Pantnagar Net Profit 28
in Uttaranchal, with a combined capacity of 6.06 mn units, as of March 2016. In FY16, Bajaj Auto Networth 67
sold nearly 3.36 mn motorcycles in India and abroad. Total three-wheeler sales of the company,
domestic and exports, stood at 534,995 units in FY16, a growth of 3.1% over the previous year. In Address
February 2016, Bajaj Auto launched the V15, a 150 cc bike. As on 31 Mar 2016, Bajaj Auto exported Bajaj Auto Ltd Complex,
to 78 countries and sales from the export market accounted for 43.9% of the company’s net sales in Mumbai - Pune Road,
FY16. Major export markets include Africa, Latin America and South Asia and Middle East. Akurdi,
Pune - 411035, Maharashtra
Website: www.bajajauto.com

Financial Snapshot (` mn) Ratios (%)


Total Income Net Profit Networth EBIDTA EBIDTA Margin NPM RONW
236,008.6 36,524.1 122,916.6 56,928.2 24.1 15.5 29.7
(As on Mar 31, 2016)

TVS Motor Company Limited


Dun & Bradstreet D-U-N-S® No 86-221-7981
About the Company
TVS Motor Company Ltd (TVS Motor) is a flagship company of the TVS Group. TVS Motor manufactures Top 500 Ranking
a wide range of two wheelers including motorcycles, scooters and mopeds as well as three wheelers Income 83
under the brand TVS King with an annual production capacity of 3.2 mn two wheelers and 1.2 lakh
three wheelers. The company along with its subsidiaries and associates is also engaged in vehicle Net Profit 143
finance, component manufacturing, housing and wind power production. It operates through three Networth 221
manufacturing facilities located in India (TN, Karnataka and HP) and one in Indonesia. In 2016, the
company launched four stroke TVS XL 100 in 17 states of India. It also launched TVS Jupiter MillionR Address
special edition, chocolate gold edition of the 2016 TVS StaR City+, TVS Scooty Zest 110 ‘Himalayan Jayalakshmi Estates,
Highs’ edition, TVS Apache RTR 200 FI and TVS Victor in 2016. TVS Apache RTR 200 FI was also No.29 (Old No.8),
launched in Indonesia by its subsidiary, PT TVS Motor Company. In Mar 2016, TVS Motor entered Haddows Road,
into a partnership with Snapdeal to sell the motorcycles and scooters online. Chennai – 600006, TN
Website: www.tvsmotor.in

Financial Snapshot (` mn) Ratios (%)


Total Income Net Profit Networth EBIDTA EBIDTA Margin NPM RONW
112,951.8 4,321.4 19,368.0 8,037.5 7.1 3.8 22.3
(As on Mar 31, 2016)

INDIA’S TOP 500 COMPANIES 171


Eicher Motors Limited
Dun & Bradstreet D-U-N-S® No 65-078-2605
About the Company
Eicher Motors Ltd (Eicher) the flagship company of the Eicher Group was incorporated in 1982. Top 500 Ranking
The company operates in the automotive space. It manufactures and markets the Royal Enfield, a Income 165
premium motorcycle catering to the domestic and global customers. The product portfolio of Royal
Enfield encompass; Bullet, Classic, Continental GT and Thunderbird. It also operates a JV with Volvo Net Profit 68
Group, VE Commercial Vehicles Ltd which designs, manufactures and markets trucks and buses. Networth 206
Eicher also has JV with US-based Polaris Industries Inc. in the name of Eicher Polaris Pvt Ltd (EPPL)
which undertakes designing and developing of personal vehicles. During 12-months ended Mar 31 Address
2016, Eicher sold 508,099 motorcycles and its JVs sold 52,025 commercial vehicles. During the same 3rd Floor, Select Citywalk,
period, it added 100 new dealerships taking the total dealership network to 500 as on Mar 31 2016. A-3 District Centre, Saket,
In FY16, Royal Enfield introduced Himalayan, a motorcycle purpose-built for adventure and touring New Delhi - 110017,
in the Himalayas and its JV EPPL launched Multix, a 3-in-1 personal utility vehicle. Delhi
Website: www.eicher.in

Financial Snapshot (` mn) Ratios (%)


Total Income Net Profit Networth EBIDTA EBIDTA Margin NPM RONW
50,930.2 9,838.8 21,507.8 15,268.9 30.0 19.3 45.7
(As on Mar 31, 2016)
15 months data annualised

Dun & Bradstreet D-U-N-S® No


Top 500 Ranking
Income
Net Profit
Networth
Address

Financial Snapshot (` mn) Ratios (%)


Total Income Net Profit Networth EBIDTA EBIDTA Margin NPM RONW

(As on Mar 31, 2016)

Dun & Bradstreet D-U-N-S® No


Top 500 Ranking
Income
Net Profit
Networth
Address

Financial Snapshot (` mn) Ratios (%)


Total Income Net Profit Networth EBIDTA EBIDTA Margin NPM RONW

(As on Mar 31, 2016)

172 INDIA’S TOP 500 COMPANIES


Automobiles
Automobiles
Comparative Matrix

Sector Total Income Net Profit Net Worth NPM RONW


Company Name
TI Rank ` Mn ` Mn ` Mn (%) (%)
1 Maruti Suzuki India Limited 582,082.0 45,714.0 270,071.0 7.9 16.9
2 Tata Motors Limited 445,027.4 2,342.3 223,452.1 0.5 1.0
3 Mahindra & Mahindra Limited 417,398.3 31,674.8 216,964.0 7.6 14.6
4 Ashok Leyland Limited 189,314.5 7,217.8 44,808.9 3.8 16.1
5 Escorts Limited 35,300.0 893.8 18,361.2 2.5 4.9
6 Force Motors Limited 31,312.3 1,794.2 14,804.4 5.7 12.1
7 SML Isuzu Limited 11,725.9 511.6 3,401.3 4.4 15.0

INDIA’S TOP 500 COMPANIES


Maruti Suzuki India Limited
Dun & Bradstreet D-U-N-S® No 65-005-8878
About the Company
Maruti Suzuki India Ltd (MSIL) was originally incorporated as Maruti Udyog Ltd. A joint-venture Top 500 Ranking
was formed between Maruti Udyog Ltd and Suzuki Motor Corp. of Japan in 1982. As of December Income 13
2016, Suzuki Motor Corp. held 56.21% stake in the company. As on Mar 31, 2016 the company
had manufacturing sites at Gurgaon and Manesar with an annual installed capacity of 1.5 million Net Profit 25
vehicles. The company’s major developments in FY16 included global launch of Suzuki’s first diesel Networth 35
engine, launch of new retail channel Nexa and sales of auto gear shift technology vehicles crossing
50,000 units among others. Over 125 Nexa outlets were set up by dealers during FY16. In FY16, the Address
company added over 200 outlets taking the total number of outlets to 1,820 in the existing channel. Plot No. 1,
MSIL’s new product launches in FY16 included S-Cross, Baleno and Vitara Brezza. In Sep 2016, MSIL Nelson Mandela Road,
attained cumulative exports of 1.5 million vehicles. In Jan 2017, MSIL announced the launch of an Vasant Kunj,
all-new VXi+ variant for WagonR. New Delhi – 110070, Delhi
Website: www.marutisuzuki.com

Financial Snapshot (` mn) Ratios (%)


Total Income Net Profit Networth EBIDTA EBIDTA Margin NPM RONW
582,082.0 45,714.0 270,071.0 94,401.0 16.2 7.9 16.9
(As on Mar 31, 2016)

Tata Motors Limited


Dun & Bradstreet D-U-N-S® No 65-028-2031
About the Company
Tata Motors Ltd (Tata Motors)., part of the Tata Group, was founded in 1945 to manufacture Top 500 Ranking
locomotives and other engineering products. Erstwhile known as Tata Engineering and Locomotive Income 22
Company, the company started manufacturing commercial vehicles in 1954 following a 15-year
collaboration with Germany’s Daimler Benz. The company is engaged in manufacturing cars & utility Net Profit 206
vehicles, trucks & buses, municipal solution vehicles, defence vehicles among others. The company’s Networth 38
major product launches in FY16 includes TIAGO, GENX NANO, ACE MEGA and the SIGNA range
of medium and heavy commercial vehicles designed for applications in haulage and construction Address
industries among others. In FY16, Tata Motors signed a contract with MMRDA to supply 25 Tata Bombay House,
Starbus Diesel Series Hybrid Electric Buses. Some of the company’s global developments in FY16 24 Homi Mody Street,
include launch of Tata Prima in Kenya, Uganda and Bangladesh; Ultra Bus in Sri Lanka; Ultra trucks in Mumbai - 400001,
Bangladesh; Elanza bus in UAE and Ace Express, Ace Mega in Sri Lanka and Nepal. In the same year, Maharashtra
the company also opened assembly units with third party vendors in Tunisia and Vietnam. Website: www.tatamotors.com

Financial Snapshot (` mn) Ratios (%)


Total Income Net Profit Networth EBIDTA EBIDTA Margin NPM RONW
445,027.4 2,342.3 223,452.1 40,755.9 9.2 0.5 1.0
(As on Mar 31, 2016)

Mahindra & Mahindra Limited


Dun & Bradstreet D-U-N-S® No 87-179-6551
About the Company
Mahindra & Mahindra Ltd (M&M), the flagship company of the Mahindra Group, primarily operates Top 500 Ranking
through the automotive and farm divisions. Some of its prominent automotive brands include Income 24
Bolero, Scorpio, Xylo etc. The company’s automotive sector recorded total sales of 4,94,096 vehicles
in FY16 as compared to 4,64,850 vehicles in the previous year, registering a growth of 6.3% y-o-y in Net Profit 30
vehicle sales. For the same period, the commercial vehicle segment recorded 8.4% volume growth Networth 41
and the three wheeler segment registered a decline of 3.2% in sales volume. The UV sales volume
grew by 7.5% in FY16 y-o-y. In FY16, M&M exported 36,031 vehicles as compared to 30,196 vehicles Address
in the previous, registering a growth of 19.3%. In FY16 the company launched 14 new products in Gateway Building,
the automotive business and seven products in the tractor and farm mechanization business. Some Apollo Bunder,
of the prominent products launched include TUV300 and KUV100 in the compact UV segment, Mumbai - 400001, Maharashtra
small commercial vehicle Jeeto and Blazo series heavy commercial trucks among others. Website: www.mahindra.com

Financial Snapshot (` mn) Ratios (%)


Total Income Net Profit Networth EBIDTA EBIDTA Margin NPM RONW
417,398.3 31,674.8 216,964.0 53,778.8 12.9 7.6 14.6
(As on Mar 31, 2016)

INDIA’S TOP 500 COMPANIES 175


Ashok Leyland Limited
Dun & Bradstreet D-U-N-S® No 91-843-2779
About the Company
Ashok Leyland Ltd (Ashok Leyland) was founded in 1948 as Ashok Motors in partnership with Austin Top 500 Ranking
Motor Co, England for assembling Austin cars. In 1950 Ashok Motors and Leyland UK collaborated Income 57
to manufacture trucks in the country. The company acquired its present name in 1955 with
Leyland Motors Ltd equity investment in the company. The Hinduja Group with Iveco acquired a Net Profit 96
majority stake in the company in 1987. Presently, Ashok Leyland is the flagship company of Hinduja Networth 129
Group which manufactures buses, trucks, light vehicles, defence vehicles, and has diversified into
manufacturing power generation products. The company has five manufacturing units situated in Address
TN, MP and Alwar in Rajasthan. Ashok Leyland exports to over 30 countries including Sri Lanka, 1, Sardar Patel Road,
Bangaldesh, Mauritius, Middle East and Africa. Ashok Leyland has set up a factory in UAE through Guindy,
a joint venture with Ras Al Khaimah Investment Authority. It has a joint venture Lanka Ashok Chennai – 600032, TN
Leyland Plc with the Government of Sri Lanka. Ashok Leyland holds about 75% of Optare Plc, UK, Website: www.ashokleyland.com
for manufacturing city buses.

Financial Snapshot (` mn) Ratios (%)


Total Income Net Profit Networth EBIDTA EBIDTA Margin NPM RONW
189,314.5 7,217.8 44,808.9 22,343.7 11.8 3.8 16.1
(As on Mar 31, 2016)

Escorts Limited
Dun & Bradstreet D-U-N-S® No 87-178-0523
About the Company
Escorts Ltd (Escorts), the flagship company of the Escorts Group is engaged in the manufacture Top 500 Ranking
and supply of agri machinery, auto products, railway equipment and construction & material Income 221
handling equipment. The product portfolio of Escorts under various categories include tractors,
engines, gensets, lubricants, crop solutions, locomotives, wagons, cranes, loaders, forklifts and Net Profit 325
compactors amongst others. The company operates through three agri machinery plants with the Networth 230
annual production capacity of 100,000 tractors, one construction equipment facility with annual
capacity of 10,000 units and one railway equipment facility with annual capacity of 1,100 couplers Address
and 32,000 brake block. In FY16, Escorts launched the Euro Series under Powertrac, Safe Crane F 15/5, Mathura Road,
20, Tandem HD85 with Escorts Water Cooled Engine and FT 6055 Xtra Torque Tractor with 20 speed Faridabad – 121003, UP
transmission. In Nov 2016, Escorts launched new range of FT 6080 Pro and FT 6090 Pro Farmtrac Website: www.escortsgroup.com
tractors in 80 & 90 HP category simultaneously in Italy and Mexico. In Dec 2016, OEM & Export
business of Auto Product division of Escorts got transferred to Badve Engineering Ltd.

Financial Snapshot (` mn) Ratios (%)


Total Income Net Profit Networth EBIDTA EBIDTA Margin NPM RONW
35,300.0 893.8 18,361.2 2,121.6 6.0 2.5 4.9
(As on Mar 31, 2016)

Force Motors Limited


Dun & Bradstreet D-U-N-S® No 65-005-7847
About the Company
Force Motors Ltd (Force Motors) was incorporated in 1958. Force Motors is a vertically integrated Top 500 Ranking
automobile company, with expertise in design, development and manufacture of the automotive Income 236
components, aggregates and vehicles. Its product range includes small commercial vehicles, multi-
utility vehicles (MUV), light commercial vehicles (LCV), sports utility vehicles (SUV) and agricultural Net Profit 244
tractors. Some of the key brands are Force Gurkha, Force One, Trax Cruiser, Traveller 26, Trump Networth 261
40, Trax Kargo-King, Orchard and Balwan among others. It has partnered with leading global
automotive names like Daimler, ZF, Ricardo, Bosch and MAN to develop necessary expertise in- Address
house for design, development and manufacture of automobiles, sub-systems, components and Mumbai - Pune Road,
aggregates. The company exports its complete range of automobile products to various countries in Akurdi,
Middle East, Asia, Latin America and Africa. During FY16, number of vehicles sold by the company Pune – 411035,
stood at 33,354 as compared to 29,366 during FY15. In Jun 2016, the company inaugurated its Maharashtra
manufacturing facility established at Village Nanekarwadi, Chakan, District Pune for production/ Website: www.forcemotors.com
manufacture of engines and axles.

Financial Snapshot (` mn) Ratios (%)


Total Income Net Profit Networth EBIDTA EBIDTA Margin NPM RONW
31,312.3 1,794.2 14,804.4 3,451.5 11.0 5.7 12.1
(As on Mar 31, 2016)

176 INDIA’S TOP 500 COMPANIES


SML Isuzu Limited
Dun & Bradstreet D-U-N-S® No 65-054-5622
About the Company
SML Isuzu Ltd (SMLI) was established in 1983 as Swaraj Vehicles Ltd. SMLI is engaged in the Top 500 Ranking
manufacture of light and medium commercial vehicles including buses, trucks and customized Income 457
vehicles, as well as spares. As of March 2016, Japanese companies, Sumitomo Corporation and
Isuzu Motors hold 43.96% and 15% shareholding, respectively, in the company. The company does Net Profit 390
not have any subsidiary, joint venture or associate company. The company’s manufacturing plant is Networth 463
located at Nawanshahr, Punjab. The company reported a sale of 15,184 vehicles during the period
April 2016 -March 2017 as compared with 12,700 clocked in the corresponding period a year ago, Address
up 19.6%. Village Asron,
Distt. Shahid Bhagat Singh Nagar,
Nawan Shahr - 144533, Punjab
Website: www.smlisuza.com

Financial Snapshot (` mn) Ratios (%)


Total Income Net Profit Networth EBIDTA EBIDTA Margin NPM RONW
11,725.9 511.6 3,401.3 925.1 7.9 4.4 15.0
(As on Mar 31, 2016)

Dun & Bradstreet D-U-N-S® No


Top 500 Ranking
Income
Net Profit
Networth
Address

Financial Snapshot (` mn) Ratios (%)


Total Income Net Profit Networth EBIDTA EBIDTA Margin NPM RONW

(As on Mar 31, 2016)

Dun & Bradstreet D-U-N-S® No


Top 500 Ranking
Income
Net Profit
Networth
Address

Financial Snapshot (` mn) Ratios (%)


Total Income Net Profit Networth EBIDTA EBIDTA Margin NPM RONW

(As on Mar 31, 2016)

INDIA’S TOP 500 COMPANIES 177


Banks
State Bank of India
About the Company international. Some of its offerings
include; working capital financing, term
State Bank of India (SBI) traces its roots
loans, deferred payment guarantees,
back in the nineteenth century with the
corporate loans and export credit among
establishment of the Bank of Calcutta in
others.
1806. Three years later, the bank was re-
designed as the Bank of Bengal, which was
the first joint-stock bank of British India Agri/Rural: Being the pioneers of agri
sponsored by the Government of Bengal. financing; its offerings cover the whole
This was followed by the establishment of range of agriculture and allied activities.
Smt. Arundhati Bhattacharya
Chairman Bank of Bombay and Bank of Madras in Some of its offerings encompass; Kisan
1840 and 1843 respectively. These three Credit Card, tractor loan, agri gold loan and
presidency banks remained the apex of high value agri loan. Further, SBI operates
modern banking in the country, until they 14 RRBs covering 155 districts in 15 states,
were merged with their 70 branches in with a network of 3,955 branches. It also
1921 to form the Imperial Bank of India. offers a host of micro-credit schemes and
lead bank schemes catering to the rural
population.
The first five year plan, launched in 1951,
gave priority to rural India, creating a
need for a state-partnered and state- SME: With over one million customers,
sponsored bank that served the economy SBI clearly stands out with its contribution
in general, with special focus on rural. SBI towards the growth and development
was thus constituted in July 1955, with of SMEs in the country. The bank offers
social purpose aided by the 480 offices a host of loan products, supply chain
comprising branches, sub offices and finance, deposit & transaction banking
three Local Head Offices inherited from products and services. Additionally, it
the Imperial Bank. also operates SME care centers and SME
Intensive branches.

