INDIA’S

THE NEXT 500

MOST VALUABLE
COMPANIES

AVERAGE MARKET TOTAL TOTAL PROFIT AVERAGE MARKET TOTAL TOTAL PROFIT
FY FY
RANKS CAPITALISATION ASSETS INCOME AFTER TAX RANKS CAPITALISATION ASSETS INCOME AFTER TAX
21 21
(` CRORE) (` CRORE) (` CRORE) (` CRORE) (` CRORE) (` CRORE) (` CRORE) (` CRORE)
COMPANY COMPANY
Oct '20 - Oct '19 - Growth FY RANK FY RANK FY Rank ROCE Oct '20 - Oct '19 - Growth FY RANK FY RANK FY Rank ROCE
2021 2020 2020-21 2021 2020-21 2021 2020-21 2021 % 2021 2020 2020-21 2021 2020-21 2021 2020-21 2021 %
Sep '21 Sep '20 % Sep '21 Sep '20 %

501 554 Tata Steel Long Products 3,416 1,434 138.2 6,413 189 4,828 158 572 132 19.8 547 584 Newgen Software Technologies 2,720 1,267 114.7 878 671 625 645 118 390 28.3
502 513 Gujarat Ambuja Exports 3,386 1,672 102.5 2,174 418 4,734 162 338 191 27.8 548 521 Tata Coffee 2,711 1,615 67.9 1,349 557 815 586 101 425 11.0
503 N/L Barbeque-Nation Hospitality 3,359 N/A N/A 995 631 494 689 (70) 807 12.2 549 561 Rupa & Co. 2,707 1,407 92.4 1,158 600 1,267 467 181 318 30.5
504 422 Swan Energy 3,332 2,830 17.7 1,322 565 253 788 1 756 1.3 550 482 La Opala RG 2,688 1,955 37.5 742 717 219 803 50 569 10.6
505 646 Indo Count Industries 3,330 974 241.8 2,247 406 2,552 274 260 240 24.2 551 624 Marksans Pharma 2,682 1,041 157.6 739 718 631 644 98 432 23.5
506 436 Triveni Turbine 3,301 2,595 27.2 891 666 717 614 89 461 22.4 552 511 Forbes & Co. 2,682 1,707 57.1 517 774 576 661 (31) 791 6.5
507 519 Polyplex Corp. 3,301 1,645 100.7 1,021 626 1,638 405 453 156 66.9 553 493 JK Paper 2,676 1,886 41.9 6,035 198 2,813 252 322 197 12.7
508 757 Saregama India 3,285 686 379.0 903 661 463 702 107 409 41.2 554 568 Paisalo Digital 2,655 1,364 94.7 2,361 N/A 312 N/A 61 N/A 11.6
509 514 NOCIL 3,217 1,664 93.3 1,599 506 939 547 86 467 8.6 555 533 Mahindra Lifespace Developers 2,623 1,519 72.7 1,997 436 136 828 (52) 800 (4.2)
510 445 Mahindra Holidays & Resorts India 3,207 2,519 27.3 5,688 212 909 554 126 380 0.0 556 466 Ashoka Buildcon 2,609 2,179 19.8 5,436 220 4,010 193 408 169 19.3
511 492 Indoco Remedies 3,194 1,902 68.0 1,336 561 1,249 471 92 451 15.6 557 661 Kirloskar Ferrous Industries 2,607 927 181.1 1,933 442 2,041 328 302 209 33.4
512 729 AGC Networks ** 3,188 761 319.1 338 826 316 764 (2) 765 9.0 558 677 HIL 2,606 881 195.8 1,401 547 1,659 400 188 310 25.2
513 N/R Orchid Pharma 3,163 n.a. N/A 1,224 587 457 705 (117) 822 (5.2) 559 486 ELANTAS Beck India # 2,592 1,910 35.7 536 769 405 725 62 523 19.5
514 358 DCB Bank 3,151 3,865 (18.5) 39,602 N/A 3,917 N/A 336 N/A 9.9 560 498 Dishman Carbogen Amcis 2,574 1,852 39.0 5,657 214 274 779 (233) 841 (2.5)
515 413 GE T&D India 3,117 3,011 3.5 3,978 282 3,518 210 60 533 12.0 561 502 Kirloskar Oil Engines 2,513 1,843 36.4 2,844 350 2,720 257 170 323 12.2
516 518 HMT ** 3,109 1,654 88.0 1,149 602 101 843 248 248 34.2 562 463 Nirlon 2,511 2,236 12.3 2,012 432 319 759 127 378 12.7
517 581 Jindal Poly Films 3,109 1,284 142.1 4,719 251 4,210 187 786 102 32.8 563 723 Bhansali Engineering Polymers 2,496 767 225.2 777 703 1,302 459 333 192 86.1
518 600 Borosil Renewables 3,079 1,145 168.9 783 701 508 685 90 457 28.9 564 566 National Fertilizers 2,494 1,382 80.5 8,462 142 11,939 68 250 247 9.1
519 411 TCNS Clothing Co. 3,065 3,025 1.3 1,159 599 685 624 (56) 802 (6.3) 565 490 Greenlam Industries 2,492 1,904 30.8 1,117 610 1,130 504 67 512 13.6
520 401 Lemon Tree Hotels 3,043 3,088 (1.4) 1,555 515 87 850 (41) 795 (0.4) 566 479 Ingersoll Rand (India) 2,478 1,997 24.0 671 732 631 643 72 497 25.8
521 522 UFlex 3,026 1,607 88.3 4,920 239 4,658 168 230 260 14.1 567 500 Minda Corp. 2,469 1,844 33.9 2,201 415 2,319 297 84 472 11.2
522 442 ICRA 3,020 2,558 18.1 1,060 616 218 804 53 557 12.3 568 496 Schneider Electric Infrastructure 2,469 1,874 31.8 1,149 603 1,316 457 (1) 763 9.2
523 439 Techno Electric & Engineering Co. 3,000 2,579 16.3 2,503 381 967 540 200 292 16.7 569 542 Tide Water Oil Co. (India) 2,466 1,483 66.2 1,371 551 1,094 516 117 391 22.9
524 462 Hawkins Cookers 2,995 2,240 33.7 391 813 776 598 81 476 57.2 570 622 Jaiprakash Power Ventures 2,451 1,056 132.1 17,088 81 3,434 213 366 179 6.6
525 443 Equitas Holdings 2,987 2,527 18.2 1,787 N/A 178 N/A 147 N/A 9.6 571 613 Gateway Distriparks 2,447 1,089 124.8 1,369 552 453 708 106 412 13.9
526 488 Venky's (India) 2,980 1,908 56.2 1,790 469 3,152 230 268 236 32.1 572 424 Raymond 2,420 2,745 (11.9) 4,307 264 1,894 352 (118) 823 (0.2)
527 557 NIIT 2,973 1,426 108.5 1,865 449 532 674 54 555 4.4 573 512 Transport Corp. of India 2,409 1,695 42.1 1,587 507 2,487 281 135 370 13.5
528 N/L Heranba Industries 2,959 N/A N/A 842 685 1,226 484 154 342 45.4 574 499 Dish TV India 2,388 1,851 29.0 8,251 149 1,744 379 (678) 858 (2.0)
529 503 Nilkamal 2,932 1,829 60.3 1,599 505 1,903 348 103 419 15.5 575 529 GHCL 2,381 1,536 55.0 4,098 276 2,850 248 310 204 15.3
530 773 Godawari Power & Ispat 2,913 638 356.3 2,801 353 3,646 204 626 120 42.8 576 N/L Mrs. Bectors Food Specialities 2,377 N/A N/A 660 737 848 572 68 509 17.0
531 478 KSB # 2,904 2,012 44.4 1,479 529 1,240 477 97 435 18.1 577 935 Subex 2,351 379 519.7 579 759 76 853 26 659 5.3
532 465 Jindal SAW 2,890 2,204 31.1 13,935 92 8,965 89 329 194 8.5 578 588 Astec LifeSciences 2,337 1,230 90.0 678 730 563 665 65 519 22.2
533 470 India Tourism Development Corp. ** 2,883 2,121 36.0 590 752 359 742 22 675 11.0 579 487 Kennametal India ^ 2,330 1,910 22.0 939 649 661 630 33 636 7.6
534 540 Triveni Engineering & Industries 2,873 1,495 92.1 3,457 309 4,698 165 273 230 18.6 580 737 Oriental Aromatics 2,320 725 220.1 746 716 711 615 102 421 24.3
535 434 Gujarat Alkalies and Chemicals 2,865 2,621 9.3 7,157 175 2,497 280 167 325 4.7 581 543 PTC India 2,318 1,476 57.1 8,391 146 16,993 44 410 168 13.3
536 528 JK Tyre & Industries 2,840 1,558 82.3 7,256 173 6,170 129 256 244 13.1 582 510 JTEKT India 2,288 1,742 31.3 987 632 1,358 450 12 715 3.5
537 868 RattanIndia Enterprises ** 2,837 462 513.6 677 731 2 877 (0) 761 0.2 583 626 HealthCare Global Enterprises 2,285 1,051 117.4 1,547 517 633 641 (192) 836 (12.6)
538 523 Alembic 2,828 1,606 76.1 936 650 83 851 13 712 2.6 584 843 Greenpanel Industries 2,283 495 361.1 1,475 535 1,023 530 76 489 11.6
539 637 Deepak Fertilisers and Petrochemicals Corp. 2,795 1,006 177.7 3,262 317 1,857 357 209 287 13.8 585 456 Shoppers Stop 2,278 2,346 (2.9) 3,232 324 1,944 343 (275) 843 (41.8)
540 429 DEN Networks 2,776 2,704 2.7 3,615 298 1,431 436 246 250 8.5 586 N/L Suryoday Small Finance Bank 2,272 N/A N/A 6,712 N/A 876 N/A 12 N/A 23.3
541 474 Sharda Cropchem 2,773 2,053 35.1 3,093 336 2,130 318 210 286 20.8 587 567 Orient Cement 2,257 1,371 64.7 2,812 352 2,342 292 214 281 19.2
542 643 Religare Enterprises 2,760 985 180.1 2,085 N/A 119 N/A 64 N/A 3.6 588 727 Surya Roshni 2,249 766 193.8 2,939 343 5,559 143 157 336 12.6
543 541 Tata Metaliks 2,758 1,489 85.2 1,862 450 1,925 344 220 271 27.1 589 477 Goodyear India 2,240 2,018 11.0 1,391 549 1,814 367 136 365 21.3
544 476 Esab India 2,757 2,027 36.0 387 816 692 621 59 536 27.6 590 508 Borosil 2,234 1,795 24.5 825 688 544 670 41 614 8.9
545 451 Greaves Cotton 2,749 2,437 12.8 1,310 569 1,339 452 10 722 2.7 591 471 Garden Reach Shipbuilders & Engineers 2,222 2,116 5.0 6,924 180 1,328 455 153 344 20.1
546 391 Ujjivan Financial Services 2,742 3,196 (14.2) 1,946 N/A 8 N/A 3 N/A 0.2 592 749 Neuland Laboratories 2,216 695 218.8 1,324 563 953 543 80 477 12.8

