Top 10 Most Profitable Companies In India
                     TOP 10 MOST 
PROFITABLE 
COMPANIES IN 
INDIA
Table of 
Contents L IST OF TOP 10 MOST PROFITABLE COMPANIES IN INDIA
RELIANCE INDUSTRIES LTD TATA 
How to determine Profitability? STEEL LTD
Definitions of Profitability TATA CONSULTANCY SERVICES LTD 
Ratios HDFC BANK LTD
STATE BANK OF INDIA ICICI BANK
INDIAN OIL
CORPORATION LTD VEDANTA LTD
INFOSYS LTD ITC LTD
How to determine 
Profitability?
The profitability of a business or company is its ability to generate revenue or profits higher than its 
expenses. It is measured using the profitability ratios like gross profit margin, net profit margin, EBITDA, 
etc. These ratios help investors and analysts to analyze the company and measure its ability to generate 
revenue to cover its operational costs, create value by increasing its assets, and analyze its capacity for 
expansion in the future.
A higher profitability ratio indicates that the company is performing well. These ratios are also used for 
comparing the performance of companies against each other. Analysts and investors use profitability ratios 
to determine whether or not to invest in the company and to estimate its growth in the future.
Profitability Ratios of a company can be of two types: Margin Ratios and Return Ratios.
Get the details of 10 Most Profitable Companies in India
Definitions of Profitability 
Ratios
Margin ratios These ratios compare sales to profits at various degrees of measurement. It includes Gross 
Profit Margin, Net Profit Margin, EBIDTA Margin, etc.
Return Ratios: These ratios measure the returns generated. It includes Return on Assets, Return on 
Equity, Return on Invested Capital, etc.
Net Profit Margin: It is the earnin s generated after all the expenses and taxes have been paid. It is the 
ratio of the net profit to sales. Net profit is the prof t earned after deducting the operational costs, 
depreciation, and dividend from the gross profit. A higher ratio/margin indicates that the company is 
earning enough to cover all its expenses, payouts to the shareholders, and reinvest for expansion and 
growth.
Return on Capital Employed: ROCE is used to analyze the profitability of the company in terms of capital 
employed. It is calculated as a ratio of EBIT to the capital employed. EBIT indicates the earnings of the 
company before deducting interest and taxes. Capital employed is calculated by subtracting the current 
liabilities from total assets. This encompasses shareholders’ equity and long-term debts.
We will take these factors into consideration to determine he most profitable companies.
List of Top 10 Most Profitable Companies in 
IndiaThe following table lists the most profitable companies in India 
in 2022 –
Top 10 Most 
Profitable 
Companies in India
Reliance Industries 
Ltd.
Reliance Industries Ltd. is India’s largest private sector enterprise, that has diversified businesses, mainly in 
the following segments: energy, natural gas, petrochemicals, textiles, retail, mass media, 
telecommunications, and Green energy. It is a part of the Energy Sector and operates in the Oil, Gas and 
Consumable Fuels Industry.
Reliance Industries is one of the most profitable companies in India. It is the largest publicly traded company 
on the stock exchange by market capitalization (₹16,25,056) and the largest company by revenue and the 
most profitable companies in India. Reliance registered a sales growth of 48 per cent.
Tata Steel 
Ltd.
Tata Steel Ltd. is an Indian multinational steel company, part of the Tata Group. It is a part of Metals – Ferrous 
Sector and operates in the Steel – Integrated Industry.
It was formerly known as Tata Iron and Steel Company Ltd. (TISCO). It is one of the largest steel producers in 
the world with an annual crude steel capacity of 34 million tonnes. It has a market capitalization of ₹1,07,972. 
Its sales grew by 57 per cent this year.
Tata Consultancy 
Services Ltd.
Tata Consultancy Services Ltd. is an Indian multinational information technology (IT) services and 
consulting company, part of the Tata Group. It is a part of the IT Software Sector and operates in the IT 
Consulting and Software Industry. Its services portfolio consists of IT and assurance services, business 
process services, business intelligence and performance management, connected marketing solutions, 
mobility products and services, cloud services, and platform solutions. It serves healthcare, insurance, 
telecom, retail, and other industries.
It has a market capitalization of ₹10,95,739 Crore. It has registered a sales growth of 
17% this year.
HDFC Bank Ltd.
HDFC Bank Ltd. is a Banking and Financial Services company. It is a Private Sector Bank operating in 
Retail Banking, Treasury, Wholesale Banking, Other Banking Business, and Unallocated segments. It is 
the largest private sector bank by assets and holds the highest weightage in the Banknifty Index.
HDFC Bank has been focusing on rural areas to drive its next leg of growth. Furthermore, as it will 
absorb HDFC in the next year, its profitability will increase. It is the third largest company by market 
capitalization (₹7,56,557 Crore).