Offerings
NRI Services: With 81 specialised and
With an active customer base of more
dedicated NRI branches and 100 NRI
than 300 mn, SBI offers a host of products
intensive branches as on Mar 31, 2016;
and services catering to personal,
SBI caters to more than 17 lakh NRI
commercial enterprises, large corporates,
customers. It offers accounts/deposits,
public bodies and institutional customers.
remittances, investments, loans and NRI
family card among others.
Personal Banking: It offers a host of
personal banking services including,
International Banking: The international
deposit schemes, personal finance, wealth
banking operations of the bank include;
management, cards, demat services,
198 offices spread across 37 countries
pension schemes, special salary account
as on Mar 31, 2016. Its comprehensive
and gold banking among others.
international banking products, services
and financial solutions include; wholesale
Corporate Banking: SBI is one-stop-shop banking, retail banking, global trade
providing financial products / services services, correspondent banking, and
of a wide range for large, medium and treasury management among others.
small customers both domestic and
Network trading, pension fund management, Mobile Banking: SBI has more than
custodial services, and primary dealership 17 million mobile banking users across
SBI operates a wide spread network across
in the money market. As on Apr 2016, the country. In FY16, it registered more
the country with nearly 24,000 branches.
the bank had 15 domestic non-banking than 85% growth in mobile banking
The bank also operates one of the largest
subsidiaries, four foreign non-banking transactions, from 77.1 mn in FY15 to 144
ATM network of nearly 59,000 ATMs in
subsidiaries, eight jointly controlled mn in FY16. During the same period, it
the country comprising of ATM’s, Kiosks,
entities and 18 RRBs as associates. launched mobile banking applications for
and Cash Deposit Machines (CDMs) and
SME & corporate customers, “State Bank
Recyclers. In FY16, the ATM channel of
Anywhere Saral” & “State Bank Anywhere
the bank handled nearly 56% of its total Digital Footprint
Corporate”.
Alternate Channel transactions and 43%
In line with the government’s Digital India
of the total financial transactions.
mission, SBI is evolving a digital business
e-Commerce: The online banking platform
model and has grown its technology and
of SBI, onlinesbi.com, has achieved
SBI also has established its presence channel platforms. It has also scaled up its
more than 1.24 bn transactions in FY16,
across 37 countries globally. offerings across various channels – digital
achieving 39% growth over the previous
branches, mobile, internet and social
year. The bank has over 36,000 merchant
media.
Subsidiaries and Associate Companies tie-ups, direct or through State Bank
From 1st Apr 2017, SBI merged five of its Collect and e-Commerce aggregators.
sbiInTOUCH: The 115 sbiINTOUCH
domestic banking subsidiaries (State Bank
branches launched across 70 districts
of Bikaner & Jaipur, State Bank of Patiala, POS: The bank is enhancing its debit card
in the country in FY15, expanded to 122
State Bank of Travancore, State Bank of acceptance infrastructure by installation
branches in FY16. These branches are
Mysore and State Bank of Hyderabad) and of POS terminals across the country. In
equipped with state-of-the-art devices/
Bharatiya Mahila Bank with itself. FY16, the bank operated more than three
kiosks, allowing customers to transact on
lakh POS terminals, registering a growth
a self-service mode. It also offers onsite
SBI has several non-bank subsidiaries which of 56% in terms of number of transactions
support, advisory services through remote
offer a wide range of financial services and 60% in value of transactions.
expert on hi-definition video conference.
such as insurance, merchant banking,
trustee business, mutual fund, security
Banks
Comparative Matrix

Sector Total Income Net Profit Net Worth Net NPA


Company Name NIM (%)
TI Rank ` Mn ` Mn ` Mn Ratio (%)
1 State Bank of India 1,918,436.7 99,506.5 1,442,744.5 2.6 3.8
2 HDFC Bank Limited 709,731.7 122,962.0 726,777.6 4.2 0.3
3 ICICI Bank Limited 680,624.9 97,262.9 869,181.0 3.1 3.0
4 Punjab National Bank 543,013.7 (39,744.0) 354,653.6 2.4 8.6
5 Axis Bank Limited 503,595.0 82,236.6 531,649.0 3.4 0.7
6 Bank of Baroda 490,601.4 (53,955.4) 360,727.7 1.8 5.1
7 Canara Bank 488,973.6 (28,128.2) 316,032.0 1.8 6.4
8 Bank of India 454,490.1 (60,892.1) 323,171.7 1.9 7.8
9 Union Bank of India 358,305.4 13,516.0 203,099.7 2.1 5.3
10 IDBI Bank Limited 314,534.6 (36,648.0) 221,139.6 1.7 6.8
11 Central Bank of India 278,266.8 (14,181.9) 143,867.9 2.3 7.4
12 Indian Overseas Bank 260,455.5 (28,973.3) 132,542.1 1.9 11.9
13 Syndicate Bank 257,065.1 (16,434.9) 114,656.2 2.0 4.5
14 Oriental Bank of Commerce 218,249.9 1,560.8 137,338.7 2.3 6.7
15 Corporation Bank 211,464.0 (5,064.8) 106,861.4 1.8 6.5
16 Allahabad Bank 207,950.7 (7,433.1) 114,160.1 2.5 6.8
17 UCO Bank 201,572.8 (27,992.6) 115,869.6 2.0 9.1
18 Andhra Bank 191,991.5 5,398.4 103,040.8 2.8 4.6
19 Kotak Mahindra Bank Limited 189,964.2 20,897.8 239,624.6 4.6 1.1
20 Indian Bank 180,252.0 7,113.8 134,783.4 2.2 4.2
21 Yes Bank Limited 162,455.9 25,394.5 137,866.0 3.0 0.3
22 IndusInd Bank Limited 148,776.1 22,864.5 173,152.1 3.6 0.4
23 Bank of Maharashtra 140,722.8 1,006.9 74,913.6 2.5 6.4
24 Vijaya Bank 129,574.4 3,818.0 67,508.6 1.9 4.8
25 United Bank of India 114,042.0 (2,819.6) 53,945.3 1.8 9.0
26 Dena Bank 113,625.3 (9,353.2) 62,119.6 1.9 6.4
27 State Bank of Travancore 107,570.7 3,377.3 60,211.1 2.3 2.8
28 State Bank of Bikaner & Jaipur 106,495.2 8,506.0 67,427.9 3.1 2.8
29 Punjab & Sind Bank 92,228.3 3,359.7 50,680.7 2.2 4.6
30 The Federal Bank Limited 85,310.7 4,756.5 80,862.1 2.9 1.6
31 State Bank of Mysore 79,378.5 3,578.5 46,710.1 2.6 4.2
32 The Jammu and Kashmir Bank Limited 73,476.0 4,160.3 64,239.7 3.5 4.3
33 The Karur Vysya Bank Limited 61,502.2 5,676.4 45,729.6 3.2 0.6
34 The South Indian Bank Limited 60,746.2 3,332.7 37,119.6 2.5 2.9
35 The Karnataka Bank Limited 55,350.7 4,152.9 36,905.9 2.4 2.4
36 IDFC Bank Limited 40,520.3 4,668.5 136,325.5 1.1 2.4
37 City Union Bank Limited 33,541.9 4,446.9 30,520.0 3.3 1.5
38 The Lakshmi Vilas Bank Limited 28,728.3 1,802.4 15,918.6 2.4 1.2
39 DCB Bank Limited 19,189.2 1,945.2 17,419.4 3.5 0.8

INDIA’S TOP 500 COMPANIES


State Bank of India
Dun & Bradstreet D-U-N-S® No 65-005-6914
About the Company
State Bank of India (SBI) was founded in 1806, as Bank of Calcutta and subsequently evolved into Top 500 Ranking
SBI in the year 1955. SBI primarily operates in the business segments namely personal banking, Income 3
agricultural banking, international banking and other banking operations. SBI’s international
banking operation spans across 196 offices spread across 37 countries in the world. During FY16, it Net Profit 9
opened two new branches in United Kingdom and four Indian visa application centres in Bangladesh. Networth 3
After opening 451 new branches and 286 ATMs during the year, the branch network of the bank
reached a total of 16,784 branches and 42,740 ATMs as of Mar 31, 2016. SBI launched the mobile Address
banking applications State Bank Anywhere Saral and State Bank Anywhere Corporate in FY16. It Corporate Centre,
also introduced the Loyalty Car Loan Scheme for existing Housing Loan borrowers during the year. State Bank Bhavan,
With effect from 1st April 2017, the entire undertaking of State Bank of Bikaner & Jaipur, State Bank Madame Cama Marg,
of Mysore, State Bank of Travancore, State Bank of Patiala, State Bank of Hyderabad and Bharatiya Mumbai - 400021, Maharashtra
Mahila Bank has been transferred to and vested in the State Bank of India. Website: www.sbi.co.in

Financial Snapshot (` mn) Ratios (%)


Total Income Net Profit Networth Total Business NIM ROA Net NPA Ratio
1,918,436.7 99,506.5 1,442,744.5 31,944,228.5 2.6 0.5 3.8
(As on Mar 31, 2016)

HDFC Bank Limited


Dun & Bradstreet D-U-N-S® No 91-673-2745
About the Company
HDFC Bank Ltd (HDFC Bank) was incorporated in 1994 and commenced operations as a scheduled Top 500 Ranking
commercial bank in 1995. Under retail banking, it provides various services like loans and deposits, Income 9
cards services, demat accounts, investment facility etc. In FY16, HDFC Bank launched “Dhanchayat:
Financial Literacy on Wheels”, an initiative to educate the rural population. During 2016, its Net Profit 6
innovation initiatives included PayZapp with SmartBuy,10 second personal loan, ZipDrive, Virtual Networth 8
Relationship Manager, Chillr, Design Your Own Loan Against Securities (LAS), Loans on ATMs, Missed
Called Recharge and MobileBanking Liteapp in the retail business and Trade on Net and E Net on Address
Mobile for corporate customers in the wholesale business. The bank opened 506 branches and 234 HDFC Bank House,
ATMs during the FY16. As on Mar 31, 2016, it had 4,520 branches and 12,000 ATMs spread across Senapati Bapat Marg,
the country. Lower Parel (West),
Mumbai - 400013, Maharashtra
Website:www.hdfcbank.com

Financial Snapshot (` mn) Ratios (%)


Total Income Net Profit Networth Total Business NIM ROA Net NPA Ratio
709,731.7 122,962.0 726,777.6 10,110,181.5 4.2 1.9 0.3
(As on Mar 31, 2016)

ICICI Bank Limited


Dun & Bradstreet D-U-N-S® No 65-067-3890
About the Company
ICICI Bank Ltd (ICICI Bank) was promoted in 1994 by ICICI Ltd. ICICI Bank provides personal, private, Top 500 Ranking
NRI, and corporate banking services. Personal banking offers services like savings account, current Income 10
account, fixed deposits etc. Corporate banking offers cash management services, merchant banking,
global trade, forex and custodial services. ICICI Bank also has social media presence that includes Net Profit 11
launch of twitter application, digital bank called ‘Pockets’ for fund transfer etc. During FY16, the Networth 5
bank launched Money2World, which enables any resident Indian to send money abroad from any
bank in India to any bank overseas within one international working day. It launched Smart Vault, Address
which is a fully automated state-of-the-art locker which is available 24x7, including weekends. 4th & 8th Floor, ICICI Towers,
An innovative online solution named Eazypay was launched during the year to ease payments to Bandra-Kurla Complex,
customers. South Tower, Bandra (East),
Mumbai - 400051, Maharashtra
Website: www.icicibank.com

Financial Snapshot (` mn) Ratios (%)


Total Income Net Profit Networth Total Business NIM ROA Net NPA Ratio
680,624.9 97,262.9 869,181.0 8,566,896.5 3.1 1.5 3.0
(As on Mar 31, 2016)

INDIA’S TOP 500 COMPANIES 183


Punjab National Bank
Dun & Bradstreet D-U-N-S® No 65-005-6740
About the Company
Punjab National Bank (PNB) commenced its operations in 1895, and was nationalized in 1969. Top 500 Ranking
In 1993, New Bank of India was merged with PNB and further in 2003, Nedungadi Bank Ltd was Income 15
amalgamated with the bank. Under personal banking, the bank offers savings, current, fixed
deposits, credit, doorstep banking services etc. The bank has a branch network of 6,759 and 9,463 Net Profit 497
ATMs as on Mar 31, 2016. During FY16, 202 new branches were added. PNB also added 32 ‘women Networth 23
only’ branches named “Akshaya” during the year. These branches are managed exclusively by
women for the women customers only. It also launched a slew of innovative digital products and Address
solutions in FY16 such as PNB ATM Assist, PNB MobiEase, PNB Sleep Easy, Green PIN, etc. A saving HO:7, Bhikaiji Cama Place,
product, named “PNB POWER SAVINGS” exclusively for women was launched in March 2016. New Delhi – 110607, Delhi
Website:www.pnbindia.in

Financial Snapshot (` mn) Ratios (%)


Total Income Net Profit Networth Total Business NIM ROA Net NPA Ratio
543,013.7 (39,744.0) 354,653.6 9,653,769.3 2.4 (0.6) 8.6
(As on Mar 31, 2016)

Axis Bank Limited


Dun & Bradstreet D-U-N-S® No 72-520-8792
About the Company
Axis Bank Ltd (Axis Bank) is a private sector bank in India, incorporated in 1993 and commenced Top 500 Ranking
its operations in 1994. The Bank offers financial services to various customer segments covering Income 17
large and mid-corporates, MSME, agriculture and retail businesses. There are varieties of products,
services and payment facilities offered such as accounts, cards, loans, forex, investments, and Net Profit 12
insurance amongst others. As on Mar 31, 2016, the bank has 2,904 domestic branches and Networth 12
12,743 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; Address
representative offices at Dhaka, Dubai, Abu Dhabi and an overseas subsidiary at London, UK. During Trishul, 3rd Floor,
June 2016, Axis Bank signed a MoU with Kasikorn Bank, Thailand which will facilitate trade flows Opp. Samartheshwar Temple,
between India and Thailand. Law Garden, Ellisbridge,
Ahmadabad - 380006, Gujarat
Website: www.axisbank.com

Financial Snapshot (` mn) Ratios (%)


Total Income Net Profit Networth Total Business NIM ROA Net NPA Ratio
503,595.0 82,236.6 531,649.0 6,967,412.8 3.4 1.7 0.7
(As on Mar 31, 2016)

Bank of Baroda
Dun & Bradstreet D-U-N-S® No 87-177-5857
About the Company
Bank of Baroda (BoB) was incorporated in the year 1908 and provides variety of banking solutions Top 500 Ranking
such as Deposits, Loans & Advances, Collection Services, Working Capital Finance, Term Finance, Income 18
Non-Fund based Facilities, Trade Finance and Merchant Banking. The product and services includes
personal offerings like fixed and recurring deposit, credit & debit card amongst few; corporate Net Profit 499
offerings like wholesale, loans etc; international offerings like FCNRB loans, Trade finance etc; SME Networth 21
offerings like Baroda Vidyasthali Loan, Baroda Weavers Credit Card amongst many services, and
Rural banking, NRI Services and Treasury like Forex operations. During 2016, the bank implemented Address
E-KYC at branches and business correspondence points. It also installed 945 additional ATMs during Baroda House,
the year. It has a wide network of 1,964 rural branches and 1,425 semi-urban branches, 60 overseas Mandvi,
branches as on Mar 31, 2016. Vadodara - 390006,
Gujarat
Website: www.bankofbaroda.co.in

Financial Snapshot (` mn) Ratios (%)


Total Income Net Profit Networth Total Business NIM ROA Net NPA Ratio
490,601.4 (53,955.4) 360,727.7 9,578,080.5 1.8 (0.8) 5.1
(As on Mar 31, 2016)

184 INDIA’S TOP 500 COMPANIES


Canara Bank
Dun & Bradstreet D-U-N-S® No 87-331-9074
About the Company
Canara Bank (Canara Bank), a nationalized bank founded in 1906, caters to various segments such as Top 500 Ranking
personal, corporate, NRI banking, priority sector and MSMEs. Its product portfolio includes savings Income 19
& Deposits, loan products, mutual funds, insurance business, card services, remittance facilities and
agriculture and rural credit schemes. The Bank has set up 147 hi-tech E-lounges in select branches Net Profit 493
with facilities like ATM, Cash Deposit Kiosk with voice guided system, Cheque Deposit Kiosk, Self- Networth 29
Printing Passbook Kiosk, Internet Banking Terminal, Online Trading Terminal and Corporate Website
Access. The Bank also launched Canara Bank RuPay Debit Card, Canara Club Card – Debit, Canara Address
Elite Debit Card, Canara Bank Platinum Rupay etc. As on mar 31, 2016, Canara Bank had 5,849 112,
branches and 9,251 ATMs spanning across the country. The bank’s mobile applications include J C Road,
CanMobile, Canara e-Infobook and Canara m-wallet. Bengaluru - 560002,
Karnataka
Website: www.canarabank.com

Financial Snapshot (` mn) Ratios (%)


Total Income Net Profit Networth Total Business NIM ROA Net NPA Ratio
488,973.6 (28,128.2) 316,032.0 8,045,063.9 1.8 (0.5) 6.4
(As on Mar 31, 2016)

Bank of India
Dun & Bradstreet D-U-N-S® No 65-005-6880
About the Company
Bank of India (BoI) was founded on 7th September, 1906 in Mumbai. The bank was nationalised in Top 500 Ranking
1969. BOI business segments include treasury operations, wholesale banking and retail banking. In Income 21
FY15, the bank introduced virtual cards for e-commerce; PayWave- Tap and go contactless payment
systems; self-service kiosks –Bar coded passbooks; BoI EasyPay – person to person payment Net Profit 500
solutions; miscall facility to know the balance of SB/CD/OD accounts; it also introduced Instant Networth 27
Money Transfer Facility (IMTF). As on Mar 31, 2016, the bank had 5,016 domestic branches across
the country and 61 branches overseas. It also introduced RuPay Platinum Cards, platinum credit Address
cards and launched mVisa –mobile payment solution during 2016. During FY16, BoI integrated its C 5 Star House,
operating system with Vidya Lakshmi Portal, a GoI initiative to provide single window solutions to G Block, 8th Floor (East Wing),
students’ availing education loans. BKC, Bandra (East),
Mumbai – 400051, Maharashtra
Website: www.bankofindia.co.in

Financial Snapshot (` mn) Ratios (%)


Total Income Net Profit Networth Total Business NIM ROA Net NPA Ratio
454,490.1 (60,892.1) 323,171.7 8,721,934.8 1.9 (0.9) 7.8
(As on Mar 31, 2016)