Overall ranks are based on average market capitalisation (October 2020 to September 2021). ‘Rank 2020’ is as published in last year's Overall ranks are based on average market capitalisation (October 2020 to September 2021). ‘Rank 2020’ is as published in last year's
BT500. Parameter ranks are for within the top 1,000 companies. Ranks have been assigned based on multiple decimals. Because of BT500. Parameter ranks are for within the top 1,000 companies. Ranks have been assigned based on multiple decimals. Because of
rounding off, some ranks may appear incorrect. Results are audited and standalone. Figures in brackets denote negative value. ROCE: rounding off, some ranks may appear incorrect. Results are audited and standalone. Figures in brackets denote negative value. ROCE:
Return on capital employed; RONW: Return on net worth; na: Not available; N/A: Not applicable; N/L: Not listed on the bourses; N/R: Not Return on capital employed; RONW: Return on net worth; na: Not available; N/A: Not applicable; N/L: Not listed on the bourses; N/R: Not
ranked last year. All the latest data for FY 2020-21 unless otherwise indicated; * 12 months ending September 2020; ** 12 months ending ranked last year. All the latest data for FY 2020-21 unless otherwise indicated; * 12 months ending September 2020; ** 12 months ending
March 2020; ^12 months ending June 2020; # 12 months ending December 2020; ##12 months ending December 2019. *** Earlier known March 2020; ^12 months ending June 2020; # 12 months ending December 2020; ##12 months ending December 2019. *** Earlier known
as Majesco. ### Delisted on April 30, 2021. BFSI (banking, financial services and insurance) companies have a different way of earning as Majesco. ### Delisted on April 30, 2021. BFSI (banking, financial services and insurance) companies have a different way of earning
and presenting financial data, so their income, profit and asset numbers have not been ranked. Source: ACE Equity. and presenting financial data, so their income, profit and asset numbers have not been ranked. Source: ACE Equity.

2 Business Today 28 November 2021 Business Today 28 November 2021 3

 INDIA’S
MOST VALUABLE
COMPANIES

AVERAGE MARKET TOTAL TOTAL PROFIT AVERAGE MARKET TOTAL TOTAL PROFIT
FY FY
RANKS CAPITALISATION ASSETS INCOME AFTER TAX RANKS CAPITALISATION ASSETS INCOME AFTER TAX
21 21
(` CRORE) (` CRORE) (` CRORE) (` CRORE) (` CRORE) (` CRORE) (` CRORE) (` CRORE)
COMPANY COMPANY
Oct '20 - Oct '19 - Growth FY RANK FY RANK FY Rank ROCE Oct '20 - Oct '19 - Growth FY RANK FY RANK FY Rank ROCE
2021 2020 2020-21 2021 2020-21 2021 2020-21 2021 % 2021 2020 2020-21 2021 2020-21 2021 2020-21 2021 %
Sep '21 Sep '20 % Sep '21 Sep '20 %

