110 firms cross Rs 1 lakh crore mcap in 2025, up from 97 last year

markets

Even as Indian equity markets remained volatile in 2025, the number of companies with a market capitalisation exceeding Rs 1 lakh crore increased during the year, indicating rising investor participation in large-cap stocks.

So far in 2025, nearly 110 companies were valued above the Rs 1 lakh crore market-cap mark, accounting for around 62 percent of the total mcap of all BSE-listed companies. This compares with 97 firms at the end of 2024, marking a rise of about 12.4 percent. In 2024, these 97 companies together accounted for nearly 60 percent of the total mcap.

Reliance Industries Ltd continued to retain its position as India’s most valuable company, with a mcap of Rs 20.89 lakh crore. It was followed by HDFC Bank, valued at Rs 15.07 lakh crore, and Bharti Airtel with a market cap of Rs 12.75 lakh crore.

Commenting on the trend, Ajay Bagga, an independent analyst, said 2025 has seen underperformance of mid-cap and small-cap stocks compared with large-cap and mega-cap stocks. He noted that this divergence has resulted in portfolios coming under pressure even as benchmark indices remained close to their previous lifetime highs.

Bagga added that while systematic investment plan flows have continued into small and mid-cap stocks, the broader market narrative since 2024 has been dominated by large-cap performance. According to him, the outperformance of large caps reflects a rotation driven by relative valuation catch-up compared with small and mid-cap stocks.

Of the 110 companies currently in the Rs 1 lakh crore market-cap category, 20 firms crossed the milestone for the first time during the year, while four companies entered the list following fresh listings which includes LG Electronics, Tata Capital, Groww and Meesho.

Several already listed companies also joined the Rs 1 lakh crore club in 2025, including Muthoot Finance, Cholamandalam Investment and Finance, Canara Bank, Vodafone Idea, Cummins India, Union Bank of India, HDFC AMC, Tata Consumer Products, BSE, GMR Airports, IDBI Bank and Indian Bank, among others.

Several companies are also close to entering the exclusive Rs 1 lakh crore market-cap category. These include HPCL, ICICI Lombard General Insurance, Marico, PB Fintech, BHEL, Mazagon Dock Shipbuilders, ICICI Prudential Life Insurance, Shree Cement, Zydus Lifesciences and SRF Ltd.

At the same time, 12 companies that were part of the Rs 1 lakh crore list in 2024 slipped below the threshold amid corrections in their share prices. These include REC, Mankind Pharma, Info Edge (India), JSW Energy, Oracle Financial Services Software, Dixon Technologies, Lupin, NTPC Green Energy, Bajaj Housing Finance, Havells India, Apollo Hospitals Enterprises and Persistent Systems.

In earlier years, the number of companies with a mcap above Rs 1 lakh crore stood at around 75 in 2023, 54 in 2022 and 49 in 2021. In 2019 and 2020, the count was significantly lower at around 29 and 31 companies, respectively.