Union Bank of India


Dun & Bradstreet D-U-N-S® No 65-008-2340
About the Company
Union Bank of India (Union Bank) was incorporated in 1919. In 1969, it was nationalized and Top 500 Ranking
acquired its present name. Under personal banking, the bank offers savings & deposit accounts, Income 32
retail loan schemes, insurance & investment plans, credit & debit cards etc. Under corporate
banking, it offers loan syndication, trade financing, non-life insurance plans, e-tax payment services Net Profit 58
etc. It has launched a specially devised micro-loan product known as Pragati over bio-metric cards. Networth 47
It has tied-up with Shri Kshetra Dharmasthala Rural Development Project (SKDRDP) an NGO for
financing of Self Help Group (SHGs). Union Bank entered into an agreement with CSC e-Governance Address
India Ltd for launching kiosk banking manned by Business Correspondents (BCs) at various places. 239, Vidhan Bhavan Marg,
The bank had a branch network of 4,196 branches across the county, four branches abroad and Nariman Point,
6,883 ATMs as on Mar 31, 2016. Mumbai - 400021,
Maharashtra
Website: www.unionbankofindia.co.in

Financial Snapshot (` mn) Ratios (%)


Total Income Net Profit Networth Total Business NIM ROA Net NPA Ratio
358,305.4 13,516.0 203,099.7 6,100,740.1 2.1 0.4 5.3
(As on Mar 31, 2016)

INDIA’S TOP 500 COMPANIES 185


IDBI Bank Limited
Dun & Bradstreet D-U-N-S® No 87-177-6823
About the Company
IDBI Bank Ltd (IDBI Bank) was established in 1964 as a financial Institution by the name of Industrial Top 500 Ranking
Development Bank of India. It acquired its current name in 2008. IDBI Bank has its business segment Income 35
classified under the following namely personal, MSME, corporate, retail, SME, Agri products and
services and NRI amongst others. The bank has a tie-up with IDBI Federal Life Insurance Company Net Profit 496
Ltd and Bajaj Allianz General Insurance Co. Ltd for distribution of life and non-life insurance products. Networth 40
As on March 31, 2016, the bank’s network stood at 1,846 branches, including one overseas branch
and the number of ATMs stood at 3,310. IDBI Bank also launched new schemes and products such Address
as Skill Loan Scheme, IDBI MUDRA Loan, IDBI Bunkar MUDRA Yojana, PayApt wallet, JusTab, etc. IDBI Tower,
WTC Complex, Cuffe Parade,
Mumbai - 400005, Maharashtra
Website: www.idbi.com

Financial Snapshot (` mn) Ratios (%)


Total Income Net Profit Networth Total Business NIM ROA Net NPA Ratio
314,534.6 (36,648.0) 221,139.6 4,816,132.8 1.7 (1.1) 6.8
(As on Mar 31, 2016)

Central Bank of India


Dun & Bradstreet D-U-N-S® No 86-221-3654
About the Company
Central Bank of India (Central Bank) was established in 1911 and mainly operates in treasury, Top 500 Ranking
wholesale banking and retail banking segments. Under its agri banking business it offers Cent Kisan Income 38
Tatkal Scheme, Cent Solar Light Scheme, and Cent Kisan Credit Card among others. Other schemes
include Cent Mortgage, Cent Doctor, and Cent protsahan etc. as part of its MSME banking business. Net Profit 489
Its overseas operations are spread across six countries including London and Leicester (UK), Hong Networth 55
Kong, Shanghai (China) and Manama (Bahrain), a Representative Office at Sharjah (UAE). During
FY16, the bank launched new products namely Credit Guarantee Scheme for Scheduled Castes, Cent Address
Hosiery and CENT MUDRA- MUDRA CARD. As on Mar 31, 2016, the bank had a network consisting Chander Mukhi,
of 4,728 branches, 3,677 Ultra Small Branches and 5,254 ATMs across the country. Nariman Point,
Mumbai - 400021, Maharashtra
Website: www.centralbankofindia.co.in

Financial Snapshot (` mn) Ratios (%)


Total Income Net Profit Networth Total Business NIM ROA Net NPA Ratio
278,266.8 (14,181.9) 143,867.9 4,461,937.8 2.3 (0.5) 7.4
(As on Mar 31, 2016)

Indian Overseas Bank


Dun & Bradstreet D-U-N-S® No 65-006-7234
About the Company
Indian Overseas Bank (IOB) was established in 1937, with focus on foreign exchange business and Top 500 Ranking
overseas banking. In 1969, IOB was nationalised. Personal banking products and services offered Income 42
by IOB include saving account, current account, term deposit, home loans, depository services etc.
Some corporate banking services offered by the bank include term loans, working capital loans, Net Profit 494
and loans for professionals & self-employed etc. Under NRI banking, the bank offers remittance Networth 62
services, NRO, RFC, FCNR etc. Rural banking business offers agri business consultancy services,
agricultural term loans & short term loans etc. During FY16, the bank has opened 34 branches Address
across the country taking the total number of domestic branches to 3,397 as on Mar 31, 2016. 763, Anna Salai,
They comprise of 1,036 rural branches, 960 semi urban branches, 748 urban branches and 653 Chennai - 600002,
metropolitan branches. Tamil Nadu
Website: www.iob.in

Financial Snapshot (` mn) Ratios (%)


Total Income Net Profit Networth Total Business NIM ROA Net NPA Ratio
260,455.5 (28,973.3) 132,542.1 3,853,749.1 1.9 (1.0) 11.9
(As on Mar 31, 2016)

186 INDIA’S TOP 500 COMPANIES


Syndicate Bank
Dun & Bradstreet D-U-N-S® No 87-178-8185
About the Company
Syndicate Bank (Syndicate) was incorporated in 1925 as Canara Industrial and Banking Syndicate Ltd. Top 500 Ranking
In 1953, Maharashtra Apex Bank Ltd and Southern India Apex Bank Ltd along with other 18 banks Income 44
merged with the bank. In 1963, the name of the bank changed to Syndicate Bank Ltd and in 1969,
the bank got nationalised. Syndicate offers a wide range of deposit products, loan products, cash Net Profit 491
management services, NRI services, NEFT for electronic fund transfer, insurance and MF services Networth 72
amongst others. During FY16 the bank added 251 branches to its network and the total number of
branches stood at 3,766 as on Mar 31, 2016. The total number of ATMs installed by Syndicate till Address
Mar 31, 2016 stood at 3,730. It introduced new products like Synd Rd Plus, SyndGuide and Synd Post Box No 1,
Swayam-Savings Bank Online Account Opening Service among others. Manipal - 576104, Karnataka
Website: www.syndicatebank.in

Financial Snapshot (` mn) Ratios (%)


Total Income Net Profit Networth Total Business NIM ROA Net NPA Ratio
257,065.1 (16,434.9) 114,656.2 4,631,038.3 2.0 (0.6) 4.5
(As on Mar 31, 2016)

Oriental Bank of Commerce


Dun & Bradstreet D-U-N-S® No 87-179-3705
About the Company
Oriental Bank of Commerce (OBC), a GoI undertaking, was established in 1943. In 1945, OBC was Top 500 Ranking
acquired by the Thapar Group. In 1980, OBC got nationalized. Later, Punjab Co-operative Bank Ltd Income 49
and Bari Doaba Bank Ltd were merged with OBC in 1997. In 2004, the Global Trust bank also was
merged with OBC. OBC is engaged in treasury operations, corporate or wholesale banking and retail Net Profit 265
banking operations. It offers various other products and services such as housing loans, education Networth 57
loans and loans to SMEs, savings account and current account among others. During FY16, 100 new
branches were opened and 78 new ATMs were installed by the bank. As of Mar 31, 2016, OBC’s total Address
delivery channels stood at a total of 4,917, comprising of 2,351 Branches and 2,566 ATMs. Harsha Bhawan,
E Block,
Connaught Place,
New Delhi - 110001, Delhi
Website: www.obcindia.co.in

Financial Snapshot (` mn) Ratios (%)


Total Income Net Profit Networth Total Business NIM ROA Net NPA Ratio
218,249.9 1,560.8 137,338.7 3,577,948.1 2.3 0.1 6.7
(As on Mar 31, 2016)

Corporation Bank
Dun & Bradstreet D-U-N-S® No 65-019-2792
About the Company
Corporation Bank (CorpnBank) was established in 1906 and acquired its present name in 1980, Top 500 Ranking
following its nationalisation in the same year. CorpnBank caters to personal banking, corporate Income 51
banking, NRI banking and priority banking services. Under personal banking, CorpnBank offers
savings accounts, deposit schemes, loan facilities, remittances, cards, insurance and tax & pension Net Profit 483
schemes. Under corporate banking, CorpnBank offers working capital financing, term financing, cash Networth 76
management etc. NRI banking services include saving accounts, term deposits, remittance facilities
and loan facilities to NRIs. In FY16, CorpnBank has opened 156 branches and 107 ATMs taking the Address
total count to 2,440 branches and 3,040 ATMs as on Mar 31, 2016. It launched new products in FY16 Mangaladevi Temple Road,
such as Corp Home Smart, Pradhan Mantri Awas Yojana, CORP ePURSE, etc. CorpnBank also signed Post Box No. 88,
an MOU with LIC of India during the year. Mangalore - 575001, Karnataka
Website: www.corpbank.in

Financial Snapshot (` mn) Ratios (%)


Total Income Net Profit Networth Total Business NIM ROA Net NPA Ratio
211,464.0 (5,064.8) 106,861.4 3,454,930.8 1.8 (0.2) 6.5
(As on Mar 31, 2016)

INDIA’S TOP 500 COMPANIES 187


Allahabad Bank
Dun & Bradstreet D-U-N-S® No 65-007-7050
About the Company
Allahabad Bank (Allahabad Bank) was founded on April 24, 1865 and in October 2002 it came out Top 500 Ranking
with Initial Public Offer (IPO). Allahabad Bank is well spread out in India and one overseas Branch Income 52
at Hong Kong, besides a Representative office at Shenzhen, China. It provides personal banking,
social banking, MSME banking, Retail credit products, corporate banking and international banking Net Profit 484
facilities. The bank has launched a new product for opening of Savings Bank account with an Android Networth 73
based smartphone named All bank Selfie. It deployed 42 new ATMs in FY16 thus bringing the total
number of ATMs to 1,212 as on Mar 31, 2016. Allahabad Bank also launched RuPay Platinum Debit Address
Card (International) in FY16. As on Mar 31, 2016, the bank had a total of 3,209 domestic branches. Netaji Subhas Road,
Kolkata - 700001,
West Bengal
Website: www.allahabadbank.com

Financial Snapshot (` mn) Ratios (%)


Total Income Net Profit Networth Total Business NIM ROA Net NPA Ratio
207,950.7 (7,433.1) 114,160.1 3,530,164.5 2.5 (0.3) 6.8
(As on Mar 31, 2016)

UCO Bank
Dun & Bradstreet D-U-N-S® No 91-849-8978
About the Company
UCO Bank (UCO) was incorporated in 1943 as The United Commercial Bank Ltd and was nationalized Top 500 Ranking
in 1969. In 1985, UCO acquired its present name. It primarily offers personal banking, corporate Income 53
banking, international and rural banking. Personal banking segment of UCO offers services such
as deposits, loans/advances and debit card services. Under rural banking, UCO provides finance to Net Profit 492
MSME and agriculture sector and offers schemes like UCO Kisan Tatkal Scheme, UCO Estate Purchase Networth 71
Loan Scheme, Kisan Credit Card and UCO Mahila Utthan amongst others. The bank opened 57
branches during FY16. UCO had 10 circle offices, 49 zones, 3,073 domestic branches, 2,564 ATMs Address
and 4 overseas branches, as on Mar 31, 2016. The bank also launched new schemes during the year No. 10, 7th Floor,
such as UCO Pre-approved Home Loan scheme and UCO HOME Loan Campaigns. Barbourne Road, BTM Sarani,
Kolkata - 700001,
West Bengal
Website: www.ucobank.com

Financial Snapshot (` mn) Ratios (%)


Total Income Net Profit Networth Total Business NIM ROA Net NPA Ratio
201,572.8 (27,992.6) 115,869.6 3,330,236.1 2.0 (1.3) 9.1
(As on Mar 31, 2016)

Andhra Bank
Dun & Bradstreet D-U-N-S® No 87-180-9397
About the Company
Andhra Bank (Andhra Bank), established in 1923 and incorporated in 1991, is a public sector bank in Top 500 Ranking
which the Government holds, as on Dec 31, 2016, a majority shareholding of around 61%. The bank Income 55
offers its services to the retail, agriculture, MSME, corporate and NRI segments. On Mar 31, 2016,
Andhra Bank had 2,803 branches including 45 specialized branches, four extension counters, 34 Net Profit 129
satellite offices and 3,636 ATMs across 26 states and three UTs. It has two representative overseas Networth 80
offices in Dubai, UAE and New Jersey, USA. Andhra Bank is an Authorised Dealer and offers foreign
exchange services through its 56 B-category designated branches. The bank is present in the Address
insurance sector through a joint venture named First Life Insurance Co. Ltd., with Bank of Baroda 5-9-11, Dr. Pattabhi Bhavan,
and Legal and General Plc, UK. It has a banking subsidiary in Malaysia in collaboration with Bank Saifabad,
of Baroda and Indian Overseas Bank named India International Bank (Malaysia) BHD. During FY16 Hyderabad - 500004,
Andhra Bank’s total deposits stood at ` 1,743.02bn and advances stood at ` 1,363.71bn. Telangana
Website: www.andhrabank.in

Financial Snapshot (` mn) Ratios (%)


Total Income Net Profit Networth Total Business NIM ROA Net NPA Ratio
191,991.5 5,398.4 103,040.8 3,050,902.9 2.8 0.3 4.6
(As on Mar 31, 2016)

188 INDIA’S TOP 500 COMPANIES


Kotak Mahindra Bank Limited
Dun & Bradstreet D-U-N-S® No 65-019-5050
About the Company
Kotak Mahindra Bank Ltd (KMBL) started its operations in 1985, as Kotak Mahindra Finance Ltd Top 500 Ranking
(KMFL). In 2003, KMFL received banking license and was converted into commercial bank with its Income 56
present name. In 2015, ING Vysya Bank was merged with KMBL. KMBL has four main business
segments viz consumer banking, corporate banking, commercial banking and wealth management. Net Profit 44
Under consumer banking, KMBL offers variety of liability and asset products to retail consumers Networth 37
and small businesses. The commercial banking segment offers a range of products to SMEs.
Under corporate banking, KMBL caters to diverse needs of corporate sector and under wealth Address
management, customized financial solutions are provided to high net worth families. As on May 11, 27 BKC, C 27, G Block,
2016, the bank had a network of 1,333 branches, 2,032 ATMs and over 46,500 employees. In Nov Bandra Kurla Complex,
2016, KMBL received the RBI’s approval to set up its branch in Dubai International Finance Centre. Bandra (E),
In Sep 2016, KMBL acquired BSS Microfinance Pvt Ltd for ` 1.4 bn. The bank also launched its Mumbai - 400051, Maharashtra
international banking unit in Gujarat International Finance Tec-City (GIFT City) in May 2016. Website: www.kotak.com

Financial Snapshot (` mn) Ratios (%)


Total Income Net Profit Networth Total Business NIM ROA Net NPA Ratio
189,964.2 20,897.8 239,624.6 2,573,083.2 4.6 1.2 1.1
(As on Mar 31, 2016)

Indian Bank
Dun & Bradstreet D-U-N-S® No 91-644-0035
About the Company
Indian Bank (Indian Bank) established in 1907 is a public sector bank in which the Government holds Top 500 Ranking
about 82% of the bank’s shares. In addition to the corporate and retail segment, Indian Bank focuses Income 58
on priority lending segments such as agriculture, education and SMEs. Indian Bank has a Corporate
Agency Arrangement with United India Insurance Co. Ltd. for offering non-life insurance product. Net Profit 99
It also provides life insurance services in collaboration with LIC of India. Indian Bank with UTI Asset Networth 61
Management Co. Ltd, Reliance Capital Asset Management Ltd. and SBI Funds Management Pvt. Ltd
also ventured in to the business of mutual fund distribution. Indian Bank is an authorized dealer Address
of foreign exchange and it has correspondent arrangements with 223 banks in 71 countries. As on 66, Rajaji Salai,
Mar 31, 2016, Indian Bank had 2,531 ATMs and 2,562 branches, comprising of 740 rural, 682 semi- Chennai – 600001, TN
urban, 654 urban and 486 metropolitan branches, spread across 27 states and six UTs. Indian Bank Website: www.cropscience.bayer.in
has three foreign branches in Singapore, Colombo and Jaffna. Indian Bank’s total advances on Mar
31, 2016 stood at ` 132.63 bn.