593 571 H.G. Infra Engineering 2,213 1,351 63.8 2,242 407 2,543 275 211 284 27.2 639 577 Repco Home Finance 1,856 1,320 40.6 12,366 N/A 1,392 N/A 288 N/A 9.9
594 547 Ramco Industries 2,208 1,458 51.4 1,367 553 1,050 520 111 403 16.4 640 741 Somany Home Innovation 1,853 711 160.6 421 805 508 686 19 694 22.3
595 509 Huhtamaki India # 2,198 1,791 22.7 1,575 509 2,471 283 96 438 14.6 641 516 Karnataka Bank 1,850 1,662 11.3 85,581 N/A 7,727 N/A 483 N/A 8.8
596 612 Ion Exchange (India) 2,189 1,089 101.0 1,491 527 1,439 433 146 352 34.1 642 717 Camlin Fine Sciences 1,846 775 138.1 1,067 614 608 650 8 729 6.9
597 572 Maithan Alloys 2,183 1,350 61.7 1,905 447 1,644 404 233 258 21.2 643 536 South Indian Bank 1,836 1,505 22.0 94,149 N/A 8,491 N/A 62 N/A 4.7
598 481 Vesuvius India # 2,151 1,983 8.4 1,551 516 812 587 53 556 8.8 644 538 Swaraj Engines 1,825 1,499 21.8 458 789 995 536 93 449 48.2
599 497 VRL Logistics 2,148 1,854 15.8 1,199 590 1,776 372 45 593 13.3 645 652 JBM Auto 1,815 960 89.1 2,450 388 1,979 337 53 558 9.5
600 489 Balmer Lawrie & Co. 2,142 1,908 12.3 1,925 444 1,620 408 116 393 12.2 646 562 APAR Industries 1,792 1,400 28.0 4,665 253 5,998 133 137 364 23.2
601 553 Agro Tech Foods 2,136 1,434 48.9 549 766 898 559 30 644 10.3 647 505 Arvind Fashions 1,791 1,808 (0.9) 2,137 423 313 766 (59) 803 (1.6)
602 718 Reliance Power ** 2,136 775 175.6 17,452 79 339 750 (389) 850 0.5 648 594 Hester Biosciences 1,783 1,206 47.9 282 844 210 812 40 618 23.3
603 639 Sagar Cements 2,112 1,001 111.1 1,909 446 1,023 529 162 331 19.2 649 666 Arvind 1,768 917 92.8 6,609 186 4,598 171 93 447 5.6
604 N/L Stove Kraft 2,104 N/A N/A 571 761 860 569 81 474 26.5 650 532 Novartis India 1,765 1,526 15.7 1,170 595 415 722 21 683 6.7
605 609 IFCI ** 2,097 1,099 90.8 16,497 N/A 2,289 N/A (278) N/A 6.9 651 649 Mayur Uniquoters 1,763 962 83.2 791 697 520 681 89 459 18.8
606 591 Unichem Laboratories 2,085 1,218 71.2 3,119 332 1,171 492 54 550 2.5 652 546 Kolte-Patil Developers 1,761 1,461 20.5 2,167 420 527 676 (8) 772 3.5
607 631 Matrimony.com 2,074 1,016 104.1 447 799 393 730 41 613 24.1 653 592 Amrutanjan Health Care 1,743 1,215 43.5 271 846 344 749 61 527 44.0
608 552 Bannari Amman Sugars 2,074 1,437 44.3 2,390 392 1,570 415 92 453 6.8 654 663 MSTC 1,729 926 86.7 2,031 429 639 637 101 424 24.0
609 632 LT Foods 2,049 1,016 101.7 1,570 511 2,326 294 106 411 12.9 655 765 Sarda Energy & Minerals ** 1,724 664 159.6 2,382 393 1,495 426 182 316 12.5
610 579 The Jammu & Kashmir Bank 2,049 1,304 57.1 1,20,292 N/A 8,830 N/A 432 N/A 8.5 656 574 Kiri Industries 1,720 1,340 28.4 1,083 611 691 622 (37) 794 (4.7)
611 563 Subros 2,033 1,392 46.1 1,543 519 1,815 366 47 582 8.3 657 565 Shriram Pistons & Rings 1,714 1,384 23.8 1,731 485 1,616 409 89 460 10.9
612 515 Ahluwalia Contracts (India) 2,032 1,663 22.2 2,039 428 2,005 333 77 488 16.7 658 714 Kirloskar Pneumatic Co. 1,712 780 119.5 924 655 833 575 64 521 15.2
613 640 Kirloskar Brothers 2,022 994 103.4 2,215 413 1,819 365 93 445 12.0 659 716 GTPL Hathway 1,709 778 119.6 1,568 512 1,804 369 133 374 23.9
614 459 Himadri Speciality Chemical 2,013 2,293 (12.2) 2,944 342 1,693 393 47 583 4.2 660 621 V.S.T. Tillers Tractors 1,703 1,063 60.2 885 669 810 588 91 455 19.5
615 360 GE Power India 2,013 3,853 (47.8) 4,601 258 3,445 211 67 513 16.0 661 668 Himatsingka Seide 1,697 913 85.8 5,328 224 1,710 391 54 554 5.7
616 583 The Tinplate Co. of India 1,998 1,278 56.3 1,627 500 2,309 299 98 433 17.4 662 671 Nucleus Software Exports 1,696 904 87.6 850 681 491 691 112 401 24.8
617 494 Navneet Education 1,991 1,886 5.6 1,206 589 817 584 62 526 8.4 663 437 Federal-Mogul Goetze (India) 1,693 2,593 (34.7) 1,167 597 1,111 510 1 755 0.5
618 712 PDS Multinational Fashions 1,980 786 151.8 193 865 88 849 45 595 33.3 664 560 Gabriel India 1,688 1,411 19.7 1,389 550 1,719 388 60 534 12.3
619 669 RattanIndia Power ** 1,972 912 116.2 11,825 107 1,994 335 1,899 45 34.2 665 575 Force Motors 1,687 1,337 26.2 3,201 327 2,013 330 (112) 818 (5.7)
620 698 Morepen Laboratories 1,963 812 141.7 847 683 1,124 507 94 441 24.5 666 728 Inox Wind 1,684 765 120.1 3,900 286 707 617 (196) 837 (5.6)
621 695 Ramkrishna Forgings 1,957 815 140.2 2,687 358 1,293 462 28 652 6.1 667 870 Ramco Systems 1,683 461 265.0 1,028 623 360 741 44 599 9.9
622 551 Greenply Industries 1,953 1,446 35.1 731 721 1,026 526 58 538 18.5 668 604 Prime Focus 1,681 1,130 48.8 1,825 462 200 814 27 656 5.4
623 590 IIFL Securities 1,951 1,228 58.9 3,101 N/A 790 N/A 173 N/A 29.5 669 644 R Systems International # 1,677 983 70.6 454 791 451 709 70 504 27.4
624 587 Pilani Investment and Industries Corp. 1,941 1,238 56.8 10,270 N/A 210 N/A 117 N/A 2.8 670 635 Automotive Axles 1,671 1,008 65.8 936 651 913 553 23 674 5.9
625 491 Maharashtra Seamless 1,940 1,902 2.0 5,137 230 2,316 298 142 357 6.1 671 555 Heritage Foods 1,670 1,432 16.6 858 678 2,415 289 145 353 30.9
626 615 Neogen Chemicals 1,938 1,084 78.7 492 783 337 753 31 642 16.8 672 657 Panacea Biotec 1,651 937 76.2 962 638 364 738 (14) 777 (0.7)
627 822 Jaiprakash Associates ** 1,934 560 245.6 38,532 42 4,687 166 (893) 861 (0.5) 673 681 VA Tech WABAG 1,648 875 88.3 3,116 334 1,855 358 73 494 11.9
628 597 Puravankara 1,925 1,170 64.5 5,665 213 632 642 (10) 773 6.6 674 N/L Chemcon Speciality Chemicals 1,645 N/A N/A 404 811 248 792 56 543 59.9
629 472 Thomas Cook (India) 1,922 2,086 (7.8) 2,613 367 319 761 (14) 778 (2.0) 675 556 Bombay Dyeing and Manufacturing Co. 1,645 1,427 15.3 4,068 279 1,226 483 (469) 853 2.0
630 530 Jai Corp. ** 1,921 1,533 25.4 1,476 531 565 664 41 616 4.7 676 569 CARE Ratings 1,599 1,353 18.2 1,155 601 252 790 86 468 20.3
631 527 Gujarat Mineral Development Corp. ** 1,915 1,558 22.9 5,177 227 1,690 395 203 290 6.2 677 788 GTL Infrastructure ** 1,596 615 159.5 7,430 169 1,444 431 (1,864) 867 (21.2)
632 762 Somany Ceramics ** 1,915 676 183.2 1,313 567 1,612 411 13 713 2.6 678 548 Chennai Petroleum Corp. 1,594 1,457 9.4 14,693 88 22,552 39 238 255 16.2
633 821 Eveready Industries India 1,906 561 239.9 957 643 1,256 469 (309) 846 (53.7) 679 747 Filatex India 1,590 698 127.8 1,806 466 2,237 304 166 329 22.4
634 580 SH Kelkar and Co. 1,906 1,289 47.9 1,131 608 795 592 80 481 15.8 680 570 TV Today Network 1,574 1,352 16.5 1,249 581 820 583 131 375 21.0
635 602 INEOS Styrolution India 1,871 1,139 64.3 1,313 566 1,645 403 280 223 45.3 681 647 The Orissa Minerals Development Co. ** 1,573 963 63.4 323 834 29 867 (77) 809 (8.6)
636 735 Action Construction Equipment 1,871 732 155.7 1,053 617 1,242 475 80 478 21.9 682 507 DB Corp. 1,571 1,799 (12.7) 4,099 275 1,535 421 141 358 11.6
637 589 DFM Foods 1,861 1,229 51.4 454 792 531 675 29 649 20.0 683 846 Garware Hi-Tech Films ** 1,566 490 219.3 1,639 496 902 556 87 464 9.6
638 804 Tejas Networks 1,858 585 217.7 1,258 579 551 666 37 625 2.3 684 627 Dhampur Sugar Mills 1,559 1,032 51.2 3,519 301 4,168 190 219 275 13.5

Overall ranks are based on average market capitalisation (October 2020 to September 2021). ‘Rank 2020’ is as published in last year's Overall ranks are based on average market capitalisation (October 2020 to September 2021). ‘Rank 2020’ is as published in last year's
BT500. Parameter ranks are for within the top 1,000 companies. Ranks have been assigned based on multiple decimals. Because of BT500. Parameter ranks are for within the top 1,000 companies. Ranks have been assigned based on multiple decimals. Because of
rounding off, some ranks may appear incorrect. Results are audited and standalone. Figures in brackets denote negative value. ROCE: rounding off, some ranks may appear incorrect. Results are audited and standalone. Figures in brackets denote negative value. ROCE:
Return on capital employed; RONW: Return on net worth; na: Not available; N/A: Not applicable; N/L: Not listed on the bourses; N/R: Not Return on capital employed; RONW: Return on net worth; na: Not available; N/A: Not applicable; N/L: Not listed on the bourses; N/R: Not
ranked last year. All the latest data for FY 2020-21 unless otherwise indicated; * 12 months ending September 2020; ** 12 months ending ranked last year. All the latest data for FY 2020-21 unless otherwise indicated; * 12 months ending September 2020; ** 12 months ending
March 2020; ^12 months ending June 2020; # 12 months ending December 2020; ##12 months ending December 2019. *** Earlier known March 2020; ^12 months ending June 2020; # 12 months ending December 2020; ##12 months ending December 2019. *** Earlier known
as Majesco. ### Delisted on April 30, 2021. BFSI (banking, financial services and insurance) companies have a different way of earning as Majesco. ### Delisted on April 30, 2021. BFSI (banking, financial services and insurance) companies have a different way of earning
and presenting financial data, so their income, profit and asset numbers have not been ranked. Source: ACE Equity. and presenting financial data, so their income, profit and asset numbers have not been ranked. Source: ACE Equity.