State Bank of India
State Bank of India is India’s biggest public sector bank. It operates in multiple segments. The 
Corporate/Wholesale Bankin segment includes lending activities of the commercial client’s group, 
corporate accounts group, and stressed assets resolutio group. The Treasury segment includes the entire 
investment portfolio and trading in derivative contracts and foreig exchange contracts. The Retail Banking 
segment focuses on personal banking activities, lending activities to corpora customers, agency business 
and automated teller machines (ATMs). It is involved in providing a wide range of products an services to 
individuals, large corporates, commercial enterprises, institutional customers, and public bodies.
It has a market capitalization of ₹4,27,578 Crore.
ICICI 
Bank
ICICI Bank is a private sector bank with subsidiaries in Canada and UK, and branches in the US, Bahrain, 
Singapore, Oman, Qatar, and China. It has a large network consisting of 5,275 branches and 15,589 ATMs 
in the country. It has a market capitalization of ₹5,22,567Crore.
ICICI Bank provides banking and financial services including commercial banking and treasury operations. 
The bank operates in Treasury, Wholesale Banking, Retail Banking, and Other Banking segments. Its wide 
range of products consists of savings accounts, senior citizen accounts, women’s accounts, current 
accounts, personal loans, home loans, gold loans, car loans, credit cards, recurring deposits, fixed deposits, 
and life and general insurance. It provides a range ofInternet banking services and Mobile banking services.
Indian Oil Corporation 
Ltd.
Indian Oil Corporation Ltd. is a public sector undertaking of the Ministry of Petroleum and Natural Gas, 
Government of India. It has a market capitalization of ₹99,342 Crore.
Its business operations involve the entire hydrocarbon value chain, ranging from refining, pipeline 
transportation, and marketing, to exploration and production of petrochemicals, crude oil and gas, 
alternative energy sources, gas marketing, and other operations. It has a large network of bulk storage 
terminals, fuel stations, aviation fuel stations, inland depots, liquefied petroleum gas (LPG) bottling 
plants as well as lube blending plants. It has set up approximately 29 battery swapping stations and 
around 257 electric vehicle (EV) charging stations at its energy pumps. It owns and operates 
approximately nine refineries across the country.
Vedanta Ltd.
Vedanta Ltd. is a diversified natural resources company. It explores for, extracts, develops, produces, 
processes, and sells zinc, oil and gas, lead, copper, silver, aluminium, steel, iron ore, pig iron, and 
metallurgical coke. The company also operates several thermal coal-based power plants and wind power 
plants. Furthermore, the company manufactures glass substrates in South Korea and Taiwan. It also has 
operations in many other countries across the world. Vedanta was formerly known as Sesa Sterlite 
Limited. It changed its name to Vedanta Limited in March 2015.
It has a market capitalization of ₹84,696 Crore and reported a sales growth of 51 per cent.
Infosys Ltd.
Infosys Ltd., formerly known as Infosys Technologies Limited, provides technology, business 
consulting, engineering, as well as outsourcing services. Its end-to-end business solutions comprise 
consulting, systems integration, enterprise solutions; business information technology (IT) services 
such as application development and maintenance, infrastructure management, independent 
validation services, and engineering services that comprise product engineering, life cycle solutions, 
and business process management. It also provides business platforms and solutions. Finacle is its 
banking product offering solutions to address the core banking, e-banking and mobile banking needs 
of corporate, retail, and universal banks globally. It also provides cloud computing services.
It has a market capitalization of ₹6,01,837 Crore and a sales growth of 21 per cent.
ITC 
Ltd.
ITC Ltd. is a Tobacco company with a diversified presence in the FMCG sector, Hotels, Packaging, 
Paperboards & Specialty Papers, Agri-Business, as well as Information Technology. It is the market 
leader in its traditional businesses of Cigarettes, Paperboards, Hotels, Packaging, as well as Agri-
Exports. ITC is rapidly capturing market share in its businesses of Packaged Foods & Confectionery, 
Personal Care, Branded Apparel, and Stationery.
It has a market capitalization of ₹3,62,711 Crore and a sales growth of 22 per cent.
The highest profit margin companies in India have been listed above. This comprehensive list makes it 
easier for investors and analysts to decide which companies to invest in based on profitability.
FAQs
Q.WhaTisEBITDA?
EBIDTA stands for Earnings before Interest, Tax, Depreciation and Amortization. It tells us about the overall performance 
of the company and is used for calculating many financial ratios. It is calculated as a sum of Net Income, Interest Expense, 
Taxes, Depreciation, and Amortization.
Q.WhatisthedifferencebetweenthecalculationofGrossProfitMarginandNetProfitMargin?
Gross profit margin shows the percentage of revenue that exceeds the cost of goods sold (COGS). Net Profit Margin is the 
ratio of Net Profit to Revenue.
Gross Profit Margin = (Revenue-COGS)/Revenue ×100 Net Profit Margin = (Net Income)/Revenue ×100 Where,
COGS = Cost of Goods Sold
Net Income = Revenue – COGS – Operation Expenses – Other expenses – Interest – Taxes
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