Financial Snapshot (` mn) Ratios (%)


Total Income Net Profit Networth Total Business NIM ROA Net NPA Ratio
180,252.0 7,113.8 134,783.4 3,073,349.2 2.2 0.4 4.2
(As on Mar 31, 2016)

Yes Bank Limited


Dun & Bradstreet D-U-N-S® No 91-863-0500
About the Company
Yes Bank Ltd (Yes Bank) is a private sector bank which was incorporated in 2003. The bank Top 500 Ranking
commenced its operations in 2004 after obtaining a Greenfield Banking license from Reserve Bank Income 62
of India. Yes Bank’s business activities are divided into corporate banking and business and retail
banking segments. Its other business segments include commercial business banking; government Net Profit 37
and international banking, transaction banking, loan syndication, investment banking and social Networth 56
banking. In April 2015, Yes Bank commenced its international presence by inaugurating an overseas
office at Abu Dhabi, UAE. On Dec 31, 2016, Yes Bank had 964 branches; two national operating Address
centers in Mumbai and New Delhi and 1757 ATMs located in 29 states and seven UTs. On Dec Nehru Centre, 9th Floor,
31, 2016 the bank’s advances and deposits stood at ` 1170.87bn and ` 1323.76bn respectively. A Discovery of India,
majority of its advances almost 70% were allocated to the corporate banking segment. The balance Dr. A. B. Road, Worli,
advances were disbursed to micro and small enterprises-about 12%, business banking close to 11% Mumbai - 400018, Maharashtra
and almost 9% to rural and urban consumer banking. Website: www.yesbank.in

Financial Snapshot (` mn) Ratios (%)


Total Income Net Profit Networth Total Business NIM ROA Net NPA Ratio
162,455.9 25,394.5 137,866.0 2,099,294.6 3.0 1.8 0.3
(As on Mar 31, 2016)

INDIA’S TOP 500 COMPANIES 189


IndusInd Bank Limited
Dun & Bradstreet D-U-N-S® No 86-232-6824
About the Company
IndusInd Bank Ltd (IndusInd) is a private sector commercial bank which was incorporated in 1994. Top 500 Ranking
IndusInd is engaged in banking and para-banking services, including accepting deposits such as Income 63
savings accounts, current accounts, fixed deposits and including banking solutions to corporate
and industries. The bank grants loans to various segments including industry, business and retail. It Net Profit 42
provides vehicle and equipment finance to individuals and priority sector lending sectors. The bank Networth 51
is a clearing bank for both major stock exchanges - BSE and NSE - and major commodity exchanges
in the country. IndusInd has Rupee Drawing Arrangements with over 60 partners worldwide. In July Address
2015 IndusInd acquired the gems and jewellery business from Royal Bank of Scotland N.V., India. 2401,
IndusInd entered into a Corporate Agency agreement with Tata AIA Life Insurance Company Ltd in Gen. Thimmayya Road,
Oct 2015 to distribute life insurance products. On Mar 31, 2016 IndusInd had 1000 branches and (Cantonment),
1800 ATMs located in 29 states and five UTs. The bank also has representative offices in London, Pune - 411001, Maharashtra
Dubai and Abu Dhabi. Website: www.indusind.com

Financial Snapshot (` mn) Ratios (%)


Total Income Net Profit Networth Total Business NIM ROA Net NPA Ratio
148,776.1 22,864.5 173,152.1 1,814,196.9 3.6 1.9 0.4
(As on Mar 31, 2016)

Bank of Maharashtra
Dun & Bradstreet D-U-N-S® No 65-028-0423
About the Company
Bank of Maharashtra (BoM) was incorporated in 1935 for providing financial services to general Top 500 Ranking
public, small traders and businesses. In 1944 the bank obtained a scheduled bank status and in Income 64
1969 it was amongst the 14 banks to be nationalized. BoM obtained autonomy in 1996 and it was
listed on NSE and BSE in 2004. The bank’s total branch network comprised of 1895 branches across Net Profit 313
all states and four UTs with 658 branches in rural areas, 434 in semi-urban, 437 in metro and 366 Networth 94
branches in urban areas. BoM is in the process of relocating its 405 ATMs, as on Mar 31, 2016 335
were relocated to feasible locations. BoM is a depository participant of CDSL and it provides Basic Address
Services Demat Account Facility (BSDA). It offers life and non life insurance and has a bancassurance Lokmangal,
arrangement with UII Co. Ltd. and LIC of India. BoM caters to the agriculture, MSME and retail 1501, Shivajinagar,
segments; provides loans against gold ornaments, housing loans, educational loans, microfinance Pune - 411005,
services amongst others. Maharashtra
Website: www.bankofmaharashtra.in

Financial Snapshot (` mn) Ratios (%)


Total Income Net Profit Networth Total Business NIM ROA Net NPA Ratio
140,722.8 1,006.9 74,913.6 2,465,524.9 2.5 0.1 6.4
(As on Mar 31, 2016)

Vijaya Bank
Dun & Bradstreet D-U-N-S® No 65-007-9858
About the Company
Vijaya Bank is a commercial bank which was founded in 1931. It became a scheduled bank in 1958 Top 500 Ranking
which was nationalized in 1980. Vijaya bank has a network of 2030 branches, 13 extension counters Income 68
and 1865 ATMs as on Dec 31, 2016 located across all states and UTs of the country. Vijaya bank’s credit
portfolio consists of agriculture, industry, MSMEs, corporate, infrastructure and retail segments. Net Profit 154
During FY16 Vijaya Bank’s advances amounted to around ` 907.65bn which included about 26% to Networth 102
the retail segment. The bank’s total deposits stood at ` 1254.41bn and retail term deposits as on
Mar 31, 2016 were ` 442.69bn. In FY16 Vijaya Bank’s foreign exchange business turnover was close Address
to ` 222.58bn and it has 49 branches across the country which provide foreign exchange services. No. 41/2,
Vijaya Bank provides remittance facility through four exchanges located in UAE which enable NRIs in M.G. Road,
Gulf countries to electronically remit funds. Vijaya Bank also has Rupee Drawing Arrangement with Bengaluru – 560001,
Oman United Company LLC to facilitate rupee remittances to the accounts in India. Karnataka
Website: www.vijayabank.com

Financial Snapshot (` mn) Ratios (%)


Total Income Net Profit Networth Total Business NIM ROA Net NPA Ratio
129,574.4 3,818.0 67,508.6 2,144,276.8 1.9 0.3 4.8
(As on Mar 31, 2016)

190 INDIA’S TOP 500 COMPANIES


United Bank of India
Dun & Bradstreet D-U-N-S® No 87-179-4493
About the Company
United Bank of India (United Bank) was constituted in Jul 1969 by nationalising its predecessor the Top 500 Ranking
United Bank of India Ltd which was formed in 1950 with the amalgamation of four banks namely Income 80
Comilla Banking Corporation Ltd, Bengal Central Bank Ltd, Camilla Union Bank Ltd and Hooghly
Bank Ltd. The bank mainly operates in four segments namely retail banking, corporate banking, Net Profit 482
MSME and international banking. In addition to this, the bank is engaged in depository services, Networth 116
distribution of various mutual fund schemes, life and non-life insurance products and inward money
remittance. The bank operates through 2,011 branches. As on Mar 31, 2016, the total business Address
of the bank registered a growth of 5.58% to ` 1.87 tn. Its total deposits increased by 6.97% while United Tower,
advances grew by mere 3.4% as on Mar 31, 2016. In Sep 2016, United Bank received ` 6.1 bn from 11, Hemanta Basu Sarani,
the central government as a capital infusion. The bank in association with Kotak Securities launched Kolkata - 700001, WB
their co-branded share trading product U-Connect TRIO customized for the United Bank account- Website: www.unitedbankofindia.com
holders in Oct 2015.

Financial Snapshot (` mn) Ratios (%)


Total Income Net Profit Networth Total Business NIM ROA Net NPA Ratio
114,042.0 (2,819.6) 53,945.3 1,844,614.8 1.8 (0.2) 9.0
(As on Mar 31, 2016)

Dena Bank
Dun & Bradstreet D-U-N-S® No 65-009-6316
About the Company
Dena Bank (Dena Bank) was incorporated in 1938 as Devkaran Nanjee Banking Company Ltd. Top 500 Ranking
In 1939, it was converted to a public limited company with the name Dena Bank Ltd and was Income 81
nationalized in 1969. The bank offers a variety of banking services viz personal banking, internet
banking, corporate banking, international banking and priority & SME lending. Under personal Net Profit 486
banking, Dena Bank offers retail banking solutions and under corporate banking it has specific Networth 110
schemes for sectors like education, builders & developers, hospitals, hotels and entertainment.
Under international banking, the bank offers trade finance and NRI banking services and also has Address
representative office in London, UK. As of Mar 31, 2016, Dena Bank operated with network of 1,846 Dena Corporate Centre,
branches, 1,471 ATMs and 74 E-Smart customer convenience centres. In Jul 2016, the GoI decided Bandra Kurla Complex,
to infuse ` 5.9 bn as capital into the bank by way of preferential allotment of equity shares in favour Bandra East,
of the Government of India. In Mar 2016, the bank allocated equity shares aggregating upto ` 650 Mumbai - 400051, Maharashtra
mn to LIC of India on preferential basis. Website: www.denabank.com

Financial Snapshot (` mn) Ratios (%)


Total Income Net Profit Networth Total Business NIM ROA Net NPA Ratio
113,625.3 (9,353.2) 62,119.6 1,997,593.0 1.9 (1.0) 6.4
(As on Mar 31, 2016)

State Bank of Travancore


Dun & Bradstreet D-U-N-S® No 65-007-9668
About the Company
State Bank of Travancore (SBT) was incorporated in 1945 as Travancore Bank Ltd. In 1960, it was Top 500 Ranking
made an associate of the SBI and a member of the State Bank group and acquired its present name. Income 89
SBT offers various services such as personal banking, NRI banking, corporate banking, MSME and
agriculture banking. Under personal banking, SBT provides various deposit schemes, loan products Net Profit 167
and savings & current accounts. Under corporate banking, SBT offers vyapar suvidha loan scheme, Networth 114
rent plus, flexi loan for traders etc. The bank opened 23 new branches during FY16. As on Mar 31,
2016, SBT had 1,177 branches, 1,707 ATMs and 12 extension counters and was represented in 16 Address
States and 3 Union Territories. It introduced new products during the year, such as Dealer Finance Poojapura,
Scheme, Vizhinjam Port Package, SBT NRI Family Card, etc. With effect from 1st April 2017, the Thiruvananthapuram - 695012, Kerala
entire undertaking of State Bank of Travancore has been transferred to and vested in the State Bank Website: www.statebankoftravancore.com
of India.

Financial Snapshot (` mn) Ratios (%)


Total Income Net Profit Networth Total Business NIM ROA Net NPA Ratio
107,570.7 3,377.3 60,211.1 1,665,850.7 2.3 0.3 2.8
(As on Mar 31, 2016)

INDIA’S TOP 500 COMPANIES 191


State Bank of Bikaner & Jaipur
Dun & Bradstreet D-U-N-S® No 65-033-2554
About the Company
State Bank of Bikaner & Jaipur (SBBJ) traces its roots back to 1943-44, when Bank of Bikaner and Top 500 Ranking
Bank of Jaipur were formed. These two separate entities were incorporated as subsidiaries of SBI in Income 90
1960 and subsequently in 1963, were merged as a single entity under the name of SBBJ. The bank
caters to wide variety of customers by offering a bouquet of services such as personal banking, NRI Net Profit 82
services, international banking, corporate banking, agricultural products, SME services, treasury Networth 103
services etc. As on Mar 31, 2016, the total number of branches stood at 1,316. It installed 212
ATMs during the year, taking the total number of ATMs to 1,954. SBBJ Solar loan scheme, SBBJ Grih Address
Alankar and SBBJ Easy Car loan are some of the loan schemes introduced by SBBJ during FY16. Tilak Marg,
With effect from 1st April 2017, the entire undertaking of State Bank of Bikaner & Jaipur has been ‘C’ Scheme,
transferred to and vested in the State Bank of India. Jaipur - 302005, Rajasthan
Website: www.sbbjbank.com

Financial Snapshot (` mn) Ratios (%)


Total Income Net Profit Networth Total Business NIM ROA Net NPA Ratio
106,495.2 8,506.0 67,427.9 1,669,323.1 3.1 0.8 2.8
(As on Mar 31, 2016)

Punjab & Sind Bank


Dun & Bradstreet D-U-N-S® No 91-535-6179
About the Company
Punjab & Sind Bank (P&SB) was incorporated in 1908 as The Punjab & Sind Bank Ltd. In 1980 the Top 500 Ranking
bank got nationalised and acquired its present name. P&SB is primarily engaged into retail banking, Income 99
treasury, corporate/ wholesale banking and other banking operations. Under retail banking segment,
the bank provides loans and advances for housing, trade, education, auto loan and personal loan. It Net Profit 170
is also engaged in priority sector lending for the agriculture sector and SMEs. The corporate banking Networth 119
segment products include term loans, short-term loans, cash and export credit, bill discounting and
working capital finance. The bank undertakes international banking and offers NRI services, export/ Address
import services, non-fund business products and forex treasury among others. As on Mar 31, 2016, 21, Bank House,
the bank had 1,481 branches and 1,341 ATMs. The total deposits of the bank reported a growth of Rajendra Place,
5.2% while advances increased by 0.74% as on Mar 31, 2016. During FY16, the bank launched three New Delhi - 110008, Delhi
new schemes viz PSB Housing Loan Top-up Scheme, PSB ‘Grow and Pay’ Housing Loan Scheme and Website: www.psbindia.com
Skill loan scheme.

Financial Snapshot (` mn) Ratios (%)


Total Income Net Profit Networth Total Business NIM ROA Net NPA Ratio
92,228.3 3,359.7 50,680.7 1,551,660.4 2.2 0.3 4.6
(As on Mar 31, 2016)

The Federal Bank Limited


Dun & Bradstreet D-U-N-S® No 91-583-5671
About the Company
The Federal Bank Ltd (Federal Bank) was incorporated in 1931 as Travancore Federal Bank Ltd. Top 500 Ranking
In 1947, the bank acquired its present name and subsequently in 1970 became a scheduled Income 105
commercial bank. The bank offers personal banking, NRI banking, SME banking, corporate banking
and agriculture banking services. Its personal banking services comprises of accounts & deposits, Net Profit 135
loans, cards, and insurance & investment. The corporate banking services offer current account, Networth 91
loans, trade finance, e-commerce and IFSC banking unit in GIFT city. For NRI customers, the bank
offers NRI accounts & deposits, cash transfer services, loans and insurance & investment services. Address
The bank also offers agri and agri-allied loans and Federal RuPay Kisan card under agri business. P O Box No 103,
It also provides finance to SMEs through business loans and offers services like trade finance and Federal Towers,
e-commerce. The bank operates through a network of 1,252 branches, 1,516 ATMs and an employee Aluva,
strength of 11,735 people as on Mar 31, 2016. As on Mar 31, 2016, total business of the bank grew Ernakulam - 683101, Kerala
by 12.4%, with deposits and advances growing by 11.8% and 13.3% respectively. Website: www.federalbank.co.in

Financial Snapshot (` mn) Ratios (%)


Total Income Net Profit Networth Total Business NIM ROA Net NPA Ratio
85,310.7 4,756.5 80,862.1 1,372,618.5 2.9 0.6 1.6
(As on Mar 31, 2016)

192 INDIA’S TOP 500 COMPANIES


State Bank of Mysore
Dun & Bradstreet D-U-N-S® No 87-177-6448
About the Company
State Bank of Mysore (SB Mysore) was founded in 1913 as Bank of Mysore Ltd under the patronage Top 500 Ranking
of the erstwhile Government of Mysore. In 1960, the bank became an associate of SBI. SB Mysore Income 116
offers various deposits schemes which include Mybank Suraksha Savings Account, Mybank Suraksha
Savings Plus Account, Mybank Suraksha Time Deposit Account; savings account and term deposits Net Profit 164
among others. Under personal banking, it provides personal loans, mortgage loans, housing loans Networth 125
etc. Under commercial banking, the bank provides various schemes like Traders-Liberalised Trade
Finance, SBM Paryatan Plus among others. The bank opened 25 new branches during FY16. During Address
FY16, SB Mysore installed 82 ATMs, taking the total number of ATM installed to 1,416 as on Mar 31, K. G. Road,
2016. Under personal segment, two new deposit products were introduced during the year namely Bengaluru - 560009, Karnataka
Vidyarthi Sanchay and Mybank Sudhan. With effect from 1st April 2017, the entire undertaking of Website: www.statebankofmysore.co.in
State Bank of Mysore has been transferred to and vested in the State Bank of India.

Financial Snapshot (` mn) Ratios (%)


Total Income Net Profit Networth Total Business NIM ROA Net NPA Ratio
79,378.5 3,578.5 46,710.1 1,245,224.7 2.6 0.4 4.2
(As on Mar 31, 2016)

The Jammu and Kashmir Bank Limited


Dun & Bradstreet D-U-N-S® No 91-844-5289
About the Company
The Jammu and Kashmir Bank Ltd (J&K Bank) was incorporated in 1938. J&K bank is promoted Top 500 Ranking
by the Government of J&K which holds 53.17% stake in the bank. The bank operates under four Income 122
business segments, namely treasury operations, corporate/wholesale banking, retail banking
and other banking business. Some of its offerings include; NRI banking, loans, deposit schemes, Net Profit 147
insurance, mutual fund and cards among others. It also conducts banking business of the central Networth 105
government like direct tax collection, indirect tax collection, utility bills collection. As on Mar 31,
2016, the bank had a wide network of 857 business units, 1,006 ATMs across India and 939 business Address
correspondents. As part of the financial inclusion programme, the bank opened 1.28 mn PMJDY Corporate Headquarters,
accounts in the state with a total balance of ` 3.5 bn as on Mar 31, 2016. The aggregate business Maulana Azad Road,
of the bank registered a growth of 8.4% to ` 1.2 tn as on Mar 31, 2016. The total deposits grew by Srinagar - 190001, J&K
5.5% while advances registered a growth of 12.6% as on Mar 31, 2016. Website: www.jkbank.net

Financial Snapshot (` mn) Ratios (%)


Total Income Net Profit Networth Total Business NIM ROA Net NPA Ratio
73,476.0 4,160.3 64,239.7 1,195,835.4 3.5 0.6 4.3
(As on Mar 31, 2016)

The Karur Vysya Bank Limited


Dun & Bradstreet D-U-N-S® No 91-535-5189
About the Company
The Karur Vysya Bank Ltd (KVB) was set up in 1916 in Karur, TN. The bank provides services such as Top 500 Ranking
personal, corporate, agricultural banking and services to NRIs and MSME. Under personal banking, Income 139
the bank provides housing loan, personal loan; mutual funds; insurance; saving account and fixed
deposits among others. Under corporate banking, KVB provides services like corporate loan, demat Net Profit 124
account, multicity current account and general insurance among others. Schemes provided by KVB Networth 126
under agricultural banking include Green Harvester, Green Trac, Green Card/Green Card Plus and
KVB Happy Kisan among others. Under MSME, the bank provides products such as KVB MSME Cash, Address
KVB MSME Term Loan, KVB MSME Vendor Bill Discounting and KVB MSME EXPO among others. As Post Box No. 21,
on Dec 31, 2016 the bank has a network of 706 branches and 1,711 ATMs In FY16, KVB issued 0.89 Erode Road,
mn debit cards taking the total number of cards issued to 6.26 mn. The bank also added 923 POS Karur - 639002, TN
terminals across various merchant locations taking the total to 10,157 as on Mar 31 2016. Website: www.kvb.co.in

Financial Snapshot (` mn) Ratios (%)


Total Income Net Profit Networth Total Business NIM ROA Net NPA Ratio
61,502.2 5,676.4 45,729.6 891,632.8 3.2 1.0 0.6
(As on Mar 31, 2016)

INDIA’S TOP 500 COMPANIES 193


The South Indian Bank Limited
Dun & Bradstreet D-U-N-S® No 91-574-1672
About the Company
The South Indian Bank Ltd (SIB) was incorporated as a private sector bank in 1929 in the state of Top 500 Ranking
Kerala. The bank became a scheduled bank in 1946 under the RBI Act. In 1990, the bank entered Income 141
merchant banking business and in 1998, the bank came out with its IPO. SIB operates in personal
banking, NRI banking and business banking segments. Under personal banking, it offers a host Net Profit 171
of products and services including; accounts & deposits, loans, mutual funds, insurance, money Networth 141
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, Address
international finance, money transfers and other value added services. NRE and NRO accounts, SIB House, T.B. Road,
money transfers and mutual funds/insurance are some of the offerings under NRI banking. SIB has Mission Quarters,
opened 29 new offices and 87 ATMs across the country during FY16. Thus, the bank had a network Thrissur - 680001, Kerala
across India with 834 branches and 1287 ATMs as on Mar 31, 2016. Website: www.southindianbank.com