4 Business Today 28 November 2021 Business Today 28 November 2021 5

 INDIA’S
MOST VALUABLE
COMPANIES

AVERAGE MARKET TOTAL TOTAL PROFIT AVERAGE MARKET TOTAL TOTAL PROFIT
FY FY
RANKS CAPITALISATION ASSETS INCOME AFTER TAX RANKS CAPITALISATION ASSETS INCOME AFTER TAX
21 21
(` CRORE) (` CRORE) (` CRORE) (` CRORE) (` CRORE) (` CRORE) (` CRORE) (` CRORE)
COMPANY COMPANY
Oct '20 - Oct '19 - Growth FY RANK FY RANK FY Rank ROCE Oct '20 - Oct '19 - Growth FY RANK FY RANK FY Rank ROCE
2021 2020 2020-21 2021 2020-21 2021 2020-21 2021 % 2021 2020 2020-21 2021 2020-21 2021 2020-21 2021 %
Sep '21 Sep '20 % Sep '21 Sep '20 %

685 550 Accelya Solutions India ^ 1,559 1,450 7.5 488 785 371 734 89 462 58.3 731 678 J. Kumar Infra Projects 1,284 881 45.8 3,645 297 2,596 272 64 520 7.8
686 784 JSW Ispat Special Products ** 1,556 618 151.8 4,819 243 2,664 267 (488) 854 (5.7) 732 743 MM Forgings 1,283 703 82.4 1,263 578 747 610 47 584 8.0
687 404 Future Consumer 1,554 3,073 (49.4) 1,956 440 649 633 (411) 852 (18.7) 733 836 Sharda Motor Industries 1,278 516 147.8 1,142 604 1,758 376 79 483 26.3
688 524 PSP Projects 1,548 1,598 (3.1) 981 635 1,258 468 81 475 21.4 734 707 Ashiana Housing 1,276 794 60.6 1,285 573 217 805 4 748 2.0
689 667 Olectra Greentech ** 1,545 915 68.9 890 667 422 718 11 721 3.7 735 847 Indian Metals & Ferro Alloys 1,273 490 159.9 2,525 377 1,896 351 167 326 15.6
690 840 IG Petrochemicals 1,542 503 206.7 1,284 574 1,131 503 190 306 30.2 736 769 Reliance Infrastructure ** 1,273 648 96.4 23,217 55 3,341 216 1,031 82 10.5
691 525 Prataap Snacks 1,517 1,591 (4.6) 823 690 1,019 531 21 684 4.3 737 706 Cigniti Technologies 1,271 796 59.7 440 801 324 757 54 549 18.8
692 620 Savita Oil Technologies 1,497 1,063 40.8 1,733 484 1,944 342 224 264 31.8 738 653 Capacit'e Infraprojects 1,259 958 31.3 2,377 395 908 555 2 752 6.1
693 700 India Glycols 1,493 810 84.3 4,074 278 3,066 237 84 470 11.1 739 745 Apcotex Industries 1,247 701 78.0 452 794 547 667 44 601 19.9
694 703 Dollar Industries 1,484 801 85.3 872 673 1,040 522 87 463 18.8 740 781 Sunflag Iron & Steel Co. 1,246 623 100.0 2,380 394 1,902 349 134 372 13.8
695 676 Shalby 1,473 885 66.4 1,082 612 428 716 43 606 6.8 741 827 Gufic Biosciences 1,246 543 129.3 448 796 491 690 44 598 30.0
696 N/L Fairchem Organics 1,470 N/A N/A 259 850 397 729 42 607 29.8 742 684 NXTDIGITAL ** 1,245 849 46.5 1,809 464 973 539 (117) 820 (9.6)
697 578 Sandhar Technologies 1,464 1,309 11.8 1,247 582 1,595 413 65 517 11.5 743 724 Quick Heal Technologies 1,244 767 62.2 831 687 361 739 107 410 20.8
698 752 Geojit Financial Services 1,454 690 110.8 953 N/A 405 N/A 114 N/A 36.8 744 673 BF Utilities 1,244 904 37.6 198 864 18 872 (2) 766 (1.9)
699 582 Bliss GVS Pharma 1,452 1,279 13.5 946 648 483 693 68 510 11.8 745 811 Electrosteel Castings 1,243 574 116.6 4,956 236 2,287 300 43 605 5.8
700 638 Time Technoplast 1,450 1,003 44.5 2,498 382 1,728 385 51 563 5.8 746 623 National Peroxide 1,242 1,047 18.7 964 637 227 800 21 685 3.6
701 603 TVS Srichakra 1,447 1,130 28.0 1,617 502 1,881 355 73 496 12.1 747 629 Nava Bharat Ventures 1,240 1,025 20.9 3,313 315 1,161 494 155 341 7.9
702 628 Welspun Enterprises 1,443 1,027 40.5 3,184 329 1,439 432 107 408 8.3 748 758 Gallantt Ispat 1,238 686 80.6 1,306 570 1,110 511 104 416 12.8
703 694 Sasken Technologies 1,442 818 76.3 653 739 428 717 93 448 24.2 749 688 Igarashi Motors India 1,228 834 47.3 700 726 542 672 26 663 7.4
704 306 Future Lifestyle Fashions 1,438 5,095 (71.8) 5,916 201 2,211 308 (872) 860 (19.1) 750 763 BLS International Services 1,227 666 84.2 64 877 50 861 21 686 50.4
705 932 Globus Spirits 1,434 386 271.9 1,024 624 1,233 481 118 388 28.1 751 660 Dolat Investments 1,226 929 32.0 499 N/A 248 N/A 147 N/A 59.6
706 645 Hindustan Oil Exploration Co. 1,431 981 46.0 1,035 620 111 840 65 518 9.2 752 685 PTC India Financial Services 1,223 848 44.2 12,218 N/A 1,139 N/A 26 N/A 7.5
707 682 Kalyani Steels 1,427 873 63.4 1,650 494 1,231 482 190 303 22.9 753 803 Genus Power Infrastructures 1,222 585 108.8 1,392 548 635 638 51 564 9.4
708 558 Jagran Prakashan 1,425 1,426 (0.0) 2,215 414 1,171 493 136 368 12.8 754 740 Centrum Capital 1,221 713 71.3 997 N/A 56 N/A (9) N/A 3.1
709 598 JMC Projects (India) 1,422 1,157 23.0 4,680 252 3,842 196 71 499 13.5 755 866 Apollo Pipes 1,215 465 161.2 507 779 526 677 44 596 16.1
710 585 West Coast Paper Mills 1,402 1,246 12.5 2,226 410 1,378 446 2 751 2.4 756 630 Gujarat Industries Power Co. 1,212 1,022 18.6 4,226 267 1,366 449 183 315 9.5
711 433 Omaxe 1,392 2,627 (47.0) 5,826 206 284 777 (210) 838 (6.2) 757 961 Stylam Industries 1,210 356 239.8 407 809 481 695 55 548 24.0
712 704 Anant Raj ** 1,391 799 74.2 4,375 263 418 720 27 653 1.3 758 606 BF Investment 1,191 1,111 7.3 1,549 N/A 32 N/A 18 N/A 2.1
713 617 Safari Industries (India) 1,390 1,070 29.8 385 818 331 754 (21) 780 (7.8) 759 1,072 Optiemus Infracom ** 1,188 255 365.2 533 770 344 748 (69) 805 (9.5)
714 813 Cosmo Films 1,379 569 142.3 2,026 430 2,118 321 216 278 22.9 760 768 Bajaj Hindusthan Sugar 1,186 648 83.0 13,679 94 6,688 118 (280) 844 (0.2)
715 N/L Nureca 1,375 N/A N/A 200 860 216 807 47 585 13.8 761 719 Astra Microwave Products 1,185 772 53.5 922 656 601 651 24 670 8.7
716 783 Confidence Petroleum India 1,374 619 122.0 703 724 782 596 46 589 14.0 762 800 Kirloskar Industries 1,185 588 101.5 1,526 521 59 857 27 655 3.0
717 599 Lumax Industries 1,373 1,151 19.3 1,310 568 1,451 430 17 699 8.7 763 642 Jindal Worldwide 1,180 986 19.6 1,004 628 1,734 382 44 602 12.6
718 787 Gati 1,351 616 119.5 714 723 289 773 (176) 833 (20.5) 764 730 Sanghi Industries 1,171 757 54.6 3,553 300 948 546 78 485 6.0
719 680 India Power Corp. ** 1,348 880 53.1 2,573 373 543 671 17 700 4.3 765 1,026 Brightcom Group ** 1,161 287 305.3 848 682 481 694 (1) 764 0.7
720 683 Sundaram Finance Holdings 1,340 863 55.3 1,529 N/A 40 N/A 15 N/A 1.3 766 614 Wonderla Holidays 1,161 1,085 7.0 1,023 625 45 864 (50) 798 (7.9)
721 675 Steel Strips Wheels 1,339 888 50.8 2,377 396 1,766 375 49 572 9.0 767 692 Siyaram's Silk Mills 1,161 827 40.3 1,217 588 1,128 505 5 741 3.4
722 725 Kovai Medical Center and Hospital 1,338 767 74.5 1,281 576 702 619 78 486 13.7 768 882 SMS Pharmaceuticals 1,160 441 163.0 846 684 567 663 61 529 17.1
723 595 Wheels India 1,330 1,203 10.6 2,218 412 2,216 307 7 736 5.2 769 761 Mold-Tek Packaging 1,150 681 68.8 452 795 480 696 48 578 21.8
724 636 Seamec 1,323 1,007 31.4 642 742 263 784 98 434 20.3 770 775 RPSG Ventures 1,149 635 80.9 1,844 457 229 798 127 379 9.7
725 608 Voltamp Transformers 1,323 1,106 19.6 910 659 765 602 112 400 17.8 771 759 Prakash Industries 1,147 682 68.1 3,884 288 3,224 226 95 439 4.9
726 755 Usha Martin 1,320 688 91.8 1,457 541 1,397 443 101 428 17.3 772 819 Man Infraconstruction 1,142 562 103.2 1,032 622 233 796 92 450 12.4
727 950 Mukand 1,316 363 262.2 3,389 312 3,404 214 46 588 12.9 773 618 GOCL Corp. 1,140 1,068 6.7 570 762 162 823 49 573 14.7
728 736 The KCP 1,290 727 77.5 1,437 544 1,337 453 153 345 26.9 774 860 Jain Irrigation Systems 1,139 474 140.2 8,432 144 2,196 309 (307) 845 (0.4)
729 793 Thirumalai Chemicals 1,287 603 113.3 1,119 609 866 567 118 389 22.4 775 750 Technocraft Industries (India) 1,134 692 63.8 1,764 476 1,040 523 99 431 11.5
730 798 Punjab Chemicals and Crop Protection 1,284 594 116.4 499 781 677 625 51 566 34.6 776 948 3i Infotech ** 1,133 365 210.6 2,576 372 444 710 128 377 16.2