Financial Snapshot (` mn) Ratios (%)


Total Income Net Profit Networth Total Business NIM ROA Net NPA Ratio
60,746.2 3,332.7 37,119.6 968,064.8 2.5 0.6 2.9
(As on Mar 31, 2016)

The Karnataka Bank Limited


Dun & Bradstreet D-U-N-S® No 91-577-8497
About the Company
The Karnataka Bank Ltd (Karnataka Bank) was incorporated in 1924 and is engaged in providing Top 500 Ranking
personal banking, business banking, internet banking, insurance services, and money transfer Income 155
services. Karnataka Bank’s business banking division provides working capital finance, term loans
and infrastructure finance whereas its personal banking division provides deposits, loans, life Net Profit 148
insurance, utility bill payments and life insurance among others. The bank has forayed into general Networth 142
insurance business by promoting a JV called Universal Sompo General Insurance Co Ltd and also
markets life insurance products of PNB MetLife India Insurance Co Ltd. As on Jan 31 2017, the Address
bank operated through a wide network of 740 branches. In Sep 2016, the bank entered into MoU P.B. No. 599,
with Birla Sun Life Asset Management Company for distribution of MFs and in Jan 2017 it entered Mahaveera Circle,
into MoU with Tirth Agro Technology Pvt Ltd for financing to farmers for agri mechanisation. In Kankanady,
Feb 2017, Karnataka Bank entered into MoU with Daimler India Commercial Vehicles Pvt Ltd for Mangaluru - 575002, Karnataka
extending finance facilities to purchase commercial vehicles manufactured by Daimler. Website: www.karnatakabank.com

Financial Snapshot (` mn) Ratios (%)


Total Income Net Profit Networth Total Business NIM ROA Net NPA Ratio
55,350.7 4,152.9 36,905.9 843,906.6 2.4 0.8 2.4
(As on Mar 31, 2016)

IDFC Bank Limited


Dun & Bradstreet D-U-N-S® No 65-083-5361
About the Company
IDFC Bank Ltd (IDFC Bank) was incorporated on Oct 1, 2015. IDFC Bank headquarters in Mumbai Top 500 Ranking
and forms a part of IDFC, an integrated infrastructure finance company. The bank received banking Income 197
license from the RBI in July 2015 and on Nov 6, 2015; IDFC Bank was listed on BSE and NSE. IDFC’s
banking business consists of three distinct strategic business verticals namely commercial and Net Profit 138
wholesale banking, Bharat banking and personal and business banking. The bank caters to large Networth 58
corporates, mid-markets & SME clients, government business, financial institutions, treasury,
cash management, transaction banking and investment banking. As on Mar 31 2016, the capital Address
adequacy ratio of the bank stood at 22.04%. The net NPA and gross NPA ratio of IDFC Bank stood KRM Tower, 7th Floor,
at 2.39% and 6.16% respectively as on Mar 31 2016. . As on Jun 30, 2016, its network comprised No. 1 Harrington Road,
65 branches, 14 ATMs and 15 offices in India. In Jan 2017, IDFC Bank acquired 100% stake in Grama Chetpet, Chennai - 600031, TN
Vidiyal Micro Finance Ltd making it a wholly owned subsidiary. Website: www.idfcbank.com

Financial Snapshot (` mn) Ratios (%)


Total Income Net Profit Networth Total Business NIM ROA Net NPA Ratio
40,520.3 4,668.5 136,325.5 539,184.8 1.1 1.1 2.4
(As on Mar 31, 2016)

194 INDIA’S TOP 500 COMPANIES


City Union Bank Limited
Dun & Bradstreet D-U-N-S® No 91-503-8967
About the Company
City Union Bank Ltd (CUB) was incorporated in 1904, as The Kumbakonam Bank Ltd. In 1957, it took Top 500 Ranking
over Common Wealth Bank Ltd. In 1965, The City Forward Bank Ltd and The Union Bank Ltd were Income 228
amalgamated with the bank. In 1987, the bank acquired its present name. CUB operates under
business segments namely corporate and wholesale banking, retail banking, treasury and other Net Profit 141
banking operations. The bank’s product portfolio includes savings & current account, insurance, Networth 164
NRI banking services and loan services amongst others. CUB also provides facilities such as ATM
services, RTGS, NEFT, demand draft services, nomination facility, financial inclusion, and locker Address
etc. Online banking services include online shopping, railway tickets booking, mobile banking, and Office No. 149,
utility bill payments. During FY16, CUB expanded its branch network by opening 50 more branches T S R Big Street,
and 254 ATMs across the country taking the pan India count to 525 branches and 1,325 ATMs as of Kumbakonam - 612001, TN
Mar 31, 2016. In Nov 2016, CUB introduced a robot named ‘CUB – Lakshmi’ on a pilot basis in order Website: www.cityunionbank.com
to enhance customer service.

Financial Snapshot (` mn) Ratios (%)


Total Income Net Profit Networth Total Business NIM ROA Net NPA Ratio
33,541.9 4,446.9 30,520.0 482,150.5 3.3 1.5 1.5
(As on Mar 31, 2016)

The Lakshmi Vilas Bank Limited


Dun & Bradstreet D-U-N-S® No 65-064-9858
About the Company
The Lakshmi Vilas Bank Ltd (LVB) was incorporated in 1926 with an objective to serve the Top 500 Ranking
requirements of people in and around Karur (TN) who were occupied in trading, agriculture and Income 247
industry. In 1958, LVB obtained its banking license from the RBI and became scheduled commercial
bank. The bank’s product portfolio comprises of deposits, home loans, loan against property, vehicle Net Profit 243
loan, gold loan, loan to MSMEs, online services (like bill payments, tax payment), NRI services, cards Networth 250
and wealth management services. As on Mar 31, 2016, LVB had a network of 459 branches, one
satellite branch and seven extension counters, spread across 16 states and the UT of Pondicherry. Address
The Bank also had ATM network of 910 (327 Onsite & 583 offsite). In FY16, LVB registered 17.64% Salem Road,
y-o-y growth in its business to ` 450.74 bn. In Mar 2017, the bank launched LVB VYAPAAR current Kathaparai,
account aimed at addressing business banking requirements of small merchants, traders, small Karur - 639006, TN
eateries, medical stores and kirana stores across the country. In Jan 2016, LVB launched its mobile Website: www.lvbank.com
banking application – LVB Mobile.

Financial Snapshot (` mn) Ratios (%)


Total Income Net Profit Networth Total Business NIM ROA Net NPA Ratio
28,728.3 1,802.4 15,918.6 450,747.0 2.4 0.7 1.2
(As on Mar 31, 2016)

DCB Bank Limited


Dun & Bradstreet D-U-N-S® No 65-064-3752
About the Company
DCB Bank Ltd (DCB), formerly known as Development Credit Bank Ltd is a scheduled Commercial Top 500 Ranking
Bank promoted by Aga Khan Fund for Economic Development. DCB’s business segments include Income 326
retail, micro-SME, large SME, mid-corporate, MFIs, agriculture, commodities, Government, public
sector, Indian banks, co-operative banks and NBFCs. It has vast product portfolio including deposit Net Profit 235
products, cards, payments & remittances services, loans and third party products amongst others. Networth 237
DCB has a distribution network consisting of 248 branches and 496 ATMs across 18 states and two
UTs. DCB has strategic alliance with Birla Sunlife Insurance and ICICI Lombard General Insurance Address
for distribution of life and general insurance products respectively. As on Mar 31 2016, gross NPA 6th Floor, Tower A,
and net NPA ratio of the bank stood at 1.51% and 0.75% respectively. In FY16, DCB acquired 5.81% Peninsula Business Park,
stake in Odisha-based Annapurna Microfinance Pvt Ltd for ` 99.9 mn. In FY16, the bank launched Senapati Bapat Marg, Lower Parel,
Aadhaar and fingerprint biometric ATM on pilot-basis, FinnOne Neo – instalment loan system and Mumbai - 400013, Maharashtra
Gold Loan Management System. Website: www.dcbbank.com

Financial Snapshot (` mn) Ratios (%)


Total Income Net Profit Networth Total Business NIM ROA Net NPA Ratio
19,189.2 1,945.2 17,419.4 278,473.7 3.5 1.1 0.8
(As on Mar 31, 2016)

INDIA’S TOP 500 COMPANIES 195


Batteries
Batteries
Comparative Matrix

Sector Total Income Net Profit Net Worth NPM RONW


Company Name
TI Rank ` Mn ` Mn ` Mn (%) (%)
1 Exide Industries Limited 68,653.3 6,227.7 44,124.3 9.1 14.1
2 Amara Raja Batteries Limited 47,363.5 4,894.5 21,016.4 10.3 23.3
3 HBL Power Systems Limited 13,004.4 194.3 5,994.5 1.5 3.2

INDIA’S TOP 500 COMPANIES


Exide Industries Limited
Dun & Bradstreet D-U-N-S® No 65-005-8019
About the Company
Exide Industries Ltd (Exide) was incorporated in 1947 as Associated Battery Makers Eastern Ltd. In Top 500 Ranking
1972, the name was changed to Chloride India Ltd and subsequently in 1995 acquired its present Income 127
name. The company primarily operates business segments of automotive batteries, industrial
batteries, submarine batteries, solar batteries, genset batteries, inverter batteries and home ups Net Profit 111
systems. Some of its brands under which Exide market its products include Exide, Chloride, SF Sonic, Networth 130
Index, Cynex and CEIL. The company operates nine manufacturing facilities across WB, Haryana,
Maharashtra, TN and Uttarakhand. It has overseas presence in over 40 countries and subsidiaries Address
operating in Sri Lanka, Singapore and UK. The company exports its batteries to Afghanistan, Exide House,
Bangladesh, Mauritius, Singapore, Sri Lanka, Malaysia and Myanmar. Some of the major clients 59E, Chowringhee Road,
of Exide include Ericsson, Tata Steel, BSNL, Emerson, Finolex, BHEL, Cipla, Hitachi, ABB and L&T Kolkata - 700020, WB
amongst others. In FY16, Exide launched new products namely, Exide INVA MORE, INVA Tall Range, Website: www.exideindustries.com
Inverter – Exide GEL MAGIC, E-Ride Tubular Battery, E-Ride Range and EEZY Range of batteries.

Financial Snapshot (` mn) Ratios (%)


Total Income Net Profit Networth EBIDTA EBIDTA Margin NPM RONW
68,653.3 6,227.7 44,124.3 10,667.2 15.5 9.1 14.1
(As on Mar 31, 2016)

Amara Raja Batteries Limited


Dun & Bradstreet D-U-N-S® No 91-850-9183
About the Company
Amara Raja Batteries Ltd (Amara Raja) was incorporated in 1985. Amara Raja is engaged in Top 500 Ranking
manufacturing of lead-acid storage batteries for industrial and automotive applications in India. Income 175
Amara Raja business can be classified in two segments: industrial and automotive battery. The
company has a diverse product portfolio which caters to wide-spread customers to various segments; Net Profit 132
telecom, railways, power control, solar and UPS under industrial battery. Amara Raja caters to Networth 212
automobile OEMs, replacement market and private label customers under automotive battery
business. The company also provides installation and commissioning and maintenance services Address
to the customers. The company markets its batteries under various brands namely Power Stack, Renigunta - Cuddapah Road,
AmaronVolt, Quanta, Amaron and PowerZone. Amara Raja also export its batteries to countries in Karakambadi,
Indian Ocean Rim. Some of the prestigious clients of Amara Raja include Ashok Leyland, Ford India, Tirupati - 517520, AP
Honda, Hyundai, Maruti Suzuki, M&M and Tata Motors Benz amongst others. In FY16, the company Website: www.amararaja.co.in
operated with the installed capacity of manufacturing 8.25 MUPA of four-wheeler batteries and 11
MUPA of two-wheeler batteries.

Financial Snapshot (` mn) Ratios (%)


Total Income Net Profit Networth EBIDTA EBIDTA Margin NPM RONW
47,363.5 4,894.5 21,016.4 8,622.6 18.2 10.3 23.3
(As on Mar 31, 2016)

HBL Power Systems Limited


Dun & Bradstreet D-U-N-S® No 91-851-1015
About the Company
HBL Power Systems Ltd (HBL) was founded in 1977 as Hyderabad Batteries Ltd. The company Top 500 Ranking
mainly engages in the manufacture of batteries with diverse specialized applications. HBL has also Income 429
extended its operations into new segments like railway electronics, defense electronics, power
electronics and other engineered products. As of March 2016, the company had four subsidiaries Net Profit 441
(including two overseas subsidiaries), two associate companies and a joint venture in Saudi Arabia. Networth 381
During the year, the company received SEBI approval for a reverse merger with its holding company,
Beaver Engineering and Holdings Pvt Ltd. HBL has five fully integrated manufacturing units with Address
224,900 sq.m. built-up area, located in Telangana and Andhra Pradesh. In FY16, the company 8-2-601,
created strategic business units – Batteries, Electronics and Defense and embarked on business Road No 10, Banjara Hills,
consolidation. The company’s exports its products to over 80 countries through an extensive global Hyderabad - 500034, Telangana
network of agents, distributors and resellers as well as its overseas subsidiaries in Germany and Website: www.hbl.in
North America.

Financial Snapshot (` mn) Ratios (%)


Total Income Net Profit Networth EBIDTA EBIDTA Margin NPM RONW
13,004.4 194.3 5,994.5 1,370.6 10.5 1.5 3.2
(As on Mar 31, 2016)

INDIA’S TOP 500 COMPANIES 199


Bearings
Bearings
Comparative Matrix

Sector Total Income Net Profit Net Worth NPM RONW


Company Name
TI Rank ` Mn ` Mn ` Mn (%) (%)
1 SKF India Limited# 24,790.6 2,057.2 15,693.9 8.3 13.1
2 FAG Bearings India Limited 17,805.9 1,974.8 12,873.2 11.1 15.3
3 Timken India Limited 10,675.6 919.1 5,221.3 8.6 17.6

INDIA’S TOP 500 COMPANIES


Dun & Bradstreet D-U-N-S® No 65-005-3408

Top 500 Ranking

Income 280

Net Profit 223

SKF India Limited Net Worth 252

Shishir Joshipura, Managing Director

Mr. Joshipura’s view


With the governments push to manufacturing, infrastructure and clean energy industries, the need for Industrial Bearing has increased from 12-15%
over past few years. Need for infrastructure from safety and technology upgradation aspect has demanded partnership between Indian Railway and
global locomotive manufacturers. The increasing demand of Clean Energy, has brought in new global players to the Indian market, thus opening
ways for partnership with local manufacturers with global expertise. Every product of SKF comes with a standardized quality across the globe. We
customize our products as per the customers requirement and enhance value with additional services and maintenance training.
These approaches are helping us strengthen our presence in existing territories and also step into yet unexplored territories.

About the Company Financial Snapshot (In ` mn)


SKF India Ltd (SKF India), part of Sweden based SKF group, commenced its operations Total Income 24,790.6
in India in 1923, with a trading division in Kolkata. SKF India Ltd was incorporated in the
year 1961 as a result of collaboration between AB SKF, Associated Bearing Company Ltd Net Profit 2,057.2
and Investment Corporation of India Ltd. The company’s first manufacturing plant was Networth 15,693.9
commissioned in Pune in the year 1965. The company serves automotive and industrial EBIDTA 3,718.7
engineered solutions through its technology centric platforms – bearings and units,
Ratios (%)
seals, mechatronics, lubrication solutions and services.
EBIDTA Margin 15.0
SKF India operates in the bearings and related technology platforms which are used in NPM 8.3
a variety of applications across industries. The company has six manufacturing units
RONW 13.1
located at Pune, Bengaluru and Haridwar. It also operates 12 offices across India; and
(As on Mar 31, 2016)
has a supplier network of over 300 distributors.
15 months data annualised

SKF in India is also represented by SKF Technologies India Pvt Ltd offering sealing solutions Management Details
and large size industrial bearings and Lincoln Helios India Ltd. offering lubrication Chairman
systems. R Makhija
Managing Director
Business Profile Shishir Joshipura
SKF provides solutions through its technology-centric platforms namely bearings and Directors
units, seals, mechatronics, lubrication systems and services. It caters to various industries PR Menon
PM Telang
including automotive, aerospace, renewable energy, railways, mining and marine among
H Hattangady
others. Some of its key offerings include: S Le-Mounier
• Bearings, units and housings: The Company provides various ball bearings, roller
bearings, bearing accessories, engineered products such as bearings for extreme
temperatures, bearings with solid oil, hybrid bearings, sensor bearing units among
others; track runner bearings, super precision bearings, spherical plain bearings,
bushings and rod ends, bearing units for ball bearing, roller bearing and bearing
housing.
• Seals: SKF India provides a wide range of seals for automotive and industrial
applications. For industrial applications, the company provides power transmission Address & Website
seals, hydraulic seals, fluid handling seals and machined seals. For automotive Mahatma Gandhi Memorial Bldg
applications, the company provides bearing seals, body seals, driveline seals, engine Netaji Subash Road
seals, steering seals, suspension seals and wheel end seals. Mumbai - 400002
Maharashtra
• Lubrication solutions: SKF lubrication solutions range from specialized lubricants
to state-of-the-art lubrication systems. The company also offers technical support Website
www.skf.com/in
and services including lubrication management programmes to help with lubricant
selection, planning and monitoring. Its offerings include; lubricants, manual
lubrication tools, lubrication systems, lubrication system components, and
lubrication management tools among others.
• Actuation Systems: Mechatronics is the science of bringing together mechanics and
electronics into new solutions. Its wide range of offerings include; linear actuators,

204 INDIA’S TOP 500 COMPANIES Advertorial


telescopic pillars, rotary actuators, engineered actuation systems, control units and accessories.
• Condition Monitoring Products & Services: The companies new range of products and solutions to monitor critical equipment’s
and avoid sudden failures is a great success in the market.
• Services: SKF India provides a wide range of services for both OEM and aftermarket customers for major industries ranging
from new machine development and design verification, to reconditioning, integrated maintenance solutions, training and
remote monitoring. Services offered by the company include; Reliability engineering services, SKF Business Consulting, Customer
training, SKF Engineering Consultancy Services, Logistics and Demand Chain, Lubrication Services, Mechanical maintenance,
Remanufacturing and maintenance services, and Service contracts among others.

Reach
SKF India’s widening network is central to serving needs of its expanding customer network. The company operates one of the largest
networks in the industry with over 20,000 touch points comprising of distributors, retail partners and mechanic points. Additionally,
the company operates through 6 manufacturing units across India, which aims to provide products and customised solutions to
address specific customer needs.

The SKF Advantage: From products to lubrications, and now complete Rotating Equipment Performance, SKF is all geared to provide
world class products and solutions to its customers.
• India Distribution Centre: India Distribution Centre (IDC), the state-of-art logistics and demand chain centre for SKF India. IDC is
a milestone in the company’s journey of customer centricity and strengthens SKF offerings with capabilities like increased stock
capability, Online tracking facility, Faster delivery time, Cutting-edge infrastructure, Error free support & service and more.
• Remote Diagnostic Centre: One of a kind, technology to address the requirement of continuous monitoring of critical machinery
resulted in the launch of Remote Diagnostic Centre. The centre provides remote monitoring assistance to companies with internet
access to implement a world class Predictive Maintenance (PdM) program without any hassle. Global access to view reports and
trace actual vibration data plots 24X7 from anywhere in the world is the key attraction of this centre.
• Factories: SKF has been continuously adding its manufacturing channels and upgrading with the latest technologies, robotics and
expertise to provide the best possible products and solutions to its customers.
• Solution Factories: With an objective of being closer to the customers and helping them with the remanufacturing solutions, SKF
has come up with solution factories closer to its key customers. This has strengthened SKF’s solution portfolio to a great extent.

Corporate Social Responsibility (CSR)


• CSR has been an integral part of the company’s business. SKF India has put in place a SKF Care model guiding all its operations,
which comprises of four pillars, namely; Business care, Employee care, Environment care and Community care. Some of programs
conducted by SKF India include;
• SKF Sports Education Program: This program aims to provide opportunities for physical and mental development for children from
neighbouring municipal schools at Pune and Ahmedabad.
• Youth Empowerment at SKF: Under this program, SKF India aims to equip 5000 garage mechanics over a period of 5 years at five
locations across India with skills covering technical, entrepreneurial and lateral competencies like basic computer knowledge.
• Women Empowerment: This program aims at empowering young girls with structured financial assistance program through their
college and technical education to make them capable to get meaningful career and employment opportunities.

SKF India Corporate Office - Pune

Advertorial INDIA’S TOP 500 COMPANIES 205


FAG Bearings India Limited
Dun & Bradstreet D-U-N-S® No 65-005-4984
About the Company
FAG Bearings India Ltd (FAG Bearings), a Schaeffler group company, was incorporated as Precision Top 500 Ranking
Bearings India Ltd in collaboration with Norma Hoffmann Bearings Corporation, USA in 1962. In Income 350
1986, the name of the company was changed to FAG Precision Bearings Ltd and subsequently
acquired its present name in 1999. FAG Bearings is primarily engaged in manufacturing and selling Net Profit 232
of ball bearings, wheel bearings, cylindrical roller bearings and spherical roller bearings ranging Networth 288
from 35 mm to 320 mm. It operates across four major market segments namely; automotive
OEM, industry OEM, aftermarket and exports. The product range of the company covers various Address
applications across sectors such as construction machinery, electrical engineering, fluid technology, 8th Floor, Nariman Bhavan,
industrial gears, mining & cement, power generation, agricultural engineering, steel plants, Backbay Reclamation,
motorcycles, textile machinery, machine tools, wind power, pulp and paper among others. The 227, Nariman Point,
company operates through its manufacturing facilities located in Vadodara, Gujarat. During the Mumbai - 400021, Maharashtra
year ended Dec 31 2015, the company produced around 116.9 mn and sold around 118.1 mn ball Website: www.schaeffler.co.in
and roller bearings.

Financial Snapshot (` mn) Ratios (%)


Total Income Net Profit Networth EBIDTA EBIDTA Margin NPM RONW
17,805.9 1,974.8 12,873.2 3,599.9 20.2 11.1 15.3
(As on Dec 31, 2015)

Timken India Limited


Dun & Bradstreet D-U-N-S® No 65-035-1567
About the Company
Timken India Limited (Timken India), a part of US based The Timken Company, was incorporated in Top 500 Ranking
the year 1987 as Tata Timken Limited (TTL), a joint venture between Tata Iron and Steel Company Income 483
(TISCO) and The Timken Company. In 1999, Timken acquired 40% stake of Tata Steel and in the same
year, the name of the company was changed to Timken India Limited. It is engaged in manufacturing Net Profit 322
tapered roller bearings and components in India. It mainly caters to medium and heavy trucks, off- Networth 403
highway equipment, railways markets and exports. It also offers other types of bearings viz., large
size tapered roller bearings, spherical roller bearings, cylindrical roller bearings and speciality ball Address
bearings by sourcing these from other Timken Company plants globally. Its product portfolio also 39-42, Electronic City,
includes belts, industrial chains and augurs, couplings, housed units, high performance grease, and Phase II, Hosur Road,
lubrication systems. The company operates manufacturing facility at Jamshedpur and industrial Bangalore - 560100, Karnataka
services centre in Raipur. It also operates six warehouses and sales offices in Kolkata, Delhi, Website: www.timken.com/india
Bangalore, Pune and Jamshedpur.

Financial Snapshot (` mn) Ratios (%)


Total Income Net Profit Networth EBIDTA EBIDTA Margin NPM RONW
10,675.6 919.1 5,221.3 1,676.9 15.7 8.6 17.6
(As on Mar 31, 2016)

xyz
Dun & Bradstreet D-U-N-S® No 00-000-0000
About the Company
xyz Top 500 Ranking
Income
Net Profit
Networth
Address
xyz

Financial Snapshot (` mn) Ratios (%)


Total Income Net Profit Networth EBIDTA EBIDTA Margin NPM RONW

(As on Mar 31, 2016)

206 INDIA’S TOP 500 COMPANIES


NTPC has always envisaged environment
protect ion as one of it s p r im e
responsibilities. Company has adopted
sound env ironment managem ent
practices for the benefit of society. NTPC
NTPC is now a 51,000+ MW Company has planted more than 32 million trees
with presence in Coal, Gas, Hydro, Solar, since inception, including 10 million trees
Wind Power Generation and Coal Mining during 2016-17.
Cement
Cement
Comparative Matrix

Sector Total Income Net Profit Net Worth NPM RONW


Company Name
TI Rank ` Mn ` Mn ` Mn (%) (%)
1 UltraTech Cement Limited 243,425.2 21,746.5 207,360.9 8.9 10.5
2 ACC Limited 119,161.8 5,915.7 84,430.8 5.0 7.0
3 Ambuja Cements Limited 98,195.9 8,075.6 103,068.7 8.2 7.8
4 Century Textiles and Industries Limited 80,344.4 (545.2) 22,067.6 (0.7) (2.5)
5 Shree Cement Limited# 75,838.1 6,065.7 61,802.2 8.0 9.8
6 The India Cements Limited 42,490.1 1,378.1 33,906.4 3.2 4.1
7 The Ramco Cements Limited 36,870.9 5,582.6 30,926.3 15.1 18.1
8 J.K. Cement Limited 36,103.2 1,015.4 17,144.1 2.8 5.9
9 Birla Corporation Limited 34,386.9 1,573.5 27,029.4 4.6 5.8
10 OCL India Limited 27,336.6 2,362.9 14,051.0 8.6 16.8
11 JK Lakshmi Cement Limited 26,801.3 62.8 13,334.4 0.2 0.5
12 HeidelbergCement India Limited 16,707.9 386.5 8,833.1 2.3 4.4
13 Orient Cement Limited 15,167.4 622.4 10,101.9 4.1 6.2

INDIA’S TOP 500 COMPANIES


UltraTech Cement Limited
Dun & Bradstreet D-U-N-S® No 91-861-8104
About the Company
UltraTech Cement’s (UltraTech) origins can be traced to mid-1980s when Grasim Industries Top 500 Ranking
Ltd. installed its first cement plant in Madhya Pradesh. In 2001, Grasim acquired a stake in L&T Income 45
Cement Ltd. and gradually became a controlling stakeholder. In 2004, L&T Cement was renamed
UltraTech Cement followed by its amalgamation with Samruddhi Cement Ltd. in 2010. The same Net Profit 43
year, UltraTech through its wholly-owned subsidiary in the Middle East, acquired ETA Star Cement Networth 46
Company. Today, UltraTech’s operations span UAE, Bahrain, Bangladesh and Sri Lanka in addition to
India. The company operates 12 integrated plants, one clinkerization plant, 19 grinding units and Address
seven bulk terminals, with an installed capacity of 69.3 MMTPA of grey cement and 0.56 MTPA of Ahura Centre, B Wing, 2nd Floor,
white cement. Ultratech also operates two putty plants with a combined capacity of 0.8 MMTPA. Mahakali Caves Road, Andheri East,
The company is the country’s largest cement manufacturer as well as exporter with over 100 ready- Mumbai - 400093, Maharashtra
mix concrete plants across 35 cities in India. Website: www.ultratechcement.com

Financial Snapshot (` mn) Ratios (%)


Total Income Net Profit Networth EBIDTA EBIDTA Margin NPM RONW
243,425.2 21,746.5 207,360.9 48,668.6 20.0 8.9 10.5
(As on Mar 31, 2016)

ACC Limited
Dun & Bradstreet D-U-N-S® No 65-028-0365
About the Company
ACC Ltd (ACC) was incorporated in Aug 1936 as The Associated Cement Companies Ltd. The company Top 500 Ranking
became a subsidiary of Holcim (India) Pvt Ltd in 2005 and an ultimate subsidiary of LafargeHolcim Income 76
Ltd in 2015. ACC’s product portfolio consists of portland cement, premium cements, bulk cement,
ready mixed concrete and concrete value added products used for different applications. Within Net Profit 119
its product portfolio, cement production accounts for almost 91.5% of the total turnover of the Networth 86
company, while ready mixed concrete accounts for 8.5% of it’s total turnover. ACC’s operations are
spread across India with 17 cement factories, more than 50 ready mixed concrete plants and vast Address
distribution network of over 9,000 dealers. In July 2016, the company commenced commercial Cement House,
production from its 2.79 MTPA clinker facility at Jamul, Chhattisgarh. It’s 1.35 mn tonnes Sindri 121 Maharshi Karve Road,
Cement Grinding Unit in Jharkhand was also operationalised wef Oct 2016. Holderind Investments Mumbai - 400020, Maharashtra
Ltd, a subsidiary of LafargeHolcim Ltd purchased through the stock exchange 78,70,000 equity Website: www.acclimited.com
shares of ACC constituting 4.19% of the equity share capital.

Financial Snapshot (` mn) Ratios (%)


Total Income Net Profit Networth EBIDTA EBIDTA Margin NPM RONW
119,161.8 5,915.7 84,430.8 16,353.3 13.7 5.0 7.0
(As on Dec 31, 2015)

Ambuja Cements Limited


Dun & Bradstreet D-U-N-S® No 91-878-5973
About the Company
Ambuja Cements Ltd (Ambuja Cements) was incorporated in 1983 and commenced production Top 500 Ranking
through its first cement plant at Ambujanagar, Gujarat in 1986. In 2006, Holcim Ltd acquired Income 94
management control of Ambuja Cements. In Jul 2015, Holcim Ltd and Lafarge SA completed their
global merger to create LafargeHolcim Ltd making it the ultimate holding company of Ambuja Net Profit 86
Cements. Ambuja Cements is engaged in manufacturing and trading of cements. The company Networth 78
produces Portland pozollana cement (PPC) and ordinary Portland cement out of which PPC accounts
for 93% of the company’s product portfolio. In 2016, the company had cement manufacturing Address
capacity of 29.65 mn toones with five integrated cement manufacturing plants and eight cement P. O. Ambujanagar,
grinding units across the country. In May 2016, the company completed the capacity expansion of Taluka Kodinar,
its Sankrail Grinding unit in Howrah, WB. In Nov 2016, Holderind Investments Ltd, a subsidiary of Junagadh - 362715, Gujarat
LafargeHolcim Ltd increased its shareholding in Ambuja Cements to 63.1%. In Jul 2016, the company Website: www.ambujacement.com
secured a linkage of 96,000 tonnes of coal from Junadih siding of South Eastern Coalfields Ltd.

Financial Snapshot (` mn) Ratios (%)


Total Income Net Profit Networth EBIDTA EBIDTA Margin NPM RONW
98,195.9 8,075.6 103,068.7 18,366.3 18.7 8.2 7.8
(As on Dec 31, 2015)

INDIA’S TOP 500 COMPANIES 211


Century Textiles and Industries Limited
Dun & Bradstreet D-U-N-S® No 65-005-5890
About the Company
Century Textiles and Industries Ltd (Century Tex) was incorporated in 1897. Century Tex’s business Top 500 Ranking
can be classified into four segments namely textiles (cotton textiles, cotton yarn, denim, VFY, Income 115
CSY, rayon tyre yarn and chemicals), cement (portland pozzolana cement, portland slag cement),
pulp & paper (writing & printing paper, tissue paper and paperboard) and real estate (residential, Net Profit 472
commercial and retail spaces). In FY16, the company established a new division called Birla Estates to Networth 205
undertake work related to property development of available existing land parcels of the company
as well as new land to be purchased/ acquired in the future for the purpose of development. Under Address
the textile segment, the company’s 100% cotton yarn unit and denim unit are situated in MP, with a Century Bhavan,
capacity of respectively 24,960 spindles of cotton yarn and 21 mn metres of denim fabric p.a. Under Dr Annie Besant Road,
the cement segment, the company has five plants and one grinding unit, with a total manufacturing Worli,
capacity of 12.8 MT p.a. The company’s pulp and paper plant has a rayon grade pulp capacity of Mumbai - 400030, Maharashtra
31,320 tonnes p.a. Website: www.centurytextind.com

Financial Snapshot (` mn) Ratios (%)


Total Income Net Profit Networth EBIDTA EBIDTA Margin NPM RONW
80,344.4 (545.2) 22,067.6 7,146.1 8.9 (0.7) (2.5)
(As on Mar 31, 2016)

Shree Cement Limited


Dun & Bradstreet D-U-N-S® No 86-228-4908
About the Company
Shree Cement Ltd (Shree Cement) was incorporated in 1979. It is engaged in business of cement Top 500 Ranking
manufacturing and power generation. The company markets its cement under the brands Shree Income 119
JungRodhak, Bangur and Rockstrong. The company’s cement plants are located at Beawar, Ras,
Khushkhera, Jobner and Suratgarh in Rajasthan; Laksar in Uttarakhand; Aurangabad in Bihar; Net Profit 115
Panipat in Haryana; Baloda Bazar in Chhattisgarh; and Bulandshahr in UP. In FY15, the company Networth 111
had a cement production capacity of 25.6 MTPA. The company operates power plants in Beawar,
Rajasthan with a generation capacity of 612 MW including Waste Heat Recovery Plants (WHRP) Address
of 111 MWs. In FY16, the company’s cement production stood at 140.99 lac tonnes; while power Bangur Nagar,
generation for the year stood at 2611 Mus, growing by 16.55% over the previous year. In FY16, the Beawar,
company added a grinding unit of 2.0 MTPA capacity at Bulandshahr, UP. Ajmer – 305901, Rajasthan
Website: www.shreecement.in

Financial Snapshot (` mn) Ratios (%)


Total Income Net Profit Networth EBIDTA EBIDTA Margin NPM RONW
75,838.1 6,065.7 61,802.2 19,340.4 25.5 8.0 9.8
(As on Mar 31, 2016)
9 months data annualised

The India Cements Limited


Dun & Bradstreet D-U-N-S® No 85-890-7292
About the Company
The India Cements Ltd (India Cement) was incorporated in 1946 and in 1949, it commissioned its Top 500 Ranking
first cement plant at Sankarnagar, TN. In 1990, the company acquired Coromandel cement plant at Income 189
Cuddapah, AP and in the following year it ventured into shipping business by setting up a shipping
division. The company is primarily engaged in the production of cement and clinker. Additionally, Net Profit 276
the company has ventured into related fields like shipping, and captive power. Its products are Networth 154
marketed under brands namely Coromandel King, Coromandel Super Power, Sankar Super Power
and Raasi Gold among others. India Cement operates cement factories and grinding units located Address
at Sankarnagar, Dalavoi, Vallur and Sankari in TN; Chilamakur, Yerraguntla in AP and Vishnupuram, Dhun Building,
Malkapur in Telangana and Parli Vaijnath in Maharashtra. These cement plants’ operate with the 827, Anna Salai,
manufacturing capacity of 15.55 mn tonnes per annum. In FY16, its overall sales volume including Chennai - 600002, TN
clinker stood at 8.7 MT. Under shipping, it operated two vessels and performed 45 voyages mainly Website: www.indiacements.co.in
in coastal trade and tramping in FY16.

Financial Snapshot (` mn) Ratios (%)


Total Income Net Profit Networth EBIDTA EBIDTA Margin NPM RONW
42,490.1 1,378.1 33,906.4 7,194.6 16.9 3.2 4.1
(As on Mar 31, 2016)

212 INDIA’S TOP 500 COMPANIES


The Ramco Cements Limited
Dun & Bradstreet D-U-N-S® No 65-078-4577
About the Company
The Ramco Cements Ltd (Ramco), a flagship company of Ramco Group was incorporated in 1957. Top 500 Ranking
Ramco Cements is engaged in manufacturing of cement, with Portland cement as its main product. Income 212
Its product portfolio also includes Ready Mix Concrete (RMC) and dry mortar mix. Various types of
products manufactured by Ramco include; Ramco Supergrade, Ramco Super Plaster, Ramco Super Net Profit 127
Fine, Ramco Tile Fix and Ramco Super Fast among others. The dry mortar division manufactures pre Networth 163
mixed dry mortars viz. plasters, wall putty and tile adhesive. The company has five cement plants
located at TN, AP and Karnataka operating with an aggregate installed capacity of 12.5 MTPA and Address
four grinding units located at TN, WB and AP operating with an aggregate installed capacity of 4 Ramamandiram,
MTPA. The company has wind farms located in TN and Karnataka, comprising of 108 wind electric Virudhunagar,
generators with an aggregate installed capacity of 165.79 MW. In FY16, the company produced 7.2 Dist. Rajapalayam - 626117, TN
MMTPA of cement and 43,457 tons of dry mortar. During the same period, Ramco generated 164.3 Website: www.ramcocements.in
MU of wind energy.

Financial Snapshot (` mn) Ratios (%)


Total Income Net Profit Networth EBIDTA EBIDTA Margin NPM RONW
36,870.9 5,582.6 30,926.3 11,448.3 31.0 15.1 18.1
(As on Mar 31, 2016)

J.K. Cement Limited


Dun & Bradstreet D-U-N-S® No 65-045-1180
About the Company
J.K. Cement Ltd (JK Cement), an affiliate of the industrial conglomerate JK Organisation, was Top 500 Ranking
established in 1975 with the commencement of commercial production at the company’s grey Income 216
cement plant at Nimbahera, Rajasthan. The company is primarily engaged in the production of grey
cement and white cement. Under grey cement, the company produces ordinary portland cement Net Profit 310
(OPC), JK Super Cement - PPC and JK Super Cement - PSC. Under white cement segment the company Networth 240
offers JK white cement, JK wall putty, JK waterproof and JK Primaxx. JK Super Cement, JK White
Cement and JK Wall Putty are the key brands of the company. The company also manufactures JK Address
Super Grip, a floor and wall tile ready to use adhesive. The company has an installed grey cement Kamla Tower,
capacity of 10.5 mn TPA; white cement capacity of 1.2 mn TPA including 0.6 mn TPA white cement Kanpur - 208001, UP
plant at UAE and wall putty capacity of 0.7 mn TPA. In FY16, the company reported 9% y-o-y growth Website: www.jkcement.com
in grey cement production and 2% y-o-y growth in white cement production.