Overall ranks are based on average market capitalisation (October 2020 to September 2021). ‘Rank 2020’ is as published in last year's Overall ranks are based on average market capitalisation (October 2020 to September 2021). ‘Rank 2020’ is as published in last year's
BT500. Parameter ranks are for within the top 1,000 companies. Ranks have been assigned based on multiple decimals. Because of BT500. Parameter ranks are for within the top 1,000 companies. Ranks have been assigned based on multiple decimals. Because of
rounding off, some ranks may appear incorrect. Results are audited and standalone. Figures in brackets denote negative value. ROCE: rounding off, some ranks may appear incorrect. Results are audited and standalone. Figures in brackets denote negative value. ROCE:
Return on capital employed; RONW: Return on net worth; na: Not available; N/A: Not applicable; N/L: Not listed on the bourses; N/R: Not Return on capital employed; RONW: Return on net worth; na: Not available; N/A: Not applicable; N/L: Not listed on the bourses; N/R: Not
ranked last year. All the latest data for FY 2020-21 unless otherwise indicated; * 12 months ending September 2020; ** 12 months ending ranked last year. All the latest data for FY 2020-21 unless otherwise indicated; * 12 months ending September 2020; ** 12 months ending
March 2020; ^12 months ending June 2020; # 12 months ending December 2020; ##12 months ending December 2019. *** Earlier known March 2020; ^12 months ending June 2020; # 12 months ending December 2020; ##12 months ending December 2019. *** Earlier known
as Majesco. ### Delisted on April 30, 2021. BFSI (banking, financial services and insurance) companies have a different way of earning as Majesco. ### Delisted on April 30, 2021. BFSI (banking, financial services and insurance) companies have a different way of earning
and presenting financial data, so their income, profit and asset numbers have not been ranked. Source: ACE Equity. and presenting financial data, so their income, profit and asset numbers have not been ranked. Source: ACE Equity.

6 Business Today 28 November 2021 Business Today 28 November 2021 7

 INDIA’S
MOST VALUABLE
COMPANIES

AVERAGE MARKET TOTAL TOTAL PROFIT AVERAGE MARKET TOTAL TOTAL PROFIT
FY FY
RANKS CAPITALISATION ASSETS INCOME AFTER TAX RANKS CAPITALISATION ASSETS INCOME AFTER TAX
21 21
(` CRORE) (` CRORE) (` CRORE) (` CRORE) (` CRORE) (` CRORE) (` CRORE) (` CRORE)
COMPANY COMPANY
Oct '20 - Oct '19 - Growth FY RANK FY RANK FY Rank ROCE Oct '20 - Oct '19 - Growth FY RANK FY RANK FY Rank ROCE
2021 2020 2020-21 2021 2020-21 2021 2020-21 2021 % 2021 2020 2020-21 2021 2020-21 2021 2020-21 2021 %
Sep '21 Sep '20 % Sep '21 Sep '20 %

777 654 Insecticides (India) 1,132 957 18.2 1,456 542 1,428 438 93 443 13.7 823 713 Dredging Corp. of India ** 952 782 21.7 2,468 386 759 604 6 740 1.4
778 672 Vindhya Telelinks 1,129 904 24.9 2,426 389 1,526 422 104 418 12.8 824 691 Oriental Carbon & Chemicals 950 830 14.5 791 696 345 747 75 491 15.5
779 802 Kesoram Industries 1,128 586 92.5 2,896 345 2,517 277 167 324 5.1 825 776 Kingfa Science & Technology (India) 949 632 50.1 671 733 633 640 5 742 3.7
780 937 HSIL ** 1,111 377 194.6 2,868 347 1,891 354 48 576 6.8 826 817 Ultramarine & Pigments 946 564 67.8 560 765 318 762 56 545 18.7
781 655 Grauer & Weil (India) 1,102 957 15.1 751 713 620 648 70 506 19.6 827 805 Xchanging Solutions 941 584 61.1 330 829 55 858 18 696 9.5
782 711 Bodal Chemicals 1,102 789 39.6 1,700 488 1,148 500 48 577 5.6 828 760 MPS 940 682 37.8 593 749 288 774 61 531 25.5
783 616 Honda India Power Products 1,096 1,076 1.8 785 699 953 542 49 575 11.4 829 664 The Indian Hume Pipe Co. 939 926 1.5 1,983 439 1,269 466 42 610 11.1
784 995 Manali Petrochemicals 1,086 321 238.4 822 691 935 548 193 300 46.9 830 690 Transpek Industry ** 934 831 12.4 591 750 583 657 73 495 24.3
785 576 Sadbhav Engineering 1,080 1,328 (18.7) 4,664 254 1,717 389 41 612 5.6 831 789 Lumax Auto Technologies 931 614 51.7 791 695 925 549 42 609 12.6
786 780 Banco Products (India) 1,077 625 72.2 733 720 662 629 80 480 18.2 832 872 Thangamayil Jewellery 930 456 104.0 774 704 1,827 363 87 466 27.1
787 699 NRB Bearings 1,076 811 32.8 1,176 594 748 609 44 603 9.5 833 679 Satia Industries 924 881 4.9 1,001 629 596 652 50 570 11.6
788 1,017 Butterfly Gandhimathi Appliances 1,076 296 263.9 497 782 871 564 36 631 21.4 834 651 Tamil Nadu Newsprint & Papers 922 961 (4.0) 5,983 200 2,819 251 (65) 804 2.3
789 731 PC Jeweller 1,075 756 42.1 7,813 160 2,700 262 61 530 6.2 835 N/L Antony Waste Handling Cell 920 N/A N/A 234 853 60 856 14 710 36.5
790 662 Parag Milk Foods 1,074 927 15.8 1,633 498 1,799 371 17 698 6.5 836 865 GNA Axles 916 468 95.9 960 640 891 560 71 503 15.4
791 722 L.G. Balakrishnan & Bros 1,069 768 39.2 1,305 571 1,540 420 148 351 24.0 837 808 Max Ventures and Industries 915 581 57.4 905 N/A 31 N/A 7 N/A 1.4
792 734 The Andhra Sugars 1,066 741 43.9 1,649 495 975 538 102 422 12.2 838 1,167 Lloyds Metals and Energy 915 194 370.8 702 725 273 780 0 759 5.5
793 834 Indo Rama Synthetics (India) 1,063 525 102.4 1,534 520 2,054 327 113 398 9.8 839 952 Datamatics Global Services 907 363 150.1 665 734 473 699 56 544 14.4
794 814 Best Agrolife 1,059 568 86.6 381 821 913 552 37 626 42.1 840 929 Visaka Industries 894 387 130.8 987 633 1,155 496 111 404 21.5
795 965 Ester Industries 1,055 353 198.9 864 674 1,000 535 142 356 32.4 841 648 Andhra Paper 891 963 (7.4) 1,504 525 902 557 (5) 767 (0.2)
796 625 Kewal Kiran Clothing 1,055 1,036 1.9 582 757 320 758 19 690 5.7 842 N/L SMC Global Securities 891 N/A N/A 1,953 N/A 515 N/A 70 N/A (0.7)
797 853 IFGL Refractories 1,055 478 120.7 752 711 656 631 45 594 18.4 843 1,226 Tips Industries 889 167 432.3 169 870 95 846 43 604 64.6
798 992 Ashapura Minechem ** 1,047 325 222.0 587 755 213 810 393 173 0.0 844 794 Yaarii Digital Integrated Services ** 881 599 47.1 1,860 452 9 874 (22) 783 (0.0)
799 744 Shanthi Gears 1,046 702 49.1 323 833 225 801 20 689 11.3 845 N/R Aarti Surfactants 879 325 170.8 384 820 466 700 22 679 13.2
800 779 Andrew Yule & Co. 1,043 627 66.3 447 797 361 740 21 680 8.9 846 634 GFL 879 1,016 (13.5) 325 830 6 875 (31) 792 (0.2)
801 832 Ganesha Ecosphere 1,037 529 96.2 749 715 762 603 45 592 11.2 847 1,083 Everest Kanto Cylinder 878 249 252.1 664 735 758 606 103 420 39.9
802 896 HBL Power Systems 1,032 429 140.7 1,061 615 918 551 15 709 3.8 848 829 Fiem Industries 877 537 63.1 926 654 1,224 485 47 580 12.2
803 1,021 Jet Airways (India) ** 1,026 290 253.8 6,927 179 354 746 (2,841) 871 0.0 849 709 EIH Associated Hotels 874 789 10.7 389 815 104 841 (27) 790 (11.0)
804 1,115 Share India Securities ** 1,023 227 350.3 389 N/A 260 N/A 34 N/A 22.0 850 687 Apex Frozen Foods 872 834 4.5 654 738 826 579 44 597 13.3
805 701 Clariant Chemicals (India) 1,023 809 26.4 649 741 788 593 220 272 59.9 851 844 Dwarikesh Sugar Industries 871 494 76.2 1,515 523 1,846 359 92 454 13.3
806 656 Seshasayee Paper and Boards 1,021 957 6.7 1,476 533 801 590 100 429 8.5 852 777 Sirca Paints India 868 630 37.8 260 849 157 824 17 701 11.4
807 544 Suven Life Sciences 1,021 1,466 (30.4) 509 778 21 871 (23) 784 (6.8) 853 1,055 Karda Constructions 868 266 226.1 314 838 128 831 20 688 20.4
808 816 NACL Industries 1,019 565 80.5 982 634 1,216 490 50 567 16.8 854 726 Power Mech Projects 868 767 13.2 2,329 400 1,775 373 (35) 793 2.3
809 1,002 Panama Petrochem ** 1,014 313 224.3 693 728 817 585 18 695 8.1 855 1,044 Goldiam International 863 272 216.8 322 835 234 795 31 643 17.6
810 1,033 Rajratan Global Wire 1,014 281 260.7 325 831 338 752 37 627 23.0 856 833 AVT Natural Products 862 529 63.0 422 804 478 697 42 608 18.2
811 878 SVP Global Ventures 1,009 449 124.5 272 845 104 842 1 753 3.6 857 738 G.M. Breweries 857 718 19.4 573 760 370 735 80 479 21.4
812 812 PNB Gilts ** 1,008 572 76.4 14,258 N/A 927 N/A 186 N/A 6.9 858 977 Pokarna 856 344 149.1 214 856 79 852 0 758 3.1
813 825 Mahanagar Telephone Nigam ** 1,004 549 83.1 16,656 82 2,227 306 (3,696) 873 (18.1) 859 721 Foseco India # 855 770 11.1 260 848 258 786 15 707 12.0
814 824 5Paisa Capital 996 551 80.8 849 N/A 194 N/A 17 N/A 11.7 860 914 Pricol 849 406 109.2 1,198 591 1,398 442 15 708 11.4
815 980 Vidhi Specialty Food Ingredients 994 337 195.3 238 852 268 783 37 628 28.9 861 696 Rane Holdings 846 817 3.6 562 N/A 66 N/A 1 N/A 3.5
816 1,088 Acrysil 993 245 305.7 322 836 256 787 27 657 20.0 862 770 TTK Healthcare 839 647 29.7 488 786 647 635 46 586 13.5
817 861 Shree Digvijay Cement Co. 992 474 109.2 445 800 509 684 54 551 28.8 863 806 Snowman Logistics 838 583 43.7 624 747 246 794 0 760 4.0
818 720 Shankara Building Products 976 772 26.5 751 712 1,963 339 10 723 6.9 864 946 NCL Industries 835 371 124.8 1,365 554 1,757 377 149 350 27.5
819 1,298 Digispice Technologies ** 966 143 576.6 290 842 132 830 (79) 811 (27.2) 865 845 Bhageria Industries 830 492 68.7 590 751 404 728 62 522 18.2
820 951 Shakti Pumps (India) 964 363 165.6 625 746 890 561 61 528 26.6 866 753 India Motor Parts & Accessories ** 829 690 20.2 1,051 618 545 669 49 574 6.1
821 994 OnMobile Global 963 321 199.9 768 707 213 809 12 719 3.4 867 837 Aptech 827 513 61.2 199 863 89 848 (12) 774 (7.3)
822 997 Elecon Engineering Co. 958 321 198.6 1,702 487 881 562 36 630 10.4 868 1,127 Jayaswal Neco Industries ** 823 216 281.0 5,762 208 3,642 205 (1,504) 865 (16.3)

Overall ranks are based on average market capitalisation (October 2020 to September 2021). ‘Rank 2020’ is as published in last year's Overall ranks are based on average market capitalisation (October 2020 to September 2021). ‘Rank 2020’ is as published in last year's
BT500. Parameter ranks are for within the top 1,000 companies. Ranks have been assigned based on multiple decimals. Because of BT500. Parameter ranks are for within the top 1,000 companies. Ranks have been assigned based on multiple decimals. Because of
rounding off, some ranks may appear incorrect. Results are audited and standalone. Figures in brackets denote negative value. ROCE: rounding off, some ranks may appear incorrect. Results are audited and standalone. Figures in brackets denote negative value. ROCE:
Return on capital employed; RONW: Return on net worth; na: Not available; N/A: Not applicable; N/L: Not listed on the bourses; N/R: Not Return on capital employed; RONW: Return on net worth; na: Not available; N/A: Not applicable; N/L: Not listed on the bourses; N/R: Not
ranked last year. All the latest data for FY 2020-21 unless otherwise indicated; * 12 months ending September 2020; ** 12 months ending ranked last year. All the latest data for FY 2020-21 unless otherwise indicated; * 12 months ending September 2020; ** 12 months ending
March 2020; ^12 months ending June 2020; # 12 months ending December 2020; ##12 months ending December 2019. *** Earlier known March 2020; ^12 months ending June 2020; # 12 months ending December 2020; ##12 months ending December 2019. *** Earlier known
as Majesco. ### Delisted on April 30, 2021. BFSI (banking, financial services and insurance) companies have a different way of earning as Majesco. ### Delisted on April 30, 2021. BFSI (banking, financial services and insurance) companies have a different way of earning
and presenting financial data, so their income, profit and asset numbers have not been ranked. Source: ACE Equity. and presenting financial data, so their income, profit and asset numbers have not been ranked. Source: ACE Equity.