Financial Snapshot (` mn) Ratios (%)


Total Income Net Profit Networth EBIDTA EBIDTA Margin NPM RONW
36,103.2 1,015.4 17,144.1 5,707.9 15.8 2.8 5.9
(As on Mar 31, 2016)

Birla Corporation Limited


Dun & Bradstreet D-U-N-S® No 65-005-7805
About the Company
Birla Corporation Ltd (Birla Corp), a flagship company of the M.P. Birla Group, was incorporated Top 500 Ranking
in 1919 as Birla Jute Manufacturing Company Ltd and acquired its present name in 1998. Birla Income 226
Corp mainly operates under two business segments namely cement and jute. The cement division
manufactures varieties of cement like OPC, PPC, portland slag cement, low heat cement, low alkali Net Profit 259
Portland cement, sulphate resistant cement amongst others and markets them under the brands Networth 180
Samrat, Khajuraho, Chetak and Birla Premium cement. The jute division manufactures jute yarn,
floor & wall covering, jute carpets, scrim and carpet backing cloth to name a few. The company also Address
operates vinoleum division which manufactures vinyl flooring, PVC coated wallpaper, coated fabric Birla Building 9/1,
and cellular plastic sheet. Birla Corp’s plants are located in MP, Rajasthan, WB, UP, Maharashtra R N Mukherjee Road,
and Haryana. In Mar 2017, the company launched two new-age cement brands CONCRECEM (OPC) Kolkata - 700001, WB
and MULTICEM (fly ash-based PPC) for large commercial, industrial, infrastructural and real estate Website: www.birlacorporation.com
projects. In Aug 2016, the company completed the acquisition of the cement business of Reliance
Infrastructure Ltd.

Financial Snapshot (` mn) Ratios (%)


Total Income Net Profit Networth EBIDTA EBIDTA Margin NPM RONW
34,386.9 1,573.5 27,029.4 4,429.5 12.9 4.6 5.8
(As on Mar 31, 2016)

INDIA’S TOP 500 COMPANIES 213


OCL India Limited
Dun & Bradstreet D-U-N-S® No 86-026-2175
About the Company
OCL India Ltd (OCL India), a flagship company of Dalmia Group was incorporated in 1949 in the name Top 500 Ranking
of Orissa Cement Ltd. In 1996, the company acquired its present name. OCL India operates in two Income 257
segments namely; cement and refractory. Under refractory segment, the company manufactures
various types of refractory products like silica, basic burnt magnesia carbon, fireclay & high alumina Net Profit 203
bricks, continuous casting, slide gate refractories, castables & precast blocks basic and silica high Networth 273
alumina ramming mases/mortars. The cement business of the company markets its cement under
the brand Konark and Konark DSP which was launched in FY15. The cement and refractory plants Address
of OCL India are located in Odisha and WB. As on Mar 31 2016, the company’s annual installed Rajgangpur,
capacity of cement manufacturing stood at 6.7 mn tonnes, while the refractory business had an Dist Sundargarh,
installed capacity of 1.31 lakh tonnes. In FY16, the company’s sales volume for cement increased by Rajgangpur - 770017, Orissa
29% y-o-y to 5.62 mn tonnes and for refractory business sales volume declined by 15% y-o-y. Website: www.oclindialtd.in

Financial Snapshot (` mn) Ratios (%)


Total Income Net Profit Networth EBIDTA EBIDTA Margin NPM RONW
27,336.6 2,362.9 14,051.0 5,788.7 21.2 8.6 16.8
(As on Mar 31, 2016)

JK Lakshmi Cement Limited


Dun & Bradstreet D-U-N-S® No 86-223-9709
About the Company
JK Lakshmi Cement Ltd (JK Lakshmi Cement), a part of JK Organisation was incorporated in 1982 Top 500 Ranking
in Rajasthan. JK Lakshmi Cement is primarily engaged in manufacturing and selling of cement and Income 262
clinker. The company offers three variants of cements namely blended cement PPC, 53 Grade OPC
and 43 Grade OPC. JK Lakshmi Cement markets its products under the brands JK Lakshmi Pro+, Net Profit 462
JK Lakshmi, JK Gypgold, JK Lakshmi Power Mix, JK SMARTBLOX and JK Lakshmiplast. JK Lakshmi Networth 284
Cement has its manufacturing plants located at Sirohi in Rajasthan, Gandhinagar in Gujarat, Durg
in Chhattisgarh and Jhajjar in Haryana with the combined capacity of 8.3 mn MTPA. The company Address
operates a wide network of 70 – 80 cement dumps and over 3,000 dealers spread across the states Jaykaypuram,
of Rajasthan, Gujarat, Delhi, Haryana, UP, Punjab, MP, WB, Chhattisgarh, Orissa, Maharashtra and Basantgarh,
J&K. In FY16, the company commissioned an integrated cement plant at Durg, Chhattisgarh and Sirohi - 307019, Rajasthan
1.35 mn tonnes pa grinding unit at Surat, Gujarat. In FY 16, the company’s production increased by Website: www.jklakshmicement.com
23% y-o-y with 82% capacity utilisation.

Financial Snapshot (` mn) Ratios (%)


Total Income Net Profit Networth EBIDTA EBIDTA Margin NPM RONW
26,801.3 62.8 13,334.4 3,792.8 14.2 0.2 0.5
(As on Mar 31, 2016)

HeidelbergCement India Limited


Dun & Bradstreet D-U-N-S® No 65-005-9199
About the Company
HeidelbergCement India Ltd (HCIL), a subsidiary of HeidelbergCement Group was incorporated Top 500 Ranking
in the year 1958 as Mysore Cements Ltd. In Apr 2008, the company acquired its present name Income 362
pursuant to the merger of Indorama Cement Ltd with the company. HCIL is primarily engaged in
manufacturing of cement. HCIL’s product portfolio includes portland slag cement and portland Net Profit 407
pozzolana cement marketed under the brand name mycem. HCIL undertakes its cement operations Networth 339
through its manufacturing facilities located in the states of Karnataka, MP and UP. HCILs total
cement and clinker manufacturing capacity stands at 5.4 MMTPA and 3.4 MMTPA respectively. In Address
FY16, the company commissioned a 12 MW Waste Heat Recovery based Power Generation Plant at 9th Floor, Infinity Tower C,
its Narsingarh Plant in Damoh, MP. During the year, HCIL produced 4.43 MMT and sold 4.44 MMT of DLF Cyber City, Phase-II,
cement registering a y-o-y growth of 5.7% and 5.1% respectively. In FY16, the company launched a Gurgaon – 122002, Haryana
new product named mycem power under the premium cement segment. Website: www.mycemco.com

Financial Snapshot (` mn) Ratios (%)


Total Income Net Profit Networth EBIDTA EBIDTA Margin NPM RONW
16,707.9 386.5 8,833.1 2,513.2 15.0 2.3 4.4
(As on Mar 31, 2016)

214 INDIA’S TOP 500 COMPANIES


Orient Cement Limited
Dun & Bradstreet D-U-N-S® No 65-088-2017
About the Company
Orient Cement Ltd (Orient Cement) was formerly a part of Orient Paper & Industries and got Top 500 Ranking
demerged into a separate company in the year 2012. The company is primarily engaged in Income 386
manufacturing and sale of cement. Orient Cement manufactures various grades of OPC and PPC
cement. The product portfolio of Orient Cement includes Birla – A1 Premium Cement, Birla – A1 Net Profit 362
Premium Cement – 53 Grade and Birla – A1 Premium Cement – 43 Grade. The company market its Networth 317
cement under the brand Birla A1. The company has integrated cement plants located in Telangana
and Karnataka and a grinding unit located in Maharashtra. The company has a wide network of Address
over 2,700 dealers and has presence in the states of Telangana, Maharashtra, AP, Gujarat, MP, Unit VIII,
Chhattisgarh and Karnataka. In FY16, Orient Cement sold 4.4 MMT of cement and achieved the Plot No. 7,
overall plant capacity utilisation of 80%. In FY16, Orient Cement commissioned 3 MTPA Greenfield Bhoinagar,
cement plant at Chittapur, Karnataka enhancing the cumulative cement manufacturing capacity of Bhubaneswar – 751012, Odisha
the company to 8 MTPA. Website: www.orientcement.com

Financial Snapshot (` mn) Ratios (%)


Total Income Net Profit Networth EBIDTA EBIDTA Margin NPM RONW
15,167.4 622.4 10,101.9 1,901.8 12.5 4.1 6.2
(As on Mar 31, 2016)

xyz
Dun & Bradstreet D-U-N-S® No 00-000-0000
About the Company
xyz Top 500 Ranking
Income
Net Profit
Networth
Address
xyz

Financial Snapshot (` mn) Ratios (%)


Total Income Net Profit Networth EBIDTA EBIDTA Margin NPM RONW

(As on Mar 31, 2016)

xyz
Dun & Bradstreet D-U-N-S® No 00-000-0000
About the Company
xyz Top 500 Ranking
Income
Net Profit
Networth
Address
xyz

Financial Snapshot (` mn) Ratios (%)


Total Income Net Profit Networth EBIDTA EBIDTA Margin NPM RONW

(As on Mar 31, 2016)

INDIA’S TOP 500 COMPANIES 215


Chemicals
Chemicals
Comparative Matrix

Sector Total Income Net Profit Net Worth NPM RONW


Company Name
TI Rank ` Mn ` Mn ` Mn (%) (%)
1 Pidilite Industries Limited 47,783.0 7,030.4 28,002.4 14.7 25.1
2 BASF India Limited 47,546.3 44.5 10,326.3 0.1 0.4
Gujarat Narmada Valley Fertilizers & Chemicals
3 46,615.3 2,263.6 26,691.3 4.9 8.5
Limited
Deepak Fertilisers and Petrochemicals
4 43,098.6 1,211.3 16,001.7 2.8 7.6
Corporation Limited
5 SRF Limited 36,828.6 3,608.7 26,535.6 9.8 13.6
6 Aarti Industries Limited 27,266.5 2,524.3 10,701.0 9.3 23.6
7 GHCL Limited 25,643.8 2,566.2 9,853.8 10.0 26.0
8 Atul Limited 25,046.4 2,680.6 12,508.9 10.7 21.4
9 Gujarat Alkalies and Chemicals Limited 20,123.2 2,216.7 23,185.8 11.0 9.6
10 Linde India Limited 15,984.4 234.6 13,914.5 1.5 1.7
11 Gujarat Fluorochemicals Limited 13,906.7 1,041.5 29,126.1 7.5 3.6
12 Godrej Industries Limited 13,377.4 1,573.0 17,594.8 11.8 8.9
13 Deepak Nitrite Limited 13,372.7 651.5 4,751.3 4.9 13.7
14 DCW Limited 12,743.0 185.5 5,863.8 1.5 3.2
15 Sudarshan Chemical Industries Limited 12,201.4 716.3 3,246.3 5.9 22.1

INDIA’S TOP 500 COMPANIES


Pidilite Industries Limited
Dun & Bradstreet D-U-N-S® No 91-535-7321
About the Company
Pidilite Industries Ltd (Pidilite) was incorporated in 1959 and in 1963, the company commissioned Top 500 Ranking
its first manufacturing plant for pigments and emulsions in Mumbai. It primarily operates under Income 173
two business segments namely consumer & carftsmen products and specialty industrial products.
The consumer & craftsmen products segment includes products like adhesives & sealants, wood Net Profit 103
finishes & paints, art material & stationery, construction chemicals and fabric care products. The Networth 174
industrial products segment covers products such as Industrial adhesives, leather chemicals,
industrial resins and pigment powders amongst others. Some of its brands include; Roff, Fevicol, Address
Dr. Fixit, M-Seal, FeviKwik and fevistik among others. It also operates chain of art, craft and hobby Regent Chambers, 7th Floor,
stores under the brand name Hobby Ideas. In FY16, Pidilite launched Fevicryl Liquid Embroidery, Jamnalal Bajaj Marg,
Fevistick + Highlighter, Roff Tile Bonder and M-Seal Wet Set. During the year, Pidilite along with its 208, Nariman Point,
wholly owned subsidiary Fevicol Company Ltd incorporated Wood Coat Pvt Ltd. In Sep 2016, Pidilite Mumbai – 400021, Maharashtra
entered into sales and distribution tie-up with WD-40 Company for multi-purpose spray in India. Website: www.pidilite.com

Financial Snapshot (` mn) Ratios (%)


Total Income Net Profit Networth EBIDTA EBIDTA Margin NPM RONW
47,783.0 7,030.4 28,002.4 11,611.4 24.3 14.7 25.1
(As on Mar 31, 2016)

BASF India Limited


Dun & Bradstreet D-U-N-S® No 86-260-2981
About the Company
BASF India Ltd (BASF India) was incorporated in 1943 as R. A. Cole Pvt Ltd for manufacturing of Top 500 Ranking
expanded polystyrene. BASF India is a part of BASF Societas Europaea. BASF India operates in five Income 174
business segments namely agricultural solutions, performance products, chemicals, functional
materials & solutions and oil & gas. The agricultural solutions business includes agrochemicals Net Profit 465
like insecticides, herbicides, fungicides and plant growth regulators. The performance products Networth 312
segment includes performance chemicals, dispersions and pigments, care chemicals, nutrition,
health products and paper chemicals. The functional material & solutions segment comprises of the Address
coatings & construction chemicals, performance materials and process catalyst technologies. The Plot No. 37, Chandivali Farm Road,
chemical segment includes intermediates, petrochemicals and monomers. The company has ten Chandivali, Andheri (East),
manufacturing sites and two R&D centres in India. In Jan 2017, BASF SE through BASF India entered Mumbai - 400072, Maharashtra
into crop protection market for rice in India. In FY16, the company transferred its industrial coatings Website: www.basf-india.com
business and photoinitiator business to Akzo Nobel India Ltd and IGM Group B V respectively
consequent to the sale of these business by the parent company at global level.

Financial Snapshot (` mn) Ratios (%)


Total Income Net Profit Networth EBIDTA EBIDTA Margin NPM RONW
47,546.3 44.5 10,326.3 1,085.1 2.3 0.1 0.4
(As on Mar 31, 2016)

Gujarat Narmada Valley Fertilizers & Chemicals Limited


Dun & Bradstreet D-U-N-S® No 65-004-8846
About the Company
Gujarat Narmada Valley Fertilizers & Chemicals Ltd (GNFC) was incorporated in Bharuch, Gujarat Top 500 Ranking
in 1976. GNFC is a joint sector enterprise promoted by the Govt of Gujarat and the GSFC. GNFC Income 176
operates in three business segments viz fertilizers, chemicals and information technology. The
fertilizers division manufactures and sells products like urea, neem de-oiled cake, ammonium Net Profit 212
nitrophosphate, 100% water soluble fertilizer and calcium ammonium nitrate under the brand Networth 181
name Narmada. The chemical division manufactures chemicals and petrochemicals like acetic
acid, methanol, formic acid, calcium carbonate, nitrobenzene, aniline and weak nitric acid amongst Address
others. The IT division provides services like e-procurement services, e-governance, data centres, P O Narmadanagar,
e-sign and cloud computing to name a few under the brand name (n)Code Solutions. The company Bharuch - 392015, Gujarat
also has R&D centre which is recognised by DSIR, Ministry of Science & Technology, GoI as an in- Website: www.gnfc.in
house R&D unit. In Mar 2016, the company entered into a JV agreement with M/s EcoPhos s. a.
Belgium and formed a JV company EcoPhos GNFC India Pvt Ltd for setting up of 200,000 MTPA di-
calcium phosphate project at Dahej.

Financial Snapshot (` mn) Ratios (%)


Total Income Net Profit Networth EBIDTA EBIDTA Margin NPM RONW
46,615.3 2,263.6 26,691.3 6,573.7 14.1 4.9 8.5
(As on Mar 31, 2016)

INDIA’S TOP 500 COMPANIES 219


Deepak Fertilisers and Petrochemicals Corporation Limited
Dun & Bradstreet D-U-N-S® No 87-231-0932
About the Company
Deepak Fertilisers and Petrochemicals Corporation Ltd (DFPCL) was incorporated in 1979 as an Top 500 Ranking
ammonia manufacturer. Its products portfolio ranges from industrial chemicals, bulk and specialty Income 186
fertilisers, farming diagnostics and solutions, technical ammonium nitrate, mining services and
consulting and value added real estate. It produces wide range of fertilisers consisting of bulk and Net Profit 283
high-end speciality fertilisers marketed under the brand Mahadhan, Bhoodhan and Mahapower. The Networth 248
company offers total nutrient management services to the Indian farmers through its MAHADHAN
SAARRTHIE CENTRES. DFPCL undertakes farm produce business through Desai Fruits and Vegetables Address
Pvt Ltd focusing on banana plantation, and contract farming for grapes, onions and pomegranates. Opp Golf Course,
Its distribution network spans across Maharashtra, Karnataka, Gujarat, AP, MP, TN, Punjab and Shastri Nagar,
Haryana; while its dealer and subdealer network currently stands at 16,800, which cater to over Yerawada,
four mn farmers. In the industrial chemicals space, DFPCL serves in two segments namely; solvents Pune - 411006, Maharashtra
and acids, and offers Iso Propyl Alcohol, various grades of Nitric Acid and liquid Carbon Di-oxide. Its Website: www.dfpcl.com
real estate business is represented by Ishanya Mall in Pune, Maharashtra.

Financial Snapshot (` mn) Ratios (%)


Total Income Net Profit Networth EBIDTA EBIDTA Margin NPM RONW
43,098.6 1,211.3 16,001.7 4,100.0 9.5 2.8 7.6
(As on Mar 31, 2016)

SRF Limited
Dun & Bradstreet D-U-N-S® No 91-845-5259
About the Company
SRF Ltd (SRF) was incorporated in 1970 as a manufacturer of nylon tyre cord. SRF operates in Top 500 Ranking
three segments namely, Technical Textiles Business (TTB), Chemicals & Polymers Business (CPB) Income 213
and Packaging Films Business (PFB). Under TTB segment SRF manufactures nylon tyre cord fabric,
belting fabric, coated & laminated fabric and industrial yarns. CPB segment of the company offers Net Profit 162
fluorochemicals, refrigerants, chlorinated solvents, speciality chemicals and engineering plastics. Networth 183
SRF manufactures BOPET and BOPP films in its PFB segment. SRF has four plants for CPB, five plants
for TTB and two plants for PFB segments across Rajasthan, TN, MP, Gujarat and Uttarakhand. Apart Address
from India, the company has two manufacturing facilities in Thailand and two in South Africa. The C-8 Commercial Complex,
company has six subsidiaries and two associate companies. In FY16, the company filed 27 process Safdarjung Development Area,
patents and introduced PET compounded resins under the brand name ENGOPET. The company New Delhi - 110016, Delhi
also received order from the Board of Control for Cricket in India to supply coated fabrics as ground Website: www.srf.com
covers for 7 cricket stadia in India.

Financial Snapshot (` mn) Ratios (%)


Total Income Net Profit Networth EBIDTA EBIDTA Margin NPM RONW
36,828.6 3,608.7 26,535.6 8,264.7 22.4 9.8 13.6
(As on Mar 31, 2016)

Aarti Industries Limited


Dun & Bradstreet D-U-N-S® No 86-225-8113
About the Company
Aarti Industries Ltd (Aarti) was incorporated in 1984. Aarti is primarily engaged in manufacture of Top 500 Ranking
dyes, pigments, agrochemicals, pharmaceuticals and rubber chemicals. Its business can be classified Income 258
into three end-user segments viz speciality chemicals, pharmaceuticals and home & personal care
chemicals. The company has 16 manufacturing units spread across Gujarat, Maharashtra, MP Net Profit 196
and UT of Silvassa as well as a R&D centre. The company also has wide spread customer base in Networth 307
India as well as across the globe in almost 60 countries with major presence in the US, Europe,
China and Japan. In FY16, the company reported export revenue of ` 13.52 bn as against ` 14.49 Address
bn in FY15. In Sep 2016, the company commenced commercial production at its multipurpose Plot Nos. 801, 801/23,
Ethylation unit at Dahej SEZ, Gujarat and the second phase of PDA expansion. During FY16, Aarti GIDC Estate, Phase III,
USA Inc and former associate Ganesh Polychem Ltd become Subsidiary of Aarti and Anushakti Vapi - 396195, Gujarat
Chemicals and Drugs Ltd, Anushakti Holdings Ltd, Aarti Intermediates Pvt Ltd, Aarti Bio-Tech Website: www.aartigroup.com
Ltd and Perfect Enviro Control System Ltd ceased to be associate companies.

Financial Snapshot (` mn) Ratios (%)


Total Income Net Profit Networth EBIDTA EBIDTA Margin NPM RONW
27,266.5 2,524.3 10,701.0 5,315.0 19.5 9.3 23.6
(As on Mar 31, 2016)

220 INDIA’S TOP 500 COMPANIES


GHCL Limited
Dun & Bradstreet D-U-N-S® No 92-132-4476
About the Company
GHCL Ltd (GHCL) was incorporated in the year 1983. GHCL primarily operates in two business Top 500 Ranking
segments namely; inorganic chemicals and textile. Under its inorganic chemical segment, it Income 271
manufactures soda ash which is mainly used in detergent and glass industries. This business
accounts for nearly 60% of the company’s revenues. GHCL’s textile business manufactures multiple Net Profit 193
varieties of yarn ranging from 16s to 21s in open end, 30s to 100s in ring spun counts in 100% cotton Networth 321
and 30s to 70s counts in blended yarns. Its manufacturing facility is located near Vapi in Gujarat,
with an installed spinning capacity of around 1.75 lakh spindles and 3320 Rotors manufacturing Address
100% cotton and polyester cotton blended yarns, 162 Air Jet looms, 36 mn meter of wide width GHCL House,
processing capacity, and 600 stitching machines. GHCL has also diversified into salt business through Opp. Punjabi Hall,
refineries across Nagapattinam and Thiruporur in TN. It offers range of basic refined iodised salt and Navrangpura,
crystal salt to specialized variants like mild, herbal & double fortified salt under ‘iFLO’ and ‘SAPAN’ Ahmedabad - 380009, Gujarat
brands in the retail market. Website: www.ghclindia.com

Financial Snapshot (` mn) Ratios (%)


Total Income Net Profit Networth EBIDTA EBIDTA Margin NPM RONW
25,643.8 2,566.2 9,853.8 6,117.0 23.9 10.0 26.0
(As on Mar 31, 2016)

Atul Limited
Dun & Bradstreet D-U-N-S® No 86-217-9848
About the Company
Atul Ltd (Atul) was founded post-independence in 1947 and incorporated as a public limited company Top 500 Ranking
in 1975. It is an integrated chemical company manufacturing basic and other chemical products. Income 276
Atul Ltd.’s operations are divided into life science chemicals and performance and other chemicals
(poc) segments. During FY16 the segments contributed 31% and 69% respectively to the company’s Net Profit 188
total turnover. The two segments are further divided broadly into seven sub-segments - aromatics, Networth 291
bulk chemicals and intermediates, colors, crop protection, floras, pharmaceuticals and polymers.
As on Mar 31, 2016, the company manufactured around 920 products and 480 formulations from Address
production units located in Ankleshwar, Panoli and Valsad in Gujarat and Tarapur in Maharashtra. Atul,
Additionally, Atul Ltd has a production facility in the UK, and wholly owned subsidiaries in Brazil, Valsad - 396020, Gujarat
China, the UAE, the UK and the USA. The company caters to around 31 industries which inter-alia Website: www.atul.co.in
includes agriculture, construction, electronics, fragrance, paints, pharmaceuticals, textiles and tires.
In FY16 Atul Ltd owned close to 69 brands and it had almost 6000 customers spread across 68
countries.

Financial Snapshot (` mn) Ratios (%)


Total Income Net Profit Networth EBIDTA EBIDTA Margin NPM RONW
25,046.4 2,680.6 12,508.9 4,744.2 18.9 10.7 21.4
(As on Mar 31, 2016)

Gujarat Alkalies and Chemicals Limited


Dun & Bradstreet D-U-N-S® No 65-043-0150
About the Company
Gujarat Alkalies and Chemicals Ltd (GACL), promoted by the Govt. of Gujarat, was incorporated Top 500 Ranking
in 1973 by Gujarat Industrial Investment Corporation Ltd. The company is primarily engaged in Income 321
manufacturing and trading of chemicals. Its product portfolio comprises of total 36 products
including caustic soda, chlorine, hydrochloric acid, hydrogen, chloromethanes, potassium Net Profit 215
hydroxide, potassium carbonate, hydrogen peroxide, sodium chlorate, stable bleaching powder, poly Networth 199
aluminium chloride, anhydrous aluminium chloride, toluene based chemicals, chlorinated paraffin
wax among others. These products cater to various industries including; textiles, pulp & paper, Address
soaps & detergents, alumina, water treatment, petroleum, plastics, fertilizers, pharmaceuticals, P. O. Petrochemicals,
agrochemicals among others. GACL has two chemical manufacturing plants located at Vadodara Vadodara - 391346, Gujarat
and Dahej in Gujarat with annual installed capacity of 0.43 MMT. In FY16, the company achieved Website: www.gacl.com
1.55% growth in total production of all its products to 1.47 MMT from 1.44 MMT in previous year.
GACL exports its products Europe, West Asia, South East Asia, Africa, Middle East/Far East, SAARC
countries.

Financial Snapshot (` mn) Ratios (%)


Total Income Net Profit Networth EBIDTA EBIDTA Margin NPM RONW
20,123.2 2,216.7 23,185.8 3,791.8 18.8 11.0 9.6
(As on Mar 31, 2016)

INDIA’S TOP 500 COMPANIES 221


Linde India Limited
Dun & Bradstreet D-U-N-S® No 65-005-4802
About the Company
Linde India Ltd (Linde India), a Linde Group company, was established in 1935 as Indian Oxygen & Top 500 Ranking
Acetylene Company. The company acquired its present name in the year 2013. Linde India operates Income 376
in two business segments viz. gases & related products and project engineering. The gases and
related products segment of the company supplies piped, liquified and compressed gases as well Net Profit 438
as chemicals catering to the needs of several industries like energy, steel, healthcare and chemical Networth 274
processing amongst others. Linde India also provides high quality gases for pharmaceutical uses
such as medical oxygen, synthetic air along with medical gas distribution system to major hospitals. Address
The project engineering segment is engaged in the business of designing, supply, installation and Oxygen House,
commissioning of tonnage air separation units, nitrogen plants, adsorption plants, compressed P43 Taratala Road,
air systems and gas distribution systems. As on Dec 31 2015, the total third party orders in hand Kolkata - 700088, WB
of the project engineering division stood at ` 4.7 bn. In Apr 2016, the company commissioned Website: www.linde.in
air separation units with production capacity of 2,000 MT per day at Tata Steel in Kalinganagar,
Odisha.

Financial Snapshot (` mn) Ratios (%)


Total Income Net Profit Networth EBIDTA EBIDTA Margin NPM RONW
15,984.4 234.6 13,914.5 2,105.4 13.2 1.5 1.7
(As on Dec 31, 2015)

Gujarat Fluorochemicals Limited


Dun & Bradstreet D-U-N-S® No 67-559-3111
About the Company
Gujarat Fluorochemicals Ltd (GFL), part of the INOX Group, was incorporated in 1987. The company Top 500 Ranking
mainly engages in the manufacture and sale of refrigerant gases, flouropolymers, chemicals Income 405
including caustic soda lye and flakes, and chloromethanes. The company’s chemical complex is
located at Dahej, Gujarat, which comprises of a 134,750 MMTPA caustic soda/chlorine plant, a Net Profit 305
108,500 MMTPA chloromethane plant, and a coal and gas based captive power plant. In line with its Networth 167
diversification strategy, the company forayed into theatrical exhibition and renewal energy business
segments. Through its subsidiary, Inox Leisure, GFL operates a chain of multiplexes in India with 425 Address
screens in 108 properties across 57 cities in the country. The company’s wind farming operations Survey No 16/3,
and wind-turbine manufacturing business are managed by its subsidiaries, Inox Renewables Ltd and 26 & 27, Ranjitnagar,
Inox Renewables Ltd, respectively. At the end of FY16, the company had, in all, 16 subsidiaries and Taluka Ghoghamba,
two joint ventures both within India as well as overseas. Panchmahal - 389380, Gujarat
Website: www.gfl.co.in

Financial Snapshot (` mn) Ratios (%)


Total Income Net Profit Networth EBIDTA EBIDTA Margin NPM RONW
13,906.7 1,041.5 29,126.1 3,229.3 23.2 7.5 3.6
(As on Mar 31, 2016)

Godrej Industries Limited


Dun & Bradstreet D-U-N-S® No 65-005-3572
About the Company
Godrej Industries Ltd (Godrej Industries) was incorporated in 1988 and operates as a holding Top 500 Ranking
company of the Godrej Group. The company along with its subsidiaries and associates has business Income 414
interests in consumer goods, real estate, agriculture and gourmet retail. Its chemicals business
manufactures and markets more than 100 chemicals including; fatty alcohols, fatty acids, glycerine, Net Profit 260
surfactants and other speciality products. It also operates in the gourmet food retail business under Networth 234
the brand name Natures Basket, which is presently spread across five key metros in India through
37 outlets. It operates in the real estate business through Godrej Properties, which is engaged in Address
developing residential, commercial and township projects. In FY16, it added four new projects to Pirojshanagar,
its development portfolio with a saleable area of nearly seven mn sq ft. Godrej Agrovet Ltd is a R&D Eastern Express Highway,
agri-business company which operates in the animal feed, oil palm plantations, agri inputs, hybrid Vikhroli (East),
seeds, dairy and processed poultry businesses. The Godrej Consumer Products Ltd operates in the Mumbai - 400079, Maharashtra
FMCG business, and offers personal care, hair care and home care products. Website: www.godrejindustries.com

Financial Snapshot (` mn) Ratios (%)


Total Income Net Profit Networth EBIDTA EBIDTA Margin NPM RONW
13,377.4 1,573.0 17,594.8 964.5 7.2 11.8 8.9
(As on Mar 31, 2016)

222 INDIA’S TOP 500 COMPANIES


Deepak Nitrite Limited
Dun & Bradstreet D-U-N-S® No 91-843-8698
About the Company
Deepak Nitrite Ltd (DNL) was established as a fully indigenous sodium nitrite and sodium nitrate Top 500 Ranking
plant in 1970. DNL is a multi-division, multiproduct chemical manufacturing company with Income 415
diversified business interests. Its product portfolio includes several niche chemical products like
xylidines, cumidines, oximes and colour intermediates. Over the years, DNL has diversified its Net Profit 358
operations from bulk chemicals and commodities (BCC) to fine and specialty chemicals (FSC) and Networth 417
fluorescent whitening agent (FWA). The company’s distribution network spans over 30 countries,
with manufacturing units located in Gujarat, Maharashtra and Telangana. The company’s research Address
and development facility is located at Nandesari, Gujarat. As of March 2016, DNL had two wholly- 9-10, Kunj Society,
owned subsidiaries – Deepak Phenolics Ltd and Deepak Nitrite Corp Inc (USA) and one associate, Alkapuri,
Deepak Gulf LLC. In FY16, DNL initiated a green-field plant at Dahej to manufacture phenol and Vadodara - 390007, Gujarat
acetone through its subsidiary, Deepak Phenolics Ltd. The capacity of the phenol plant would be Website: www.deepaknitrite.com
200,000 MMTPA while that of co-product, acetone would be 120,000 MMTPA.

Financial Snapshot (` mn) Ratios (%)


Total Income Net Profit Networth EBIDTA EBIDTA Margin NPM RONW
13,372.7 651.5 4,751.3 1,598.8 12.0 4.9 13.7
(As on Mar 31, 2016)

DCW Limited
Dun & Bradstreet D-U-N-S® No 91-667-7586
About the Company
DCW Ltd (DCW) was incorporated as Dhrangadhra Chemical Works Ltd in 1939 and changed to its Top 500 Ranking
present name in 1986. DCW primarily operates through the following divisions – PVC, caustic soda, Income 437
soda ash and synthetic iron oxide pigment. In FY16 the PVC resin division contributed to almost 45%
of the annual turnover. DCW has two manufacturing units in Dhrangadhra, Gujarat and Sahupuram, Net Profit 442
TN. The unit in Dhrangadhra manufactures soda ash, sodium and ammonium bicarbonate, and Networth 386
Sahupuram facility manufactures caustic soda, liquid chlorine, trichloroethylene, hydrochloric acid,
yellow iron oxide, utox, upgraded ilmenite, ferric chloride, and PVC resin. The company has signed Address
Technology License agreement with Arkema of France for putting up Chlorinated Poly Vinyl Chloride Dhrangadhra – 363 315, Gujarat
(C-PVC) plant at its Sahupuram Works in TN. During FY16, the company’s PVC segment and caustic Website: www.dcwltd.com
soda segment recorded 3.2% decline and 6.4% growth respectively over the previous year.

Financial Snapshot (` mn) Ratios (%)


Total Income Net Profit Networth EBIDTA EBIDTA Margin NPM RONW
12,743.0 185.5 5,863.8 1,470.2 11.5 1.5 3.2
(As on Mar 31, 2016)

Sudarshan Chemical Industries Limited


Dun & Bradstreet D-U-N-S® No 65-005-3242
About the Company
Sudarshan Chemical Industries Ltd (Sudarshan) was established in 1951. The company is engaged Top 500 Ranking
in the business of manufacturing colour and effect pigments which cater to requirements of Income 444
coatings, plastics, inks and cosmetics industries. Sudarshan’s product portfolio comprises of
organic and inorganic pigments, agro chemicals and other related products. The pigment business Net Profit 353
manufactures azos, blue and green, high performance pigments, effects, pigment preparations and Networth 470
inorganics. The company is present in around 85 countries with sales offices in India, Netherlands,
USA, and China and a network of over 170 channel partners. In addition to two subsidiaries located Address
in the country, Sudarshan has its international presence through two subsidiaries located at The 162, Wellesley Road,
Netherlands and USA. The company has two manufacturing units which are located in Roha and Pune - 411001, Maharashtra
Mahad in Maharashtra and a R&D facility at Pune. Website: www.sudarshan.com

Financial Snapshot (` mn) Ratios (%)


Total Income Net Profit Networth EBIDTA EBIDTA Margin NPM RONW
12,201.4 716.3 3,246.3 1,678.2 13.8 5.9 22.1
(As on Mar 31, 2016)

INDIA’S TOP 500 COMPANIES 223


Cigarettes
Cigarettes
Comparative Matrix

Sector Total Income Net Profit Net Worth NPM RONW


Company Name
TI Rank ` Mn ` Mn ` Mn (%) (%)
1 ITC Limited 386,411.3 98,447.1 328,765.9 25.5 29.9
2 Godfrey Phillips India Limited 24,399.9 1,649.8 14,075.4 6.8 11.7

INDIA’S TOP 500 COMPANIES


ITC Limited
Dun & Bradstreet D-U-N-S® No 86-216-7769
About the Company
ITC Ltd (ITC) was established in 1910 as Imperial Tobacco Company of India Ltd. Over the years, Top 500 Ranking
the company diversified into a wide range of businesses including FMCG, hotels and hospitality, Income 27
agriculture, paperboards, paper and packaging, information technology and others. As on Mar 31,
2016 the company had a portfolio of 13 businesses. Some of its well-known brands include Sunfeast, Net Profit 10
Yippee, Bingo, Wills Lifestyle, Fiama, Engage, Vivel, Savlon, Shower to Shower and Classmate. In Networth 26
the agri-business, ITC ranks among India’s leading exporters of agricultural products. In FY16, the
company forayed into the dairy category with the launch of ‘Aashirvaad Svasti’ - Pure Cow Ghee in Address
select markets. During the same period, the company’s Personal Care Products business launched Virginia House,
several differentiated product offerings such as ‘Fiama Di Wills Double Moisturiser Bathing Bar’, 37 Jawaharlal Nehru Road,
‘Vivel Neem’, ‘Superia Silk Cherry’ bar soaps and other various skin care products such as ‘Makeup Kolkata - 700071, West Bengal
Cleanser’, ‘Clarifying Skin Toner’ and ‘Night Cream’ under the ‘Vivel Cell Renew’ brand. Website: www.itcportal.com

Financial Snapshot (` mn) Ratios (%)


Total Income Net Profit Networth EBIDTA EBIDTA Margin NPM RONW
386,411.3 98,447.1 328,765.9 160,419.7 41.5 25.5 29.9
(As on Mar 31, 2016)

Godfrey Phillips India Limited


Dun & Bradstreet D-U-N-S® No 67-559-3154
About the Company
Godfrey Phill