8 Business Today 28 November 2021 Business Today 28 November 2021 9

 INDIA’S
MOST VALUABLE
COMPANIES

AVERAGE MARKET TOTAL TOTAL PROFIT AVERAGE MARKET TOTAL TOTAL PROFIT
FY FY
RANKS CAPITALISATION ASSETS INCOME AFTER TAX RANKS CAPITALISATION ASSETS INCOME AFTER TAX
21 21
(` CRORE) (` CRORE) (` CRORE) (` CRORE) (` CRORE) (` CRORE) (` CRORE) (` CRORE)
COMPANY COMPANY
Oct '20 - Oct '19 - Growth FY RANK FY RANK FY Rank ROCE Oct '20 - Oct '19 - Growth FY RANK FY RANK FY Rank ROCE
2021 2020 2020-21 2021 2020-21 2021 2020-21 2021 % 2021 2020 2020-21 2021 2020-21 2021 2020-21 2021 %
Sep '21 Sep '20 % Sep '21 Sep '20 %

869 702 Srikalahasthi Pipes 821 807 1.8 2,655 364 1,559 417 104 417 9.6 915 1,081 Vardhman Special Steels 693 250 176.8 824 689 950 545 44 600 13.0
870 764 Music Broadcast 820 665 23.3 639 743 143 827 (24) 786 (4.8) 916 892 Welspun Specialty Solutions 689 431 60.0 299 840 95 847 93 446 43.7
871 748 India Nippon Electricals 820 697 17.6 685 729 497 688 41 615 12.0 917 906 Skipper 688 415 65.7 1,919 445 1,586 414 21 681 9.1
872 658 TajGVK Hotels & Resorts 817 933 (12.4) 723 722 97 845 (26) 788 (2.8) 918 933 Associated Alcohols & Breweries 686 385 78.0 349 825 440 711 58 537 34.3
873 1,012 Fineotex Chemical 817 299 172.8 213 857 145 826 36 632 27.1 919 1,053 The Dharamsi Morarji Chemical Co. ** 677 267 153.9 212 858 194 815 31 641 18.2
874 978 Udaipur Cement Works ** 815 340 139.5 858 677 687 623 16 706 12.4 920 930 Deccan Cements 675 387 74.7 861 675 768 600 115 394 26.6
875 792 Mangalam Cement 813 606 34.2 1,842 460 1,331 454 109 406 19.1 921 715 Gayatri Projects 674 779 (13.5) 5,648 215 3,944 194 57 542 14.0
876 619 TAKE Solutions 805 1,064 (24.4) 784 700 14 873 8 731 0.9 922 999 Tamilnadu Petroproducts 668 317 110.8 761 709 1,155 495 122 383 32.5
877 742 Kitex Garments 803 705 13.9 889 668 465 701 60 535 11.6 923 1,180 Gulshan Polyols ** 667 189 252.7 457 790 622 646 21 687 9.2
878 674 Entertainment Network (India) 801 893 (10.3) 1,162 598 285 776 (109) 816 (15.7) 924 953 Nalwa Sons Investments ** 663 363 82.9 3,357 N/A 41 N/A 25 N/A 0.4
879 586 Aurum Proptech *** 801 1,246 (35.7) 262 847 53 859 2,537 35 887.7 925 854 Vadilal Industries 662 477 38.8 501 780 369 737 (24) 785 (3.8)
880 835 Renaissance Global 797 522 52.6 894 665 1,105 513 19 691 5.6 926 751 Muthoot Capital Services ** 661 690 (4.2) 2,886 N/A 587 N/A 60 N/A 11.8
881 670 Ugro Capital 786 904 (13.1) 1,716 N/A 155 N/A 29 N/A 3.9 927 799 DISA India 661 589 12.1 355 823 187 819 24 672 18.2
882 838 Dynamatic Technologies 783 504 55.6 1,009 627 518 682 28 650 11.9 928 904 Jay Bharat Maruti 660 417 58.0 1,233 584 1,503 425 26 661 8.8
883 941 Mangalore Chemicals & Fertilizers 780 376 107.5 1,997 435 2,177 312 67 511 10.3 929 818 Patel Engineering 658 562 17.0 7,279 172 1,731 383 (138) 828 3.5
884 901 Sutlej Textiles and Industries 777 423 83.9 2,149 421 1,892 353 10 725 2.8 930 922 Vardhman Holdings 654 398 64.4 692 N/A 21 N/A 15 N/A 3.0
885 665 Sadbhav Infrastructure Project 762 921 (17.2) 3,094 335 204 813 22 678 5.9 931 902 Uniphos Enterprises 654 421 55.3 2,772 354 27 869 24 665 1.2
886 754 Elpro International ** 761 688 10.6 515 776 114 839 5 743 8.5 932 949 Century Enka 651 364 78.9 1,339 559 1,245 472 71 501 8.7
887 894 Alicon Castalloy 755 429 75.9 855 679 734 611 (7) 771 4.5 933 778 Kokuyo Camlin 643 629 2.3 390 814 404 727 (15) 779 (2.7)
888 1,658 Suumaya Industries ** 751 66 1,039.2 97 876 211 811 8 730 21.7 934 962 Reliance Communications 643 356 80.9 44,786 35 568 662 (4,889) 874 (97.9)
889 772 Spencer's Retail 750 643 16.7 1,451 543 2,116 322 (128) 825 (11.7) 935 786 Balaji Telefilms 642 616 4.2 1,227 586 330 755 25 664 3.3
890 733 Coffee Day Enterprises ** 749 743 0.9 3,753 292 25 870 1,368 58 51.6 936 791 Mirza International 641 611 4.9 1,168 596 1,048 521 7 734 6.1
891 869 The Anup Engineering 744 462 60.9 431 803 283 778 54 553 19.2 937 864 Media Matrix Worldwide ** 639 470 36.1 148 875 3 876 0 757 0.3
892 986 DCW 744 332 124.4 1,875 448 1,476 427 4 747 10.3 938 911 Rane Brake Lining 638 411 55.3 531 772 435 712 32 639 18.9
893 1,001 Gravita India 743 315 136.0 587 754 1,239 478 32 637 16.8 939 879 Plastiblends India 637 443 43.8 453 793 581 659 37 624 16.3
894 842 Texmaco Infrastructure & Holdings 742 500 48.6 395 812 28 868 9 726 4.1 940 1,015 Marine Electricals (India) ** 635 247 157.7 317 837 214 808 6 739 9.5
895 839 Reliance Industrial Infrastructure 741 503 47.1 416 806 70 854 8 732 2.3 941 849 Rajapalayam Mills 634 488 30.1 952 645 429 714 (27) 789 0.7
896 857 Emami Paper Mills 739 475 55.5 1,788 471 1,237 479 51 565 12.9 942 968 Ajmera Realty & Infra India 634 351 80.7 1,475 534 291 771 24 671 6.2
897 887 Zen Technologies 739 434 70.3 203 859 52 860 4 746 3.2 943 1,153 Thejo Engineering 631 202 212.4 185 868 216 806 22 676 24.8
898 756 Texmaco Rail & Engineering 736 688 6.9 2,559 374 1,812 368 12 717 6.2 944 1,105 Ramky Infrastructure 628 234 168.4 1,835 461 1,009 533 54 552 11.0
899 785 Kalyani Investment Co. 734 618 18.8 4,556 N/A 13 N/A 8 N/A 0.3 945 1,224 Balaxi Pharmaceuticals ** 628 169 271.4 38 878 48 862 6 738 58.9
900 936 Southern Petrochemical Industries Corp. ** 727 378 92.4 1,955 441 2,090 324 57 541 11.7 946 889 Cantabil Retail India 626 431 45.3 412 807 268 782 10 724 25.2
901 867 RPG Life Sciences 724 464 56.0 312 839 390 731 40 617 27.2 947 1,094 Nitin Spinners 626 241 160.1 1,676 490 1,626 407 69 507 11.0
902 883 KSE ** 723 441 64.2 190 867 1,433 435 19 692 16.9 948 908 Summit Securities 624 415 50.4 2,465 N/A 15 N/A 9 N/A 0.8
903 771 Asian Granito India ** 716 646 10.8 903 662 1,026 527 30 646 10.1 949 856 Nelco 624 475 31.2 199 861 136 829 7 735 14.3
904 830 Wendt (India) 715 533 34.2 164 873 127 833 13 714 13.9 950 801 Nath Bio-Genes (India) 623 586 6.3 790 698 309 767 56 546 9.8
905 774 Sterling Tools 715 636 12.3 517 775 358 743 24 666 9.4 951 886 Bharat Bijlee 621 434 43.1 1,476 532 758 605 26 662 5.0
906 739 Prabhat Dairy ** ### 712 717 (0.7) 1,999 434 522 680 (120) 824 (21.6) 952 920 Nelcast 619 401 54.3 837 686 620 647 9 727 4.6
907 960 Anjani Portland Cement 712 357 99.4 466 788 416 721 85 469 32.9 953 898 Ambika Cotton Mills 616 427 44.3 651 740 634 639 68 508 17.1
908 859 Titagarh Wagons 712 475 49.9 1,628 499 1,037 524 50 568 11.9 954 1,200 Kellton Tech Solutions 614 178 244.2 199 862 122 836 11 720 13.4
909 796 GIC Housing Finance 707 598 18.2 12,521 N/A 1,240 N/A 106 N/A 7.5 955 921 Indraprastha Medical Corp. 612 398 53.7 432 802 614 649 2 750 2.8
910 766 SML Isuzu 701 663 5.7 781 702 596 653 (133) 827 (20.6) 956 1,225 Salasar Techno Engineering 609 167 264.1 543 768 593 654 29 647 14.8
911 1,100 The Andhra Petrochemicals ** 699 238 194.1 337 827 459 704 14 711 9.6 957 N/L Suvidhaa Infoserve 606 N/A N/A 184 869 114 838 (6) 769 16.4
912 1,020 Expleo Solutions 698 293 138.5 227 855 306 768 45 591 46.2 958 1,054 United Drilling Tools 604 266 126.6 240 851 147 825 33 635 21.2
913 982 Arshiya ** 696 333 108.7 1,843 458 251 791 (1,066) 863 (44.7) 959 N/L Likhitha Infrastructure 598 N/A N/A 168 871 193 818 29 648 (5.2)
914 1,238 Kopran 694 162 329.1 324 832 233 797 23 673 13.6 960 884 Munjal Auto Industries 597 440 35.5 769 706 2,003 334 21 682 10.8

Overall ranks are based on average market capitalisation (October 2020 to September 2021). ‘Rank 2020’ is as published in last year's Overall ranks are based on average market capitalisation (October 2020 to September 2021). ‘Rank 2020’ is as published in last year's
BT500. Parameter ranks are for within the top 1,000 companies. Ranks have been assigned based on multiple decimals. Because of BT500. Parameter ranks are for within the top 1,000 companies. Ranks have been assigned based on multiple decimals. Because of
rounding off, some ranks may appear incorrect. Results are audited and standalone. Figures in brackets denote negative value. ROCE: rounding off, some ranks may appear incorrect. Results are audited and standalone. Figures in brackets denote negative value. ROCE:
Return on capital employed; RONW: Return on net worth; na: Not available; N/A: Not applicable; N/L: Not listed on the bourses; N/R: Not Return on capital employed; RONW: Return on net worth; na: Not available; N/A: Not applicable; N/L: Not listed on the bourses; N/R: Not
ranked last year. All the latest data for FY 2020-21 unless otherwise indicated; * 12 months ending September 2020; ** 12 months ending ranked last year. All the latest data for FY 2020-21 unless otherwise indicated; * 12 months ending September 2020; ** 12 months ending
March 2020; ^12 months ending June 2020; # 12 months ending December 2020; ##12 months ending December 2019. *** Earlier known March 2020; ^12 months ending June 2020; # 12 months ending December 2020; ##12 months ending December 2019. BFSI (banking,
as Majesco. ### Delisted on April 30, 2021. BFSI (banking, financial services and insurance) companies have a different way of earning financial services and insurance) companies have a different way of earning and presenting financial data, so their income, profit and
and presenting financial data, so their income, profit and asset numbers have not been ranked. Source: ACE Equity. asset numbers have not been ranked. Source: ACE Equity.

10 Business Today 28 November 2021 Business Today 28 November 2021 11

 INDIA’S
MOST VALUABLE
COMPANIES

AVERAGE MARKET TOTAL TOTAL PROFIT

FY
RANKS CAPITALISATION ASSETS INCOME AFTER TAX
21
(` CRORE) (` CRORE) (` CRORE) (` CRORE)
COMPANY
Oct '20 - Oct '19 - Growth FY RANK FY RANK FY Rank ROCE
2021 2020 2020-21 2021 2020-21 2021 2020-21 2021 %
Sep '21 Sep '20 %

961 993 Sanghvi Movers 594 322 84.2 958 641 253 789 (22) 782 (0.6)
962 1,084 Sastasundar Ventures 593 248 138.7 274 N/A 1 N/A (0) N/A (0.0)
963 1,310 Nahar Spinning Mills 588 139 322.8 2,235 409 2,119 320 41 611 6.6
964 969 Nectar Lifesciences 588 351 67.5 2,470 385 1,553 418 (73) 808 1.4
965 893 Delphi World Money 586 429 36.6 267 N/A 1,137 N/A 41 N/A 34.7
966 823 Yuken India 585 552 5.9 411 808 194 816 8 733 6.4
967 809 The Investment Trust of India 584 580 0.7 579 N/A 86 N/A (3) N/A 2.0
968 944 Ador Welding 581 374 55.3 405 810 455 706 (12) 775 (2.5)
969 912 Navkar Corp. 579 409 41.6 2,528 376 674 626 16 705 3.9
970 989 Cerebra Integrated Technologies 576 327 76.2 294 841 64 855 5 744 4.7
971 903 Avadh Sugar & Energy 575 418 37.8 2,741 355 2,717 259 78 487 10.3
972 732 Satin Creditcare Network 575 746 (23.0) 7,828 N/A 1,278 N/A (14) N/A 8.5
973 881 Munjal Showa 574 442 29.9 803 694 1,109 512 26 660 5.0
974 1,494 PG Electroplast 574 92 521.4 579 758 708 616 12 718 9.0
975 1,124 InfoBeans Technologies ** 565 218 159.1 154 874 119 837 24 667 21.9
976 607 Vishal Fabrics ** 564 1,108 (49.1) 770 705 1,299 460 30 645 12.7
977 871 Arman Financial Services 558 458 21.8 298 N/A 64 N/A 8 N/A 10.4
978 858 Rico Auto Industries 555 475 16.8 1,479 530 1,305 458 (6) 768 2.5
979 910 Goodricke Group ** 554 413 34.0 620 748 803 589 16 703 5.9
980 959 Lincoln Pharmaceuticals 552 357 54.5 471 787 420 719 60 532 24.4
981 905 Monte Carlo Fashions 551 417 32.3 927 652 642 636 66 514 16.6
982 924 Kuantum Papers 551 397 38.7 1,669 492 414 723 (13) 776 (0.2)
983 943 TD Power Systems 547 375 45.9 759 710 512 683 17 697 6.2
984 1,000 Precision Camshafts 541 316 71.1 852 680 409 724 62 525 11.6
985 863 Universal Cables 541 470 15.0 1,490 528 1,294 461 12 716 7.2
986 909 Wim Plast ** 539 415 29.8 384 819 325 756 45 590 16.7
987 1,028 Chaman Lal Setia Exports 536 286 87.6 519 773 855 570 82 473 29.5
988 915 The Sandesh 534 404 31.9 960 639 319 760 89 458 14.1
989 897 Centum Electronics 528 427 23.6 532 771 428 715 24 669 12.4
990 957 Everest Industries 527 358 47.3 1,042 619 1,222 487 58 539 18.7
991 1,022 The State Trading Corp. of India ** 524 290 80.9 2,409 391 3,015 241 (114) 819 (415.3)
992 1,047 Man Industries (India) 523 271 93.2 1,791 468 2,106 323 101 426 17.6
993 955 Allsec Technologies 523 362 44.5 192 866 193 817 16 704 15.8
994 876 Orient Paper & Industries 522 452 15.4 1,992 438 453 707 (47) 797 (4.0)
995 1,118 Saksoft 521 224 132.7 168 872 126 834 19 693 19.4
996 990 Uttam Sugar Mills ** 518 326 58.7 1,737 481 1,655 401 52 560 15.9
997 971 S.P. Apparels 518 347 49.3 881 670 579 660 39 621 9.2
998 1,131 Dhunseri Ventures 516 214 141.8 1,186 593 167 822 123 381 14.2
999 874 Oriental Hotels 511 455 12.3 738 719 123 835 (53) 801 (10.4)
1,000 1,092 Gokaldas Exports 508 241 110.6 998 630 1,221 488 26 658 9.5

Overall ranks are based on average market capitalisation (October 2020 to September 2021). ‘Rank 2020’ is as published in last year's
BT500. Parameter ranks are for within the top 1,000 companies. Ranks have been assigned based on multiple decimals. Because of
rounding off, some ranks may appear incorrect. Results are audited and standalone. Figures in brackets denote negative value. ROCE:
Return on capital employed; RONW: Return on net worth; na: Not available; N/A: Not applicable; N/L: Not listed on the bourses; N/R: Not
ranked last year. All the latest data for FY 2020-21 unless otherwise indicated; * 12 months ending September 2020; ** 12 months ending
March 2020; ^12 months ending June 2020; # 12 months ending December 2020; ##12 months ending December 2019. *** Earlier known
as Majesco. ### Delisted on April 30, 2021. BFSI (banking, financial services and insurance) companies have a different way of earning
and presenting financial data, so their income, profit and asset numbers have not been ranked. Source: ACE Equity.

12 Business Today 28 November 2021